Filed Pursuant to Rule 497

Securities Act File No. 333-224976

 

NEWTEK BUSINESS SERVICES CORP.

 

 

Supplement No. 1, dated August 13, 2019

to

Prospectus Supplement, dated July 10, 2019

 

This supplement contains information which amends, supplements or modifies certain information contained in the Prospectus of Newtek Business Services Corp. (the “Company”), dated July 3, 2019 (the “Prospectus”), as supplemented by the Prospectus Supplement dated July 10, 2019 (the “Prospectus Supplement”), which relate to the sale of shares of common stock of the Company in an “at the market” offering pursuant to an equity distribution agreement, dated as of July 10, 2019, by and between the Company and the several Placement Agents named in Schedule A thereto. Capitalized terms used but not defined herein shall have the same meaning given them in the Prospectus Supplements or Prospectus, as applicable.

 

You should carefully consider the “Risk Factors” below and beginning on page 19 of the Prospectus before you decide to invest.

 

Status of Our Offerings

 

On July 10, 2019, we established an at the market program to which this Supplement No. 1, dated August 13, 2019 relates, and through which we may sell, from time to time at our sole discretion, up to 3,000,000 shares of our common stock. Through August 12, 2019, we have sold 25,000 shares of our common stock for net proceeds of approximately $538,000 after sales commissions to the Placement Agents of $11,000 and offering costs, under the at the market program. As a result, 2,975,000 shares of our common stock remain available for sale under the at the market program.

 

 

Prospectus Cover Page

 

Effective immediately, the legend on the cover page of the Prospectus is hereby deleted in its entirety. Further, the words “Subject to Completion,” and “Preliminary” are hereby deleted in the headings on the cover page of the Prospectus.

 

Recent Developments

 

Results of the Special Meeting of Shareholders

 

On August 2, 2019, we held a Special Meeting of Shareholders (the “Special Meeting”), at which our shareholders (i) approved a proposal allowing the Company, with the approval of its Board of Directors, to sell shares of its common stock below its then current net asset value per share, subject to limitations described in the proxy statement filed on July 1, 2019, (ii) did not approve an amendment to the Company’s Articles of Amendment and Restatement allowing shareholders to amend the Company’s bylaws, and (iii) approved a proposal to adjourn the Special Meeting, if necessary or appropriate, to solicit additional proxies.

 

Offering of 5.25% Notes Due 2024

 

On July 29, 2019, the Company closed on an underwritten public offering of $55.0 million in aggregate principal amount of 5.75% Notes Due 2024 (the “Notes”). The Notes will mature on August 1, 2024 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after August 1, 2021. The Notes will bear interest at a rate of 5.75% per year payable quarterly, and are traded on the Nasdaq Global Market under the trading symbol “NEWTL.” On August 13, 2019, the Company closed on an additional $8.25 million in aggregate principal amount of the Notes pursuant to a fully-exercised overallotment option granted to the underwriters. The Company intends to use the net proceeds from the offering to redeem the outstanding 7.5% Notes due 2022, which are currently trading under the symbol “NEWTZ,” to increase its SBA 7(a) lending activity, to make direct investments in portfolio companies and for general working capital purposes.

 

Redemption of 7.50% Notes Due 2022

 

On July 29, 2019, the Company caused notices to be issued to the holders of its 7.50% Notes due 2022 (CUSIP No. 652526 302; NASDAQ: NEWTZ) (the “Notes”) regarding the Company’s exercise of its option to redeem all of the issued and outstanding Notes, pursuant to Section 1104 of the Indenture dated as of September 23, 2015, between the Company and U.S. Bank National Association, as trustee, and Section 1.01(h) of the First Supplemental Indenture dated as of September 23, 2015.  The Company will redeem all $8,324,000 in aggregate principal amount of the Notes on August 29, 2019 (the “Redemption Date”). The Notes will be redeemed at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from June 30, 2019, through, but excluding, the Redemption Date.

 

Form 10-Q

 

On August 9, 2019, we filed our Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 (the “Form 10-Q”) with the Securities and Exchange Commission. We have attached the Form 10-Q as Annex A to this supplement.

 

 

 

 

Annex A


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, 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
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $0.02 per share
 
NEWT
 
Nasdaq Global Market LLC
7.50% Notes due 2022
 
NEWTZ
 
Nasdaq Global Market LLC
6.25% Notes due 2023
 
NEWTI
 
Nasdaq Global Market LLC
5.75% Notes due 2024
 
NEWTL
 
Nasdaq Global Market LLC
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 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 August 8, 2019, there were 19,162,024 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
2010-1 Trust
Newtek Small Business Loan Trust, Series 2010-1, terminated in March 2019
2013-1 Trust
Newtek Small Business Loan Trust, Series 2013-1
2014-1 Trust
Newtek Small Business Loan Trust, Series 2014-1, terminated in July 2019
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
2024 Notes
5.75% Notes due 2024
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
2019 ATM Equity Distribution Agreement
Equity Distribution Agreement, dated July 10, 2019 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
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
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, 2019
 
December 31, 2018
ASSETS
(Unaudited)
 
(Note 1)
Investments, at fair value
 
 
 
SBA unguaranteed non-affiliate investments (cost of $386,753 and $355,589, respectively; includes $270,171 and $323,388, respectively, related to securitization trusts)
$
378,626

 
$
349,402

SBA guaranteed non-affiliate investments (cost of $13,572 and $17,217, respectively)
15,142

 
19,100

Controlled investments (cost of $78,492 and $74,279, respectively)
178,715

 
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
573,492

 
541,096

Cash
3,585

 
2,316

Restricted cash
26,094

 
29,034

Broker receivable
48,533

 
42,617

Due from related parties
3,561

 
3,232

Servicing assets, at fair value
23,399

 
21,360

Right of use assets
8,512

 

Other assets
14,718

 
13,686

Total assets
$
701,894

 
$
653,341

 
 
 
 
LIABILITIES AND NET ASSETS
 
 
 
Liabilities:
 
 
 
Bank notes payable
$
94,609

 
$
34,700

Notes due 2022 (par: $8,324 as of June 30, 2019 and December 31, 2018, see Note 7)
8,060

 
8,019

Notes due 2023 (par: $57,500 as of June 30, 2019 and December 31, 2018, see Note 7)
55,798

 
55,564

Notes payable - Securitization trusts (par: $190,563 and $220,137 as of June 30, 2019 and December 31, 2018, see Note 7)
187,492

 
216,507

Notes payable - related parties
24,063

 
16,840

Due to related parties
1

 
4

Lease liabilities
10,486

 

Deferred tax liabilities
10,005

 
9,241

Accounts payable, accrued expenses and other liabilities
18,028

 
25,021

Total liabilities
408,542

 
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, 19,137 and 18,919 issued and outstanding, respectively)
383

 
379

Additional paid-in capital
259,043

 
254,498

Accumulated undistributed earnings
33,926

 
32,568

Total net assets
293,352

 
287,445

Total liabilities and net assets
$
701,894

 
$
653,341

Net asset value per common share
$
15.33

 
$
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 June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Investment income
 
 
 
 
 
 
 
From non-affiliate investments:
 
 
 
 
 
 
 
Interest income
$
7,034

 
$
5,503

 
$
14,051

 
$
10,677

Servicing income
2,503

 
2,008

 
4,931

 
4,073

Other income
1,566

 
1,108

 
2,487

 
2,163

Total investment income from non-affiliate investments
11,103

 
8,619

 
21,469

 
16,913

From Non-control/affiliate investments:
 
 
 
 
 
 
 
Dividend income
28

 
10

 
59

 
10

From controlled investments:
 
 
 
 
 
 
 
Interest income
218

 
200

 
435

 
349

Dividend income
2,800

 
2,575

 
5,950

 
5,200

Total investment income from controlled investments
3,018

 
2,775

 
6,385

 
5,549

Total investment income
14,149

 
11,404

 
27,913

 
22,472

Expenses:
 
 
 
 
 
 
 
Salaries and benefits
3,484

 
5,212

 
7,072

 
10,090

Interest
4,712

 
3,792

 
9,447

 
7,304

Depreciation and amortization
124

 
116

 
253

 
236

Professional fees
643

 
587

 
1,627

 
1,527

Origination and servicing
2,128

 
2,168

 
3,781

 
3,773

Origination and servicing - related party
2,471

 

 
4,659

 

Change in fair value of contingent consideration liabilities
9

 
7

 
55

 
17

Loss on extinguishment of debt

 

 

 
1,059

Other general and administrative costs
1,657

 
1,656

 
3,084

 
3,373

Total expenses
15,228

 
13,538

 
29,978

 
27,379

Net investment loss
(1,079
)
 
(2,134
)
 
(2,065
)
 
(4,907
)
Net realized and unrealized gains (losses):
 
 
 
 
 
 
 
Net realized gain on non-affiliate investments - SBA 7(a) loans
12,051

 
10,319

 
21,395

 
20,200

Net realized gain on controlled investments

 
52

 

 
52

Net unrealized (depreciation) appreciation on SBA guaranteed non-affiliate investments
(382
)
 
105

 
(312
)
 
(175
)
Net unrealized (depreciation) appreciation on SBA unguaranteed non-affiliate investments
(4,572
)
 
1,702

 
(1,943
)
 
2,694

Net unrealized appreciation (depreciation) on controlled investments
4,865

 
(1,250
)
 
2,918

 
(80
)
Change in deferred taxes
(1,294
)
 
326

 
(765
)
 
27

Net unrealized depreciation on servicing assets
(911
)
 
(1,499
)
 
(1,467
)
 
(2,078
)
Net realized and unrealized gains
$
9,757

 
$
9,755

 
$
19,826

 
$
20,640

Net increase in net assets resulting from operations
$
8,678

 
$
7,621

 
$
17,761

 
$
15,733

Net increase in net assets resulting from operations per share
$
0.45

 
$
0.41

 
$
0.93

 
$
0.85

Net investment loss per share
$
(0.06
)
 
$
(0.11
)
 
$
(0.11
)
 
$
(0.26
)
Dividends and distributions declared per common share
$
0.46

 
$
0.42

 
$
0.86

 
$
0.82

Weighted average number of shares outstanding
19,113

 
18,680

 
19,058

 
18,588


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 June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Increase in net assets:
 
 
 
 
 
 
 
Net investment loss
$
(1,079
)
 
$
(2,134
)
 
$
(2,065
)
 
$
(4,907
)
Net realized gains on investments
12,051

 
10,371

 
21,395

 
20,252

Net unrealized (depreciation) appreciation on investments
(2,294
)
 
(616
)
 
(1,569
)
 
388

Net increase in net assets resulting from operations
8,678

 
7,621

 
17,761

 
15,733

Distributions to common stockholders
(8,741
)
 
(7,815
)
 
(16,315
)
 
(15,185
)
Capital share transactions:
 
 
 
 
 
 
 
Issuance of common stock under dividend reinvestment plan
261

 
178

 
479

 
346

Stock-based compensation expense
118

 
177

 
278

 
242

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

 
200

 

 
200

Purchase of vested stock for employee payroll tax withholding
(76
)
 

 
(76
)
 
(32
)
Issuance of common stock, net of offering costs
1,106

 
2,647

 
3,650

 
2,647

Net increase in net assets from capital share transactions
1,409

 
3,202

 
4,331

 
3,403

Impact of ASC 842 adoption

 

 
130

 

Total increase in net assets
1,346

 
3,008

 
5,907

 
3,951

Net assets at beginning of period
292,006

 
279,272

 
287,445

 
278,329

Net assets at end of period
$
293,352

 
$
282,280

 
$
293,352

 
$
282,280

Common shares outstanding at end of period
19,137

 
18,745

 
19,137

 
18,745

Capital share activity:
 
 
 
 
 
 
 
Shares issued under dividend reinvestment plan
12

 
9

 
24

 
19

Shares issued in connection with sales of common stock under ATM
53

 
161

 
188

 
161

Shares issued in connection with investment in Mobil Money, LLC

 
11

 

 
11

Purchase of vested stock for employee payroll tax withholding
(4
)
 

 
(4
)
 
(2
)
Restricted shares issued under Equity Incentive Plan, net of forfeitures
2

 
5

 
10

 
99

Net increase in capital activity
63

 
186

 
218

 
288


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)
 
Six Months Ended June 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net increase in net assets resulting from operations
$
17,761

 
$
15,733

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
(2,918
)
 
80

Net unrealized depreciation (appreciation) on non-affiliate investments
2,255

 
(2,519
)
Net unrealized depreciation on servicing assets
1,467

 
2,078

Net realized gains on controlled investments

 
(52
)
Net realized gains on non-affiliate investments
(21,395
)
 
(20,200
)
Allowance for doubtful accounts
(60
)
 
24

Change in fair value of contingent consideration liabilities
55

 
17

Loss on extinguishment of debt

 
1,059

Amortization of deferred financing costs
902

 
836

Deferred income taxes
765

 
(27
)
Depreciation and amortization
253

 
236

Funding of guaranteed non-affiliate SBA loans
(163,933
)
 
(151,151
)
Funding of unguaranteed non-affiliate SBA loans
(56,447
)
 
(46,842
)
Funding of controlled investments
(6,198
)
 
(13,509
)
Funding of non-control/affiliate investment

 
(600
)
Proceeds from sale of non-affiliate SBA loans
192,830

 
172,463

Proceeds from sale of controlled investment

 
2,502

Principal received on SBA non-affiliate investments
20,930

 
21,145

Principal received from controlled investments
1,485

 
8,450

Return of investment from controlled investments
500

 

Other, net
46

 
568

Changes in operating assets and liabilities:
 
 
 
Broker receivable
(5,916
)
 
(2,440
)
Due to/from related parties
(272
)
 
(788
)
Other assets
(581
)
 
1,429

Accounts payable, accrued expenses and other liabilities
(4,838
)
 
2,261

Capitalized servicing asset
(3,506
)
 
(3,382
)
Other, net
103

 
(9
)
Net cash used in operating activities
(26,712
)
 
(12,638
)
Cash flows from investing activities:
 
 
 
Purchase of fixed assets
(111
)
 
(208
)
Cash flows from financing activities:
 
 
 
Net borrowings on bank notes payable
59,909

 
31,000

Proceeds from common shares sold, net of offering costs
3,650

 
2,647

Net proceeds under related party line of credit
7,223

 
9,274

Proceeds from Notes due 2023

 
57,500

Redemption of Notes due 2021

 
(40,250
)

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,
Payments on Notes Payable - Securitization Trusts
(29,661
)
 
(22,378
)
Dividends paid
(15,836
)
 
(14,839
)
Additions to deferred financing costs
(55
)
 
(2,336
)
Purchase of vested stock for employee payroll tax withholding
(77
)
 
(34
)
Net cash provided by financing activities
25,152

 
20,584

Net (decrease) increase in cash and restricted cash
(1,671
)
 
7,738

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

 
20,538

Cash and restricted cash—end of period (Note 2)
$
29,679

 
$
28,276

 
 
 
 
Non-cash operating, investing and financing activities:
 
 
 
Foreclosed real estate acquired
$
489

 
$
735

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

 
$
200

Issuance of common shares under dividend reinvestment plan
$
479

 
$
346

            


5
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 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)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5161 LLC (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/28/2029

 
$
1,187.3

 
$
1,187.3

 
$
1,130.9

 
0.39
%
Specialty Surgery Center, Inc. (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2029

 
1,250.0

 
1,250.0

 
1,172.2

 
0.40
%
Sundown Audio, LLC (#)
 
Computer and Electronic Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/28/2044

 
908.8

 
908.8

 
924.0

 
0.31
%
Southern Specialties Transportation LLC (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/28/2029

 
171.3

 
171.3

 
168.9

 
0.06
%
Balboa Fashion LLC (#)
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/28/2029

 
7.5

 
7.5

 
6.7

 
%
Richmond Street Partners, LLC (#)
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
6/28/2029

 
95.5

 
95.5

 
85.5

 
0.03
%
K & K Restaurant LLC (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/28/2044

 
135.0

 
135.0

 
145.3

 
0.05
%
Nevada Recycling and Salvage LTD, AMCB LLC (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/28/2044

 
1,250.0

 
1,250.0

 
1,275.0

 
0.43
%
Crestview Ridge Farms LLC (#)
 
Crop Production
 
Term Loan
 
Prime plus 2.75%
 
6/28/2044

 
538.0

 
538.0

 
566.1

 
0.19
%
Baobab Asset Management LLC (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/28/2029

 
50.0

 
50.0

 
44.4

 
0.02
%
Good News Cafe, LLC (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/28/2044

 
250.0

 
250.0

 
256.2

 
0.09
%
Big Picture Group LLC (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2029

 
150.0

 
150.0

 
133.3

 
0.05
%
H2O Mobile Group, Inc. dba Fantasea Scuba (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2029

 
47.3

 
47.3

 
42.5

 
0.01
%
Upul's Travel Service & Tours Inc (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2029

 
275.0

 
275.0

 
244.4

 
0.08
%
Amigo Transit LLC (#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/28/2044

 
760.3

 
760.3

 
807.1

 
0.28
%
Kim Howard Corp dba NPN Machine Tools (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/28/2029

 
212.5

 
212.5

 
221.0

 
0.08
%
Jian Yang and Kanger House LLC (#)
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
6/27/2029

 
120.0

 
120.0

 
107.0

 
0.04
%
Upul's Travel Service & Tours Inc (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2044

 
350.0

 
350.0

 
346.9

 
0.12
%
NJ Floats Inc (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2044

 
175.0

 
175.0

 
191.9

 
0.07
%
Anderson Companies LLC (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2044

 
203.8

 
203.8

 
213.7

 
0.07
%
Port Huron Ophthalmology, PLLC dba Black River Optical (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2029

 
15.0

 
15.0

 
13.3

 
%
Tim's Truck Capital & Auto Sales, Inc (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/27/2029

 
212.5

 
212.5

 
221.0

 
0.08
%
BB Services, LLC (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/27/2029

 
113.3

 
113.3

 
103.4

 
0.04
%
Crescent Event Productions, Inc (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/27/2029

 
350.0

 
350.0

 
320.0

 
0.11
%
Ailky Corporation & Wyspen Corporation (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/27/2029

 
48.8

 
48.8

 
43.9

 
0.01
%
Pawfection Pet Services LLC (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/27/2029

 
10.5

 
10.5

 
9.4

 
%
Moon Landscaping, Inc, Moon Group, Inc moon Nursery, Inc, Moon Site Ma (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/27/2029

 
1,250.0

 
1,250.0

 
1,219.8

 
0.42
%
S & T Hardware Inc (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/27/2044

 
203.8

 
203.8

 
224.0

 
0.08
%
Shooter's Gun Club, LLC (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/27/2029

 
80.0

 
80.0

 
74.6

 
0.03
%
Boucherie US Inc (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/27/2029

 
1,177.4

 
1,177.4

 
1,056.9

 
0.36
%

6
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Child Care Ventures LLC dba Childcare Adventures ELC (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
6/26/2044

 
147.5

 
147.5

 
148.3

 
0.05
%
JFK Transportation Inc (#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/26/2029

 
108.8

 
108.8

 
99.8

 
0.03
%
Lynx Inspection Technologies LLC (#)
 
Support Activities for Mining
 
Term Loan
 
Prime plus 2.75%
 
6/26/2044

 
577.1

 
577.1

 
634.4

 
0.22
%
All-City Towing LLC, Jeffrey James Piller (#)
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/26/2029

 
404.8

 
404.8

 
389.4

 
0.13
%
Kaz Ramen, L.L.C. (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/26/2029

 
22.5

 
22.5

 
20.1

 
0.01
%
Tekoa Enterpises, Inc (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/26/2029

 
53.3

 
53.3

 
49.6

 
0.02
%
Soft Touch Tissue & Paper LLC (#)
 
Paper Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/26/2044

 
233.8

 
233.8

 
257.0

 
0.09
%
Selective Automotive & Accessories Group, Inc (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/26/2029

 
250.0

 
250.0

 
234.7

 
0.08
%
Perfect Water LLC (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/26/2029

 
72.5

 
72.5

 
68.7

 
0.02
%
Soft Touch Tissue & Paper LLC (#)
 
Paper Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/26/2029

 
33.3

 
33.3

 
34.6

 
0.01
%
RWBB Enterprises, LLC (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/26/2044

 
76.0

 
76.0

 
80.9

 
0.03
%
Paradise Towing & Recovery Inc (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/25/2029

 
106.5

 
106.5

 
103.2

 
0.04
%
Vanchoc Transport Inc (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
6/25/2029

 
43.5

 
43.5

 
41.1

 
0.01
%
Paradise Towing & Recovery Inc (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/25/2044

 
73.5

 
73.5

 
80.8

 
0.03
%
567 Logistics, LLC (#)
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/25/2029

 
50.0

 
50.0

 
46.0

 
0.02
%
Professional Tire Limited Liability Company (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/25/2044

 
139.5

 
139.5

 
144.6

 
0.05
%
Spartan Technology Solutions, Inc (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/25/2044

 
488.5

 
488.5

 
499.4

 
0.17
%
Worldwide Capital Management Inc. (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/25/2029

 
145.0

 
145.0

 
128.9

 
0.04
%
Sweets By Karla LLC (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/24/2029

 
12.8

 
12.8

 
11.4

 
%
Krsto, LLC dba Italian Butter Breadsticks (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/24/2044

 
190.8

 
190.8

 
201.4

 
0.07
%
Scissor Kids Inc (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/24/2029

 
16.2

 
16.2

 
14.6

 
%
Port Diesel L.L.C. (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 6.5%
 
6/21/2029

 
12.5

 
12.5

 
12.9

 
%
Elite Excavating Services LLC (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/21/2029

 
19.4

 
19.4

 
18.3

 
0.01
%
William Rose Inc (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/21/2044

 
87.5

 
87.5

 
83.3

 
0.03
%
Penninsula Self Defense LLC (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/21/2029

 
5.3

 
5.3

 
4.8

 
%
LuLuBelle's Mountain Banana Bread LLC (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/21/2044

 
72.4

 
72.4

 
79.4

 
0.03
%
Gribben & Associates, Inc (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/21/2029

 
721.5

 
721.5

 
641.3

 
0.22
%
Campuscuts LLC (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 6.5%
 
6/21/2029

 
7.5

 
7.5

 
7.7

 
%
Small Batch Creations Inc. dba The Office Bar & Grill (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/21/2029

 
59.8

 
59.8

 
53.6

 
0.02
%
AA Horseplay, LLC (#)
 
Animal Production and Aquaculture
 
Term Loan
 
Prime plus 6.5%
 
6/20/2029

 
12.5

 
12.5

 
12.9

 
%
Central Texas Hygiene, LLC (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/20/2029

 
88.0

 
88.0

 
78.5

 
0.03
%
International Institute for Learning Inc. (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/19/2029

 
300.0

 
300.0

 
266.7

 
0.09
%

7
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Providence Management Environmental, LLC, Tindol Energy Group, LLC (#)
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
6/19/2029

 
267.8

 
267.8

 
269.4

 
0.09
%
Bader Furniture Company Inc. (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
6/19/2029

 
7.5

 
7.5

 
7.8

 
%
Zion Motors Inc (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/19/2044

 
60.8

 
60.8

 
62.8

 
0.02
%
Beck's Pub & Grill LLC (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/19/2044

 
70.0

 
70.0

 
74.5

 
0.03
%
Bonadi Inc. dba Polished Salon (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 6.5%
 
6/17/2029

 
12.5

 
12.5

 
12.9

 
%
JLM Consulting LP (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/17/2029

 
19.8

 
19.8

 
17.6

 
0.01
%
American Demolition, Inc (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/17/2029

 
187.5

 
187.5

 
195.0

 
0.07
%
3 Rusty Nails, LLC dba The Gathering Place at 3 Rusty Nails (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
6/14/2044

 
87.5

 
87.5

 
93.5

 
0.03
%
Comarco Quality Pork Products Inc, Comarco Pork Products of FL LLC (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/14/2029

 
310.3

 
310.3

 
292.4

 
0.10
%
A&S Services LLC dba Kona Ice of Troy (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/14/2044

 
45.0

 
45.0

 
47.8

 
0.02
%
Kego 2 LLC dba Jon Smith Subs 80025 (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/14/2029

 
55.0

 
55.0

 
51.4

 
0.02
%
Law Office of Paula Padilla (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 6.5%
 
6/13/2029

 
5.0

 
5.0

 
5.1

 
%
Picon Motors LLC dba The New Young's Motors (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/12/2029

 
225.0

 
225.0

 
225.0

 
0.08
%
Ivesters Transportation, Inc (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/11/2029

 
250.0

 
250.0

 
228.4

 
0.08
%
GT Performance Plus Inc (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/11/2029

 
76.5

 
76.5

 
68.8

 
0.02
%
GT Performance Plus Inc (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/11/2044

 
99.2

 
99.2

 
105.5

 
0.04
%
Smith and Son Plumbing, LLC (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/10/2029

 
82.5

 
82.5

 
76.0

 
0.03
%
Independent Transport, LLC dba Independent Water (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/10/2029

 
204.3

 
204.3

 
194.4

 
0.07
%
Archer Cleaners Inc (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 6.5%
 
6/10/2029

 
12.5

 
12.5

 
12.9

 
%
Neely Motorsports, Inc dba Earl's Store #1;Earl's Performance Plumbing (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/7/2044

 
241.5

 
241.5

 
254.1

 
0.09
%
J&A Elliott Company (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/7/2029

 
10.5

 
10.5

 
10.8

 
%
Central Medical Clinic, PLLC- Clinica Central (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/7/2029

 
307.5

 
307.5

 
280.2

 
0.10
%
Throop Family Holding Inc dba Klamath Basin Metals and Supply, dba Rog (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/7/2029

 
40.0

 
40.0

 
37.3

 
0.01
%
Johnny's Boy LLC (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/7/2044

 
101.3

 
101.3

 
105.8

 
0.04
%
Allison K. Chipak dba Still Photography (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 6.5%
 
6/6/2029

 
12.5

 
12.5

 
12.9

 
%
Skin Beauty Bar Inc (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/6/2029

 
5.3

 
5.3

 
4.7

 
%
Pura Water Vending LLC (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/5/2029

 
68.0

 
68.0

 
64.7

 
0.02
%
Preferred Manufacturing Services Inc (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/5/2029

 
475.0

 
475.0

 
494.1

 
0.17
%
Jamestown Quick Stop LLC (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/5/2044

 
70.0

 
70.0

 
72.2

 
0.02
%
Italian HeritageTile and Stone Inc (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/4/2029

 
87.5

 
87.5

 
78.5

 
0.03
%

8
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Oasis Senior Advisors Franchise Systems, LLC (#)
 
Lessors of Nonfinancial Intangible Assets (except Copyrighted Works)
 
Term Loan
 
Prime plus 2.75%
 
6/4/2029

 
312.5

 
312.5

 
314.7

 
0.11
%
Evoke Growth Advisory LLC (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/3/2029

 
7.5

 
7.5

 
6.7

 
%
G.S.A.T. Restoration Inc. dba Paul Davis Restoration & Remodeling of G (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/31/2029

 
117.5

 
117.5

 
106.7

 
0.04
%
V & M Transportation LLC (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/31/2029

 
13.2

 
13.2

 
11.7

 
%
Dynamic Dental Corporation (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
5/31/2029

 
62.5

 
62.5

 
56.0

 
0.02
%
Martin Inventory Management, LLC (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
5/31/2029

 
50.0

 
50.0

 
50.8

 
0.02
%
Morey Publishing LLC (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/31/2029

 
62.5

 
62.5

 
55.9

 
0.02
%
SSD Designs, LLC (#)
 
Chemical Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/30/2044

 
425.0

 
425.0

 
461.4

 
0.16
%
Aspen Welding LLC (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/30/2044

 
409.5

 
409.5

 
430.4

 
0.15
%
Inside & Out Maintenance LLC (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/30/2029

 
100.0

 
100.0

 
89.4

 
0.03
%
AGR, Inc (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/29/2044

 
786.3

 
786.3

 
849.9

 
0.29
%
Brooklyn Breakfast Shop LLC (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/29/2029

 
5.0

 
5.0

 
4.7

 
%
Canela Media Inc (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/29/2029

 
118.8

 
118.8

 
109.1

 
0.04
%
PD Financial LLC (#)
 
Credit Intermediation and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
5/28/2044

 
49.0

 
49.0

 
51.6

 
0.02
%
SV Enterprise LLC dba Haagen-Dazs (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/24/2029

 
35.1

 
35.1

 
31.3

 
0.01
%
2820 US HWY 98 N LLC dba Total Package Car Wash (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/23/2029

 
14.3

 
14.3

 
14.8

 
0.01
%
Clowers Trucking By Faith LLC (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 6.5%
 
5/23/2029

 
12.5

 
12.5

 
12.9

 
%
Top Notch Roofing, Inc (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/23/2029

 
123.0

 
123.0

 
112.1

 
0.04
%
MCM Design LLC (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 6.5%
 
5/23/2029

 
10.0

 
10.0

 
10.3

 
%
McGuckin & Pyle Inc (#)
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/23/2044

 
308.3

 
308.3

 
324.2

 
0.11
%
Bloomquist Communications Inc. dba FastSigns 42501 (#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/22/2029

 
15.0

 
15.0

 
13.5

 
%
Veterans Home Remodeling LLC (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
5/22/2029

 
12.8

 
12.8

 
13.3

 
%
Gratitude Training, LLC (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/22/2029

 
75.0

 
75.0

 
66.8

 
0.02
%
ES&A, INC., A LAW CORPORATION (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/22/2029

 
112.5

 
112.5

 
100.8

 
0.03
%
Anchor Up Fitness and Nutrition, LLC (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/21/2029

 
20.3

 
20.3

 
19.1

 
0.01
%
FibAire Communications, LLC Dba AireBeam (#)
 
Telecommunications
 
Term Loan
 
Prime plus 2.75%
 
5/17/2029

 
55.5

 
55.5

 
53.2

 
0.02
%
BD Branson Victorian LLC dba Branson Surrey Inn (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/17/2029

 
255.5

 
255.5

 
265.8

 
0.09
%
Covalent Holding LLC (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
5/17/2029

 
243.0

 
243.0

 
232.4

 
0.08
%
Kappa Investments LLC dba Buddy's Home Furnishings (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
5/17/2029

 
433.8

 
433.8

 
386.9

 
0.13
%
AMP Trucking Inc (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/16/2029

 
259.3

 
259.3

 
269.7

 
0.09
%

9
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
CJNR LLC dba Chenney Bear Cafe, Elma Lodge & Suites, Parkhurst Motel, (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/16/2029

 
18.8

 
18.8

 
19.5

 
0.01
%
Zeb, LLC dba Papa John's (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/16/2029

 
50.0

 
50.0

 
44.9

 
0.02
%
Cut To The Chase 502 LLC (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/16/2029

 
3.4

 
3.4

 
3.2

 
%
Aim High Leadership Center Four Inc. (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/16/2029

 
88.8

 
88.8

 
80.4

 
0.03
%
Two Pie Lovers LLC dba Pizza Outpost (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/10/2044

 
43.8

 
43.8

 
46.5

 
0.02
%
The Lobster Pot Inc (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/10/2044

 
368.8

 
368.8

 
393.7

 
0.13
%
Aloha To Go LLC (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/9/2029

 
3.6

 
3.6

 
3.2

 
%
Crystal D. Walls dba Crystal's Cleaning Service (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 6.5%
 
5/9/2029

 
10.0

 
10.0

 
10.3

 
%
Blue Country Firearms LLC (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
5/8/2044

 
21.0

 
21.0

 
21.2

 
0.01
%
NYM Solutions Inc.dba NYM Solutions, Inc (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 6.5%
 
5/6/2029

 
12.5

 
12.5

 
12.9

 
%
Folklore Music Exchange LLC (#)
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
5/6/2029

 
5.1

 
5.1

 
4.6

 
%
EPIFAB,LLC (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/3/2029

 
21.3

 
21.3

 
19.8

 
0.01
%
Global Enterprises LLC dba Verdi Pizza (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/3/2029

 
20.9

 
20.9

 
18.7

 
0.01
%
Life View Prenatal Imagery, LLC (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/3/2029

 
6.1

 
6.1

 
5.6

 
%
Mark Garvin dba Tipsy Canyon Winery (#)
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/3/2044

 
106.3

 
106.3

 
116.8

 
0.04
%
Art Amore Studios, LLC (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/3/2029

 
5.6

 
5.6

 
4.9

 
%
Modern Trousseau, LLC (#)
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
5/1/2029

 
312.5

 
312.5

 
307.6

 
0.10
%
Disability Resolution P.A. (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 6.5%
 
4/30/2029

 
7.2

 
7.2

 
7.4

 
%
DeVega Juice Co, - East Cobb, LLC dba Clean Juice Johnson Ferry (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/30/2029

 
29.4

 
29.4

 
30.6

 
0.01
%
Midlothian Hardware, Inc dba Grills True Value (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
4/29/2029

 
39.8

 
39.8

 
41.4

 
0.01
%
Pellegrin Marine Transportation, LLC (#)
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
4/26/2029

 
124.3

 
124.3

 
115.8

 
0.04
%
Sona USA, Inc (#)
 
Telecommunications
 
Term Loan
 
Prime plus 2.75%
 
4/26/2029

 
164.1

 
164.1

 
153.3

 
0.05
%
Benevolent International Inc (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
4/26/2029

 
78.3

 
78.3

 
69.6

 
0.02
%
ASM Partners LLC (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
4/26/2029

 
242.9

 
242.9

 
231.0

 
0.08
%
Jones Roger Sherman Inn, Inc. (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/25/2029

 
145.5

 
145.5

 
151.3

 
0.05
%
La Dolce Vita, LLC, La Dolce Vita Watersports LLC, LDV Golf Cart & Bil (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/25/2029

 
497.3

 
497.3

 
517.3

 
0.18
%
Alan Russell Moldof CPA dba Al Russell Moldof CPA (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 6.5%
 
4/25/2029

 
5.0

 
5.0

 
5.1

 
%
La Dolce Vita LLC. (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/25/2044

 
470.8

 
470.8

 
517.5

 
0.18
%
Kenzington LLC (#)
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
4/24/2029

 
10.7

 
10.7

 
9.5

 
%
Quality Living Medical Alert, LLC (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
4/24/2029

 
54.7

 
54.7

 
51.9

 
0.02
%

10
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
All My Best Inc. (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/19/2029

 
62.2

 
62.2

 
57.0

 
0.02
%
ER & DC McPherson Holdings, LLC (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/19/2029

 
29.0

 
29.0

 
26.2

 
0.01
%
2Choice2Friends dba 2 N 1 Salad Bar and Grill (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 6.5%
 
4/17/2029

 
12.4

 
12.4

 
12.8

 
%
Expert Building Services LLC (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
4/17/2029

 
20.3

 
20.3

 
18.1

 
0.01
%
Bottles on Broadway, LLC (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
4/17/2029

 
128.1

 
128.1

 
115.5

 
0.04
%
Modern Demo & Services LLC (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/17/2029

 
124.3

 
124.3

 
111.8

 
0.04
%
Rello, Inc. dba ID Salon (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 6.5%
 
4/17/2029

 
6.0

 
6.0

 
6.1

 
%
Cormac Enterprises, Inc (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/16/2029

 
22.4

 
22.4

 
20.2

 
0.01
%
Pranamji Inc dba Ohara's Beverage Spot (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
4/16/2044

 
47.2

 
47.2

 
48.5

 
0.02
%
Bill Berger LLC (#)
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
4/12/2029

 
9.0

 
9.0

 
8.0

 
%
Engineered Edibles, LLC (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/12/2029

 
9.0

 
9.0

 
8.0

 
%
VC Media Partners LLC (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/12/2029

 
124.3

 
124.3

 
110.8

 
0.04
%
Samco Food Corp dba C-Town Supermarket (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
4/12/2029

 
99.5

 
99.5

 
88.4

 
0.03
%
P. Moss Enterprises, LLC dba Garage Experts-Mid Atlantic (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/12/2029

 
43.8

 
43.8

 
40.0

 
0.01
%
Gilpin Enterprises, LLC dba Jon Smith Subs (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/12/2029

 
58.7

 
58.7

 
53.8

 
0.02
%
J.T. ONeill Company, LLC (#)
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
4/12/2029

 
9.7

 
9.7

 
8.6

 
%
Southern Gulf Construction, Inc. (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/12/2029

 
110.7

 
110.7

 
107.6

 
0.04
%
CK Heating and Cooling LLC (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/12/2029

 
20.4

 
20.4

 
18.2

 
0.01
%
Maxiflex LLC (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/11/2029

 
62.2

 
62.2

 
64.7

 
0.02
%
VRGE Strategies LLC (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/10/2029

 
161.6

 
161.6

 
143.7

 
0.05
%
Georgetown Milling Co, LLC (#)
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/9/2029

 
12.7

 
12.7

 
11.6

 
%
FRAJOVI Urban Air, LLC dba Urban Air Trampoline& Adventure Park (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
1/8/2030

 
429.4

 
429.4

 
448.2

 
0.15
%
Bose and Avinder, Inc.and Carmel and Preet Inc (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
4/5/2029

 
57.2

 
57.2

 
59.5

 
0.02
%
Marnon Enterprise LLC (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
4/5/2029

 
4.8

 
4.8

 
4.3

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

 
643.7

 
643.7

 
650.8

 
0.22
%
EJ & James Transport LLC (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
9.4

 
9.4

 
8.8

 
%
Ren Investment Group Inc dba True Positon Manufacturing (#)
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
860.4

 
860.4

 
775.2

 
0.26
%
Pirate Cove Marina Inc, DRK Irrevocable Trust, BEK Irrevocable Trust, (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/29/2044

 
991.3

 
991.3

 
1,081.4

 
0.37
%
La Favorita Radio Network (#)
 
Broadcasting (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
371.7

 
371.7

 
340.0

 
0.12
%

11
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Turtle Shirts, LLC (#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
53.2

 
53.2

 
48.0

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

 
51.4

 
51.4

 
45.7

 
0.02
%
Knoxville Room Service (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
6.7

 
6.7

 
6.1

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

 
51.9

 
51.9

 
46.2

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

 
59.4

 
59.4

 
52.7

 
0.02
%
Bhatti LLC dba Auntie Ann's & Bhatti LLC 1 (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
163.5

 
163.5

 
145.1

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

 
452.8

 
452.8

 
462.8

 
0.16
%
Bright Freight Solution, LLC (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
1,236.5

 
1,236.5

 
1,144.1

 
0.39
%
Pizzaplex L3C (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
44.3

 
44.3

 
40.0

 
0.01
%
Royalty Freight Inc. (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
424.2

 
424.2

 
399.4

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

 
98.9

 
98.9

 
88.0

 
0.03
%
Hamsons Inc. (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
185.5

 
185.5

 
164.6

 
0.06
%
Felipe Antonio Del Valle M.D. P.A. (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
14.8

 
14.8

 
13.2

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

 
198.3

 
198.3

 
217.9

 
0.07
%
NuBe Business Group LLC (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2044

 
40.9

 
40.9

 
44.9

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

 
686.1

 
686.1

 
705.6

 
0.24
%
Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2044

 
823.3

 
823.3

 
835.3

 
0.28
%
StillBasi Holdings, Inc. dba Buxton Auto Transport (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
296.8

 
296.8

 
274.3

 
0.09
%
Stillwater Ventures, LLC (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
411.6

 
411.6

 
392.6

 
0.13
%
Cleland Pharmacy LLC (#)
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
3/28/2029

 
22.3

 
22.3

 
23.1

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

 
445.1

 
445.1

 
429.3

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

 
153.8

 
153.8

 
144.4

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

 
136.0

 
136.0

 
121.9

 
0.04
%
Planet X Tobacco & Gift, LLC (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/28/2044

 
285.2

 
285.2

 
304.2

 
0.10
%
GS Bath Inc (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/28/2029

 
309.1

 
309.1

 
289.5

 
0.10
%
Custom Vinyl Products LLC (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/28/2044

 
1,010.5

 
1,010.5

 
1,052.8

 
0.36
%
Four Seasons Laser Center Inc. (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/28/2029

 
14.8

 
14.8

 
14.4

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

 
247.3

 
247.3

 
256.9

 
0.09
%
Cocomo Joe's LLC (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/28/2029

 
3.4

 
3.4

 
3.2

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

 
50.0

 
50.0

 
45.7

 
0.02
%

12
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
DC AG, LLC dba Big B Sales (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/27/2044

 
586.6

 
586.6

 
601.8

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

 
163.2

 
163.2

 
146.3

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

 
71.5

 
71.5

 
74.3

 
0.03
%
Danielle Vance LPC, LLC dba Danielle Vance MA, LPC (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/27/2029

 
5.6

 
5.6

 
5.0

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

 
1,247.5

 
1,247.5

 
1,297.6

 
0.44
%
District 5 Boutique LLC (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/26/2029

 
123.6

 
123.6

 
109.8

 
0.04
%
Virginia Industrial Plastics, Inc. (#)
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/22/2044

 
295.9

 
295.9

 
325.0

 
0.11
%
Skyways, LTD (#)
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/22/2029

 
816.3

 
816.3

 
729.8

 
0.25
%
Gary Krause dba Gary Krause Landscaping & Design (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/22/2029

 
5.9

 
5.9

 
5.6

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

 
267.8

 
267.8

 
278.2

 
0.09
%
J & C May Properties, LLC (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/22/2044

 
1,131.5

 
1,131.5

 
1,112.0

 
0.38
%
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

 
518.4

 
518.4

 
482.0

 
0.16
%
American Trails Transport, LLC (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/21/2029

 
54.4

 
54.4

 
50.6

 
0.02
%
Dependable Lawn Care, Inc. (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2044

 
190.5

 
190.5

 
206.1

 
0.07
%
Pitman Holding LLC (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/21/2029

 
7.4

 
7.4

 
6.9

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

 
179.3

 
179.3

 
159.7

 
0.05
%
Mega Trucking LLC and Olyimpian Industries LLC (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/20/2029

 
396.5

 
396.5

 
376.6

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

 
49.5

 
49.5

 
43.9

 
0.01
%
Michigan Neurosurgical Institute, P.C.,,Optical Spine,LLC, MNI Great L (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/20/2044

 
354.3

 
354.3

 
361.7

 
0.12
%
Frontline Selling LLC (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/19/2029

 
309.1

 
309.1

 
319.3

 
0.11
%
Game Station, Inc. (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
3/19/2029

 
259.7

 
259.7

 
241.6

 
0.08
%
Marvellous Print & Ship LLC (#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/19/2029

 
3.3

 
3.3

 
3.0

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

 
374.2

 
374.2

 
392.7

 
0.13
%
Vanchoc Transport Inc (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
3/15/2029

 
86.6

 
86.6

 
76.8

 
0.03
%
B & W Towing LLC (#)
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/15/2029

 
56.9

 
56.9

 
58.3

 
0.02
%
Panetcarne Inc.dba Jersey Mike's Subs Greenfield (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/15/2029

 
91.3

 
91.3

 
82.5

 
0.03
%
Screening Services Group, LLC (#)
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
3/14/2029

 
278.3

 
278.3

 
252.8

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

 
148.4

 
148.4

 
134.4

 
0.05
%
Mill Creek Early Childhood Program LLC (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/11/2029

 
23.2

 
23.2

 
20.6

 
0.01
%

13
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Alpine Remediation, Inc, T & M Holdings, LLC (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/8/2029

 
86.6

 
86.6

 
81.7

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

 
61.8

 
61.8

 
55.8

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

 
86.6

 
86.6

 
76.8

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

 
60.9

 
60.9

 
54.0

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

 
201.3

 
201.3

 
214.7

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

 
286.4

 
286.4

 
300.1

 
0.10
%
Precise Air Systems, Inc (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/8/2029

 
261.6

 
261.6

 
234.8

 
0.08
%
Seeds of Knowledge Creative Learning Center LLC (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/7/2044

 
22.5

 
22.5

 
23.9

 
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

 
155.8

 
155.8

 
138.3

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

 
14.8

 
14.8

 
13.2

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

 
49.2

 
49.2

 
44.3

 
0.02
%
NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/28/2029

 
49.3

 
49.3

 
47.7

 
0.02
%
Monkey Bones LLC (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2044

 
19.4

 
19.4

 
21.4

 
0.01
%
Legacy Roof Contractors LLC (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/28/2044

 
299.1

 
299.1

 
305.2

 
0.10
%
Shah Medical Center SC & Heeena Shyamani (#)
 
Hospitals
 
Term Loan
 
Prime plus 2.75%
 
2/28/2044

 
253.0

 
253.0

 
249.1

 
0.08
%
KSW Agency Inc. (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
2/28/2029

 
14.8

 
14.8

 
15.3

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

 
21.3

 
21.3

 
19.1

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

 
12.3

 
12.3

 
12.6

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

 
15.5

 
15.5

 
13.8

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

 
147.6

 
147.6

 
132.3

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

 
5.9

 
5.9

 
5.2

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

 
149.5

 
149.5

 
156.1

 
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

 
40.6

 
40.6

 
36.9

 
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

 
49.2

 
49.2

 
44.0

 
0.01
%
Rob Barletta's Hockey School, Inc (#)
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
2/19/2029

 
107.0

 
107.0

 
111.2

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

 
137.1

 
137.1

 
122.2

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

 
159.9

 
159.9

 
150.9

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

 
44.3

 
44.3

 
39.9

 
0.01
%

14
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
SB Investments, LLC (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
2/15/2029

 
61.9

 
61.9

 
59.1

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

 
22.1

 
22.1

 
19.6

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

 
112.5

 
112.5

 
101.6

 
0.03
%
KHSE Parks, Inc. (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
2/14/2029

 
81.2

 
81.2

 
72.5

 
0.02
%
Par-Man, Inc. dba Rockstar Tattoo (#)
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
2/14/2029

 
61.7

 
61.7

 
55.3

 
0.02
%
Tony Herring & Associates, Inc (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
2/14/2029

 
14.8

 
14.8

 
15.3

 
0.01
%
Gateway Veterinary Services, P.C. dba Liberty Animal Clinic (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/14/2044

 
137.4

 
137.4

 
150.9

 
0.05
%
Shepherd Fitness, LLC dba Workout Anytime Ooltewah (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/8/2029

 
165.6

 
165.6

 
154.1

 
0.05
%
EJGR Corp dba Brite Energy Solutions (#)
 
Utilities
 
Term Loan
 
Prime plus 2.75%
 
2/8/2029

 
61.5

 
61.5

 
54.7

 
0.02
%
Precedence Enterprises LLC dba Spartan Junk Removal (#)
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
2/8/2029

 
16.2

 
16.2

 
15.1

 
0.01
%
Pamletics LLC dba F45 (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/8/2029

 
3.7

 
3.7

 
3.5

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

 
2.2

 
2.2

 
2.0

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

 
22.1

 
22.1

 
19.7

 
0.01
%
D & G Elite Construction, Inc. (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/6/2029

 
159.9

 
159.9

 
166.1

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

 
6.8

 
6.8

 
7.0

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

 
14.8

 
14.8

 
15.3

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

 
56.6

 
56.6

 
51.4

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

 
36.9

 
36.9

 
32.8

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

 
74.7

 
74.7

 
82.1

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

 
242.1

 
242.1

 
215.1

 
0.07
%
MMC Investors, LLC dba Clean Juice (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/18/2029

 
86.6

 
86.6

 
78.2

 
0.03
%
IGWT Coffee, LLC dba PJ's Coffee of New Orleans (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/18/2029

 
80.7

 
80.7

 
72.6

 
0.02
%
Hilco Athletics & Graphics Inc (#)
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
1/16/2044

 
68.5

 
68.5

 
75.2

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

 
61.2

 
61.2

 
57.2

 
0.02
%
CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/11/2029

 
39.2

 
39.2

 
35.6

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

 
53.3

 
53.3

 
47.4

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

 
22.0

 
22.0

 
20.7

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

 
552.8

 
552.8

 
520.6

 
0.18
%
The Chop House Inc. (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/31/2043

 
555.4

 
555.4

 
568.2

 
0.19
%

15
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
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

 
231.1

 
231.1

 
204.2

 
0.07
%
Nix and Nix Funeral Home North Inc, (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
568.9

 
568.9

 
606.8

 
0.21
%
Superior Concepts Acquisition Corp (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2028

 
116.6

 
116.6

 
107.2

 
0.04
%
Superior Concepts Acquisition Corp (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
507.4

 
507.4

 
506.8

 
0.17
%
Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institut (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
18.7

 
18.7

 
20.4

 
0.01
%
Capitol Fitness Inc. dba Anytime Fitness Shelby (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/28/2028

 
17.7

 
17.7

 
16.2

 
0.01
%
American Rewinding of NC Inc dba MTS (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/28/2028

 
414.6

 
414.6

 
381.9

 
0.13
%
Omega Funeral and Cremation Services,LLC (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
341.4

 
341.4

 
350.8

 
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

 
1,135.3

 
1,135.3

 
1,157.5

 
0.39
%
East Breeze LLC dba Historic Springdale Pub and Eatery (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/27/2043

 
127.7

 
127.7

 
134.6

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

 
292.0

 
292.0

 
276.7

 
0.09
%
Medworxs Inc. (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/27/2028

 
10.2

 
10.2

 
9.0

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

 
123.0

 
123.0

 
134.5

 
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

 
462.5

 
462.5

 
470.4

 
0.16
%
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

 
546.2

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

 
141.6

 
141.6

 
149.5

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

 
494.9

 
494.9

 
528.8

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

 
704.6

 
704.6

 
733.3

 
0.25
%
RM Hawkins LLC (^) (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/24/2028

 
291.9

 
291.9

 
271.1

 
0.09
%
LP Industries, Inc and Playground Packages, LLC (#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
91.4

 
91.4

 
80.5

 
0.03
%
Royalty Freight Inc (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
94.9

 
94.9

 
83.4

 
0.03
%
Tri-State Financial Group Inc (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
36.7

 
36.7

 
32.4

 
0.01
%
The Law Office of Jared E. Shapiro, P.A (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
11.0

 
11.0

 
9.6

 
%
Kyle M Walker DDS, PC (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
109.6

 
109.6

 
97.4

 
0.03
%
Siman Trio Trading (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
146.4

 
146.4

 
129.5

 
0.04
%
Diamond Estates LLC (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
73.1

 
73.1

 
64.2

 
0.02
%
Burgess and Dudley, Incorporated (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
231.2

 
231.2

 
211.6

 
0.07
%
Fifth Wheel Truck Stop 001, Inc. (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
102.2

 
102.2

 
89.8

 
0.03
%

16
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
ETS Tree Service Inc and Eastern Tree Service, Inc (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
223.9

 
223.9

 
208.6

 
0.07
%
Sesolinc GRP, Inc. (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
365.0

 
365.0

 
342.5

 
0.12
%
D.A.F.S Transport, LLC (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
644.3

 
644.3

 
634.2

 
0.22
%
Precision Bytes LLC dba Tower Connect (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
126.3

 
126.3

 
111.7

 
0.04
%
Accel Compression Inc.,Accel Workover Services In (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
6/21/2044

 
158.3

 
158.3

 
173.3

 
0.06
%
Cammarata Associates LLC (#)
 
Credit Intermediation and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
73.0

 
73.0

 
64.1

 
0.02
%
C&D Trucking & Equipment Service, Inc. (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/21/2043

 
116.7

 
116.7

 
127.6

 
0.04
%
Baseline Health, LLC & Baseline Health Management, LLC (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
115.6

 
115.6

 
103.5

 
0.04
%
Graff Excavating, Inc (#)
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
12/20/2028

 
190.3

 
190.3

 
169.7

 
0.06
%
Flashii App, Inc. (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2028

 
60.8

 
60.8

 
61.8

 
0.02
%
Alaska Motor Home Inc (^) (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2028

 
292.0

 
292.0

 
274.4

 
0.09
%
Yellow Fin Marine Services LLC, K Marine XI, LLC K Marine VIII, LLC (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2028

 
607.7

 
607.7

 
594.1

 
0.20
%
Local Liberty Inc dba The Wardsboro Country Store (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/20/2043

 
154.6

 
154.6

 
163.2

 
0.06
%
Hotel Compete, LLC (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2028

 
60.8

 
60.8

 
53.5

 
0.02
%
CK Green Partners, LLC dba Reis and Irvy"s Columbus (^) (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/20/2029

 
184.5

 
184.5

 
174.6

 
0.06
%
Healthy and Fresco LLC (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/20/2029

 
33.5

 
33.5

 
30.7

 
0.01
%
Darian L Hampton DDS PA and Darian L. Hampton (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2028

 
292.6

 
292.6

 
259.1

 
0.09
%
Roots N Shoots, LLC & Yardplus LLC (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2028

 
52.6

 
52.6

 
47.2

 
0.02
%
Cedric Construction Inc. (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/20/2028

 
97.3

 
97.3

 
100.6

 
0.03
%
Marlin Lighting LLC (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/19/2028

 
99.0

 
99.0

 
87.1

 
0.03
%
Accent Comfort Services, LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/19/2028

 
67.1

 
67.1

 
59.4

 
0.02
%
The Cromer Company (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/19/2028

 
486.7

 
486.7

 
429.2

 
0.15
%
Goodson's Garden, LLC dba Always Goldies Florist (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/19/2028

 
11.5

 
11.5

 
10.3

 
%
Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral chapel ll (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/19/2044

 
122.3

 
122.3

 
134.0

 
0.05
%
JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/19/2029

 
40.3

 
40.3

 
39.3

 
0.01
%
YBL Restaurant Group LLC dba Tropisueno (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/14/2029

 
371.8

 
371.8

 
329.8

 
0.11
%
Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena (^) (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2028

 
309.0

 
309.0

 
283.5

 
0.10
%

17
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Alpha Omega Trucking LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/14/2028

 
68.3

 
68.3

 
70.6

 
0.02
%
Healthy Human, LLC (^) (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/14/2028

 
121.6

 
121.6

 
106.9

 
0.04
%
Alpha Landscape Contractors, Inc (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
1/14/2029

 
325.0

 
325.0

 
299.6

 
0.10
%
Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974 (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/14/2028

 
15.3

 
15.3

 
13.5

 
%
Peanut Butter & Co., Inc. (^) (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/14/2028

 
243.3

 
243.3

 
213.9

 
0.07
%
Redskin Cafe Inc. dba Goodfellas Wine & Spirits, Redskin Cafe Inc, dba (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/14/2043

 
245.7

 
245.7

 
265.4

 
0.09
%
Ventures TBD LLC dba The Bottle Tree (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/14/2043

 
98.3

 
98.3

 
100.4

 
0.03
%
L&M Services, LLC (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/14/2043

 
199.1

 
199.1

 
206.8

 
0.07
%
Aero Consulting and Engineering Inc (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/14/2028

 
14.6

 
14.6

 
12.9

 
%
Fitness Orlando LLC & Fitness Orlando Oviedo, LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/14/2028

 
268.2

 
268.2

 
245.3

 
0.08
%
Stony Creek Wellness Group, LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/14/2043

 
98.3

 
98.3

 
103.9

 
0.04
%
Sound Contracting LLC (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2043

 
196.5

 
196.5

 
197.9

 
0.07
%
Sound Contracting LLC (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/14/2028

 
40.6

 
40.6

 
38.0

 
0.01
%
The Miller Center for Esthetic Excellence, (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/13/2043

 
385.8

 
385.8

 
377.0

 
0.13
%
Plan B Burger LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/13/2029

 
1,022.0

 
1,022.0

 
938.6

 
0.32
%
OC Helicopters LLC (^) (#)
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/13/2028

 
90.5

 
90.5

 
93.6

 
0.03
%
Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/13/2043

 
973.3

 
973.3

 
987.3

 
0.34
%
D for Dream LLC dba Blo Blow Dry Bar Inc (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/13/2029

 
73.4

 
73.4

 
64.6

 
0.02
%
Burton Realty Co., Inc dba Anchor Realty, Northeast (#)
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
12/13/2028

 
294.9

 
294.9

 
259.2

 
0.09
%
United States Plastic Equipment LLC (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/13/2028

 
138.7

 
138.7

 
121.9

 
0.04
%
Tier1 Solutions LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/12/2029

 
9.9

 
9.9

 
8.8

 
%
Mateo Enterprise Inc dba El Milagro Market (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/12/2043

 
119.5

 
119.5

 
122.0

 
0.04
%
Anglin Cultured Stone Products LLC dba Anglin Construcion (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
1/12/2029

 
60.8

 
60.8

 
61.6

 
0.02
%
Airstrike Firefighters LLC     (#)
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
12/12/2028

 
1,216.7

 
1,216.7

 
1,154.1

 
0.39
%
Ashwood Food Services Inc. dba Jake Rooney's (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/12/2043

 
214.1

 
214.1

 
228.5

 
0.08
%
Behind The Scenes Chicago, LLC dba Paramount Events (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/12/2029

 
249.4

 
249.4

 
242.9

 
0.08
%
Mateo Enterprise Inc dba El Milagro Market (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
1/12/2029

 
58.4

 
58.4

 
51.4

 
0.02
%

18
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Ashwood Food Services, Incorporated dba Jake Rooney's (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/12/2029

 
65.7

 
65.7

 
60.5

 
0.02
%
Oregon Medical Training Private Career School Inc. (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
1/11/2029

 
38.9

 
38.9

 
34.3

 
0.01
%
TFE Resources ,LTD (^) (#)
 
Utilities
 
Term Loan
 
Prime plus 2.75%
 
1/11/2029

 
581.6

 
581.6

 
526.9

 
0.18
%
Duck's Nuts Inc dba Pet Place Market (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
1/11/2029

 
42.1

 
42.1

 
39.4

 
0.01
%
Hilltop Wine Shop, Inc dba Hiltop Wine Shop (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/11/2043

 
127.5

 
127.5

 
132.2

 
0.05
%
Googlyoogly, LLC dba Bi-Rite Supermarket (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/11/2043

 
202.1

 
202.1

 
206.4

 
0.07
%
B&B Bodega of Delray LLC (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
1/11/2029

 
19.0

 
19.0

 
16.7

 
0.01
%
White Wilson & Associates LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/11/2043

 
42.3

 
42.3

 
43.1

 
0.01
%
EMES Supply, LLC (#)
 
General Merchandise Stores
 
Term Loan
 
Prime plus 2.75%
 
1/11/2029

 
121.9

 
121.9

 
109.6

 
0.04
%
ZLM Services LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
1/10/2029

 
38.9

 
38.9

 
34.3

 
0.01
%
Team Henry, LLC dba Kelly Automotive of Deltona (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/10/2043

 
389.6

 
389.6

 
396.3

 
0.14
%
Shining Star Kids, Inc. dba Brain Balance (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
1/7/2029

 
85.2

 
85.2

 
75.4

 
0.03
%
Food Service Industry Consultants Inc. (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/7/2029

 
69.6

 
69.6

 
61.5

 
0.02
%
CET Inc (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
1/6/2029

 
1,197.1

 
1,197.1

 
1,092.2

 
0.37
%
Metro R Services Inc. and Metal & Roof Supplies Inc. (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
1/6/2029

 
202.0

 
202.0

 
209.1

 
0.07
%
3SIXO Motorsports LLC dba 3SIXO Motorsports Shop (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
1/6/2029

 
95.7

 
95.7

 
84.6

 
0.03
%
Consulting Solutions, Inc and Mark Luciani (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/5/2029

 
56.0

 
56.0

 
49.3

 
0.02
%
Little West LLC, 340 Group LLC, Retail West LLc, Andrew W Walker, Cass (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/5/2029

 
85.3

 
85.3

 
75.9

 
0.03
%
Unique Home Solutions Inc. and Unique Home Solutions of Ohio (^) (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
1/5/2029

 
243.3

 
243.3

 
251.9

 
0.09
%
Levine Daycare Inc dba Kids R Kids (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/5/2029

 
262.8

 
262.8

 
243.4

 
0.08
%
Access Staffing, LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
1/4/2029

 
189.1

 
189.1

 
166.4

 
0.06
%
The Altitude Group LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
1/4/2029

 
142.1

 
142.1

 
125.7

 
0.04
%
Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/4/2029

 
38.0

 
38.0

 
35.8

 
0.01
%
York Concrete Corp (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/3/2043

 
199.1

 
199.1

 
215.2

 
0.07
%
Swantown Inn and Spa, LLC (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
1/3/2029

 
13.1

 
13.1

 
13.6

 
%
Hernando Beach Motel LLC,The Purple Cow House o APancake AInc. (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
11/30/2043

 
223.8

 
223.8

 
244.7

 
0.08
%
Water Station Holdings LLC (^) (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/30/2028

 
670.9

 
670.9

 
635.8

 
0.22
%

19
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Cabrera's Auto Services LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/30/2043

 
80.6

 
80.6

 
84.5

 
0.03
%
Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors (^) (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
12/30/2028

 
121.0

 
121.0

 
118.9

 
0.04
%
Tammy's Place LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/30/2044

 
436.0

 
436.0

 
473.1

 
0.16
%
Microplex Co, Third Market LLC (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/30/2028

 
159.7

 
159.7

 
140.3

 
0.05
%
Albert M. Quashie, DDS, PC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/29/2043

 
64.7

 
64.7

 
66.5

 
0.02
%
Albert M Quashie, DDS, PC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/29/2028

 
84.7

 
84.7

 
80.5

 
0.03
%
JJB Production LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/29/2028

 
7.1

 
7.1

 
6.3

 
%
Level Up Gaming, Inc (^) (#)
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
11/28/2043

 
89.5

 
89.5

 
90.1

 
0.03
%
Extreme Granite Corp (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
186.5

 
186.5

 
200.1

 
0.07
%
True Love Christian Academy LLC (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
41.8

 
41.8

 
44.9

 
0.02
%
Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2028

 
119.8

 
119.8

 
105.8

 
0.04
%
Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up Te (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/28/2043

 
430.1

 
430.1

 
470.2

 
0.16
%
BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC, Exe (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
1,209.6

 
1,209.6

 
1,234.8

 
0.42
%
Best Global Alternative North, LLC (^) (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
84.7

 
84.7

 
74.4

 
0.03
%
Thames Aquatic Club, LLC (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
7/21/2029

 
25.0

 
25.0

 
25.9

 
0.01
%
M.A.W. Enterprises LLC dbaY-Not Pizza (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
21.8

 
21.8

 
20.2

 
0.01
%
On Call Electrical of Georgia LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/20/2043

 
661.9

 
661.9

 
679.0

 
0.23
%
Commonwealth Warehouse Inc (^) (#)
 
Warehousing and Storage
 
Term Loan
 
Prime plus 2.75%
 
12/20/2028

 
435.5

 
435.5

 
408.2

 
0.14
%
K & A Automotive Inc (^) (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/19/2043

 
121.4

 
121.4

 
129.7

 
0.04
%
High Desert Transport, Inc. (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/19/2028

 
73.5

 
73.5

 
66.9

 
0.02
%
Cali Fit Meals (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/16/2028

 
60.5

 
60.5

 
53.3

 
0.02
%
Cocomo Joe's LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/16/2028

 
0.7

 
0.7

 
0.6

 
%
Saunders Management LLC dba Northern Light Espresso Bar and Cafe (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/16/2028

 
39.2

 
39.2

 
40.5

 
0.01
%
Beau & HB Inc dba Beau's Billiard, Bowling & Arcade (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/16/2029

 
38.4

 
38.4

 
38.2

 
0.01
%
Beau & HB Inc dba Beau's Billard, Bowling & Arcade (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/16/2043

 
69.7

 
69.7

 
72.3

 
0.02
%
Allegro Assisted Living Services of Texas LLC (^) (#)
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
11/15/2043

 
94.5

 
94.5

 
103.3

 
0.04
%
GEM2K, LLC (^) (#)
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2043

 
381.3

 
381.3

 
395.2

 
0.13
%
Schafer Fisheries Inc. (^) (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
11/14/2028

 
48.4

 
48.4

 
50.1

 
0.02
%
US Dedicated LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/9/2028

 
406.4

 
406.4

 
363.5

 
0.12
%

20
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Salon Femi LLC (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/9/2028

 
7.3

 
7.3

 
6.9

 
%
Jinwoo Sushi Inc (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/9/2028

 
21.5

 
21.5

 
22.2

 
0.01
%
McNeill Stokes (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/8/2028

 
6.5

 
6.5

 
5.7

 
%
Vancole Investments, Inc. dba Smoothie King #913 (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/7/2044

 
416.4

 
416.4

 
424.5

 
0.14
%
JN Thompson Ent,Inc. (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/7/2028

 
381.6

 
381.6

 
347.1

 
0.12
%
Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/1/2028

 
314.5

 
314.5

 
276.4

 
0.09
%
JP Dhillon's Foods LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/1/2029

 
95.0

 
95.0

 
85.3

 
0.03
%
Modutech Marine Inc (#)
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/1/2028

 
363.0

 
363.0

 
375.4

 
0.13
%
Abington Caregivers, LLC (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/30/2043

 
124.6

 
124.6

 
130.8

 
0.04
%
Steele Security, LLC dba Signal 88 Security of San Antonio (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/31/2028

 
107.0

 
107.0

 
95.2

 
0.03
%
Organic Juice Bar Wexford LLC dba The OJB "The Organic Juice Bar" (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/30/2029

 
79.1

 
79.1

 
70.9

 
0.02
%
C.A.T.I. Armor, LLC (#)
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/30/2043

 
209.0

 
209.0

 
215.1

 
0.07
%
UK, LLC dba Pita Pit (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/30/2029

 
59.9

 
59.9

 
54.1

 
0.02
%
JAL Group, Inc. dba Brainy Boulevard Daycare (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
10/29/2028

 
55.5

 
55.5

 
49.5

 
0.02
%
Ohio Gold & Pawn LLC, Our New Building LLC and Corey Fischer (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
10/26/2028

 
141.6

 
141.6

 
146.4

 
0.05
%
The Face Place, LLC dba Classic Aesthetics (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
10/25/2028

 
9.7

 
9.7

 
8.5

 
%
Reliant Trucking Inc. (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
10/25/2028

 
127.9

 
127.9

 
118.8

 
0.04
%
Bellas Sports Pub, Inc dba Brewmasters Tavern (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/24/2043

 
69.1

 
69.1

 
74.8

 
0.03
%
Shovels and Whiskey LLC (^) (#)
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
10/16/2043

 
76.1

 
76.1

 
81.1

 
0.03
%
Hackstaff Restaurants LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/15/2029

 
134.0

 
134.0

 
120.4

 
0.04
%
TA Coleman, LLC dba Tom's Truck Shop (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/12/2028

 
5.6

 
5.6

 
5.3

 
%
Cater To You Agency, LLC, dba Cater To You (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/11/2043

 
22.4

 
22.4

 
23.1

 
0.01
%
Faydon, Inc (^) (#)
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
10/10/2028

 
72.2

 
72.2

 
73.9

 
0.03
%
MB Click It Photography, LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/10/2043

 
38.1

 
38.1

 
40.3

 
0.01
%
Wellfleet Consulting Inc. (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/9/2028

 
14.4

 
14.4

 
12.7

 
%
Apps Inc and Market Share Inc. (^) (#)
 
Telecommunications
 
Term Loan
 
Prime plus 2.75%
 
10/5/2028

 
91.4

 
91.4

 
80.4

 
0.03
%
Moore Care LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/4/2028

 
50.0

 
50.0

 
44.0

 
0.01
%
SwabCo Inc. (^) (#)
 
Support Activities for Mining
 
Term Loan
 
Prime plus 2.75%
 
9/28/2043

 
940.3

 
940.3

 
975.3

 
0.33
%
Burd Brothers Inc. (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/28/2028

 
513.3

 
513.3

 
489.4

 
0.17
%

21
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Throop Family Holdings, Inc (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/28/2043

 
639.0

 
639.0

 
656.2

 
0.22
%
A-1 Van Sevices, Inc. (^) (#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/28/2028

 
101.5

 
101.5

 
98.6

 
0.03
%
La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/28/2043

 
328.3

 
328.3

 
345.6

 
0.12
%
Mellow Sweets, Inc dba Jaafer Sweets & Marwan Hamdan (^) (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/28/2028

 
53.6

 
53.6

 
47.3

 
0.02
%
Rami Technology USA, LLC (^) (#)
 
Computer and Electronic Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/28/2028

 
172.3

 
172.3

 
152.8

 
0.05
%
JAM Media Solutions LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2028

 
858.4

 
858.4

 
776.3

 
0.26
%
Blackwater Diving, LLC (^) (#)
 
Support Activities for Mining
 
Term Loan
 
Prime plus 2.75%
 
9/27/2028

 
764.1

 
764.1

 
689.2

 
0.23
%
Quality Electric & Data (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/27/2028

 
95.5

 
95.5

 
91.4

 
0.03
%
Catherine Brandon, PSY.D., Inc dba Kenneth A Deluca, PH.D., & Associat (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2028

 
113.4

 
113.4

 
100.2

 
0.03
%
Blue Seven, LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
1/27/2029

 
85.0

 
85.0

 
76.8

 
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

 
119.4

 
119.4

 
112.2

 
0.04
%
LG Law Center, Inc (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2028

 
14.3

 
14.3

 
13.0

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

 
176.8

 
176.8

 
178.5

 
0.06
%
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

 
677.3

 
677.3

 
645.7

 
0.22
%
Action Barricade Company, LLC and Barricade Holding LLC (^) (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2028

 
321.9

 
321.9

 
306.7

 
0.10
%
Quality Electric & Data Inc. (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/27/2043

 
128.8

 
128.8

 
130.6

 
0.04
%
US Shipping Trans Inc, Esteem Trucking Inc (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/26/2028

 
798.3

 
798.3

 
780.0

 
0.27
%
Dentistry By Design, P.C (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2028

 
14.3

 
14.3

 
12.9

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

 
158.6

 
158.6

 
166.7

 
0.06
%
Above and Beyond Preschool LLC (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/26/2043

 
548.7

 
548.7

 
581.2

 
0.20
%
Anglin Cultured Stone Products LLC dba Anglin Construction (^) (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
9/26/2028

 
95.5

 
95.5

 
89.2

 
0.03
%
LTS School, Inc. (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2043

 
100.3

 
100.3

 
109.6

 
0.04
%
Akron Biotechnology, LLC (^) (#)
 
Chemical Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/25/2028

 
477.6

 
477.6

 
473.8

 
0.16
%
Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/25/2028

 
119.5

 
119.5

 
108.7

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

 
11.5

 
11.5

 
10.1

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

 
5.0

 
5.0

 
4.4

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

 
14.8

 
14.8

 
13.0

 
%
The Garden Club, LLC (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/21/2028

 
6.3

 
6.3

 
5.6

 
%

22
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
DC Lofty, LLC, (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/21/2028

 
21.5

 
21.5

 
19.1

 
0.01
%
 D & D Optics Inc dba Sterling Optical (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
51.4

 
51.4

 
46.0

 
0.02
%
Southern Services and Equipment, Inc (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/21/2028

 
409.8

 
409.8

 
389.4

 
0.13
%
Southern Services and Equipment, Inc. (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/21/2043

 
208.5

 
208.5

 
210.0

 
0.07
%
MillClem Corporation & Monticello Corporation (^) (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/21/2043

 
328.5

 
328.5

 
358.9

 
0.12
%
Sommer Auto Sales, Inc (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/20/2028

 
331.9

 
331.9

 
342.0

 
0.12
%
Tables and Bars Services, Inc and Tables and Bars Rentals, LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2028

 
17.2

 
17.2

 
16.0

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

 
111.5

 
111.5

 
120.9

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

 
645.1

 
645.1

 
621.0

 
0.21
%
MB Xpress Inc (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/19/2028

 
1,168.6

 
1,168.6

 
1,085.8

 
0.37
%
Watearth Inc (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/19/2028

 
21.5

 
21.5

 
18.9

 
0.01
%
Super Station Inc (^) (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/19/2043

 
208.2

 
208.2

 
227.5

 
0.08
%
Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Consal (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/19/2028

 
439.9

 
439.9

 
386.4

 
0.13
%
Lewis River Golf Course, Inc. (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/19/2043

 
495.5

 
495.5

 
541.4

 
0.18
%
E & G Enterprises LLC dba Comfort Keepers (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/18/2028

 
5.7

 
5.7

 
5.1

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

 
150.6

 
150.6

 
156.3

 
0.05
%
Culmination Motorsports, Inc. (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/17/2043

 
554.5

 
554.5

 
601.2

 
0.20
%
Glendale Grill Inc, Roddy Cameron, Jr & John K Symasko (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/17/2043

 
173.4

 
173.4

 
180.9

 
0.06
%
Pastel de Feira LLC dba Original Pastel De Feira (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/17/2028

 
5.8

 
5.8

 
5.4

 
%
Innovim LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/14/2028

 
119.4

 
119.4

 
104.8

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

 
70.7

 
70.7

 
63.4

 
0.02
%
LJS Electric, Inc (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/14/2028

 
432.2

 
432.2

 
442.0

 
0.15
%
Rihahn Inc. dba RDBL, Inc (^) (#)
 
Forestry and Logging
 
Term Loan
 
Prime plus 2.75%
 
9/14/2028

 
132.6

 
132.6

 
123.8

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

 
77.6

 
77.6

 
68.7

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

 
1,238.7

 
1,238.7

 
1,303.4

 
0.44
%
Baby's on Broadway LLC (^) (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
9/14/2028

 
47.8

 
47.8

 
44.8

 
0.02
%
Peter K Lee MD, PC dba Atlanta Primary Care (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2043

 
859.6

 
859.6

 
939.1

 
0.32
%
Underground Productions LLC dba 31 Escape (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/13/2043

 
98.0

 
98.0

 
107.1

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

 
83.6

 
83.6

 
73.4

 
0.03
%

23
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Innovative Network Solutions Inc (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2028

 
118.4

 
118.4

 
106.9

 
0.04
%
Peter K Lee MD, PC dba Atlanta Primary Care LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2028

 
381.0

 
381.0

 
393.5

 
0.13
%
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

 
253.2

 
253.2

 
238.9

 
0.08
%
Perry Olson Insurance Agency Inc. dba State Farm Insurance (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
9/12/2028

 
14.3

 
14.3

 
12.7

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

 
179.1

 
179.1

 
176.2

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

 
299.2

 
299.2

 
262.7

 
0.09
%
NY Tent, LLC dba Tent Company of New York LLC, NY Tent Parent LLC, Dav (^) (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
9/7/2028

 
308.2

 
308.2

 
292.4

 
0.10
%
MurlinComputerCompany LLC dba Murlin Computer, (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/7/2028

 
14.9

 
14.9

 
13.4

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

 
50.4

 
50.4

 
46.1

 
0.02
%
Dr. G's Urgent Care LLC (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/7/2028

 
21.5

 
21.5

 
18.9

 
0.01
%
Pool Guard of LA (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/7/2028

 
21.5

 
21.5

 
19.0

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

 
90.4

 
90.4

 
97.8

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

 
12.2

 
12.2

 
11.1

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

 
103.9

 
103.9

 
107.3

 
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

 
201.3

 
201.3

 
220.5

 
0.08
%
Living Centers Inc. dba Veranda House Senior Living (#)
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
8/31/2043

 
417.4

 
417.4

 
456.1

 
0.16
%
LACCRB LLC dba PostNet (^) (#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/30/2028

 
14.4

 
14.4

 
12.9

 
%
Stat Constructor L.P (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
8/30/2028

 
98.9

 
98.9

 
102.1

 
0.03
%
XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports Worl (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/30/2043

 
445.3

 
445.3

 
486.6

 
0.17
%
Greenfield Hill Wines & Spirits, LLC (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
8/29/2028

 
87.3

 
87.3

 
77.5

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

 
2.3

 
2.3

 
2.0

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

 
118.6

 
118.6

 
105.0

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

 
81.7

 
81.7

 
89.2

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

 
7.1

 
7.1

 
6.2

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

 
153.9

 
153.9

 
137.5

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

 
71.2

 
71.2

 
70.5

 
0.02
%
Finn & Emma LLC (^) (#)
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
8/24/2028

 
119.4

 
119.4

 
104.8

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

 
7.1

 
7.1

 
6.2

 
%

24
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Evans and Paul LLC, Evans & Paul Unlimited Corp (^) (#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/24/2028

 
83.1

 
83.1

 
75.1

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

 
21.4

 
21.4

 
19.1

 
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

 
40.2

 
40.2

 
37.2

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

 
1,186.4

 
1,186.4

 
1,170.4

 
0.40
%
 Ginekis Enterprises, Inc dba Locanda Veneta (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/20/2028

 
82.7

 
82.7

 
73.0

 
0.02
%
Wilkie J. Stadeker DDS (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
8/17/2028

 
40.3

 
40.3

 
35.4

 
0.01
%
Geo Tek Alaska, Inc (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/17/2044

 
126.9

 
126.9

 
132.7

 
0.05
%
ATI Jet, Inc. (#)
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/16/2028

 
204.7

 
204.7

 
195.4

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

 
17.1

 
17.1

 
15.0

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

 
545.8

 
545.8

 
538.3

 
0.18
%
Pamletics LLC dba F45 (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/14/2028

 
41.5

 
41.5

 
38.3

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

 
600.7

 
600.7

 
567.3

 
0.19
%
L.A. Insurance Agency GA 10 LLC (^) (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
8/10/2028

 
10.7

 
10.7

 
9.4

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

 
12.8

 
12.8

 
11.2

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

 
21.2

 
21.2

 
19.4

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

 
48.0

 
48.0

 
44.6

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

 
97.5

 
97.5

 
86.3

 
0.03
%
Mercedes Cab Company, Inc (^) (#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/7/2028

 
123.4

 
123.4

 
111.8

 
0.04
%
CJNR, LLC (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
8/7/2043

 
120.5

 
120.5

 
131.7

 
0.04
%
Ron's Pool and Spa Services LLC (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
8/3/2028

 
3.6

 
3.6

 
3.1

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

 
106.8

 
106.8

 
104.2

 
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

 
57.2

 
57.2

 
51.0

 
0.02
%
Millwork Unlimited, Incorporated (^) (#)
 
Wholesale Electronic Markets and Agents and Brokers
 
Term Loan
 
Prime plus 2.75%
 
8/2/2028

 
7.1

 
7.1

 
6.2

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

 
439.2

 
439.2

 
424.8

 
0.14
%
Accel Compression Inc., Accel Workover Services, Inc (^) (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
8/1/2043

 
308.1

 
308.1

 
315.2

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

 
108.7

 
108.7

 
95.5

 
0.03
%
Nichols Stephens Funeral & Cremation Services Ltd (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2043

 
106.7

 
106.7

 
116.4

 
0.04
%

25
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
CSL Services Inc (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/27/2028

 
516.5

 
516.5

 
480.4

 
0.16
%
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

 
17.7

 
17.7

 
15.5

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

 
119.6

 
119.6

 
105.5

 
0.04
%
Nunez Enterprises Corporation dba La Casa (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
7/26/2028

 
7.8

 
7.8

 
6.8

 
%
Relevant Elephant ,LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/25/2028

 
8.5

 
8.5

 
7.5

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

 
59.0

 
59.0

 
52.8

 
0.02
%
HAVL Enterprises Inc dba FedEx (^) (#)
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
7/24/2028

 
75.5

 
75.5

 
75.1

 
0.03
%
Florida Apnea Diagnostics, LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
7/24/2028

 
20.1

 
20.1

 
17.6

 
0.01
%
Top Shelf Towing and Road Service, LLC (^) (#)
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/24/2028

 
12.7

 
12.7

 
11.2

 
%
TR Nails, LLC dba Simple Nails (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
7/20/2028

 
59.0

 
59.0

 
51.8

 
0.02
%
674 Club LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/17/2043

 
258.8

 
258.8

 
282.7

 
0.10
%
ZA Trucking LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/17/2028

 
9.7

 
9.7

 
9.2

 
%
Mother's Cantina LLC dba Mother's Cantina (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/13/2028

 
64.8

 
64.8

 
57.9

 
0.02
%
Smart-tel Communications LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
7/13/2028

 
21.2

 
21.2

 
21.9

 
0.01
%
HQTRONICS LLC (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
7/13/2028

 
58.9

 
58.9

 
51.7

 
0.02
%
Smoove Move Productions, LLC dba Smoove Move Productions (^) (#)
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
7/12/2028

 
10.0

 
10.0

 
10.4

 
%
Talent Logistix, LLC, Pinpoint Staffing LLC & ITC 2.0 LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
7/3/2028

 
58.9

 
58.9

 
53.5

 
0.02
%
Deal to Win Inc (^) (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
7/3/2028

 
117.9

 
117.9

 
103.5

 
0.04
%
Vital Inspection Professionals, Inc. dba VIP (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/3/2028

 
293.6

 
293.6

 
282.5

 
0.10
%
US Cargo Express, LLC (^) (#)
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/2/2043

 
87.7

 
87.7

 
95.8

 
0.03
%
Bio-Haz Solutions, Inc. (^) (#)
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
5/29/2044

 
339.6

 
339.6

 
336.3

 
0.11
%
Bio-Haz Solutions, Inc (#)
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2029

 
244.8

 
244.8

 
227.6

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

 
55.1

 
55.1

 
49.2

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

 
44.5

 
44.5

 
39.0

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

 
78.5

 
78.5

 
68.9

 
0.02
%
RLW4 Builders LLC (^) (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
6/27/2043

 
987.3

 
987.3

 
1,077.9

 
0.37
%
National Dredging Services of North Florida, Inc. (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/27/2043

 
28.5

 
28.5

 
31.1

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

 
50.1

 
50.1

 
51.6

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

 
15.0

 
15.0

 
13.2

 
%

26
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
InUSA Ventures, Inc (^) (#)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/27/2028

 
46.9

 
46.9

 
41.1

 
0.01
%
Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, In (^) (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/27/2043

 
350.0

 
350.0

 
370.8

 
0.13
%
Nick's Country Kitchen, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/27/2028

 
21.1

 
21.1

 
18.8

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

 
104.9

 
104.9

 
108.5

 
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

 
867.0

 
867.0

 
783.6

 
0.27
%
Sun Pools, Inc (^) (#)
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/25/2043

 
302.1

 
302.1

 
292.4

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

 
64.4

 
64.4

 
58.0

 
0.02
%
Sun Pools, Inc dba Sun Fiberglass Pools (^) (#)
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/25/2028

 
732.4

 
732.4

 
666.4

 
0.23
%
Mr. Lube, Inc (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/22/2043

 
655.3

 
655.3

 
663.7

 
0.23
%
The Desert House Assisted Living ,LLC dba The Desert House Assisted Li (^) (#)
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
6/22/2043

 
77.7

 
77.7

 
82.5

 
0.03
%
Sushi Prime, LLC and Vasilia Investments (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/22/2028

 
257.8

 
257.8

 
239.3

 
0.08
%
Martha Beauty Supply And Braiding, Inc. (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/22/2043

 
139.7

 
139.7

 
152.5

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

 
8.3

 
8.3

 
7.3

 
%
Mr. Lube, Inc. (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/22/2028

 
549.5

 
549.5

 
525.8

 
0.18
%
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

 
240.4

 
240.4

 
247.1

 
0.08
%
Independent Life LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/21/2028

 
117.2

 
117.2

 
102.8

 
0.04
%
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

 
133.6

 
133.6

 
129.6

 
0.04
%
Lilo Holdings LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/20/2028

 
17.6

 
17.6

 
15.9

 
0.01
%
LCP Transportation, LLC dba LCP Teleservices (^) (#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/19/2028

 
766.3

 
766.3

 
671.9

 
0.23
%
Mid America Motorworks, Inc and Yager Holdings L.P (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/19/2043

 
497.2

 
497.2

 
542.8

 
0.19
%
Colovic Hackettstown Dairy LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/19/2043

 
272.0

 
272.0

 
295.1

 
0.10
%
Jones Roger Sherman Inn, Inc. (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/19/2028

 
410.9

 
410.9

 
423.8

 
0.14
%
Allen Theatre and Back Stage Cafe LLC (^) (#)
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
6/18/2043

 
124.4

 
124.4

 
133.1

 
0.05
%
Schumacker Recreation, LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/18/2028

 
140.6

 
140.6

 
145.0

 
0.05
%
Northway Exit 29 Campground, Inc dba Adirondacks Jellystone Parks & Pa (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/15/2043

 
213.5

 
213.5

 
233.1

 
0.08
%
Softrol Systems Inc dba Softrol Systems (^) (#)
 
Computer and Electronic Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/15/2028

 
874.2

 
874.2

 
777.2

 
0.26
%
Venzix Ventures Inc. dba Venzix (^) (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/15/2028

 
12.4

 
12.4

 
12.0

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

 
45.7

 
45.7

 
48.2

 
0.02
%

27
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Oil Palace Inc. (^) (#)
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
9/15/2043

 
142.9

 
142.9

 
156.1

 
0.05
%
Barrett Appliance Distributors Inc. dba Barrett Appliance and Home Pr (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/14/2043

 
615.7

 
615.7

 
607.1

 
0.21
%
Team Sandy Blanton Realty, Inc (^) (#)
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
6/14/2043

 
96.4

 
96.4

 
96.7

 
0.03
%
Tele Tax Express Inc (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/14/2028

 
21.1

 
21.1

 
20.6

 
0.01
%
Top Cat Ready Mix, LLC & Ples Investments LLC, Pappy's Sand & Gravel (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/14/2028

 
147.5

 
147.5

 
136.7

 
0.05
%
E & J Sims Co. LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/14/2028

 
46.9

 
46.9

 
42.7

 
0.01
%
Barrett Appliance Distributors, Inc dba Barrett Appliance and Home Pr (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/14/2028

 
472.8

 
472.8

 
439.2

 
0.15
%
Mastiff Studios LLC (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/13/2043

 
42.2

 
42.2

 
45.6

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

 
168.7

 
168.7

 
148.8

 
0.05
%
Golf Swing Prescription LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/11/2028

 
12.5

 
12.5

 
11.0

 
%
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

 
375.9

 
375.9

 
382.2

 
0.13
%
Camp K-9 Pet Resort & Spa, Inc. (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/8/2028

 
7.7

 
7.7

 
6.9

 
%
Beyond Grooming LLC and Michelle McWatters (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/8/2043

 
42.5

 
42.5

 
45.7

 
0.02
%
Icebox Cafe, L.C. and Icebox Cafe at Doral,LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/8/2028

 
741.9

 
741.9

 
664.2

 
0.23
%
Applied Behavioral Consulting, Inc (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
6/7/2043

 
49.4

 
49.4

 
52.9

 
0.02
%
H S Corporation dba Lake Anna Lodge (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/7/2043

 
129.6

 
129.6

 
141.5

 
0.05
%
Anurag, LLC dba Oakwood Package Store (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/6/2043

 
135.5

 
135.5

 
137.9

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

 
277.9

 
277.9

 
243.7

 
0.08
%
Sowells Consulting Engineers, LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/6/2028

 
21.1

 
21.1

 
18.6

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

 
69.6

 
69.6

 
61.7

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

 
234.7

 
234.7

 
205.9

 
0.07
%
Mastrocinque Restaurant Management Company LLC dba Santionii's Itali (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/1/2028

 
78.5

 
78.5

 
75.7

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

 
48.9

 
48.9

 
42.9

 
0.01
%
Awan Business Management Group LLC, Awan Sign Company lLLC &Awan Promo (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/31/2043

 
272.1

 
272.1

 
286.7

 
0.10
%
Brooks Seaplane Service Inc and Lunt Enterprises LLC (^) (#)
 
Scenic and Sightseeing Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/31/2028

 
137.3

 
137.3

 
120.4

 
0.04
%
Seraj Wireless, LLC (^) (#)
 
Electronics and Appliance Stores
 
Term Loan
 
Prime plus 2.75%
 
5/31/2028

 
116.4

 
116.4

 
119.5

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

 
62.2

 
62.2

 
59.4

 
0.02
%

28
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Eagle Aggregate Transportation, LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/30/2028

 
81.5

 
81.5

 
75.1

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

 
69.5

 
69.5

 
62.0

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

 
232.8

 
232.8

 
216.9

 
0.07
%
Adow Pools LLC (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/25/2028

 
163.0

 
163.0

 
146.6

 
0.05
%
Starship, LLC dba Tint World Smyrna (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/25/2043

 
97.1

 
97.1

 
104.0

 
0.04
%
Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze LanC (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/25/2043

 
1,245.1

 
1,245.1

 
1,359.4

 
0.46
%
Dream Spa LLC and Dream Spa Greenwich LLC (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/25/2028

 
93.8

 
93.8

 
83.2

 
0.03
%
Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
10/25/2043

 
200.3

 
200.3

 
219.0

 
0.07
%
Seaside Acupuncture LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/24/2043

 
49.3

 
49.3

 
51.5

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

 
257.8

 
257.8

 
264.2

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

 
93.1

 
93.1

 
83.5

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

 
5.0

 
5.0

 
4.4

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

 
56.8

 
56.8

 
49.8

 
0.02
%
Yakov Levy M.D., P.C. (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/18/2028

 
49.7

 
49.7

 
44.0

 
0.01
%
On Stage Enterprises LLC, On Stage Theaters Branson, LLC, On Stage Th (^) (#)
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
5/17/2028

 
232.8

 
232.8

 
204.1

 
0.07
%
JVLS LLC dba Vaccines 2 Go (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/17/2028

 
7.7

 
7.7

 
6.7

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

 
316.9

 
316.9

 
322.1

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

 
139.7

 
139.7

 
129.6

 
0.04
%
James T. Hendel dba Autotexx Mobile Auto Repair (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/15/2028

 
7.0

 
7.0

 
7.2

 
%
Fireplace Outlet Inc (^) (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
5/15/2028

 
21.0

 
21.0

 
21.6

 
0.01
%
Galore Salon & Extension Lounge Inc dba Pretty Chic Hair & Lashes (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/14/2028

 
4.2

 
4.2

 
3.7

 
%
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

 
10.5

 
10.5

 
9.3

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

 
39.6

 
39.6

 
34.7

 
0.01
%
Adhara, LLC (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/11/2043

 
43.2

 
43.2

 
45.2

 
0.02
%
Daniel Woodward, DC PLLC dba Doc's Body Shop (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/11/2028

 
38.4

 
38.4

 
33.6

 
0.01
%
Baby Gentry's Childcare & Learning Academy (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/10/2028

 
10.5

 
10.5

 
9.2

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

 
112.5

 
112.5

 
103.2

 
0.04
%

29
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/9/2043

 
714.9

 
714.9

 
780.5

 
0.27
%
Whitetail Nurseries Inc (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/9/2028

 
249.1

 
249.1

 
238.3

 
0.08
%
Oculi Entertainment Inc (^) (#)
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
5/8/2028

 
21.0

 
21.0

 
18.4

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

 
55.9

 
55.9

 
53.6

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

 
46.6

 
46.6

 
40.8

 
0.01
%
Wilbur Standford Jr Trucking and Excavating, LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/3/2028

 
223.5

 
223.5

 
218.3

 
0.07
%
McIntosh Trail Management Service Organization, Inc. (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/1/2028

 
88.5

 
88.5

 
91.3

 
0.03
%
Olmsted LLC and 626 Van LLC dba Maison Yaki (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/1/2029

 
227.7

 
227.7

 
205.8

 
0.07
%
Metropolitan Solutions Inc. (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/30/2043

 
174.2

 
174.2

 
176.0

 
0.06
%
Brenden Kehren Development LLC (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/30/2028

 
2.8

 
2.8

 
2.4

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

 
1,233.1

 
1,233.1

 
1,346.3

 
0.46
%
Sunlinc Inc (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/30/2028

 
9.0

 
9.0

 
7.9

 
%
Saltamontes Tire Company, LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/30/2043

 
100.9

 
100.9

 
106.0

 
0.04
%
Corona Dance, LLC dba Huracan Dance Studio (^) (#)
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
4/30/2028

 
11.1

 
11.1

 
9.7

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

 
289.4

 
289.4

 
273.9

 
0.09
%
Contrada Snacks LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
4/27/2028

 
9.4

 
9.4

 
8.3

 
%
Rory James Contracting LLC (^) (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
4/27/2028

 
14.8

 
14.8

 
13.0

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

 
13.9

 
13.9

 
12.3

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

 
158.3

 
158.3

 
172.8

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

 
46.3

 
46.3

 
40.7

 
0.01
%
RWT Corporation dba Welding Works (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/26/2043

 
209.4

 
209.4

 
204.2

 
0.07
%
Matrix Z, LLC (^) (#)
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/26/2028

 
69.4

 
69.4

 
69.1

 
0.02
%
Pledge 4 Hope LLC (^) (#)
 
Data Processing, Hosting, and Related Services
 
Term Loan
 
Prime plus 2.75%
 
4/26/2028

 
13.9

 
13.9

 
12.2

 
%
RWT Corporation dba Welding Works (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/26/2028

 
480.5

 
480.5

 
441.0

 
0.15
%
K&S Hardware LLC (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
4/26/2028

 
20.8

 
20.8

 
18.3

 
0.01
%
Joe & Sons Service, Inc (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/24/2028

 
104.1

 
104.1

 
107.4

 
0.04
%
Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle, New York Bagle,N (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/23/2029

 
18.1

 
18.1

 
16.7

 
0.01
%

30
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Digzy Dogz and Grill LLC (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/20/2028

 
8.3

 
8.3

 
8.0

 
%
Spitnale's Garage LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/20/2043

 
59.3

 
59.3

 
61.7

 
0.02
%
Just for Boats LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/20/2043

 
17.3

 
17.3

 
18.8

 
0.01
%
Nando LLC dba Tall Timbers Banquet and Conference Center (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/20/2028

 
18.7

 
18.7

 
16.9

 
0.01
%
Veterinary Preventive Care, LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/18/2028

 
43.2

 
43.2

 
39.4

 
0.01
%
Rosemarie Products Company LLC (^) (#)
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
4/18/2028

 
13.9

 
13.9

 
12.2

 
%
Means Enterprises LLC (^) (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
4/18/2028

 
6.9

 
6.9

 
6.1

 
%
James L Shoemaker APCC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/18/2028

 
14.8

 
14.8

 
13.0

 
%
A New Dawn Psychotherapy Associates, LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/18/2043

 
86.2

 
86.2

 
87.3

 
0.03
%
Southern HVAC LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/17/2043

 
22.2

 
22.2

 
22.2

 
0.01
%
Southern HVAC LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/17/2028

 
37.0

 
37.0

 
35.1

 
0.01
%
The Vine, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/17/2028

 
11.0

 
11.0

 
10.0

 
%
Southern Oaks Athletic Club, LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/17/2043

 
361.6

 
361.6

 
387.0

 
0.13
%
1301 Starks Inc. (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
4/16/2028

 
20.8

 
20.8

 
21.0

 
0.01
%
Patricia A. Freeman & Samuel C. Freeman dba Teenas Pizza (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/13/2043

 
42.8

 
42.8

 
44.8

 
0.02
%
Precision Components Group Inc (^) (#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/11/2028

 
20.8

 
20.8

 
19.9

 
0.01
%
Sexy Nails Center LLC (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/10/2043

 
199.4

 
199.4

 
214.4

 
0.07
%
Mark Baker (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
4/9/2028

 
11.1

 
11.1

 
10.1

 
%
Innovation Transport LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
4/6/2028

 
47.5

 
47.5

 
45.5

 
0.02
%
Newsome Mobile Notary LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/5/2028

 
4.9

 
4.9

 
4.3

 
%
Shree Lakshminarayyn Grocery Stores LLC (^) (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
4/5/2043

 
118.2

 
118.2

 
124.5

 
0.04
%
Bean City Bar and Grill LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/4/2043

 
91.6

 
91.6

 
97.1

 
0.03
%
Alaska Industrial Paint LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/30/2043

 
219.3

 
219.3

 
230.0

 
0.08
%
GQ Investments,LLC (^) (#)
 
Electrical Equipment, Appliance, and Component Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
193.5

 
193.5

 
173.4

 
0.06
%
B&C Texas Leasing Inc and M&W Hot Oil, Inc. (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
900.6

 
900.6

 
862.3

 
0.29
%
Master Roofing and Siding Inc. (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
243.5

 
243.5

 
213.2

 
0.07
%
Romancing the Stone (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/30/2043

 
342.9

 
342.9

 
354.3

 
0.12
%
Alaska Industrial Paint LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
114.6

 
114.6

 
114.2

 
0.04
%
Michael S Brown Physical Therapy, P.C (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
90.2

 
90.2

 
79.1

 
0.03
%
B&C Texas Leasing Inc.,M & W Hot Oill, Inc (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/30/2043

 
265.5

 
265.5

 
268.8

 
0.09
%

31
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Fifth Wheel Truck Stop 001 (^) (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/30/2043

 
1,126.9

 
1,126.9

 
1,124.7

 
0.38
%
Boulevard Books Inc. (^) (#)
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
3/30/2043

 
96.0

 
96.0

 
104.1

 
0.04
%
America's Little Leaders Academy, Inc (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/30/2043

 
22.1

 
22.1

 
23.5

 
0.01
%
Technical Ordnance Solutions,LLC (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
1,142.6

 
1,142.6

 
1,008.9

 
0.34
%
Payne's Environmental Services LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
208.3

 
208.3

 
197.8

 
0.07
%
Kaz Wellness, LLC dba Grounded Wellness Center (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2028

 
14.6

 
14.6

 
13.5

 
%
Hot Shot Services, Inc and TFB, Ltd Co (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2043

 
393.4

 
393.4

 
429.1

 
0.15
%
Lou & Choo Enterprises Inc. (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/28/2044

 
106.6

 
106.6

 
107.8

 
0.04
%
Clancy 15 LLC and Allied Molded Products LLC (#)
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/28/2028

 
142.4

 
142.4

 
135.4

 
0.05
%
Corning Lumber Company Inc & Frank R Close & Son Inc dba True Valley C (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/28/2028

 
80.4

 
80.4

 
82.8

 
0.03
%
Clancy 15 LLC and Allied Molded Products LLC (^) (#)
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/28/2043

 
211.8

 
211.8

 
213.4

 
0.07
%
Montage Mountain Resorts, LP (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/28/2043

 
1,229.3

 
1,229.3

 
1,341.1

 
0.46
%
Kenneth Whelchel dba Whelchel Fencing and Construction (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/28/2028

 
61.6

 
61.6

 
57.0

 
0.02
%
Cartwright Termite & Pest Control Inc. and Cartwright Termite &Pest Co (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/28/2028

 
213.9

 
213.9

 
201.8

 
0.07
%
K.C. Communications, Inc. (^) (#)
 
Telecommunications
 
Term Loan
 
Prime plus 2.75%
 
3/27/2028

 
57.4

 
57.4

 
59.2

 
0.02
%
Towing Professionals of Arizona Inc dba Shamrock Towing & All Valley I (^) (#)
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/26/2043

 
529.8

 
529.8

 
515.9

 
0.18
%
Towing Professionals of Arizona Inc dba Shamrock Towing, All Valley Im (^) (#)
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/26/2028

 
137.9

 
137.9

 
126.3

 
0.04
%
Cable Management, LLC (^) (#)
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
91.0

 
91.0

 
87.0

 
0.03
%
Aque Investment Group LLC (^) (#)
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
244.0

 
244.0

 
251.4

 
0.09
%
All Regional Recyclers of Wood LLC dba ARROW (^) (#)
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
120.6

 
120.6

 
115.2

 
0.04
%
Denton BioFuels LLC and Amercian BioSource, LLC (^) (#)
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
89.6

 
89.6

 
83.5

 
0.03
%
Shweiki Media Inc dba Study Breaks Magazine (^) (#)
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
68.9

 
68.9

 
70.0

 
0.02
%
Sunshine Tents and Event Rentals LLC (^) (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
56.7

 
56.7

 
58.4

 
0.02
%
New York Label & Box Corp (^) (#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/23/2043

 
1,229.3

 
1,229.3

 
1,279.8

 
0.44
%
Sofasco, Inc (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/23/2043

 
98.3

 
98.3

 
98.4

 
0.03
%
Kajun Martial Arts LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
20.7

 
20.7

 
18.5

 
0.01
%
ME Interiors LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/22/2028

 
17.5

 
17.5

 
15.3

 
0.01
%

32
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
GeoTek Alaska, Inc (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2043

 
835.9

 
835.9

 
872.7

 
0.30
%
RTSP Union LLC (^) (#)
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
9/20/2028

 
1,146.4

 
1,146.4

 
1,072.6

 
0.37
%
Rexco Foods LLC dba Papa John's (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/20/2028

 
39.1

 
39.1

 
34.2

 
0.01
%
Cest Chic Concepts, LLC dba Salon Cest Chic (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/19/2028

 
10.3

 
10.3

 
9.3

 
%
Car Pro Auto Spa of Stuart, LLC dba Tide Pools Island Gifts (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/16/2028

 
20.7

 
20.7

 
21.3

 
0.01
%
Petroleum Equipment & Services, Inc (^) (#)
 
Support Activities for Mining
 
Term Loan
 
Prime plus 2.75%
 
3/16/2028

 
229.8

 
229.8

 
236.1

 
0.08
%
Camerabots Media, LLC (^) (#)
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
3/16/2028

 
13.8

 
13.8

 
12.4

 
%
Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/15/2043

 
510.4

 
510.4

 
539.3

 
0.18
%
Rojenco II,Inc. (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/15/2043

 
75.8

 
75.8

 
80.2

 
0.03
%
Bear Bones, Inc. (^) (#)
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/15/2043

 
22.1

 
22.1

 
23.7

 
0.01
%
CTD Operations Inc (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/15/2028

 
61.0

 
61.0

 
54.5

 
0.02
%
Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/15/2043

 
75.8

 
75.8

 
80.2

 
0.03
%
Rojenco II, Inc. (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/15/2043

 
395.8

 
395.8

 
418.2

 
0.14
%
Summit Insights Group LLC (^) (#)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
3/14/2028

 
62.3

 
62.3

 
54.5

 
0.02
%
SRG Waterfront LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/9/2028

 
287.2

 
287.2

 
255.2

 
0.09
%
Dante Ultimate Cleaning Service LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/9/2028

 
9.4

 
9.4

 
8.8

 
%
Bee Kidz Funzone Inc (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/9/2028

 
180.3

 
180.3

 
163.8

 
0.06
%
2b Mom Inc dba Mom's the Word Maternity (^) (#)
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
3/9/2028

 
89.6

 
89.6

 
78.5

 
0.03
%
Treft Systems Inc (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/8/2028

 
13.8

 
13.8

 
12.2

 
%
Integrity Machinery Moving, LLC (^) (#)
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/8/2028

 
20.7

 
20.7

 
21.3

 
0.01
%
Play4Fun dba Luv 2 Play (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/7/2028

 
164.7

 
164.7

 
151.4

 
0.05
%
Unpainted Arizona, LLC dba Westside Bowl (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/7/2043

 
103.0

 
103.0

 
106.5

 
0.04
%
Espinoza & Salinas Group Ltd dba Credit 360 Consulting (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/2/2028

 
4.5

 
4.5

 
4.1

 
%
BC Bishop Enterprises LLC dba 9Round Pooler (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
3/2/2028

 
7.7

 
7.7

 
6.9

 
%
Stepping Stones Childrens Academy (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/2/2043

 
250.3

 
250.3

 
266.6

 
0.09
%
Connie Engelbrecht (^) (#)
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/28/2028

 
2.7

 
2.7

 
2.5

 
%
The Law Offices of Samuel R Miller LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2043

 
116.9

 
116.9

 
127.3

 
0.04
%
Merciful Heavenly Homes, LLC (^) (#)
 
Nursing and Residential Care Facilities
 
Term Loan
 
8%
 
2/28/2043

 
63.5

 
63.5

 
58.4

 
0.02
%

33
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Urban Fitness Group LLC dba Crunch Fitness Group LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2028

 
204.4

 
204.4

 
210.6

 
0.07
%
Carey Collision Repairs Inc. (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
2/27/2028

 
68.5

 
68.5

 
61.7

 
0.02
%
Betty's Catering Corp, Betty's Decoration & Wedding Center Inc. (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/26/2043

 
349.0

 
349.0

 
380.7

 
0.13
%
Purely Seed LLC (^) (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
2/26/2028

 
113.3

 
113.3

 
99.2

 
0.03
%
Carries Cakes and Catering, Inc dba Carrie's Cakes and Confections (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/23/2028

 
4.6

 
4.6

 
4.0

 
%
Jackpine Technologies Corporation (^) (#)
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
2/22/2028

 
72.2

 
72.2

 
69.6

 
0.02
%
Crossfit iQ LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/21/2028

 
38.8

 
38.8

 
35.0

 
0.01
%
Wellfleet Consulting Inc. (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/21/2028

 
13.7

 
13.7

 
12.0

 
%
New View Media Group LLC (^) (#)
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
2/16/2028

 
75.3

 
75.3

 
77.6

 
0.03
%
Town & Country Transportation Co. (^) (#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/16/2028

 
60.6

 
60.6

 
62.4

 
0.02
%
Lulinjett LLC dba All American Printing & Design (^) (#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
2/14/2043

 
104.7

 
104.7

 
114.2

 
0.04
%
Margab Inc dba Smoothie King (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/13/2028

 
11.6

 
11.6

 
10.5

 
%
JumboMarkets, Inc. (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/13/2028

 
189.4

 
189.4

 
172.3

 
0.06
%
Tony Herring & Associates, Inc. (^) (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
2/9/2028

 
7.5

 
7.5

 
7.6

 
%
Start "UP "Dreams, Inc dba SDC Concrete and Start"UP" Dream Constructi (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/9/2028

 
68.5

 
68.5

 
63.7

 
0.02
%
Quality Machine of Iowa, Inc (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/9/2028

 
1,176.7

 
1,176.7

 
1,129.1

 
0.38
%
Apps Inc., Market Share, and Singular Leaseholdings LLC (^) (#)
 
Telecommunications
 
Term Loan
 
Prime plus 2.75%
 
2/8/2028

 
478.4

 
478.4

 
418.8

 
0.14
%
De La Vega LLC dba De La Vega Deland and De La Vega Oviedo (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/7/2028

 
71.6

 
71.6

 
65.4

 
0.02
%
Macrotech Integrated Management Solutions dba Extreme Lawn Care (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
2/5/2028

 
11.0

 
11.0

 
11.3

 
%
Midlothian Hardware Inc dba Grills True Value (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
2/2/2028

 
13.7

 
13.7

 
14.1

 
%
M&R Wong LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
2/1/2028

 
10.9

 
10.9

 
9.5

 
%
Chace Building Supply of CT Inc., (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
1/31/2043

 
294.5

 
294.5

 
321.3

 
0.11
%
Rocco'sLandscaping LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
1/31/2043

 
73.6

 
73.6

 
80.3

 
0.03
%
USA General Investment LLC dba Braniff Paint and Body Shop (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
1/31/2028

 
13.6

 
13.6

 
12.3

 
%
WydeBodi, LLC dba Wyde Bodi Auto Tags (^) (#)
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
1/30/2043

 
46.6

 
46.6

 
49.1

 
0.02
%
New Phaze Packaging Inc (^) (#)
 
Paper Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
1/26/2043

 
940.8

 
940.8

 
1,020.9

 
0.35
%
Parati USA Inc (^) (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
1/25/2028

 
19.2

 
19.2

 
16.8

 
0.01
%

34
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Concrete Services LLC and James Ward (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
1/25/2028

 
90.6

 
90.6

 
84.5

 
0.03
%
Southside BBQ Corp (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/25/2028

 
17.7

 
17.7

 
18.2

 
0.01
%
Flair Interiors, Inc dba Giant Don's Flooring America (^) (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
1/24/2028

 
124.6

 
124.6

 
128.4

 
0.04
%
Tier1 Solutions LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/23/2028

 
6.8

 
6.8

 
6.1

 
%
Lavish Specs Inc (^) (#)
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
1/19/2028

 
6.8

 
6.8

 
6.0

 
%
Friend Contractors, LLC (^) (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
1/19/2043

 
228.0

 
228.0

 
236.5

 
0.08
%
Weeping Willow Kennels, Inc. (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/19/2028

 
9.5

 
9.5

 
9.8

 
%
Lou & Choo Enterprises Inc dba Lou & Choo Lounge (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/18/2043

 
112.8

 
112.8

 
116.2

 
0.04
%
MedWorxs Inc. (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/18/2028

 
71.4

 
71.4

 
62.5

 
0.02
%
Specialized Dairy Processors LLC and Nathaly Zapata (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/16/2028

 
58.9

 
58.9

 
51.6

 
0.02
%
Human Resource Time Manager LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/8/2028

 
14.0

 
14.0

 
14.4

 
%
Impress Therapeutic Massage LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
1/8/2043

 
61.8

 
61.8

 
65.6

 
0.02
%
Sandfree Systems LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
1/5/2028

 
6.8

 
6.8

 
7.0

 
%
Crad Holding LLC dba Neighborhood Laundry of Bloomfield (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/5/2028

 
56.6

 
56.6

 
50.0

 
0.02
%
Social Link LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/29/2027

 
10.1

 
10.1

 
9.5

 
%
Anglin Cultured Stone Products LLC (^) (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/27/2042

 
630.5

 
630.5

 
657.5

 
0.22
%
Morrocco Method, Inc (^) (#)
 
Chemical Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/27/2042

 
712.7

 
712.7

 
778.3

 
0.27
%
Dudeck Enterprise LLC dba Detail Garage Las Vegas (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
14.6

 
14.6

 
15.2

 
0.01
%
Muckamuck Trucks, Inc. (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
12.4

 
12.4

 
12.2

 
%
Medical Plaza of Boro Park PC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
56.3

 
56.3

 
52.7

 
0.02
%
O'Rourke's Diner, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
3.4

 
3.4

 
3.4

 
%
Bisson Transportation Inc (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
67.5

 
67.5

 
68.2

 
0.02
%
Jacliff Investments Inc dba International Heal (^) (#)
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
45.0

 
45.0

 
42.1

 
0.01
%
Salida Family Chiropractic-PPLC dba Salida Sport and Spine (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
10.8

 
10.8

 
10.1

 
%
Landmark Ventures USA Inc (^) (#)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
56.3

 
56.3

 
52.7

 
0.02
%
TrialHawk Litigation Group LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
14.2

 
14.2

 
13.3

 
%
Advance Case Parts Inc (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
45.4

 
45.4

 
45.1

 
0.02
%
Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diag (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
700.5

 
700.5

 
661.7

 
0.23
%

35
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Blue Lagoon Resort, LLC dba Hill View Cottages (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/21/2042

 
184.8

 
184.8

 
205.2

 
0.07
%
CT Auto Spa LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
196.3

 
196.3

 
203.3

 
0.07
%
DHD Enterprise LLC dba Edible Arrangements #1699 (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
20.6

 
20.6

 
19.9

 
0.01
%
Tropical Stone LLC (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
169.6

 
169.6

 
176.4

 
0.06
%
DBMS Consulting, Inc. (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2027

 
67.5

 
67.5

 
67.0

 
0.02
%
Best Quality Home Care LLC (^) (#)
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
12/19/2027

 
6.8

 
6.8

 
6.4

 
%
Auto Excellance of Fort Myers Inc. (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/19/2042

 
104.1

 
104.1

 
115.5

 
0.04
%
1-0 Granny's Helpful Hands, LLC (^) (#)
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
20.3

 
20.3

 
19.1

 
0.01
%
Legion Bowl, Inc & Legion Pub Inc (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/15/2042

 
327.3

 
327.3

 
363.3

 
0.12
%
Montessori Community School (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
56.5

 
56.5

 
55.8

 
0.02
%
Ocean Trans LLC & Dehal Trucking LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/15/2042

 
598.7

 
598.7

 
625.9

 
0.21
%
Neville Galvanizing, Inc (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2042

 
625.0

 
625.0

 
666.6

 
0.23
%
JMD Aviation Holdings, LLC (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
450.1

 
450.1

 
464.2

 
0.16
%
Capital Containers LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
20.3

 
20.3

 
19.2

 
0.01
%
Peanut Butter & Co., Inc (^) (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
202.5

 
202.5

 
189.5

 
0.06
%
KR Calvert & Co, LLC (^) (#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
439.9

 
439.9

 
412.9

 
0.14
%
Royalty Freight Inc (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
601.8

 
601.8

 
563.3

 
0.19
%
Atlas Geo-Constructors, LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
273.6

 
273.6

 
273.6

 
0.09
%
Barcade Holdings, LLC ,Barcade LLC,& Barcade New Haven LLC (^) (#)
 
Management of Companies and Enterprises
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
56.7

 
56.7

 
53.8

 
0.02
%
Heung Kyun Im (^) (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
13.9

 
13.9

 
13.0

 
%
AADJ Empire Inc and AADJ Galaxy Inc. (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/14/2042

 
177.5

 
177.5

 
187.8

 
0.06
%
LP Industries Inc. dba Childforms (^) (#)
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
67.5

 
67.5

 
67.8

 
0.02
%
Beale Street Blues Company Inc.dba B.B. King's Club-Memphis (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
906.9

 
906.9

 
853.5

 
0.29
%
Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc. d (^) (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
86.9

 
86.9

 
88.4

 
0.03
%
Nichols Fire and Security LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/13/2042

 
85.7

 
85.7

 
91.9

 
0.03
%
Hardway Inc & AFC Leasing Inc (^) (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
12/13/2027

 
824.9

 
824.9

 
772.0

 
0.26
%
LPB LPB Property Management Inc dba Wilderness View Cabins & Ellijay C (^) (#)
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
12/12/2042

 
98.2

 
98.2

 
108.7

 
0.04
%
Clore Construction LLC (^) (#)
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
416.2

 
416.2

 
413.6

 
0.14
%
Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC (^) (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
45.0

 
45.0

 
42.1

 
0.01
%
Big Picture Group LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
338.1

 
338.1

 
325.7

 
0.11
%

36
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
A-1 Van Services Inc (^) (#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
647.8

 
647.8

 
647.7

 
0.22
%
Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation (^) (#)
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
451.6

 
451.6

 
422.7

 
0.14
%
The Ohio Valley Group Inc dba Ohio Valley Landscapes & Design (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
13.5

 
13.5

 
12.9

 
%
Clear Sound Communications, Inc (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/8/2027

 
3.4

 
3.4

 
3.2

 
%
AV Strategy Inc (^) (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
12/8/2027

 
398.3

 
398.3

 
390.4

 
0.13
%
JVLS LLC dba Vaccines 2 Go (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/7/2027

 
13.5

 
13.5

 
12.6

 
%
Kim Howard Corp dba NPN Machine Tools (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/7/2042

 
563.9

 
563.9

 
625.1

 
0.21
%
IHC Hardware Inc. (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/6/2042

 
97.9

 
97.9

 
102.7

 
0.04
%
ODS Inc (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/6/2027

 
44.1

 
44.1

 
42.9

 
0.01
%
Healthcare Interventions, Inc dba Brightstar Healthcare of & Brightsta (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/4/2027

 
13.5

 
13.5

 
12.6

 
%
Oil Palace, Inc. (^) (#)
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
12/4/2042

 
969.6

 
969.6

 
1,076.3

 
0.37
%
PS Camping Inc. (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/1/2027

 
18.5

 
18.5

 
19.0

 
0.01
%
Square1 Partners, LLC (^) (#)
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
12/1/2027

 
56.3

 
56.3

 
52.7

 
0.02
%
Utara LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/1/2027

 
21.0

 
21.0

 
20.4

 
0.01
%
Linda Jean Howard Riley dba The Rusty Bolt (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/1/2042

 
20.6

 
20.6

 
22.8

 
0.01
%
Salud Bar & Grill LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/1/2027

 
50.6

 
50.6

 
47.6

 
0.02
%
Fortress Verve Inc, Maurice R. Margules and Antonie C. Reinhard (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
117.3

 
117.3

 
120.0

 
0.04
%
WTI Distribution Inc (^) (#)
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
35.8

 
35.8

 
35.3

 
0.01
%
Frontier Sand LLC (^) (#)
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
463.6

 
463.6

 
470.0

 
0.16
%
Create- A- Stitch, Inc (^) (#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/30/2042

 
85.6

 
85.6

 
94.2

 
0.03
%
J. Venture Holdings, LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
11.1

 
11.1

 
11.6

 
%
Skin Beauty Bar Inc. and Tameka J. Mathis (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
8.0

 
8.0

 
7.7

 
%
OPH Lexington, Inc (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/29/2042

 
191.0

 
191.0

 
212.0

 
0.07
%
Clearwater Transportation LTD dba Thrifty Car Rental, Dollar Rent A Ca (^) (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
11/29/2027

 
154.6

 
154.6

 
147.0

 
0.05
%
Our Playhouse Preschool, LLC (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/29/2042

 
231.7

 
231.7

 
257.2

 
0.09
%
Beacon Brewing LLC and C' Sons, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/27/2042

 
124.1

 
124.1

 
137.8

 
0.05
%
Step Up Academy of the Arts, LLC (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
11/22/2027

 
14.1

 
14.1

 
13.2

 
%
Webtez Inc dba Mod Vans (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/22/2027

 
62.6

 
62.6

 
58.8

 
0.02
%

37
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
JMD Corporation dba Dart's True Value (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/22/2027

 
16.7

 
16.7

 
16.5

 
0.01
%
Grumpy's Restaurant Company, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/21/2027

 
63.5

 
63.5

 
59.6

 
0.02
%
Cali Fit Meals (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/21/2027

 
20.1

 
20.1

 
19.9

 
0.01
%
PB Market LLC dba Pure Barre (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2027

 
97.0

 
97.0

 
90.9

 
0.03
%
B Lam LLC (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/20/2042

 
177.3

 
177.3

 
193.7

 
0.07
%
TPE Midstream LLC, Dasham Company dba Sahm Co & S & S Ventures Inc. (^) (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
11/17/2027

 
169.0

 
169.0

 
169.3

 
0.06
%
Maya Motel, LLC dba Town House Motel (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
11/17/2042

 
55.7

 
55.7

 
61.9

 
0.02
%
SSI Refrigerated Express Inc. and Robert M Stallone (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/17/2027

 
56.5

 
56.5

 
53.7

 
0.02
%
Jacob's Towing, Inc.dba Jacob's Automotive Locksmith & Jacob's Auto Re (^) (#)
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/17/2027

 
44.7

 
44.7

 
43.2

 
0.01
%
Southern Specialty Contractor, LLC & Ronald David Holbrook Jr. (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/17/2027

 
47.4

 
47.4

 
44.6

 
0.02
%
Murf & Sons LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/16/2027

 
148.7

 
148.7

 
140.6

 
0.05
%
H & H Hotshot Services, Inc. (^) (#)
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
11/16/2027

 
62.6

 
62.6

 
60.3

 
0.02
%
J R Wholesale Tires & Auto Center, LLC (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/15/2042

 
13.2

 
13.2

 
14.7

 
0.01
%
Auto Rx LLC,J&P Auto Repair Inc (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/15/2042

 
191.9

 
191.9

 
212.2

 
0.07
%
Marcaco LLC (^) (#)
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/15/2042

 
646.9

 
646.9

 
707.0

 
0.24
%
Paramount Dance Studios Inc. and Homestead Dance Supply (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
10/14/2043

 
460.5

 
460.5

 
498.1

 
0.17
%
Wing King at the Gardens LLC (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/10/2027

 
8.7

 
8.7

 
8.2

 
%
Linqserv Inc. (^) (#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/9/2027

 
285.6

 
285.6

 
297.1

 
0.10
%
Hofgard & Co, Inc dba Hofgard Benefits and James Marsh (^) (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
11/8/2027

 
13.4

 
13.4

 
12.5

 
%
JNP Delivery Inc (^) (#)
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
11/7/2027

 
100.1

 
100.1

 
97.8

 
0.03
%
His Loving Hands Christian Academy, Inc. (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/6/2042

 
89.7

 
89.7

 
98.1

 
0.03
%
Sterling Campbell Insurance Agency, Inc (^) (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
11/3/2027

 
6.7

 
6.7

 
6.3

 
%
S & S Auto Body Shop Inc. (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/3/2042

 
161.4

 
161.4

 
178.1

 
0.06
%
Top Quality Dent Service LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/2/2027

 
5.4

 
5.4

 
5.0

 
%
 Edge Studios Inc Radiant Yoga LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/1/2027

 
59.4

 
59.4

 
56.5

 
0.02
%
Rachael Reel dba Rachel Reel Insurance Age (^) (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
10/31/2027

 
6.7

 
6.7

 
6.2

 
%
Berza TLG,LLC dba The Little Gym of Lake Charles (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/31/2027

 
37.6

 
37.6

 
35.7

 
0.01
%
The Five Lakes LLC (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
10/30/2042

 
463.9

 
463.9

 
514.9

 
0.18
%
Die Hard Used Car Sales (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/30/2042

 
55.0

 
55.0

 
61.1

 
0.02
%

38
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle T (^) (#)
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
10/27/2027

 
33.3

 
33.3

 
31.8

 
0.01
%
Sage Oil LLC (^) (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
10/27/2027

 
8.9

 
8.9

 
8.4

 
%
Ashore Ventures Inc dba PuroClean Professional Restoration (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/27/2027

 
12.9

 
12.9

 
12.3

 
%
Cardinal Homes, Inc (^) (#)
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/27/2027

 
97.1

 
97.1

 
101.0

 
0.03
%
Suzie LLC dba Tony D's Restaurant (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/25/2042

 
85.5

 
85.5

 
94.0

 
0.03
%
White Walker LLC dba Frenchette (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/25/2027

 
235.0

 
235.0

 
244.5

 
0.08
%
Grand Blanc Lanes, Inc. (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/25/2027

 
13.3

 
13.3

 
13.8

 
%
Schafer Fisheries Inc (^) (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/25/2027

 
31.0

 
31.0

 
32.3

 
0.01
%
Action Physical Therapy Yoga and Wellness Center Inc. (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/24/2027

 
20.0

 
20.0

 
20.2

 
0.01
%
The Jig, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/24/2042

 
74.8

 
74.8

 
81.4

 
0.03
%
Florida Apnea Diagnostics LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/20/2027

 
145.7

 
145.7

 
138.1

 
0.05
%
Looky Enterprises, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/18/2027

 
59.0

 
59.0

 
56.3

 
0.02
%
Island Refrigeration & AC Inc (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/18/2042

 
134.5

 
134.5

 
145.1

 
0.05
%
H and K Dry Cleaning LLC ,Quintero Shopping Center LLC,Aqua Laundry, L (^) (#)
 
Electronics and Appliance Stores
 
Term Loan
 
8.0625%
 
10/17/2042

 
62.9

 
62.9

 
57.9

 
0.02
%
Blueridge Armor LLC (^) (#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/17/2027

 
7.3

 
7.3

 
7.2

 
%
Albas Bar & Grill LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/13/2042

 
44.0

 
44.0

 
46.3

 
0.02
%
Cortez Landscaping, LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/13/2027

 
17.0

 
17.0

 
16.6

 
0.01
%
Crawfordsville Fitness LLC dba Planet Fitness (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/13/2027

 
110.1

 
110.1

 
105.0

 
0.04
%
On Call Services LLC (^) (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
10/13/2027

 
16.0

 
16.0

 
16.6

 
0.01
%
JD Ventures LLC and JD Roof Co LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/12/2027

 
20.0

 
20.0

 
19.0

 
0.01
%
Pro Anderson, LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/11/2027

 
48.0

 
48.0

 
45.4

 
0.02
%
Sandbox Ventures LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/11/2027

 
16.6

 
16.6

 
16.8

 
0.01
%
Eye Optique Inc. (^) (#)
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
10/5/2027

 
13.3

 
13.3

 
12.5

 
%
Becky Lou Corp dba Rent A Center (^) (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
10/2/2027

 
80.8

 
80.8

 
79.0

 
0.03
%
Ains Holding Company LLC (^) (#)
 
Management of Companies and Enterprises
 
Term Loan
 
Prime plus 2.75%
 
10/2/2027

 
75.8

 
75.8

 
72.2

 
0.02
%
Dan Cline Transport Inc. (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/29/2030

 
911.7

 
911.7

 
879.7

 
0.30
%
Cagwin Trucking LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
319.0

 
319.0

 
350.2

 
0.12
%
Sashshel Corporation (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
207.5

 
207.5

 
230.2

 
0.08
%
Threads of Time LLC (^) (#)
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
134.1

 
134.1

 
143.3

 
0.05
%
Harco Metal Products Inc (^) (#)
 
Primary Metal Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
480.4

 
480.4

 
500.8

 
0.17
%

39
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Miechella Suzette Decker (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
97.7

 
97.7

 
108.3

 
0.04
%
Chicago American Manufacturing LLC, Dockside Steel ProcessingLLC and S (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
1,219.8

 
1,219.8

 
1,319.2

 
0.45
%
Pets A Go Go LLC (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2042

 
194.3

 
194.3

 
211.5

 
0.07
%
Rhode Island Tennis Management LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/28/2042

 
536.4

 
536.4

 
572.5

 
0.20
%
Rhode Island Tennis Management LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/28/2042

 
373.5

 
373.5

 
398.7

 
0.14
%
National Media Services, Inc (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2027

 
16.5

 
16.5

 
15.4

 
0.01
%
Nicholson Lumber Co Inc. (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/28/2030

 
197.6

 
197.6

 
204.2

 
0.07
%
Complete Care IT LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2027

 
13.0

 
13.0

 
12.1

 
%
Technologist Inc (^) (#)
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
9/27/2027

 
238.0

 
238.0

 
247.2

 
0.08
%
Inspirations Food Design, Inc (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/26/2042

 
456.1

 
456.1

 
491.0

 
0.17
%
Rollins Construction & Trucking LLC (^) (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
9/26/2027

 
292.0

 
292.0

 
298.3

 
0.10
%
JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/22/2027

 
19.8

 
19.8

 
18.6

 
0.01
%
KB Waterjet Cutting LLC (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/22/2027

 
9.0

 
9.0

 
8.7

 
%
Sallee Pro-Custom Fabrication Shop LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/21/2027

 
7.9

 
7.9

 
8.2

 
%
Sound Manufacturing, Inc. & Monster Power Equipment, Inc. (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
175.8

 
175.8

 
175.5

 
0.06
%
Montessori Community School (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
383.8

 
383.8

 
404.5

 
0.14
%
Alpha Preparatory Academy LLC (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
158.5

 
158.5

 
168.9

 
0.06
%
CR Park Incorporated dba Define Body and Mind (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
88.4

 
88.4

 
84.7

 
0.03
%
Excel, RP Inc. (^) (#)
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
88.8

 
88.8

 
87.0

 
0.03
%
Max Home Deliveries, Inc (^) (#)
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
70.6

 
70.6

 
68.8

 
0.02
%
Denek Contracting Inc and Denek Leasing LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
204.7

 
204.7

 
227.1

 
0.08
%
Alexander Pierce Corporation (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
609.1

 
609.1

 
651.7

 
0.22
%
NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York (^) (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
906.9

 
906.9

 
910.0

 
0.31
%
Imagine By Carleen, Inc. (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
6.6

 
6.6

 
6.7

 
%
Insight Diagnostic Technologist Services (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
266.6

 
266.6

 
256.4

 
0.09
%
Commonwealth Diagnostics International, Inc (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
1,063.3

 
1,063.3

 
1,104.4

 
0.38
%
CIS BIG DOG, LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/19/2027

 
56.6

 
56.6

 
58.5

 
0.02
%
Stone's Construction and Remodeling, LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/19/2027

 
4.6

 
4.6

 
4.3

 
%
Party By Design Inc. (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/18/2042

 
1,185.5

 
1,185.5

 
1,260.5

 
0.43
%

40
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Inglis Food Mart Inc. (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/15/2027

 
19.8

 
19.8

 
20.5

 
0.01
%
Clinton Food Market LLC (^) (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/15/2042

 
255.9

 
255.9

 
274.3

 
0.09
%
Li Family Spokane LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/15/2042

 
375.0

 
375.0

 
409.9

 
0.14
%
Tarleton & Family Landscaping, LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/15/2027

 
73.8

 
73.8

 
70.6

 
0.02
%
Alaska Motor Home Inc (^) (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2027

 
291.9

 
291.9

 
272.9

 
0.09
%
Nails By Mercede LLC (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2027

 
12.6

 
12.6

 
12.4

 
%
Fox Valley Rentals & Investments, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 3.75%
 
9/13/2027

 
6.6

 
6.6

 
6.9

 
%
Town & Country Transportation Co. and Popco, LLC. (^) (#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/12/2042

 
164.8

 
164.8

 
182.8

 
0.06
%
Rajbai Maa Inc. dba Nara Lounge (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/12/2042

 
379.0

 
379.0

 
398.3

 
0.14
%
Morgan Lynn Kerstetter dba Catherine School of Dance (^) (#)
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
9/11/2027

 
6.6

 
6.6

 
6.9

 
%
Health & Performance Center, LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/11/2027

 
18.0

 
18.0

 
16.8

 
0.01
%
Foxtail, LLC and Tottly New Services Corp (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/8/2042

 
284.0

 
284.0

 
305.2

 
0.10
%
Desert Ribs, LLC and Famous Charlie, LLC and Famous Freddie, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/8/2042

 
1,227.4

 
1,227.4

 
1,267.9

 
0.43
%
Echelon Planning Group, LLC dba Echelon Financial Services and Echelon (^) (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
9/8/2027

 
6.6

 
6.6

 
6.8

 
%
Crazy Beatz Productions LLC (^) (#)
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 3.75%
 
9/7/2027

 
4.7

 
4.7

 
4.7

 
%
South Fulton Landscape & Nursery, Inc. (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/7/2042

 
97.7

 
97.7

 
108.3

 
0.04
%
Dreaming Big Learning Center Inc (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/5/2042

 
362.2

 
362.2

 
388.8

 
0.13
%
Big Coop's Trucking LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/1/2027

 
88.1

 
88.1

 
87.4

 
0.03
%
Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Tran (^) (#)
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
8/31/2027

 
335.6

 
335.6

 
320.1

 
0.11
%
Busby Outdoor LLC (^) (#)
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
8/29/2042

 
537.9

 
537.9

 
540.8

 
0.18
%
Busby Outdoor LLC (^) (#)
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
8/29/2042

 
684.7

 
684.7

 
688.4

 
0.23
%
Parlay Disributors LLC (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
8/25/2027

 
98.3

 
98.3

 
92.9

 
0.03
%
Lake County Tow LLC (^) (#)
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/25/2042

 
85.2

 
85.2

 
91.1

 
0.03
%
InUSA Ventures Inc dba InUSA Services (^) (#)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
8/24/2027

 
21.9

 
21.9

 
20.4

 
0.01
%
Genuine Ventures LLC and Seaweed Ventures LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/24/2030

 
510.6

 
510.6

 
509.3

 
0.17
%
R & R Strength & Conditioning Corp dba Crossfit Light House Point (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/23/2042

 
80.5

 
80.5

 
89.2

 
0.03
%
Delicias de Minas Restaurant, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/22/2027

 
180.2

 
180.2

 
184.2

 
0.06
%
L&V Auto Sales, Inc. (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
8/21/2027

 
15.7

 
15.7

 
16.3

 
0.01
%
M.E. Interiors LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/21/2027

 
14.6

 
14.6

 
13.7

 
%

41
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Damiano Global Corp (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/21/2027

 
19.7

 
19.7

 
19.5

 
0.01
%
Tier1 Solutions LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/18/2027

 
16.4

 
16.4

 
15.8

 
0.01
%
Tony Herring & Associates, Inc (^) (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
8/17/2027

 
6.6

 
6.6

 
6.1

 
%
Chester's World Enterprise LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/16/2027

 
19.7

 
19.7

 
19.0

 
0.01
%
D'Amato & Sons Construction, Inc. (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
8/11/2027

 
7.2

 
7.2

 
7.0

 
%
L & J Corporate Services Inc (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/4/2027

 
6.4

 
6.4

 
6.0

 
%
Furniture Masters Limited Liability Company (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/3/2027

 
7.9

 
7.9

 
7.4

 
%
HMG Strategy LLC, (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/2/2027

 
43.7

 
43.7

 
40.8

 
0.01
%
Bowl Mor LLC dba Bowl Mor Lanes (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
7/31/2027

 
6.5

 
6.5

 
6.1

 
%
Hope Health Care, LLC (^) (#)
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
7/31/2027

 
9.1

 
9.1

 
8.5

 
%
Royal Blue Investments, Inc. and Cleland Pharmacy LLC (^) (#)
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
7/31/2042

 
51.5

 
51.5

 
56.5

 
0.02
%
Raffi's Inc dba Atlantic Auto Center (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
7/31/2027

 
12.4

 
12.4

 
12.8

 
%
Sharon G McMillen, MA Psychologist, Inc. (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
7/28/2027

 
16.1

 
16.1

 
15.1

 
0.01
%
HQTRONIC LLC (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
7/27/2027

 
19.5

 
19.5

 
18.2

 
0.01
%
Oberon IT, Inc. (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/26/2027

 
189.8

 
189.8

 
185.0

 
0.06
%
Gilles Peress Studio LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/25/2027

 
55.1

 
55.1

 
51.5

 
0.02
%
Obok LLC (^) (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/21/2027

 
10.4

 
10.4

 
10.3

 
%
Ocean Trans LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/21/2027

 
32.6

 
32.6

 
30.5

 
0.01
%
Lil Tots' Learning Center LLC (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
7/21/2042

 
46.2

 
46.2

 
49.5

 
0.02
%
Matrix Z LLC (^) (#)
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 3.75%
 
7/19/2027

 
6.6

 
6.6

 
7.0

 
%
Nova Solutions, Inc. (^) (#)
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/19/2027

 
21.7

 
21.7

 
22.2

 
0.01
%
Aitheras Aviation Group, LLC(OH) , Aitheras Aviation Group, LLC(FL) (^) (#)
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/18/2027

 
715.4

 
715.4

 
671.9

 
0.23
%
Wildflour Bakery & Cafe, LLC (^) (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/17/2027

 
19.5

 
19.5

 
20.3

 
0.01
%
Koep Companies dba Pipestone True value (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
7/14/2042

 
317.5

 
317.5

 
335.6

 
0.11
%
Florida Home and Kitchen LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/14/2027

 
10.4

 
10.4

 
9.7

 
%
Rocks Auto Exchange LLC (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
7/13/2027

 
12.8

 
12.8

 
12.0

 
%
McCord Holdings, Inc. dba Fast Signs 176101 (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
7/7/2027

 
16.3

 
16.3

 
15.5

 
0.01
%
Thrifty Market Inc dba Thrifty Foods (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
7/6/2027

 
89.3

 
89.3

 
86.2

 
0.03
%
The Country House Restaurant, LLC and Pelton Real Estate, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2042

 
48.6

 
48.6

 
53.2

 
0.02
%
Qycell Corporation (^) (#)
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
65.6

 
65.6

 
68.1

 
0.02
%

42
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
J. T. O'Neill Company, L.L.C (^) (#)
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
12.9

 
12.9

 
12.1

 
%
Hamilton & Associates Real Estate and Investments Firm LLC (^) (#)
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
6/30/2042

 
52.5

 
52.5

 
56.7

 
0.02
%
New Chicago Wholesale Bakery Inc. (^) (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
12.9

 
12.9

 
13.0

 
%
J&M Civil Construction Services LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
86.1

 
86.1

 
80.4

 
0.03
%
JWH Designs, LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
91.5

 
91.5

 
85.4

 
0.03
%
BQRS, Inc. DBA Gresham Meineke Car Care Center (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
54.2

 
54.2

 
51.3

 
0.02
%
Best Bees Company (^) (#)
 
Animal Production and Aquaculture
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
19.4

 
19.4

 
18.1

 
0.01
%
Stiegelbauer Associates Inc. (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
266.4

 
266.4

 
276.4

 
0.09
%
Oakhill Farms, LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/29/2030

 
90.6

 
90.6

 
95.4

 
0.03
%
Greensboro Plastic Surgical Associates, PA (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2042

 
563.3

 
563.3

 
600.9

 
0.20
%
Malhame & Company Publishers & Importers Inc. (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
77.5

 
77.5

 
72.4

 
0.02
%
Intellixion LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
3.2

 
3.2

 
3.0

 
%
Ocean Trans LLC and Dehal Trucking LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
524.2

 
524.2

 
489.2

 
0.17
%
Foxhop Fitness, LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/28/2027

 
80.2

 
80.2

 
75.4

 
0.03
%
Akal Express Inc. dba Truck Trailer Service Stop (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/28/2042

 
58.2

 
58.2

 
63.9

 
0.02
%
Old Dominion Transportation Group, Inc. (^) (#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/28/2027

 
871.4

 
871.4

 
827.8

 
0.28
%
Citibin, Inc. (^) (#)
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/27/2027

 
107.6

 
107.6

 
100.5

 
0.03
%
Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC (^) (#)
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/27/2030

 
222.1

 
222.1

 
231.2

 
0.08
%
WB Cleaners Inc. DBA $2.75 Cleaners (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/27/2027

 
14.1

 
14.1

 
14.6

 
%
Ains Holding Company, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/26/2027

 
917.3

 
917.3

 
871.6

 
0.30
%
Four Seasons Laser Center Inc. (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/26/2042

 
211.9

 
211.9

 
227.0

 
0.08
%
Rustic LLC (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/23/2042

 
15.8

 
15.8

 
15.8

 
0.01
%
Northern Industries, LLC (^) (#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/23/2042

 
56.1

 
56.1

 
62.1

 
0.02
%
Vella Construction Enterprises, Inc. dba Vella Construction (^) (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
6/23/2027

 
19.4

 
19.4

 
18.1

 
0.01
%
Birches Group, LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/22/2027

 
43.0

 
43.0

 
40.2

 
0.01
%
Scarlet Spartan Inc.dba FastSigns of Brighton (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/19/2027

 
26.7

 
26.7

 
25.7

 
0.01
%
Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/16/2042

 
388.4

 
388.4

 
406.2

 
0.14
%
All Regional Recyclers of Wood LLC dba ARROW,Superior Carting,LLC dba (^) (#)
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
6/15/2042

 
301.7

 
301.7

 
321.2

 
0.11
%

43
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
JAM Media Solutions, LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/15/2027

 
53.8

 
53.8

 
50.2

 
0.02
%
Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/14/2042

 
89.8

 
89.8

 
98.1

 
0.03
%
ESA 365 Corp and Lucathor Realty LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/14/2042

 
21.8

 
21.8

 
23.6

 
0.01
%
Susan Hughes dba Aloha Junction B and B (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/14/2042

 
60.2

 
60.2

 
66.7

 
0.02
%
Hull's Kitchen, LLC and HK Too, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/14/2042

 
93.6

 
93.6

 
103.5

 
0.04
%
Yachting Solutions LLC (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/12/2027

 
102.2

 
102.2

 
101.5

 
0.03
%
Refoleen Inc dba Spice and Tea Exchange (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/8/2027

 
3.0

 
3.0

 
2.8

 
%
Skydive California, LLC (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/2/2027

 
47.4

 
47.4

 
49.2

 
0.02
%
SCW, LLC dba Arthur Murray Dance Studio (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/2/2042

 
141.7

 
141.7

 
152.0

 
0.05
%
Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/1/2042

 
44.3

 
44.3

 
48.1

 
0.02
%
Ricnet III, Inc. dba Edible Arrangements (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
5/31/2027

 
12.5

 
12.5

 
11.8

 
%
Impact Grounds Maintenance and Design, Inc.dba Impact Landscaping and (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/31/2042

 
77.0

 
77.0

 
84.6

 
0.03
%
Funtime, LLC and Universal Entertainment Group LLC (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
5/31/2027

 
56.7

 
56.7

 
53.5

 
0.02
%
Haroon Baig,Inc.dba US1 Petrol (^) (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
5/31/2042

 
255.9

 
255.9

 
283.5

 
0.10
%
Sage Oil LLC (^) (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
5/31/2027

 
19.2

 
19.2

 
18.1

 
0.01
%
Swantown Inn & Spa LLC (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/26/2042

 
123.2

 
123.2

 
135.8

 
0.05
%
Chet Lemon Enterprises LLC dba All American Sports (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/26/2042

 
768.2

 
768.2

 
851.2

 
0.29
%
Eagle Wood Works LLC (^) (#)
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/26/2027

 
10.2

 
10.2

 
10.0

 
%
Hurricane Group, Inc. (^) (#)
 
Other Information Services
 
Term Loan
 
Prime plus 2.75%
 
5/26/2027

 
64.1

 
64.1

 
59.8

 
0.02
%
Mitchell Auto Repair, LLC and and C&M Mitchell, LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/26/2042

 
190.9

 
190.9

 
207.5

 
0.07
%
Beyond Waves A Unique Salon LLC and Lori Ann Carlson (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/25/2027

 
12.8

 
12.8

 
12.0

 
%
Jung Design Inc. (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/25/2027

 
7.7

 
7.7

 
7.2

 
%
Locavore LLC dba Paloma Restaurant (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/25/2027

 
42.7

 
42.7

 
40.9

 
0.01
%
Abdul Naushad MD PC dba Advanced Pain Centers (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/25/2042

 
381.6

 
381.6

 
416.7

 
0.14
%
Innovim, LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/24/2027

 
288.3

 
288.3

 
269.0

 
0.09
%
Gill Express Inc. and Gill Express 2 LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/23/2042

 
328.3

 
328.3

 
349.7

 
0.12
%
Prestige Construction of Florida, LLC (^) (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
5/23/2042

 
326.1

 
326.1

 
343.8

 
0.12
%
GEM2K, LLC dba Precision Precast Group (^) (#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/19/2027

 
145.9

 
145.9

 
140.0

 
0.05
%
Hayden Trucking LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/19/2027

 
201.6

 
201.6

 
198.7

 
0.07
%

44
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Tres K Deli,Grocery,Fruit and Meat Inc. (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
5/19/2027

 
7.0

 
7.0

 
6.9

 
%
 Iron Men Home Repair, Inc. and Ironmen House Lifting Inc. (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/19/2042

 
564.6

 
564.6

 
609.3

 
0.21
%
PS Camping, Inc. dba Prospectors RV Resort (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/19/2042

 
253.7

 
253.7

 
280.4

 
0.10
%
Waterford Plumbing Co, Inc. (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/18/2027

 
42.7

 
42.7

 
40.4

 
0.01
%
Mr. B's Bicycles & Mopeds, Inc. (^) (#)
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
5/18/2042

 
142.2

 
142.2

 
153.0

 
0.05
%
Bay Car Wash LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/18/2042

 
117.0

 
117.0

 
126.5

 
0.04
%
Computech Computers Inc. (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/17/2027

 
42.7

 
42.7

 
39.9

 
0.01
%
Arco Electrical Contractors Inc. dba Arco Construction Group (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/16/2027

 
307.1

 
307.1

 
300.3

 
0.10
%
Batter & Company,LLC dba Batter Co. Dessert Collection (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
5/16/2027

 
45.9

 
45.9

 
43.5

 
0.01
%
5 Stars Learning Center Inc (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/16/2042

 
59.9

 
59.9

 
64.4

 
0.02
%
Band Sawn Lumber,LLC and Nathan Ryan Adams (^) (#)
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/15/2042

 
110.9

 
110.9

 
117.8

 
0.04
%
Sanderson Distribution Inc. (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/12/2027

 
9.0

 
9.0

 
8.4

 
%
SG Linke LLC (^) (#)
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
8.25%
 
5/12/2027

 
71.1

 
71.1

 
68.0

 
0.02
%
B G F Bobby Q's Inc (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/11/2027

 
6.4

 
6.4

 
6.6

 
%
Estelle Finkel Educational Associates,LLC (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/11/2027

 
103.3

 
103.3

 
96.4

 
0.03
%
Labmates,LLC (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
5/10/2027

 
85.4

 
85.4

 
85.9

 
0.03
%
NHS, LLC (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/9/2027

 
75.6

 
75.6

 
72.8

 
0.02
%
1872 Rosecrans, LLC dba Goodbar (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/9/2027

 
54.6

 
54.6

 
51.2

 
0.02
%
NHS, LLC (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/9/2042

 
21.2

 
21.2

 
21.9

 
0.01
%
Innovation Transport, LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/9/2027

 
66.7

 
66.7

 
66.9

 
0.02
%
Benchmark Building, Inc. (^) (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
5/5/2027

 
19.2

 
19.2

 
17.9

 
0.01
%
Cable Management LLC (^) (#)
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
5/3/2027

 
49.0

 
49.0

 
48.7

 
0.02
%
Fine Arts Center of Easley, Inc. dba Midtown Music (^) (#)
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
5/2/2042

 
113.5

 
113.5

 
125.8

 
0.04
%
Love and Glory Learning Center, Inc. (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
4/28/2042

 
75.5

 
75.5

 
80.7

 
0.03
%
Georgia Productions Services LLC (^) (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
4/28/2027

 
77.3

 
77.3

 
75.6

 
0.03
%
JMA Inc. dba Primecut and Mezzo; Primecut at Marquee (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/27/2042

 
215.1

 
215.1

 
238.4

 
0.08
%
Sneads Ferry Foods, Inc. dba DQ Grill & Chill (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/27/2042

 
611.4

 
611.4

 
651.7

 
0.22
%

45
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Asheville's Fun Depot, LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/26/2027

 
74.2

 
74.2

 
76.9

 
0.03
%
Resident Research, LLC (^) (#)
 
Other Information Services
 
Term Loan
 
Prime plus 2.75%
 
4/24/2027

 
74.7

 
74.7

 
69.7

 
0.02
%
Getting Even LLC dba The Zoo Health Club (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/21/2027

 
6.4

 
6.4

 
6.1

 
%
Ralph's Hair Salon, Inc. (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/21/2042

 
48.4

 
48.4

 
52.5

 
0.02
%
M.E. Interiors LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/20/2027

 
119.7

 
119.7

 
111.7

 
0.04
%
Condron Brothers LLC DBA Luv 2 Play (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/19/2027

 
101.3

 
101.3

 
98.0

 
0.03
%
Butternuts Beer and Ale LLC (^) (#)
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/12/2027

 
62.5

 
62.5

 
64.8

 
0.02
%
Citizens Lanes, LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/31/2042

 
607.2

 
607.2

 
672.3

 
0.23
%
The Altitude Group, LLC and Core Home Security, LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/31/2027

 
40.2

 
40.2

 
37.5

 
0.01
%
MIT LLC (^) (#)
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
3/31/2042

 
84.9

 
84.9

 
94.0

 
0.03
%
Bear Trail Lodge LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/31/2042

 
535.4

 
535.4

 
589.7

 
0.20
%
Golden Hen Inc. dba Cafe (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/31/2027

 
54.5

 
54.5

 
51.3

 
0.02
%
Landmark Ventures USA, Inc. (^) (#)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
3/31/2027

 
157.9

 
157.9

 
147.2

 
0.05
%
Applied Integrated Technologies, Inc. (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/31/2027

 
105.3

 
105.3

 
98.2

 
0.03
%
KWG Industries LLC dba Peterson & Marsh Metal Industries (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/30/2027

 
25.3

 
25.3

 
25.9

 
0.01
%
Sea Smoke Barbeque, Corp and Danwen LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/30/2042

 
229.1

 
229.1

 
247.1

 
0.08
%
Schafer Fisheries Inc. (^) (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/30/2042

 
240.3

 
240.3

 
266.1

 
0.09
%
Discount Price, LLC dba Robert's Market (^) (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/29/2042

 
199.9

 
199.9

 
216.8

 
0.07
%
Douglas K. Soderblom . dba Loma Linda Optometry (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2027

 
84.2

 
84.2

 
81.4

 
0.03
%
Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/29/2042

 
1,023.5

 
1,023.5

 
1,130.1

 
0.39
%
H and H Hotshot Services, Inc. dba AA Hotshot & Logistics (^) (#)
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
3/29/2030

 
87.1

 
87.1

 
82.6

 
0.03
%
New England Country Day School, Inc. and Thomas D. Walker (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/28/2042

 
362.6

 
362.6

 
390.1

 
0.13
%
American Pharmaceutical Innovation Company, LLC (^) (#)
 
Chemical Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/28/2027

 
25.7

 
25.7

 
24.0

 
0.01
%
Heil & Hornik LLC dba Elysium Tennis (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/27/2042

 
899.8

 
899.8

 
965.7

 
0.33
%
Pecos Entertainment LLC dba State Theater and Pecos Inn LLC dba Econo (^) (#)
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
3/27/2042

 
397.6

 
397.6

 
440.2

 
0.15
%
Robert Dixon PA dba Law Offices of Robert Dixon (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/24/2042

 
413.0

 
413.0

 
456.3

 
0.16
%

46
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Denton Bio Fuels LLC and American Bio Source LLC (^) (#)
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/23/2027

 
49.9

 
49.9

 
48.6

 
0.02
%
Color Graphic Press, Inc. (^) (#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/23/2027

 
101.1

 
101.1

 
104.7

 
0.04
%
JBK Truck Trailer and Bus Inc. (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/23/2042

 
85.9

 
85.9

 
92.2

 
0.03
%
Executive Fitness & Nutrition Inc. (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/23/2027

 
17.3

 
17.3

 
17.7

 
0.01
%
Baton Rouge Cargo Services Inc. and 6507 Westport, LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/22/2042

 
623.1

 
623.1

 
680.8

 
0.23
%
Vehicle Safety Supply LLC (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/21/2027

 
18.9

 
18.9

 
17.7

 
0.01
%
J Sivilis LLC dba Pet Wants (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/17/2027

 
10.4

 
10.4

 
9.9

 
%
Reservoir International LLC (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
3/16/2027

 
83.7

 
83.7

 
82.5

 
0.03
%
The Purple Cow House of Pancake Inc (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/16/2042

 
155.7

 
155.7

 
172.3

 
0.06
%
Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. T.C. of (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/16/2027

 
252.4

 
252.4

 
261.4

 
0.09
%
1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa M (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/13/2027

 
571.5

 
571.5

 
532.6

 
0.18
%
Dwayne Bernard Tate (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/10/2027

 
8.8

 
8.8

 
8.6

 
%
Elegant Occasions, LLC dba E Productions (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/10/2042

 
570.7

 
570.7

 
614.5

 
0.21
%
E & P Holdings 1 LLC and Evans & Paul Unlimited Corp. and Evans & P (^) (#)
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/9/2027

 
105.2

 
105.2

 
99.7

 
0.03
%
Anthony LLC dba Star of Woodward Market (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/9/2042

 
111.6

 
111.6

 
123.6

 
0.04
%
Allegro Assisted Living Of Texas (^) (#)
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
3/6/2027

 
80.9

 
80.9

 
83.7

 
0.03
%
Podium Auto Sales Inc and RRS Property, LLC (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/3/2042

 
87.9

 
87.9

 
94.2

 
0.03
%
Weeping Willow Kennels, Inc and Aileen N Black (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2042

 
135.5

 
135.5

 
147.2

 
0.05
%
SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/28/2027

 
194.3

 
194.3

 
181.1

 
0.06
%
Getting Even LLC dba The Zoo Health Club (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2027

 
80.4

 
80.4

 
77.2

 
0.03
%
Total Document Solutions Inc and,TDS Services, LLC (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
2/27/2030

 
277.1

 
277.1

 
273.6

 
0.09
%
McNally Enterprises Inc. (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
2/27/2027

 
54.3

 
54.3

 
52.1

 
0.02
%
Teracore Inc. (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/27/2027

 
136.8

 
136.8

 
127.5

 
0.04
%
B & J Bicycle Shop Inc. (^) (#)
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
2/24/2027

 
6.1

 
6.1

 
6.3

 
%
3W Enterprises LLC (^) (#)
 
Textile Product Mills
 
Term Loan
 
Prime plus 2.75%
 
2/24/2042

 
63.3

 
63.3

 
69.4

 
0.02
%
TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/24/2027

 
62.8

 
62.8

 
63.7

 
0.02
%

47
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Victorian Restaurant and Tavern, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/22/2042

 
104.4

 
104.4

 
110.8

 
0.04
%
DER Services, LLC dba A.K.A. Sports (^) (#)
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
2/17/2042

 
38.8

 
38.8

 
42.9

 
0.01
%
Ameritube, LLC and Ravone Properties, LLC (^) (#)
 
Primary Metal Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/14/2042

 
179.3

 
179.3

 
198.5

 
0.07
%
Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/10/2042

 
239.4

 
239.4

 
261.7

 
0.09
%
Sushiya Inc. (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/10/2027

 
15.7

 
15.7

 
15.0

 
0.01
%
Maximo Canot dba Wash and Dry Laundrymat (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/10/2042

 
133.2

 
133.2

 
145.8

 
0.05
%
Marvic Enterprises Inc dba Jordan's Liquor (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/10/2042

 
211.9

 
211.9

 
230.6

 
0.08
%
Harrison Logging Company LLC (^) (#)
 
Forestry and Logging
 
Term Loan
 
Prime plus 2.75%
 
2/9/2027

 
88.8

 
88.8

 
86.1

 
0.03
%
8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C. (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
2/7/2042

 
318.1

 
318.1

 
338.2

 
0.12
%
DBMS Consulting, Inc. (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/1/2042

 
179.0

 
179.0

 
190.4

 
0.06
%
Brandco, LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/31/2027

 
36.2

 
36.2

 
33.8

 
0.01
%
Chidlren's House Learning, Inc and Tarps Investment Group (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/31/2042

 
310.7

 
310.7

 
334.3

 
0.11
%
Fave Realty Inc. (^) (#)
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
1/30/2042

 
52.6

 
52.6

 
57.1

 
0.02
%
Return to Excellence Inc (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
1/27/2027

 
15.6

 
15.6

 
16.2

 
0.01
%
ZMKNY Tires Inc dba Houston International Tires (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
1/27/2042

 
104.1

 
104.1

 
115.3

 
0.04
%
SRC Publishing LLC (^) (#)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
1/27/2027

 
18.6

 
18.6

 
17.4

 
0.01
%
House of Bread & Coffee Corp dba Casa Do Pao (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/27/2042

 
168.6

 
168.6

 
176.1

 
0.06
%
Fox Valley Rentals & Investments LLC and Brian M Tomaszewski (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/20/2042

 
41.0

 
41.0

 
44.0

 
0.01
%
Jolibe LLC and Jolibe Atelier LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/18/2027

 
8.7

 
8.7

 
8.3

 
%
Eickmann Management Group LLC dba Jimmy Johns of Dundee (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/17/2027

 
82.5

 
82.5

 
84.7

 
0.03
%
Fullbro Trust dba Menemsha Blues (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
1/13/2027

 
18.7

 
18.7

 
19.3

 
0.01
%
Echelon Enterprises, Inc (^) (#)
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
1/10/2027

 
41.5

 
41.5

 
42.9

 
0.01
%
Fort Smith Wings Inc. dba Wing Stop (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/28/2026

 
16.0

 
16.0

 
16.2

 
0.01
%
Jacliff Investments Inc. dba International health Technologies (^) (#)
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
12/23/2026

 
102.7

 
102.7

 
102.0

 
0.03
%
Joshua L. Baker (^) (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
12/23/2026

 
12.9

 
12.9

 
12.9

 
%
Metropolitan Solutions Group Inc. (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/19/2041

 
265.0

 
265.0

 
291.7

 
0.10
%

48
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Means Enterprises LLC dba FastFrame Frisco (^) (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
12/16/2026

 
18.5

 
18.5

 
18.5

 
0.01
%
Soon Im. Chin dba Stan C-Store (^) (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
204.8

 
204.8

 
230.6

 
0.08
%
Techni-Pro Institute LLC (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
12/15/2026

 
156.2

 
156.2

 
156.9

 
0.05
%
Sempco, Inc. (^) (#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
40.5

 
40.5

 
45.8

 
0.02
%
New Chicago Wholesale Bakery, Inc. (^) (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
437.0

 
437.0

 
485.0

 
0.17
%
Allied Welding Inc. (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
729.8

 
729.8

 
808.6

 
0.28
%
White Hawk Inc. (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/15/2026

 
937.3

 
937.3

 
931.4

 
0.32
%
Elita 7, LLC (^) (#)
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
686.7

 
686.7

 
769.7

 
0.26
%
D and E Hardware Co. and D and E Pump Sales and Servi (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/14/2041

 
510.5

 
510.5

 
567.7

 
0.19
%
HMG Strategy, LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/14/2026

 
41.1

 
41.1

 
40.8

 
0.01
%
Cardinal Homes Inc. and Bret A Berneche (^) (#)
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2041

 
116.9

 
116.9

 
132.1

 
0.05
%
Trison Enterprises Inc.dba Lee's Automotive (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/14/2041

 
392.7

 
392.7

 
439.0

 
0.15
%
AGG Management Team LLC dba Chevron (^) (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/14/2041

 
277.1

 
277.1

 
313.3

 
0.11
%
Cardinal Homes Inc,.Alouette Holdings Inc.,Bret Berneche &,orothy M (^) (#)
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2026

 
875.8

 
875.8

 
917.3

 
0.31
%
Roast Beef Levittown LLC dba Arby's (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/13/2026

 
174.5

 
174.5

 
182.8

 
0.06
%
Wayfarer Bicycle LLC (^) (#)
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
12/13/2041

 
89.1

 
89.1

 
98.5

 
0.03
%
Success Advertising Inc. dba Success Communivstion Gr (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/13/2041

 
449.6

 
449.6

 
506.6

 
0.17
%
Mack Team Enterprises Inc.dba The UPS Store #6815 (^) (#)
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
12/9/2026

 
16.8

 
16.8

 
16.9

 
0.01
%
Recycling Revolution,LLC (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/9/2041

 
88.9

 
88.9

 
98.8

 
0.03
%
Myndshft Technologies LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/9/2026

 
636.7

 
636.7

 
642.1

 
0.22
%
New Life Hospital LLC (^) (#)
 
Hospitals
 
Term Loan
 
Prime plus 2.75%
 
12/8/2041

 
1,176.8

 
1,176.8

 
1,330.5

 
0.45
%
Imagine By Carleen Inc. (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/8/2041

 
50.6

 
50.6

 
56.4

 
0.02
%
Hanson's Greeks LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/8/2026

 
9.2

 
9.2

 
9.7

 
%
Lan Doctors, Inc. (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/7/2026

 
203.3

 
203.3

 
211.8

 
0.07
%
Yachting Solutions LLC (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/7/2029

 
62.6

 
62.6

 
65.3

 
0.02
%
The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/5/2041

 
343.4

 
343.4

 
386.2

 
0.13
%
Lilo Holdings LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/5/2026

 
13.2

 
13.2

 
13.3

 
%
Noso Development LLC (^) (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/1/2026

 
61.6

 
61.6

 
61.2

 
0.02
%
Studio Find It Georgia, Inc. (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
6.1

 
6.1

 
6.1

 
%

49
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence,LLC (^) (#)
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
11/30/2041

 
64.9

 
64.9

 
73.4

 
0.03
%
Sharaz Shah DBA Thomas Jewelers (^) (#)
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
6.6

 
6.6

 
6.6

 
%
Quick Ship, LLC (^) (#)
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
8.6

 
8.6

 
8.5

 
%
B4 Fitness LLC dba The Zoo Health Club (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
18.5

 
18.5

 
18.6

 
0.01
%
Imaginarium Foods LLC, (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2042

 
361.9

 
361.9

 
405.5

 
0.14
%
RD Management, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
174.1

 
174.1

 
173.7

 
0.06
%
Access Staffing, LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
11/29/2026

 
931.0

 
931.0

 
925.1

 
0.32
%
Usman Jalil, LLC dba Food Mart (^) (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/29/2041

 
224.5

 
224.5

 
247.7

 
0.08
%
WPN Recycling Company LLC (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
11/23/2026

 
18.3

 
18.3

 
19.2

 
0.01
%
Hafa Adai Signs and Graphics LLC dba Fastsigns of Auburn -#281901 (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
11/23/2026

 
48.9

 
48.9

 
48.8

 
0.02
%
CRK Mens, LLC dba Spiff for Men (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/23/2026

 
87.9

 
87.9

 
88.0

 
0.03
%
Merchant Coterie, Inc. (^) (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
11/23/2026

 
103.2

 
103.2

 
102.5

 
0.03
%
6E Technologies LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/22/2026

 
130.7

 
130.7

 
133.7

 
0.05
%
Broms Asset Management LLC (^) (#)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
11/22/2026

 
101.7

 
101.7

 
101.0

 
0.03
%
JBK Truck Trailer and Bus Inc. (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/22/2041

 
399.6

 
399.6

 
445.5

 
0.15
%
Bouquet Restaurant LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/22/2041

 
120.5

 
120.5

 
134.6

 
0.05
%
Skaggs RV Outlet LLC (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/21/2026

 
81.4

 
81.4

 
85.3

 
0.03
%
Catherine Christine Morin dba Purr-Fect Pets (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/17/2026

 
15.3

 
15.3

 
15.2

 
0.01
%
Stratmar Systems Inc dba Stratmar Retail Services (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/16/2026

 
55.8

 
55.8

 
58.4

 
0.02
%
Hoosier Health Plus, LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/15/2026

 
97.0

 
97.0

 
99.9

 
0.03
%
J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/10/2026

 
172.8

 
172.8

 
180.0

 
0.06
%
Hackensack Steel Corporation and Luzerne Ironworks Inc (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/10/2026

 
200.8

 
200.8

 
210.3

 
0.07
%
Panther Ironworks and Rigging Solutions LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/10/2026

 
128.3

 
128.3

 
130.6

 
0.04
%
J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/10/2041

 
438.5

 
438.5

 
491.7

 
0.17
%
Rich's Food Stores LLC dba Hwy 55 of Wallace (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/9/2026

 
37.1

 
37.1

 
37.9

 
0.01
%
MIK LLC dba Firehouse Subs (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/9/2026

 
168.8

 
168.8

 
168.4

 
0.06
%
Big Apple Entertainment Partners LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/9/2026

 
142.5

 
142.5

 
141.6

 
0.05
%

50
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Dyer Properties, LLC and Bayview Pharmacy, Inc. (^) (#)
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
11/9/2041

 
231.1

 
231.1

 
256.5

 
0.09
%
Fine Line Interiors, Inc. (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/4/2041

 
67.4

 
67.4

 
76.2

 
0.03
%
131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/3/2041

 
121.7

 
121.7

 
136.5

 
0.05
%
Veracruz Shabo, LLC Waterfalls Quick Lube LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/1/2041

 
116.6

 
116.6

 
130.7

 
0.04
%
Glocecol LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
11/1/2026

 
61.1

 
61.1

 
63.9

 
0.02
%
Bloomquist Communications Inc. (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/31/2026

 
48.4

 
48.4

 
48.1

 
0.02
%
Moolchan Enterprises LLC dba Staying Green (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/31/2026

 
8.9

 
8.9

 
9.3

 
%
Woodstock Enterprises Corp dba True Scent Candle Co (^) (#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/31/2041

 
85.4

 
85.4

 
94.3

 
0.03
%
FibAire Communications, LLC (^) (#)
 
Telecommunications
 
Term Loan
 
Prime plus 2.75%
 
10/27/2026

 
87.2

 
87.2

 
88.8

 
0.03
%
Elite Structures Inc (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/27/2029

 
197.8

 
197.8

 
208.6

 
0.07
%
Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC (^) (#)
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
10/24/2026

 
343.1

 
343.1

 
359.4

 
0.12
%
Worldwide Estate, Inc. dba Washington Heights Manor (^) (#)
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
10/21/2041

 
215.8

 
215.8

 
244.0

 
0.08
%
Gold Wind Logistics LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
10/20/2041

 
171.1

 
171.1

 
193.4

 
0.07
%
Speaker City, Inc. dba Rollin Thunder (^) (#)
 
Electronics and Appliance Stores
 
Term Loan
 
Prime plus 2.75%
 
10/14/2041

 
120.2

 
120.2

 
134.7

 
0.05
%
Maine Service Corp (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
10/13/2026

 
134.0

 
134.0

 
138.7

 
0.05
%
Justin Partlow (^) (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
10/13/2026

 
15.7

 
15.7

 
15.6

 
0.01
%
Reliable Recovery Services LLC (^) (#)
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
10/7/2026

 
90.8

 
90.8

 
92.3

 
0.03
%
Ailky Corporation (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/3/2026

 
201.8

 
201.8

 
202.4

 
0.07
%
Wyspen Corporation dba Charlestown Ace (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/3/2026

 
29.1

 
29.1

 
28.9

 
0.01
%
MegaPhase, LLC (^) (#)
 
Computer and Electronic Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2026

 
119.8

 
119.8

 
124.2

 
0.04
%
JJA Transportation Management Inc. (^) (#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2026

 
41.9

 
41.9

 
41.6

 
0.01
%
Seaway LLC and Reklaw LLC dba Allure Lounge (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/30/2041

 
131.5

 
131.5

 
148.6

 
0.05
%
Adelwerth Bus Corporation, Transportation Leasing Corp. and dba Transp (^) (#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2029

 
565.3

 
565.3

 
593.2

 
0.20
%
Adelwerth Bus Corp. (^) (#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2041

 
232.4

 
232.4

 
257.9

 
0.09
%
Thunderdome Racing Inc. (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/29/2026

 
14.2

 
14.2

 
14.9

 
0.01
%
Graphics,Type and Color Enterprises Inc dba Clubflyers.com and GTC Med (^) (#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
9/28/2041

 
821.5

 
821.5

 
927.8

 
0.32
%
CNC Precision Machine, Inc. (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/28/2041

 
1,233.0

 
1,233.0

 
1,371.6

 
0.47
%

51
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
CD Game Exchange Inc. (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/28/2026

 
18.0

 
18.0

 
17.8

 
0.01
%
Beadon Inc (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/28/2026

 
18.0

 
18.0

 
18.8

 
0.01
%
Luna Nueva LLC dba Bio Builders (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/27/2026

 
12.2

 
12.2

 
12.3

 
%
Kyle M Walker DDS, PC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2026

 
184.6

 
184.6

 
185.1

 
0.06
%
Reynolds Fence & Guardrail Inc. (^) (#)
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
9/27/2026

 
502.7

 
502.7

 
519.0

 
0.18
%
Luv 2 Play Nor Cal, LLC dba Luv 2 Play (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/27/2026

 
41.9

 
41.9

 
42.3

 
0.01
%
Sarah S Olelewe MD Inc (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2041

 
280.1

 
280.1

 
312.1

 
0.11
%
PeopleBest Inc. (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2026

 
12.0

 
12.0

 
11.9

 
%
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch (^) (#)
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
9/26/2026

 
7.2

 
7.2

 
7.5

 
%
TPFC,LLC dbaThe Picture Frame Company (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/26/2041

 
56.2

 
56.2

 
62.7

 
0.02
%
B4 Fitness LLC dba The Zoo Health Club (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/23/2026

 
70.1

 
70.1

 
70.6

 
0.02
%
Wrecking Crew Media LLC (^) (#)
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
9/21/2026

 
39.9

 
39.9

 
39.6

 
0.01
%
Cuppiecakes LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/21/2041

 
21.5

 
21.5

 
24.0

 
0.01
%
Benoit's Towing and Recovery LLC (^) (#)
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/20/2026

 
9.6

 
9.6

 
9.6

 
%
Consulting Solutions Inc. and Mark Luciani (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2026

 
17.9

 
17.9

 
18.4

 
0.01
%
Eyncon LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/16/2041

 
47.8

 
47.8

 
53.4

 
0.02
%
The Merrin Group LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/15/2026

 
142.6

 
142.6

 
147.5

 
0.05
%
Atlantic Alarm Systems and Services LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/14/2026

 
12.3

 
12.3

 
12.4

 
%
Rich's Food Stores LLC dba Hwy 55 of Wallace (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/14/2026

 
121.8

 
121.8

 
124.5

 
0.04
%
Metropet Dog Center, Inc (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2041

 
104.5

 
104.5

 
116.9

 
0.04
%
Marquis Cattle Company (^) (#)
 
Animal Production and Aquaculture
 
Term Loan
 
Prime plus 2.75%
 
9/13/2026

 
40.3

 
40.3

 
42.2

 
0.01
%
Bingham Enterprises, Inc and Full Belli Deli and Sausage Company (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/12/2041

 
78.9

 
78.9

 
87.3

 
0.03
%
SRA Mechanicial Inc (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/6/2041

 
41.8

 
41.8

 
47.3

 
0.02
%
Sandia Enterprises Inc dba Massage Envy Spa (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/6/2026

 
33.9

 
33.9

 
33.7

 
0.01
%
Animal Intrusion Prevention Systems Holding Company, LLC dba Critter C (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
8/30/2026

 
98.7

 
98.7

 
98.9

 
0.03
%
Raem Corporation dba Dryclean Express (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
8/29/2041

 
69.2

 
69.2

 
78.0

 
0.03
%
Warren Dale Warrington dba Custom Paint and Body (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/26/2041

 
96.7

 
96.7

 
108.4

 
0.04
%
TAGR Inc dba Miami Grill 137and John Nakis (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/26/2026

 
84.5

 
84.5

 
84.6

 
0.03
%

52
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Albert Basse Associates Inc (^) (#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
48.9

 
48.9

 
51.1

 
0.02
%
Tabadesa Associates Inc. (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
17.8

 
17.8

 
17.7

 
0.01
%
TR Companies LLC dba Liberty Rental 4 U (^) (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
71.2

 
71.2

 
70.7

 
0.02
%
Avery Management Inc. dba Whetstone Upholstery (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
8.1

 
8.1

 
8.0

 
%
Rosmel Pools Inc (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
17.8

 
17.8

 
17.8

 
0.01
%
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/24/2041

 
492.0

 
492.0

 
554.9

 
0.19
%
Luv 2 Play Temecula, LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/15/2026

 
47.5

 
47.5

 
47.1

 
0.02
%
2 Cool Beans LLC dba Menchies's Frozen Yogurt (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/11/2026

 
65.3

 
65.3

 
64.7

 
0.02
%
Grayson O Company (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/10/2041

 
596.8

 
596.8

 
673.5

 
0.23
%
Paul Belanger dba Paul Belanger Landscaping (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
8/9/2026

 
11.9

 
11.9

 
11.8

 
%
303 Tower Drive LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
7/29/2041

 
381.6

 
381.6

 
428.6

 
0.15
%
Little Tree Huggers Child Care LLC (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
7/29/2041

 
133.5

 
133.5

 
150.7

 
0.05
%
USA General Investment LLC dba Braniff Paint and Body Shop (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
7/29/2026

 
17.6

 
17.6

 
17.7

 
0.01
%
The Hungry Rhino LLC (^) (#)
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
7/29/2041

 
72.7

 
72.7

 
81.0

 
0.03
%
MacIver Corporation dba Division Camera (^) (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
7/28/2026

 
979.2

 
979.2

 
1,007.3

 
0.34
%
Intrepid Trinity LLC (^) (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
7/28/2041

 
59.6

 
59.6

 
66.7

 
0.02
%
Apple Tree NC Inc dba Williams Farm & Garden Center (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
7/28/2041

 
325.8

 
325.8

 
361.6

 
0.12
%
676 Club LP dba The Green Door Tavern/The Drifter (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/28/2041

 
638.7

 
638.7

 
719.4

 
0.25
%
Big Apple Entertainment Partners LLC dba Ripley's Believe It or Not (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
7/28/2026

 
235.2

 
235.2

 
233.4

 
0.08
%
Kidtastic LLC dba The Little Gym of Audubon (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
7/27/2026

 
44.9

 
44.9

 
44.5

 
0.02
%
EPEC Juice LLC dba Jamba Juice (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/27/2026

 
65.5

 
65.5

 
65.0

 
0.02
%
JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/27/2026

 
98.0

 
98.0

 
97.2

 
0.03
%
Pinco Pizza LLC dba Jet's Pizza (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/27/2026

 
57.8

 
57.8

 
60.5

 
0.02
%
The Grasso Companies, LLC and Grasso Pavement Maintenance, LLC (^) (#)
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
7/26/2026

 
71.0

 
71.0

 
72.2

 
0.02
%
Robert G Larson State Farm Insurance (^) (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
7/22/2026

 
17.6

 
17.6

 
17.5

 
0.01
%
My Sainath Inc dba Motel 6 (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
7/22/2041

 
291.1

 
291.1

 
327.3

 
0.11
%
J and D Resources LLC dba Aqua Science (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/19/2026

 
92.4

 
92.4

 
92.1

 
0.03
%

53
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Sho (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
7/18/2026

 
12.3

 
12.3

 
12.2

 
%
Franklin Firm LLC dba Luv 2 Play (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
7/15/2041

 
153.4

 
153.4

 
171.6

 
0.06
%
Takeuchi Commercial Cleaning Services, LLC dba We Clean San Diego (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
7/13/2026

 
36.3

 
36.3

 
36.0

 
0.01
%
Jacob Rugs LLC dba Rugs Outlet (^) (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
7/13/2026

 
51.4

 
51.4

 
53.8

 
0.02
%
RM Hawkins LLC dba Pure Water Tech West (^) (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
7/7/2026

 
39.1

 
39.1

 
40.5

 
0.01
%
Dino Smiles Children's Cosmetic Dentistry (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
7/7/2026

 
11.2

 
11.2

 
11.2

 
%
Nevey's LLC dba Stark Food III (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/30/2041

 
280.7

 
280.7

 
315.6

 
0.11
%
Martin Inventory Management LLC (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/30/2026

 
19.2

 
19.2

 
20.0

 
0.01
%
P L H Pharmaco Inc dba Farmacia San Jose (^) (#)
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
6/30/2026

 
132.4

 
132.4

 
138.2

 
0.05
%
VMA Technologies LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2026

 
17.5

 
17.5

 
17.3

 
0.01
%
Corning Lumber Company Inc and Frank R Close and Son Inc dba Close Pai (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/30/2029

 
165.7

 
165.7

 
176.2

 
0.06
%
Desert Tacos LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2026

 
78.8

 
78.8

 
80.8

 
0.03
%
WGI, LLC dba Williams Grant Inn (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/29/2041

 
117.1

 
117.1

 
130.8

 
0.04
%
O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/29/2026

 
108.7

 
108.7

 
108.8

 
0.04
%
KWG Industries, LLC dba Peterson & Marsh Metal Industries (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/29/2041

 
290.1

 
290.1

 
325.0

 
0.11
%
MaidPro Marin dba MaidPro (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2026

 
13.6

 
13.6

 
13.5

 
%
E & P Holdings 1 LLC and Evans & Paul LLC (^) (#)
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/28/2026

 
105.0

 
105.0

 
105.2

 
0.04
%
Edge Pest Control LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/27/2026

 
582.5

 
582.5

 
577.1

 
0.20
%
Island Time Investments, LLC dba Swantown Inn Bed & Breakfast (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/24/2041

 
96.4

 
96.4

 
108.7

 
0.04
%
JumboMarkets Inc dba Rines Jumbomarkets (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/24/2026

 
38.8

 
38.8

 
38.5

 
0.01
%
Visual Advantage LLC dba Signs Now Perryberg (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/23/2041

 
86.8

 
86.8

 
96.5

 
0.03
%
Long Island Comedy LLC dba Governors and New York Comedy, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/23/2041

 
178.4

 
178.4

 
199.1

 
0.07
%
Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/23/2041

 
474.9

 
474.9

 
524.8

 
0.18
%
Evergreen Investment & Property Management LLC ,Universal Kidney Cente (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/20/2041

 
1,215.0

 
1,215.0

 
1,364.5

 
0.47
%
Bagelicious, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/17/2026

 
42.4

 
42.4

 
42.1

 
0.01
%
Winegirl Wines LLC (^) (#)
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/16/2026

 
8.7

 
8.7

 
9.1

 
%

54
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
NKJ Lusby Donuts LLC (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/16/2026

 
17.5

 
17.5

 
17.3

 
0.01
%
Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Tr (^) (#)
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
6/16/2026

 
427.9

 
427.9

 
423.9

 
0.14
%
Jai-Alexia Consulting, Inc. (^) (#)
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
6/15/2026

 
9.2

 
9.2

 
9.1

 
%
Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2%
 
6/15/2041

 
487.7

 
487.7

 
517.2

 
0.18
%
Luv 2 Play AZ LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/10/2026

 
48.6

 
48.6

 
50.6

 
0.02
%
Refoleen Inc dba Spice and Tea Exchange (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/10/2026

 
67.3

 
67.3

 
66.6

 
0.02
%
ScimTech Industries Inc dba Archer Aerospace (^) (#)
 
Computer and Electronic Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/6/2026

 
9.3

 
9.3

 
9.2

 
%
Larry H. Patterson and Rainbow Movers, Inc (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/6/2026

 
17.5

 
17.5

 
17.3

 
0.01
%
Solvit Inc and Solvit North Inc (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/3/2026

 
194.3

 
194.3

 
196.1

 
0.07
%
AP5 LLC dba Krauser's Food Store (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/2/2041

 
184.5

 
184.5

 
208.0

 
0.07
%
ATI Jet Inc (^) (#)
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/31/2026

 
404.9

 
404.9

 
408.0

 
0.14
%
Angelo Faia dba AVF Construction (^) (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
5/27/2041

 
94.6

 
94.6

 
105.4

 
0.04
%
Premier Athletic Center of Ohio, Inc (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/27/2026

 
67.3

 
67.3

 
70.3

 
0.02
%
Southwest Division Inc (^) (#)
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
5/26/2026

 
6.3

 
6.3

 
6.4

 
%
Jack Frost Firewood Inc. and David Dubinsky (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/26/2041

 
195.9

 
195.9

 
217.8

 
0.07
%
Mersada Holdings LLC (^) (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
5/26/2026

 
259.7

 
259.7

 
271.1

 
0.09
%
International Kitchen Supply LLC (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
5/25/2026

 
143.7

 
143.7

 
145.3

 
0.05
%
Groth Lumber Co. Inc. dba True Value (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/25/2026

 
17.3

 
17.3

 
18.1

 
0.01
%
Island Life Graphics Inc dba FASTSIGNS #576 (^) (#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/24/2026

 
17.3

 
17.3

 
17.2

 
0.01
%
Powerspec Inc (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/24/2026

 
67.1

 
67.1

 
66.5

 
0.02
%
Horseshoe Barbecue, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/23/2029

 
9.7

 
9.7

 
10.3

 
%
Pro Auto Repair LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/20/2026

 
5.7

 
5.7

 
5.9

 
%
Elderfriend Inc dba Granny Nannies dba GN Live Scan (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/20/2026

 
9.8

 
9.8

 
9.7

 
%
National Air Cargo Holdings Inc (^) (#)
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/20/2026

 
961.8

 
961.8

 
1,004.1

 
0.34
%
J&A Laundromat Inc. (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/18/2026

 
51.9

 
51.9

 
52.0

 
0.02
%
HBA LLC dba Palmetto Twist-Vista (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/18/2026

 
14.9

 
14.9

 
14.9

 
0.01
%
Dedicated Incorporated (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/18/2041

 
44.2

 
44.2

 
49.4

 
0.02
%
Studio Find It Georgia Inc (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/13/2026

 
17.3

 
17.3

 
17.4

 
0.01
%
FJN Catering Inc (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/13/2041

 
249.7

 
249.7

 
281.5

 
0.10
%

55
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/12/2041

 
125.9

 
125.9

 
140.1

 
0.05
%
Sabir Inc. dba Bear Diner (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/11/2041

 
117.7

 
117.7

 
132.1

 
0.05
%
Gator D'Lites LLC dba D'Lites Emporium (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
5/5/2026

 
17.3

 
17.3

 
17.1

 
0.01
%
Warner Home Comfort, LLC dba Smith Piping (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/29/2041

 
78.2

 
78.2

 
87.1

 
0.03
%
Marc S. Rosenberg P.C. dba Mammuth and Rosenberg (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
17.1

 
17.1

 
17.0

 
0.01
%
Keller, Fishback & Jackson LLP (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
97.8

 
97.8

 
102.1

 
0.03
%
Alpha Omega Trucking LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
4/29/2041

 
166.6

 
166.6

 
188.0

 
0.06
%
May-Craft Fiberglass Products Inc (^) (#)
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/29/2041

 
234.7

 
234.7

 
264.8

 
0.09
%
Empowerschool LLC and Empower Autism Academy, LLC (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
4/29/2041

 
144.0

 
144.0

 
162.5

 
0.06
%
Euro Car Miami LLC (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
47.5

 
47.5

 
49.6

 
0.02
%
Hard Exercise Works Winter Park LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
31.1

 
31.1

 
30.8

 
0.01
%
Loriet LLC (^) (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
5.7

 
5.7

 
5.7

 
%
Costume World Inc (^) (#)
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
4/28/2041

 
1,186.9

 
1,186.9

 
1,339.2

 
0.46
%
Pecos Inn LLC dba Econo Lodge (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
4/28/2041

 
640.1

 
640.1

 
718.8

 
0.25
%
Inner Beauty Salon and Suite LLC (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/28/2041

 
61.6

 
61.6

 
69.5

 
0.02
%
Accent Comfort Services, LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/26/2026

 
68.6

 
68.6

 
67.9

 
0.02
%
Homecare Casa Rhoda 123 Inc (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2%
 
4/26/2041

 
637.2

 
637.2

 
678.9

 
0.23
%
McIntosh Trail Management Services Organization Inc (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/22/2041

 
404.1

 
404.1

 
456.0

 
0.16
%
Automotive Core Recycling, LLC and 828 Old Colony Road, LLC (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/22/2041

 
237.1

 
237.1

 
260.8

 
0.09
%
AAA Mill Direct, Inc. dba Carpet Mill Outlets (^) (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
4/21/2026

 
6.0

 
6.0

 
6.3

 
%
Jande Graphics LLC dba FastSigns #103201 (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/21/2026

 
42.7

 
42.7

 
42.3

 
0.01
%
Sushiya Inc (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/12/2026

 
66.7

 
66.7

 
67.1

 
0.02
%
Waterfalls Quick Lube LLC and Veracruz Shabo LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/6/2041

 
264.3

 
264.3

 
295.8

 
0.10
%
KNS Early Learning Academy LLC (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
4/6/2041

 
48.4

 
48.4

 
53.8

 
0.02
%
Christian Soderquist dba Soderquist Plumbing and Heating LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/31/2041

 
53.7

 
53.7

 
60.5

 
0.02
%
Cameo Carter, MD A Professional Corporation dba The Garden Pediatric G (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/31/2026

 
56.6

 
56.6

 
56.0

 
0.02
%
Men of Steel Enterprises LLC and Vogelbacher Properties LLC (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/31/2041

 
372.5

 
372.5

 
407.5

 
0.14
%

56
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Vehicle Safety Supply LLC (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/31/2026

 
17.0

 
17.0

 
16.8

 
0.01
%
Dana A. Farley dba Independent Cabinets (^) (#)
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/31/2041

 
63.9

 
63.9

 
72.0

 
0.02
%
Gill Express Inc and Blue Speed LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2041

 
490.4

 
490.4

 
546.0

 
0.19
%
NOSO Development, LLC (^) (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
3/30/2026

 
141.5

 
141.5

 
139.9

 
0.05
%
Wyldewood Cellars, Inc. (^) (#)
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/30/2041

 
960.1

 
960.1

 
1,056.3

 
0.36
%
Tom Sawyer Country Restaurant LLC and AM 3208 LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/30/2041

 
245.6

 
245.6

 
275.9

 
0.09
%
Beale Street Blues Company-West Palm Beach, LLC dba Lafayette’s-West P (^) (#)
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
3/30/2026

 
70.7

 
70.7

 
70.7

 
0.02
%
MTS Car Service LLC (^) (#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/30/2026

 
7.9

 
7.9

 
7.8

 
%
Gordon Rogers and Heidi Rogers dba Stone House Motor Inn (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/30/2026

 
17.2

 
17.2

 
17.9

 
0.01
%
Barrocas Gym LLC dba Snap Fitness (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/29/2026

 
14.7

 
14.7

 
15.0

 
0.01
%
Vinmar Inc. dba Locanda Portofino (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/29/2026

 
61.3

 
61.3

 
60.6

 
0.02
%
Marathon Engineering Corporation (^) (#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/28/2041

 
42.6

 
42.6

 
47.7

 
0.02
%
PHCDC1 LLC dba Quarter + Glory and Public House Collective, Corp. (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/28/2026

 
37.7

 
37.7

 
38.1

 
0.01
%
RCB Enterprises, Inc. (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2026

 
42.4

 
42.4

 
42.0

 
0.01
%
Excel RP Inc (^) (#)
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/25/2026

 
95.2

 
95.2

 
96.4

 
0.03
%
Revolution Physical Therapy LLC dba Apex Network Physical Therapy (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2026

 
17.2

 
17.2

 
17.2

 
0.01
%
Flooring Liquidators Inc and Premier Flooring Yonkers Inc and Flooring (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/24/2026

 
39.7

 
39.7

 
41.3

 
0.01
%
International Construction Inc (^) (#)
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
3/24/2041

 
46.2

 
46.2

 
51.3

 
0.02
%
ActKnowledge, Inc. (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/24/2026

 
94.3

 
94.3

 
98.3

 
0.03
%
Precious Care LLC and Precious Care Management LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2026

 
427.0

 
427.0

 
423.4

 
0.14
%
Media Capital Partners, Inc (^) (#)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
3/21/2026

 
16.9

 
16.9

 
16.8

 
0.01
%
Kekoa Enterprises Inc dba Signarama Sandy (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2026

 
37.4

 
37.4

 
36.9

 
0.01
%
Taylors Zinn Enterprises Inc dba Eons Auto Care Inc (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/18/2041

 
76.4

 
76.4

 
86.0

 
0.03
%
ERT Group Inc and Curt's Tools Inspection Inc (^) (#)
 
Support Activities for Mining
 
Term Loan
 
Prime plus 2.75%
 
3/18/2041

 
1,192.5

 
1,192.5

 
1,325.8

 
0.45
%
Brian T Rice dba BD Logging (^) (#)
 
Forestry and Logging
 
Term Loan
 
Prime plus 2.75%
 
3/17/2026

 
1.4

 
1.4

 
1.4

 
%
LAN Doctors Inc (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/16/2026

 
43.4

 
43.4

 
45.3

 
0.02
%
K Soles Corp dba Max Collections (^) (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/16/2026

 
17.0

 
17.0

 
16.8

 
0.01
%

57
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Evergreen Pallet LLC and Evergreen Recycle LLC (^) (#)
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/16/2026

 
912.8

 
912.8

 
919.6

 
0.31
%
R & D Enterprises Inc dba My Pool Man (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/15/2026

 
37.7

 
37.7

 
37.3

 
0.01
%
HEWZ, LLC dba Hard Exercise Works (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/14/2026

 
16.9

 
16.9

 
16.7

 
0.01
%
Mustafa Inc and Raouf Properties LLC (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/14/2041

 
71.3

 
71.3

 
80.2

 
0.03
%
Country Paint and Hardware Inc (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/11/2026

 
65.9

 
65.9

 
65.7

 
0.02
%
Accuair Control Systems LLC dba Accuair Suspension (^) (#)
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/11/2026

 
113.2

 
113.2

 
112.9

 
0.04
%
Magill Truck Line LLC and Jeff J. Ralls (^) (#)
 
Truck Transportation
 
Term Loan
 
8%
 
3/11/2029

 
191.0

 
191.0

 
175.7

 
0.06
%
Dupre Capital LLC dba Fastsigns (^) (#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/11/2026

 
44.1

 
44.1

 
43.6

 
0.01
%
ABCs & 123s Infant and Child Care Center LP (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/11/2026

 
8.5

 
8.5

 
8.4

 
%
State Painting & Decorating Co., Inc. (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/10/2026

 
78.3

 
78.3

 
77.4

 
0.03
%
Step Up Academy of the Arts LLC (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
3/9/2026

 
6.1

 
6.1

 
6.0

 
%
Faith Summit Supply Inc dba Summit Supply and Summit True Value (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/9/2026

 
17.0

 
17.0

 
17.2

 
0.01
%
Swerve Salon LLC (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/8/2026

 
59.6

 
59.6

 
59.0

 
0.02
%
J & W Hardwood Flooring Inc (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/7/2026

 
5.7

 
5.7

 
5.6

 
%
Labmates LLC and POV Holdings LLC (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/4/2041

 
103.4

 
103.4

 
116.6

 
0.04
%
Hueston and Company CPA LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/4/2026

 
6.1

 
6.1

 
6.1

 
%
Almost Home Daycare LLC (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/3/2026

 
40.7

 
40.7

 
42.4

 
0.01
%
Miles of Smiles Inc (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/2/2026

 
71.9

 
71.9

 
71.7

 
0.02
%
Doxa Deo Inc dba Luv 2 Play (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
82.0

 
82.0

 
82.2

 
0.03
%
The River Beas, LLC dba Subway and Punam Singh (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2041

 
128.2

 
128.2

 
144.2

 
0.05
%
Powerpits CS1, LLC dba Pita Pit (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
14.0

 
14.0

 
14.1

 
%
Drug Detection Laboratories, Inc. and Minh Tran (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
14.8

 
14.8

 
14.7

 
0.01
%
Living Essentials HVAC Corp (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
11.2

 
11.2

 
11.1

 
%
Consulting Solutions, Inc. and Mark Luciani (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
8.4

 
8.4

 
8.7

 
%
Aaradhya LLC dba Market Square Laundry (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/23/2026

 
59.8

 
59.8

 
59.1

 
0.02
%
Blackstones Hairdressing LLC (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/23/2026

 
39.1

 
39.1

 
38.8

 
0.01
%
R & K Contracting Inc (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/18/2026

 
11.8

 
11.8

 
12.3

 
%
B for Blonde, LLC dba Blo Blow Dry Bar (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/12/2026

 
46.9

 
46.9

 
46.4

 
0.02
%
Ei3 Corporation (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/12/2026

 
244.2

 
244.2

 
254.5

 
0.09
%

58
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Gilmore Heights Dental Holdings, LTD and Chas Rob LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/12/2029

 
256.9

 
256.9

 
265.4

 
0.09
%
Jersey Shore Marina & Boat Sales, Inc. (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/12/2041

 
591.7

 
591.7

 
666.9

 
0.23
%
Base USA, Inc. (^) (#)
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
2/2/2026

 
37.4

 
37.4

 
39.0

 
0.01
%
Zouk Ltd dba Palma (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/29/2026

 
16.7

 
16.7

 
17.4

 
0.01
%
Tammy Lavertue (^) (#)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
1/28/2026

 
8.3

 
8.3

 
8.6

 
%
SuzyQue's LLC dba SuzyQue's (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/28/2026

 
16.6

 
16.6

 
17.3

 
0.01
%
Wildflour Bakery & Cafe LLC (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/28/2026

 
46.2

 
46.2

 
48.2

 
0.02
%
Gendron Funeral and Cremation Services, Inc. (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/11/2041

 
104.7

 
104.7

 
118.0

 
0.04
%
Dolarian Realty LLC and OV's Restaurant Inc (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/5/2041

 
63.9

 
63.9

 
72.1

 
0.02
%
Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/29/2025

 
82.4

 
82.4

 
84.9

 
0.03
%
MCF Forte LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/29/2025

 
13.7

 
13.7

 
14.1

 
%
Panditos LLC dba White Lotus Home (^) (#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/28/2025

 
11.6

 
11.6

 
11.9

 
%
800 on the Trax LLC and Matrix Z LLC (^) (#)
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/23/2040

 
228.7

 
228.7

 
259.5

 
0.09
%
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/23/2040

 
96.4

 
96.4

 
109.6

 
0.04
%
Premier Athletic Center of Ohio Inc. and Gates Investments and Wade Ga (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/22/2028

 
720.3

 
720.3

 
769.8

 
0.26
%
Joyce Outdoor Advertising Chicago LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2040

 
284.0

 
284.0

 
322.0

 
0.11
%
Hattingh Incorporated dba Prosthetic Care Facility (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2025

 
13.2

 
13.2

 
13.6

 
%
Jay Kevin Gremillion dba Dino Smiles Children's Cosmetic Dentistry (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/18/2025

 
54.8

 
54.8

 
56.4

 
0.02
%
Trip Consultants U.S.A. Inc. (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/18/2025

 
128.2

 
128.2

 
131.3

 
0.04
%
Abbondanza Market LLC dba Hampton Falls Village Market (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/18/2025

 
43.6

 
43.6

 
45.0

 
0.02
%
Labmates LLC (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/18/2040

 
152.9

 
152.9

 
174.3

 
0.06
%
Accent Tag and Label Inc (^) (#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
12/18/2040

 
623.9

 
623.9

 
708.3

 
0.24
%
Mustafa Inc dba Adiba Grocery (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/17/2025

 
79.3

 
79.3

 
83.1

 
0.03
%
New York Home Health Care Equipment, LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/16/2025

 
758.9

 
758.9

 
794.0

 
0.27
%
Moments to Remember USA LLC dba Retain Loyalty (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/16/2025

 
56.5

 
56.5

 
58.8

 
0.02
%
JAG Unit 1, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/16/2025

 
183.1

 
183.1

 
187.5

 
0.06
%
Abitino's JFK LLC dba Abitino's (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/16/2022

 
74.9

 
74.9

 
75.9

 
0.03
%

59
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Swalm Street LLC and New York Home Health Care Equipment LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
7.5%
 
12/16/2040

 
350.0

 
350.0

 
322.9

 
0.11
%
Evans & Paul LLC and E&P Holdings I LLC (^) (#)
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2025

 
99.6

 
99.6

 
102.5

 
0.03
%
DC Enterprises Ltd. dba Lakeview True Value (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/14/2025

 
16.5

 
16.5

 
17.2

 
0.01
%
Basista Family Limited Partnership and UPE, Inc. (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/14/2040

 
322.3

 
322.3

 
365.6

 
0.12
%
AGR Foodmart Inc dba Nashua Road Mobil (^) (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/11/2025

 
16.5

 
16.5

 
17.2

 
0.01
%
Alexandra Afentoulides dba Vi's Pizza Restaurant (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/11/2040

 
27.9

 
27.9

 
31.8

 
0.01
%
Cares, Inc dba Dumpling Grounds Day Care Center (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
12/10/2025

 
5.5

 
5.5

 
5.8

 
%
Custom Exteriors, Inc. (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/9/2025

 
73.2

 
73.2

 
75.5

 
0.03
%
Sushiya, Inc. (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/8/2025

 
79.6

 
79.6

 
82.1

 
0.03
%
LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/4/2040

 
473.5

 
473.5

 
538.3

 
0.18
%
Tariq, LLC dba 76 Food Mart (^) (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/2/2040

 
352.9

 
352.9

 
401.2

 
0.14
%
Japp Business Inc dba Pick and Eat and Japp Drink Corp. (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/30/2025

 
90.5

 
90.5

 
93.5

 
0.03
%
State Painting and Decorating Co Inc (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/25/2025

 
52.4

 
52.4

 
53.7

 
0.02
%
DWeb Studio, Inc. (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
11/25/2025

 
8.2

 
8.2

 
8.3

 
%
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
8.25%
 
11/23/2040

 
731.9

 
731.9

 
675.3

 
0.23
%
Play and Learn Child Care and School Inc (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/23/2025

 
8.0

 
8.0

 
8.4

 
%
Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy (^) (#)
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
11/20/2025

 
65.5

 
65.5

 
67.3

 
0.02
%
CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/20/2040

 
232.4

 
232.4

 
261.7

 
0.09
%
S.B.B. Enterprises Inc dba Williamston Hardware (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/19/2040

 
101.9

 
101.9

 
114.8

 
0.04
%
Key Pix Productions Inc. dba Air Bud Entertainment (#)
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
11/18/2040

 
592.1

 
592.1

 
675.0

 
0.23
%
E.S.F.P. LLC dba Volusia Van and Storage (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/11/2025

 
64.5

 
64.5

 
66.4

 
0.02
%
Green Life Lawnscapes LLC dba Green Life Lawn Care (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
11/6/2025

 
99.7

 
99.7

 
104.4

 
0.04
%
JumboMarkets Inc dba Rines Jumbomarkets (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
11/4/2025

 
222.0

 
222.0

 
232.6

 
0.08
%
Bisson Transportation Inc dba I & R Associates and Document Secutiry (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
10/30/2025

 
16.1

 
16.1

 
16.8

 
0.01
%

60
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand and (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/28/2025

 
513.2

 
513.2

 
529.0

 
0.18
%
Financial Network Recovery Inc (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/26/2025

 
28.7

 
28.7

 
29.4

 
0.01
%
ADMO Inc dba Mid States Equipment (#)
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/8/2025

 
16.1

 
16.1

 
16.6

 
0.01
%
Recycling Consultants, Inc. and Prairie State Salvage and Recycling In (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/30/2027

 
468.2

 
468.2

 
491.0

 
0.17
%
SCJEN Management Inc dba Bowl of Heaven (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/30/2025

 
51.1

 
51.1

 
52.2

 
0.02
%
Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas Cit (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/30/2028

 
53.2

 
53.2

 
56.7

 
0.02
%
Barub Realty LLC and Barub LLC dba Woodlawn Cabinets (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
9/30/2040

 
133.7

 
133.7

 
152.3

 
0.05
%
Binky's Vapes LLC (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/30/2025

 
16.0

 
16.0

 
16.3

 
0.01
%
R.H. Hummer Jr., Inc. (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2025

 
274.4

 
274.4

 
286.5

 
0.10
%
Greensward of Marco Inc. (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2040

 
81.9

 
81.9

 
92.7

 
0.03
%
RIM Investments LLC and RIM Architects LLC (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2040

 
373.3

 
373.3

 
422.5

 
0.14
%
The Grasso Companies LLC and Grasso Pavement Maintenance LLC Veranda L (#)
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
9/28/2025

 
363.2

 
363.2

 
379.9

 
0.13
%
Daniel W. Stark dba Mountain Valley Lodge and RV Park (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/25/2040

 
12.6

 
12.6

 
14.4

 
%
Prestigious LifeCare for Seniors LLC (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/25/2025

 
7.0

 
7.0

 
7.2

 
%
Sandlot Ventures LLC and Sandbox Ventures LLC (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/25/2040

 
414.7

 
414.7

 
468.3

 
0.16
%
Yachting Solutions LLC (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/25/2040

 
900.6

 
900.6

 
1,017.0

 
0.35
%
St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/24/2040

 
584.8

 
584.8

 
663.1

 
0.23
%
Finish Strong Inc dba FASTSIGNS St Peters (#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/23/2025

 
35.5

 
35.5

 
36.3

 
0.01
%
Rutledge Enterprises Inc dba BLC Property Management (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/23/2040

 
58.0

 
58.0

 
65.8

 
0.02
%
Nova Solutions Inc (#)
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/22/2040

 
299.4

 
299.4

 
339.6

 
0.12
%
IIoka Inc dba New Cloud Networks (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/21/2025

 
474.1

 
474.1

 
484.7

 
0.17
%
Sound Manufacturing Inc (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/21/2025

 
35.3

 
35.3

 
36.5

 
0.01
%
Vanderhoof LLC dba Soxfords (#)
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/18/2025

 
11.3

 
11.3

 
11.5

 
%
MiJoy Inc dba Imo's Pizza (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/18/2025

 
5.8

 
5.8

 
6.0

 
%
Naeem Khan LTD (#)
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/17/2025

 
88.7

 
88.7

 
90.7

 
0.03
%
FirstVitals Health and Wellness Inc (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/15/2025

 
106.6

 
106.6

 
109.0

 
0.04
%
Almost Home Daycare LLC (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/11/2025

 
7.8

 
7.8

 
8.1

 
%

61
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/8/2040

 
131.3

 
131.3

 
149.5

 
0.05
%
Empower Autism Academy (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/4/2040

 
640.9

 
640.9

 
729.9

 
0.25
%
Higher Grounds Community Coffeehouse, LLC (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/2/2025

 
5.8

 
5.8

 
6.0

 
%
The Camera House Inc (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/31/2025

 
876.8

 
876.8

 
909.0

 
0.31
%
LAN Doctors Inc (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/28/2025

 
59.8

 
59.8

 
61.9

 
0.02
%
Elite Institute LLC dba Huntington Learning Center (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
8/28/2025

 
10.7

 
10.7

 
10.9

 
%
J and K Fitness L.L.C. dba Physiques Womens Fitness Center (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2041

 
90.1

 
90.1

 
102.6

 
0.03
%
3000 CSI Property LLC and Consulting Solutions Inc (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/20/2040

 
128.6

 
128.6

 
146.3

 
0.05
%
God Be Glorified Inc dba GBG Inc (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
8/20/2025

 
37.2

 
37.2

 
38.0

 
0.01
%
GDP Gourmet LLC dba Joe and John's Pizza Restaurant (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/19/2040

 
135.7

 
135.7

 
153.7

 
0.05
%
Gold Jet Corp. (#)
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
8/14/2025

 
50.4

 
50.4

 
52.1

 
0.02
%
SKJ Inc dba Subway (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/13/2025

 
59.2

 
59.2

 
60.7

 
0.02
%
LP Industries Inc dba Childforms (#)
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/29/2025

 
86.4

 
86.4

 
90.0

 
0.03
%
Pauley Tree and Lawn Care Inc (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
7/28/2025

 
46.6

 
46.6

 
48.1

 
0.02
%
Beale Street Blues Company-West Palm Beach LLC dba Lafayette's-West Pa (#)
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
7/24/2025

 
46.0

 
46.0

 
47.3

 
0.02
%
Smart Artists Inc. (#)
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
7/23/2025

 
15.6

 
15.6

 
16.0

 
0.01
%
Free Ion Advisors LLC (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/21/2025

 
44.6

 
44.6

 
45.6

 
0.02
%
Murrayville Donuts, Inc dba Dunkin' Donuts (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
7/15/2040

 
330.7

 
330.7

 
373.5

 
0.13
%
Union 2 LLC dba The Standard (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/10/2025

 
72.1

 
72.1

 
74.7

 
0.03
%
Jonathan E Nichols and Nichols Fire and Security LLC (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2025

 
51.5

 
51.5

 
53.6

 
0.02
%
Thrifty Market, Inc. dba Thrifty Foods (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/30/2030

 
224.3

 
224.3

 
238.2

 
0.08
%
Anglin Cultured Stone Products LLC dba Anglin Construction (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/30/2025

 
193.3

 
193.3

 
198.9

 
0.07
%
Danny V, LLC dba Hugo's Taproom (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2040

 
31.4

 
31.4

 
35.5

 
0.01
%
BJ's Tavern LLC and BJ's Cabana Bar Inc (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2040

 
197.7

 
197.7

 
223.9

 
0.08
%
Myclean Inc. (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2025

 
10.9

 
10.9

 
11.1

 
%
Advanced Skincare Medcenter Inc dba Advanced Skincare Surgery (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2025

 
234.5

 
234.5

 
240.1

 
0.08
%
Summit Beverage Group LLC (#)
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/29/2030

 
242.3

 
242.3

 
258.5

 
0.09
%

62
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
SofRep, Inc dba Force 12 Media (#)
 
Other Information Services
 
Term Loan
 
Prime plus 2.75%
 
6/26/2025

 
45.5

 
45.5

 
46.4

 
0.02
%
TJU-DGT Inc dba The Lorenz Cafe (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/26/2029

 
16.6

 
16.6

 
17.9

 
0.01
%
Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
6/26/2040

 
353.5

 
353.5

 
400.0

 
0.14
%
CEM Autobody LLC dba Dawn's Autobody (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/26/2040

 
126.2

 
126.2

 
142.6

 
0.05
%
E & G Enterprises LLC dba Comfort Keepers (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/26/2025

 
15.4

 
15.4

 
15.8

 
0.01
%
Ohs Auto Body, Inc. dba Ohs Body Shop (#)
 
Repair and Maintenance
 
Term Loan
 
7.7775%
 
6/25/2040

 
1,134.7

 
1,134.7

 
1,040.5

 
0.35
%
Wolf Enviro Interests, LLC and Enviromax Services Inc (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/25/2040

 
229.7

 
229.7

 
258.0

 
0.09
%
Evinger PA One, Inc. dba Postal Annex, Falcon (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/24/2025

 
15.4

 
15.4

 
15.9

 
0.01
%
RJI Services, Inc. (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/23/2025

 
15.3

 
15.3

 
15.6

 
0.01
%
Real Help LLC dba Real Help Decorative Concrete (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/22/2025

 
36.5

 
36.5

 
38.1

 
0.01
%
KRN Logistics, LLC and Newsome Trucking, Inc (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/19/2025

 
367.5

 
367.5

 
380.2

 
0.13
%
PM Cassidy Enterprises, Inc. dba Junk King (#)
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
6/19/2025

 
10.2

 
10.2

 
10.4

 
%
Inverted Healthcare Staffing of Florida LLC dba Interim Healthcare Tra (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/18/2025

 
32.0

 
32.0

 
32.6

 
0.01
%
Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC (#)
 
Specialty Trade Contractors
 
Term Loan
 
6.75%
 
6/17/2025

 
305.2

 
305.2

 
296.2

 
0.10
%
AM PM Properties, LLC and AM PM Willington, LLC (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/17/2040

 
80.8

 
80.8

 
91.8

 
0.03
%
Mirage Plastering Inc and Mpire LLC and Mpire II LLC (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/12/2040

 
129.1

 
129.1

 
144.3

 
0.05
%
Eldredge Tavern LLC dba Gonyea's Tavern (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/8/2040

 
52.3

 
52.3

 
59.5

 
0.02
%
Nicor LLC dba Fibrenew Sacramento (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/5/2022

 
6.9

 
6.9

 
6.9

 
%
ViAr Visual Communications, Inc. dba Fastsigns 281701 (#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/5/2025

 
42.5

 
42.5

 
43.6

 
0.01
%
Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/5/2025

 
10.8

 
10.8

 
11.0

 
%
Video Vault & Tanning LLC and Mosaic Salon LLC (#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
6/4/2040

 
84.5

 
84.5

 
96.2

 
0.03
%
Medworxs LLC (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/3/2025

 
85.8

 
85.8

 
87.7

 
0.03
%
XCESSIVE THROTTLE, INC dba Jake's Roadhouse (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/29/2025

 
5.6

 
5.6

 
5.7

 
%
Villela CPA PL (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/27/2025

 
6.1

 
6.1

 
6.3

 
%
Douglas Posey and Sally Watkinson dba Audrey's Farmhouse (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/20/2040

 
161.7

 
161.7

 
183.4

 
0.06
%

63
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
15 McArdle LLC and No Other Impressions Inc (#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/15/2040

 
171.2

 
171.2

 
193.7

 
0.07
%
Guard Dogs MFS LLC (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/8/2025

 
43.3

 
43.3

 
44.3

 
0.02
%
George S Cochran DDS Inc (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/7/2025

 
90.8

 
90.8

 
92.7

 
0.03
%
South Park Properties LLC and Midlothian Hardware LLC (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/6/2040

 
44.4

 
44.4

 
50.5

 
0.02
%
Matthew Taylor and Landon Farm LLC (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/4/2040

 
93.4

 
93.4

 
104.6

 
0.04
%
Cares Inc dba Dumpling Grounds Day Care Center (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/1/2040

 
75.2

 
75.2

 
85.6

 
0.03
%
Orchid Enterprises Inc dba Assisting Hands of Sussex County (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/24/2025

 
10.1

 
10.1

 
10.3

 
%
Ragazza Restaurant Group, Inc. dba Bambolina (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/21/2025

 
12.1

 
12.1

 
12.4

 
%
Diamond Solutions LLC (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/21/2025

 
13.4

 
13.4

 
13.7

 
%
Giacchino Maritime Consultants Inc (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/17/2025

 
15.1

 
15.1

 
15.4

 
0.01
%
Sound Coaching Inc (#)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
4/14/2025

 
29.8

 
29.8

 
30.4

 
0.01
%
Faramarz Nikourazm dba Car Clinic Center (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/3/2040

 
68.2

 
68.2

 
77.1

 
0.03
%
Advance Case Parts RE Holdings LLC and Advance Case Parts Inc (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2040

 
707.0

 
707.0

 
794.4

 
0.27
%
HAVANA CENTRAL NJ1, LLC dba Havana Central (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/31/2025

 
192.3

 
192.3

 
200.4

 
0.07
%
Mid-South Lumber Co. of Northwest Florida, Inc. (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/31/2040

 
396.5

 
396.5

 
445.2

 
0.15
%
Copper Beech Financial Group LLC (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
3/30/2025

 
82.8

 
82.8

 
85.6

 
0.03
%
Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes and Trac (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/27/2040

 
279.1

 
279.1

 
317.0

 
0.11
%
Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC (#)
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
3/27/2025

 
820.4

 
820.4

 
835.9

 
0.28
%
Shellhorn and Hill Inc dba Total Fleet Service (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/27/2040

 
958.3

 
958.3

 
1,075.9

 
0.37
%
Shorr Enterprises Inc dba New Design Furniture Manufacturers (#)
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/27/2025

 
70.6

 
70.6

 
73.2

 
0.02
%
Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/26/2040

 
49.9

 
49.9

 
56.7

 
0.02
%
Zero-In Media Inc (#)
 
Data Processing, Hosting, and Related Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2025

 
14.9

 
14.9

 
15.2

 
0.01
%
Loriet LLC (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/24/2025

 
7.9

 
7.9

 
8.1

 
%
Shelton Incorporated dba Mrs. Winners (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/20/2040

 
104.0

 
104.0

 
118.2

 
0.04
%
Jaymie Hazard dba Indigo Hair Studio and Day Spa (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/20/2040

 
39.8

 
39.8

 
45.0

 
0.02
%

64
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
R & R Security and Investigations Inc dba Pardners Lake Buchanan (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/19/2040

 
78.9

 
78.9

 
89.7

 
0.03
%
MMS Realty, LLC and Molecular MS Diagnostics LLC (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2040

 
148.6

 
148.6

 
167.7

 
0.06
%
Royal Crest Motors LLC (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/16/2040

 
84.4

 
84.4

 
95.4

 
0.03
%
Luigi's on Main LLC and Luigi's Main Street Pizza Inc (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/4/2025

 
7.5

 
7.5

 
7.8

 
%
Baystate Firearms and Training, LLC (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
2/27/2025

 
39.1

 
39.1

 
39.9

 
0.01
%
Pace Motor Lines, Inc. (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/26/2025

 
43.0

 
43.0

 
44.9

 
0.02
%
Kingseal LLC dba Desoto Health and Rehab Center (#)
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
2/26/2040

 
1,180.4

 
1,180.4

 
1,341.1

 
0.46
%
Nelson Financial Services LLC (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/24/2025

 
8.1

 
8.1

 
8.3

 
%
Kiddie Steps 4 You Inc. (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
2/19/2040

 
57.2

 
57.2

 
64.5

 
0.02
%
Triangle Trash LLC dba Bin There Dump That (#)
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
2/18/2025

 
48.6

 
48.6

 
50.2

 
0.02
%
Silva Realty Holdings, LLC and MF-Silva Enterprises, Inc. dba T (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/11/2040

 
158.4

 
158.4

 
178.5

 
0.06
%
Dean 1021 LLC dba Pure Pita (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/29/2025

 
57.1

 
57.1

 
58.5

 
0.02
%
Limameno LLC dba Sal's Italian Ristorante (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/23/2025

 
53.8

 
53.8

 
55.1

 
0.02
%
Palmabak Inc dba Mami Nora's (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/22/2025

 
6.6

 
6.6

 
6.9

 
%
Jung Design Inc (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/20/2022

 
3.6

 
3.6

 
3.6

 
%
Grand Blanc Lanes, Inc. and H, H and H, LLC (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/31/2039

 
122.3

 
122.3

 
140.1

 
0.05
%
Evans and Paul LLC (^) (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
156.7

 
156.7

 
163.7

 
0.06
%
First Prevention and Dialysis Center, LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
194.0

 
194.0

 
202.4

 
0.07
%
Bowlerama Inc (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/24/2039

 
1,107.0

 
1,107.0

 
1,267.8

 
0.43
%
The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
487.4

 
487.4

 
555.4

 
0.19
%
Thermoplastic Services Inc and Paragon Plastic Sheet, Inc (^) (#)
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
459.6

 
459.6

 
526.4

 
0.18
%
Beale Street Blues Company-West Palm Beach, LLC dba Lafayette Music Ha (^) (#)
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
12/22/2024

 
119.7

 
119.7

 
124.4

 
0.04
%
MM and M Management Inc dba Pizza Artista (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/19/2025

 
30.8

 
30.8

 
32.0

 
0.01
%
B.S. Ventures LLC dba Dink's Market (^) (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/19/2039

 
49.4

 
49.4

 
56.6

 
0.02
%
Will Zac Management LLC dba Papa John's (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
6.25%
 
12/19/2024

 
100.5

 
100.5

 
97.8

 
0.03
%
The Jewelers Inc. dba The Jewelers of Las Vegas (^) (#)
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
12/19/2024

 
794.9

 
794.9

 
823.1

 
0.28
%
B & W Towing, LLC and Boychucks Fuel LLC (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/17/2039

 
151.3

 
151.3

 
172.7

 
0.06
%

65
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Kemmer LLC and Apples Tree Top Liquors LLC (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/4/2039

 
129.5

 
129.5

 
147.6

 
0.05
%
DeRidder Chiropractic LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/25/2024

 
8.3

 
8.3

 
8.7

 
%
Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/25/2039

 
109.3

 
109.3

 
125.0

 
0.04
%
Modern Manhattan LLC (^) (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
11/25/2024

 
138.7

 
138.7

 
143.7

 
0.05
%
Legacy Estate Planning Inc dba American Casket Enterprises (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2024

 
26.5

 
26.5

 
27.4

 
0.01
%
J&D Resources, LLC dba Aqua Science (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/21/2024

 
477.2

 
477.2

 
494.6

 
0.17
%
DC Real LLC and DC Enterprises LTD dba Lakeview True Value (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/20/2039

 
110.0

 
110.0

 
125.9

 
0.04
%
Joey O's LLC and Jennifer Olszewski (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/7/2024

 
0.6

 
0.6

 
0.6

 
%
Heartland American Properties LLC and Skaggs RV Outlet LLC (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/31/2039

 
438.5

 
438.5

 
501.5

 
0.17
%
Navdeep B Martins and Busy Bubbles LLC dba Wishy Washy (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
10/24/2039

 
81.6

 
81.6

 
93.0

 
0.03
%
One Hour Jewelry Repair Inc (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/14/2024

 
12.8

 
12.8

 
13.2

 
%
DNT Storage and Properties LLC (^) (#)
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
10/10/2039

 
93.1

 
93.1

 
106.6

 
0.04
%
Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/10/2039

 
1,173.5

 
1,173.5

 
1,343.9

 
0.46
%
Sound Manufacturing Inc (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/10/2024

 
116.1

 
116.1

 
120.6

 
0.04
%
Smith Spinal Care Center P.C. and James C. Smith (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/8/2039

 
54.9

 
54.9

 
62.8

 
0.02
%
Doctors Express Management of Central Texas LLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/8/2024

 
30.2

 
30.2

 
31.6

 
0.01
%
Michael Rey Jr. and Lynn J. Williams and GIG Petcare dba Hickory (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
10/3/2039

 
112.3

 
112.3

 
128.5

 
0.04
%
Sumad LLC dba BrightStar Care of Encinitas (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/2/2024

 
33.1

 
33.1

 
34.5

 
0.01
%
Roccos LLC and Sullo Pantalone Inc dba Rocco's (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/30/2039

 
233.6

 
233.6

 
266.3

 
0.09
%
Gordon E Rogers dba Stonehouse Motor Inn (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/26/2039

 
52.5

 
52.5

 
60.1

 
0.02
%
6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc (^) (#)
 
Administrative and Support Services
 
Term Loan
 
8%
 
9/24/2039

 
428.9

 
428.9

 
394.0

 
0.13
%
Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/23/2024

 
17.6

 
17.6

 
18.1

 
0.01
%
Ryan Crick and Pamela J. Crick and Crick Enterprises Inc (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/17/2039

 
133.3

 
133.3

 
152.5

 
0.05
%
Modern Leather Goods Repair Shop Inc (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/17/2024

 
35.0

 
35.0

 
36.2

 
0.01
%

66
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Animal Intrusion Prevention Systems Holding Company, LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/15/2024

 
166.7

 
166.7

 
173.0

 
0.06
%
Tavern Properties LLC and Wildwood Tavern LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/15/2039

 
390.8

 
390.8

 
446.5

 
0.15
%
Indy East Smiles Youth Dentistry LLC dba Prime Smile East (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/11/2024

 
387.1

 
387.1

 
400.0

 
0.14
%
B&P Diners LLC dba Engine House Restaurant (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/10/2024

 
49.1

 
49.1

 
50.7

 
0.02
%
Orange County Cleaning Inc (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
8/27/2024

 
8.3

 
8.3

 
8.5

 
%
Lamjam LLC Goldsmith Lambros Inc (^) (#)
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
8/27/2024

 
82.0

 
82.0

 
85.5

 
0.03
%
Qycell Corporation (^) (#)
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/26/2024

 
72.9

 
72.9

 
75.8

 
0.03
%
Atlas Auto Body Inc dba Atlas Auto Sales (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/22/2039

 
47.0

 
47.0

 
53.6

 
0.02
%
Katie Senior Care LLC dba Home Instead Senior Care (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/15/2024

 
65.7

 
65.7

 
67.8

 
0.02
%
Alpha Preparatory Academy LLC (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/15/2039

 
132.9

 
132.9

 
152.1

 
0.05
%
Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
6%
 
8/8/2039

 
130.7

 
130.7

 
121.0

 
0.04
%
Almost Home Property LLC and Almost Home Daycare LLC (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/7/2039

 
677.8

 
677.8

 
774.8

 
0.26
%
iFood, Inc. dba Steak N Shake (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/31/2024

 
235.5

 
235.5

 
244.7

 
0.08
%
575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/30/2039

 
19.0

 
19.0

 
21.7

 
0.01
%
Honeyspot Investors LLP and Pace Motor Lines Inc (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/24/2039

 
136.3

 
136.3

 
156.0

 
0.05
%
Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/17/2039

 
89.4

 
89.4

 
102.1

 
0.03
%
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/30/2024

 
58.6

 
58.6

 
61.0

 
0.02
%
iFood, Inc. dba Steak N Shake (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2039

 
573.2

 
573.2

 
651.3

 
0.22
%
Honeyspot Investors LLP and Pace Motor Lines Inc (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/30/2039

 
795.2

 
795.2

 
908.5

 
0.31
%
AMG Holding, LLC and Stetson Automotive, Inc (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/30/2039

 
189.1

 
189.1

 
216.1

 
0.07
%
Zinger Hardware and General Merchant Inc (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
7.25%
 
6/26/2024

 
42.6

 
42.6

 
41.6

 
0.01
%
JPM Investments LLC and Carolina Family Foot Care P.A. (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/26/2039

 
128.4

 
128.4

 
146.5

 
0.05
%
Nikobella Properties LLC and JPO Inc dba Village Car Wash (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/25/2039

 
444.1

 
444.1

 
506.6

 
0.17
%
Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Val (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/20/2039

 
211.9

 
211.9

 
241.7

 
0.08
%

67
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Nirvi Enterprises LLC dba Howard Johnson / Knights Inn (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/17/2039

 
835.4

 
835.4

 
954.4

 
0.33
%
Sico & Walsh Insurance Agency Inc and The AMS Trust (^) (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/6/2039

 
85.4

 
85.4

 
97.6

 
0.03
%
Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/3/2024

 
13.3

 
13.3

 
13.7

 
%
Long Island Barber Institute Inc (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/2/2039

 
50.4

 
50.4

 
57.4

 
0.02
%
CJR LLC and PowerWash Plus, Inc. (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/30/2024

 
30.6

 
30.6

 
31.9

 
0.01
%
Pocono Coated Products, LLC (^) (#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/30/2024

 
13.1

 
13.1

 
13.6

 
%
Jonesboro Health Food Center LLC (^) (#)
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
5/27/2024

 
36.9

 
36.9

 
38.1

 
0.01
%
Hae M. and Jin S. Park dba Buford Car Wash (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/15/2039

 
150.1

 
150.1

 
170.9

 
0.06
%
The River Beas LLC and Punam Singh (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/8/2039

 
82.2

 
82.2

 
93.7

 
0.03
%
AS Boyals LLC dba Towne Liquors (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
4/29/2039

 
98.4

 
98.4

 
112.4

 
0.04
%
Gerami Realty, LC Sherrill Universal City Corral, LP dba Golden (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/23/2027

 
55.6

 
55.6

 
59.1

 
0.02
%
Complete Body & Paint, Inc. (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/23/2039

 
18.8

 
18.8

 
21.5

 
0.01
%
Island Wide Realty LLC and Long Island Partners, Inc. dba Realty Execu (^) (#)
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
4/22/2039

 
93.8

 
93.8

 
107.2

 
0.04
%
Wilshire Media Systems Inc (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/17/2024

 
106.1

 
106.1

 
109.7

 
0.04
%
1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/9/2039

 
123.4

 
123.4

 
140.8

 
0.05
%
Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle (^) (#)
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
405.0

 
405.0

 
461.7

 
0.16
%
Dantanna's Tavern LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2024

 
95.2

 
95.2

 
98.6

 
0.03
%
Little People's Village II LLC and Iliopoulos Realty LLC (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
83.6

 
83.6

 
95.0

 
0.03
%
Little People's Village II LLC and Iliopoulos Realty LLC (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
92.2

 
92.2

 
104.8

 
0.04
%
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/31/2024

 
392.9

 
392.9

 
408.1

 
0.14
%
Kemmer, LLC and Pitts Package Store, Inc. (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
106.1

 
106.1

 
120.3

 
0.04
%
Lake Area Autosound LLC and Ryan H. Whittington (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
7/28/2039

 
114.6

 
114.6

 
130.7

 
0.04
%
636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co (#)
 
Primary Metal Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/20/2039

 
71.9

 
71.9

 
82.0

 
0.03
%
Cormac Enterprises and Wyoming Valley Beverage Incorporated (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/20/2039

 
100.0

 
100.0

 
114.1

 
0.04
%
Kinisi, Inc. dba The River North UPS Store (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2024

 
9.8

 
9.8

 
10.2

 
%

68
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Tortilla King Inc. (^) (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/14/2039

 
41.7

 
41.7

 
47.6

 
0.02
%
Tortilla King, Inc. (^) (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/14/2029

 
798.1

 
798.1

 
856.4

 
0.29
%
Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc. (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/13/2039

 
201.8

 
201.8

 
230.3

 
0.08
%
Summit Beverage Group LLC (^) (#)
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/28/2024

 
195.0

 
195.0

 
202.3

 
0.07
%
R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/28/2039

 
375.9

 
375.9

 
427.9

 
0.15
%
952 Boston Post Road Realty, LLC and HNA LLC dba Styles International (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2039

 
190.0

 
190.0

 
216.1

 
0.07
%
Faith Memorial Chapel LLC (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2039

 
193.1

 
193.1

 
219.7

 
0.07
%
96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/12/2039

 
128.6

 
128.6

 
146.8

 
0.05
%
JWB Industries, Inc. dba Carteret Die Casting (^) (#)
 
Primary Metal Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/11/2024

 
155.7

 
155.7

 
160.7

 
0.05
%
986 Dixwell Avenue Holding Company, LLC and Mughali Foods, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/7/2039

 
89.6

 
89.6

 
102.1

 
0.03
%
Awesome Pets II Inc dba Mellisa's Pet Depot (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
2/7/2024

 
46.8

 
46.8

 
48.4

 
0.02
%
Sarah Sibadan dba Sibadan Agency (^) (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
1/27/2039

 
116.2

 
116.2

 
132.5

 
0.05
%
Icore Enterprises Inc dba Air Flow Filters Inc (^) (#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
1/15/2024

 
11.9

 
11.9

 
12.4

 
%
Nutmeg North Associates LLC (OC) Steeltech Building Products Inc (^) (#)
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/31/2038

 
821.6

 
821.6

 
939.1

 
0.32
%
KK International Trading Corporation (^) (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/23/2028

 
141.5

 
141.5

 
152.4

 
0.05
%
Kurtis Sniezek dba Wolfe's Foreign Auto (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/20/2038

 
79.6

 
79.6

 
91.2

 
0.03
%
PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc., T (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/19/2038

 
499.0

 
499.0

 
569.6

 
0.19
%
TAK Properties LLC and Kinderland Inc (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
12/18/2038

 
363.2

 
363.2

 
415.3

 
0.14
%
TOL LLC dba Wild Birds Unlimited (^) (#)
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
12/13/2023

 
10.0

 
10.0

 
10.4

 
%
920 CHR Realty LLC V. Garofalo Carting Inc (^) (#)
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
12/10/2038

 
374.6

 
374.6

 
428.8

 
0.15
%
DKB Transport Corp (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/5/2038

 
124.3

 
124.3

 
142.3

 
0.05
%
Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/3/2038

 
93.4

 
93.4

 
106.6

 
0.04
%
Spectrum Development LLC and Solvit Inc & Solvit North, Inc (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/2/2023

 
211.6

 
211.6

 
219.3

 
0.07
%
BVIP Limousine Service LTD (#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/27/2038

 
68.4

 
68.4

 
78.3

 
0.03
%
AcuCall LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2023

 
8.2

 
8.2

 
8.5

 
%

69
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/18/2023

 
24.3

 
24.3

 
25.1

 
0.01
%
Yousef Khatib dba Y&M Enterprises (^) (#)
 
Wholesale Electronic Markets and Agents and Brokers
 
Term Loan
 
Prime plus 2.75%
 
11/15/2023

 
39.8

 
39.8

 
41.2

 
0.01
%
Howell Gun Works LLC (^) (#)
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
11/14/2023

 
2.5

 
2.5

 
2.6

 
%
Polpo Realty, LLC(EPC) Polpo Restaurant, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/6/2038

 
55.7

 
55.7

 
63.8

 
0.02
%
Master CNC Inc & Master Properties LLC (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
532.2

 
532.2

 
608.0

 
0.21
%
Janice B. McShan and The Metropolitan Day School, LLC (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
10/31/2023

 
22.8

 
22.8

 
23.6

 
0.01
%
1 North Restaurant Corp dba 1 North Steakhouse (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
189.5

 
189.5

 
216.9

 
0.07
%
Mid-Land Sheet Metal Inc (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
122.8

 
122.8

 
140.5

 
0.05
%
Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/24/2038

 
132.2

 
132.2

 
151.3

 
0.05
%
Greenbrier Technical Services, Inc (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/24/2023

 
107.5

 
107.5

 
111.7

 
0.04
%
First Steps Real Estate Company, LLC and First Steps Preschool - (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
86.8

 
86.8

 
99.1

 
0.03
%
Lenoir Business Partners LLC LP Industries, Inc dba Childforms (^) (#)
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
262.7

 
262.7

 
300.2

 
0.10
%
LP Industries, Inc dba Childforms (^) (#)
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
107.0

 
107.0

 
122.3

 
0.04
%
Cencon Properties LLC and Central Connecticut Warehousing Company, In (^) (#)
 
Warehousing and Storage
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
306.9

 
306.9

 
350.9

 
0.12
%
Discount Wheel and Tire of Broken Bow Inc (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
199.0

 
199.0

 
227.3

 
0.08
%
Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2038

 
298.0

 
298.0

 
340.5

 
0.12
%
Gabrielle Realty, LLC (^) (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/27/2038

 
673.8

 
673.8

 
769.3

 
0.26
%
Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Ho (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2038

 
88.9

 
88.9

 
101.7

 
0.03
%
Eastside Soccer Dome, Inc . (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/26/2038

 
412.5

 
412.5

 
471.6

 
0.16
%
Southeast Chicago Soccer, Inc. (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/26/2038

 
45.5

 
45.5

 
52.1

 
0.02
%
Kiddie Steps 4 You Inc. (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/25/2038

 
80.8

 
80.8

 
92.2

 
0.03
%
Diamond Memorials Incorporated (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/25/2023

 
4.8

 
4.8

 
5.0

 
%
Faith Memorial Chapel LLC (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2038

 
239.4

 
239.4

 
273.3

 
0.09
%
Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2023

 
23.9

 
23.9

 
24.7

 
0.01
%
Westville Seafood LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/19/2038

 
99.9

 
99.9

 
114.1

 
0.04
%

70
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Maynard Enterprises Inc dba Fastsigns of Texarkana (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/18/2023

 
8.3

 
8.3

 
8.6

 
%
Grafio Inc dba Omega Learning Center-Acworth (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2023

 
85.1

 
85.1

 
88.0

 
0.03
%
Sound Manufacturing Inc (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/12/2028

 
39.9

 
39.9

 
42.9

 
0.01
%
The Berlerro Group, LLC dba Sky Zone (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/12/2023

 
221.9

 
221.9

 
229.5

 
0.08
%
Prospect Kids Academy Inc (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/11/2038

 
110.5

 
110.5

 
126.3

 
0.04
%
Alma J. and William R. Walton and Almas Child Day Care Center, I (^) (#)
 
Social Assistance
 
Term Loan
 
8%
 
9/11/2038

 
35.1

 
35.1

 
32.5

 
0.01
%
B for Brunette dba Blo (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/10/2023

 
27.8

 
27.8

 
28.7

 
0.01
%
Schmaltz Holdings, LLC and Schmaltz Operations, LLC (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/4/2038

 
198.2

 
198.2

 
226.1

 
0.08
%
Excel RP Inc (^) (#)
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
66.8

 
66.8

 
69.1

 
0.02
%
ACI Northwest Inc. (^) (#)
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
273.6

 
273.6

 
283.7

 
0.10
%
Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
21.8

 
21.8

 
22.6

 
0.01
%
IlOKA Inc dba Microtech Tel and NewCloud Networks (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
328.0

 
328.0

 
339.2

 
0.12
%
Ramard Inc and Advanced Health Sciences Inc (^) (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/28/2023

 
94.9

 
94.9

 
98.0

 
0.03
%
RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins (^) (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
8/26/2023

 
40.6

 
40.6

 
42.1

 
0.01
%
JSIL LLC dba Blackstones Hairdressing (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
8/16/2023

 
9.7

 
9.7

 
10.0

 
%
Island Nautical Enterprises, Inc. and Ingwall Holdings, LLC (^) (#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/14/2038

 
307.7

 
307.7

 
351.2

 
0.12
%
Caribbean Concepts, Inc. dba Quick Bleach (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
8/12/2023

 
11.3

 
11.3

 
11.7

 
%
Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
7/24/2023

 
5.9

 
5.9

 
6.1

 
%
Angkor Restaurant Inc (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/19/2038

 
82.4

 
82.4

 
94.2

 
0.03
%
Harbor Ventilation Inc and Estes Investment, LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/19/2038

 
2.1

 
2.1

 
2.4

 
%
Tri County Heating and Cooling Inc. (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/19/2023

 
43.6

 
43.6

 
45.2

 
0.02
%
Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/17/2023

 
26.7

 
26.7

 
27.5

 
0.01
%
Maxiflex LLC (^) (#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/28/2023

 
21.9

 
21.9

 
22.7

 
0.01
%
GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2038

 
86.0

 
86.0

 
98.2

 
0.03
%
2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc. (Co-Borrower) (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/19/2026

 
417.6

 
417.6

 
442.2

 
0.15
%

71
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services (^) (#)
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
6/18/2028

 
625.9

 
625.9

 
672.4

 
0.23
%
KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc (^) (#)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/14/2023

 
167.5

 
167.5

 
172.7

 
0.06
%
Elite Structures Inc (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/12/2038

 
800.5

 
800.5

 
912.6

 
0.31
%
Absolute Desire LLC and Mark H. Szierer Sophisticated Smile (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/5/2038

 
166.4

 
166.4

 
189.6

 
0.06
%
Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD and (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/28/2023

 
29.9

 
29.9

 
30.9

 
0.01
%
Ryan D. Thornton and Thornton & Associates LLC (^) (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
5/24/2023

 
23.6

 
23.6

 
24.3

 
0.01
%
Peanut Butter & Co., Inc. (^) (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/30/2023

 
46.7

 
46.7

 
48.1

 
0.02
%
PowerWash Plus, Inc. and CJR, LLC (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/30/2038

 
484.0

 
484.0

 
551.9

 
0.19
%
1258 Hartford TPKE, LLC and Phelps and Sons, Inc (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/29/2038

 
109.3

 
109.3

 
124.4

 
0.04
%
A & M Commerce, Inc. dba Cranberry Sunoco (^) (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/27/2038

 
289.6

 
289.6

 
330.0

 
0.11
%
Xela Pack, Inc. and Aliseo and Catherine Gentile (^) (#)
 
Paper Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/27/2028

 
190.4

 
190.4

 
204.2

 
0.07
%
American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2038

 
471.6

 
471.6

 
537.0

 
0.18
%
Michael A.and HeatherR. Welsch dba Art & FrameEtc. (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/22/2038

 
59.2

 
59.2

 
67.5

 
0.02
%
Truth Technologies Inc dba Truth Technologies Inc. (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2023

 
39.7

 
39.7

 
40.9

 
0.01
%
Sound Manufacturing, Inc. and Monster Power Equipment Inc. (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/15/2023

 
227.5

 
227.5

 
234.9

 
0.08
%
Golden Gate Lodging LLC (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/12/2038

 
101.0

 
101.0

 
115.1

 
0.04
%
Bakhtar Group LLC dba Malmaison (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2023

 
47.3

 
47.3

 
48.6

 
0.02
%
Osceola River Mill, LLC(EPC) Ironman Machine, Inc.(OC) (^) (#)
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/20/2038

 
75.5

 
75.5

 
86.0

 
0.03
%
Java Warung, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/19/2038

 
44.7

 
44.7

 
51.0

 
0.02
%
Retain Loyalty LLC (^) (#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
2/15/2038

 
93.7

 
93.7

 
106.7

 
0.04
%
North Country Transport, LLC (^) (#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/6/2023

 
6.8

 
6.8

 
7.0

 
%
Sherill Universal City dba Golden Corral LP (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/28/2038

 
386.1

 
386.1

 
440.2

 
0.15
%
Macho LLC (EPC) Madelaine Chocolate Novelties Inc(OC) dba The Madelai (^) (#)
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/31/2037

 
437.8

 
437.8

 
500.1

 
0.17
%
Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/31/2022

 
43.9

 
43.9

 
45.3

 
0.02
%

72
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Babie Bunnie Enterprises Inc dba Triangle Mothercare (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2027

 
28.8

 
28.8

 
30.8

 
0.01
%
John Duffy Fuel Co., Inc. (^) (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/28/2022

 
223.1

 
223.1

 
230.0

 
0.08
%
Polpo Realty LLC (EPC) & Polpo Restaurant LLC (OC) dba Polpo Restauran (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/27/2037

 
451.6

 
451.6

 
515.8

 
0.18
%
Martin L Hopp, MD PHD A Medical Corp (OC) dba Tower ENT (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2022

 
28.6

 
28.6

 
29.5

 
0.01
%
Cheryle A Baptiste and Cheryle Baptiste DDS PLLC (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2037

 
251.6

 
251.6

 
287.3

 
0.10
%
Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC (^) (#)
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
11/28/2037

 
199.0

 
199.0

 
227.3

 
0.08
%
D&L Rescources, Inc. dba The UPS Store (^) (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
11/27/2022

 
4.1

 
4.1

 
4.3

 
%
Richmond Hill Mini Market, LLC (^) (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
11/27/2037

 
160.9

 
160.9

 
183.8

 
0.06
%
DRV Enterprise, Inc. dba Cici's Pizza # 339 (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/26/2022

 
25.7

 
25.7

 
26.5

 
0.01
%
U & A Food and Fuel, Inc. dba Express Gas & Food Mart (^) (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/21/2037

 
83.6

 
83.6

 
95.5

 
0.03
%
Pioneer Windows Manufacturing Corp, Pioneer Windows (^) (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/21/2022

 
115.4

 
115.4

 
119.0

 
0.04
%
R & J Petroleum LLC (EPC) Manar USA, Inc. (OC) (^) (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/20/2037

 
156.4

 
156.4

 
178.6

 
0.06
%
St Judes Physical Therapy P.C. (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/19/2022

 
8.9

 
8.9

 
9.2

 
%
Hi-Def Imaging, Inc. dba SpeedPro Imaging (^) (#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/9/2022

 
9.4

 
9.4

 
9.7

 
%
Reidville Hydraulics Mfg Inc dba Summit (^) (#)
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/2/2037

 
230.9

 
230.9

 
263.5

 
0.09
%
Big Apple Entertainment Partners, LLC d/b/a Ripley's Believe It or Not (^) (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/26/2022

 
76.6

 
76.6

 
78.9

 
0.03
%
University Park Retreat, LLC dba Massage Heights (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2022

 
30.9

 
30.9

 
31.8

 
0.01
%
O'Rourkes Diner LLC dba O'Rourke's Diner (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/19/2037

 
56.6

 
56.6

 
64.5

 
0.02
%
AJK Enterprise LLC dba AJK Enterprise LLC (^) (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/27/2022

 
6.4

 
6.4

 
6.6

 
%
Suncoast Aluminum Furniture, Inc (#)
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/17/2037

 
310.6

 
310.6

 
354.3

 
0.12
%
Georgia Safe Sidewalks LLC (^) (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/27/2022

 
5.7

 
5.7

 
5.9

 
%
Hofgard & Co., Inc. dba HofgardBenefits (^) (#)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
7/27/2022

 
41.6

 
41.6

 
42.7

 
0.01
%
Havana Central (NY) 5, LLC (^) (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/29/2022

 
562.5

 
562.5

 
577.8

 
0.20
%
Central Tire, Inc. dba Cooper Tire & Auto Services (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/29/2037

 
247.3

 
247.3

 
281.6

 
0.10
%
Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/27/2037

 
59.8

 
59.8

 
68.1

 
0.02
%

73
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
KIND-ER-ZZ Inc dba Kidville (^) (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/15/2022

 
18.8

 
18.8

 
19.2

 
0.01
%
Graphish Studio, Inc. and Scott Fishoff (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/14/2022

 
7.6

 
7.6

 
7.8

 
%
ALF, LLC Mulit-Service Eagle Tires (^) (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/31/2037

 
53.8

 
53.8

 
61.2

 
0.02
%
Tracey Vita-Morris dba Tracey Vita's School of Dance (^) (#)
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
5/10/2022

 
8.3

 
8.3

 
8.5

 
%
Tanner Optical, Inc. dba Murphy Eye Care (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/27/2022

 
2.9

 
2.9

 
3.0

 
%
Zane Filippone Co Inc dba Culligan Water Conditioning (^) (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
4/12/2022

 
198.4

 
198.4

 
203.8

 
0.07
%
Access Staffing, LLC (^) (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/30/2022

 
67.2

 
67.2

 
68.8

 
0.02
%
DC Realty, LLC dba FOGO Data Centers (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6%
 
3/23/2037

 
2,623.4

 
2,623.4

 
2,441.4

 
0.83
%
DC Realty, LLC dba FOGO Data Centers (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6.25%
 
3/23/2022

 
538.5

 
538.5

 
530.6

 
0.18
%
Manuel P. Barrera and Accura Electrical Contractor, Inc. (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
69.5

 
69.5

 
74.6

 
0.03
%
Shweiki Media, Inc. dba Study Breaks Magazine (#)
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
3/22/2027

 
756.9

 
756.9

 
807.2

 
0.28
%
ATI Jet, Inc. (^) (#)
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/28/2026

 
532.8

 
532.8

 
567.4

 
0.19
%
J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
12/22/2036

 
347.3

 
347.3

 
394.8

 
0.13
%
K's Salon, LLC d/b/a K's Salon (^) (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2021

 
23.7

 
23.7

 
24.2

 
0.01
%
15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs dba Pion (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/16/2021

 
78.2

 
78.2

 
80.0

 
0.03
%
Taylor Transport, Inc (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/8/2021

 
79.0

 
79.0

 
80.8

 
0.03
%
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc (#)
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
10/26/2021

 
18.9

 
18.9

 
19.3

 
0.01
%
28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/25/2021

 
6.7

 
6.7

 
6.8

 
%
39581 Garfield, LLC and Tri County Neurological Associates, P.C. (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/30/2036

 
69.4

 
69.4

 
78.7

 
0.03
%
Robert E. Caves, Sr. and American Plank dba Caves Enterprises (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/30/2021

 
87.2

 
87.2

 
89.0

 
0.03
%
39581 Garfield, LLC and Tricounty Neurological Associates, P.C. (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/30/2036

 
23.6

 
23.6

 
26.8

 
0.01
%
Big Apple Entertainment Partners, LLC dba Ripley's Believe it or Not (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/28/2021

 
303.1

 
303.1

 
309.4

 
0.11
%
Equity National Capital LLC & Chadbourne Road Capital, LLC (#)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
9/26/2021

 
18.3

 
18.3

 
18.7

 
0.01
%
Michael S. Decker & Janet Decker dba The Hen House Cafe (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/30/2036

 
13.8

 
13.8

 
15.7

 
0.01
%
Trademark Equipment Company Inc and David A. Daniel (#)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
8/19/2036

 
111.5

 
111.5

 
126.6

 
0.04
%

74
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Qycell Corporation (#)
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/19/2021

 
50.1

 
50.1

 
51.2

 
0.02
%
Valiev Ballet Academy, Inc (#)
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
8/12/2036

 
35.4

 
35.4

 
40.2

 
0.01
%
LaHoBa, LLC d/b/a Papa John's (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/3/2036

 
64.2

 
64.2

 
72.9

 
0.02
%
Lavertue Properties LLP dba Lavertue Properties (#)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/29/2036

 
37.3

 
37.3

 
42.2

 
0.01
%
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/29/2036

 
291.6

 
291.6

 
330.5

 
0.11
%
Pierce Developments, Inc. dba Southside Granite (#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/13/2036

 
212.3

 
212.3

 
240.6

 
0.08
%
J&K Fitness, LLC dba Physiques Womens Fitness Center (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
8%
 
6/8/2036

 
14.6

 
14.6

 
13.6

 
%
Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co. (#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/3/2021

 
11.5

 
11.5

 
11.7

 
%
Modern on the Mile, LLC dba Ligne Roset (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
5/25/2021

 
51.9

 
51.9

 
52.9

 
0.02
%
Profile Performance, Inc. and Eidak Real Estate, L.L.C. (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/20/2036

 
105.1

 
105.1

 
119.1

 
0.04
%
Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store (#)
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
4/18/2036

 
113.8

 
113.8

 
129.0

 
0.04
%
Michael S. Korfe dba North Valley Auto Repair (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/24/2036

 
12.7

 
12.7

 
14.4

 
%
Actknowledge,Inc dba Actknowledge (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2021

 
13.4

 
13.4

 
13.6

 
%
Stephen Frank, Patricia Frank and Suds Express LLC dba Frank Chiropra (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/25/2023

 
23.4

 
23.4

 
24.2

 
0.01
%
SuzyQue’s LLC dba Suzy Que’s (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/11/2036

 
50.2

 
50.2

 
56.8

 
0.02
%
Little People’s Village, LLC dba Little People’s Village (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/31/2036

 
25.4

 
25.4

 
28.7

 
0.01
%
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc. (^) (#)
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
1/28/2036

 
92.7

 
92.7

 
104.9

 
0.04
%
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown (#)
 
Support Activities for Transportation
 
Term Loan
 
5.25%
 
12/28/2035

 
1,316.8

 
1,316.8

 
1,230.1

 
0.42
%
Shree OM Lodging, LLC dba Royal Inn (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/17/2035

 
22.6

 
22.6

 
25.5

 
0.01
%
Lodin Medical Imaging, LLC dba Watson Imaging Center (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/1/2020

 
13.2

 
13.2

 
13.4

 
%
Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/30/2035

 
27.6

 
27.6

 
31.2

 
0.01
%
K9 Bytes, Inc & Epazz, Inc (#)
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
9/30/2020

 
3.4

 
3.4

 
3.4

 
%
Elan Realty, LLC and Albert Basse Asociates, Inc. (#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
9/30/2035

 
183.4

 
183.4

 
207.1

 
0.07
%
Success Express,Inc. dba Success Express (#)
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
9/29/2020

 
13.9

 
13.9

 
14.1

 
%

75
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Modern Manhattan, LLC (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
9/20/2020

 
35.1

 
35.1

 
35.6

 
0.01
%
Dirk's Trucking, L.L.C. dba Dirk's Trucking (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/17/2020

 
3.0

 
3.0

 
3.1

 
%
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/2/2035

 
40.3

 
40.3

 
45.5

 
0.02
%
Newsome Trucking Inc and Kevin Newsome (#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/2/2035

 
200.3

 
200.3

 
226.1

 
0.08
%
Members Only Software, Inc (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/30/2020

 
6.5

 
6.5

 
6.6

 
%
ActKnowledge,Inc dba ActKnowledge (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2020

 
7.0

 
7.0

 
7.1

 
%
I-90 RV & Auto Supercenter (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/29/2035

 
59.9

 
59.9

 
67.5

 
0.02
%
CJ Park Inc. dba Kidville Midtown West (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/25/2020

 
2.8

 
2.8

 
2.8

 
%
Zouk, Ltd. dba Palma (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/25/2020

 
4.2

 
4.2

 
4.3

 
%
Tanner Optical Inc. dba Murphy Eye Care (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/22/2035

 
75.6

 
75.6

 
85.2

 
0.03
%
Excel RP, Inc./Kevin and Joann Foley (#)
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/8/2028

 
32.4

 
32.4

 
35.0

 
0.01
%
ValleyStar, Inc. dba BrightStar HealthCare (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2020

 
0.6

 
0.6

 
0.6

 
%
ValleyStar, Inc. dba BrightStar Healthcare (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2020

 
0.9

 
0.9

 
0.9

 
%
Diag, LLC dba Kidville (#)
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/21/2020

 
4.8

 
4.8

 
4.9

 
%
New Economic Methods LLC dba Rita's (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/15/2020

 
0.2

 
0.2

 
0.2

 
%
Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/26/2020

 
0.7

 
0.7

 
0.7

 
%
Lahoba,LLC dba Papa John's Pizza (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/30/2034

 
33.5

 
33.5

 
37.7

 
0.01
%
Animal Intrusion Prevention Systems Holding Company, LLC (#)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2024

 
20.7

 
20.7

 
21.5

 
0.01
%
David A. Nusblatt, D.M.D, P.C. (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/11/2019

 
0.6

 
0.6

 
0.6

 
%
KMC RE, LLC & B&B Kennels (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/19/2034

 
45.8

 
45.8

 
51.5

 
0.02
%
ROVER REPAIRS (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.5%
 
11/28/2029

 
47.1

 
47.1

 
50.6

 
0.02
%
The Alba Financial Group, Inc. (^) (#)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
6%
 
3/10/2021

 
5.5

 
5.5

 
5.5

 
%
D & D's Divine Beauty School of Esther, LLC (^) (#)
 
Educational Services
 
Term Loan
 
6%
 
8/1/2031

 
45.3

 
45.3

 
42.9

 
0.01
%
Bliss Coffee and Wine Bar, LLC (#)
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
8/31/2019

 
65.1

 
65.1

 
65.0

 
0.02
%
Zog Inc. (#)
 
Other Information Services
 
Term Loan
 
Prime plus 2.75%
 
4/30/2020

 
23.3

 
23.3

 
23.5

 
0.01
%
Connect Litigation Technology, Inc. (^) (#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2%
 
10/18/2025

 
21.4

 
21.4

 
22.1

 
0.01
%
1911 East Main Street Holdings, Corp (^) (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/18/2032

 
11.1

 
11.1

 
12.3

 
%
Water Works Laundromat, LLC (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.25%
 
9/7/2027

 
153.2

 
153.2

 
161.1

 
0.05
%
Dave Kris, and MDK Ram Corp. (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/5/2026

 
25.4

 
25.4

 
26.9

 
0.01
%
Gill Express Inc. dba American Eagle Truck Wash (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
1/5/2027

 
153.0

 
153.0

 
163.3

 
0.06
%

76
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Head To Toe Personalized Pampering, Inc. (#)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/27/2031

 
8.0

 
8.0

 
8.7

 
%
Christopher F. Bohon & Pamela D. Bohon (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
10/28/2026

 
2.6

 
2.6

 
2.8

 
%
Mogas Limited (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
5/31/2030

 
64.1

 
64.1

 
70.0

 
0.02
%
Shree Om Lodging, LLC dba Royal Inn (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/2/2030

 
56.8

 
56.8

 
62.0

 
0.02
%
Nancy Carapelluci & A & M Seasonal Corner Inc. (^) (#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/1/2025

 
11.0

 
11.0

 
11.5

 
%
Patricia Hughes Jones, MD PC (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
1/13/2020

 
1.0

 
1.0

 
1.0

 
%
Moonlight Multi Media Production, Inc. (^) (#)
 
Other Information Services
 
Term Loan
 
5.3%
 
2/1/2025

 
1.9

 
1.9

 
1.8

 
%
David M. Goens dba Superior Auto Paint & Body, Inc. (#)
 
Repair and Maintenance
 
Term Loan
 
6%
 
8/26/2024

 
12.7

 
12.7

 
12.4

 
%
McCallister Venture Group, LLC and Maw's Vittles, Inc. (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/30/2029

 
10.2

 
10.2

 
11.0

 
%
Chong Hun Im dba Kim's Market (#)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.5%
 
2/27/2024

 
6.6

 
6.6

 
6.8

 
%
Whirlwind Car Wash, Inc. (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2%
 
4/9/2029

 
13.4

 
13.4

 
14.0

 
%
Shuttle Car Wash, Inc. dba Shuttle Car Wash (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.25%
 
11/10/2028

 
14.6

 
14.6

 
15.4

 
0.01
%
Min Hui Lin (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/30/2028

 
14.7

 
14.7

 
15.8

 
0.01
%
Delta Partners, LLC dba Delta Carwash (#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.5%
 
4/5/2029

 
36.5

 
36.5

 
39.2

 
0.01
%
Auto Sales, Inc. (#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
6%
 
8/17/2023

 
5.2

 
5.2

 
5.1

 
%
RAB Services, Inc. & Professional Floor Installations (#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.5%
 
1/31/2023

 
4.5

 
4.5

 
4.6

 
%
Taste of Inverness, Inc. dba China Garden (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2%
 
6/29/2025

 
6.7

 
6.7

 
6.9

 
%
Ralph Werner dba Werner Transmission Inc (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/29/2021

 
1.3

 
1.3

 
1.3

 
%
Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC (#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6%
 
9/14/2023

 
26.6

 
26.6

 
26.0

 
0.01
%
OrthoQuest, P.C. (^) (#)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2%
 
3/12/2022

 
2.2

 
2.2

 
2.2

 
%
Track Side Collision & Tire, Inc. (#)
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/16/2025

 
3.8

 
3.8

 
4.0

 
%
Deesha Corporation, Inc. dba Best Inn & Suites (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
2/14/2025

 
20.5

 
20.5

 
21.3

 
0.01
%
Maruti, Inc (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
11/25/2024

 
18.8

 
18.8

 
19.4

 
0.01
%
Randall D. & Patricia D. Casaburi dba Pat's Pizzazz (^) (#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
3/13/2023

 
4.6

 
4.6

 
4.8

 
%
Gain Laxmi, Inc. dba Super 8 Motel (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
5/31/2023

 
13.3

 
13.3

 
13.7

 
%
Naseeb Corporation (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
3/31/2024

 
21.1

 
21.1

 
21.8

 
0.01
%
Stillwell Ave Prep School (^) (#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/14/2023

 
4.1

 
4.1

 
4.3

 
%
Five Corners, Ltd. (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/11/2019

 
0.9

 
0.9

 
0.9

 
%
Alyssa Corp dba Knights Inn (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
9/30/2023

 
34.8

 
34.8

 
35.8

 
0.01
%
Bhailal Patel dba New Falls Motel (^) (#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/27/2023

 
2.0

 
2.0

 
2.1

 
%

77
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Pegasus Automotive, Inc. (^) (#)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/23/2022

 
6.0

 
6.0

 
6.2

 
%
Delyannis Iron Works (#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
6%
 
12/8/2022

 
2.5

 
2.5

 
2.5

 
%
P. Agrino, Inc. dba Andover Diner (#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/18/2021

 
$
4.2

 
$
4.2

 
$
4.3

 
%
Total Performing SBA Unguaranteed Investments
 
 
 
$
344,442.3

 
$
344,442.3

 
$
353,885.6

 
120.64
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Performing SBA Unguaranteed Investments (3) (21)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
200 North 8th Street Associates LLC and Enchanted Acres Farm (*,#)
 
Food Manufacturing
 
Term Loan
 
6.25%
 
5/4/2028

 
468.3

 
468.3

 
217.4

 
0.07
%
A & A Auto Care LLC (^,*,#)
 
Repair and Maintenance
 
Term Loan
 
7.5%
 
3/9/2026

 
10.4

 
10.4

 

 
%
A & A Auto Care, LLC d/b/a A & A Auto Care, LLC (*,#)
 
Repair and Maintenance
 
Term Loan
 
7.25%
 
8/12/2036

 
88.0

 
88.0

 
80.1

 
0.03
%
Acton Hardware LLC and Mark Allgood & Jamie Allgood (^,*,#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/24/2041

 
478.2

 
478.2

 
353.9

 
0.12
%
Alive Design, LLC (*,#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/13/2027

 
16.2

 
16.2

 
12.8

 
%
All About Kids and Families Medical Center, Inc. (^,*,#)
 
Food Manufacturing
 
Term Loan
 
7%
 
1/13/2029

 
364.9

 
364.9

 
232.8

 
0.08
%
All Printing Solutions, Inc. dba Pryntcomm (^,*,#)
 
Furniture and Related Product Manufacturing
 
Term Loan
 
8%
 
6/27/2041

 
528.8

 
528.8

 
323.2

 
0.11
%
Amboy Group, LLC dba Tommy's Moloney's (*,#)
 
Truck Transportation
 
Term Loan
 
7.5%
 
6/24/2025

 
364.5

 
364.5

 
352.8

 
0.12
%
American Reclamation LLC (^,*,#)
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/1/2027

 
7.2

 
7.2

 
6.7

 
%
Anderson Farms Inc (*,#)
 
Gasoline Stations
 
Term Loan
 
7.75%
 
12/22/2027

 
1,123.3

 
1,123.3

 
891.6

 
0.30
%
Arclay ,LLC (^,*,#)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/5/2030

 
137.1

 
137.1

 
133.2

 
0.05
%
Arrow Freight Inc (^,*,#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
6%
 
3/30/2028

 
666.0

 
666.0

 
373.4

 
0.13
%
Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud (^,*,#)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2%
 
9/26/2024

 
15.7

 
15.7

 
15.2

 
0.01
%
AVM LLC dba Luv 2 Play (*,#)
 
Food Services and Drinking Places
 
Term Loan
 
7%
 
6/1/2028

 
26.1

 
26.1

 
16.8

 
0.01
%
AWA Fabrication & Construction, L.L.C. (*,#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6%
 
4/30/2025

 
34.4

 
34.4

 
1.3

 
%
B & J Manufacturing Corporation and Benson Realty Trust (*,#)
 
Nonstore Retailers
 
Term Loan
 
6%
 
3/30/2021

 
11.0

 
11.0

 
10.7

 
%
B and J Catering Inc dba Culinary Solutions (^,*,#)
 
Gasoline Stations
 
Term Loan
 
6%
 
8/27/2040

 
532.9

 
532.9

 
418.5

 
0.14
%
B&B Fitness and Barbell, Inc. dba Elevations Health Club (*,#)
 
Gasoline Stations
 
Term Loan
 
6.25%
 
6/22/2035

 
200.7

 
200.7

 
192.1

 
0.07
%
Baker Sales, Inc. d/b/a Baker Sales, Inc. (*,#)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/29/2036

 
177.4

 
177.4

 
57.5

 
0.02
%
Fieldstone Quick Stop LLC Barber Investments LLC Thadius M (*,#)
 
Accommodation
 
Term Loan
 
7.25%
 
9/30/2038

 
400.4

 
400.4

 
38.3

 
0.01
%
Barber Investments LLC and Fieldstone Quickstop LLC and Maine Dollar (^,*,#)
 
Gasoline Stations
 
Term Loan
 
7.75%
 
8/15/2039

 
146.3

 
146.3

 

 
%

78
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Bear Creek Entertainment LLC dba The Woods at Bear Creek (^,*,#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/12/2041

 
1,608.1

 
1,670.8

 
428.8

 
0.15
%
Bear Creek Entertainment, LLC dba The Woods at Bear Creek (^,*,#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
85.4

 
85.4

 
83.0

 
0.03
%
Bebos Inc dba Pizza Hut & Sunoco (*,#)
 
Specialty Trade Contractors
 
Term Loan
 
8%
 
3/28/2028

 
214.1

 
214.1

 
53.9

 
0.02
%
Bone Bar & Grill LLC (*,#)
 
Food Services and Drinking Places
 
Term Loan
 
7%
 
6/30/2042

 
73.4

 
73.4

 
57.9

 
0.02
%
Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps (*,#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/30/2031

 
179.3

 
179.3

 
171.6

 
0.06
%
Calhoun Satellite Communications Inc and Transmission Solutions Group (*,#)
 
Broadcasting (except Internet)
 
Term Loan
 
6.75%
 
2/27/2025

 
724.2

 
724.2

 

 
%
Calhoun Satellite Communications, Inc. (*,#)
 
Telecommunications
 
Term Loan
 
7%
 
12/2/2026

 
189.1

 
189.1

 
40.7

 
0.01
%
Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC (*,#)
 
Ambulatory Health Care Services
 
Term Loan
 
7.75%
 
5/15/2025

 
556.4

 
556.4

 
322.0

 
0.11
%
Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation (^,*,#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
7.5%
 
9/30/2027

 
573.1

 
573.1

 
556.6

 
0.19
%
Central Ohio Cleaners Inc (^,*,#)
 
Personal and Laundry Services
 
Term Loan
 
7%
 
6/13/2024

 
85.3

 
85.3

 
1.8

 
%
Chickamauga Properties, Inc., MSW Enterprises, LLP (*,#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6.25%
 
12/22/2035

 
59.0

 
59.0

 
57.3

 
0.02
%
Chickamauga Properties, Inc. and MSW Enterprises, LLP (*,#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6.25%
 
10/19/2022

 
43.5

 
43.5

 

 
%
Clark Realty LLC (^,*,#)
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
8/29/2041

 
73.3

 
73.3

 
18.9

 
0.01
%
Clark Realty LLC (^,*,#)
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
9/15/2027

 
58.6

 
58.6

 

 
%
CLU Amboy, LLC (EPC) and Amboy Group, LLC (OC) dba Tommy Moloney's (^,~,*,#)
 
Food Manufacturing
 
Term Loan
 
7%
 
12/27/2023

 
455.7

 
455.7

 
419.5

 
0.14
%
CM Lab Inc (^,*,#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6.75%
 
5/20/2026

 
125.5

 
125.5

 
73.3

 
0.02
%
Colts V LLC and Nowatzke Service Center, Inc (^,*,#)
 
Repair and Maintenance
 
Term Loan
 
6.75%
 
9/26/2039

 
553.3

 
553.3

 
529.6

 
0.18
%
Custom Software, Inc. a Colorado Corporation dba M-33 Access (*,#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6.25%
 
6/17/2021

 
244.3

 
244.3

 
220.2

 
0.08
%
Custom Software, Inc. a Colorado Corporation dba M-33 Access (*,#)
 
Broadcasting (except Internet)
 
Term Loan
 
6.25%
 
4/30/2022

 
94.3

 
94.3

 

 
%
CZAR Industries, Inc. (^,*,#)
 
Food Services and Drinking Places
 
Term Loan
 
6.5%
 
12/19/2027

 
246.4

 
246.4

 
152.6

 
0.05
%
D&G Capital LLC dba Miami Grill 277 (^,*,#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
12/16/2025

 
46.2

 
46.2

 
9.8

 
%
Demand Printing Solutions, Inc (*,#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
10/29/2034

 
113.3

 
113.3

 
108.5

 
0.04
%
Demand Printing Solutions, Inc. (*,#)
 
Printing and Related Support Activities
 
Term Loan
 
8%
 
12/12/2019

 
1.6

 
1.6

 
1.5

 
%
Demand Printing Solutions, Inc. and MLM Enterprises, LLC (*,#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/27/2021

 
5.5

 
5.5

 
5.3

 
%
MLM Enterprises LLC and Demand Printing Solutions Inc (^,*,#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/18/2024

 
50.2

 
50.2

 
48.0

 
0.02
%

79
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Demand Printing Solutions Inc (^,*,#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
17.0

 
17.0

 
16.2

 
0.01
%
Demand Printing Solutions Inc. (^,*,#)
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/16/2026

 
17.8

 
17.8

 
17.1

 
0.01
%
Demand Printing Solutions Inc. (^,*,#)
 
Ambulatory Health Care Services
 
Term Loan
 
7.5%
 
5/25/2027

 
199.2

 
199.2

 
33.3

 
0.01
%
Douglas Printy Motorsports, Inc. dba Blackburn Trike (*,#)
 
Ambulatory Health Care Services
 
Term Loan
 
7.5%
 
3/9/2040

 
155.9

 
155.9

 
92.1

 
0.03
%
Dr. Richard Rolle JR, PLLC dba Rolle Oral & Facial Surgery PLLC (^,*,#)
 
Truck Transportation
 
Term Loan
 
8%
 
9/29/2042

 
869.9

 
869.9

 
609.9

 
0.21
%
Dr. Richard R. Rolle, Jr., PLLC dba Rolle Oral & Facial Surgery (^,*,#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/18/2027

 
122.3

 
122.3

 

 
%
Driven Warehouse/Distribution LLC (*,#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
7%
 
12/22/2027

 
726.2

 
726.2

 
479.3

 
0.16
%
Driven Warehouse/Distribution LLC (*,#)
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
1/18/2028

 
129.0

 
129.0

 

 
%
DTM Parts Supply Inc. (*,#)
 
Food Manufacturing
 
Term Loan
 
6%
 
6/2/2025

 
54.8

 
54.8

 
54.0

 
0.02
%
DuCharme Realty LLC and DuCharme Enterprises LLC dba Specialty (^,*,#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
2/2/2040

 
210.1

 
210.1

 
137.2

 
0.05
%
E & I Holdings, LP & PA Farm Products, LLC (*,#)
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/30/2030

 
4,705.2

 
4,819.1

 
2,836.4

 
0.97
%
Earth First Recycling LLC (^,*,#)
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
6%
 
12/6/2027

 
72.8

 
72.8

 
69.7

 
0.02
%
Earth First Recycling, LLC and 191 Clark Road, LLC (^,*,#)
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
6%
 
6/5/2027

 
338.0

 
338.0

 
323.5

 
0.11
%
EGM Food Services Inc dba Gold Star Chili (^,*,#)
 
Other Information Services
 
Term Loan
 
6%
 
5/29/2024

 
11.6

 
11.6

 
8.7

 
%
Ericon Inc. dba Quik Pik (^,*,#)
 
Animal Production and Aquaculture
 
Term Loan
 
7.5%
 
3/24/2027

 
54.2

 
54.2

 
51.1

 
0.02
%
Ericon, Inc. (^,*,#)
 
Support Activities for Transportation
 
Term Loan
 
6%
 
12/1/2041

 
705.6

 
705.6

 
665.4

 
0.23
%
Ericon, Inc. dba Quik Pik (^,*,#)
 
Administrative and Support Services
 
Term Loan
 
7.75%
 
12/15/2041

 
322.8

 
322.8

 
304.5

 
0.10
%
Europlast Ltd (*,#)
 
Repair and Maintenance
 
Term Loan
 
7.75%
 
9/26/2022

 
312.9

 
312.9

 
55.1

 
0.02
%
Europlast Ltd (*,#)
 
Repair and Maintenance
 
Term Loan
 
7.75%
 
5/31/2023

 
73.4

 
73.4

 

 
%
Event Mecca LLC (*,#)
 
Administrative and Support Services
 
Term Loan
 
7.75%
 
4/10/2023

 
11.2

 
11.2

 
8.6

 
%
Evernook Valley Milk LLC (^,*,#)
 
Administrative and Support Services
 
Term Loan
 
7.75%
 
8/31/2042

 
637.5

 
637.5

 
455.3

 
0.16
%
Ezzo Properties, LLC and Great Lakes Cleaning, Inc. (*,#)
 
Administrative and Support Services
 
Term Loan
 
7.75%
 
12/20/2027

 
286.5

 
286.5

 
60.1

 
0.02
%
New Image Building Services, Inc. dba New Image Repair Services (*,#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
7.5%
 
8/23/2037

 
251.5

 
251.5

 
168.9

 
0.06
%
New Image Building Services Inc. dba New Image Repair Services (*,#)
 
Construction of Buildings
 
Term Loan
 
7.5%
 
10/29/2023

 
197.1

 
197.1

 

 
%
New Image Building Services, Inc. dba The Maids serving Oakland (^,*,#)
 
Construction of Buildings
 
Term Loan
 
7.5%
 
1/19/2026

 
67.8

 
67.8

 

 
%
New Image Building Services, Inc.dba The Maids Servicing Oakland (^,*,#)
 
Food and Beverage Stores
 
Term Loan
 
7%
 
12/21/2026

 
39.0

 
39.0

 

 
%
New Image Building Services, Inc. (^,*,#)
 
Real Estate
 
Term Loan
 
6%
 
5/18/2027

 
138.9

 
138.9

 

 
%

80
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Farec, Inc (*,#)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/29/2042

 
250.4

 
250.4

 
248.4

 
0.08
%
Galaforo Construction and Companies LLC (^,*,#)
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
12/15/2042

 
207.8

 
207.8

 
201.8

 
0.07
%
Galaforo Construction LLC and Paul M Galaforo, Jr. (*,#)
 
Rental and Leasing Services
 
Term Loan
 
6%
 
12/15/2027

 
329.0

 
329.0

 
72.2

 
0.02
%
Gino Italian American Deli and Meat Market Inc (^,*,#)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
7/25/2041

 
119.9

 
119.9

 

 
%
Glencadia Corporation (^,*,#)
 
Waste Management and Remediation Services
 
Term Loan
 
6%
 
11/21/2027

 
3.5

 
3.5

 

 
%
Grand Manor Realty, Inc. & Kevin LaRoe (*,#)
 
Ambulatory Health Care Services
 
Term Loan
 
6.25%
 
2/20/2023

 
19.0

 
19.0

 
18.2

 
0.01
%
Green Country Filter Manufacturing LLC (^,*,#)
 
Repair and Maintenance
 
Term Loan
 
7%
 
4/27/2026

 
68.3

 
68.3

 
54.3

 
0.02
%
Groundworks Unlimited LLC (^,~,*,#)
 
Truck Transportation
 
Term Loan
 
7.5%
 
12/17/2023

 
8.7

 
8.7

 
7.8

 
%
Guzman Group,LLC (*,#)
 
Truck Transportation
 
Term Loan
 
7.5%
 
9/30/2019

 
173.8

 
173.8

 

 
%
H.M.C, Incorporated (^,*,#)
 
Food Services and Drinking Places
 
Term Loan
 
6.25%
 
7/3/2028

 
183.8

 
183.8

 
178.5

 
0.06
%
Hagerstown Muffler, Inc. and JMS Muffler, Inc (*,#)
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
9/24/2040

 
311.5

 
311.5

 
262.2

 
0.09
%
Harrelson Materials Management,Inc (*,#)
 
Furniture and Home Furnishings Stores
 
Term Loan
 
8%
 
6/24/2021

 
465.2

 
465.2

 
25.0

 
0.01
%
Hartford Cardiology Group LLC and Ideal Nutrition of Connecticut LLC (^,~,*,#)
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
7.5%
 
6/30/2026

 
459.3

 
459.3

 
81.7

 
0.03
%
Hascher Gabelstapler Inc (^,*,#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
7.25%
 
3/26/2024

 
49.0

 
49.0

 
10.1

 
%
HG Ventures, Inc. (^,*,#)
 
Truck Transportation
 
Term Loan
 
7.25%
 
3/9/2028

 
120.9

 
120.9

 
117.4

 
0.04
%
HG Ventures, Inc. dba Diamond Head Trucking (^,*,#)
 
Truck Transportation
 
Term Loan
 
7.25%
 
6/29/2030

 
897.0

 
897.0

 
871.1

 
0.30
%
Home Again Restaurant LLC (*,#)
 
Truck Transportation
 
Term Loan
 
6%
 
6/30/2040

 
0.4

 
0.4

 
0.3

 
%
Hurshell Leon Dutton dba High Jump Party Rentals (^,*,#)
 
Educational Services
 
Term Loan
 
7%
 
11/30/2025

 
13.6

 
13.6

 
13.1

 
%
J And G Group Services LLC and United Vending of Florida Inc and John (^,*,#)
 
Social Assistance
 
Term Loan
 
6%
 
7/28/2026

 
29.6

 
29.6

 
28.7

 
0.01
%
J Harris Trucking LLC (*,#)
 
Personal and Laundry Services
 
Term Loan
 
7.25%
 
5/19/2027

 
18.7

 
18.7

 
8.4

 
%
J Harris Trucking, LLC (^,*,#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
6.25%
 
5/13/2026

 
38.1

 
38.1

 
35.2

 
0.01
%
J Olson Enterprises LLC and Olson Trucking Direct, Inc. (*,#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6.75%
 
6/28/2025

 
628.4

 
628.4

 
46.4

 
0.02
%
Jenny's Wunderland, Inc. (*,#)
 
Social Assistance
 
Term Loan
 
8%
 
6/29/2036

 
98.8

 
98.8

 
13.6

 
%
Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto (^,*,#)
 
Food Services and Drinking Places
 
Term Loan
 
8%
 
10/29/2039

 
11.1

 
11.1

 
8.2

 
%
Kids at Heart,LLC dba Monster Mini Golf (^,~,*,#)
 
Accommodation
 
Term Loan
 
6%
 
9/22/2026

 
20.0

 
20.0

 
15.5

 
0.01
%
Knowledge First Inc dba Magic Years of Learning and Kimberly Knox (^,*,#)
 
Repair and Maintenance
 
Term Loan
 
6.25%
 
3/21/2039

 
133.3

 
133.3

 
127.6

 
0.04
%
Kostekos Inc dba New York Style Pizza (^,*,#)
 
Repair and Maintenance
 
Term Loan
 
6.25%
 
2/6/2040

 
61.9

 
61.9

 
13.8

 
%

81
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Krishna of Orangeburg, Inc. (*,#)
 
Textile Product Mills
 
Term Loan
 
7.25%
 
2/20/2032

 
10.3

 
10.3

 
5.6

 
%
Kup's Auto Spa Inc (*,#)
 
Food Services and Drinking Places
 
Term Loan
 
7.25%
 
11/15/2038

 
70.5

 
70.5

 
33.2

 
0.01
%
Kup’s Auto Spa, Inc. (*,#)
 
Food Services and Drinking Places
 
Term Loan
 
7%
 
10/23/2025

 
54.7

 
54.7

 

 
%
L.M. Jury Enterprises, Inc dba Midwest Monograms (*,#)
 
General Merchandise Stores
 
Term Loan
 
7.25%
 
10/28/2025

 
60.6

 
60.6

 
9.0

 
%
LA Diner Inc dba Loukas L A Diner (*,#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
7.5%
 
9/28/2037

 
617.8

 
617.8

 
600.0

 
0.20
%
Lowgap Grocery & Grill LLC (^,*,#)
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
6%
 
3/24/2041

 
48.0

 
48.0

 
27.0

 
0.01
%
M & H Pine Straw Inc and Harris L. Maloy (*,#)
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
7.5%
 
3/21/2023

 
197.4

 
197.4

 
58.1

 
0.02
%
M & H Pine Straw, Inc and Harris L. Maloy (*,#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
7.5%
 
4/30/2020

 
54.2

 
54.2

 
51.9

 
0.02
%
M & H Pine Straw, Inc.and Harris Maloy (*,#)
 
Construction of Buildings
 
Term Loan
 
6.25%
 
7/10/2020

 
27.4

 
27.4

 
19.7

 
0.01
%
M & H Pinestraw, Inc. and Harris L. Maloy (*,#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/15/2021

 
133.8

 
133.8

 
48.4

 
0.02
%
M and C Renovations Inc (^,~,*,#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
6.25%
 
10/31/2024

 
12.3

 
12.3

 
9.3

 
%
Mariam Diner Inc dba Country Kitchen Restaurant (^,*,#)
 
Electrical Equipment, Appliance, and Component Manufacturing
 
Term Loan
 
7%
 
3/18/2026

 
42.8

 
42.8

 
24.8

 
0.01
%
Matchless Transportation LLC dba First Class Limo (*,#)
 
Broadcasting (except Internet)
 
Term Loan
 
6%
 
8/3/2022

 
121.0

 
121.0

 
99.9

 
0.03
%
Medeiros Holdings Inc (^,*,#)
 
Specialty Trade Contractors
 
Term Loan
 
15%
 
11/25/2025

 
19.6

 
19.6

 
13.3

 
%
Mojo Brands Media, LLC (*,#)
 
Support Activities for Transportation
 
Term Loan
 
7.75%
 
8/28/2023

 
725.0

 
725.0

 
341.6

 
0.12
%
Morris Glass and Construction Inc (*,#)
 
Repair and Maintenance
 
Term Loan
 
7%
 
10/1/2023

 
426.6

 
426.6

 
408.8

 
0.14
%
MTV Bowl, Inc. dba Legend Lanes (*,#)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/30/2036

 
208.9

 
208.9

 
208.5

 
0.07
%
N Transport LLC (^,*,#)
 
Heavy and Civil Engineering Construction
 
Term Loan
 
7%
 
11/20/2027

 
385.5

 
385.5

 
262.5

 
0.09
%
N Transport LLC (^,*,#)
 
Heavy and Civil Engineering Construction
 
Term Loan
 
7%
 
11/20/2042

 
175.3

 
175.3

 
142.5

 
0.05
%
Nelson Sargsyan dba HDA Trucking (*,#)
 
Crop Production
 
Term Loan
 
7%
 
6/16/2025

 
100.8

 
100.8

 
62.7

 
0.02
%
Nowatzke Service Center Inc dba Nowatzke Truck and Trailer (^,*,#)
 
Social Assistance
 
Term Loan
 
7%
 
1/29/2026

 
96.9

 
96.9

 
22.2

 
0.01
%
Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC (^,*,#)
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/20/2028

 
603.5

 
603.5

 
271.4

 
0.09
%
Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Global (*,#)
 
Specialty Trade Contractors
 
Term Loan
 
7%
 
9/28/2026

 
571.2

 
571.2

 
27.2

 
0.01
%
Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field (^,*,#)
 
Specialty Trade Contractors
 
Term Loan
 
7%
 
9/28/2041

 
110.1

 
110.1

 
107.0

 
0.04
%
Peckett's Inc (^,*,#)
 
Specialty Trade Contractors
 
Term Loan
 
7%
 
7/27/2041

 
85.7

 
85.7

 
68.4

 
0.02
%
Pooh's Corner Realty LLC and Pooh's Corner Inc (*,#)
 
Food Services and Drinking Places
 
Term Loan
 
6.25%
 
7/23/2040

 
100.3

 
100.3

 
93.6

 
0.03
%
Ramjay Inc. (^,*,#)
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
7.75%
 
1/13/2027

 
381.9

 
381.9

 
86.9

 
0.03
%
RDT Enterprises LLC (^,*,#)
 
Specialty Trade Contractors
 
Term Loan
 
6.75%
 
9/15/2027

 
136.9

 
136.9

 
62.6

 
0.02
%
RDT Enterprises, L.L.C. (*,#)
 
Personal and Laundry Services
 
Term Loan
 
7.5%
 
11/12/2025

 
19.6

 
19.6

 

 
%

82
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
RDT Enterprises, LLC (^,*,#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
7.5%
 
12/31/2028

 
111.5

 
111.5

 
54.4

 
0.02
%
Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc. (^,*,#)
 
Repair and Maintenance
 
Term Loan
 
7%
 
1/19/2030

 
230.9

 
230.9

 
217.8

 
0.07
%
Roundhay Partners LLC and Roundhay Farming LLC (^,*,#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
7.5%
 
8/8/2042

 
902.1

 
902.1

 
574.2

 
0.20
%
Robbie E. Bakery and Cafe LLC (^,*,#)
Accommodation
 
Term Loan
 
6.25%
 
3/3/2027

 
55.1

 
55.1

 
0.9

 
%
Route 130 SCPI Holdings LLC Route 130 SCPI Operations LLC (^,*,#)
 
Food Services and Drinking Places
 
Term Loan
 
7.75%
 
9/30/2039

 
279.5

 
279.5

 
34.0

 
0.01
%
Sanabi Investment, LLC dba Oscar's Moving and Storage (^,~,*,#)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/20/2027

 
106.2

 
106.2

 
90.8

 
0.03
%
Sand Hill Associates, Ltd. dba Charlie O's Tavern on the Point (^,*,#)
 
Furniture and Related Product Manufacturing
 
Term Loan
 
7.5%
 
12/27/2041

 
413.0

 
413.0

 
306.7

 
0.10
%
Scoville Plumbing & Heating Inc and Thomas P. Scoville (*,#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
6.5%
 
7/25/2022

 
32.1

 
32.1

 
12.4

 
%
SDA Holdings LLC and Les Cheveux Salon Inc (^,*,#)
Broadcasting (except Internet)
 
Term Loan
 
6.75%
 
12/15/2040

 
108.5

 
108.5

 
105.4

 
0.04
%
Sektor Solutions Inc. (^,*,#)
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
11/16/2028

 
157.8

 
157.8

 
153.2

 
0.05
%
Select Propane & Fuel Inc. and Select Fuel & Convenience LLC (*,#)
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
2/10/2030

 
591.4

 
591.4

 
109.1

 
0.04
%
Shaffer Automotive Repair, LLC (*,#)
 
Truck Transportation
 
Term Loan
 
7.25%
 
5/24/2030

 
132.8

 
132.8

 
63.4

 
0.02
%
Shane M. Howell and Buck Hardware and Garden Center, LLC (*,#)
Truck Transportation
 
Term Loan
 
7.75%
 
12/27/2038

 
113.4

 
113.4

 
88.8

 
0.03
%
Shivsakti, LLC dba Knights Inn (*,#)
 
Gasoline Stations
 
Term Loan
 
7.75%
 
12/20/2032

 
3.3

 
3.3

 

 
%
Somerled Investments, LLC dba Mak's Place LLC (^,*,#)
 
Gasoline Stations
 
Term Loan
 
7.5%
 
9/20/2028

 
186.5

 
186.5

 
1.0

 
%
Soregard Inc (^,*,#)
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
7.25%
 
6/30/2041

 
153.4

 
153.4

 
80.9

 
0.03
%
Sourceco Limited Liability Company (^,*,#)
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
7.5%
 
12/17/2025

 
44.3

 
44.3

 
43.0

 
0.01
%
Sovereign Communications LLC (*,#)
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
7%
 
2/7/2024

 
638.7

 
638.7

 
504.3

 
0.17
%
Stellar Environmental LLC (*,#)
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
7.25%
 
3/18/2023

 
29.2

 
29.2

 
28.3

 
0.01
%
STK Ventures Inc dba JP Dock Service & Supply (*,#)
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
7.25%
 
5/9/2037

 
31.6

 
31.6

 
11.0

 
%
Stormrider Inc dba Shirley's Stormrider Inc (*,#)
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
7.75%
 
9/23/2025

 
53.1

 
53.1

 

 
%
Stormrider Inc dba Shirley's Stormrider, Inc (^,*,#)
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
7.75%
 
11/25/2024

 
102.9

 
102.9

 
38.1

 
0.01
%
Street Magic Enterprise LLC (^,*,#)
 
Food Services and Drinking Places
 
Term Loan
 
7%
 
12/21/2027

 
86.3

 
86.3

 
13.0

 
%
Street Magic Enterprise LLC dba New Lisbon Travel Mart (^,*,#)
 
Support Activities for Transportation
 
Term Loan
 
7%
 
11/7/2042

 
419.0

 
419.0

 
406.9

 
0.14
%
Suncrest Stone Products LLC (^,~,*,#)
 
Accommodation
 
Term Loan
 
7%
 
8/29/2041

 
630.5

 
630.5

 
546.2

 
0.19
%

83
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Suncrest Stone Products LLC (^,~,*,#)
 
Specialty Trade Contractors
 
Term Loan
 
6.75%
 
8/29/2026

 
536.6

 
536.6

 
451.6

 
0.15
%
T and B Boots Inc dba Takken's Shoes (*,#)
 
Telecommunications
Term Loan
 
7%
 
3/31/2025

 
23.0

 
23.0

 
21.1

 
0.01
%
T and B Boots Inc dba Takken's Shoes (^,*,#)
 
Specialty Trade Contractors
 
Term Loan
 
7.5%
 
6/17/2026

 
204.5

 
204.5

 

 
%
T and B Boots Inc dba Takken's Shoes (*,#)
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/7/2026

 
95.2

 
95.2

 
93.8

 
0.03
%
Tarver-Henley Inc. and Tar-Hen LLC (^,*,#)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
7.5%
 
6/21/2042

 
314.6

 
314.6

 
223.9

 
0.08
%
The Woods at Bear Creek LLC and Bear Creek Entertainment LLC (^,*,#)
 
Repair and Maintenance
 
Term Loan
 
7.5%
 
9/29/2039

 
489.6

 
489.6

 
475.5

 
0.16
%
Thomas P. Scoville dba Scoville Plumbing & Heating, Inc. (*,#)
 
Food Services and Drinking Places
Term Loan
 
8%
 
11/16/2021

 
32.9

 
32.9

 
32.4

 
0.01
%
Transmission Solutions Group, Inc. and Calhoun Satellite Communication (*,#)
 
Ambulatory Health Care Services
 
Term Loan
 
7.25%
 
12/2/2041

 
64.7

 
64.7

 

 
%
Tri-State Remodeling & Investments, LLC (^,*,#)
 
Food Services and Drinking Places
 
Term Loan
 
7.5%
 
12/11/2025

 
10.3

 
10.3

 
1.6

 
%
TX Superior Communications, LLC (^,~,*,#)
 
Food Services and Drinking Places
 
Term Loan
 
7.25%
 
3/19/2028

 
87.3

 
87.3

 
74.8

 
0.03
%
Vision Automotive LLC dba Vision Chrysler Jeep Dodge Ram of Defiance (^,*,#)
 
Professional, Scientific, and Technical Services
Term Loan
 
7.5%
 
9/29/2029

 
291.3

 
291.3

 
172.2

 
0.06
%
Vision Collision Center LLC dba Integrity Auto Body & Vision Automoti (*,#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
7.5%
 
11/21/2027

 
347.2

 
347.2

 

 
%
Warner Family Restaurant LLC dba Burgerim (*,#)
 
Food Services and Drinking Places
 
Term Loan
 
8%
 
5/3/2028

 
20.1

 
20.1

 
2.8

 
%
Webb Eye Associates, PA (^,*,#)
 
Ambulatory Health Care Services
 
Term Loan
 
7.25%
 
7/19/2027

 
71.2

 
71.2

 
28.6

 
0.01
%
Wilban LLC (^,*,#)
 
Food Services and Drinking Places
 
Term Loan
 
7.5%
 
3/11/2026

 
93.2

 
93.2

 
90.5

 
0.03
%
Wilban LLC (^,*,#)
 
Food Services and Drinking Places
 
Term Loan
 
7.25%
 
3/28/2039

 
402.7

 
402.7

 
297.1

 
0.10
%
Work of Heart Inc dba Little Nest Portraits (*,#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
7.5%
 
1/10/2028

 
5.2

 
5.2

 
5.2

 
%
Work of Heart Inc dba Little Nest Portraits (^,*,#)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
7.5%
 
7/28/2027

 
47.1

 
47.1

 
46.4

 
0.02
%
Zahmel Restaurant Suppliers Corp dba Cash & Carry;Zahners Hardware (^,*,#)
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/28/2027

 
79.3

 
79.3

 
78.1

 
0.03
%
Total Non-Performing Unguaranteed SBA Investments
 
 
 
$
42,133.8

 
$
42,310.4

 
$
24,740.5

 
8.43
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Unguaranteed SBA Investments
 
 
 
$
386,576.1

 
$
386,752.7

 
$
378,626.1

 
129.07
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performing and Non-Performing SBA Guaranteed Investments (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Matrix Z LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 6.5%
 
2/27/2029

 
12.3

 
12.3

 
12.3

 
%
Rello, Inc. dba ID Salon
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 6.5%
 
4/17/2029

 
6.0

 
6.0

 
6.0

 
%
2Choice2Friends dba 2 N 1 Salad Bar and Grill
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 6.5%
 
4/17/2029

 
12.4

 
12.4

 
12.4

 
%
Alan Russell Moldof CPA dba Al Russell Moldof CPA
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 6.5%
 
4/25/2029

 
5.0

 
5.0

 
5.0

 
%
Disability Resolution P.A.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 6.5%
 
4/30/2029

 
7.2

 
7.2

 
7.2

 
%

84
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
NYM Solutions Inc.dba NYM Solutions, Inc
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 6.5%
 
5/6/2029

 
12.5

 
12.5

 
12.5

 
%
Crystal D. Walls dba Crystal's Cleaning Service
 
Administrative and Support Services
 
Term Loan
 
Prime plus 6.5%
 
5/9/2029

 
10.0

 
10.0

 
10.0

 
%
Clowers Trucking By Faith LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 6.5%
 
5/23/2029

 
12.5

 
12.5

 
12.5

 
%
MCM Design LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 6.5%
 
5/23/2029

 
10.0

 
10.0

 
10.0

 
%
Allison K. Chipak dba Still Photography
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 6.5%
 
6/6/2029

 
12.5

 
12.5

 
12.5

 
%
Archer Cleaners Inc
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 6.5%
 
6/10/2029

 
12.5

 
12.5

 
12.5

 
%
Law Office of Paula Padilla
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 6.5%
 
6/13/2029

 
5.0

 
5.0

 
5.0

 
%
Bonadi Inc. dba Polished Salon
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 6.5%
 
6/17/2029

 
12.5

 
12.5

 
12.5

 
%
AA Horseplay, LLC
 
Animal Production and Aquaculture
 
Term Loan
 
Prime plus 6.5%
 
6/20/2029

 
12.5

 
12.5

 
12.5

 
%
Campuscuts LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 6.5%
 
6/21/2029

 
7.5

 
7.5

 
7.5

 
%
Port Diesel L.L.C.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 6.5%
 
6/21/2029

 
12.5

 
12.5

 
12.5

 
%
Gribben & Associates, Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/21/2029

 
2,164.5

 
2,164.5

 
2,385.3

 
0.81
%
Small Batch Creations Inc. dba The Office Bar & Grill
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/21/2029

 
179.3

 
179.3

 
198.3

 
0.07
%
Pawfection Pet Services LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/27/2029

 
59.5

 
59.5

 
65.8

 
0.02
%
Port Huron Ophthalmology, PLLC dba Black River Optical
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2029

 
85.0

 
85.0

 
94.0

 
0.03
%
Nevada Recycling and Salvage LTD, AMCB LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/28/2044

 
3,750.0

 
3,750.0

 
4,226.3

 
1.44
%
Balboa Fashion LLC
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/28/2029

 
42.5

 
42.5

 
47.0

 
0.02
%
Anderson Companies LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2044

 
611.3

 
611.3

 
692.5

 
0.24
%
H2O Mobile Group, Inc. dba Fantasea Scuba
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2029

 
141.8

 
141.8

 
156.8

 
0.05
%
Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle, New York Bagle
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/23/2029

 
102.5

 
102.5

 
113.2

 
0.04
%
AVM LLC dba Luv 2 Play (*)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
6/1/2028

 
78.2

 
78.2

 
86.1

 
0.03
%
Bio-Haz Solutions, Inc.
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
5/29/2044

 
1,018.9

 
1,018.9

 
1,148.3

 
0.39
%
National Stone LTD and NSI Group Inc
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
8/31/2044

 
603.8

 
603.8

 
682.0

 
0.23
%
Hackstaff Restaurants LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/15/2029

 
402.1

 
402.1

 
444.3

 
0.15
%
Beau & HB Inc dba Beau's Billiard, Bowling & Arcade
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/16/2029

 
115.1

 
115.1

 
127.3

 
0.04
%
Thames Aquatic Club, LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
7/21/2029

 
75.0

 
75.0

 
82.9

 
0.03
%
JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/19/2029

 
120.9

 
120.9

 
133.6

 
0.05
%
Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral chapel ll
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/19/2044

 
366.8

 
366.8

 
415.2

 
0.14
%
Healthy and Fresco LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/20/2029

 
100.4

 
100.4

 
111.0

 
0.04
%

85
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (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 In
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
6/21/2044

 
474.8

 
474.8

 
537.6

 
0.18
%
CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/11/2029

 
117.6

 
117.6

 
130.0

 
0.04
%
Mill Creek Early Childhood Program LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/11/2029

 
69.5

 
69.5

 
76.9

 
0.03
%
FRAJOVI Urban Air, LLC dba Urban Air Trampoline& Adventure Park
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
1/8/2030

 
1,288.2

 
1,288.2

 
1,424.8

 
0.49
%
Gilpin Enterprises, LLC dba Jon Smith Subs
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/12/2029

 
176.1

 
176.1

 
194.8

 
0.07
%
ER & DC McPherson Holdings, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/19/2029

 
86.9

 
86.9

 
96.2

 
0.03
%
DeVega Juice Co, - East Cobb, LLC dba Clean Juice Johnson Ferry
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/30/2029

 
88.2

 
88.2

 
97.6

 
0.03
%
Aloha To Go LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/9/2029

 
20.3

 
20.3

 
22.4

 
0.01
%
2820 US HWY 98 N LLC dba Total Package Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/23/2029

 
42.8

 
42.8

 
47.3

 
0.02
%
SV Enterprise LLC dba Haagen-Dazs
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/24/2029

 
105.4

 
105.4

 
116.6

 
0.04
%
Kego 2 LLC dba Jon Smith Subs
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/14/2029

 
165.0

 
165.0

 
182.5

 
0.06
%
LuLuBelle's Mountain Banana Bread LLC
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/21/2044

 
217.1

 
217.1

 
245.9

 
0.08
%
Soft Touch Tissue & Paper LLC
 
Paper Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/26/2029

 
299.8

 
299.8

 
331.5

 
0.11
%
Shooter's Gun Club, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/27/2029

 
240.0

 
240.0

 
265.6

 
0.09
%
Total SBA Guaranteed Performing and Non-Performing Investments
 
 
 
$
13,572.2

 
$
13,572.2

 
$
15,142.5

 
5.16
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total SBA Unguaranteed and Guaranteed Investments
 
 
 
$
400,148.3

 
$
400,324.9

 
$
393,768.6

 
134.23
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Controlled Investments (5) (21)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Advanced Cyber Security Systems, LLC (*,#) (6) (20)
 
Data processing, hosting and related services.
 
50% Membership Interest
 
—%
 

 

 

 

 
%
 
 
 
 
Term Loan
 
3%
 
December 2014

 
381.0

 
381.0

 

 
%
Automated Merchant Services, Inc. (*,#) (7) (20)
 
Data processing, hosting and related services.
 
100% Common Stock
 
—%
 

 

 

 

 
%
CDS Business Services, Inc. (*,#) (8)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Common Stock
 
—%
 

 

 
4,428.0

 
5,000.0

 
1.70
%
 
 
 
 
Line of Credit
 
Prime plus 2.5%
 
December 2019

 
5,000.0

 
5,000.0

 
5,000.0

 
1.70
%
 
 
 
 
Term Loan
 
10%
 
April 2020

 
300.0

 
300.0

 
300.0

 
0.10
%

86
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Newtek Technology Solutions, Inc. (*,#) (11)
 
Data processing, hosting and related services.
 
100% Common Stock
 
—%
 

 

 
8,384.0

 
7,000.0

 
2.39
%
 
 
 
 
Line of Credit
 
1 month LIBOR plus 2.5%
 
November 2028

 
7,625.0

 
7,625.0

 
7,625.0

 
2.60
%
Newtek Insurance Agency, LLC (*,#) (13)
 
Insurance Carriers and Related Activities
 
100% Membership Interest
 
—%
 

 

 
135.0

 
2,215.0

 
0.76
%
PMTWorks Payroll, LLC (*,#) (9)
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—%
 

 

 
1,443.1

 

 
%
 
 
 
 
Term Loan
 
10%
 
October 2019
 
435.0

 
435.0

 

 
%
 
 
 
 
Term Loan
 
10%
 
May 2020
 
750.0

 
750.0

 

 
%
 
 
 
 
Term Loan
 
12%
 
May 2020
 
500.0

 
500.0

 

 
%
 
 
 
 
Term Loan
 
10%
 
July 2020
 
1,000.0

 
1,000.0

 

 
%
Small Business Lending, LLC (*,#) (12) (20)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Membership Interest
 
—%
 

 

 
598.0

 
3,948.4

 
1.35
%
 
 
 
 
Term Loan
 
10%
 
June 2021
 
400.0

 
400.0

 
400.0

 
0.14
%
ADR Partners, LLC dba banc-serv Partners, LLC (*,#) (12)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Membership Interest
 
—%
 

 

 
7,085.2

 

 
%
International Professional Marketing, Inc. (#) (16)
 
Professional, Scientific, and Technical Services
 
100% Common Stock
 
—%
 

 

 
4,000.0

 
3,900.0

 
1.33
%
 
 
 
 
Line of Credit
 
Prime plus 0.5%
 
April 2021

 
100.0

 
100.0

 
100.0

 
0.03
%
SIDCO, LLC (#) (16)
 
Professional, Scientific, and Technical Services
 
100% Membership Interest
 
—%
 

 

 
7,119.7

 
6,899.7

 
2.35
%
 
 
 
 
Line of Credit
 
Prime plus 0.5%
 
July 2019

 
100.0

 
100.0

 
100.0

 
0.03
%
Newtek Merchant Solutions, LLC (#) (11)
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—%
 

 

 
16,438.0

 
121,250.0

 
41.33
%
Mobil Money, LLC (#) (17)
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—%
 

 

 
2,980.0

 
2,979.4

 
1.02
%
Newtek Business Lending, LLC (*,#) (10)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Membership Interest
 
—%
 

 

 
6,588.0

 
9,587.7

 
3.27
%

87
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2019 (UNAUDITED)
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Newtek Conventional Lending, LLC (#) (18)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
50% Membership Interest
 
—%
 

 

 
1,448.6

 
1,509.4

 
0.51
%
Titanium Asset Management, LLC (*,#) (14)
 
Administrative and Support Services
 
Term Loan
 
10%
 
March 2021
 
900.0

 
900.0

 
900.0

 
0.31
%
 
 
 
 
Term Loan
 
10%
 
July 2020
 
193.9

 
193.9

 

 
%
 
 
 
 
100% Membership Interest
 
—%
 

 

 

 

 
%
Excel WebSolutions, LLC (*,#) (15)
 
Data processing, hosting and related services.
 
Term Loan
 
10%
 
September 2020
 
159.2

 
159.2

 

 
%
 
 
 
 
50% Membership Interest
 
 

 

 

 

 
%
Total Controlled Investments
 
 
 
$
17,844.1

 
$
78,491.7

 
$
178,714.6

 
60.92
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Control/Affiliate Investments (21)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EMCAP Loan Holdings, LLC (+,#) (19) (24)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
6.04% Membership Interest
 
—%
 

 
$

 
$
1,000.0

 
$
1,000.0

 
0.34
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments in Money Market Funds
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Select Treasury Institutional Fund - 2.26% yield
 
 
 
 
 
 
 
 
 
$
9.1

 
$
9.1

 
$
9.1

 
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Investments
 
 
 
 
 
 
 
 
 
$
418,001.5

 
$
479,825.7

 
$
573,492.3

 
195.50
%

^ Denotes investment has been pledged as collateral under the Securitization Trusts.
* Denotes non-income producing security.
# Denotes fair value determined using significant unobservable inputs.
~ Denotes sub-performing investment (Note 3).
+ Denotes restricted security.
(1) Newtek values each unguaranteed portion of SBA 7(a) performing loans (“Loan”) using a discounted cash flow analysis which projects future cash flows and incorporates projections for Loan pre-payments and Loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on Loan age. The recovery assumption for each Loan is specific to the discounted valuation of the collateral supporting that Loan. Each Loan’s cash flow is discounted at a rate which approximates a market yield. The Loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded PLP status from the SBA. Portions of these Loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors. Includes 5 loans with a cost

88
See accompanying notes to unaudited condensed consolidated financial statements.




basis of $4,580,000 and fair value of $4,300,000 which NSBF owns 100% of the outstanding loan balance that were originated by NSBF as SBA 7(a) loans, but are no longer deemed SBA 7(a) loans as a result of Newtek repurchasing the guaranteed portions of the loans from the SBA.
(2) Prime Rate is equal to 5.50% and 1 month LIBOR is equal to 2.398% as of June 30, 2019.
(3) Newtek values non-performing SBA 7(a) loans based on whether they are (a) sub-performing loans, which are non-accrual, nonperforming loans which are cash flowing (the borrower is currently making partial loan repayments) and the Company believes outstanding principal has a likelihood of being recovered from borrower principal payments, as opposed to collateral liquidation or (b) nonperforming loans that are not generating cash flow, which are non-accrual loans which the Company believes outstanding principal can only be recovered by collateral liquidation. Sub-performing loans are valued, in part, based on the present value of expected future cash flows using a discounted cash flow analysis of the underlying collateral which supports the loan. Net recovery of collateral, (fair value less cost to liquidate) is applied to the discounted cash flow analysis based upon a time to liquidate estimate. Nonperforming loans not generating cash flow are valued based upon the value of the underlying collateral in a liquidation scenario. Modified loans are valued based upon current payment streams and are re-amortized at the end of the modification period. Includes 3 loans with a cost basis of $6,916,000 and fair value of $3,674,000 which NSBF owns 100% of the outstanding loan balance that were originated by NSBF as SBA 7(a) loans, but are no longer deemed SBA 7(a) loans as a result of Newtek repurchasing the guaranteed portions of the loans from the SBA.
(4) Newtek values guaranteed performing SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells performing SBA 7(a) loans into this secondary market. Guaranteed portions of SBA 7(a) loans partially funded as of the valuation date are valued using level two inputs as disclosed in Note 6.
(5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. or its subsidiaries owns more than 25% of the voting securities of such company. See Note 4 in the accompanying notes to the condensed consolidated financial statements for transactions during the six months ended June 30, 2019 with affiliates the Company is deemed to control.
(6) 50% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), 50% owned by non-affiliate. The term loan is past its original maturity date and currently in default. As such, the fair value of the investment is zero.
(7) 96.11% owned by Wilshire Partners, LLC (a subsidiary of Newtek Business Services Corp.), 3.89% owned by Newtek Business Services Corp.
(8) 50.15% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 49.85% owned by Wilshire Holdings 1, Inc. (a subsidiary of Newtek Business Services Corp.).
(9) 25% owned by The Whitestone Group, LLC, (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.), 65% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), and 10% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.).
(10) 100% owned by Newtek Business Services Holdco 6, Inc. (a subsidiary of Newtek Business Services Corp.
(11) 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.). Premier was merged with NMS at December 31, 2018.
(12) 100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Newtek Business Services Holdco 5, Inc., both subsidiaries of Newtek Business Services Corp.).
(13) 100% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.).
(14) 50% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.), 47.8% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 2.2% owned by Wilshire New York Advisers II, LLC (a subsidiary of Newtek Business Services Corp.).
(15) 50% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 50% owned by non-affiliate.
(16) 100% owned by Newtek Business Services Holdco 2, Inc. (a subsidiary of Newtek Business Services Corp.).
(17) 100% owned by Newtek Business Services Holdco 4, Inc. (a subsidiary of Newtek Business Services Corp.).
(18) On May 20, 2019, the Company launched Newtek Conventional Lending, LLC (“NCL”) to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL is 50% owned by Newtek Commercial Lending, Inc. (a subsidiary of Newtek Business Services Corp.) and 50% owned by Conventional Lending TCP Holding, LLC (a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (NASDAQ:TCPC)).
(19) 6.04% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.).

89
See accompanying notes to unaudited condensed consolidated financial statements.




(20) Zero cost basis is reflected as the portfolio company was organized by the Company and incurred internal legal costs to organize the entity and immaterial external filing fees which were expensed when incurred.
(21) All of the Company’s investments are in entities which are organized under the Laws of the United States and have a principal place of business in the United States.
(22) The fair value of the investment was determined using significant unobservable inputs.
(23) The Company’s investments generally are acquired in private transactions exempt from registration under the Securities Act and, therefore, generally are subject to limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. However, unless otherwise indicated, such securities may be sold in certain transactions (generally to qualified institutional buyers) and remain exempt from registration.
(24) Restricted security initially obtained on April 25, 2018.
(25) Under the Investment Company Act of 1940, as amended, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. At June 30, 2019, 5.7% of total assets are non-qualifying assets.

As of June 30, 2019, the federal tax cost of investments was $479,825,700 resulting in estimated gross unrealized gains and losses of $141,122,000 and $39,071,000, respectively.


90
See accompanying notes to unaudited condensed consolidated financial statements.





NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performing SBA Unguaranteed Investments (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
HDD Solutions, LLC
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
12/31/2028

 
$
553.8

 
$
553.8

 
$
527.5

 
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

 
237.5

 
237.5

 
213.1

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

 
557.8

 
557.8

 
575.3

 
0.20
%
Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institute
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
18.8

 
18.8

 
20.6

 
0.01
%
Superior Concepts Acquisition Corp
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2028

 
119.8

 
119.8

 
111.4

 
0.04
%
Nix and Nix Funeral Home North Inc,
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
569.5

 
569.5

 
610.9

 
0.21
%
Capitol Fitness Shelby Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/28/2028

 
18.2

 
18.2

 
16.8

 
0.01
%
American Rewinding of NC Inc dba MTS
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/28/2028

 
425.0

 
425.0

 
396.2

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

 
342.9

 
342.9

 
355.1

 
0.12
%
Superior Concepts Acquisition Corp
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
509.6

 
509.6

 
514.0

 
0.18
%
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

 
1,170.1

 
0.41
%
East Breeze LLC dba Historic Springdale Pub and Eatery
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/27/2043

 
128.3

 
128.3

 
136.0

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

 
300.0

 
300.0

 
286.9

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

 
10.5

 
10.5

 
9.4

 
%
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

 
475.5

 
0.17
%
Fave Realty Inc.
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
12/27/2043

 
123.5

 
123.5

 
135.6

 
0.05
%
Simkar LLC, Neo Lights Holding Inc, Kalco Lighting, LLC
 
Electrical Equipment, Appliance, and Component Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/26/2043

 
500.0

 
500.0

 
549.1

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

 
142.3

 
142.3

 
151.1

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

 
497.0

 
497.0

 
533.9

 
0.19
%
Timios Enterprises Corp dba Palm Court
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/24/2043

 
707.6

 
707.6

 
741.7

 
0.26
%
RM Hawkins LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/24/2028

 
300.0

 
300.0

 
281.8

 
0.10
%
LP Industries, Inc and Playground Packages, LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
93.8

 
93.8

 
84.0

 
0.03
%
Tri-State Financial Group Inc
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
37.8

 
37.8

 
33.8

 
0.01
%
Royalty Freight Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
97.5

 
97.5

 
87.1

 
0.03
%
Fifth Wheel Truck Stop 001, Inc.
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
105.0

 
105.0

 
93.8

 
0.03
%
Siman Trio Trading
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
150.0

 
150.0

 
134.8

 
0.05
%

91
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
The Law Office of Jared E. Shapiro, P.A.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
11.3

 
11.3

 
10.0

 
%
Kyle M Walker DDS, PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
112.5

 
112.5

 
101.5

 
0.04
%
Diamond Estates LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
75.0

 
75.0

 
67.0

 
0.02
%
Burgess and Dudley, Incorporated
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
237.5

 
237.5

 
220.1

 
0.08
%
D.A.F.S Transport, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
660.0

 
660.0

 
653.7

 
0.23
%
Precision Bytes LLC dba Tower Connect
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
129.8

 
129.8

 
116.6

 
0.04
%
Accel Compression Inc., Accel Workover Services Inc
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
6/21/2044

 
44.5

 
44.5

 
48.9

 
0.02
%
Cammarata Associates LLC
 
Credit Intermediation and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
75.0

 
75.0

 
67.0

 
0.02
%
C&D Trucking & Equipment Service, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
117.5

 
117.5

 
122.2

 
0.04
%
Baseline Health, LLC & Baseline Health Management, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
118.8

 
118.8

 
107.9

 
0.04
%
Sesolinc GRP, Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
375.0

 
375.0

 
355.5

 
0.12
%
ETS Tree Service Inc and Eastern Tree Service, Inc
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
230.0

 
230.0

 
216.6

 
0.08
%
Local Liberty Inc dba The Wardsboro Country Store
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/20/2043

 
155.3

 
155.3

 
164.9

 
0.06
%
Yellow Fin Marine Services LLC, K Marine XI, LLC K Marine VIII, LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2028

 
662.5

 
662.5

 
648.5

 
0.23
%
Graff Excavating, Inc
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
12/20/2028

 
195.5

 
195.5

 
176.9

 
0.06
%
Flashii App, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2028

 
62.5

 
62.5

 
63.8

 
0.02
%
Alaska Motor Home Inc
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2028

 
300.0

 
300.0

 
284.8

 
0.10
%
Hotel Compete, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2028

 
62.5

 
62.5

 
55.8

 
0.02
%
Healthy and Fresco LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/20/2029

 
25.0

 
25.0

 
23.5

 
0.01
%
CK Green Parners, LLC dba Reis and Irvy's Columbus
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/20/2029

 
187.5

 
187.5

 
179.3

 
0.06
%
Darian L Hampton DDS PA and Darian L. Hampton
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2028

 
300.0

 
300.0

 
269.8

 
0.09
%
Roots N Shoots, LLC & Yardplus LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2028

 
68.0

 
68.0

 
61.7

 
0.02
%
Cedric Construction Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/20/2028

 
100.0

 
100.0

 
104.0

 
0.04
%
Accent Comfort Services, Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/19/2028

 
68.8

 
68.8

 
61.8

 
0.02
%
Marlin Lighting LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/19/2028

 
101.8

 
101.8

 
90.9

 
0.03
%
Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral Chapel ll
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/19/2044

 
28.9

 
28.9

 
31.7

 
0.01
%
Always Goldie's Florist
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/19/2028

 
11.7

 
11.7

 
10.6

 
%
The Cromer Company
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/19/2028

 
500.0

 
500.0

 
448.0

 
0.16
%

92
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/19/2029

 
42.1

 
42.1

 
41.4

 
0.01
%
^Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/14/2028

 
15.8

 
15.8

 
14.1

 
%
^Peanut Butter & Co., Inc.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/14/2028

 
250.0

 
250.0

 
223.3

 
0.08
%
^Alpha Landscape Contractors, Inc
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
1/14/2029

 
334.0

 
334.0

 
311.6

 
0.11
%
^YBL Restaurant Group LLC dba Tropisueno
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/14/2029

 
377.0

 
377.0

 
339.6

 
0.12
%
^Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2028

 
317.5

 
317.5

 
294.8

 
0.10
%
^Alpha Omega Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/14/2028

 
70.0

 
70.0

 
72.8

 
0.03
%
^Healthy Human, LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/14/2028

 
125.0

 
125.0

 
111.7

 
0.04
%
^Aero Consulting and Engineering Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/14/2028

 
15.0

 
15.0

 
13.4

 
%
^L&M Services, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/14/2043

 
200.0

 
200.0

 
209.2

 
0.07
%
^Redskin Cafe Inc. dba Goodfellas Wine & Spirits, Redskin Cafe Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/14/2043

 
245.8

 
245.8

 
266.9

 
0.09
%
^Ventures TBD LLC dba The Bottle Tree
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/14/2043

 
98.8

 
98.8

 
101.6

 
0.04
%
^Fitness Orlando LLC & Fitness Orlando Oviedo, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/14/2028

 
275.0

 
275.0

 
254.6

 
0.09
%
^Stony Creek Wellness Group, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/14/2043

 
98.8

 
98.8

 
105.0

 
0.04
%
Sound Contracting LLC
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2043

 
197.0

 
197.0

 
200.3

 
0.07
%
Sound Contracting LLC
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2028

 
41.8

 
41.8

 
39.4

 
0.01
%
^OC Helicopters LLC
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/13/2028

 
25.0

 
25.0

 
26.0

 
0.01
%
^The Miller Center for Esthetic Excellence
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/13/2043

 
387.5

 
387.5

 
383.0

 
0.13
%
^Plan B Burger LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/13/2029

 
1,050.0

 
1,050.0

 
976.2

 
0.34
%
^Burton Realty Co., Inc dba Anchor Realty, Northeast
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
12/13/2028

 
303.0

 
303.0

 
270.7

 
0.09
%
^Tapia Auto Care, LLC dba Shoreline Quick LUbe and Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/13/2043

 
977.5

 
977.5

 
1,000.2

 
0.35
%
D for Dream LLC dba Blow Dry Bar Inc
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/13/2029

 
24.4

 
24.4

 
21.9

 
0.01
%
^All About Kids and Families Mediical Center, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
1/13/2029

 
368.8

 
368.8

 
363.2

 
0.13
%
^United States Plastic Equipment LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/13/2028

 
142.5

 
142.5

 
127.3

 
0.04
%
Anglin Cultured Stone Products LLC dba Anglin Construction
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
1/12/2029

 
62.5

 
62.5

 
63.6

 
0.02
%
^Tier1 Solutions LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/12/2029

 
10.2

 
10.2

 
9.1

 
%
^Mateo Enterprise Inc dba El Milagro Market
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/12/2043

 
120.0

 
120.0

 
123.5

 
0.04
%

93
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Behind The Scenes Chicago, LLC dba Paramount Events
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/12/2029

 
256.3

 
256.3

 
251.3

 
0.09
%
^Ashwood Food Services Inc. dba Jake Rooney's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/12/2043

 
215.0

 
215.0

 
230.7

 
0.08
%
Airstrike Firefighters LLC
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
12/12/2028

 
1,250.0

 
1,250.0

 
1,196.7

 
0.42
%
^Mateo Enterprise Inc dba El Milagro Market
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
1/12/2029

 
60.0

 
60.0

 
53.7

 
0.02
%
^Ashwood Food Services, Incorporated dba Jake Rooney's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/12/2029

 
67.5

 
67.5

 
62.9

 
0.02
%
^Oregon Medical Training Private Career School Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
1/11/2029

 
40.0

 
40.0

 
35.8

 
0.01
%
^TFE Resources ,LTD
 
Utilities
 
Term Loan
 
Prime plus 2.75%
 
1/11/2029

 
597.5

 
597.5

 
548.6

 
0.19
%
^B&B Bodega of Delray LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
1/11/2029

 
19.5

 
19.5

 
17.5

 
0.01
%
White Wilson & Associates LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/11/2043

 
42.5

 
42.5

 
43.7

 
0.02
%
^EMES Supply, LLC
 
General Merchandise Stores
 
Term Loan
 
Prime plus 2.75%
 
1/11/2029

 
125.0

 
125.0

 
114.0

 
0.04
%
^Googlyoogly, LLC dba Bi-Rite Supermarket
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/11/2043

 
203.0

 
203.0

 
209.0

 
0.07
%
^Hilltop Wine Shop, Inc dba Graceland Party
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/11/2043

 
128.0

 
128.0

 
133.7

 
0.05
%
^The Duck's Nuts Inc dba Pet Place Market
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
1/11/2029

 
43.3

 
43.3

 
40.9

 
0.01
%
^Team Henry, LLC dba Kelly Automotive of Deltona
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/10/2043

 
391.3

 
391.3

 
401.5

 
0.14
%
^ZLM Services LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
1/10/2029

 
40.0

 
40.0

 
35.8

 
0.01
%
^Shining Star Kids, Inc. dba Brain Balance
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
1/7/2029

 
87.5

 
87.5

 
78.7

 
0.03
%
^Food Service Industry Consultants Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/7/2029

 
71.5

 
71.5

 
64.2

 
0.02
%
^Metro R Services Inc. and Metal & Roof Supplies Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
1/6/2029

 
207.5

 
207.5

 
216.0

 
0.08
%
^CET Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
1/6/2029

 
1,250.0

 
1,250.0

 
1,154.7

 
0.40
%
^3SIXO Motorsports LLC dba 3SIXO Motorsports Shop
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
1/6/2029

 
98.3

 
98.3

 
88.2

 
0.03
%
^Consulting Solutions, Inc and Mark Luciani
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/5/2029

 
57.5

 
57.5

 
51.4

 
0.02
%
^Little West LLC, 340 Group LLC, Retail West LLc, Andrew W Walker
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/5/2029

 
87.5

 
87.5

 
79.0

 
0.03
%
^Unique Home Solutions Inc. and Unique Home Solutions of Ohio
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
1/5/2029

 
250.0

 
250.0

 
260.3

 
0.09
%
^Levine Daycare Inc dba Kids R Kids
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/5/2029

 
270.0

 
270.0

 
252.9

 
0.09
%
^Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/4/2029

 
39.0

 
39.0

 
37.0

 
0.01
%
^Access Staffing, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
1/4/2029

 
194.3

 
194.3

 
173.7

 
0.06
%
^The Altitude Group LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
1/4/2029

 
150.0

 
150.0

 
134.7

 
0.05
%
^York Concrete Corp
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/3/2043

 
200.0

 
200.0

 
217.1

 
0.08
%

94
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Swantown Inn and Spa, LLC
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
1/3/2029

 
13.5

 
13.5

 
14.1

 
%
^Tammy's Place LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/30/2044

 
436.8

 
436.8

 
476.1

 
0.17
%
^Microplex Co, Third Market LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/30/2028

 
165.0

 
165.0

 
147.4

 
0.05
%
^Hernando Beach Motel LLC,The Purple Cow House o APancake A Inc.
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
11/30/2043

 
225.0

 
225.0

 
247.1

 
0.09
%
^Cabrera's Auto Services LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/30/2043

 
81.0

 
81.0

 
85.5

 
0.03
%
^Water Station Holdings LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/30/2028

 
693.3

 
693.3

 
662.9

 
0.23
%
^Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
12/30/2028

 
125.0

 
125.0

 
123.5

 
0.04
%
^Albert M Quashie, DDS, PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/29/2028

 
87.5

 
87.5

 
83.8

 
0.03
%
^JJB Production LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/29/2028

 
7.4

 
7.4

 
6.6

 
%
^Albert M. Quashie, DDS, PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/29/2043

 
65.0

 
65.0

 
67.4

 
0.02
%
^Bike Slug Holdings Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/28/2028

 
9.0

 
9.0

 
8.0

 
%
^Extreme Granite Corp
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
187.5

 
187.5

 
202.2

 
0.07
%
^True Love Christian Academy LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
42.0

 
42.0

 
45.4

 
0.02
%
^Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2028

 
123.8

 
123.8

 
111.1

 
0.04
%
^Level Up Gaming, Inc
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
11/28/2043

 
90.0

 
90.0

 
91.4

 
0.03
%
^Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/28/2043

 
431.3

 
431.3

 
473.6

 
0.16
%
^BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
1,250.0

 
1,250.0

 
1,278.9

 
0.44
%
Thames Aquatic Club, LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
7/21/2029

 
18.5

 
18.5

 
19.3

 
0.01
%
^Best Global Alternative North, LLC
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
87.5

 
87.5

 
78.2

 
0.03
%
^M.A.W. Enterprises LLC dbaY-Not Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
22.5

 
22.5

 
21.1

 
0.01
%
^Commonwealth Warehouse Inc
 
Warehousing and Storage
 
Term Loan
 
Prime plus 2.75%
 
12/20/2028

 
450.0

 
450.0

 
426.0

 
0.15
%
^On Call Electrical of Georgia LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/20/2043

 
666.9

 
666.9

 
689.5

 
0.24
%
^K & A Automotive Inc
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/19/2043

 
122.0

 
122.0

 
131.0

 
0.05
%
^High Desert Transport, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/19/2028

 
76.0

 
76.0

 
70.0

 
0.02
%
^Cali Fit Meals
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/16/2028

 
62.5

 
62.5

 
56.0

 
0.02
%
^Cocomo Joe's LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/16/2028

 
1.7

 
1.7

 
1.6

 
%
^Saunders Management LLC dba Northern Light Espresso Bar and Cafe
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/16/2028

 
40.5

 
40.5

 
42.1

 
0.01
%
Beau & HB Inc dba Beau's Billiard, Bowling & Arcade
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/16/2029

 
6.9

 
6.9

 
7.2

 
%
^Sektor Salutions Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/16/2028

 
158.0

 
158.0

 
141.2

 
0.05
%

95
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Beau & HB Inc dba Beau's Billard, Bowling & Arcade
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/16/2043

 
70.0

 
70.0

 
73.1

 
0.03
%
^Allegro Assisted Living Services of Texas LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
11/15/2043

 
95.0

 
95.0

 
104.3

 
0.04
%
^GEM2K, LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2043

 
381.3

 
381.3

 
398.3

 
0.14
%
^Schafer Fisheries Inc.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
11/14/2028

 
50.0

 
50.0

 
52.0

 
0.02
%
^US Dedicated LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/9/2028

 
420.0

 
420.0

 
381.1

 
0.13
%
^Jinwoo Sushi Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/9/2028

 
22.3

 
22.3

 
23.1

 
0.01
%
^Salon Femi LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/9/2028

 
7.5

 
7.5

 
7.2

 
%
^McNeill Stokes
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/8/2028

 
6.8

 
6.8

 
6.0

 
%
Vancole Investments, Inc. dba Smoothie King #913
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/7/2044

 
229.3

 
229.3

 
249.3

 
0.09
%
^JN Thompson Ent, Inc.
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/7/2028

 
394.5

 
394.5

 
363.4

 
0.13
%
JP Dhillon's Foods LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/1/2029

 
25.8

 
25.8

 
24.6

 
0.01
%
^Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/1/2028

 
325.0

 
325.0

 
290.3

 
0.10
%
^Modutech Marine Inc
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/1/2028

 
375.0

 
375.0

 
390.0

 
0.14
%
^Steele Security, LLC dba Signal 88 Security of San Antonio
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/31/2028

 
110.6

 
110.6

 
99.9

 
0.03
%
^Abington Caregivers, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/30/2043

 
124.9

 
124.9

 
132.0

 
0.05
%
Organic Juice Bar Wexford LLC dba The OJB "The Organic Juice Bar"
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/30/2029

 
81.3

 
81.3

 
73.9

 
0.03
%
^C.A.T.I. Armor, LLC
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/30/2043

 
210.0

 
210.0

 
217.8

 
0.08
%
UK, LLC dba Pita Pit
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/30/2029

 
32.4

 
32.4

 
30.3

 
0.01
%
^JAL Group, Inc. dba Brainy Boulevard Daycare
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
10/29/2028

 
56.8

 
56.8

 
51.4

 
0.02
%
^Ohio Gold & Pawn LLC, Our New Building LLC and Corey Fischer
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
10/26/2028

 
146.0

 
146.0

 
151.8

 
0.05
%
^The Face Place, LLC dba Classic Aesthetics
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
10/25/2028

 
10.0

 
10.0

 
9.0

 
%
^Reliant Trucking Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
10/25/2028

 
132.3

 
132.3

 
124.1

 
0.04
%
^Bellas Sports Pub, Inc dba Brewmasters Tavern
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/24/2043

 
69.7

 
69.7

 
75.8

 
0.03
%
^Shovels and Whiskey LLC
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
10/16/2043

 
76.4

 
76.4

 
81.9

 
0.03
%
Hackstaff Restaurants LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/15/2029

 
57.5

 
57.5

 
53.6

 
0.02
%
^TA Coleman, LLC dba Tom's Truck Shop
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/12/2028

 
5.8

 
5.8

 
5.6

 
%
^Cater To You Agency, LLC, dba Cater To You
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/11/2043

 
22.5

 
22.5

 
23.4

 
0.01
%
^Faydon, Inc
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
10/10/2028

 
74.6

 
74.6

 
76.5

 
0.03
%
^MB Click It Photography, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/10/2043

 
38.2

 
38.2

 
40.7

 
0.01
%
^Wellfleet Consulting Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/9/2028

 
14.9

 
14.9

 
13.3

 
%

96
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Apps Inc and Market Share Inc.
 
Telecommunications
 
Term Loan
 
Prime plus 2.75%
 
10/5/2028

 
94.5

 
94.5

 
84.4

 
0.03
%
^Moore Care LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/4/2028

 
51.7

 
51.7

 
46.2

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

 
946.7

 
946.7

 
988.9

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

 
105.1

 
105.1

 
102.7

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

 
330.5

 
330.5

 
350.1

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

 
534.0

 
534.0

 
513.1

 
0.18
%
^Mellow Sweets, Inc dba Jaafer Sweets & Marwan Hamdan
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/28/2028

 
55.5

 
55.5

 
49.8

 
0.02
%
^Throop Family Holdings, Inc
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/28/2043

 
643.5

 
643.5

 
665.9

 
0.23
%
^JAM Media Solutions LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2028

 
887.5

 
887.5

 
813.2

 
0.28
%
^Rami Technology USA, LLC
 
Computer and Electronic Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/28/2028

 
178.4

 
178.4

 
160.6

 
0.06
%
^Quality Electric & Data
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/27/2028

 
98.9

 
98.9

 
95.3

 
0.03
%
Blue Seven, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
1/27/2029

 
49.8

 
49.8

 
46.4

 
0.02
%
^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

 
117.4

 
117.4

 
105.3

 
0.04
%
^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

 
123.6

 
123.6

 
117.3

 
0.04
%
^Blackwater Diving, LLC
 
Support Activities for Mining
 
Term Loan
 
Prime plus 2.75%
 
9/27/2028

 
791.1

 
791.1

 
723.2

 
0.25
%
^Barricade Holding LLC and Action Barricade Company, LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2043

 
177.3

 
177.3

 
180.7

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

 
14.8

 
14.8

 
13.6

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

 
129.7

 
129.7

 
132.6

 
0.05
%
^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

 
685.8

 
685.8

 
660.2

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

 
333.4

 
333.4

 
320.3

 
0.11
%
^Dentistry By Design, P.C
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2028

 
14.8

 
14.8

 
13.6

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

 
822.9

 
822.9

 
809.0

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

 
159.6

 
159.6

 
168.9

 
0.06
%
^Above and Beyond Preschool LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/26/2043

 
551.3

 
551.3

 
587.4

 
0.20
%
^Anglin Cultured Stone Products LLC dba Anglin Construction
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
9/26/2028

 
98.9

 
98.9

 
93.3

 
0.03
%
^LTS School, Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2043

 
101.0

 
101.0

 
110.9

 
0.04
%
^Akron Biotechnology, LLC
 
Chemical Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/25/2028

 
494.5

 
494.5

 
492.7

 
0.17
%
^Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/25/2028

 
123.6

 
123.6

 
113.8

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

 
11.9

 
11.9

 
10.6

 
%

97
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Newsome Mobile Notary LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/25/2028

 
5.2

 
5.2

 
4.6

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

 
11.1

 
11.1

 
10.1

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

 
15.3

 
15.3

 
13.6

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

 
53.0

 
53.0

 
48.1

 
0.02
%
^The Garden Club, LLC
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/21/2028

 
6.5

 
6.5

 
5.8

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

 
22.3

 
22.3

 
20.1

 
0.01
%
^MillClem Corporation & Monticello Corporation
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/21/2043

 
330.8

 
330.8

 
363.1

 
0.13
%
^Southern Services and Equipment, Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/21/2028

 
424.3

 
424.3

 
406.5

 
0.14
%
^Southern Services and Equipment, Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/21/2043

 
209.8

 
209.8

 
213.2

 
0.07
%
^Sommer Auto Sales, Inc
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/20/2028

 
340.6

 
340.6

 
351.8

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

 
193.3

 
193.3

 
172.6

 
0.06
%
^Tables and Bars Services, Inc and Tables and Bars Rentals, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2028

 
17.8

 
17.8

 
16.8

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

 
112.2

 
112.2

 
122.2

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

 
667.8

 
667.8

 
647.5

 
0.23
%
^Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Consal
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/19/2028

 
455.4

 
455.4

 
406.4

 
0.14
%
^MB Xpress Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/19/2028

 
1,193.2

 
1,193.2

 
1,121.1

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

 
22.3

 
22.3

 
19.9

 
0.01
%
^Super Station Inc
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/19/2043

 
209.0

 
209.0

 
229.4

 
0.08
%
^Lewis River Golf Course, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/19/2043

 
498.9

 
498.9

 
547.5

 
0.19
%
^E & G Enterprises LLC dba Comfort Keepers
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/18/2028

 
5.9

 
5.9

 
5.3

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

 
151.7

 
151.7

 
158.5

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

 
558.2

 
558.2

 
607.8

 
0.21
%
^Glendale Grill Inc, Roddy Cameron, Jr & John K Symasko
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/17/2043

 
174.6

 
174.6

 
183.4

 
0.06
%
^Pastel de Feira LLC dba Original Pastel De Feira
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/17/2028

 
6.0

 
6.0

 
5.7

 
%
^Baby's on Broadway LLC
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
9/14/2028

 
49.4

 
49.4

 
46.9

 
0.02
%
^J & C Garcia LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/14/2028

 
73.2

 
73.2

 
66.6

 
0.02
%
^Innovim LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/14/2028

 
123.6

 
123.6

 
110.3

 
0.04
%
^LJS Electric, Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/14/2028

 
447.5

 
447.5

 
458.4

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

 
134.7

 
134.7

 
127.2

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

 
80.3

 
80.3

 
72.3

 
0.03
%

98
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^L&M Equipment, Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/14/2043

 
1,247.2

 
1,247.2

 
1,320.3

 
0.46
%
^Underground Productions LLC dba 31 Escape
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/13/2043

 
98.5

 
98.5

 
108.1

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

 
860.6

 
860.6

 
944.5

 
0.33
%
TPE Midstream LLC, Dasahm Company, S & S Ventures LLC and TPE Supply
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
9/13/2028

 
261.1

 
261.1

 
248.6

 
0.09
%
^Brewster Marketplace Pharmacy & Hardware, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/13/2028

 
86.5

 
86.5

 
77.2

 
0.03
%
^Peter K Lee MD, PC dba Atlanta Primary Care LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2028

 
383.2

 
383.2

 
398.0

 
0.14
%
^Innovative Network Solutions Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2028

 
123.6

 
123.6

 
113.1

 
0.04
%
^Perry Olson Insurance Agency Inc. dba State Farm Insurance
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
9/12/2028

 
14.8

 
14.8

 
13.3

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

 
185.4

 
185.4

 
183.3

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

 
314.2

 
314.2

 
280.3

 
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

 
318.4

 
318.4

 
304.8

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

 
15.4

 
15.4

 
14.1

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

 
22.3

 
22.3

 
19.9

 
0.01
%
^Pool Guard of LA
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/7/2028

 
22.3

 
22.3

 
20.0

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

 
52.0

 
52.0

 
48.1

 
0.02
%
^Asheville Spine and Nerve Institute PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/7/2043

 
91.0

 
91.0

 
98.9

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

 
12.6

 
12.6

 
11.7

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

 
107.5

 
107.5

 
111.7

 
0.04
%
^Living Centers Inc. dba Veranda House Senior Living
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
8/31/2043

 
420.3

 
420.3

 
461.3

 
0.16
%
National Stone LTD and NSI Group Inc
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
8/31/2044

 
193.2

 
193.2

 
211.6

 
0.07
%
^LACCRB LLC dba PostNet
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/30/2028

 
14.9

 
14.9

 
13.5

 
%
^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

 
448.4

 
448.4

 
492.1

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

 
102.3

 
102.3

 
106.2

 
0.04
%
^Extreme Engineering, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/29/2028

 
122.9

 
122.9

 
110.4

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

 
90.5

 
90.5

 
81.4

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

 
2.4

 
2.4

 
2.1

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

 
82.2

 
82.2

 
90.2

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

 
7.4

 
7.4

 
6.6

 
%

99
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^JFK Transportation Inc
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/28/2028

 
159.4

 
159.4

 
144.5

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

 
73.7

 
73.7

 
73.4

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

 
122.9

 
122.9

 
109.6

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

 
7.4

 
7.4

 
6.6

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

 
22.1

 
22.1

 
20.1

 
0.01
%
^Evans and Paul LLC, Evans & Paul Unlimited Corp
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/24/2028

 
86.2

 
86.2

 
78.9

 
0.03
%
^Zash LLC dba Papa Murphy's Take 'N' Bake Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/23/2028

 
41.5

 
41.5

 
38.9

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

 
1,228.9

 
1,228.9

 
1,218.3

 
0.42
%
^Ginekis Enterprises, Inc dba Locanda Veneta
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/20/2028

 
86.0

 
86.0

 
77.1

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

 
41.8

 
41.8

 
37.3

 
0.01
%
Geo Tek Alaska, Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/17/2044

 
56.8

 
56.8

 
62.4

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

 
211.6

 
211.6

 
203.6

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

 
17.7

 
17.7

 
15.8

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

 
565.3

 
565.3

 
560.3

 
0.19
%
^Pamletics LLC dba F45
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/14/2028

 
42.9

 
42.9

 
40.0

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

 
617.2

 
617.2

 
588.4

 
0.20
%
^L.A. Insurance Agency GA 10 LLC
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
8/10/2028

 
11.1

 
11.1

 
9.9

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

 
22.0

 
22.0

 
20.3

 
0.01
%
^David D. Sullivan dba DMS Construction
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
8/9/2028

 
13.3

 
13.3

 
11.8

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

 
100.8

 
100.8

 
90.6

 
0.03
%
^Red Tail Management, Inc dba Jon Smith Subs
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/8/2028

 
49.2

 
49.2

 
46.2

 
0.02
%
^CJNR, LLC
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
8/7/2043

 
121.3

 
121.3

 
133.2

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

 
127.8

 
127.8

 
117.3

 
0.04
%
^Ron's Pool and Spa Services LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
8/3/2028

 
3.7

 
3.7

 
3.3

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

 
110.6

 
110.6

 
108.5

 
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

 
59.0

 
59.0

 
53.3

 
0.02
%
^Millwork Unlimited, Incorporated
 
Wholesale Electronic Markets and Agents and Brokers
 
Term Loan
 
Prime plus 2.75%
 
8/2/2028

 
7.4

 
7.4

 
6.6

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

 
455.0

 
455.0

 
443.0

 
0.15
%
^Samy Optical LLC dba Site for Sore Eyes
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
8/1/2028

 
115.3

 
115.3

 
102.9

 
0.04
%
^Accel Compression Inc., Accel Workover Services, Inc
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
8/1/2043

 
310.2

 
310.2

 
319.9

 
0.11
%

100
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Nichols Stephens Funeral & Cremation Services Ltd
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2043

 
107.4

 
107.4

 
117.6

 
0.04
%
^CSL Services Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/27/2028

 
535.2

 
535.2

 
503.0

 
0.17
%
^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

 
18.3

 
18.3

 
16.3

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

 
240.6

 
240.6

 
215.1

 
0.07
%
^Nunez Enterprises Corporation dba La Casa
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
7/26/2028

 
8.1

 
8.1

 
7.2

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

 
8.8

 
8.8

 
7.8

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

 
61.1

 
61.1

 
55.5

 
0.02
%
^HAVL Enterprises Inc dba FedEx
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
7/24/2028

 
78.2

 
78.2

 
78.1

 
0.03
%
^Florida Apnea Diagnostics, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
7/24/2028

 
20.8

 
20.8

 
18.5

 
0.01
%
^Top Shelf Towing and Road Service, LLC
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/24/2028

 
13.2

 
13.2

 
11.8

 
%
^TR Nails, LLC dba Simple Nails
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
7/20/2028

 
61.5

 
61.5

 
54.9

 
0.02
%
^Elephant's Trunk of Westchester, LTD
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
7/17/2028

 
38.9

 
38.9

 
40.4

 
0.01
%
^674 Club LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/17/2043

 
260.6

 
260.6

 
286.0

 
0.10
%
^ZA Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/17/2028

 
10.0

 
10.0

 
9.6

 
%
^Mother's Cantina LLC dba Mother's Cantina
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/13/2028

 
67.2

 
67.2

 
60.9

 
0.02
%
^Smart-tel Communications LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
7/13/2028

 
22.0

 
22.0

 
22.7

 
0.01
%
^HQTRONICS LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
7/13/2028

 
61.1

 
61.1

 
54.5

 
0.02
%
^Smoove Move Productions, LLC dba Smoove Move Productions
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
7/12/2028

 
10.5

 
10.5

 
10.9

 
%
^Talent Logistix, LLC, Pinpoint Staffing LLC & ITC 2.0 LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
7/3/2028

 
61.1

 
61.1

 
56.2

 
0.02
%
^H.M.C, Incorporated
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/3/2028

 
188.1

 
188.1

 
169.5

 
0.06
%
^Deal to Win Inc
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
7/3/2028

 
122.2

 
122.2

 
109.0

 
0.04
%
^Vital Inspection Professionals, Inc. dba VIP
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/3/2028

 
304.2

 
304.2

 
294.9

 
0.10
%
^US Cargo Express, LLC
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/2/2043

 
88.1

 
88.1

 
96.7

 
0.03
%
^M J Losito Electrical Contractor's, Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/29/2028

 
57.1

 
57.1

 
51.2

 
0.02
%
Bio-Haz Solutions, Inc.
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2043

 
302.1

 
302.1

 
300.5

 
0.10
%
Bio-Haz Solutions, Inc
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
1/29/2029

 
112.0

 
112.0

 
110.9

 
0.04
%
^Critter Cabana, LLC dba Critter Cabana
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/28/2028

 
81.4

 
81.4

 
71.7

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

 
46.2

 
46.2

 
40.6

 
0.01
%
^Local Leads, LLC dba New Direction Chiropractic
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2028

 
17.5

 
17.5

 
15.5

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

 
994.2

 
994.2

 
1,084.8

 
0.38
%

101
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^InUSA Ventures, Inc
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/27/2028

 
48.6

 
48.6

 
42.8

 
0.01
%
^Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, Inc
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/27/2043

 
352.4

 
352.4

 
373.1

 
0.13
%
^Nick's Country Kitchen, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/27/2028

 
21.9

 
21.9

 
19.6

 
0.01
%
^National Dredging Services of North Florida, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/27/2043

 
28.6

 
28.6

 
31.2

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

 
51.8

 
51.8

 
53.5

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

 
15.6

 
15.6

 
13.7

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

 
105.6

 
105.6

 
109.2

 
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

 
898.9

 
898.9

 
814.5

 
0.28
%
^Sun Pools, Inc
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/25/2043

 
304.2

 
304.2

 
295.0

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

 
66.8

 
66.8

 
60.3

 
0.02
%
^Sun Pools, Inc dba Sun Fiberglass Pools
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/25/2028

 
759.3

 
759.3

 
692.4

 
0.24
%
^Sushi Prime, LLC and Vasilia Investments
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/22/2028

 
267.2

 
267.2

 
248.3

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

 
139.7

 
139.7

 
152.4

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

 
14.6

 
14.6

 
12.8

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

 
659.9

 
659.9

 
668.6

 
0.23
%
^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

 
78.3

 
78.3

 
83.1

 
0.03
%
^Mr. Lube, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/22/2028

 
569.7

 
569.7

 
544.9

 
0.19
%
Surya Hotel LLC dba Hotel Royal
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
100.9

 
100.9

 
104.4

 
0.04
%
^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

 
242.1

 
242.1

 
248.8

 
0.09
%
^Independent Life LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/21/2028

 
121.5

 
121.5

 
107.0

 
0.04
%
^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

 
138.5

 
138.5

 
134.2

 
0.05
%
^Lilo Holdings LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/20/2028

 
18.3

 
18.3

 
16.5

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

 
603.5

 
603.5

 
535.5

 
0.19
%
^Jones Roger Sherman Inn, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/19/2028

 
425.0

 
425.0

 
438.9

 
0.15
%
^LCP Transportation, LLC dba LCP Teleservices
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/19/2028

 
794.4

 
794.4

 
699.5

 
0.24
%
^Mid America Motorworks, Inc and Yager Holdings L.P
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/19/2043

 
497.7

 
497.7

 
543.0

 
0.19
%
^Colovic Hackettstown Dairy LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/19/2043

 
274.0

 
274.0

 
296.8

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

 
125.3

 
125.3

 
133.9

 
0.05
%

102
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(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

 
145.8

 
145.8

 
150.5

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

 
906.3

 
906.3

 
808.6

 
0.28
%
^Oil Palace Inc.
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
9/15/2043

 
143.4

 
143.4

 
156.6

 
0.05
%
^Kootenay Columbia LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/15/2028

 
5.8

 
5.8

 
5.6

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

 
215.0

 
215.0

 
234.6

 
0.08
%
^Dianne Williams and Louis Williams dba Sweetlips Store
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/15/2043

 
46.0

 
46.0

 
48.5

 
0.02
%
^Venzix Ventures Inc. dba Venzix
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/15/2028

 
12.8

 
12.8

 
12.4

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

 
619.3

 
619.3

 
611.5

 
0.21
%
^Tele Tax Express Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/14/2028

 
21.9

 
21.9

 
21.4

 
0.01
%
^Top Cat Ready Mix, LLC & Ples Investments LLC, Pappy's Sand & Gravel
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/14/2028

 
151.8

 
151.8

 
140.9

 
0.05
%
^E & J Sims Co. LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/14/2028

 
48.6

 
48.6

 
44.3

 
0.02
%
^Barrett Appliance Distributors, Inc
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/14/2028

 
489.5

 
489.5

 
455.2

 
0.16
%
^Team Sandy Blanton Realty, Inc
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
6/14/2043

 
96.7

 
96.7

 
97.1

 
0.03
%
^Mastiff Studios LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/13/2043

 
42.5

 
42.5

 
45.8

 
0.02
%
^Golf Swing Prescription LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/11/2028

 
12.8

 
12.8

 
11.3

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

 
174.9

 
174.9

 
154.9

 
0.05
%
^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

 
378.5

 
378.5

 
385.0

 
0.13
%
^Beyond Grooming LLC and Michelle McWatters
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/8/2043

 
42.7

 
42.7

 
46.0

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

 
8.0

 
8.0

 
7.2

 
%
^Icebox Cafe, L.C. and Icebox Cafe at Doral, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/8/2028

 
769.2

 
769.2

 
690.7

 
0.24
%
^Applied Behavioral Consulting, Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
6/7/2043

 
49.7

 
49.7

 
53.2

 
0.02
%
^H S Corporation dba Lake Anna Lodge
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/7/2043

 
130.5

 
130.5

 
142.4

 
0.05
%
^Anurag, LLC dba Oakwood Package Store
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/6/2043

 
136.5

 
136.5

 
139.0

 
0.05
%
^Sowells Consulting Engineers, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/6/2028

 
21.9

 
21.9

 
19.4

 
0.01
%
^Hardway Inc and A F C Leasing, Inc
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
6/6/2028

 
287.5

 
287.5

 
253.1

 
0.09
%
^SSD Designs LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
6/5/2028

 
72.2

 
72.2

 
64.2

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

 
243.4

 
243.4

 
214.5

 
0.07
%
^BTD Feed & Nutrition, LLC dba Thomaston Feed Cheshire
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/1/2028

 
51.3

 
51.3

 
45.2

 
0.02
%
AVM LLC dba Luv 2 Play
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
6/1/2028

 
26.1

 
26.1

 
25.2

 
0.01
%

103
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Mastrocinque Restaurant Management Company LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/1/2028

 
81.4

 
81.4

 
78.5

 
0.03
%
^Seraj Wireless, LLC
 
Electronics and Appliance Stores
 
Term Loan
 
Prime plus 2.75%
 
5/31/2028

 
120.7

 
120.7

 
123.4

 
0.04
%
^Awan Business Management Group LLC, Awan Sign Company lLLC &Awan Promo
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/31/2043

 
272.6

 
272.6

 
287.3

 
0.10
%
^Brooks Seaplane Service Inc and Lunt Enterprises LLC
 
Scenic and Sightseeing Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/31/2028

 
142.0

 
142.0

 
125.0

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

 
64.5

 
64.5

 
61.6

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

 
84.5

 
84.5

 
78.0

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

 
72.1

 
72.1

 
64.5

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

 
241.5

 
241.5

 
225.2

 
0.08
%
^Conan Enterprises LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
5/25/2028

 
21.7

 
21.7

 
19.1

 
0.01
%
Starship, LLC dba Tint World Smyrna
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/25/2043

 
88.8

 
88.8

 
96.1

 
0.03
%
^Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/25/2043

 
1,245.1

 
1,245.1

 
1,358.7

 
0.47
%
^Adow Pools LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/25/2028

 
169.0

 
169.0

 
152.5

 
0.05
%
^Dream Spa LLC and Dream Spa Greenwich LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/25/2028

 
97.4

 
97.4

 
86.7

 
0.03
%
^Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
10/25/2043

 
201.0

 
201.0

 
219.7

 
0.08
%
^Seaside Acupuncture LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/24/2043

 
49.6

 
49.6

 
51.9

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

 
259.6

 
259.6

 
266.2

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

 
96.6

 
96.6

 
86.9

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

 
5.2

 
5.2

 
4.6

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

 
106.0

 
106.0

 
93.7

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

 
58.9

 
58.9

 
51.9

 
0.02
%
^JVLS LLC dba Vaccines 2 Go
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/17/2028

 
8.0

 
8.0

 
7.0

 
%
^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

 
241.5

 
241.5

 
212.6

 
0.07
%
^Joshua One Limited Liability Company dba Genesis Personal Fitness
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/16/2043

 
319.2

 
319.2

 
324.5

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

 
145.1

 
145.1

 
134.7

 
0.05
%
^James T. Hendel dba Autotexx Mobile Auto Repair
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/15/2028

 
7.2

 
7.2

 
7.5

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

 
21.7

 
21.7

 
22.4

 
0.01
%
^Galore Salon & Extension Lounge Inc dba Pretty Chic Hair & Lashes
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/14/2028

 
4.3

 
4.3

 
3.9

 
%

104
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Circle and Square, Inc dba Stamford Kumon
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/11/2028

 
41.0

 
41.0

 
36.2

 
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

 
10.9

 
10.9

 
9.7

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

 
43.5

 
43.5

 
45.5

 
0.02
%
^Daniel Woodward, DC PLLC dba Doc's Body Shop
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/11/2028

 
39.8

 
39.8

 
35.1

 
0.01
%
^Baby Gentry's Childcare & Learning Academy
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/10/2028

 
10.9

 
10.9

 
9.6

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

 
116.3

 
116.3

 
106.9

 
0.04
%
^Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/9/2043

 
719.9

 
719.9

 
785.6

 
0.27
%
^Whitetail Nurseries Inc
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/9/2028

 
258.4

 
258.4

 
247.0

 
0.09
%
^Oculi Entertainment Inc
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
5/8/2028

 
21.7

 
21.7

 
19.1

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

 
58.0

 
58.0

 
55.5

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

 
48.3

 
48.3

 
42.5

 
0.01
%
^Wilbur Standford Jr Trucking and Excavating, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/3/2028

 
231.8

 
231.8

 
226.1

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

 
20.1

 
20.1

 
18.5

 
0.01
%
Olmsted LLC and 626 Van LLC dba Maison Yaki
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/1/2029

 
188.2

 
188.2

 
171.7

 
0.06
%
^McIntosh Trail Management Service Organization, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/1/2028

 
91.8

 
91.8

 
94.8

 
0.03
%
^Sunlinc Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/30/2028

 
9.4

 
9.4

 
8.2

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

 
1,242.1

 
1,242.1

 
1,355.4

 
0.47
%
^Saltamontes Tire Company, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/30/2043

 
101.7

 
101.7

 
106.7

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

 
34.2

 
34.2

 
37.3

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

 
2.9

 
2.9

 
2.5

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

 
11.5

 
11.5

 
10.1

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

 
159.4

 
159.4

 
173.9

 
0.06
%
^Rory James Contracting LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
4/27/2028

 
15.4

 
15.4

 
13.6

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

 
14.4

 
14.4

 
12.8

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

 
300.6

 
300.6

 
284.5

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

 
9.8

 
9.8

 
8.6

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

 
14.4

 
14.4

 
12.7

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

 
498.6

 
498.6

 
458.4

 
0.16
%

105
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Matrix Z, LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/26/2028

 
72.6

 
72.6

 
72.0

 
0.03
%
^K&S Hardware LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
4/26/2028

 
21.6

 
21.6

 
19.0

 
0.01
%
^RWT Corporation dba Welding Works
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/26/2043

 
210.9

 
210.9

 
205.9

 
0.07
%
^LMH Optics LLC dba Sterling Optical
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/26/2028

 
48.0

 
48.0

 
42.4

 
0.01
%
^Joe & Sons Service, Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/24/2028

 
108.0

 
108.0

 
111.5

 
0.04
%
Kneading Dough LLC dba NY Bagel Cafe & Deli, NY Bagel, New York Bagel
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/23/2029

 
18.1

 
18.1

 
16.7

 
0.01
%
^Just for Boats LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/20/2043

 
17.4

 
17.4

 
18.9

 
0.01
%
^Nando LLC dba Tall Timbers Banquet and Conference Center
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/20/2028

 
19.4

 
19.4

 
17.6

 
0.01
%
^Digzy Dogz and Grill LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/20/2028

 
8.6

 
8.6

 
8.3

 
%
^Spitnale's Garage LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/20/2043

 
59.8

 
59.8

 
62.1

 
0.02
%
^Rosemarie Products Company LLC
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
4/18/2028

 
14.4

 
14.4

 
12.7

 
%
^Means Enterprises LLC
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
4/18/2028

 
7.2

 
7.2

 
6.4

 
%
^James L Shoemaker APCC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/18/2028

 
15.4

 
15.4

 
13.6

 
%
^Veterinary Preventive Care, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/18/2028

 
44.9

 
44.9

 
41.0

 
0.01
%
^A New Dawn Psychotherapy Associates, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/18/2043

 
86.8

 
86.8

 
88.0

 
0.03
%
^Southern HVAC LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/17/2043

 
22.3

 
22.3

 
22.4

 
0.01
%
^Southern Oaks Athletic Club, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/17/2043

 
364.3

 
364.3

 
389.5

 
0.14
%
^The Vine, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/17/2028

 
12.4

 
12.4

 
11.3

 
%
^Southern HVAC LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/17/2028

 
38.4

 
38.4

 
36.4

 
0.01
%
^1301 Starks Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
4/16/2028

 
21.6

 
21.6

 
21.8

 
0.01
%
^Patricia A. Freeman & Samuel C. Freeman dba Teenas Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/13/2043

 
43.1

 
43.1

 
45.1

 
0.02
%
^Precision Components Group Inc
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/11/2028

 
21.6

 
21.6

 
20.7

 
0.01
%
^Sexy Nails Center LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/10/2043

 
200.8

 
200.8

 
215.7

 
0.08
%
^Mark Baker
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
4/9/2028

 
11.5

 
11.5

 
10.5

 
%
^Innovation Transport LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
4/6/2028

 
49.3

 
49.3

 
47.1

 
0.02
%
^Newsome Mobile Notary LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/5/2028

 
5.0

 
5.0

 
4.4

 
%
^Shree Lakshminarayyn Grocery Stores LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
4/5/2043

 
119.0

 
119.0

 
125.3

 
0.04
%
^Bean City Bar and Grill LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/4/2043

 
93.7

 
93.7

 
99.1

 
0.03
%
^Alaska Industrial Paint LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/30/2043

 
220.9

 
220.9

 
231.5

 
0.08
%
^GQ Investments,LLC
 
Electrical Equipment, Appliance, and Component Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
200.8

 
200.8

 
180.6

 
0.06
%

106
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^B&C Texas Leasing Inc and M&W Hot Oil, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
935.0

 
935.0

 
894.7

 
0.31
%
^Master Roofing and Siding Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
252.8

 
252.8

 
222.3

 
0.08
%
^Romancing the Stone
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/30/2043

 
345.3

 
345.3

 
356.8

 
0.12
%
^Alaska Industrial Paint LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
119.0

 
119.0

 
118.3

 
0.04
%
^Michael S Brown Physical Therapy, P.C
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
94.2

 
94.2

 
82.9

 
0.03
%
^Arrow Freight Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
671.7

 
671.7

 
590.6

 
0.21
%
^B&C Texas Leasing Inc.,M & W Hot Oill, Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/30/2043

 
267.4

 
267.4

 
270.9

 
0.09
%
^Fifth Wheel Truck Stop 001
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/30/2043

 
1,135.3

 
1,135.3

 
1,134.1

 
0.39
%
^Boulevard Books Inc.
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
3/30/2043

 
120.1

 
120.1

 
126.7

 
0.04
%
^Technical Ordnance Solutions,LLC
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
1,142.6

 
1,142.6

 
1,012.9

 
0.35
%
^Payne's Environmental Services LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
216.2

 
216.2

 
205.3

 
0.07
%
^America's Little Leaders Academy, Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/30/2043

 
22.3

 
22.3

 
23.6

 
0.01
%
^Kaz Wellness, LLC dba Grounded Wellness Center
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2028

 
15.2

 
15.2

 
14.0

 
%
^Hot Shot Services, Inc and TFB, Ltd Co
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2043

 
396.2

 
396.2

 
432.0

 
0.15
%
Lou & Choo Enterprises Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2044

 
33.8

 
33.8

 
37.0

 
0.01
%
^Montage Mountain Resorts, LP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/28/2043

 
1,238.0

 
1,238.0

 
1,350.0

 
0.47
%
^Clancy 15 LLC and Allied Molded Products LLC
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/28/2028

 
147.5

 
147.5

 
140.2

 
0.05
%
^Kenneth Whelchel dba Whelchel Fencing and Construction
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/28/2028

 
62.0

 
62.0

 
57.6

 
0.02
%
^Clancy 15 LLC and Allied Molded Products LLC
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/28/2043

 
212.9

 
212.9

 
214.7

 
0.07
%
^Corning Lumber Company Inc & Frank R Close & Son Inc
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/28/2028

 
83.5

 
83.5

 
86.1

 
0.03
%
^Cartwright Termite & Pest Control Inc. and Cartwright Termite & Pest Co.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/28/2028

 
222.1

 
222.1

 
209.5

 
0.07
%
^K.C. Communications, Inc.
 
Telecommunications
 
Term Loan
 
Prime plus 2.75%
 
3/27/2028

 
59.6

 
59.6

 
61.5

 
0.02
%
^Towing Professionals of Arizona Inc dba Shamrock Towing
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/26/2028

 
143.1

 
143.1

 
131.4

 
0.05
%
^Towing Professionals of Arizona Inc dba Shamrock Towing
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/26/2043

 
533.6

 
533.6

 
520.4

 
0.18
%
^Cable Management, LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
94.5

 
94.5

 
90.3

 
0.03
%
^Sunshine Tents and Event Rentals LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
58.9

 
58.9

 
60.7

 
0.02
%
^Shweiki Media Inc dba Study Breaks Magazine
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
71.6

 
71.6

 
72.4

 
0.03
%
^Aque Investment Group LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
253.3

 
253.3

 
261.2

 
0.09
%

107
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Denton BioFuels LLC and Amercian BioSource, LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
93.0

 
93.0

 
86.8

 
0.03
%
^All Regional Recyclers of Wood LLC dba ARROW
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
125.2

 
125.2

 
119.5

 
0.04
%
^New York Label & Box Corp
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/23/2043

 
1,238.0

 
1,238.0

 
1,288.6

 
0.45
%
^Sofasco, Inc
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/23/2043

 
99.0

 
99.0

 
99.2

 
0.03
%
^Kajun Martial Arts LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
21.5

 
21.5

 
19.2

 
0.01
%
^ME Interiors LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/22/2028

 
17.9

 
17.9

 
15.7

 
0.01
%
^GeoTek Alaska, Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2043

 
841.9

 
841.9

 
878.6

 
0.31
%
^Rexco Foods LLC dba Papa John's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/20/2028

 
40.6

 
40.6

 
35.7

 
0.01
%
^RTSP Union LLC
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
9/20/2028

 
1,182.3

 
1,182.3

 
1,107.4

 
0.39
%
^Cest Chic Concepts, LLC dba Salon Cest Chic
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/19/2028

 
10.7

 
10.7

 
9.7

 
%
^Petroleum Equipment & Services, Inc
 
Support Activities for Mining
 
Term Loan
 
Prime plus 2.75%
 
3/16/2028

 
238.5

 
238.5

 
244.1

 
0.08
%
^Camerabots Media, LLC
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
3/16/2028

 
14.3

 
14.3

 
12.9

 
%
^Car Pro Auto Spa of Stuart, LLC dba Tide Pools Island Gifts
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/16/2028

 
21.5

 
21.5

 
22.1

 
0.01
%
^Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/15/2043

 
514.0

 
514.0

 
542.8

 
0.19
%
^Rojenco II,Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/15/2043

 
76.3

 
76.3

 
80.6

 
0.03
%
^Bear Bones, Inc.
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/15/2043

 
22.3

 
22.3

 
23.8

 
0.01
%
^CTD Operations Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/15/2028

 
63.2

 
63.2

 
56.6

 
0.02
%
^Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/15/2043

 
76.3

 
76.3

 
80.6

 
0.03
%
^Rojenco II, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/15/2043

 
398.6

 
398.6

 
420.9

 
0.15
%
^Summit Insights Group LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
3/14/2028

 
84.9

 
84.9

 
74.6

 
0.03
%
^Dante Ultimate Cleaning Service LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/9/2028

 
9.7

 
9.7

 
9.2

 
%
^SRG Waterfront LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/9/2028

 
298.2

 
298.2

 
265.8

 
0.09
%
^2b Mom Inc dba Mom's the Word Maternity
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
3/9/2028

 
93.1

 
93.1

 
81.9

 
0.03
%
^Bee Kidz Funzone Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/9/2028

 
186.6

 
186.6

 
169.9

 
0.06
%
^Integrity Machinery Moving, LLC
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/8/2028

 
21.5

 
21.5

 
22.1

 
0.01
%
^Treft Systems Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/8/2028

 
14.3

 
14.3

 
12.7

 
%
^Unpainted Arizona, LLC dba Westside Bowl
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/7/2043

 
103.5

 
103.5

 
107.0

 
0.04
%
^Play4Fun dba Luv 2 Play
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/7/2028

 
170.4

 
170.4

 
156.8

 
0.05
%
^Espinoza & Salinas Group Ltd dba Credit 360 Consulting
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/2/2028

 
4.7

 
4.7

 
4.3

 
%

108
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^BC Bishop Enterprises LLC dba 9Round Pooler
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
3/2/2028

 
8.0

 
8.0

 
7.2

 
%
^Stepping Stones Childrens Academy
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/2/2043

 
252.0

 
252.0

 
268.3

 
0.09
%
^Connie Engelbrecht
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/28/2028

 
2.8

 
2.8

 
2.6

 
%
^The Law Offices of Samuel R Miller LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2043

 
117.7

 
117.7

 
128.0

 
0.04
%
^Merciful Heavenly Homes, LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
2/28/2043

 
65.6

 
65.6

 
71.5

 
0.02
%
^Urban Fitness Group LLC dba Crunch Fitness Group LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2028

 
212.4

 
212.4

 
219.0

 
0.08
%
^Carey Collision Repairs Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
2/27/2028

 
71.1

 
71.1

 
64.2

 
0.02
%
^Betty's Catering Corp, Betty's Decoration & Wedding Center Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/26/2043

 
352.9

 
352.9

 
384.8

 
0.13
%
^Purely Seed LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
2/26/2028

 
118.5

 
118.5

 
104.2

 
0.04
%
^Carries Cakes and Catering, Inc dba Carrie's Cakes and Confections
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/23/2028

 
4.9

 
4.9

 
4.3

 
%
^Jackpine Technologies Corporation
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
2/22/2028

 
75.0

 
75.0

 
72.3

 
0.03
%
^Crossfit iQ LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/21/2028

 
40.3

 
40.3

 
36.5

 
0.01
%
^Wellfleet Consulting Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/21/2028

 
14.2

 
14.2

 
12.5

 
%
^New View Media Group LLC
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
2/16/2028

 
78.2

 
78.2

 
80.7

 
0.03
%
^Town & Country Transportation Co.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/16/2028

 
62.8

 
62.8

 
64.8

 
0.02
%
^Lulinjett LLC dba All American Printing & Design
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
2/14/2043

 
105.4

 
105.4

 
115.0

 
0.04
%
^JumboMarkets, Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/13/2028

 
196.7

 
196.7

 
179.3

 
0.06
%
^Margab Inc dba Smoothie King
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/13/2028

 
12.1

 
12.1

 
10.9

 
%
^Tony Herring & Associates, Inc.
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
2/9/2028

 
7.8

 
7.8

 
7.9

 
%
^Start "UP "Dreams, Inc dba SDC Concrete and Start"UP" Dream Construction
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/9/2028

 
71.1

 
71.1

 
66.2

 
0.02
%
^Quality Machine of Iowa, Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/9/2028

 
1,223.3

 
1,223.3

 
1,172.9

 
0.41
%
^Apps Inc., Market Share, and Singular Leaseholdings LLC
 
Telecommunications
 
Term Loan
 
Prime plus 2.75%
 
2/8/2028

 
497.4

 
497.4

 
437.4

 
0.15
%
^De La Vega LLC dba De La Vega Deland and De La Vega Oviedo
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/7/2028

 
74.4

 
74.4

 
68.1

 
0.02
%
^Macrotech Integrated Management Solutions dba Extreme Lawn Care
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
2/5/2028

 
11.4

 
11.4

 
11.7

 
%
^Midlothian Hardware Inc dba Grills True Value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
2/2/2028

 
14.2

 
14.2

 
14.6

 
0.01
%
^M&R Wong LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
2/1/2028

 
11.3

 
11.3

 
10.0

 
%
^Chace Building Supply of CT Inc.,
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
1/31/2043

 
296.7

 
296.7

 
323.6

 
0.11
%
^Rocco'sLandscaping LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
1/31/2043

 
74.1

 
74.1

 
80.8

 
0.03
%

109
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^USA General Investment LLC dba Braniff Paint and Body Shop
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
1/31/2028

 
14.1

 
14.1

 
12.8

 
%
^WydeBodi, LLC dba Wyde Bodi Auto Tags
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
1/30/2043

 
46.9

 
46.9

 
49.4

 
0.02
%
^New Phaze Packaging Inc
 
Paper Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
1/26/2043

 
947.6

 
947.6

 
1,026.9

 
0.36
%
^Parati USA Inc
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
1/25/2028

 
20.0

 
20.0

 
17.6

 
0.01
%
^Concrete Services LLC and James Ward
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
1/25/2028

 
94.2

 
94.2

 
87.9

 
0.03
%
^Southside BBQ Corp
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/25/2028

 
18.4

 
18.4

 
18.9

 
0.01
%
^Flair Interiors, Inc dba Giant Don's Flooring America
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
1/24/2028

 
129.5

 
129.5

 
133.6

 
0.05
%
^Tier1 Solutions LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/23/2028

 
7.1

 
7.1

 
6.4

 
%
^Lavish Specs Inc
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
1/19/2028

 
7.1

 
7.1

 
6.2

 
%
^Friend Contractors, LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
1/19/2043

 
229.7

 
229.7

 
238.2

 
0.08
%
^Weeping Willow Kennels, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/19/2028

 
9.9

 
9.9

 
10.2

 
%
^Lou & Choo Enterprises Inc dba Lou & Choo Lounge
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/18/2043

 
113.6

 
113.6

 
117.0

 
0.04
%
^MedWorxs Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/18/2028

 
74.2

 
74.2

 
65.2

 
0.02
%
^Specialized Dairy Processors LLC and Nathaly Zapata
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/16/2028

 
61.2

 
61.2

 
53.8

 
0.02
%
^Human Resource Time Manager LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/8/2028

 
14.6

 
14.6

 
15.0

 
0.01
%
^Impress Therapeutic Massage LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
1/8/2043

 
62.2

 
62.2

 
66.0

 
0.02
%
^Sandfree Systems LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
1/5/2028

 
7.1

 
7.1

 
7.3

 
%
^Crad Holding LLC dba Neighborhood Laundry of Bloomfield
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/5/2028

 
58.9

 
58.9

 
52.2

 
0.02
%
^Social Link LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/29/2027

 
10.5

 
10.5

 
9.2

 
%
^Anglin Cultured Stone Products LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/27/2042

 
635.1

 
635.1

 
629.6

 
0.22
%
^Morrocco Method, Inc
 
Chemical Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/27/2042

 
719.0

 
719.0

 
763.7

 
0.27
%
^Dudeck Enterprise LLC dba Detail Garage Las Vegas
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
15.2

 
15.2

 
15.7

 
0.01
%
^O'Rourke's Diner, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
3.5

 
3.5

 
3.4

 
%
^Muckamuck Trucks, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
12.9

 
12.9

 
12.3

 
%
^Advance Case Parts Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
46.4

 
46.4

 
44.6

 
0.02
%
^TrialHawk Litigation Group LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
14.7

 
14.7

 
12.9

 
%
^Landmark Ventures USA Inc
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
58.5

 
58.5

 
51.4

 
0.02
%
^Medical Plaza of Boro Park PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
58.5

 
58.5

 
51.4

 
0.02
%
^Bisson Transportation Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
70.2

 
70.2

 
69.0

 
0.02
%
^Jacliff Investments Inc dba International Heal
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
46.8

 
46.8

 
41.1

 
0.01
%

110
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Salida Family Chiropractic-PPLC dba Salida Sport and Spine
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
11.2

 
11.2

 
9.9

 
%
^Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diagnostics
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
728.4

 
728.4

 
648.5

 
0.23
%
^CT Auto Spa LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
202.8

 
202.8

 
206.6

 
0.07
%
^Blue Lagoon Resort, LLC dba Hill View Cottages
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/21/2042

 
186.6

 
186.6

 
203.3

 
0.07
%
^DHD Enterprise LLC dba Edible Arrangements #1699
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
21.4

 
21.4

 
19.7

 
0.01
%
^Tropical Stone LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
175.8

 
175.8

 
181.1

 
0.06
%
^Ameco Forest Products LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
163.8

 
163.8

 
168.7

 
0.06
%
^DBMS Consulting, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2027

 
70.2

 
70.2

 
67.2

 
0.02
%
^Best Quality Home Care LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
12/19/2027

 
7.4

 
7.4

 
6.5

 
%
^CZAR Industries, Inc.
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/19/2027

 
248.9

 
248.9

 
233.3

 
0.08
%
^Auto Excellance of Fort Myers Inc.
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/19/2042

 
104.8

 
104.8

 
114.2

 
0.04
%
^1-0 Granny's Helpful Hands, LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
21.1

 
21.1

 
18.7

 
0.01
%
^Legion Bowl, Inc & Legion Pub Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/15/2042

 
329.7

 
329.7

 
359.3

 
0.12
%
^Montessori Community School
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
59.6

 
59.6

 
56.6

 
0.02
%
^Ocean Trans LLC & Dehal Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/15/2042

 
601.8

 
601.8

 
599.0

 
0.21
%
^Capital Containers LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
21.1

 
21.1

 
18.9

 
0.01
%
^Crystal II Auto Glass Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
14.1

 
14.1

 
12.4

 
%
Neville Galvanizing, Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2042

 
625.0

 
625.0

 
641.5

 
0.22
%
^JMD Aviation Holdings, LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
468.0

 
468.0

 
473.7

 
0.16
%
^Peanut Butter & Co., Inc
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
210.6

 
210.6

 
184.9

 
0.06
%
^KR Calvert & Co, LLC
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
446.3

 
446.3

 
393.5

 
0.14
%
^Royalty Freight Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
625.9

 
625.9

 
549.6

 
0.19
%
^Atlas Geo-Constructors, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
284.5

 
284.5

 
275.3

 
0.10
%
^Barcade Holdings, LLC, Barcade LLC,& Barcade New Haven LLC
 
Management of Companies and Enterprises
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
59.0

 
59.0

 
52.8

 
0.02
%
^Heung Kyun Im
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
14.5

 
14.5

 
12.7

 
%
^AADJ Empire Inc and AADJ Galaxy Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/14/2042

 
178.8

 
178.8

 
181.2

 
0.06
%
^LP Industries Inc. dba Childforms
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
70.3

 
70.3

 
68.6

 
0.02
%
^Beale Street Blues Company Inc.dba B.B. King's Club-Memphis
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
942.9

 
942.9

 
834.9

 
0.29
%
^Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
90.3

 
90.3

 
89.6

 
0.03
%
^Nichols Fire and Security LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/13/2042

 
86.3

 
86.3

 
89.3

 
0.03
%

111
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Hardway Inc & AFC Leasing Inc
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
12/13/2027

 
871.8

 
871.8

 
765.5

 
0.27
%
^LPB LPB Property Management Inc dba Wilderness View Cabins & Ellijay C
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
12/12/2042

 
98.6

 
98.6

 
107.0

 
0.04
%
^Clore Construction LLC
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
433.2

 
433.2

 
415.5

 
0.14
%
^Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
46.8

 
46.8

 
41.1

 
0.01
%
^Big Picture Group LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
351.0

 
351.0

 
321.7

 
0.11
%
^Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
468.0

 
468.0

 
410.9

 
0.14
%
^A-1 Van Services Inc
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
673.6

 
673.6

 
651.9

 
0.23
%
^The Ohio Valley Group Inc dba Ohio Valley Landscapes & Design
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
14.0

 
14.0

 
12.8

 
%
^Clear Sound Communications, Inc
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/8/2027

 
3.5

 
3.5

 
3.1

 
%
^AV Strategy Inc
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
12/8/2027

 
414.1

 
414.1

 
389.4

 
0.14
%
^JVLS LLC dba Vaccines 2 Go
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/7/2027

 
14.0

 
14.0

 
12.3

 
%
^Kim Howard Corp dba NPN Machine Tools
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/7/2042

 
568.2

 
568.2

 
617.2

 
0.21
%
^IHC Hardware Inc.
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/6/2042

 
98.6

 
98.6

 
98.7

 
0.03
%
^Driven Powersports, Inc
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/6/2027

 
81.9

 
81.9

 
71.9

 
0.03
%
^Earth First Recycling LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/6/2027

 
72.8

 
72.8

 
72.9

 
0.03
%
^ODS Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/6/2027

 
45.9

 
45.9

 
42.7

 
0.01
%
^Healthcare Interventions, Inc dba Brightstar Healthcare of & Brightstar
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/4/2027

 
14.0

 
14.0

 
12.3

 
%
^Oil Palace, Inc.
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
12/4/2042

 
976.8

 
976.8

 
1,064.4

 
0.37
%
^PS Camping Inc.
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/1/2027

 
18.9

 
18.9

 
19.1

 
0.01
%
^Square1 Partners, LLC
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
12/1/2027

 
58.5

 
58.5

 
51.4

 
0.02
%
^Utara LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/1/2027

 
22.0

 
22.0

 
20.4

 
0.01
%
^Linda Jean Howard Riley dba The Rusty Bolt
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/1/2042

 
20.7

 
20.7

 
22.6

 
0.01
%
^Salud Bar & Grill LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/1/2027

 
52.6

 
52.6

 
46.5

 
0.02
%
^Fortress Verve Inc, Maurice R. Margules and Antonie C. Reinhard
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
122.0

 
122.0

 
122.1

 
0.04
%
^WTI Distribution Inc
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
37.2

 
37.2

 
35.3

 
0.01
%
^Frontier Sand LLC
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
479.0

 
479.0

 
473.3

 
0.16
%
^Create- A- Stitch, Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/30/2042

 
86.2

 
86.2

 
92.7

 
0.03
%
^J. Venture Holdings, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
11.6

 
11.6

 
11.9

 
%
^Skin Beauty Bar Inc. and Tameka J. Mathis
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
8.4

 
8.4

 
7.6

 
%

112
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^OPH Lexington, Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/29/2042

 
192.8

 
192.8

 
210.1

 
0.07
%
^Clearwater Transportation LTD dba Thrifty Car Rental, Dollar Rent A Car
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
11/29/2027

 
160.4

 
160.4

 
144.1

 
0.05
%
^Our Playhouse Preschool, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/29/2042

 
233.8

 
233.8

 
254.8

 
0.09
%
^Amped Coffee Company LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/28/2027

 
58.2

 
58.2

 
60.0

 
0.02
%
^Beacon Brewing LLC and C' Sons, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/27/2042

 
125.1

 
125.1

 
136.3

 
0.05
%
^Step Up Academy of the Arts, LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
11/22/2027

 
14.7

 
14.7

 
12.9

 
%
^Webtez Inc dba Mod Vans
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/22/2027

 
65.1

 
65.1

 
57.5

 
0.02
%
^JMD Corporation dba Dart's True Value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/22/2027

 
17.4

 
17.4

 
16.5

 
0.01
%
^Glencadia Corporation
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2027

 
3.5

 
3.5

 
3.1

 
%
^Grumpy's Restaurant Company, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/21/2027

 
66.1

 
66.1

 
58.2

 
0.02
%
^Cali Fit Meals
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/21/2027

 
20.9

 
20.9

 
19.9

 
0.01
%
^PB Market LLC dba Pure Barre
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2027

 
100.9

 
100.9

 
88.7

 
0.03
%
^N Transport LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/20/2027

 
385.5

 
385.5

 
338.5

 
0.12
%
^N Transport LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/20/2042

 
175.3

 
175.3

 
164.3

 
0.06
%
^B Lam LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/20/2042

 
178.6

 
178.6

 
190.0

 
0.07
%
^Maya Motel, LLC dba Town House Motel
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
11/17/2042

 
56.2

 
56.2

 
61.2

 
0.02
%
^TPE Midstream LLC, Dasham Company dba Sahm Co & S & S Ventures Inc.
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
11/17/2027

 
175.8

 
175.8

 
170.7

 
0.06
%
^SSI Refrigerated Express Inc. and Robert M Stallone
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/17/2027

 
59.4

 
59.4

 
53.4

 
0.02
%
^Jacob's Towing, Inc.dba Jacob's Automotive Locksmith & Jacob's Auto Repair
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/17/2027

 
46.5

 
46.5

 
42.8

 
0.01
%
^Southern Specialty Contractor, LLC & Ronald David Holbrook Jr.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/17/2027

 
49.3

 
49.3

 
43.7

 
0.02
%
^H & H Hotshot Services, Inc.
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
11/16/2027

 
65.1

 
65.1

 
59.7

 
0.02
%
^Murf & Sons LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/16/2027

 
154.7

 
154.7

 
138.0

 
0.05
%
^J R Wholesale Tires & Auto Center, LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/15/2042

 
13.3

 
13.3

 
14.5

 
0.01
%
^Marcaco LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/15/2042

 
651.7

 
651.7

 
693.3

 
0.24
%
^Auto Rx LLC,J&P Auto Repair Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/15/2042

 
193.3

 
193.3

 
209.2

 
0.07
%
Paramount Dance Studios Inc. and Homestead Dance Supply
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
10/14/2043

 
408.5

 
408.5

 
432.7

 
0.15
%
^GFA International Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/13/2027

 
87.2

 
87.2

 
89.8

 
0.03
%
^Wing King at the Gardens LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/10/2027

 
9.1

 
9.1

 
8.0

 
%
^Linqserv Inc.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/9/2027

 
574.1

 
574.1

 
548.7

 
0.19
%

113
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Hofgard & Co, Inc dba Hofgard Benefits and James Marsh
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
11/8/2027

 
13.8

 
13.8

 
12.1

 
%
^JNP Delivery Inc
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
11/7/2027

 
104.1

 
104.1

 
97.5

 
0.03
%
^His Loving Hands Christian Academy, Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/6/2042

 
90.4

 
90.4

 
96.1

 
0.03
%
^Sterling Campbell Insurance Agency, Inc
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
11/3/2027

 
7.0

 
7.0

 
6.1

 
%
^S & S Auto Body Shop Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/3/2042

 
162.6

 
162.6

 
175.5

 
0.06
%
^Top Quality Dent Service LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/2/2027

 
5.6

 
5.6

 
4.9

 
%
^Edge Studios Inc Radiant Yoga LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/1/2027

 
61.6

 
61.6

 
55.5

 
0.02
%
^Rachael Reel dba Rachel Reel Insurance Age
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
10/31/2027

 
6.9

 
6.9

 
6.1

 
%
^Berza TLG,LLC dba The Little Gym of Lake Charles
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/31/2027

 
39.2

 
39.2

 
35.1

 
0.01
%
^The Five Lakes LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
10/30/2042

 
467.3

 
467.3

 
509.2

 
0.18
%
^Die Hard Used Car Sales
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/30/2042

 
55.4

 
55.4

 
60.4

 
0.02
%
^Blue Eagle Transport Inc, Golden Eagle Transport, Inc
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
10/27/2027

 
34.7

 
34.7

 
31.4

 
0.01
%
^Sage Oil LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
10/27/2027

 
9.2

 
9.2

 
8.2

 
%
^Ashore Ventures Inc dba PuroClean Professional Restoration
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/27/2027

 
13.4

 
13.4

 
12.2

 
%
^Cardinal Homes, Inc
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/27/2027

 
101.0

 
101.0

 
104.1

 
0.04
%
^Suzie LLC dba Tony D's Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/25/2042

 
86.1

 
86.1

 
92.5

 
0.03
%
^White Walker LLC dba Frenchette
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/25/2027

 
258.9

 
258.9

 
266.7

 
0.09
%
^Grand Blanc Lanes, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/25/2027

 
13.9

 
13.9

 
14.3

 
%
^Schafer Fisheries Inc
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/25/2027

 
32.3

 
32.3

 
33.3

 
0.01
%
^Action Physical Therapy Yoga and Wellness Center Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/24/2027

 
20.8

 
20.8

 
20.4

 
0.01
%
^The Jig, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/24/2042

 
74.8

 
74.8

 
79.1

 
0.03
%
^Florida Apnea Diagnostics LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/20/2027

 
146.5

 
146.5

 
131.1

 
0.05
%
^Looky Enterprises, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/18/2027

 
61.4

 
61.4

 
55.4

 
0.02
%
^Island Refrigeration & AC Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/18/2042

 
138.6

 
138.6

 
144.3

 
0.05
%
^H and K Dry Cleaning LLC, Quintero Shopping Center LLC, Aqua Laundry
 
Electronics and Appliance Stores
 
Term Loan
 
8%
 
10/17/2042

 
63.3

 
63.3

 
69.0

 
0.02
%
^Blueridge Armor LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/17/2027

 
7.6

 
7.6

 
7.2

 
%
^Albas Bar & Grill LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/13/2042

 
44.3

 
44.3

 
44.5

 
0.02
%
^Cortez Landscaping, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/13/2027

 
17.7

 
17.7

 
16.5

 
0.01
%
^Crawfordsville Fitness LLC dba Planet Fitness
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/13/2027

 
114.6

 
114.6

 
103.4

 
0.04
%
^On Call Services LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
10/13/2027

 
16.6

 
16.6

 
17.1

 
0.01
%

114
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^JD Ventures LLC and JD Roof Co LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/12/2027

 
20.8

 
20.8

 
18.7

 
0.01
%
^Pro Anderson, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/11/2027

 
49.9

 
49.9

 
44.5

 
0.02
%
^Sandbox Ventures LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/11/2027

 
17.3

 
17.3

 
17.0

 
0.01
%
^Eye Optique Inc.
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
10/5/2027

 
13.9

 
13.9

 
12.2

 
%
^Becky Lou Corp dba Rent A Center
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
10/2/2027

 
84.2

 
84.2

 
78.9

 
0.03
%
^Ains Holding Company LLC
 
Management of Companies and Enterprises
 
Term Loan
 
Prime plus 2.75%
 
10/2/2027

 
75.8

 
75.8

 
68.3

 
0.02
%
^Dan Cline Transport Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/29/2030

 
948.9

 
948.9

 
864.6

 
0.30
%
^Cagwin Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
321.7

 
321.7

 
344.6

 
0.12
%
^Sashshel Corporation
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
209.1

 
209.1

 
227.7

 
0.08
%
^Threads of Time LLC
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
135.1

 
135.1

 
139.1

 
0.05
%
^Harco Metal Products Inc
 
Primary Metal Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
483.3

 
483.3

 
479.2

 
0.17
%
^Miechella Suzette Decker
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
98.4

 
98.4

 
107.1

 
0.04
%
^Chicago American Manufacturing LLC, Dockside Steel Processing LLC
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
1,230.3

 
1,230.3

 
1,289.0

 
0.45
%
^Pets A Go Go LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2042

 
195.5

 
195.5

 
206.8

 
0.07
%
^Rhode Island Tennis Management LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/28/2042

 
540.4

 
540.4

 
555.3

 
0.19
%
^Nicholson Lumber Co Inc.
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/28/2030

 
202.9

 
202.9

 
204.5

 
0.07
%
^Rhode Island Tennis Management LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/28/2042

 
376.3

 
376.3

 
386.7

 
0.13
%
^National Media Services, Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2027

 
17.2

 
17.2

 
15.1

 
0.01
%
^Complete Care IT LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2027

 
13.5

 
13.5

 
11.8

 
%
^Technologist Inc
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
9/27/2027

 
318.5

 
318.5

 
316.0

 
0.11
%
^Rollins Construction & Trucking LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
9/26/2027

 
312.4

 
312.4

 
311.0

 
0.11
%
^Inspirations Food Design, Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/26/2042

 
460.0

 
460.0

 
478.7

 
0.17
%
^KB Waterjet Cutting LLC
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/22/2027

 
9.4

 
9.4

 
8.7

 
%
^JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/22/2027

 
20.6

 
20.6

 
18.3

 
0.01
%
^Magnation Corporation
 
Utilities
 
Term Loan
 
Prime plus 2.75%
 
9/22/2027

 
45.9

 
45.9

 
47.2

 
0.02
%
^Sallee Pro-Custom Fabrication Shop LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/21/2027

 
8.3

 
8.3

 
8.5

 
%
^Sound Manufacturing, Inc. & Monster Power Equipment, Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
183.3

 
183.3

 
177.1

 
0.06
%
^Alpha Preparatory Academy LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
159.7

 
159.7

 
163.6

 
0.06
%
^CR Park Incorporated dba Define Body and Mind
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
92.1

 
92.1

 
83.8

 
0.03
%
^Denek Contracting Inc and Denek Leasing LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
206.3

 
206.3

 
224.6

 
0.08
%

115
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Excel, RP Inc.
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
91.7

 
91.7

 
86.3

 
0.03
%
^Max Home Deliveries, Inc
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
74.1

 
74.1

 
69.1

 
0.02
%
^Montessori Community School
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
387.8

 
387.8

 
390.9

 
0.14
%
^Imagine By Carleen, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
6.9

 
6.9

 
6.8

 
%
^NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
942.4

 
942.4

 
917.5

 
0.32
%
^Alexander Pierce Corporation
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
613.6

 
613.6

 
632.7

 
0.22
%
^Commonwealth Diagnostics International, Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
1,104.2

 
1,104.2

 
1,136.0

 
0.40
%
^Insight Diagnostic Technologist Services
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
278.4

 
278.4

 
254.6

 
0.09
%
^Venus Pizza, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
90.4

 
90.4

 
98.4

 
0.03
%
^CIS BIG DOG, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/19/2027

 
56.9

 
56.9

 
58.1

 
0.02
%
^Stone's Construction and Remodeling, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/19/2027

 
4.8

 
4.8

 
4.2

 
%
^Party By Design Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/18/2042

 
1,190.5

 
1,190.5

 
1,216.5

 
0.42
%
^Clark Realty LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
9/15/2027

 
58.6

 
58.6

 
54.8

 
0.02
%
^Inglis Food Mart Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/15/2027

 
20.6

 
20.6

 
21.0

 
0.01
%
^Clinton Food Market LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/15/2042

 
257.9

 
257.9

 
266.7

 
0.09
%
^Li Family Spokane LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/15/2042

 
377.8

 
377.8

 
402.2

 
0.14
%
^Tarleton & Family Landscaping, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/15/2027

 
76.8

 
76.8

 
69.8

 
0.02
%
^Alaska Motor Home Inc
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2027

 
304.0

 
304.0

 
266.6

 
0.09
%
^Nails By Mercede LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2027

 
13.1

 
13.1

 
12.4

 
%
^Fox Valley Rentals & Investments, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 3.75%
 
9/13/2027

 
6.9

 
6.9

 
7.0

 
%
^Town & Country Transportation Co. and Popco, LLC.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/12/2042

 
165.8

 
165.8

 
180.5

 
0.06
%
^Rajbai Maa Inc. dba Nara Lounge
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/12/2042

 
381.9

 
381.9

 
383.4

 
0.13
%
^Morgan Lynn Kerstetter dba Catherine School of Dance
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
9/11/2027

 
6.9

 
6.9

 
7.1

 
%
^Health & Performance Center, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/11/2027

 
18.7

 
18.7

 
16.4

 
0.01
%
^Foxtail, LLC and Tottly New Services Corp
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/8/2042

 
286.2

 
286.2

 
296.9

 
0.10
%
^Desert Ribs, LLC and Famous Charlie, LLC and Famous Freddie, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/8/2042

 
1,233.2

 
1,233.2

 
1,206.1

 
0.42
%
^Echelon Planning Group, LLC dba Echelon Financial Services and Echelon
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
9/8/2027

 
6.9

 
6.9

 
6.9

 
%
^Crazy Beatz Productions LLC
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 3.75%
 
9/7/2027

 
4.9

 
4.9

 
4.6

 
%
^South Fulton Landscape & Nursery, Inc.
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/7/2042

 
98.4

 
98.4

 
107.2

 
0.04
%
^Dreaming Big Learning Center Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/5/2042

 
364.1

 
364.1

 
377.4

 
0.13
%

116
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Big Coop's Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/1/2027

 
91.7

 
91.7

 
87.9

 
0.03
%
^Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Transport
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
8/31/2027

 
349.9

 
349.9

 
316.4

 
0.11
%
^The Pink Alli, LLC dba The Alli
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
8/30/2027

 
16.4

 
16.4

 
15.0

 
0.01
%
^Busby Outdoor LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
8/29/2042

 
540.2

 
540.2

 
506.6

 
0.18
%
^Busby Outdoor LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
8/29/2042

 
687.6

 
687.6

 
644.9

 
0.22
%
^Parlay Disributors LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
8/25/2027

 
102.5

 
102.5

 
91.4

 
0.03
%
^Lake County Tow LLC
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/25/2042

 
85.9

 
85.9

 
88.5

 
0.03
%
^InUSA Ventures Inc dba InUSA Services
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
8/24/2027

 
22.8

 
22.8

 
20.0

 
0.01
%
^Genuine Ventures LLC and Seaweed Ventures LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/24/2030

 
524.6

 
524.6

 
502.4

 
0.17
%
^R & R Strength & Conditioning Corp dba Crossfit Light House Point
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/23/2042

 
81.1

 
81.1

 
88.3

 
0.03
%
^Delicias de Minas Restaurant, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/22/2027

 
188.0

 
188.0

 
187.8

 
0.07
%
^L&V Auto Sales, Inc.
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
8/21/2027

 
16.4

 
16.4

 
16.9

 
0.01
%
^M.E. Interiors LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/21/2027

 
15.0

 
15.0

 
13.2

 
%
^Damiano Global Corp
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/21/2027

 
20.5

 
20.5

 
19.7

 
0.01
%
^Tier1 Solutions LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/18/2027

 
17.1

 
17.1

 
15.7

 
0.01
%
^Tony Herring & Associates, Inc
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
8/17/2027

 
6.8

 
6.8

 
6.0

 
%
^Chester's World Enterprise LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/16/2027

 
20.5

 
20.5

 
18.8

 
0.01
%
^D'Amato & Sons Construction, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
8/11/2027

 
7.5

 
7.5

 
7.0

 
%
^Roundhay Partners LLC and Roundhay Farming LLC
 
Crop Production
 
Term Loan
 
Prime plus 2.75%
 
8/8/2042

 
902.1

 
902.1

 
853.8

 
0.30
%
^L & J Corporate Services Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/4/2027

 
6.8

 
6.8

 
6.0

 
%
^Furniture Masters Limited Liability Company
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/3/2027

 
8.2

 
8.2

 
7.2

 
%
^HMG Strategy LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/2/2027

 
45.5

 
45.5

 
39.9

 
0.01
%
^Bowl Mor LLC dba Bowl Mor Lanes
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
7/31/2027

 
6.8

 
6.8

 
5.9

 
%
^Hope Health Care, LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
7/31/2027

 
9.5

 
9.5

 
8.3

 
%
^Royal Blue Investments, Inc. and Cleland Pharmacy LLC
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
7/31/2042

 
51.9

 
51.9

 
55.6

 
0.02
%
^Raffi's Inc dba Atlantic Auto Center
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
7/31/2027

 
12.9

 
12.9

 
13.1

 
%
^Sharon G McMillen, MA Psychologist, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
7/28/2027

 
16.8

 
16.8

 
14.8

 
0.01
%
^HQTRONIC LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
7/27/2027

 
20.4

 
20.4

 
17.8

 
0.01
%
^Oberon IT, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/26/2027

 
197.9

 
197.9

 
184.6

 
0.06
%
^Gilles Peress Studio LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/25/2027

 
56.6

 
56.6

 
49.6

 
0.02
%

117
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Obok LLC
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/21/2027

 
10.9

 
10.9

 
10.3

 
%
^Ocean Trans LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/21/2027

 
33.9

 
33.9

 
29.7

 
0.01
%
^Lil Tots' Learning Center LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
7/21/2042

 
46.6

 
46.6

 
48.0

 
0.02
%
^Matrix Z LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 3.75%
 
7/19/2027

 
6.8

 
6.8

 
7.1

 
%
^Nova Solutions, Inc.
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/19/2027

 
22.6

 
22.6

 
22.6

 
0.01
%
^Aitheras Aviation Group, LLC (OH) , Aitheras Aviation Group, LLC (FL)
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/18/2027

 
745.9

 
745.9

 
658.8

 
0.23
%
^Wildflour Bakery & Cafe, LLC
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/17/2027

 
20.3

 
20.3

 
20.9

 
0.01
%
^Koep Companies dba Pipestone True value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
7/14/2042

 
319.9

 
319.9

 
324.0

 
0.11
%
^Florida Home and Kitchen LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/14/2027

 
10.9

 
10.9

 
9.5

 
%
^Rocks Auto Exchange LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
7/13/2027

 
13.6

 
13.6

 
11.9

 
%
^McCord Holdings, Inc. dba Fast Signs 176101
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
7/7/2027

 
17.0

 
17.0

 
15.2

 
0.01
%
^Thrifty Market Inc dba Thrifty Foods
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
7/6/2027

 
92.9

 
92.9

 
85.5

 
0.03
%
^The Country House Restaurant, LLC and Pelton Real Estate, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2042

 
48.9

 
48.9

 
53.3

 
0.02
%
^Qycell Corporation
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
68.5

 
68.5

 
71.0

 
0.02
%
^J. T. O'Neill Company, L.L.C
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
13.5

 
13.5

 
12.4

 
%
^Hamilton & Associates Real Estate and Investments Firm LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
6/30/2042

 
52.9

 
52.9

 
56.9

 
0.02
%
^New Chicago Wholesale Bakery Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
13.5

 
13.5

 
13.5

 
%
^BQRS, Inc. DBA Gresham Meineke Car Care Center
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
56.1

 
56.1

 
52.6

 
0.02
%
^JWH Designs, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
95.4

 
95.4

 
88.1

 
0.03
%
^Veola's Day Spa and Wellness Center Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
8.2

 
8.2

 
7.8

 
%
^J&M Civil Construction Services LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
89.9

 
89.9

 
83.0

 
0.03
%
^Best Bees Company
 
Animal Production and Aquaculture
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
20.2

 
20.2

 
18.7

 
0.01
%
^Stiegelbauer Associates Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
278.0

 
278.0

 
288.4

 
0.10
%
^Oakhill Farms, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/29/2030

 
93.1

 
93.1

 
98.0

 
0.03
%
^Greensboro Plastic Surgical Associates, PA
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2042

 
565.8

 
565.8

 
600.4

 
0.21
%
^Malhame & Company Publishers & Importers Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
80.9

 
80.9

 
74.8

 
0.03
%
^Intellixion LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
3.4

 
3.4

 
3.1

 
%
^Ocean Trans LLC and Dehal Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
541.1

 
541.1

 
499.8

 
0.17
%
^Foxhop Fitness, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/28/2027

 
83.6

 
83.6

 
77.9

 
0.03
%
^Akal Express Inc. dba Truck Trailer Service Stop
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/28/2042

 
58.7

 
58.7

 
64.1

 
0.02
%

118
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Old Dominion Transportation Group, Inc.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/28/2027

 
909.2

 
909.2

 
855.7

 
0.30
%
^Citibin, Inc.
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/27/2027

 
112.3

 
112.3

 
103.7

 
0.04
%
^Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/27/2030

 
228.3

 
228.3

 
236.6

 
0.08
%
^WB Cleaners Inc. DBA $2.75 Cleaners
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/27/2027

 
14.7

 
14.7

 
15.3

 
0.01
%
^Ains Holding Company, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/26/2027

 
1,056.4

 
1,056.4

 
992.7

 
0.35
%
^Four Seasons Laser Center Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/26/2042

 
213.6

 
213.6

 
227.6

 
0.08
%
^Northern Industries, LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/23/2042

 
56.5

 
56.5

 
62.5

 
0.02
%
^Rustic LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/23/2042

 
15.9

 
15.9

 
15.8

 
0.01
%
^Vella Construction Enterprises, Inc. dba Vella Construction
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
6/23/2027

 
20.2

 
20.2

 
18.7

 
0.01
%
^Birches Group, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/22/2027

 
44.9

 
44.9

 
41.5

 
0.01
%
^Sanabi Investment ,,LLC dba Oscar's Moving and Storage
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/20/2027

 
110.0

 
110.0

 
105.7

 
0.04
%
^Scarlet Spartan Inc.dba FastSigns of Brighton
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/19/2027

 
50.0

 
50.0

 
47.0

 
0.02
%
^Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/16/2042

 
391.7

 
391.7

 
406.8

 
0.14
%
^JAM Media Solutions, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/15/2027

 
56.1

 
56.1

 
51.8

 
0.02
%
^All Regional Recyclers of Wood LLC dba ARROW, Superior Carting, LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
6/15/2042

 
304.0

 
304.0

 
321.8

 
0.11
%
^Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/14/2042

 
90.5

 
90.5

 
98.5

 
0.03
%
^ESA 365 Corp and Lucathor Realty LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/14/2042

 
22.0

 
22.0

 
23.7

 
0.01
%
^Susan Hughes dba Aloha Junction B and B
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/14/2042

 
60.7

 
60.7

 
67.2

 
0.02
%
^Hull's Kitchen, LLC and HK Too, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/14/2042

 
94.3

 
94.3

 
104.1

 
0.04
%
^Yachting Solutions LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/12/2027

 
106.7

 
106.7

 
105.2

 
0.04
%
^Refoleen Inc dba Spice and Tea Exchange
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/8/2027

 
3.2

 
3.2

 
2.9

 
%
^Earth First Recycling, LLC and 191 Clark Road, LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/5/2027

 
338.0

 
338.0

 
347.6

 
0.12
%
^Skydive California, LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/2/2027

 
50.1

 
50.1

 
51.9

 
0.02
%
^SCW, LLC dba Arthur Murray Dance Studio
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/2/2042

 
142.8

 
142.8

 
152.4

 
0.05
%
^Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/1/2042

 
44.6

 
44.6

 
48.2

 
0.02
%
^Impact Grounds Maintenance and Design, Inc.dba Impact Landscaping and
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/31/2042

 
77.6

 
77.6

 
85.0

 
0.03
%
^Funtime, LLC and Universal Entertainment Group LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
5/31/2027

 
59.2

 
59.2

 
55.4

 
0.02
%
^Ricnet III, Inc. dba Edible Arrangements
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
5/31/2027

 
13.2

 
13.2

 
12.4

 
%

119
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Haroon Baig,Inc.dba US1 Petrol
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
5/31/2042

 
257.8

 
257.8

 
285.3

 
0.10
%
^Sage Oil LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
5/31/2027

 
20.1

 
20.1

 
18.7

 
0.01
%
^Chet Lemon Enterprises LLC dba All American Sports
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/26/2042

 
774.0

 
774.0

 
856.5

 
0.30
%
^Mitchell Auto Repair, LLC and and C&M Mitchell, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/26/2042

 
191.0

 
191.0

 
206.9

 
0.07
%
^Eagle Wood Works LLC
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/26/2027

 
10.7

 
10.7

 
10.3

 
%
^Hurricane Group, Inc.
 
Other Information Services
 
Term Loan
 
Prime plus 2.75%
 
5/26/2027

 
66.9

 
66.9

 
61.8

 
0.02
%
^Swantown Inn & Spa LLC
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/26/2042

 
124.2

 
124.2

 
136.4

 
0.05
%
^Beyond Waves A Unique Salon LLC and Lori Ann Carlson
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/25/2027

 
13.4

 
13.4

 
12.5

 
%
^Jung Design Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/25/2027

 
8.0

 
8.0

 
7.4

 
%
^Locavore LLC dba Paloma Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/25/2027

 
44.6

 
44.6

 
42.3

 
0.01
%
^Abdul Naushad MD PC dba Advanced Pain Centers
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/25/2042

 
384.6

 
384.6

 
418.5

 
0.15
%
^Innovim, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/24/2027

 
300.9

 
300.9

 
277.9

 
0.10
%
^Gill Express Inc. and Gill Express 2 LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/23/2042

 
330.9

 
330.9

 
350.4

 
0.12
%
^Prestige Construction of Florida, LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
5/23/2042

 
328.6

 
328.6

 
344.2

 
0.12
%
^GEM2K, LLC dba Precision Precast Group
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/19/2027

 
145.9

 
145.9

 
138.9

 
0.05
%
^Hayden Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/19/2027

 
210.1

 
210.1

 
205.6

 
0.07
%
^Tres K Deli,Grocery,Fruit and Meat Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
5/19/2027

 
7.4

 
7.4

 
7.2

 
%
^Iron Men Home Repair, Inc. and Ironmen House Lifting Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/19/2042

 
568.9

 
568.9

 
611.3

 
0.21
%
^Enfield Tractor & Equipment Co
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/19/2027

 
264.6

 
264.6

 
264.9

 
0.09
%
^PS Camping, Inc. dba Prospectors RV Resort
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/19/2042

 
253.7

 
253.7

 
279.9

 
0.10
%
^Mr. B's Bicycles & Mopeds, Inc.
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
5/18/2042

 
143.3

 
143.3

 
153.4

 
0.05
%
^Waterford Plumbing Co, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/18/2027

 
44.6

 
44.6

 
41.7

 
0.01
%
^Bay Car Wash LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/18/2042

 
117.9

 
117.9

 
126.9

 
0.04
%
^Computech Computers Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/17/2027

 
44.6

 
44.6

 
41.2

 
0.01
%
^Arco Electrical Contractors Inc. dba Arco Construction Group
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/16/2027

 
320.8

 
320.8

 
311.4

 
0.11
%
^Batter & Company,LLC dba Batter Co. Dessert Collection
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
5/16/2027

 
47.9

 
47.9

 
45.0

 
0.02
%
^5 Stars Learning Center Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/16/2042

 
60.4

 
60.4

 
64.7

 
0.02
%
^Band Sawn Lumber,LLC and Nathan Ryan Adams
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/15/2042

 
111.1

 
111.1

 
117.3

 
0.04
%

120
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Sanderson Distribution Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/12/2027

 
9.4

 
9.4

 
8.7

 
%
^Keys Armored Express, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/12/2027

 
35.7

 
35.7

 
34.0

 
0.01
%
^SG Linke LLC
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
5/12/2027

 
74.2

 
74.2

 
77.0

 
0.03
%
^B G F Bobby Q's Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/11/2027

 
6.7

 
6.7

 
6.8

 
%
^Estelle Finkel Educational Associates,LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/11/2027

 
107.8

 
107.8

 
99.6

 
0.03
%
^Labmates,LLC
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
5/10/2027

 
89.2

 
89.2

 
89.1

 
0.03
%
^NHS, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/9/2027

 
78.9

 
78.9

 
75.3

 
0.03
%
^1872 Rosecrans, LLC dba Goodbar
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/9/2027

 
57.0

 
57.0

 
52.9

 
0.02
%
^NHS, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/9/2042

 
21.4

 
21.4

 
21.8

 
0.01
%
^Innovation Transport, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/9/2027

 
69.5

 
69.5

 
69.4

 
0.02
%
^Arclay, LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/5/2030

 
137.1

 
137.1

 
134.3

 
0.05
%
^Benchmark Building, Inc.
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
5/5/2027

 
20.1

 
20.1

 
18.5

 
0.01
%
^Cable Management LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
5/3/2027

 
51.1

 
51.1

 
50.5

 
0.02
%
^Fine Arts Center of Easley, Inc. dba Midtown Music
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
5/2/2042

 
114.0

 
114.0

 
126.1

 
0.04
%
^Zahmel Restaurant Suppliers Corp dba Cash & Carry; Zahners Hardware
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/28/2027

 
79.6

 
79.6

 
74.2

 
0.03
%
^Love and Glory Learning Center, Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
4/28/2042

 
76.1

 
76.1

 
80.9

 
0.03
%
^Georgia Productions Services LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
4/28/2027

 
80.8

 
80.8

 
78.3

 
0.03
%
^JMA Inc. dba Primecut and Mezzo; Primecut at Marquee
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/27/2042

 
216.8

 
216.8

 
239.9

 
0.08
%
^Sneads Ferry Foods, Inc. dba DQ Grill & Chill
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/27/2042

 
611.4

 
611.4

 
648.4

 
0.23
%
^Asheville's Fun Depot, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/26/2027

 
77.4

 
77.4

 
80.3

 
0.03
%
^Resident Research, LLC
 
Other Information Services
 
Term Loan
 
Prime plus 2.75%
 
4/24/2027

 
78.0

 
78.0

 
72.1

 
0.03
%
^Getting Even LLC dba The Zoo Health Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/21/2027

 
6.6

 
6.6

 
6.3

 
%
^Ralph's Hair Salon, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/21/2042

 
48.8

 
48.8

 
52.7

 
0.02
%
^M.E. Interiors LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/20/2027

 
123.2

 
123.2

 
113.8

 
0.04
%
^Condron Brothers LLC DBA Luv 2 Play
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/19/2027

 
105.8

 
105.8

 
101.5

 
0.04
%
^Bloomer Machine & Fab, Inc and Dale Stertz Properties
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/13/2042

 
200.4

 
200.4

 
218.5

 
0.08
%
^Carpeteria (Markarian) Co.
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
4/13/2027

 
117.4

 
117.4

 
120.8

 
0.04
%
^Butternuts Beer and Ale LLC
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/12/2027

 
65.3

 
65.3

 
67.7

 
0.02
%
^Citizens Lanes, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/31/2042

 
608.5

 
608.5

 
672.7

 
0.23
%
^Shelter Harbor Inn, Inc.
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/31/2042

 
202.6

 
202.6

 
224.0

 
0.08
%

121
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^The Altitude Group, LLC and Core Home Security, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/31/2027

 
43.4

 
43.4

 
40.0

 
0.01
%
^MIT LLC
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
3/31/2042

 
85.4

 
85.4

 
94.5

 
0.03
%
^Bear Trail Lodge LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/31/2042

 
539.5

 
539.5

 
592.7

 
0.21
%
^Landmark Ventures USA, Inc.
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
3/31/2027

 
165.0

 
165.0

 
152.2

 
0.05
%
^Golden Hen Inc. dba Cafe
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/31/2027

 
57.0

 
57.0

 
53.1

 
0.02
%
^Applied Integrated Technologies, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/31/2027

 
110.1

 
110.1

 
101.5

 
0.04
%
^Signature Rooms, Inc dba Gallery Furniture
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
3/30/2042

 
484.1

 
484.1

 
533.5

 
0.19
%
^KWG Industries LLC dba Peterson & Marsh Metal Industries
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/30/2027

 
26.4

 
26.4

 
26.9

 
0.01
%
^Sea Smoke Barbeque, Corp and Danwen LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/30/2042

 
230.9

 
230.9

 
247.9

 
0.09
%
^Schafer Fisheries Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/30/2042

 
242.4

 
242.4

 
268.0

 
0.09
%
^Discount Price, LLC dba Robert's Market
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/29/2042

 
201.4

 
201.4

 
217.7

 
0.08
%
^Douglas K. Soderblom . dba Loma Linda Optometry
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2027

 
88.0

 
88.0

 
84.3

 
0.03
%
^Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/29/2042

 
1,031.5

 
1,031.5

 
1,136.2

 
0.40
%
^First Sail Group Inc. and Omen Board Industires LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/29/2027

 
17.6

 
17.6

 
17.1

 
0.01
%
^H and H Hotshot Services, Inc. dba AA Hotshot & Logistics
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
3/29/2030

 
89.6

 
89.6

 
84.1

 
0.03
%
^New England Country Day School, Inc. and Thomas D. Walker
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/28/2042

 
362.6

 
362.6

 
388.6

 
0.14
%
^American Pharmaceutical Innovation Company, LLC
 
Chemical Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/28/2027

 
26.4

 
26.4

 
24.4

 
0.01
%
^Pecos Entertainment LLC dba State Theater and Pecos Inn LLC
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
3/27/2042

 
400.7

 
400.7

 
443.0

 
0.15
%
^Heil & Hornik LLC dba Elysium Tennis
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/27/2042

 
907.1

 
907.1

 
968.8

 
0.34
%
^Robert Dixon PA dba Law Offices of Robert Dixon
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/24/2042

 
416.2

 
416.2

 
458.8

 
0.16
%
^Ericon Inc. dba Quik Pik
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/24/2027

 
55.0

 
55.0

 
55.4

 
0.02
%
^Executive Fitness & Nutrition Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/23/2027

 
18.0

 
18.0

 
18.4

 
0.01
%
^Denton Bio Fuels LLC and American Bio Source LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/23/2027

 
52.1

 
52.1

 
50.3

 
0.02
%
^Color Graphic Press, Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/23/2027

 
105.6

 
105.6

 
109.4

 
0.04
%
^JBK Truck Trailer and Bus Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/23/2042

 
86.6

 
86.6

 
92.5

 
0.03
%
^Baton Rouge Cargo Services Inc. and 6507 Westport, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/22/2042

 
628.0

 
628.0

 
683.9

 
0.24
%

122
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Vehicle Safety Supply LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/21/2027

 
19.8

 
19.8

 
18.3

 
0.01
%
^J Sivilis LLC dba Pet Wants
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/17/2027

 
10.8

 
10.8

 
10.2

 
%
^Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/16/2027

 
264.0

 
264.0

 
273.5

 
0.10
%
^The Purple Cow House of Pancake Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/16/2042

 
156.9

 
156.9

 
173.4

 
0.06
%
^Reservoir International LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
3/16/2027

 
87.5

 
87.5

 
85.6

 
0.03
%
^1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa M
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/13/2027

 
603.3

 
603.3

 
556.4

 
0.19
%
^Dwayne Bernard Tate
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/10/2027

 
9.2

 
9.2

 
8.9

 
%
^Elegant Occasions, LLC dba E Productions
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/10/2042

 
575.3

 
575.3

 
616.6

 
0.21
%
^E & P Holdings 1 LLC and Evans & Paul Unlimited Corp. and Evans & Paul
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/9/2027

 
109.9

 
109.9

 
103.2

 
0.04
%
^Anthony LLC dba Star of Woodward Market
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/9/2042

 
112.5

 
112.5

 
124.3

 
0.04
%
^Allegro Assisted Living Of Texas
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
3/6/2027

 
84.5

 
84.5

 
87.5

 
0.03
%
^Robbie E. Bakery and Cafe LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/3/2027

 
56.4

 
56.4

 
52.0

 
0.02
%
^Podium Auto Sales Inc and RRS Property, LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/3/2042

 
88.6

 
88.6

 
94.5

 
0.03
%
^Weeping Willow Kennels, Inc and Aileen N Black
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2042

 
136.6

 
136.6

 
147.8

 
0.05
%
^SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/28/2027

 
205.8

 
205.8

 
189.8

 
0.07
%
^Getting Even LLC dba The Zoo Health Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2027

 
84.1

 
84.1

 
80.0

 
0.03
%
^Total Document Solutions Inc and,TDS Services, LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
2/27/2030

 
285.1

 
285.1

 
279.5

 
0.10
%
^McNally Enterprises Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
2/27/2027

 
56.8

 
56.8

 
54.0

 
0.02
%
^Teracore Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/27/2027

 
143.0

 
143.0

 
131.9

 
0.05
%
^B & J Bicycle Shop Inc.
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
2/24/2027

 
8.4

 
8.4

 
8.7

 
%
^3W Enterprises LLC
 
Textile Product Mills
 
Term Loan
 
Prime plus 2.75%
 
2/24/2042

 
63.8

 
63.8

 
69.7

 
0.02
%
^TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/24/2027

 
93.9

 
93.9

 
92.2

 
0.03
%
^Victorian Restaurant and Tavern, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/22/2042

 
104.8

 
104.8

 
110.7

 
0.04
%
^DER Services, LLC dba A.K.A. Sports
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
2/17/2042

 
39.1

 
39.1

 
43.2

 
0.02
%
^Bike Slug, LLC, Bike Slug Holdings Inc. and Seven Rivers Group, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
2/17/2027

 
17.0

 
17.0

 
15.7

 
0.01
%
^Ameritube, LLC and Ravone Properties, LLC
 
Primary Metal Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/14/2042

 
180.7

 
180.7

 
199.8

 
0.07
%
^R&S Barnes Enterprises, Inc. dba Massage Envy Spa
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/10/2027

 
81.9

 
81.9

 
76.2

 
0.03
%

123
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/10/2042

 
241.3

 
241.3

 
262.9

 
0.09
%
^Sushiya Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/10/2027

 
16.4

 
16.4

 
15.5

 
0.01
%
^Maximo Canot dba Wash and Dry Laundrymat
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/10/2042

 
134.3

 
134.3

 
146.5

 
0.05
%
^Marvic Enterprises Inc dba Jordan's Liquor
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/10/2042

 
213.6

 
213.6

 
231.6

 
0.08
%
^Harrison Logging Company LLC
 
Forestry and Logging
 
Term Loan
 
Prime plus 2.75%
 
2/9/2027

 
92.8

 
92.8

 
89.3

 
0.03
%
^8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
2/7/2042

 
320.7

 
320.7

 
339.0

 
0.12
%
^DBMS Consulting, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/1/2042

 
180.4

 
180.4

 
190.8

 
0.07
%
^Brandco, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/31/2027

 
37.9

 
37.9

 
35.0

 
0.01
%
^Chidlren's House Learning, Inc and Tarps Investment Group
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/31/2042

 
313.3

 
313.3

 
335.5

 
0.12
%
^Fave Realty Inc.
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
1/30/2042

 
53.1

 
53.1

 
57.3

 
0.02
%
^Return to Excellence Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
1/27/2027

 
15.6

 
15.6

 
16.2

 
0.01
%
^House of Bread & Coffee Corp dba Casa Do Pao
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/27/2042

 
169.9

 
169.9

 
176.2

 
0.06
%
^ZMKNY Tires Inc dba Houston International Tires
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
1/27/2042

 
104.9

 
104.9

 
116.0

 
0.04
%
^SRC Publishing LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
1/27/2027

 
19.5

 
19.5

 
18.0

 
0.01
%
^Fox Valley Rentals & Investments LLC and Brian M Tomaszewski
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/20/2042

 
41.4

 
41.4

 
44.1

 
0.02
%
^Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc.
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
1/19/2030

 
232.5

 
232.5

 
228.6

 
0.08
%
^Jolibe LLC and Jolibe Atelier LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/18/2027

 
9.1

 
9.1

 
8.6

 
%
^Eickmann Management Group LLC dba Jimmy Johns of Dundee
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/17/2027

 
86.4

 
86.4

 
88.2

 
0.03
%
^Fullbro Trust dba Menemsha Blues
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
1/13/2027

 
19.5

 
19.5

 
20.2

 
0.01
%
^Ramjay Inc.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
1/13/2027

 
389.8

 
389.8

 
375.4

 
0.13
%
^Echelon Enterprises, Inc
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
1/10/2027

 
43.4

 
43.4

 
44.9

 
0.02
%
^Fort Smith Wings Inc. dba Wing Stop
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/28/2026

 
16.8

 
16.8

 
16.0

 
0.01
%
^Sand Hill Associates, Ltd. dba Charlie O's Tavern on the Point
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/27/2041

 
413.0

 
413.0

 
438.0

 
0.15
%
^Joshua L. Baker
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
12/23/2026

 
13.5

 
13.5

 
12.5

 
%
^Jacliff Investments Inc. dba International health Technologies
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
12/23/2026

 
107.5

 
107.5

 
99.0

 
0.03
%
^Metropolitan Solutions Group Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/19/2041

 
267.1

 
267.1

 
278.2

 
0.10
%
^Means Enterprises LLC dba FastFrame Frisco
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
12/16/2026

 
19.4

 
19.4

 
18.0

 
0.01
%

124
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Soon Im. Chin dba Stan C-Store
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
206.4

 
206.4

 
225.9

 
0.08
%
^Sempco, Inc.
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
40.8

 
40.8

 
45.1

 
0.02
%
^New Chicago Wholesale Bakery, Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
440.6

 
440.6

 
467.2

 
0.16
%
^Ericon, Inc. dba Quik Pik
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
323.2

 
323.2

 
344.9

 
0.12
%
^White Hawk Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/15/2026

 
944.4

 
944.4

 
869.7

 
0.30
%
^Elita 7, LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
692.2

 
692.2

 
749.9

 
0.26
%
^Allied Welding Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
729.8

 
729.8

 
771.5

 
0.27
%
^Techni-Pro Institute LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
12/15/2026

 
163.7

 
163.7

 
154.2

 
0.05
%
^Trison Enterprises Inc.dba Lee's Automotive
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/14/2041

 
395.9

 
395.9

 
426.4

 
0.15
%
^D and E Hardware Co. and D and E Pump Sales and Service
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/14/2041

 
513.5

 
513.5

 
547.0

 
0.19
%
^HMG Strategy, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/14/2026

 
43.0

 
43.0

 
39.6

 
0.01
%
^Cardinal Homes Inc,.Alouette Holdings Inc.,Bret Berneche
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2026

 
917.0

 
917.0

 
948.6

 
0.33
%
^AGG Management Team LLC dba Chevron
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/14/2041

 
279.3

 
279.3

 
308.5

 
0.11
%
^Cardinal Homes Inc. and Bret A Berneche
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2041

 
117.8

 
117.8

 
129.9

 
0.05
%
^Success Advertising Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/13/2041

 
453.2

 
453.2

 
496.5

 
0.17
%
^Wayfarer Bicycle LLC
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
12/13/2041

 
89.9

 
89.9

 
94.4

 
0.03
%
^Roast Beef Levittown LLC dba Arby's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/13/2026

 
280.5

 
280.5

 
290.2

 
0.10
%
^Queen Express LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/13/2041

 
182.1

 
182.1

 
199.7

 
0.07
%
^Mack Team Enterprises Inc.dba The UPS Store #6815
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
12/9/2026

 
17.5

 
17.5

 
16.8

 
0.01
%
^Myndshft Technologies LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/9/2026

 
666.6

 
666.6

 
633.9

 
0.22
%
^Recycling Revolution, LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/9/2041

 
89.6

 
89.6

 
95.4

 
0.03
%
^Imagine By Carleen Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/8/2041

 
51.0

 
51.0

 
54.6

 
0.02
%
^New Life Hospital LLC
 
Hospitals
 
Term Loan
 
Prime plus 2.75%
 
12/8/2041

 
1,184.9

 
1,184.9

 
1,308.9

 
0.46
%
^Hanson's Greeks LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/8/2026

 
9.7

 
9.7

 
10.0

 
%
^Lan Doctors, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/7/2026

 
212.0

 
212.0

 
216.0

 
0.08
%
^Yachting Solutions LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/7/2029

 
64.5

 
64.5

 
64.5

 
0.02
%
^The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/5/2041

 
343.4

 
343.4

 
375.1

 
0.13
%
^Lilo Holdings LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/5/2026

 
13.7

 
13.7

 
13.2

 
%
^Noso Development LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/1/2026

 
64.5

 
64.5

 
59.4

 
0.02
%
^Ericon, Inc.
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/1/2041

 
706.5

 
706.5

 
756.5

 
0.26
%
^Sharaz Shah DBA Thomas Jewelers
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
6.9

 
6.9

 
6.4

 
%

125
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Imaginarium Foods LLC,
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2042

 
364.4

 
364.4

 
393.9

 
0.14
%
^RD Management, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
182.4

 
182.4

 
169.6

 
0.06
%
^Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence, LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
11/30/2041

 
65.5

 
65.5

 
72.3

 
0.03
%
^Studio Find It Georgia, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
6.4

 
6.4

 
6.0

 
%
^B4 Fitness LLC dba The Zoo Health Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
19.2

 
19.2

 
18.3

 
0.01
%
^Quick Ship, LLC
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
9.0

 
9.0

 
8.3

 
%
^Access Staffing, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
11/29/2026

 
959.9

 
959.9

 
884.0

 
0.31
%
^Usman Jalil, LLC dba Food Mart
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/29/2041

 
226.3

 
226.3

 
237.0

 
0.08
%
^WPN Recycling Company LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
11/23/2026

 
19.2

 
19.2

 
19.9

 
0.01
%
^Hafa Adai Signs and Graphics LLC dba Fastsigns of Auburn -#281901
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
11/23/2026

 
51.2

 
51.2

 
47.6

 
0.02
%
^CRK Mens, LLC dba Spiff for Men
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/23/2026

 
91.2

 
91.2

 
85.3

 
0.03
%
^Merchant Coterie, Inc.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
11/23/2026

 
107.0

 
107.0

 
98.5

 
0.03
%
^Broms Asset Management LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
11/22/2026

 
107.3

 
107.3

 
98.8

 
0.03
%
^6E Technologies LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/22/2026

 
144.6

 
144.6

 
141.2

 
0.05
%
^JBK Truck Trailer and Bus Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/22/2041

 
403.0

 
403.0

 
431.5

 
0.15
%
^Bouquet Restaurant LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/22/2041

 
121.2

 
121.2

 
130.4

 
0.05
%
^Skaggs RV Outlet LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/21/2026

 
85.3

 
85.3

 
88.3

 
0.03
%
^Catherine Christine Morin dba Purr-Fect Pets
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/17/2026

 
16.0

 
16.0

 
14.7

 
0.01
%
^Stratmar Systems Inc dba Stratmar Retail Services
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/16/2026

 
58.4

 
58.4

 
60.4

 
0.02
%
^Hoosier Health Plus, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/15/2026

 
106.8

 
106.8

 
105.9

 
0.04
%
^J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/10/2026

 
172.8

 
172.8

 
176.6

 
0.06
%
^J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/10/2041

 
438.5

 
438.5

 
475.9

 
0.17
%
^Panther Ironworks and Rigging Solutions LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/10/2026

 
129.1

 
129.1

 
125.4

 
0.04
%
^Hackensack Steel Corporation and Luzerne Ironworks Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/10/2026

 
206.5

 
206.5

 
213.6

 
0.07
%
^Rich's Food Stores LLC dba Hwy 55 of Wallace
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/9/2026

 
37.3

 
37.3

 
36.7

 
0.01
%
^Dyer Properties, LLC and Bayview Pharmacy, Inc.
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
11/9/2041

 
233.0

 
233.0

 
247.0

 
0.09
%
^Big Apple Entertainment Partners LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/9/2026

 
149.3

 
149.3

 
137.5

 
0.05
%
^MIK LLC dba Firehouse Subs
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/9/2026

 
174.0

 
174.0

 
161.8

 
0.06
%
^Fine Line Interiors, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/4/2041

 
71.2

 
71.2

 
78.6

 
0.03
%

126
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/3/2041

 
122.6

 
122.6

 
133.1

 
0.05
%
^Veracruz Shabo, LLC, Waterfalls Quick Lube LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/1/2041

 
117.6

 
117.6

 
127.4

 
0.04
%
^Glocecol LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
11/1/2026

 
64.0

 
64.0

 
66.2

 
0.02
%
^Moolchan Enterprises LLC dba Staying Green
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/31/2026

 
14.0

 
14.0

 
14.0

 
%
^Bloomquist Communications Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/31/2026

 
50.8

 
50.8

 
46.8

 
0.02
%
^Middlesex Auto Sales Corp
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/31/2041

 
121.2

 
121.2

 
131.6

 
0.05
%
^Woodstock Enterprises Corp dba True Scent Candle Co
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/31/2041

 
86.1

 
86.1

 
90.4

 
0.03
%
^FibAire Communications, LLC
 
Telecommunications
 
Term Loan
 
Prime plus 2.75%
 
10/27/2026

 
91.6

 
91.6

 
89.0

 
0.03
%
^Elite Structures Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/27/2029

 
203.9

 
203.9

 
208.6

 
0.07
%
^Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
10/24/2026

 
359.7

 
359.7

 
372.1

 
0.13
%
^Worldwide Estate, Inc. dba Washington Heights Manor
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
10/21/2041

 
217.6

 
217.6

 
240.4

 
0.08
%
^Gold Wind Logistics LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
10/20/2041

 
171.1

 
171.1

 
189.0

 
0.07
%
^Speaker City, Inc. dba Rollin Thunder
 
Electronics and Appliance Stores
 
Term Loan
 
Prime plus 2.75%
 
10/14/2041

 
121.1

 
121.1

 
131.1

 
0.05
%
^Maine Service Corp
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
10/13/2026

 
158.6

 
158.6

 
157.7

 
0.05
%
^Justin Partlow
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
10/13/2026

 
16.5

 
16.5

 
15.2

 
0.01
%
^Reliable Recovery Services LLC
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
10/7/2026

 
95.2

 
95.2

 
92.0

 
0.03
%
^Ailky Corporation
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/3/2026

 
211.6

 
211.6

 
198.8

 
0.07
%
^Wyspen Corporation dba Charlestown Ace
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/3/2026

 
30.5

 
30.5

 
28.1

 
0.01
%
^MegaPhase, LLC
 
Computer and Electronic Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2026

 
125.7

 
125.7

 
126.9

 
0.04
%
^Adelwerth Bus Corp.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2041

 
234.7

 
234.7

 
249.2

 
0.09
%
^JJA Transportation Management Inc.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2026

 
44.0

 
44.0

 
40.4

 
0.01
%
^Seaway LLC and Reklaw LLC dba Allure Lounge
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/30/2041

 
132.6

 
132.6

 
146.4

 
0.05
%
^Adelwerth Bus Corporation, Transportation Leasing Corp.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2029

 
581.3

 
581.3

 
589.7

 
0.21
%
^Thunderdome Racing Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/29/2026

 
15.0

 
15.0

 
15.5

 
0.01
%
^Graphics,Type and Color Enterprises Inc dba Clubflyers.com and GTC Med
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
9/28/2041

 
824.3

 
824.3

 
909.9

 
0.32
%
^CD Game Exchange Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/28/2026

 
18.8

 
18.8

 
17.3

 
0.01
%
^CNC Precision Machine, Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/28/2041

 
1,235.9

 
1,235.9

 
1,319.6

 
0.46
%
^Beadon Inc
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/28/2026

 
18.8

 
18.8

 
19.5

 
0.01
%

127
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Reynolds Fence & Guardrail Inc.
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
9/27/2026

 
527.4

 
527.4

 
527.8

 
0.18
%
^Kyle M Walker DDS, PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2026

 
193.4

 
193.4

 
181.9

 
0.06
%
^Luna Nueva LLC dba Bio Builders
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/27/2026

 
12.6

 
12.6

 
11.9

 
%
^Luv 2 Play Nor Cal, LLC dba Luv 2 Play
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/27/2026

 
44.0

 
44.0

 
41.9

 
0.01
%
^Sarah S Olelewe MD Inc
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2041

 
282.4

 
282.4

 
302.6

 
0.11
%
^PeopleBest Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2026

 
12.6

 
12.6

 
11.6

 
%
^TPFC,LLC dbaThe Picture Frame Company
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/26/2041

 
56.7

 
56.7

 
60.8

 
0.02
%
^Ridge Road Equestrian LLC dba Ricochet Ridge Ranch
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
9/26/2026

 
7.5

 
7.5

 
7.7

 
%
^Mr. Mulch, Inc
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/23/2041

 
391.3

 
391.3

 
401.1

 
0.14
%
^B4 Fitness LLC dba The Zoo Health Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/23/2026

 
73.3

 
73.3

 
69.6

 
0.02
%
^Cuppiecakes LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/21/2041

 
21.7

 
21.7

 
23.2

 
0.01
%
^Wrecking Crew Media LLC
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
9/21/2026

 
41.9

 
41.9

 
38.5

 
0.01
%
^Benoit's Towing and Recovery LLC
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/20/2026

 
10.1

 
10.1

 
9.3

 
%
^Consulting Solutions Inc. and Mark Luciani
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2026

 
18.8

 
18.8

 
18.7

 
0.01
%
^Brittany Burns LLC dba Dreams Come True
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/19/2026

 
11.2

 
11.2

 
11.6

 
%
^Eyncon LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/16/2041

 
48.2

 
48.2

 
52.0

 
0.02
%
^The Merrin Group LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/15/2026

 
146.6

 
146.6

 
147.5

 
0.05
%
^Rich's Food Stores LLC dba Hwy 55 of Wallace
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/14/2026

 
124.9

 
124.9

 
122.6

 
0.04
%
^Atlantic Alarm Systems and Services LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/14/2026

 
12.9

 
12.9

 
12.2

 
%
^Metropet Dog Center, Inc
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2041

 
105.4

 
105.4

 
113.9

 
0.04
%
^Marquis Cattle Company
 
Animal Production and Aquaculture
 
Term Loan
 
Prime plus 2.75%
 
9/13/2026

 
42.3

 
42.3

 
43.7

 
0.02
%
^Bingham Enterprises, Inc and Full Belli Deli and Sausage Company
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/12/2041

 
79.6

 
79.6

 
83.9

 
0.03
%
^SRA Mechanicial Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/6/2041

 
42.2

 
42.2

 
46.6

 
0.02
%
^Sandia Enterprises Inc dba Massage Envy Spa
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/6/2026

 
52.4

 
52.4

 
48.1

 
0.02
%
^Animal Intrusion Prevention Systems Holding Company, LLC dba Critter C
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
8/30/2026

 
104.2

 
104.2

 
97.7

 
0.03
%
^Raem Corporation dba Dryclean Express
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
8/29/2041

 
69.8

 
69.8

 
76.6

 
0.03
%
^Clark Realty LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
8/29/2041

 
73.3

 
73.3

 
80.9

 
0.03
%
^Warren Dale Warrington dba Custom Paint and Body
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/26/2041

 
97.5

 
97.5

 
105.8

 
0.04
%
^TAGR Inc dba Miami Grill 137and John Nakis
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/26/2026

 
88.7

 
88.7

 
83.2

 
0.03
%
^Albert Basse Associates Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
51.3

 
51.3

 
53.0

 
0.02
%

128
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Avery Management Inc. dba Whetstone Upholstery
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
8.8

 
8.8

 
8.1

 
%
^TR Companies LLC dba Liberty Rental 4 U
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
74.8

 
74.8

 
68.8

 
0.02
%
^Tabadesa Associates Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
18.7

 
18.7

 
17.2

 
0.01
%
^Rosmel Pools Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
18.7

 
18.7

 
17.5

 
0.01
%
^Sambella Holdings, LLC and Strike Zone Entertainment Center LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/24/2041

 
492.0

 
492.0

 
540.6

 
0.19
%
^Luv 2 Play Temecula, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/15/2026

 
49.8

 
49.8

 
45.8

 
0.02
%
^2 Cool Beans LLC dba Menchies's Frozen Yogurt
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/11/2026

 
68.5

 
68.5

 
63.0

 
0.02
%
^Grayson O Company
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/10/2041

 
601.7

 
601.7

 
662.3

 
0.23
%
^Paul Belanger dba Paul Belanger Landscaping
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
8/9/2026

 
12.5

 
12.5

 
11.5

 
%
^Nicolette Reiser dba Comfort & Balance
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
7/29/2041

 
64.2

 
64.2

 
70.4

 
0.02
%
^USA General Investment LLC dba Braniff Paint and Body Shop
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
7/29/2026

 
18.5

 
18.5

 
17.5

 
0.01
%
^The Hungry Rhino LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
7/29/2041

 
73.3

 
73.3

 
78.4

 
0.03
%
^303 Tower Drive LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
7/29/2041

 
384.7

 
384.7

 
419.2

 
0.15
%
^Little Tree Huggers Child Care LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
7/29/2041

 
134.6

 
134.6

 
148.5

 
0.05
%
^Big Apple Entertainment Partners LLC dba Ripley's Believe It or Not
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
7/28/2026

 
247.1

 
247.1

 
227.2

 
0.08
%
^676 Club LP dba The Green Door Tavern/The Drifter
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/28/2041

 
644.0

 
644.0

 
706.0

 
0.25
%
^MacIver Corporation dba Division Camera
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
7/28/2026

 
1,028.7

 
1,028.7

 
1,021.7

 
0.36
%
^Intrepid Trinity LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
7/28/2041

 
60.1

 
60.1

 
65.0

 
0.02
%
^Apple Tree NC Inc dba Williams Farm & Garden Center
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
7/28/2041

 
326.8

 
326.8

 
347.1

 
0.12
%
^EPEC Juice LLC dba Jamba Juice
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/27/2026

 
68.8

 
68.8

 
63.3

 
0.02
%
^Pinco Pizza LLC dba Jet's Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/27/2026

 
60.8

 
60.8

 
62.5

 
0.02
%
^Kidtastic LLC dba The Little Gym of Audubon
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
7/27/2026

 
46.7

 
46.7

 
43.0

 
0.01
%
^JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/27/2026

 
103.0

 
103.0

 
94.7

 
0.03
%
^The Grasso Companies, LLC and Grasso Pavement Maintenance, LLC
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
7/26/2026

 
75.1

 
75.1

 
72.8

 
0.03
%
^My Sainath Inc dba Motel 6
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
7/22/2041

 
293.5

 
293.5

 
320.5

 
0.11
%
^Robert G Larson State Farm Insurance
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
7/22/2026

 
18.5

 
18.5

 
17.0

 
0.01
%
^J and D Resources LLC dba Aqua Science
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/19/2026

 
97.0

 
97.0

 
90.1

 
0.03
%
^Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Shop
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
7/18/2026

 
13.0

 
13.0

 
11.9

 
%

129
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Franklin Firm LLC dba Luv 2 Play
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
7/15/2041

 
154.7

 
154.7

 
167.1

 
0.06
%
^Jacob Rugs LLC dba Rugs Outlet
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
7/13/2026

 
54.1

 
54.1

 
55.8

 
0.02
%
^Takeuchi Commercial Cleaning Services, LLC dba We Clean San Diego
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
7/13/2026

 
38.1

 
38.1

 
35.0

 
0.01
%
^RM Hawkins LLC dba Pure Water Tech West
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
7/7/2026

 
41.2

 
41.2

 
41.4

 
0.01
%
^Dino Smiles Children's Cosmetic Dentistry
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
7/7/2026

 
11.7

 
11.7

 
11.0

 
%
^Nevey's LLC dba Stark Food III
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/30/2041

 
283.0

 
283.0

 
319.4

 
0.11
%
^P L H Pharmaco Inc dba Farmacia San Jose
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
6/30/2026

 
140.2

 
140.2

 
146.9

 
0.05
%
^Martin Inventory Management LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/30/2026

 
21.1

 
21.1

 
22.2

 
0.01
%
^VMA Technologies LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2026

 
18.4

 
18.4

 
18.2

 
0.01
%
^Desert Tacos LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2026

 
82.8

 
82.8

 
85.1

 
0.03
%
^Corning Lumber Company Inc and Frank R Close and Son Inc
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/30/2029

 
170.9

 
170.9

 
182.5

 
0.06
%
^WGI, LLC dba Williams Grant Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/29/2041

 
125.9

 
125.9

 
140.9

 
0.05
%
^O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/29/2026

 
114.3

 
114.3

 
114.5

 
0.04
%
^KWG Industries, LLC dba Peterson & Marsh Metal Industries
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/29/2041

 
292.6

 
292.6

 
329.0

 
0.11
%
^MaidPro Marin dba MaidPro
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2026

 
14.3

 
14.3

 
14.2

 
%
^E & P Holdings 1 LLC and Evans & Paul LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/28/2026

 
110.3

 
110.3

 
110.7

 
0.04
%
^Edge Pest Control LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/27/2026

 
612.5

 
612.5

 
607.6

 
0.21
%
^All Printing Solutions, Inc. dba Pryntcomm
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
6/27/2041

 
528.8

 
528.8

 
583.8

 
0.20
%
^Island Time Investments, LLC dba Swantown Inn Bed & Breakfast
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/24/2041

 
97.2

 
97.2

 
110.1

 
0.04
%
^JumboMarkets Inc dba Rines Jumbomarkets
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/24/2026

 
40.8

 
40.8

 
40.5

 
0.01
%
^Visual Advantage LLC dba Signs Now Perryberg
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/23/2041

 
87.6

 
87.6

 
97.7

 
0.03
%
^Long Island Comedy LLC dba Governors and New York Comedy, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/23/2041

 
179.9

 
179.9

 
201.4

 
0.07
%
^Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/23/2041

 
478.1

 
478.1

 
530.3

 
0.18
%
^SNS of Central Alabama, LLC dba Steak N Shake dba Steak N Shake
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/21/2026

 
46.9

 
46.9

 
47.6

 
0.02
%
^Evergreen Investment & Property Management LLC, Universal Kidney Center
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/20/2041

 
1,215.0

 
1,215.0

 
1,370.1

 
0.48
%
^Bagelicious, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/17/2026

 
44.5

 
44.5

 
44.3

 
0.02
%
^NKJ Lusby Donuts LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/16/2026

 
18.4

 
18.4

 
18.2

 
0.01
%
^Winegirl Wines LLC
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/16/2026

 
9.2

 
9.2

 
9.6

 
%

130
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Transport
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
6/16/2026

 
453.2

 
453.2

 
449.5

 
0.16
%
^Jai-Alexia Consulting, Inc.
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
6/15/2026

 
9.7

 
9.7

 
9.6

 
%
^Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares
 
Social Assistance
 
Term Loan
 
Prime plus 2%
 
6/15/2041

 
492.2

 
492.2

 
524.6

 
0.18
%
^Strag Industries LLC dba Meineke Car Care Center 841
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/15/2026

 
12.2

 
12.2

 
12.5

 
%
^Luv 2 Play AZ LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/10/2026

 
51.1

 
51.1

 
53.3

 
0.02
%
^Refoleen Inc dba Spice and Tea Exchange
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/10/2026

 
70.7

 
70.7

 
70.1

 
0.02
%
^VBGB Uptown, LLC dba VBGB Beer Hall & Garden
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/8/2026

 
43.5

 
43.5

 
43.1

 
0.01
%
^ScimTech Industries Inc dba Archer Aerospace
 
Computer and Electronic Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/6/2026

 
9.8

 
9.8

 
9.7

 
%
^Larry H. Patterson and Rainbow Movers, Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/6/2026

 
18.4

 
18.4

 
18.3

 
0.01
%
^Solvit Inc and Solvit North Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/3/2026

 
207.8

 
207.8

 
209.9

 
0.07
%
^AP5 LLC dba Krauser's Food Store
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/2/2041

 
186.1

 
186.1

 
210.6

 
0.07
%
^ATI Jet Inc
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/31/2026

 
419.1

 
419.1

 
422.9

 
0.15
%
^Angelo Faia dba AVF Construction
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
5/27/2041

 
95.4

 
95.4

 
106.7

 
0.04
%
^Premier Athletic Center of Ohio, Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/27/2026

 
70.8

 
70.8

 
74.2

 
0.03
%
^Jack Frost Firewood Inc. and David Dubinsky
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/26/2041

 
197.6

 
197.6

 
220.4

 
0.08
%
^Mersada Holdings LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
5/26/2026

 
273.5

 
273.5

 
286.7

 
0.10
%
^Southwest Division Inc
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
5/26/2026

 
6.7

 
6.7

 
6.8

 
%
^International Kitchen Supply LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
5/25/2026

 
151.2

 
151.2

 
153.1

 
0.05
%
^Groth Lumber Co. Inc. dba True Value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/25/2026

 
18.2

 
18.2

 
19.1

 
0.01
%
^Island Life Graphics Inc dba FASTSIGNS #576
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/24/2026

 
18.2

 
18.2

 
18.2

 
0.01
%
^Powerspec Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/24/2026

 
70.7

 
70.7

 
70.2

 
0.02
%
^Horseshoe Barbecue, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/23/2029

 
10.6

 
10.6

 
11.3

 
%
^Elderfriend Inc dba Granny Nannies dba GN Live Scan
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/20/2026

 
10.3

 
10.3

 
10.2

 
%
^National Air Cargo Holdings Inc
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/20/2026

 
1,014.0

 
1,014.0

 
1,061.5

 
0.37
%
^Pro Auto Repair LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/20/2026

 
6.0

 
6.0

 
6.2

 
%
^J&A Laundromat Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/18/2026

 
54.6

 
54.6

 
54.8

 
0.02
%
^Dedicated Incorporated
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/18/2041

 
44.5

 
44.5

 
50.0

 
0.02
%
^HBA LLC dba Palmetto Twist-Vista
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/18/2026

 
15.7

 
15.7

 
15.7

 
0.01
%
^Studio Find It Georgia Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/13/2026

 
18.2

 
18.2

 
18.3

 
0.01
%
^FJN Catering Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/13/2041

 
251.8

 
251.8

 
285.0

 
0.10
%

131
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/12/2041

 
126.9

 
126.9

 
141.8

 
0.05
%
^Sabir Inc. dba Bear Diner
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/11/2041

 
118.7

 
118.7

 
133.8

 
0.05
%
^Gator D'Lites LLC dba D'Lites Emporium
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
5/5/2026

 
18.2

 
18.2

 
18.1

 
0.01
%
^Warner Home Comfort, LLC dba Smith Piping
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/29/2041

 
78.9

 
78.9

 
88.2

 
0.03
%
^Marc S. Rosenberg P.C. dba Mammuth and Rosenberg
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
18.1

 
18.1

 
17.9

 
0.01
%
^Keller, Fishback & Jackson LLP
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
104.5

 
104.5

 
109.5

 
0.04
%
^Euro Car Miami LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
50.1

 
50.1

 
52.5

 
0.02
%
^Hard Exercise Works Winter Park LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
32.7

 
32.7

 
32.4

 
0.01
%
^Alpha Omega Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
4/29/2041

 
168.3

 
168.3

 
190.7

 
0.07
%
^May-Craft Fiberglass Products Inc
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/29/2041

 
236.7

 
236.7

 
268.2

 
0.09
%
^Empowerschool LLC and Empower Autism Academy, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
4/29/2041

 
145.3

 
145.3

 
164.6

 
0.06
%
^La Nopalera Mexicano 2, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
0.2

 
0.2

 
0.2

 
%
^Loriet LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
6.0

 
6.0

 
6.0

 
%
^Shepherd Appraisal Services LLC dba Property Damage Appraisers of Oklahoma
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
4/28/2026

 
7.2

 
7.2

 
7.2

 
%
^Pecos Inn LLC dba Econo Lodge
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
4/28/2041

 
645.6

 
645.6

 
727.7

 
0.25
%
^Costume World Inc
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
4/28/2041

 
1,197.2

 
1,197.2

 
1,356.7

 
0.47
%
^Inner Beauty Salon and Suite LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/28/2041

 
62.2

 
62.2

 
70.3

 
0.02
%
^Green Country Filter Manufacturing LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/27/2026

 
68.3

 
68.3

 
68.5

 
0.02
%
^Accent Comfort Services, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/26/2026

 
72.2

 
72.2

 
71.6

 
0.02
%
^Homecare Casa Rhoda 123 Inc
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2%
 
4/26/2041

 
643.3

 
643.3

 
688.8

 
0.24
%
^Automotive Core Recycling, LLC and 828 Old Colony Road, LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/22/2041

 
239.1

 
239.1

 
263.9

 
0.09
%
^McIntosh Trail Management Services Organization Inc
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/22/2041

 
407.1

 
407.1

 
461.3

 
0.16
%
^AAA Mill Direct, Inc. dba Carpet Mill Outlets
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
4/21/2026

 
6.3

 
6.3

 
6.6

 
%
^Jande Graphics LLC dba FastSigns #103201
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/21/2026

 
44.9

 
44.9

 
44.6

 
0.02
%
^Miguel Fernando Borda, P.A. dba BGR Dental
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/15/2026

 
18.1

 
18.1

 
18.1

 
0.01
%
^Sushiya Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/12/2026

 
70.3

 
70.3

 
70.7

 
0.02
%
^Sierra Foothill Cremation & Funeral Service, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/7/2026

 
42.5

 
42.5

 
42.1

 
0.01
%
^Waterfalls Quick Lube LLC and Veracruz Shabo LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/6/2041

 
265.4

 
265.4

 
298.1

 
0.10
%
^KNS Early Learning Academy LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
4/6/2041

 
48.8

 
48.8

 
54.4

 
0.02
%

132
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Men of Steel Enterprises LLC and Vogelbacher Properties LLC
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/31/2041

 
375.7

 
375.7

 
412.3

 
0.14
%
^Vehicle Safety Supply LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/31/2026

 
17.9

 
17.9

 
17.7

 
0.01
%
^Dana A. Farley dba Independent Cabinets
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/31/2041

 
64.4

 
64.4

 
72.9

 
0.03
%
^Gill Express Inc and Blue Speed LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2041

 
494.5

 
494.5

 
552.6

 
0.19
%
^Christian Soderquist dba Soderquist Plumbing and Heating LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/31/2041

 
54.2

 
54.2

 
61.3

 
0.02
%
^Duke's Cleaners Inc
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/31/2026

 
37.4

 
37.4

 
38.2

 
0.01
%
^Cameo Carter, MD A Professional Corporation dba The Garden Pediatric Group
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/31/2026

 
59.6

 
59.6

 
59.1

 
0.02
%
^NOSO Development, LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
3/30/2026

 
149.1

 
149.1

 
147.7

 
0.05
%
^Wyldewood Cellars, Inc.
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/30/2041

 
960.1

 
960.1

 
1,060.0

 
0.37
%
^Tom Sawyer Country Restaurant LLC and AM 3208 LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/30/2041

 
246.9

 
246.9

 
278.4

 
0.10
%
^Beale Street Blues Company-West Palm Beach, LLC dba Lafayette’s-West Palm
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
3/30/2026

 
74.6

 
74.6

 
74.6

 
0.03
%
^Gordon Rogers and Heidi Rogers dba Stone House Motor Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/30/2026

 
18.1

 
18.1

 
19.0

 
0.01
%
^MTS Car Service LLC
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/30/2026

 
8.3

 
8.3

 
8.3

 
%
^Barrocas Gym LLC dba Snap Fitness
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/29/2026

 
15.5

 
15.5

 
15.9

 
0.01
%
^Lust for Life Footwear, LLC
 
Leather and Allied Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/29/2026

 
298.2

 
298.2

 
295.3

 
0.10
%
^Vinmar Inc. dba Locanda Portofino
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/29/2026

 
64.6

 
64.6

 
64.0

 
0.02
%
^Marathon Engineering Corporation
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/28/2041

 
43.0

 
43.0

 
48.3

 
0.02
%
^PHCDC1 LLC dba Quarter + Glory and Public House Collective, Corp.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/28/2026

 
39.8

 
39.8

 
40.2

 
0.01
%
^Revolution Physical Therapy LLC dba Apex Network Physical Therapy
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2026

 
18.1

 
18.1

 
18.1

 
0.01
%
^RCB Enterprises, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2026

 
44.7

 
44.7

 
44.3

 
0.02
%
^Excel RP Inc
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/25/2026

 
99.4

 
99.4

 
100.8

 
0.04
%
^Flooring Liquidators Inc and Premier Flooring Yonkers Inc and Flooring
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/24/2026

 
39.7

 
39.7

 
41.5

 
0.01
%
^ActKnowledge, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/24/2026

 
99.4

 
99.4

 
104.0

 
0.04
%
^International Construction Inc
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
3/24/2041

 
47.8

 
47.8

 
53.3

 
0.02
%
^Acton Hardware LLC and Mark Allgood & Jamie Allgood
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/24/2041

 
478.2

 
478.2

 
529.5

 
0.18
%
^Magnation Corporation and Misha Family Trust
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/22/2041

 
96.9

 
96.9

 
109.7

 
0.04
%
^growth.period LLC and Potomac Recruiting LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2026

 
28.6

 
28.6

 
28.4

 
0.01
%

133
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Precious Care LLC and Precious Care Management LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2026

 
444.9

 
444.9

 
441.7

 
0.15
%
^Media Capital Partners, Inc
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
3/21/2026

 
17.9

 
17.9

 
17.7

 
0.01
%
^Kekoa Enterprises Inc dba Signarama Sandy
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2026

 
39.4

 
39.4

 
39.0

 
0.01
%
^Taylors Zinn Enterprises Inc dba Eons Auto Care Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/18/2041

 
77.1

 
77.1

 
87.1

 
0.03
%
^ERT Group Inc and Curt's Tools Inspection Inc
 
Support Activities for Mining
 
Term Loan
 
Prime plus 2.75%
 
3/18/2041

 
1,197.6

 
1,197.6

 
1,336.4

 
0.46
%
^Brian T Rice dba BD Logging
 
Forestry and Logging
 
Term Loan
 
Prime plus 2.75%
 
3/17/2026

 
1.5

 
1.5

 
1.5

 
%
^K Soles Corp dba Max Collections
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/16/2026

 
17.9

 
17.9

 
17.7

 
0.01
%
^Evergreen Pallet LLC and Evergreen Recycle LLC
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/16/2026

 
912.8

 
912.8

 
921.6

 
0.32
%
^LAN Doctors Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/16/2026

 
45.2

 
45.2

 
47.3

 
0.02
%
^R & D Enterprises Inc dba My Pool Man
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/15/2026

 
39.8

 
39.8

 
39.4

 
0.01
%
^HEWZ, LLC dba Hard Exercise Works
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/14/2026

 
17.8

 
17.8

 
17.7

 
0.01
%
^Mustafa Inc and Raouf Properties LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/14/2041

 
71.6

 
71.6

 
80.8

 
0.03
%
^Country Paint and Hardware Inc
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/11/2026

 
69.5

 
69.5

 
69.4

 
0.02
%
^ABCs & 123s Infant and Child Care Center LP
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/11/2026

 
8.9

 
8.9

 
8.9

 
%
^Accuair Control Systems LLC dba Accuair Suspension
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/11/2026

 
119.3

 
119.3

 
119.1

 
0.04
%
^Magill Truck Line LLC and Jeff J. Ralls
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/11/2029

 
193.4

 
193.4

 
199.0

 
0.07
%
^Dupre Capital LLC dba Fastsigns
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/11/2026

 
46.4

 
46.4

 
46.0

 
0.02
%
^State Painting & Decorating Co., Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/10/2026

 
82.5

 
82.5

 
81.7

 
0.03
%
^Step Up Academy of the Arts LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
3/9/2026

 
6.4

 
6.4

 
6.3

 
%
^Faith Summit Supply Inc dba Summit Supply and Summit True Value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/9/2026

 
17.9

 
17.9

 
18.2

 
0.01
%
^Swerve Salon LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/8/2026

 
62.8

 
62.8

 
62.2

 
0.02
%
^J & W Hardwood Flooring Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/7/2026

 
6.0

 
6.0

 
5.9

 
%
^Labmates LLC and POV Holdings LLC
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/4/2041

 
104.3

 
104.3

 
118.1

 
0.04
%
^Hueston and Company CPA LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/4/2026

 
6.5

 
6.5

 
6.5

 
%
^Almost Home Daycare LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/3/2026

 
43.0

 
43.0

 
44.8

 
0.02
%
^Miles of Smiles Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/2/2026

 
75.7

 
75.7

 
75.6

 
0.03
%
^Doxa Deo Inc dba Luv 2 Play
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
86.6

 
86.6

 
86.9

 
0.03
%
^Powerpits CS1, LLC dba Pita Pit
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
14.8

 
14.8

 
14.9

 
0.01
%
^Drug Detection Laboratories, Inc. and Minh Tran
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
15.6

 
15.6

 
15.5

 
0.01
%

134
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^The River Beas, LLC dba Subway and Punam Singh
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2041

 
129.4

 
129.4

 
146.1

 
0.05
%
^Living Essentials HVAC Corp
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
11.8

 
11.8

 
11.8

 
%
^Consulting Solutions, Inc. and Mark Luciani
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
8.8

 
8.8

 
9.2

 
%
^Aaradhya LLC dba Market Square Laundry
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/23/2026

 
63.0

 
63.0

 
62.4

 
0.02
%
^Blackstones Hairdressing LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/23/2026

 
41.3

 
41.3

 
41.0

 
0.01
%
^R & K Contracting Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/18/2026

 
12.5

 
12.5

 
13.1

 
%
^B for Blonde, LLC dba Blo Blow Dry Bar
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/12/2026

 
49.5

 
49.5

 
49.0

 
0.02
%
^Jersey Shore Marina & Boat Sales, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/12/2041

 
596.7

 
596.7

 
675.4

 
0.23
%
^Gilmore Heights Dental Holdings, LTD and Chas Rob LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/12/2029

 
265.4

 
265.4

 
274.9

 
0.10
%
^Ei3 Corporation
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/12/2026

 
257.6

 
257.6

 
269.5

 
0.09
%
^Base USA, Inc.
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
2/2/2026

 
39.4

 
39.4

 
41.3

 
0.01
%
^Zouk Ltd dba Palma
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/29/2026

 
17.6

 
17.6

 
18.4

 
0.01
%
^SuzyQue's LLC dba SuzyQue's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/28/2026

 
17.6

 
17.6

 
18.4

 
0.01
%
^Wildflour Bakery & Cafe LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/28/2026

 
48.8

 
48.8

 
51.1

 
0.02
%
^Tammy Lavertue
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
1/28/2026

 
8.8

 
8.8

 
9.1

 
%
^Gendron Funeral and Cremation Services, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/11/2041

 
105.8

 
105.8

 
119.7

 
0.04
%
^Dolarian Realty LLC and OV's Restaurant Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/5/2041

 
64.5

 
64.5

 
73.1

 
0.03
%
^Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/29/2025

 
87.1

 
87.1

 
87.3

 
0.03
%
^MCF Forte LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/29/2025

 
14.5

 
14.5

 
14.4

 
0.01
%
^Bright Dialysis LLC and Ft Pierce Kidney Care LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2025

 
967.3

 
967.3

 
957.5

 
0.33
%
^Panditos LLC dba White Lotus Home
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/28/2025

 
12.3

 
12.3

 
12.2

 
%
^V2 Tango LLC dba Palette 22
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/23/2025

 
193.5

 
193.5

 
193.6

 
0.07
%
^800 on the Trax LLC and Matrix Z LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/23/2040

 
229.7

 
229.7

 
256.8

 
0.09
%
^Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/23/2040

 
97.3

 
97.3

 
109.0

 
0.04
%
^Joyce Outdoor Advertising Chicago LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2040

 
286.6

 
286.6

 
319.8

 
0.11
%
^Premier Athletic Center of Ohio Inc. and Gates Investments and Wade Gates
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/22/2028

 
744.8

 
744.8

 
793.0

 
0.28
%
^Hattingh Incorporated dba Prosthetic Care Facility
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2025

 
13.9

 
13.9

 
14.1

 
%
^Jay Kevin Gremillion dba Dino Smiles Children's Cosmetic Dentistry
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/18/2025

 
58.0

 
58.0

 
57.9

 
0.02
%

135
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Trip Consultants U.S.A. Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/18/2025

 
135.4

 
135.4

 
133.9

 
0.05
%
^Accent Tag and Label Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
12/18/2040

 
629.4

 
629.4

 
704.6

 
0.25
%
^Labmates LLC
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/18/2040

 
154.2

 
154.2

 
174.4

 
0.06
%
^Abbondanza Market LLC dba Hampton Falls Village Market
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/18/2025

 
51.9

 
51.9

 
52.0

 
0.02
%
^Learning Skills LLC and Christopher Shrope
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
12/17/2025

 
8.4

 
8.4

 
8.3

 
%
^Mustafa Inc dba Adiba Grocery
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/17/2025

 
80.7

 
80.7

 
84.3

 
0.03
%
^New York Home Health Care Equipment, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/16/2025

 
758.9

 
758.9

 
789.8

 
0.27
%
^Moments to Remember USA LLC dba Retain Loyalty
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/16/2025

 
58.0

 
58.0

 
59.5

 
0.02
%
^Swalm Street LLC and New York Home Health Care Equipment LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/16/2040

 
363.0

 
363.0

 
408.8

 
0.14
%
^JAG Unit 1, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/16/2025

 
193.5

 
193.5

 
191.2

 
0.07
%
^Abitino's JFK LLC dba Abitino's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/16/2022

 
81.6

 
81.6

 
80.8

 
0.03
%
^Evans & Paul LLC and E&P Holdings I LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2025

 
105.1

 
105.1

 
105.1

 
0.04
%
^Basista Family Limited Partnership and UPE, Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/14/2040

 
325.1

 
325.1

 
363.4

 
0.13
%
^DC Enterprises Ltd. dba Lakeview True Value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/14/2025

 
17.4

 
17.4

 
18.0

 
0.01
%
^Alexandra Afentoulides dba Vi's Pizza Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/11/2040

 
28.1

 
28.1

 
31.8

 
0.01
%
^AGR Foodmart Inc dba Nashua Road Mobil
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/11/2025

 
17.4

 
17.4

 
18.0

 
0.01
%
^Cares, Inc dba Dumpling Grounds Day Care Center
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
12/10/2025

 
5.8

 
5.8

 
6.1

 
%
^Custom Exteriors, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/9/2025

 
77.4

 
77.4

 
77.6

 
0.03
%
^Sushiya, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/8/2025

 
84.2

 
84.2

 
84.5

 
0.03
%
^My Jewels, LLC dba The UPS Store #6712
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/7/2025

 
27.4

 
27.4

 
27.1

 
0.01
%
^LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/4/2040

 
477.8

 
477.8

 
536.6

 
0.19
%
^Tariq, LLC dba 76 Food Mart
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/2/2040

 
356.0

 
356.0

 
400.0

 
0.14
%
^Hurshell Leon Dutton dba High Jump Party Rentals
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2025

 
13.6

 
13.6

 
14.3

 
%
^Japp Business Inc dba Pick and Eat and Japp Drink Corp.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/30/2025

 
95.9

 
95.9

 
96.7

 
0.03
%
^Delta Aggregate, LLC
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
11/30/2025

 
83.9

 
83.9

 
87.7

 
0.03
%
^Smokeyard Inc dba Smokeyard BBQ and Chop Shop
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/30/2025

 
95.8

 
95.8

 
95.5

 
0.03
%
^State Painting and Decorating Co Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/25/2025

 
55.4

 
55.4

 
54.8

 
0.02
%

136
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^DWeb Studio, Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
11/25/2025

 
8.6

 
8.6

 
8.5

 
%
^Sambella Holdings, LLC and Strike Zone Entertainment Center LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/23/2040

 
738.3

 
738.3

 
832.8

 
0.29
%
^Play and Learn Child Care and School Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/23/2025

 
8.5

 
8.5

 
8.9

 
%
^Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
11/20/2025

 
69.3

 
69.3

 
69.0

 
0.02
%
^CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/20/2040

 
232.4

 
232.4

 
255.2

 
0.09
%
^S.B.B. Enterprises Inc dba Williamston Hardware
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/19/2040

 
102.8

 
102.8

 
113.0

 
0.04
%
^Key Pix Productions Inc. dba Air Bud Entertainment
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
11/18/2040

 
597.3

 
597.3

 
675.5

 
0.24
%
^E.S.F.P. LLC dba Volusia Van and Storage
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/11/2025

 
68.2

 
68.2

 
68.1

 
0.02
%
^Green Life Lawnscapes LLC dba Green Life Lawn Care
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
11/6/2025

 
105.6

 
105.6

 
109.8

 
0.04
%
^JumboMarkets Inc dba Rines Jumbomarkets
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
11/4/2025

 
234.7

 
234.7

 
244.7

 
0.09
%
^Bisson Transportation Inc dba I & R Associates and Document Secutiry
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
10/30/2025

 
17.1

 
17.1

 
17.6

 
0.01
%
^Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand and Gravel
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/28/2025

 
538.5

 
538.5

 
540.3

 
0.19
%
^Windsor Direct Distribution LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
10/26/2025

 
10.8

 
10.8

 
10.7

 
%
^Financial Network Recovery Inc
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/26/2025

 
30.4

 
30.4

 
30.0

 
0.01
%
^ADMO Inc dba Mid States Equipment
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/8/2025

 
17.1

 
17.1

 
17.0

 
0.01
%
^Recycling Consultants, Inc. and Prairie State Salvage and Recycling Inc
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/30/2027

 
487.7

 
487.7

 
501.5

 
0.17
%
^SCJEN Management Inc dba Bowl of Heaven
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/30/2025

 
54.1

 
54.1

 
53.4

 
0.02
%
^Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas City
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/30/2028

 
55.1

 
55.1

 
58.1

 
0.02
%
^Barub Realty LLC and Barub LLC dba Woodlawn Cabinets
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
9/30/2040

 
135.0

 
135.0

 
152.5

 
0.05
%
^R.H. Hummer Jr., Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2025

 
292.1

 
292.1

 
302.3

 
0.11
%
^Binky's Vapes LLC
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/30/2025

 
16.9

 
16.9

 
16.7

 
0.01
%
^Greensward of Marco Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2040

 
82.6

 
82.6

 
92.1

 
0.03
%
^RIM Investments LLC and RIM Architects LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2040

 
376.7

 
376.7

 
419.3

 
0.15
%
^The Grasso Companies LLC and Grasso Pavement Maintenance LLC Veranda L
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
9/28/2025

 
387.2

 
387.2

 
403.7

 
0.14
%
^Daniel W. Stark dba Mountain Valley Lodge and RV Park
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/25/2040

 
12.7

 
12.7

 
14.4

 
0.01
%
^Prestigious LifeCare for Seniors LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/25/2025

 
7.4

 
7.4

 
7.5

 
%

137
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Sandlot Ventures LLC and Sandbox Ventures LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/25/2040

 
418.9

 
418.9

 
464.0

 
0.16
%
^Yachting Solutions LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/25/2040

 
908.7

 
908.7

 
1,006.0

 
0.35
%
^St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/24/2040

 
590.0

 
590.0

 
659.8

 
0.23
%
^Hagerstown Muffler, Inc. and JMS Muffler, Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/24/2040

 
311.5

 
311.5

 
351.9

 
0.12
%
^Rutledge Enterprises Inc dba BLC Property Management
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/23/2040

 
58.5

 
58.5

 
65.5

 
0.02
%
^J3K LLC dba Ronan True Value Hardware
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/23/2025

 
114.6

 
114.6

 
113.1

 
0.04
%
^Finish Strong Inc dba FASTSIGNS St Peters
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/23/2025

 
37.6

 
37.6

 
37.1

 
0.01
%
^Nova Solutions Inc
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/22/2040

 
302.1

 
302.1

 
337.9

 
0.12
%
^Pine Belt Wood Products LLC
 
Forestry and Logging
 
Term Loan
 
Prime plus 2.75%
 
9/22/2040

 
154.6

 
154.6

 
168.5

 
0.06
%
^IIoka Inc dba New Cloud Networks
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/21/2025

 
502.2

 
502.2

 
495.6

 
0.17
%
^Sound Manufacturing Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/21/2025

 
37.5

 
37.5

 
37.8

 
0.01
%
^Vanderhoof LLC dba Soxfords
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/18/2025

 
11.9

 
11.9

 
11.8

 
%
^MiJoy Inc dba Imo's Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/18/2025

 
6.2

 
6.2

 
6.1

 
%
^Naeem Khan LTD
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/17/2025

 
94.0

 
94.0

 
92.7

 
0.03
%
^Import Car Connection Inc dba Car Connection
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/16/2040

 
384.7

 
384.7

 
433.5

 
0.15
%
^FirstVitals Health and Wellness Inc
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/15/2025

 
112.7

 
112.7

 
111.2

 
0.04
%
^Almost Home Daycare LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/11/2025

 
8.2

 
8.2

 
8.6

 
%
^Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/8/2040

 
132.4

 
132.4

 
149.5

 
0.05
%
^Empower Autism Academy
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/4/2040

 
646.7

 
646.7

 
730.6

 
0.25
%
^Higher Grounds Community Coffeehouse, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/2/2025

 
6.2

 
6.2

 
6.2

 
%
^The Camera House Inc
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/31/2025

 
929.6

 
929.6

 
947.0

 
0.33
%
^LAN Doctors Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/28/2025

 
62.7

 
62.7

 
63.6

 
0.02
%
^Elite Institute LLC dba Huntington Learning Center
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
8/28/2025

 
11.3

 
11.3

 
11.2

 
%
^J and K Fitness L.L.C. dba Physiques Womens Fitness Center
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2041

 
90.1

 
90.1

 
101.4

 
0.04
%
^3000 CSI Property LLC and Consulting Solutions Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/20/2040

 
129.8

 
129.8

 
146.2

 
0.05
%
^God Be Glorified Inc dba GBG Inc
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
8/20/2025

 
39.4

 
39.4

 
38.9

 
0.01
%
^GDP Gourmet LLC dba Joe and John's Pizza Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/19/2040

 
136.9

 
136.9

 
152.8

 
0.05
%
^Gold Jet Corp.
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
8/14/2025

 
53.5

 
53.5

 
54.3

 
0.02
%

138
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^SKJ Inc dba Subway
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/13/2025

 
62.9

 
62.9

 
62.4

 
0.02
%
^LP Industries Inc dba Childforms
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/29/2025

 
92.0

 
92.0

 
94.5

 
0.03
%
^Pauley Tree and Lawn Care Inc
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
7/28/2025

 
48.3

 
48.3

 
48.8

 
0.02
%
^Beale Street Blues Company-West Palm Beach LLC dba Lafayette's-West Palm
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
7/24/2025

 
48.8

 
48.8

 
48.9

 
0.02
%
^Smart Artists Inc.
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
7/23/2025

 
16.6

 
16.6

 
16.4

 
0.01
%
^Free Ion Advisors LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/21/2025

 
47.3

 
47.3

 
46.7

 
0.02
%
^Murrayville Donuts, Inc dba Dunkin' Donuts
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
7/15/2040

 
330.7

 
330.7

 
366.5

 
0.13
%
^Union 2 LLC dba The Standard
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/10/2025

 
74.6

 
74.6

 
76.0

 
0.03
%
^Thrifty Market, Inc. dba Thrifty Foods
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/30/2030

 
225.1

 
225.1

 
240.1

 
0.08
%
^Jonathan E Nichols and Nichols Fire and Security LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2025

 
54.7

 
54.7

 
57.2

 
0.02
%
^Anglin Cultured Stone Products LLC dba Anglin Construction
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/30/2025

 
205.4

 
205.4

 
212.0

 
0.07
%
^Danny V, LLC dba Hugo's Taproom
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2040

 
38.6

 
38.6

 
43.8

 
0.02
%
^BJ's Tavern LLC and BJ's Cabana Bar Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2040

 
199.5

 
199.5

 
227.3

 
0.08
%
^Myclean Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2025

 
11.6

 
11.6

 
11.9

 
%
^Summit Beverage Group LLC
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/29/2030

 
248.8

 
248.8

 
266.7

 
0.09
%
^Advanced Skincare Medcenter Inc dba Advanced Skincare Surgery
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2025

 
246.0

 
246.0

 
252.6

 
0.09
%
^CEM Autobody LLC dba Dawn's Autobody
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/26/2040

 
127.4

 
127.4

 
144.7

 
0.05
%
^SofRep, Inc dba Force 12 Media
 
Other Information Services
 
Term Loan
 
Prime plus 2.75%
 
6/26/2025

 
48.3

 
48.3

 
49.4

 
0.02
%
^TJU-DGT Inc dba The Lorenz Cafe
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/26/2029

 
17.2

 
17.2

 
18.5

 
0.01
%
^Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
6/26/2040

 
356.7

 
356.7

 
405.9

 
0.14
%
^E & G Enterprises LLC dba Comfort Keepers
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/26/2025

 
16.4

 
16.4

 
16.8

 
0.01
%
^Ohs Auto Body, Inc. dba Ohs Body Shop
 
Repair and Maintenance
 
Term Loan
 
7.72%
 
6/25/2040

 
1,145.8

 
1,145.8

 
1,301.2

 
0.45
%
^Wolf Enviro Interests, LLC and Enviromax Services Inc
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/25/2040

 
231.4

 
231.4

 
261.3

 
0.09
%
^Evinger PA One, Inc. dba Postal Annex, Falcon
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/24/2025

 
16.4

 
16.4

 
17.0

 
0.01
%
^RJI Services, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/23/2025

 
16.2

 
16.2

 
16.6

 
0.01
%
^Real Help LLC dba Real Help Decorative Concrete
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/22/2025

 
38.7

 
38.7

 
40.6

 
0.01
%
^PM Cassidy Enterprises, Inc. dba Junk King
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
6/19/2025

 
10.9

 
10.9

 
11.1

 
%
^KRN Logistics, LLC and Newsome Trucking, Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/19/2025

 
391.4

 
391.4

 
406.1

 
0.14
%

139
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Inverted Healthcare Staffing of Florida LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/18/2025

 
44.7

 
44.7

 
45.7

 
0.02
%
^Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC
 
Specialty Trade Contractors
 
Term Loan
 
6.75%
 
6/17/2025

 
316.5

 
316.5

 
332.0

 
0.12
%
^AM PM Properties, LLC and AM PM Willington, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/17/2040

 
81.5

 
81.5

 
93.1

 
0.03
%
^Bizzare Foods Inc dba Trooper Foods
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/12/2025

 
80.2

 
80.2

 
82.0

 
0.03
%
^Anturio Marketing Inc dba Logic Consulting
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/12/2040

 
272.4

 
272.4

 
311.8

 
0.11
%
^Mirage Plastering Inc and Mpire LLC and Mpire II LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/12/2040

 
130.3

 
130.3

 
146.3

 
0.05
%
^Eldredge Tavern LLC dba Gonyea's Tavern
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/8/2040

 
52.8

 
52.8

 
60.4

 
0.02
%
^Nicor LLC dba Fibrenew Sacramento
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/5/2022

 
7.8

 
7.8

 
7.9

 
%
^ViAr Visual Communications, Inc. dba Fastsigns 281701
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/5/2025

 
45.2

 
45.2

 
46.5

 
0.02
%
^Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/5/2025

 
11.4

 
11.4

 
11.7

 
%
^Video Vault & Tanning LLC and Mosaic Salon LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
6/4/2040

 
85.3

 
85.3

 
97.6

 
0.03
%
^Medworxs LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/3/2025

 
91.1

 
91.1

 
93.4

 
0.03
%
^XCESSIVE THROTTLE, INC dba Jake's Roadhouse
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/29/2025

 
5.9

 
5.9

 
6.1

 
%
^Villela CPA PL
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/27/2025

 
6.5

 
6.5

 
6.7

 
%
^Douglas Posey and Sally Watkinson dba Audrey's Farmhouse
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/20/2040

 
163.2

 
163.2

 
186.2

 
0.06
%
^15 McArdle LLC and No Other Impressions Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/15/2040

 
240.9

 
240.9

 
272.9

 
0.09
%
^Guard Dogs MFS LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/8/2025

 
46.7

 
46.7

 
47.9

 
0.02
%
^George S Cochran DDS Inc
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/7/2025

 
93.8

 
93.8

 
96.0

 
0.03
%
^South Park Properties LLC and Midlothian Hardware LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/6/2040

 
45.1

 
45.1

 
51.6

 
0.02
%
^Matthew Taylor and Landon Farm LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/4/2040

 
94.4

 
94.4

 
106.2

 
0.04
%
^Cares Inc dba Dumpling Grounds Day Care Center
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/1/2040

 
75.9

 
75.9

 
86.9

 
0.03
%
^Orchid Enterprises Inc dba Assisting Hands of Sussex County
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/24/2025

 
10.7

 
10.7

 
11.0

 
%
^Ragazza Restaurant Group, Inc. dba Bambolina
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/21/2025

 
12.9

 
12.9

 
13.3

 
%
^Diamond Solutions LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/21/2025

 
14.6

 
14.6

 
15.0

 
0.01
%
^Giacchino Maritime Consultants Inc
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/17/2025

 
16.1

 
16.1

 
16.5

 
0.01
%
^Sound Coaching Inc
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
4/14/2025

 
31.7

 
31.7

 
32.5

 
0.01
%
^Faramarz Nikourazm dba Car Clinic Center
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/3/2040

 
68.8

 
68.8

 
78.3

 
0.03
%

140
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^HAVANA CENTRAL NJ1, LLC dba Havana Central
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/31/2025

 
203.4

 
203.4

 
213.0

 
0.07
%
^Advance Case Parts RE Holdings LLC and Advance Case Parts Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2040

 
707.0

 
707.0

 
798.7

 
0.28
%
^Mid-South Lumber Co. of Northwest Florida, Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/31/2040

 
400.2

 
400.2

 
451.7

 
0.16
%
^Copper Beech Financial Group LLC
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
3/30/2025

 
88.3

 
88.3

 
91.5

 
0.03
%
^Delta Aggregate LLC
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
3/30/2025

 
72.3

 
72.3

 
75.7

 
0.03
%
^Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes and Trac
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/27/2040

 
281.7

 
281.7

 
322.0

 
0.11
%
^Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
3/27/2025

 
874.5

 
874.5

 
893.4

 
0.31
%
^Shellhorn and Hill Inc dba Total Fleet Service
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/27/2040

 
967.3

 
967.3

 
1,091.8

 
0.38
%
^Shorr Enterprises Inc dba New Design Furniture Manufacturers
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/27/2025

 
75.4

 
75.4

 
78.4

 
0.03
%
^Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/26/2040

 
50.4

 
50.4

 
57.6

 
0.02
%
^Zero-In Media Inc
 
Data Processing, Hosting, and Related Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2025

 
15.9

 
15.9

 
16.2

 
0.01
%
^Loriet LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/24/2025

 
8.5

 
8.5

 
8.7

 
%
^Shelton Incorporated dba Mrs. Winners
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/20/2040

 
105.0

 
105.0

 
120.0

 
0.04
%
^Jaymie Hazard dba Indigo Hair Studio and Day Spa
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/20/2040

 
40.1

 
40.1

 
45.5

 
0.02
%
^R & R Security and Investigations Inc dba Pardners Lake Buchanan
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/19/2040

 
79.7

 
79.7

 
91.1

 
0.03
%
^MMS Realty, LLC and Molecular MS Diagnostics LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2040

 
150.0

 
150.0

 
170.2

 
0.06
%
^Royal Crest Motors LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/16/2040

 
85.1

 
85.1

 
96.8

 
0.03
%
^BND Sebastian Limited Liability Company and Sebastian Fitness LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/16/2040

 
161.0

 
161.0

 
183.5

 
0.06
%
^Douglas Printy Motorsports, Inc. dba Blackburn Trike
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/9/2040

 
179.1

 
179.1

 
203.1

 
0.07
%
^Luigi's on Main LLC and Luigi's Main Street Pizza Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/4/2025

 
7.9

 
7.9

 
8.3

 
%
^Baystate Firearms and Training, LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
2/27/2025

 
44.2

 
44.2

 
45.2

 
0.02
%
^Pace Motor Lines, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/26/2025

 
46.0

 
46.0

 
48.2

 
0.02
%
^Kingseal LLC dba Desoto Health and Rehab Center
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
2/26/2040

 
1,190.4

 
1,190.4

 
1,360.8

 
0.47
%
^Nelson Financial Services LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/24/2025

 
8.7

 
8.7

 
8.9

 
%
^Kiddie Steps 4 You Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
2/19/2040

 
57.8

 
57.8

 
65.5

 
0.02
%

141
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Triangle Trash LLC dba Bin There Dump That
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
2/18/2025

 
51.9

 
51.9

 
53.7

 
0.02
%
^Silva Realty Holdings, LLC and MF-Silva Enterprises, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/11/2040

 
159.9

 
159.9

 
181.2

 
0.06
%
^740 Barry Street Realty LLC and Wild Edibles Inc
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
2/10/2040

 
459.6

 
459.6

 
525.4

 
0.18
%
^Kostekos Inc dba New York Style Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/6/2040

 
61.9

 
61.9

 
70.3

 
0.02
%
^DuCharme Realty LLC and DuCharme Enterprises LLC
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/2/2040

 
210.1

 
210.1

 
237.7

 
0.08
%
^Dean 1021 LLC dba Pure Pita
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/29/2025

 
59.4

 
59.4

 
61.0

 
0.02
%
^Limameno LLC dba Sal's Italian Ristorante
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/23/2025

 
57.5

 
57.5

 
59.1

 
0.02
%
^Palmabak Inc dba Mami Nora's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/22/2025

 
8.5

 
8.5

 
8.9

 
%
^Jung Design Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/20/2022

 
4.3

 
4.3

 
4.3

 
%
^Grand Blanc Lanes, Inc. and H, H and H, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/31/2039

 
123.5

 
123.5

 
140.9

 
0.05
%
^Evans and Paul LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
167.9

 
167.9

 
175.2

 
0.06
%
^First Prevention and Dialysis Center, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
204.0

 
204.0

 
212.4

 
0.07
%
^Bowlerama Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/24/2039

 
1,117.6

 
1,117.6

 
1,276.1

 
0.44
%
^The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
492.1

 
492.1

 
555.0

 
0.19
%
^Thermoplastic Services Inc and Paragon Plastic Sheet, Inc
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
464.0

 
464.0

 
529.8

 
0.18
%
^Beale Street Blues Company-West Palm Beach, LLC dba Lafayette Music Hall
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
12/22/2024

 
128.1

 
128.1

 
131.9

 
0.05
%
^MM and M Management Inc dba Pizza Artista
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/19/2025

 
32.8

 
32.8

 
33.7

 
0.01
%
^B.S. Ventures LLC dba Dink's Market
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/19/2039

 
49.9

 
49.9

 
57.0

 
0.02
%
^Will Zac Management LLC dba Papa John's
 
Food Services and Drinking Places
 
Term Loan
 
6.25%
 
12/19/2024

 
112.1

 
112.1

 
117.2

 
0.04
%
^The Jewelers Inc. dba The Jewelers of Las Vegas
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
12/19/2024

 
851.7

 
851.7

 
870.1

 
0.30
%
^B & W Towing, LLC and Boychucks Fuel LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/17/2039

 
152.6

 
152.6

 
172.7

 
0.06
%
^All American Games, LLC and Sportslink - The Game, LLC
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
12/10/2024

 
273.2

 
273.2

 
281.6

 
0.10
%
^Kemmer LLC and Apples Tree Top Liquors LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/4/2039

 
130.0

 
130.0

 
146.9

 
0.05
%
^Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/25/2039

 
110.3

 
110.3

 
125.5

 
0.04
%
^DeRidder Chiropractic LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/25/2024

 
8.9

 
8.9

 
9.3

 
%
^Modern Manhattan LLC
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
11/25/2024

 
148.5

 
148.5

 
151.9

 
0.05
%
^J&D Resources, LLC dba Aqua Science
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/21/2024

 
512.0

 
512.0

 
524.1

 
0.18
%

142
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Legacy Estate Planning Inc dba American Casket Enterprises
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2024

 
28.4

 
28.4

 
28.9

 
0.01
%
^DC Real LLC and DC Enterprises LTD dba Lakeview True Value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/20/2039

 
111.1

 
111.1

 
126.5

 
0.04
%
^Joey O's LLC and Jennifer Olszewski
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/7/2024

 
0.6

 
0.6

 
0.6

 
%
^Heartland American Properties LLC and Skaggs RV Outlet LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/31/2039

 
442.8

 
442.8

 
503.8

 
0.18
%
^Seelan Inc dba Candleridge Market
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
10/27/2039

 
83.7

 
83.7

 
94.8

 
0.03
%
^Navdeep B Martins and Busy Bubbles LLC dba Wishy Washy
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
10/24/2039

 
82.4

 
82.4

 
93.1

 
0.03
%
^One Hour Jewelry Repair Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/14/2024

 
13.7

 
13.7

 
14.0

 
%
^Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/10/2039

 
1,173.5

 
1,173.5

 
1,339.9

 
0.47
%
^Sound Manufacturing Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/10/2024

 
124.7

 
124.7

 
128.3

 
0.04
%
^DNT Storage and Properties LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
10/10/2039

 
94.1

 
94.1

 
107.2

 
0.04
%
^Smith Spinal Care Center P.C. and James C. Smith
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/8/2039

 
55.5

 
55.5

 
63.1

 
0.02
%
^Doctors Express Management of Central Texas LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/8/2024

 
32.4

 
32.4

 
33.9

 
0.01
%
^Michael Rey Jr. and Lynn J. Williams and GIG Petcare dba Hickory
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
10/3/2039

 
114.0

 
114.0

 
129.9

 
0.05
%
^Sumad LLC dba BrightStar Care of Encinitas
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/2/2024

 
35.5

 
35.5

 
37.1

 
0.01
%
^Roccos LLC and Sullo Pantalone Inc dba Rocco's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/30/2039

 
235.9

 
235.9

 
266.8

 
0.09
%
^Gordon E Rogers dba Stonehouse Motor Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/26/2039

 
53.0

 
53.0

 
60.5

 
0.02
%
^North Columbia LLC and Loop Liquor and Convenience Store LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/24/2039

 
146.9

 
146.9

 
167.1

 
0.06
%
^6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/24/2039

 
432.6

 
432.6

 
486.3

 
0.17
%
^Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/23/2024

 
19.1

 
19.1

 
19.4

 
0.01
%
^Ryan Crick and Pamela J. Crick and Crick Enterprises Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/17/2039

 
134.2

 
134.2

 
153.1

 
0.05
%
^Modern Leather Goods Repair Shop Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/17/2024

 
38.2

 
38.2

 
38.9

 
0.01
%
^Animal Intrusion Prevention Systems Holding Company, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/15/2024

 
180.1

 
180.1

 
185.4

 
0.06
%
^Tavern Properties LLC and Wildwood Tavern LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/15/2039

 
394.7

 
394.7

 
448.5

 
0.16
%
^Indy East Smiles Youth Dentistry LLC dba Prime Smile East
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/11/2024

 
415.6

 
415.6

 
423.5

 
0.15
%

143
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^B&P Diners LLC dba Engine House Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/10/2024

 
52.8

 
52.8

 
53.7

 
0.02
%
^Delta Aggregate LLC
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
8/28/2039

 
859.0

 
859.0

 
979.7

 
0.34
%
^Orange County Cleaning Inc
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
8/27/2024

 
9.4

 
9.4

 
9.6

 
%
^Lamjam LLC, Goldsmith Lambros Inc
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
8/27/2024

 
88.4

 
88.4

 
92.2

 
0.03
%
^Qycell Corporation
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/26/2024

 
78.5

 
78.5

 
81.1

 
0.03
%
^Atlas Auto Body Inc dba Atlas Auto Sales
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/22/2039

 
47.5

 
47.5

 
53.8

 
0.02
%
^Alpha Preparatory Academy LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/15/2039

 
134.3

 
134.3

 
153.1

 
0.05
%
^Katie Senior Care LLC dba Home Instead Senior Care
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/15/2024

 
80.8

 
80.8

 
82.2

 
0.03
%
^Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
6%
 
8/8/2039

 
176.0

 
176.0

 
200.8

 
0.07
%
^Almost Home Property LLC and Almost Home Daycare LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/7/2039

 
677.8

 
677.8

 
771.8

 
0.27
%
^AGV Enterprises LLC dba Jet's Pizza #42
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/31/2024

 
35.2

 
35.2

 
36.0

 
0.01
%
^iFood, Inc. dba Steak N Shake
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/31/2024

 
253.5

 
253.5

 
261.8

 
0.09
%
^575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/30/2039

 
19.4

 
19.4

 
22.1

 
0.01
%
^Honeyspot Investors LLP and Pace Motor Lines Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/24/2039

 
137.8

 
137.8

 
157.1

 
0.05
%
^Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/17/2039

 
93.8

 
93.8

 
106.6

 
0.04
%
^Lisle Lincoln II Limited Partnership dba Lisle Lanes LP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/30/2024

 
63.3

 
63.3

 
66.2

 
0.02
%
^iFood, Inc. dba Steak N Shake
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2039

 
579.0

 
579.0

 
662.6

 
0.23
%
^Honeyspot Investors LLP and Pace Motor Lines Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/30/2039

 
803.5

 
803.5

 
924.8

 
0.32
%
^AMG Holding, LLC and Stetson Automotive, Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/30/2039

 
190.9

 
190.9

 
219.7

 
0.08
%
^Zinger Hardware and General Merchant Inc
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
7.25%
 
6/26/2024

 
43.8

 
43.8

 
45.8

 
0.02
%
^JPM Investments LLC and Carolina Family Foot Care P.A.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/26/2039

 
129.6

 
129.6

 
148.9

 
0.05
%
^Nikobella Properties LLC and JPO Inc dba Village Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/25/2039

 
444.1

 
444.1

 
510.3

 
0.18
%
^Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/20/2039

 
214.0

 
214.0

 
245.9

 
0.09
%
^Nirvi Enterprises LLC dba Howard Johnson / Knights Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/17/2039

 
843.8

 
843.8

 
971.2

 
0.34
%
^Sico & Walsh Insurance Agency Inc and The AMS Trust
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/6/2039

 
85.5

 
85.5

 
98.4

 
0.03
%

144
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/3/2024

 
14.3

 
14.3

 
14.9

 
0.01
%
^Long Island Barber Institute Inc
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/2/2039

 
50.9

 
50.9

 
58.4

 
0.02
%
^CJR LLC and PowerWash Plus, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/30/2024

 
33.1

 
33.1

 
34.7

 
0.01
%
^Pocono Coated Products, LLC
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/30/2024

 
14.1

 
14.1

 
14.8

 
0.01
%
^Wilton Dental Care P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/29/2024

 
81.9

 
81.9

 
84.9

 
0.03
%
^EGM Food Services Inc dba Gold Star Chili
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/29/2024

 
12.3

 
12.3

 
12.7

 
%
^Jonesboro Health Food Center LLC
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
5/27/2024

 
38.7

 
38.7

 
40.1

 
0.01
%
^Hae M. and Jin S. Park dba Buford Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/15/2039

 
151.7

 
151.7

 
173.9

 
0.06
%
^The River Beas LLC and Punam Singh
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/8/2039

 
82.9

 
82.9

 
95.2

 
0.03
%
^AS Boyals LLC dba Towne Liquors
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
4/29/2039

 
99.4

 
99.4

 
114.4

 
0.04
%
^Gerami Realty, LC, Sherrill Universal City Corral, LP dba Golden
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/23/2027

 
58.1

 
58.1

 
62.1

 
0.02
%
^Complete Body & Paint, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/23/2039

 
19.0

 
19.0

 
21.9

 
0.01
%
^Island Wide Realty LLC and Long Island Partners, Inc.
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
4/22/2039

 
94.8

 
94.8

 
109.1

 
0.04
%
^Wilshire Media Systems Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/17/2024

 
115.0

 
115.0

 
119.4

 
0.04
%
^1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/9/2039

 
124.6

 
124.6

 
143.3

 
0.05
%
^Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
409.2

 
409.2

 
469.9

 
0.16
%
^Dantanna's Tavern LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2024

 
103.3

 
103.3

 
107.4

 
0.04
%
^Little People's Village II LLC and Iliopoulos Realty LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
84.4

 
84.4

 
96.6

 
0.03
%
^Little People's Village II LLC and Iliopoulos Realty LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
93.2

 
93.2

 
106.6

 
0.04
%
^Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/31/2024

 
430.2

 
430.2

 
448.9

 
0.16
%
^Kemmer, LLC and Pitts Package Store, Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
108.2

 
108.2

 
123.5

 
0.04
%
^Lake Area Autosound LLC and Ryan H. Whittington
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
7/28/2039

 
115.7

 
115.7

 
133.0

 
0.05
%
^Knowledge First Inc dba Magic Years of Learning and Kimberly Knox
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/21/2039

 
133.3

 
133.3

 
152.7

 
0.05
%
^636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co
 
Primary Metal Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/20/2039

 
71.9

 
71.9

 
82.6

 
0.03
%
^Cormac Enterprises and Wyoming Valley Beverage Incorporated
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/20/2039

 
101.1

 
101.1

 
116.2

 
0.04
%
^Kinisi, Inc. dba The River North UPS Store
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2024

 
13.1

 
13.1

 
13.7

 
%
^Tortilla King Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/14/2039

 
42.2

 
42.2

 
48.5

 
0.02
%

145
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Tortilla King, Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/14/2029

 
824.3

 
824.3

 
889.8

 
0.31
%
^Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/13/2039

 
203.7

 
203.7

 
234.1

 
0.08
%
^R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/28/2039

 
379.8

 
379.8

 
435.5

 
0.15
%
^Summit Beverage Group LLC
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/28/2024

 
211.5

 
211.5

 
220.4

 
0.08
%
^952 Boston Post Road Realty, LLC and HNA LLC dba Styles International
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2039

 
192.0

 
192.0

 
219.9

 
0.08
%
^Choe Trade Group Inc dba Rapid Printers of Monterey
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
2/28/2024

 
96.1

 
96.1

 
100.3

 
0.03
%
^Faith Memorial Chapel LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2039

 
195.1

 
195.1

 
223.5

 
0.08
%
^96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/12/2039

 
128.8

 
128.8

 
148.0

 
0.05
%
^JWB Industries, Inc. dba Carteret Die Casting
 
Primary Metal Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/11/2024

 
168.9

 
168.9

 
175.0

 
0.06
%
^986 Dixwell Avenue Holding Company, LLC(EPC) and Mughali Foods, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/7/2039

 
90.5

 
90.5

 
103.9

 
0.04
%
^Awesome Pets II Inc dba Mellisa's Pet Depot
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
2/7/2024

 
50.8

 
50.8

 
52.7

 
0.02
%
^Sarah Sibadan dba Sibadan Agency
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
1/27/2039

 
117.4

 
117.4

 
134.9

 
0.05
%
^Icore Enterprises Inc dba Air Flow Filters Inc
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
1/15/2024

 
12.9

 
12.9

 
13.5

 
%
^Nutmeg North Associates LLC, Steeltech Building Products Inc
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/31/2038

 
830.5

 
830.5

 
950.2

 
0.33
%
^KK International Trading Corporation
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/23/2028

 
146.3

 
146.3

 
158.1

 
0.06
%
^Kurtis Sniezek dba Wolfe's Foreign Auto
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/20/2038

 
80.5

 
80.5

 
92.4

 
0.03
%
^PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/19/2038

 
502.8

 
502.8

 
573.5

 
0.20
%
^TAK Properties LLC and Kinderland Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
12/18/2038

 
367.1

 
367.1

 
420.5

 
0.15
%
^TOL LLC dba Wild Birds Unlimited
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
12/13/2023

 
10.9

 
10.9

 
11.3

 
%
^920 CHR Realty LLC, V. Garofalo Carting Inc
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
12/10/2038

 
379.3

 
379.3

 
435.5

 
0.15
%
^DKB Transport Corp
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/5/2038

 
125.7

 
125.7

 
144.3

 
0.05
%
^Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/3/2038

 
94.4

 
94.4

 
107.7

 
0.04
%
^Spectrum Development LLC and Solvit Inc & Solvit North, Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/2/2023

 
235.8

 
235.8

 
244.0

 
0.08
%
^BVIP Limousine Service LTD
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/27/2038

 
69.1

 
69.1

 
79.3

 
0.03
%
^Wallace Holdings LLC, GFA International Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.5%
 
11/25/2023

 
71.9

 
71.9

 
74.5

 
0.03
%
^AcuCall LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2023

 
8.9

 
8.9

 
9.2

 
%
^Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/18/2023

 
26.5

 
26.5

 
27.4

 
0.01
%

146
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Yousef Khatib dba Y&M Enterprises
 
Wholesale Electronic Markets and Agents and Brokers
 
Term Loan
 
Prime plus 2.75%
 
11/15/2023

 
43.4

 
43.4

 
44.8

 
0.02
%
^Howell Gun Works LLC
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
11/14/2023

 
2.7

 
2.7

 
2.8

 
%
^Polpo Realty, LLC, Polpo Restaurant, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/6/2038

 
56.3

 
56.3

 
64.6

 
0.02
%
^Twinsburg Hospitality Group LLC dba Comfort Suites
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
853.9

 
853.9

 
977.5

 
0.34
%
^Mid-Land Sheet Metal Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
124.1

 
124.1

 
142.4

 
0.05
%
^Master CNC Inc & Master Properties LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
538.0

 
538.0

 
614.7

 
0.21
%
^Janice B. McShan and The Metropolitan Day School, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
10/31/2023

 
24.9

 
24.9

 
26.0

 
0.01
%
^1 North Restaurant Corp dba 1 North Steakhouse
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
191.6

 
191.6

 
219.8

 
0.08
%
^Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/24/2038

 
133.6

 
133.6

 
153.4

 
0.05
%
^Greenbrier Technical Services, Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/24/2023

 
117.5

 
117.5

 
122.4

 
0.04
%
^First Steps Real Estate Company, LLC and First Steps Preschool
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
87.8

 
87.8

 
100.2

 
0.03
%
^Lenoir Business Partners LLC, LP Industries, Inc dba Childforms
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
265.5

 
265.5

 
304.2

 
0.11
%
^LP Industries, Inc dba Childforms
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
108.2

 
108.2

 
124.1

 
0.04
%
^Cencon Properties LLC and Central Connecticut Warehousing Company, Inc
 
Warehousing and Storage
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
310.2

 
310.2

 
355.7

 
0.12
%
^Discount Wheel and Tire of Broken Bow Inc
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
201.2

 
201.2

 
230.0

 
0.08
%
^Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2038

 
301.3

 
301.3

 
344.8

 
0.12
%
^Gabrielle Realty, LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/27/2038

 
681.1

 
681.1

 
778.4

 
0.27
%
^Eastside Soccer Dome, Inc .
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/26/2038

 
416.9

 
416.9

 
478.0

 
0.17
%
^Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Homes
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2038

 
89.9

 
89.9

 
103.1

 
0.04
%
^Southeast Chicago Soccer, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/26/2038

 
46.0

 
46.0

 
52.8

 
0.02
%
^Kiddie Steps 4 You Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/25/2038

 
81.8

 
81.8

 
93.5

 
0.03
%
^Diamond Memorials Incorporated
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/25/2023

 
6.3

 
6.3

 
6.5

 
%
^Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2023

 
26.1

 
26.1

 
27.0

 
0.01
%
^Faith Memorial Chapel LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2038

 
241.6

 
241.6

 
276.1

 
0.10
%
^Westville Seafood LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/19/2038

 
101.0

 
101.0

 
115.5

 
0.04
%
^Maynard Enterprises Inc dba Fastsigns of Texarkana
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/18/2023

 
9.1

 
9.1

 
9.4

 
%

147
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Grafio Inc dba Omega Learning Center-Acworth
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2023

 
93.2

 
93.2

 
96.3

 
0.03
%
^The Berlerro Group, LLC dba Sky Zone
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/12/2023

 
243.6

 
243.6

 
251.4

 
0.09
%
^Sound Manufacturing Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/12/2028

 
41.4

 
41.4

 
44.5

 
0.02
%
^Prospect Kids Academy Inc
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/11/2038

 
111.7

 
111.7

 
127.9

 
0.04
%
^Alma J. and William R. Walton and Almas Child Day Care Center
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/11/2038

 
35.6

 
35.6

 
40.9

 
0.01
%
^B for Brunette dba Blo
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/10/2023

 
30.4

 
30.4

 
31.3

 
0.01
%
^Schmaltz Holdings, LLC and Schmaltz Operations, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/4/2038

 
200.3

 
200.3

 
228.6

 
0.08
%
^Excel RP Inc
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
72.1

 
72.1

 
74.5

 
0.03
%
^ACI Northwest Inc.
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
300.1

 
300.1

 
312.1

 
0.11
%
^Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
23.9

 
23.9

 
24.9

 
0.01
%
^IlOKA Inc dba Microtech Tel and NewCloud Networks
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
359.7

 
359.7

 
371.6

 
0.13
%
^Ramard Inc and Advanced Health Sciences Inc
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/28/2023

 
103.8

 
103.8

 
106.8

 
0.04
%
^RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
8/26/2023

 
44.7

 
44.7

 
46.4

 
0.02
%
^JSIL LLC dba Blackstones Hairdressing
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
8/16/2023

 
10.7

 
10.7

 
11.0

 
%
^Island Nautical Enterprises, Inc. and Ingwall Holdings, LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/14/2038

 
311.1

 
311.1

 
355.3

 
0.12
%
^Caribbean Concepts, Inc. dba Quick Bleach
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
8/12/2023

 
12.4

 
12.4

 
12.8

 
%
^Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
7/24/2023

 
6.5

 
6.5

 
6.7

 
%
^Angkor Restaurant Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/19/2038

 
83.4

 
83.4

 
95.5

 
0.03
%
^Harbor Ventilation Inc and Estes Investment, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/19/2038

 
2.1

 
2.1

 
2.4

 
%
^Tri County Heating and Cooling Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/19/2023

 
47.8

 
47.8

 
49.8

 
0.02
%
^Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/17/2023

 
29.3

 
29.3

 
30.1

 
0.01
%
^Maxiflex LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/28/2023

 
24.2

 
24.2

 
25.2

 
0.01
%
^GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2038

 
87.0

 
87.0

 
100.2

 
0.03
%
^2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/19/2026

 
449.8

 
449.8

 
479.3

 
0.17
%
^Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
6/18/2028

 
648.9

 
648.9

 
701.9

 
0.24
%

148
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/14/2023

 
184.5

 
184.5

 
191.1

 
0.07
%
^Elite Structures Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/12/2038

 
812.2

 
812.2

 
933.6

 
0.32
%
^Willowbrook Properties LLC, Grove Gardens Landscaping Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/5/2038

 
166.4

 
166.4

 
191.4

 
0.07
%
^Absolute Desire LLC and Mark H. Szierer, Sophisticated Smile
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/5/2038

 
168.3

 
168.3

 
193.3

 
0.07
%
^Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/28/2023

 
33.1

 
33.1

 
34.4

 
0.01
%
^Ryan D. Thornton and Thornton & Associates LLC
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
5/24/2023

 
25.2

 
25.2

 
26.1

 
0.01
%
^Peanut Butter & Co., Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/30/2023

 
51.7

 
51.7

 
53.5

 
0.02
%
^PowerWash Plus, Inc. and CJR, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/30/2038

 
489.6

 
489.6

 
562.9

 
0.20
%
^Kidrose, LLC dba Kidville Riverdale
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
4/22/2023

 
41.4

 
41.4

 
43.0

 
0.01
%
^1258 Hartford TPKE, LLC and Phelps and Sons, Inc
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/29/2038

 
110.6

 
110.6

 
126.9

 
0.04
%
^A & M Commerce, Inc. dba Cranberry Sunoco
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/27/2038

 
292.9

 
292.9

 
336.5

 
0.12
%
^Xela Pack, Inc. and Aliseo and Catherine Gentile
 
Paper Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/27/2028

 
197.7

 
197.7

 
213.5

 
0.07
%
^American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2038

 
476.9

 
476.9

 
547.6

 
0.19
%
^Michael A.and HeatherR. Welsch dba Art & FrameEtc.
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/22/2038

 
59.9

 
59.9

 
68.8

 
0.02
%
^Truth Technologies Inc dba Truth Technologies Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2023

 
44.1

 
44.1

 
45.6

 
0.02
%
^Sound Manufacturing, Inc. and Monster Power Equipment Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/15/2023

 
261.6

 
261.6

 
271.4

 
0.09
%
^Golden Gate Lodging LLC
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/12/2038

 
102.2

 
102.2

 
117.4

 
0.04
%
^Bakhtar Group LLC dba Malmaison
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2023

 
52.6

 
52.6

 
54.3

 
0.02
%
^Osceola River Mill, LLC, Ironman Machine, Inc.
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/20/2038

 
76.3

 
76.3

 
87.7

 
0.03
%
^Java Warung, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/19/2038

 
45.2

 
45.2

 
52.0

 
0.02
%
^Retain Loyalty LLC
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
2/15/2038

 
94.1

 
94.1

 
108.0

 
0.04
%
^North Country Transport, LLC
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/6/2023

 
7.7

 
7.7

 
8.0

 
%
^MJD Investments, LLC dba The Community Day School
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/31/2038

 
228.1

 
228.1

 
261.9

 
0.09
%
^Sherill Universal City dba Golden Corral LP
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/28/2038

 
390.6

 
390.6

 
449.0

 
0.16
%
^Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/31/2022

 
47.3

 
47.3

 
48.7

 
0.02
%

149
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Macho LLC, Madelaine Chocolate Novelties Inc
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/31/2037

 
442.9

 
442.9

 
508.6

 
0.18
%
^Babie Bunnie Enterprises Inc dba Triangle Mothercare
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2027

 
29.9

 
29.9

 
32.1

 
0.01
%
^John Duffy Fuel Co., Inc.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/28/2022

 
249.5

 
249.5

 
257.5

 
0.09
%
^Polpo Realty LLC & Polpo Restaurant LLC dba Polpo Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/27/2037

 
456.9

 
456.9

 
524.6

 
0.18
%
^Martin L Hopp, MD PHD A Medical Corp dba Tower ENT
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2022

 
32.0

 
32.0

 
33.1

 
0.01
%
^Cheryle A Baptiste and Cheryle Baptiste DDS PLLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2037

 
252.5

 
252.5

 
289.8

 
0.10
%
^Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
11/28/2037

 
201.4

 
201.4

 
231.3

 
0.08
%
^D&L Rescources, Inc. dba The UPS Store
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
11/27/2022

 
4.6

 
4.6

 
4.8

 
%
^Richmond Hill Mini Market, LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
11/27/2037

 
162.9

 
162.9

 
186.9

 
0.07
%
^DRV Enterprise, Inc. dba Cici's Pizza # 339
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/26/2022

 
28.8

 
28.8

 
29.9

 
0.01
%
^U & A Food and Fuel, Inc. dba Express Gas & Food Mart
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/21/2037

 
84.6

 
84.6

 
97.2

 
0.03
%
^Pioneer Windows Manufacturing Corp, Pioneer Windows
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/21/2022

 
129.9

 
129.9

 
134.3

 
0.05
%
^R & J Petroleum LLC, Manar USA, Inc.
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/20/2037

 
158.2

 
158.2

 
181.6

 
0.06
%
^St Judes Physical Therapy P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/19/2022

 
10.0

 
10.0

 
10.4

 
%
^Hi-Def Imaging, Inc. dba SpeedPro Imaging
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/9/2022

 
10.6

 
10.6

 
10.9

 
%
^Reidville Hydraulics Mfg Inc dba Summit
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/2/2037

 
234.6

 
234.6

 
268.7

 
0.09
%
^Big Apple Entertainment Partners, LLC d/b/a Ripley's Believe It or Not
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/26/2022

 
86.2

 
86.2

 
88.8

 
0.03
%
^University Park Retreat, LLC dba Massage Heights
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2022

 
34.8

 
34.8

 
36.0

 
0.01
%
^O'Rourkes Diner LLC dba O'Rourke's Diner
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/19/2037

 
57.3

 
57.3

 
65.6

 
0.02
%
^AJK Enterprise LLC dba AJK Enterprise LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/27/2022

 
7.3

 
7.3

 
7.6

 
%
^Suncoast Aluminum Furniture, Inc
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/17/2037

 
314.4

 
314.4

 
360.5

 
0.13
%
^Hofgard & Co., Inc. dba HofgardBenefits
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
7/27/2022

 
46.2

 
46.2

 
47.5

 
0.02
%
^Georgia Safe Sidewalks LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/27/2022

 
6.5

 
6.5

 
6.7

 
%
^Havana Central (NY) 5, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/29/2022

 
641.8

 
641.8

 
662.8

 
0.23
%
^Central Tire, Inc. dba Cooper Tire & Auto Services
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/29/2037

 
250.3

 
250.3

 
287.6

 
0.10
%
^Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/27/2037

 
60.5

 
60.5

 
69.5

 
0.02
%
^KIND-ER-ZZ Inc dba Kidville
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/15/2022

 
21.4

 
21.4

 
22.1

 
0.01
%

150
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Graphish Studio, Inc. and Scott Fishoff
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/14/2022

 
8.7

 
8.7

 
8.9

 
%
^ALF, LLC, Mulit-Service Eagle Tires
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/31/2037

 
54.5

 
54.5

 
62.6

 
0.02
%
^Christou Real Estate Holdings LLC dba Tops American Grill
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/17/2037

 
245.4

 
245.4

 
282.0

 
0.10
%
^Tracey Vita-Morris dba Tracey Vita's School of Dance
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
5/10/2022

 
9.5

 
9.5

 
9.8

 
%
^Fair Deal Food Mart Inc dba Neighbors Market
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
5/3/2037

 
330.0

 
330.0

 
379.2

 
0.13
%
^Tanner Optical, Inc. dba Murphy Eye Care
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/27/2022

 
3.4

 
3.4

 
3.5

 
%
^Zane Filippone Co Inc dba Culligan Water Conditioning
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
4/12/2022

 
229.4

 
229.4

 
236.9

 
0.08
%
^Indoor Playgrounds Limited Liability Company dba Kidville
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
4/5/2022

 
2.0

 
2.0

 
2.0

 
%
^Access Staffing, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/30/2022

 
73.7

 
73.7

 
75.9

 
0.03
%
^Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/30/2031

 
179.3

 
179.3

 
198.2

 
0.07
%
^DC Realty, LLC dba FOGO Data Centers
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6%
 
3/23/2037

 
2,623.4

 
2,623.4

 
3,010.5

 
1.05
%
^DC Realty, LLC dba FOGO Data Centers
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6.25%
 
3/23/2022

 
609.9

 
609.9

 
628.6

 
0.22
%
^Manuel P. Barrera and Accura Electrical Contractor, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
72.1

 
72.1

 
78.0

 
0.03
%
^Shweiki Media, Inc. dba Study Breaks Magazine
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
3/22/2027

 
786.4

 
786.4

 
844.5

 
0.29
%
^ATI Jet, Inc.
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/28/2026

 
548.2

 
548.2

 
587.5

 
0.20
%
^J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
12/22/2036

 
352.6

 
352.6

 
404.1

 
0.14
%
^K's Salon, LLC d/b/a K's Salon
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2021

 
27.8

 
27.8

 
28.5

 
0.01
%
^15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/16/2021

 
92.2

 
92.2

 
94.7

 
0.03
%
^Taylor Transport, Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/8/2021

 
93.2

 
93.2

 
95.8

 
0.03
%
^K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
10/26/2021

 
21.7

 
21.7

 
22.3

 
0.01
%
^28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/25/2021

 
7.9

 
7.9

 
8.2

 
%
^39581 Garfield, LLC and Tri County Neurological Associates, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/30/2036

 
70.4

 
70.4

 
80.5

 
0.03
%
^Robert E. Caves, Sr. and American Plank dba Caves Enterprises
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/30/2021

 
104.5

 
104.5

 
107.2

 
0.04
%
^39581 Garfield, LLC and Tricounty Neurological Associates, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/30/2036

 
23.9

 
23.9

 
27.4

 
0.01
%
^Big Apple Entertainment Partners, LLC dba Ripley's Believe it or Not
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/28/2021

 
363.9

 
363.9

 
373.0

 
0.13
%

151
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Equity National Capital LLC & Chadbourne Road Capital, LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
9/26/2021

 
21.8

 
21.8

 
22.4

 
0.01
%
^Michael S. Decker & Janet Decker dba The Hen House Cafe
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/30/2036

 
13.9

 
13.9

 
15.9

 
0.01
%
^Qycell Corporation
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/19/2021

 
60.1

 
60.1

 
61.6

 
0.02
%
^Trademark Equipment Company Inc and David A. Daniel
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
8/19/2036

 
113.0

 
113.0

 
129.3

 
0.04
%
^Valiev Ballet Academy, Inc
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
8/12/2036

 
35.9

 
35.9

 
41.0

 
0.01
%
^LaHoBa, LLC d/b/a Papa John's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/3/2036

 
65.1

 
65.1

 
74.5

 
0.03
%
^MTV Bowl, Inc. dba Legend Lanes
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/30/2036

 
213.2

 
213.2

 
243.8

 
0.08
%
^Lavertue Properties LLP dba Lavertue Properties
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/29/2036

 
37.8

 
37.8

 
43.2

 
0.02
%
^Lisle Lincoln II Limited Partnership dba Lisle Lanes LP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/29/2036

 
295.7

 
295.7

 
338.0

 
0.12
%
^Pierce Developments, Inc. dba Southside Granite
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/13/2036

 
215.3

 
215.3

 
246.1

 
0.09
%
^J&K Fitness, LLC dba Physiques Womens Fitness Center
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/8/2036

 
392.9

 
392.9

 
449.2

 
0.16
%
^Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/3/2021

 
14.0

 
14.0

 
14.3

 
%
^Modern on the Mile, LLC dba Ligne Roset
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
5/25/2021

 
64.3

 
64.3

 
65.8

 
0.02
%
^Profile Performance, Inc. and Eidak Real Estate, L.L.C.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/20/2036

 
106.6

 
106.6

 
121.9

 
0.04
%
^Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
4/18/2036

 
113.8

 
113.8

 
130.1

 
0.05
%
^Michael S. Korfe dba North Valley Auto Repair
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/24/2036

 
12.9

 
12.9

 
14.7

 
0.01
%
^Actknowledge,Inc dba Actknowledge
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2021

 
16.7

 
16.7

 
17.1

 
0.01
%
^Stephen Frank, Patricia Frank and Suds Express LLC dba Frank Chiropra
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/25/2023

 
26.1

 
26.1

 
27.1

 
0.01
%
^SuzyQue’s LLC dba Suzy Que’s
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/11/2036

 
50.9

 
50.9

 
58.1

 
0.02
%
^Little People’s Village, LLC dba Little People’s Village
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/31/2036

 
25.8

 
25.8

 
29.4

 
0.01
%
^Seagate Group Holdings, Inc. dba Seagate Logistics, Inc.
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
1/28/2036

 
94.0

 
94.0

 
107.4

 
0.04
%
^Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown
 
Support Activities for Transportation
 
Term Loan
 
5.25%
 
12/28/2035

 
1,316.8

 
1,316.8

 
1,501.0

 
0.52
%
^Shree OM Lodging, LLC dba Royal Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/17/2035

 
22.9

 
22.9

 
26.1

 
0.01
%
^Lodin Medical Imaging, LLC dba Watson Imaging Center
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/1/2020

 
17.1

 
17.1

 
17.4

 
0.01
%

152
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/30/2035

 
28.0

 
28.0

 
31.9

 
0.01
%
^K9 Bytes, Inc & Epazz, Inc
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
9/30/2020

 
4.4

 
4.4

 
4.4

 
%
^Elan Realty, LLC and Albert Basse Asociates, Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
9/30/2035

 
187.1

 
187.1

 
212.9

 
0.07
%
^Success Express,Inc. dba Success Express
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
9/29/2020

 
19.5

 
19.5

 
19.8

 
0.01
%
^Modern Manhattan, LLC
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
9/20/2020

 
47.4

 
47.4

 
48.2

 
0.02
%
^Dirk's Trucking, L.L.C. dba Dirk's Trucking
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/17/2020

 
4.0

 
4.0

 
4.1

 
%
^Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/2/2035

 
41.0

 
41.0

 
46.6

 
0.02
%
^Newsome Trucking Inc and Kevin Newsome
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/2/2035

 
201.6

 
201.6

 
229.4

 
0.08
%
^DDLK Investments LLC d/b/a Smoothie King
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/30/2020

 
0.6

 
0.6

 
0.6

 
%
^Members Only Software, Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/30/2020

 
8.5

 
8.5

 
8.7

 
%
^ActKnowledge,Inc dba ActKnowledge
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2020

 
10.1

 
10.1

 
10.3

 
%
^I-90 RV & Auto Supercenter
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/29/2035

 
60.8

 
60.8

 
69.2

 
0.02
%
^Zouk, Ltd. dba Palma
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/25/2020

 
5.9

 
5.9

 
6.0

 
%
^CJ Park Inc. dba Kidville Midtown West
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/25/2020

 
4.1

 
4.1

 
4.1

 
%
^B&B Fitness and Barbell, Inc. dba Elevations Health Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6%
 
6/22/2035

 
200.3

 
200.3

 
227.7

 
0.08
%
^Tanner Optical Inc. dba Murphy Eye Care
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/22/2035

 
76.6

 
76.6

 
87.1

 
0.03
%
^Excel RP, Inc./Kevin and Joann Foley
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/8/2028

 
33.4

 
33.4

 
36.3

 
0.01
%
^ValleyStar, Inc. dba BrightStar Healthcare
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2020

 
1.5

 
1.5

 
1.5

 
%
ValleyStar, Inc. dba BrightStar HealthCare
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2020

 
1.1

 
1.1

 
1.2

 
%
^Diag, LLC dba Kidville
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/21/2020

 
7.1

 
7.1

 
7.2

 
%
^New Economic Methods LLC dba Rita's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/15/2020

 
0.3

 
0.3

 
0.4

 
%
^Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/26/2020

 
1.1

 
1.1

 
1.1

 
%
^Lahoba,LLC dba Papa John's Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/30/2034

 
34.1

 
34.1

 
38.6

 
0.01
%
^Animal Intrusion Prevention Systems Holding Company, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2024

 
22.0

 
22.0

 
23.1

 
0.01
%
^David A. Nusblatt, D.M.D, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/11/2019

 
1.2

 
1.2

 
1.2

 
%
^KMC RE, LLC & B&B Kennels
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/19/2034

 
46.5

 
46.5

 
52.8

 
0.02
%
^ROVER REPAIRS
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.5%
 
11/28/2029

 
48.5

 
48.5

 
52.6

 
0.02
%
^Supreme Screw Products
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/17/2019

 
14.2

 
14.2

 
14.3

 
%
^Gourmet to You, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2019

 
0.3

 
0.3

 
0.3

 
%
^The Alba Financial Group, Inc.
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
6%
 
1/10/2019

 
7.0

 
7.0

 
7.0

 
%

153
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^D & D's Divine Beauty School of Esther, LLC
 
Educational Services
 
Term Loan
 
6%
 
8/1/2031

 
46.6

 
46.6

 
51.7

 
0.02
%
Bliss Coffee and Wine Bar, LLC
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
8/31/2019

 
66.1

 
66.1

 
66.7

 
0.02
%
^Zog Inc.
 
Other Information Services
 
Term Loan
 
Prime plus 2.75%
 
4/30/2020

 
32.1

 
32.1

 
32.6

 
0.01
%
^Connect Litigation Technology, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2%
 
10/18/2025

 
22.7

 
22.7

 
23.5

 
0.01
%
^1911 East Main Street Holdings, Corp
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/18/2032

 
11.4

 
11.4

 
12.7

 
%
^Water Works Laundromat, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.25%
 
9/7/2027

 
160.0

 
160.0

 
169.3

 
0.06
%
^Dave Kris, and MDK Ram Corp.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/5/2026

 
26.8

 
26.8

 
28.6

 
0.01
%
^Gill Express Inc. dba American Eagle Truck Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
1/5/2027

 
160.1

 
160.1

 
172.1

 
0.06
%
^Smooth Grounds, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
7.75%
 
1/31/2019

 
23.7

 
23.7

 
23.8

 
0.01
%
^Fran-Car Corporation dba Horizon Landscape Management
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/3/2028

 
61.9

 
61.9

 
67.0

 
0.02
%
^Head To Toe Personalized Pampering, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/27/2031

 
8.2

 
8.2

 
9.0

 
%
^Christopher F. Bohon & Pamela D. Bohon
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
10/28/2026

 
2.7

 
2.7

 
2.9

 
%
^Mogas Limited
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
5/31/2030

 
66.1

 
66.1

 
72.8

 
0.03
%
^Shree Om Lodging, LLC dba Royal Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/2/2030

 
58.4

 
58.4

 
64.3

 
0.02
%
^Pedzik's Pets, LLC
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
3/31/2030

 
8.1

 
8.1

 
8.9

 
%
^Nancy Carapelluci & A & M Seasonal Corner Inc.
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/1/2025

 
11.7

 
11.7

 
12.4

 
%
^Patricia Hughes Jones, MD PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
1/13/2020

 
1.9

 
1.9

 
1.9

 
%
^Moonlight Multi Media Production, Inc.
 
Other Information Services
 
Term Loan
 
5.3%
 
2/1/2025

 
2.2

 
2.2

 
2.3

 
%
David M. Goens dba Superior Auto Paint & Body, Inc.
 
Repair and Maintenance
 
Term Loan
 
6%
 
8/26/2024

 
13.8

 
13.8

 
14.6

 
0.01
%
^McCallister Venture Group, LLC and Maw's Vittles, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/30/2029

 
10.3

 
10.3

 
11.3

 
%
^Chong Hun Im dba Kim's Market
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.5%
 
2/27/2024

 
7.3

 
7.3

 
7.6

 
%
Whirlwind Car Wash, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2%
 
4/9/2029

 
13.8

 
13.8

 
14.6

 
0.01
%
^Shuttle Car Wash, Inc. dba Shuttle Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.25%
 
11/10/2028

 
15.0

 
15.0

 
16.0

 
0.01
%
^Min Hui Lin
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/30/2028

 
15.2

 
15.2

 
16.5

 
0.01
%
^Delta Partners, LLC dba Delta Carwash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.5%
 
4/5/2029

 
37.8

 
37.8

 
40.8

 
0.01
%
^Auto Sales, Inc.
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
6%
 
8/17/2023

 
5.8

 
5.8

 
6.0

 
%
^RAB Services, Inc. & Professional Floor Installations
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.5%
 
1/31/2023

 
5.0

 
5.0

 
5.2

 
%
^Taste of Inverness, Inc. dba China Garden
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2%
 
6/29/2025

 
7.1

 
7.1

 
7.4

 
%
^Ralph Werner dba Werner Transmission Inc
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/29/2021

 
1.5

 
1.5

 
1.5

 
%
^Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6%
 
9/14/2023

 
27.6

 
27.6

 
28.8

 
0.01
%

154
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^OrthoQuest, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2%
 
3/12/2022

 
2.5

 
2.5

 
2.6

 
%
^Track Side Collision & Tire, Inc.
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/16/2025

 
4.0

 
4.0

 
4.2

 
%
^Duttakrupa, LLC dba Birmingham Motor Court
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
9/8/2023

 
9.1

 
9.1

 
9.4

 
%
^Deesha Corporation, Inc. dba Best Inn & Suites
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
2/14/2025

 
22.0

 
22.0

 
22.9

 
0.01
%
^Maruti, Inc
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
11/25/2024

 
20.2

 
20.2

 
21.0

 
0.01
%
^Randall D. & Patricia D. Casaburi dba Pat's Pizzazz
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
3/13/2023

 
5.1

 
5.1

 
5.3

 
%
^Gain Laxmi, Inc. dba Super 8 Motel
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
5/31/2023

 
14.7

 
14.7

 
15.2

 
0.01
%
^Naseeb Corporation
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
3/31/2024

 
22.9

 
22.9

 
23.7

 
0.01
%
^Stillwell Ave Prep School
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/14/2023

 
4.6

 
4.6

 
4.8

 
%
^Karis, Inc.
 
Accommodation
 
Term Loan
 
Prime plus 2%
 
12/22/2023

 
10.1

 
10.1

 
10.4

 
%
^Five Corners, Ltd.
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/11/2019

 
1.7

 
1.7

 
1.7

 
%
^Alyssa Corp dba Knights Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
9/30/2023

 
36.2

 
36.2

 
37.4

 
0.01
%
^Bhailal Patel dba New Falls Motel
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/27/2023

 
2.4

 
2.4

 
2.5

 
%
^Pegasus Automotive, Inc.
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/23/2022

 
7.2

 
7.2

 
7.5

 
%
^Delyannis Iron Works
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
6%
 
12/8/2022

 
5.2

 
5.2

 
5.4

 
%
^P. Agrino, Inc. dba Andover Diner
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/18/2021

 
5.2

 
5.2

 
5.3

 
%
Total Performing SBA Unguaranteed Investments
 
 
 
 
 
 
 
$
318,862.2

 
$
318,862.2

 
$
329,339.7

 
114.57%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Performing SBA Unguaranteed Investments (3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*^200 North 8th Street Associates LLC and Enchanted Acres Fa
 
Food Manufacturing
 
Term Loan
 
6.25%
 
5/4/2028

 
$
469.3

 
$
469.3

 
$
366.0

 
0.13
%
*^A & A Auto Care LLC
 
Repair and Maintenance
 
Term Loan
 
7.5%
 
3/9/2026

 
10.4

 
10.4

 
4.5

 
%
*^A & A Auto Care, LLC d/b/a A & A Auto Care, LLC
 
Repair and Maintenance
 
Term Loan
 
7.25%
 
8/12/2036

 
88.0

 
88.0

 
84.7

 
0.03
%
*Alive Design, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/13/2027

 
17.9

 
17.9

 
13.7

 
%
*^Amboy Group, LLC dba Tommy's Moloney's
 
Food Manufacturing
 
Term Loan
 
7%
 
6/24/2025

 
375.2

 
375.2

 
367.9

 
0.13
%
*^American Reclamation LLC
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/1/2027

 
7.2

 
7.2

 
6.4

 
%
*Anderson Farms Inc
 
Truck Transportation
 
Term Loan
 
7.5%
 
12/22/2027

 
1,217.1

 
1,217.1

 
947.3

 
0.33
%
*^Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud
 
Gasoline Stations
 
Term Loan
 
7.75%
 
9/26/2024

 
15.7

 
15.7

 
14.8

 
0.01
%
*AWA Fabrication & Construction, L.L.C.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
6%
 
4/30/2025

 
34.8

 
34.8

 
5.2

 
%
*^B & J Manufacturing Corporation and Benson Realty Trust
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2%
 
3/30/2021

 
11.0

 
11.0

 
9.8

 
%
*^B and J Catering Inc dba Culinary Solutions
 
Food Services and Drinking Places
 
Term Loan
 
7%
 
8/27/2040

 
532.9

 
532.9

 
486.2

 
0.17
%
*Baker Sales, Inc. d/b/a Baker Sales, Inc.
 
Nonstore Retailers
 
Term Loan
 
6%
 
3/29/2036

 
177.4

 
177.4

 
81.8

 
0.03
%

155
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
*^Fieldstone Quick Stop LLC(OC) Barber Investments LLC (EPC) Thadius M B
 
Gasoline Stations
 
Term Loan
 
6%
 
9/30/2038

 
400.4

 
400.4

 
36.4

 
0.01
%
*^Barber Investments LLC and Fieldstone Quickstop LLC and Maine Dollar D
 
Gasoline Stations
 
Term Loan
 
6.25%
 
8/15/2039

 
146.3

 
146.3

 

 
%
*^Bear Creek Entertainment LLC dba The Woods at Bear Creek
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
8/12/2041

 
1,608.1

 
1,671.3

 
412.9

 
0.14
%
*^Bear Creek Entertainment, LLC dba The Woods at Bear Creek
 
Accommodation
 
Term Loan
 
7.25%
 
12/30/2024

 
85.4

 
85.4

 
79.0

 
0.03
%
*Bebos Inc dba Pizza Hut & Sunoco
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/28/2028

 
214.1

 
214.1

 
99.5

 
0.03
%
*^Bobcatt Solutions, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/8/2027

 
35.8

 
35.8

 
33.1

 
0.01
%
*Bone Bar & Grill LLC
 
Food Services and Drinking Places
 
Term Loan
 
7%
 
6/30/2042

 
73.4

 
73.4

 
57.5

 
0.02
%
*^Calhoun Satellite Communications Inc and Transmission Solutions Group
 
Broadcasting (except Internet)
 
Term Loan
 
6.75%
 
2/27/2025

 
724.2

 
724.2

 

 
%
*Calhoun Satellite Communications, Inc.
 
Telecommunications
 
Term Loan
 
7%
 
12/2/2026

 
189.1

 
189.1

 
40.9

 
0.01
%
*^Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/15/2025

 
556.4

 
556.4

 
314.8

 
0.11
%
*^Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber
 
Transit and Ground Passenger Transportation
 
Term Loan
 
7.5%
 
9/30/2027

 
573.2

 
573.2

 
551.2

 
0.19
%
*^Central Ohio Cleaners Inc
 
Personal and Laundry Services
 
Term Loan
 
7%
 
6/13/2024

 
90.5

 
90.5

 
8.9

 
%
*^Chickamauga Properties, Inc., MSW Enterprises, LLP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6.25%
 
12/22/2035

 
59.0

 
59.0

 
56.8

 
0.02
%
*^Chickamauga Properties, Inc. and MSW Enterprises, LLP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6.25%
 
10/19/2022

 
43.5

 
43.5

 

 
%
*^CLU Amboy, LLC (EPC) and Amboy Group, LLC (OC) dba Tommy Moloney's
 
Food Manufacturing
 
Term Loan
 
7%
 
12/27/2023

 
469.0

 
469.0

 
459.9

 
0.16
%
*^CM Lab Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6.75%
 
5/20/2026

 
166.1

 
166.1

 
134.9

 
0.05
%
*^Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck & Trai
 
Repair and Maintenance
 
Term Loan
 
6.75%
 
9/26/2039

 
553.3

 
553.3

 
528.7

 
0.18
%
*^Custom Software, Inc. a Colorado Corporation dba M-33 Access
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6.25%
 
6/17/2021

 
256.7

 
256.7

 
226.1

 
0.08
%
*^Custom Software, Inc. a Colorado Corporation dba M-33 Access
 
Broadcasting (except Internet)
 
Term Loan
 
6.25%
 
4/30/2022

 
94.3

 
94.3

 

 
%
*^D&G Capital LLC dba Miami Grill 277
 
Food Services and Drinking Places
 
Term Loan
 
6.5%
 
12/16/2025

 
81.2

 
81.2

 
28.7

 
0.01
%
*^Demand Printing Solutions, Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
10/29/2034

 
119.5

 
119.5

 
110.5

 
0.04
%
*^Demand Printing Solutions, Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
12/12/2019

 
1.6

 
1.6

 
1.5

 
%
*^Demand Printing Solutions, Inc. and MLM Enterprises, LLC d/b/a Demand
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/27/2021

 
5.5

 
5.5

 
5.1

 
%
*^MLM Enterprises LLC and Demand Printing Solutions Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/18/2024

 
50.2

 
50.2

 
46.4

 
0.02
%
*^Demand Printing Solutions Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
17.0

 
17.0

 
15.7

 
0.01
%

156
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
*^Demand Printing Solutions Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/16/2026

 
17.8

 
17.8

 
16.5

 
0.01
%
*^Demand Printing Solutions Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/25/2027

 
199.2

 
199.2

 
82.1

 
0.03
%
*^Dr Richard Rolle JR, PLLC dba Rolle Oral & Facial Surgery PLLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
869.9

 
869.9

 
679.6

 
0.24
%
*^Dr. Richard R. Rolle, Jr., PLLC dba Rolle Oral & Facial Surgery
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/18/2027

 
122.3

 
122.3

 

 
%
*^Driven Warehouse/Distribution LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
726.2

 
726.2

 
671.6

 
0.23
%
*^Driven Warehouse/Distribution LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
1/18/2028

 
129.0

 
129.0

 
10.2

 
%
*^DTM Parts Supply Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
7%
 
6/2/2025

 
54.8

 
54.8

 
43.9

 
0.02
%
*^E & I Holdings, LP & PA Farm Products, LLC
 
Food Manufacturing
 
Term Loan
 
6%
 
4/30/2030

 
4,705.2

 
4,822.6

 
2,741.0

 
0.95
%
*^Europlast Ltd
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
6%
 
9/26/2022

 
313.0

 
313.0

 
22.3

 
0.01
%
*^Europlast Ltd
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
6%
 
5/31/2023

 
73.4

 
73.4

 

 
%
*^Event Mecca LLC
 
Other Information Services
 
Term Loan
 
6%
 
4/10/2023

 
11.4

 
11.4

 
9.0

 
%
*^Evernook Valley Milk LLC
 
Animal Production and Aquaculture
 
Term Loan
 
7.5%
 
8/31/2042

 
637.5

 
637.5

 
545.9

 
0.19
%
*^EZ Towing, Inc.
 
Support Activities for Transportation
 
Term Loan
 
6%
 
1/31/2023

 
86.4

 
86.4

 
1.2

 
%
*^Ezzo Properties, LLC and Great Lakes Cleaning, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2027

 
286.5

 
286.5

 
72.5

 
0.03
%
*^New Image Building Services, Inc. dba New Image Repair Services
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/23/2037

 
251.9

 
251.9

 
152.9

 
0.05
%
*^New Image Building Services Inc. dba New Image Repair Services; The Ma
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/29/2023

 
197.1

 
197.1

 

 
%
*^New Image Building Services, Inc. dba The Maids serving Oakland and Ma
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
1/19/2026

 
67.8

 
67.8

 

 
%
*^New Image Building Services, Inc.dba The Maids Servicing Oakland &Maco
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2026

 
39.0

 
39.0

 

 
%
*^New Image Building Services, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/18/2027

 
138.9

 
138.9

 

 
%
*Farec, Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
7.5%
 
12/29/2042

 
267.9

 
267.9

 
248.9

 
0.09
%
*^Galaforo Construction and Companies LLC
 
Construction of Buildings
 
Term Loan
 
7.5%
 
12/15/2042

 
207.8

 
207.8

 
196.0

 
0.07
%
*Galaforo Construction LLC and Paul M Galaforo, Jr.
 
Construction of Buildings
 
Term Loan
 
7.5%
 
12/15/2027

 
334.0

 
334.0

 
82.8

 
0.03
%
*^Gator Communications Group LLC dba Harvard Printing Group
 
Printing and Related Support Activities
 
Term Loan
 
6.25%
 
3/30/2022

 
233.5

 
233.5

 

 
%
*^Gator Communications Group LLC dba Harvard Printing Group
 
Printing and Related Support Activities
 
Term Loan
 
6.25%
 
4/25/2022

 
157.8

 
157.8

 

 
%
*^Gator Communications Group, LLC dba Harvard Printing Group
 
Printing and Related Support Activities
 
Term Loan
 
6.25%
 
3/27/2023

 
13.3

 
13.3

 

 
%
*^Gino Italian American Deli and Meat Market Inc
 
Food and Beverage Stores
 
Term Loan
 
7%
 
7/25/2041

 
119.9

 
119.9

 
113.1

 
0.04
%
*^Groundworks Unlimited LLC
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
12/17/2023

 
8.8

 
8.8

 
8.3

 
%

157
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
*^Grand Manor Realty, Inc. & Kevin LaRoe
 
Real Estate
 
Term Loan
 
6%
 
2/20/2023

 
19.0

 
19.0

 
17.2

 
0.01
%
*Guzman Group,LLC
 
Rental and Leasing Services
 
Term Loan
 
6%
 
9/30/2019

 
173.8

 
173.8

 
37.6

 
0.01
%
*Harrelson Materials Management,Inc
 
Waste Management and Remediation Services
 
Term Loan
 
6%
 
6/24/2021

 
465.2

 
465.2

 
23.8

 
0.01
%
*^Hartford Cardiology Group LLC and Ideal Nutrition of Connecticut LLC
 
Ambulatory Health Care Services
 
Term Loan
 
6.25%
 
6/30/2026

 
462.5

 
462.5

 

 
%
*^Hascher Gabelstapler Inc
 
Repair and Maintenance
 
Term Loan
 
7%
 
3/26/2024

 
106.6

 
106.6

 
58.8

 
0.02
%
*^HG Ventures, Inc.
 
Truck Transportation
 
Term Loan
 
7.5%
 
3/9/2028

 
125.9

 
125.9

 
96.7

 
0.03
%
*^HG Ventures, Inc. dba Diamond Head Trucking
 
Truck Transportation
 
Term Loan
 
7.5%
 
6/29/2030

 
929.1

 
929.1

 
715.9

 
0.25
%
*^Home Again Restaurant LLC
 
Food Services and Drinking Places
 
Term Loan
 
6.25%
 
6/30/2040

 
0.4

 
0.4

 
0.4

 
%
*^Ian Winterbotham dba Furnishing America
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
11/17/2027

 
93.4

 
93.4

 
73.9

 
0.03
%
*^InformationTelevision Network Inc
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
7.5%
 
9/22/2041

 
823.0

 
823.0

 
761.1

 
0.26
%
*^J And G Group Services LLC and United Vending of Florida Inc and John
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
7.25%
 
7/28/2026

 
29.6

 
29.6

 
28.5

 
0.01
%
*J Harris Trucking LLC
 
Truck Transportation
 
Term Loan
 
7.25%
 
5/19/2027

 
18.7

 
18.7

 
8.3

 
%
*^J Harris Trucking, LLC
 
Truck Transportation
 
Term Loan
 
7.25%
 
5/13/2026

 
38.1

 
38.1

 
36.5

 
0.01
%
*^J Olson Enterprises LLC and Olson Trucking Direct, Inc.
 
Truck Transportation
 
Term Loan
 
6%
 
6/28/2025

 
628.4

 
628.4

 
44.2

 
0.02
%
*^Jacksonville Beauty Institute Inc. dba Beauty Institute's
 
Educational Services
 
Term Loan
 
7%
 
10/23/2025

 
40.9

 
40.9

 
31.7

 
0.01
%
*Jenny's Wunderland, Inc.
 
Social Assistance
 
Term Loan
 
6%
 
6/29/2036

 
98.8

 
98.8

 
14.6

 
0.01
%
*Juliador Resources LLC DBA Cue Hair Salon and Skin Care
 
Personal and Laundry Services
 
Term Loan
 
7.25%
 
5/24/2027

 
21.9

 
21.9

 
19.4

 
0.01
%
*^Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
6.25%
 
10/29/2039

 
11.1

 
11.1

 
8.7

 
%
*^Kids at Heart,LLC dba Monster Mini Golf
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6.75%
 
9/22/2026

 
20.4

 
20.4

 
15.9

 
0.01
%
*Krishna of Orangeburg, Inc.
 
Accommodation
 
Term Loan
 
6%
 
2/20/2032

 
10.3

 
10.3

 
5.5

 
%
*^Kup's Auto Spa Inc
 
Repair and Maintenance
 
Term Loan
 
6.25%
 
11/15/2038

 
70.5

 
70.5

 
31.6

 
0.01
%
*Kup’s Auto Spa, Inc.
 
Repair and Maintenance
 
Term Loan
 
6.25%
 
10/23/2025

 
54.7

 
54.7

 

 
%
*^L.M. Jury Enterprises, Inc dba Midwest Monograms
 
Textile Product Mills
 
Term Loan
 
7.25%
 
10/28/2025

 
60.6

 
60.6

 
9.1

 
%
*^LA Diner Inc dba Loukas L A Diner
 
Food Services and Drinking Places
 
Term Loan
 
7.25%
 
9/28/2037

 
617.8

 
617.8

 
571.4

 
0.20
%
*^Las Casuelas Del Este Inc.
 
Food Services and Drinking Places
 
Term Loan
 
7%
 
9/29/2041

 
791.6

 
791.6

 
356.0

 
0.12
%
*^Lowgap Grocery & Grill LLC
 
General Merchandise Stores
 
Term Loan
 
7.25%
 
3/24/2041

 
48.0

 
48.0

 
40.0

 
0.01
%
*^M & H Pine Straw Inc and Harris L. Maloy
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
7.5%
 
3/21/2023

 
197.4

 
197.4

 
58.4

 
0.02
%
*^M & H Pine Straw, Inc and Harris L. Maloy
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
6%
 
4/30/2020

 
54.2

 
54.2

 
52.1

 
0.02
%
*^M & H Pine Straw, Inc.and Harris Maloy
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
7.5%
 
7/10/2020

 
27.4

 
27.4

 
19.8

 
0.01
%

158
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
*^M & H Pinestraw, Inc. and Harris L. Maloy
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
7.5%
 
12/15/2021

 
133.8

 
133.8

 
48.7

 
0.02
%
*^M and C Renovations Inc
 
Construction of Buildings
 
Term Loan
 
6.25%
 
10/31/2024

 
13.0

 
13.0

 
7.8

 
%
*^Mariam Diner Inc dba Country Kitchen Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/18/2026

 
42.8

 
42.8

 
24.5

 
0.01
%
*^Matchless Transportation LLC dba First Class Limo
 
Transit and Ground Passenger Transportation
 
Term Loan
 
6.25%
 
8/3/2022

 
123.3

 
123.3

 
103.0

 
0.04
%
*^Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad
 
Electrical Equipment, Appliance, and Component Manufacturing
 
Term Loan
 
7%
 
11/25/2025

 
19.6

 
19.6

 
12.7

 
%
*^Mojo Brands Media, LLC
 
Broadcasting (except Internet)
 
Term Loan
 
6%
 
8/28/2023

 
725.0

 
725.0

 
325.3

 
0.11
%
*^Morris Glass and Construction Inc
 
Specialty Trade Contractors
 
Term Loan
 
15%
 
10/1/2023

 
448.0

 
448.0

 
350.5

 
0.12
%
*^Nelson Sargsyan dba HDA Trucking
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/16/2025

 
100.8

 
100.8

 
63.7

 
0.02
%
*^Nowatzke Service Center Inc dba Nowatzke Truck and Trailer
 
Repair and Maintenance
 
Term Loan
 
7%
 
1/29/2026

 
96.9

 
96.9

 
61.3

 
0.02
%
*Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Globa
 
Heavy and Civil Engineering Construction
 
Term Loan
 
7%
 
9/28/2026

 
571.2

 
571.2

 
25.9

 
0.01
%
*^Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Serv
 
Heavy and Civil Engineering Construction
 
Term Loan
 
7%
 
9/28/2041

 
110.1

 
110.1

 
101.9

 
0.04
%
*^Peckett's Inc
 
Crop Production
 
Term Loan
 
7%
 
7/27/2041

 
219.6

 
219.6

 
169.0

 
0.06
%
*^Pooh's Corner Realty LLC and Pooh's Corner Inc
 
Social Assistance
 
Term Loan
 
7%
 
7/23/2040

 
100.3

 
100.3

 
96.4

 
0.03
%
*^RDT Enterprises LLC
 
Specialty Trade Contractors
 
Term Loan
 
7%
 
9/15/2027

 
136.9

 
136.9

 
77.9

 
0.03
%
*^RDT Enterprises, L.L.C.
 
Specialty Trade Contractors
 
Term Loan
 
7%
 
11/12/2025

 
19.6

 
19.6

 

 
%
*^RDT Enterprises, LLC
 
Specialty Trade Contractors
 
Term Loan
 
7%
 
12/31/2028

 
111.5

 
111.5

 
70.1

 
0.02
%
*^Route 130 SCPI Holdings LLC (EPC) Route 130 SCPI Operations LLC (OC) d
 
Food Services and Drinking Places
 
Term Loan
 
6.25%
 
9/30/2039

 
279.5

 
279.5

 
125.2

 
0.04
%
*^Scoler LLC dba Gold's Gym
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
219.3

 
219.3

 
26.7

 
0.01
%
*^Scoville Plumbing & Heating Inc and Thomas P. Scoville
 
Specialty Trade Contractors
 
Term Loan
 
6.75%
 
7/25/2022

 
32.1

 
32.1

 
30.8

 
0.01
%
*^SDA Holdings LLC and Les Cheveux Salon Inc
 
Personal and Laundry Services
 
Term Loan
 
7.5%
 
12/15/2040

 
108.5

 
108.5

 
104.3

 
0.04
%
*Select Propane & Fuel Inc. and Select Fuel & Convenience LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
7.5%
 
2/10/2030

 
593.3

 
593.3

 
109.4

 
0.04
%
*Shaffer Automotive Repair, LLC
 
Repair and Maintenance
 
Term Loan
 
7%
 
5/24/2030

 
132.8

 
132.8

 
120.1

 
0.04
%
*^Shane M. Howell and Buck Hardware and Garden Center, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
7.5%
 
12/27/2038

 
120.2

 
120.2

 
93.3

 
0.03
%
*^Shivsakti, LLC dba Knights Inn
 
Accommodation
 
Term Loan
 
6.25%
 
12/20/2032

 
3.3

 
3.3

 

 
%
*^Soregard Inc
 
Furniture and Related Product Manufacturing
 
Term Loan
 
7.5%
 
6/30/2041

 
158.9

 
158.9

 
81.3

 
0.03
%
*^Sourceco Limited Liability Company
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
6.5%
 
12/17/2025

 
45.0

 
45.0

 
44.1

 
0.02
%
*^Sovereign Communications LLC
 
Broadcasting (except Internet)
 
Term Loan
 
6.75%
 
2/7/2024

 
654.2

 
654.2

 
517.0

 
0.18
%

159
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
*^Square Deal Siding Company,LLC dba Square Deal Siding Company
 
Specialty Trade Contractors
 
Term Loan
 
7.5%
 
6/18/2025

 
2.1

 
2.1

 
2.0

 
%
*^Stellar Environmental LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2023

 
30.6

 
30.6

 
28.3

 
0.01
%
*^STK Ventures Inc dba JP Dock Service & Supply
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
5/9/2037

 
31.6

 
31.6

 
11.2

 
%
*^Stormrider Inc dba Shirley's Stormrider Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/23/2025

 
50.9

 
50.9

 

 
%
*^Stormrider Inc dba Shirley's Stormrider, Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/25/2024

 
102.9

 
102.9

 
37.5

 
0.01
%
*^Street Magic Enterprise LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
86.3

 
86.3

 
15.7

 
0.01
%
*^Street Magic Enterprise LLC dba New Lisbon Travel Mart
 
Gasoline Stations
 
Term Loan
 
7.5%
 
11/7/2042

 
419.0

 
419.0

 
387.5

 
0.13
%
*^Suncrest Stone Products LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
7.25%
 
8/29/2041

 
638.7

 
638.7

 
262.8

 
0.09
%
*^Suncrest Stone Products LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
7.5%
 
8/29/2026

 
539.6

 
539.6

 
131.3

 
0.05
%
*^T and B Boots Inc dba Takken's Shoes
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
7%
 
3/31/2025

 
23.0

 
23.0

 
20.2

 
0.01
%
*^T and B Boots Inc dba Takken's Shoes
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
7.25%
 
6/17/2026

 
204.5

 
204.5

 

 
%
*T and B Boots Inc dba Takken's Shoes
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
7.25%
 
12/7/2026

 
95.2

 
95.2

 
89.8

 
0.03
%
*^Tannehill Enterprises Inc dba Hobbytown USA Folsom
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
7.75%
 
10/14/2025

 
71.1

 
71.1

 
45.5

 
0.02
%
*^Tarver-Henley Inc. and Tar-Hen LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/21/2042

 
314.6

 
314.6

 
302.5

 
0.11
%
*^The Delon Group LLC dba I Love Juice Bar
 
Food Services and Drinking Places
 
Term Loan
 
7%
 
5/12/2026

 
19.3

 
19.3

 
18.6

 
0.01
%
*^Tim's Tire & Automotive Center, LLC
 
Support Activities for Transportation
 
Term Loan
 
7%
 
8/16/2026

 
410.2

 
410.2

 
98.6

 
0.03
%
*^The Woods at Bear Creek LLC and Bear Creek Entertainment LLC dba The
 
Accommodation
 
Term Loan
 
7%
 
9/29/2039

 
489.6

 
489.6

 
452.8

 
0.16
%
*^Thomas P. Scoville dba Scoville Plumbing & Heating, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
6.75%
 
11/16/2021

 
33.6

 
33.6

 
32.3

 
0.01
%
*Transmission Solutions Group, Inc. and Calhoun Satellite Communicatio
 
Telecommunications
 
Term Loan
 
7%
 
12/2/2041

 
141.3

 
141.3

 
65.7

 
0.02
%
*^Tri-State Remodeling & Investments, LLC
 
Specialty Trade Contractors
 
Term Loan
 
7.5%
 
12/11/2025

 
13.3

 
13.3

 
11.5

 
%
*^TX Superior Communications, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/19/2028

 
90.3

 
90.3

 
30.5

 
0.01
%
*^Vision Automotive LLC dba Vision Chrysler Jeep Dodge Ram of Defiance
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
7.5%
 
9/29/2029

 
570.1

 
570.1

 
299.4

 
0.10
%
*Vision Collision Center LLC dba Integrity Auto Body & Vision Automoti
 
Repair and Maintenance
 
Term Loan
 
7.5%
 
11/21/2027

 
349.2

 
349.2

 

 
%
*^Webb Eye Associates, PA
 
Ambulatory Health Care Services
 
Term Loan
 
7.25%
 
7/19/2027

 
71.2

 
71.2

 
28.9

 
0.01
%
*^Wilban LLC
 
Food Services and Drinking Places
 
Term Loan
 
7.5%
 
3/11/2026

 
93.2

 
93.2

 
86.2

 
0.03
%
*^Wilban LLC
 
Food Services and Drinking Places
 
Term Loan
 
7.25%
 
3/28/2039

 
402.7

 
402.7

 
289.6

 
0.10
%
*Work of Heart Inc dba Little Nest Portraits
 
Professional, Scientific, and Technical Services
 
Term Loan
 
7.5%
 
1/10/2028

 
5.2

 
5.2

 
5.1

 
%
*^Work of Heart Inc dba Little Nest Portraits
 
Professional, Scientific, and Technical Services
 
Term Loan
 
7.5%
 
7/28/2027

 
47.1

 
47.1

 
46.2

 
0.02
%

160
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Non-Performing Unguaranteed SBA Investments
 
 
 
 
 
 
 
$
36,546.2

 
$
36,726.8

 
$
20,062.3

 
6.98%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Unguaranteed SBA Investments
 
 
 
 
 
 
 
 
 
$
355,408.4

 
$
355,589.0

 
$
349,402.0

 
121.55%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performing SBA Guaranteed Investments (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Always Goldie's Florist
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/19/2028

 
66.3

 
66.3

 
72.7

 
0.03
%
The Law Office of Jared E. Shapiro, P.A.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
63.8

 
63.8

 
69.9

 
0.02
%
Medworxs Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/27/2028

 
59.5

 
59.5

 
65.2

 
0.02
%
Fave Realty Inc.
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
12/27/2043

 
370.5

 
370.5

 
415.3

 
0.14
%
East Breeze LLC dba Historic Springdale Pub and Eatery
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/27/2043

 
384.8

 
384.8

 
431.3

 
0.15
%
Children First Home Health Care Inc
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/27/2028

 
900.0

 
900.0

 
988.2

 
0.34
%
Superior Concepts Acquisition Corp
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2028

 
359.5

 
359.5

 
395.1

 
0.14
%
Superior Concepts Acquisition Corp
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
1,528.8

 
1,528.8

 
1,710.0

 
0.59
%
Nix and Nix Funeral Home North Inc,
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
1,708.5

 
1,708.5

 
1,905.0

 
0.66
%
Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institute
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
106.3

 
106.3

 
119.1

 
0.04
%
Omega Funeral and Cremation Services, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2043

 
1,028.6

 
1,028.6

 
1,152.0

 
0.40
%
Capitol Fitness Shelby Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/28/2028

 
102.9

 
102.9

 
113.0

 
0.04
%
The Chop House Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/31/2043

 
1,673.3

 
1,673.3

 
1,870.7

 
0.65
%
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

 
712.5

 
712.5

 
783.0

 
0.27
%
HDD Solutions, LLC
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
12/31/2028

 
1,661.3

 
1,661.3

 
1,816.6

 
0.63
%
Paramount Dance Studios Inc. and Homestead Dance Supply
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
10/14/2043

 
1,225.5

 
1,225.5

 
1,360.4

 
0.47
%
Lou & Choo Enterprises Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2044

 
101.4

 
101.4

 
113.1

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

 
102.7

 
102.7

 
114.5

 
0.04
%
Kneading Dough LLC dba NY Bagel Cafe & Deli, NY Bagel, New York Bagel
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/23/2029

 
102.5

 
102.5

 
111.8

 
0.04
%
Olmsted LLC and 626 Van LLC dba Maison Yaki
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/1/2029

 
564.5

 
564.5

 
617.0

 
0.21
%
Starship, LLC dba Tint World Smyrna
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/25/2043

 
266.3

 
266.3

 
297.1

 
0.10
%
AVM LLC dba Luv 2 Play
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
6/1/2028

 
78.2

 
78.2

 
84.4

 
0.03
%
Surya Hotel LLC dba Hotel Royal
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/21/2028

 
302.6

 
302.6

 
331.1

 
0.12
%
Bio-Haz Solutions, Inc.
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2043

 
906.3

 
906.3

 
1,011.7

 
0.35
%

161
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Bio-Haz Solutions, Inc
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
1/29/2029

 
335.9

 
335.9

 
367.5

 
0.13
%
Geo Tek Alaska, Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/17/2044

 
170.3

 
170.3

 
190.5

 
0.07
%
National Stone LTD and NSI Group Inc
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
8/31/2044

 
579.5

 
579.5

 
645.4

 
0.22
%
Blue Seven, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
1/27/2029

 
149.3

 
149.3

 
164.1

 
0.06
%
Hackstaff Restaurants LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/15/2029

 
172.6

 
172.6

 
189.7

 
0.07
%
UK, LLC dba Pita Pit
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/30/2029

 
97.2

 
97.2

 
106.8

 
0.04
%
JP Dhillon's Foods LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/1/2029

 
77.5

 
77.5

 
85.2

 
0.03
%
Vancole Investments, Inc. dba Smoothie King #913
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/7/2044

 
687.7

 
687.7

 
770.6

 
0.27
%
Beau & HB Inc dba Beau's Billiard, Bowling & Arcade
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/16/2029

 
20.7

 
20.7

 
22.8

 
0.01
%
Thames Aquatic Club, LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
7/21/2029

 
55.5

 
55.5

 
61.0

 
0.02
%
D for Dream LLC dba Blow Dry Bar Inc
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/13/2029

 
73.2

 
73.2

 
80.4

 
0.03
%
JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/19/2029

 
126.4

 
126.4

 
138.9

 
0.05
%
Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral Chapel ll
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/19/2044

 
86.7

 
86.7

 
97.0

 
0.03
%
Healthy and Fresco LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/20/2029

 
75.0

 
75.0

 
82.4

 
0.03
%
Accel Compression Inc., Accel Workover Services Inc
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
6/21/2044

 
133.6

 
133.6

 
149.7

 
0.05
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Performing SBA Guaranteed Investments
 
 
 
 
 
 
 
$
17,217.4

 
$
17,217.4

 
$
19,100.2

 
6.64%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total SBA Unguaranteed and Guaranteed Investments
 
 
 
 
 
 
 
$
372,625.8

 
$
372,806.4

 
$
368,502.2

 
128.20%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Controlled Investments (5)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*Advanced Cyber Security Systems, LLC (6), (20)
 
Data processing, hosting and related services.
 
50% Membership Interest
 
%
 

 

 

 

 
%
 
 
 
 
Term Loan
 
3
%
 
December 2014

 
381.0

 
381.0

 

 
%
*Automated Merchant Services, Inc. (7), (20)
 
Data processing, hosting and related services.
 
100% Common Stock
 
%
 

 

 

 

 
%
CDS Business Services, Inc. (8)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Common Stock
 
%
 

 

 
4,428.0

 
5,000.0

 
1.74
%

162
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
 
 
 
 
Line of Credit
 
Prime plus 2.5%
 
December 2019
 
5,000.0

 
5,000.0

 
5,000.0

 
1.74
%
 
 
 
 
Term Loan
 
10
%
 
April 2020
 
1,000.0

 
1,000.0

 
1,000.0

 
0.35
%
Newtek Technology Solutions, Inc. (11)
 
Data processing, hosting and related services.
 
100% Common Stock
 
%
 

 

 
8,384.0

 
8,500.0

 
2.96
%
 
 
 
 
Line of Credit
 
LIBOR plus 2.5%
 
November 2028
 
6,800.0

 
6,800.0

 
6,800.0

 
2.37
%
*Newtek Insurance Agency, LLC (13)
 
Insurance Carriers and Related Activities
 
100% Membership Interest
 
%
 

 

 
135.0

 
2,215.0

 
0.77
%
*PMTWorks Payroll, LLC (9)
 
Data processing, hosting and related services.
 
100% Membership Interest
 
%
 

 

 
1,106.1

 

 
%
 
 
 
 
Term Loan
 
10%-12%
 
Various maturities through May 2020
 
2,685.0

 
2,685.0

 

 
%
Small Business Lending, LLC (12), (20)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Membership Interest
 
%
 

 

 
250.0

 
3,300.0

 
1.15
%
*ADR Partners, LLC dba banc-serv Partners, LLC (12)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Membership Interest
 
%
 

 

 
6,799.2

 

 
%
International Professional Marketing, Inc. (16)
 
Professional, Scientific, and Technical Services
 
100% Common Stock
 
%
 

 

 
4,000.0

 
3,300.0

 
1.15
%
 
 
 
 
Line of Credit
 
Prime plus 0.5%
 
April 2019
 
800.0

 
800.0

 
800.0

 
0.28
%
SIDCO, LLC (16)
 
Professional, Scientific, and Technical Services
 
100% Membership Interest
 
%
 

 

 
7,119.7

 
7,819.7

 
2.72
%
 
 
 
 
Line of Credit
 
Prime plus 0.5%
 
July 2019
 
175.0

 
175.0

 
175.0

 
0.06
%
Newtek Merchant Solutions, LLC (11)
 
Data processing, hosting and related services.
 
100% Membership Interest
 
%
 

 

 
16,438.0

 
116,250.0

 
40.44
%
Mobil Money, LLC (17)
 
Data processing, hosting and related services.
 
100% Membership Interest
 
%
 

 

 
2,980.0

 
2,980.0

 
1.04
%
Newtek Business Lending, LLC (10)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Membership Interest
 
%
 

 

 
5,445.0

 
8,445.0

 
2.94
%

163
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Newtek Conventional Lending, LLC (18)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
50% Membership Interest
 
%
 

 

 

 

 
%
Titanium Asset Management, LLC (14)
 
Administrative and Support Services
 
Term Loan
 
10
%
 
December 2018
 
193.9

 
193.9

 

 
%
 
 
 
 
100% Membership Interest
 
%
 

 

 

 

 
%
Excel WebSolutions, LLC (15)
 
Data processing, hosting and related services.
 
Term Loan
 
10
%
 
September 2020
 
159.2

 
159.2

 

 
%
 
 
 
 
50% Membership Interest
 
%
 

 

 

 

 
%
Total Controlled Investments
 
 
 
 
 
 
 
 
 
$
17,194.1

 
$
74,279.1

 
$
171,584.7

 
59.69%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-control/Affiliate Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EMCAP Loan Holdings, LLC (19) (23)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
6.04% Membership Interest
 
%
 

 

 
1,000.0

 
1,000.0

 
0.35%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments in Money Market Funds
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Select Treasury Institutional Fund - 2.17% yield
 
 
 
 
 
 
 
 
 
$
9.0

 
$
9.0

 
$
9.0

 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Investments
 
 
 
 
 
 
 
 
 
$
389,828.9

 
$
448,094.5

 
$
541,095.9

 
188.24%

^ Denotes investment that has been pledged as collateral under the Securitization Trusts.
* Denotes non-income producing security.
(1) Newtek values each unguaranteed portion of SBA 7(a) performing loans (“Loan”) using a discounted cash flow analysis which projects future cash flows and incorporates projections for Loan pre-payments and Loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on Loan age. The recovery assumption for each Loan is specific to the discounted valuation of the collateral supporting that Loan. Each Loan’s cash flow is discounted at a rate which approximates a market yield. The Loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded Preferred Lender Program (“PLP”) status from the SBA. Portions of these Loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors. Includes 5 loans with a cost basis of $4,663,000 and fair value of $5,258,000 which NSBF owns 100% of the outstanding loan balance that were originated by NSBF, but are no longer deemed SBA 7(a) loans as a result of Newtek repurchasing the guaranteed portions of the loans from the SBA.
(2) Prime Rate is equal to 5.25% and 1 month LIBOR is equal to 2.50269% as of December 31, 2018.
(3) Newtek values non-performing SBA 7(a) loans using a discounted cash flow analysis of the underlying collateral which supports the loan. Net recovery of collateral, (fair value less cost to liquidate) is applied to the discounted cash flow analysis based upon a time to liquidate estimate. Modified loans are valued based upon current

164
See accompanying notes to unaudited condensed consolidated financial statements.




payment streams and are re-amortized at the end of the modification period. Includes 3 loans with a cost basis of $6,942,000 and fair value of $3,504,000 which NSBF owns 100% of the outstanding loan balance that were originated by NSBF, but are no longer deemed SBA 7(a) loans as a result of Newtek repurchasing the guaranteed portions of the loans from the SBA.
(4) Newtek values guaranteed performing SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells performing SBA 7(a) loans into this secondary market. Guaranteed portions of SBA 7(a) loans partially funded as of the valuation date are valued using level two inputs as disclosed in Note 6.
(5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. or its subsidiaries owns more than 25% of the voting securities of such company. See Note 5 in the accompanying notes to the consolidated financial statements for transactions during the year ended December 31, 2018 with affiliates the Company is deemed to control.
(6) 50% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), 50% owned by non-affiliate. The term loan is past its original maturity date and currently in default. As such, the fair value of the investment is zero.
(7) 96.11% owned by Wilshire Partners, LLC (a subsidiary of Newtek Business Services Corp.), 3.89% owned by Newtek Business Services Corp.
(8) 50.15% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 49.85% owned by Wilshire Holdings 1, Inc. (a subsidiary of Newtek Business Services Corp.).
(9) 25% owned by The Whitestone Group, LLC, (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.), 65% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), and 10% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.).
(10) 100% owned by Newtek Business Services Holdco 6, Inc. (a subsidiary of Newtek Business Services Corp.
(11) 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.). Premier was merged with NMS at December 31, 2018.
(12) 100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Newtek Business Services Holdco 5, Inc., both subsidiaries of Newtek Business Services Corp.).
(13) 100% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.).
(14) 50% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.), 47.8% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 2.2% owned by Wilshire New York Advisers II, LLC (a subsidiary of Newtek Business Services Corp.).
(15) 50% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 50% owned by non-affiliate.
(16) 100% owned by Newtek Business Services Holdco 2, Inc. (a subsidiary of Newtek Business Services Corp.). During the year ended December 31, 2017, a portion of IPM’s business was spun off into a new wholly-owned controlled portfolio company, SIDCO. As a result, the underlying IPM business has not changed. The Company determined the cost basis of its investments in IPM and SIDCO to be $4,000,000 and $7,120,000, respectively.
(17) 100% owned by Newtek Business Services Holdco 4, Inc. (a subsidiary of Newtek Business Services Corp.).
(18) 50% owned by Newtek Conventional Lending, Inc. (a subsidiary of Newtek Business Services Corp.).
(19) 6.04% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.).
(20) Zero cost basis is reflected as the portfolio company was organized by the Company and incurred internal legal costs to organize the entity and immaterial external filing fees which were expensed when incurred.
(21) All of the Company’s investments are in entities which are organized under the Laws of the United States and have a principal place of business in the United States.
(22) The fair value of the investment was determined using significant unobservable inputs.
(23) The Company’s investments generally are acquired in private transactions exempt from registration under the Securities Act and, therefore, generally are subject to limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. However, unless otherwise indicated, such securities may be sold in certain transactions (generally to qualified institutional buyers) and remain exempt from registration.
(24) Restricted security initially obtained on April 25, 2018.
(25) Under the Investment Company Act of 1940, as amended, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. At December 31, 2018, 4.2% of total assets are non-qualifying assets.

165
See accompanying notes to unaudited condensed consolidated financial statements.





As of December 31, 2018, the federal tax cost of investments was $439,711,000 resulting in estimated gross unrealized gains and losses of $136,870,000 and $35,485,000, respectively.







166
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1—DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION:

Newtek Business Services Corp. is a Maryland corporation which was formed in August 2013 and is an internally managed, closed end, non-diversified investment company. The Company’s investment strategy is to maximize the investment portfolio’s return by generating current income from the debt investments the Company makes and generate dividend income from equity investments in controlled portfolio companies.

The Company has formed certain Taxable Subsidiaries, which are taxed as corporations for federal income tax purposes. These Taxable Subsidiaries allow the Company to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements of a RIC under the Code.
The following wholly-owned subsidiaries are consolidated in the financial statements of the Company:
Newtek Small Business Finance, LLC
Newtek Asset Backed Securities, LLC
CCC Real Estate Holdings, LLC
The Whitestone Group, LLC
Wilshire Colorado Partners, LLC (1)
Wilshire DC Partners, LLC
Wilshire Holdings I, Inc.
Wilshire Louisiana BIDCO, LLC
Wilshire Louisiana Partners II, LLC
Wilshire Louisiana Partners III, LLC
Wilshire Louisiana Partners IV, LLC
Wilshire New York Advisers II, LLC
Wilshire New York Partners III, LLC
Wilshire Partners, LLC
Exponential Business Development Co., Inc.
Newtek Commercial Lending, Inc.
Newtek LSP Holdco, LLC
NBSH Holdings, LLC
Newtek Business Services Holdco 1, Inc.
Newtek Business Services Holdco 2, Inc.
Newtek Business Services Holdco 3, Inc.
Newtek Business Services Holdco 4, Inc.
Newtek Business Services Holdco 5, Inc. (formerly Banc-Serv Acquisition, Inc.)
Newtek Business Services Holdco 6, Inc.
(1) Entity was merged into The Whitestone Group, LLC on December 31, 2018.

167


The accompanying notes to the unaudited condensed consolidated financial statements should be read in conjunction with Newtek’s Annual Report for the year ended December 31, 2018 on Form 10-K. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with U.S. GAAP. In the opinion of management, the condensed consolidated financial statements reflect all adjustments and reclassifications that are necessary for the fair presentation of financial results as of and for the periods presented. The results of operations for an interim period may not give a true indication of the results for the entire year. The December 31, 2018 consolidated statement of assets and liabilities has been derived from the audited financial statements as of that date. All intercompany balances and transactions have been eliminated in consolidation.
Except as otherwise noted, all financial information included in the tables in the following footnotes is stated in thousands, except per share data.
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES:
Fair Value

The Company applies fair value accounting to certain of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. 

The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3. 

Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 6.
Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are complete. Actual results could differ from those estimates.

Consolidation 

As provided under ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.

Assets related to transactions that do not meet ASC Topic 860 — Transfers and Servicing (“ASC Topic 860”) requirements for accounting sale treatment are reflected in the Company’s condensed consolidated statements of assets and liabilities as investments. Those assets are owned by the securitization trusts and are included in the Company’s condensed consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of the Company.


168


Although the Company owns more than 25% of the voting securities of NCL, the Company does not have sole control over significant actions of NCL for purposes of the 1940 Act or otherwise, and does not consolidate its interest in NCL.

Distributions

Dividends and distributions to the Company's common stockholders are recorded on the declaration date. The timing and amount to be paid out as a dividend or distribution is determined by the Company's Board each quarter and is generally based upon the annual taxable earnings estimated by management.
 
Cash

The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Invested cash is held exclusively at financial institutions of high credit quality. The Company invests cash not held in interest free checking accounts or bank money market accounts mainly in U.S. Treasury only money market instruments. As of June 30, 2019, cash deposits in excess of insured amounts totaled $16,176,000. The Company has not experienced any losses with respect to cash balances in excess of insured amounts and management does not believe there was a significant concentration of risk with respect to cash balances as of June 30, 2019.
Restricted Cash

Restricted cash includes amounts due on SBA loan-related remittances to third parties and cash reserves associated with securitization transactions. As of June 30, 2019, total restricted cash was $26,094,000.

The following table provides a reconciliation of cash and restricted cash as of June 30, 2019 and 2018 and December 31, 2018 and 2017:

 
June 30, 2019
 
June 30, 2018
 
December 31, 2018
 
December 31, 2017
Cash
$
3,585

 
3,575

 
2,316

 
$
2,464

Restricted cash
26,094

 
24,701

 
29,034

 
18,074

Cash and restricted cash
$
29,679

 
$
28,276

 
$
31,350

 
$
20,538

 
Broker Receivable

Broker receivable represents amounts due from third parties for loans which have been traded at period end but have not yet settled.
Income Taxes

Deferred tax assets and liabilities are computed based upon the differences between the financial statement and income tax basis of assets and liabilities using the enacted tax rates in effect for the year in which those temporary differences are expected to be realized or settled. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized.

The Company’s U.S. federal and state income tax returns prior to fiscal year 2015 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.

The Company has elected to be treated as a RIC under the Code beginning with the 2015 tax year and operates in a manner so as to continue to qualify for the tax treatment applicable to RICs. The RIC tax return includes Newtek Business Services Corp. and NSBF, a single member LLC disregarded for tax purposes. None of the Company’s other subsidiaries are included in the RIC tax return. The Company will evaluate and record any deferred tax assets and liabilities of the subsidiaries that are not included in the RIC tax return. In order to maintain its RIC tax treatment, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least 90% of investment company taxable income, as defined by the Code, for each tax year. The Company intends to make the requisite

169


distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to any income that is distributed to its stockholders as dividends.

Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the six months ended June 30, 2019 and 2018, no U.S. federal excise taxes were due.

The Company’s Taxable Subsidiaries accrue income taxes payable based on the applicable corporate rates on the net unrealized appreciation generated by the controlled investments held by the Taxable Subsidiaries. Such deferred tax liabilities amounted to $10,005,000 and $9,241,000 at June 30, 2019 and December 31, 2018, respectively, and are recorded as deferred tax liabilities on the condensed consolidated statements of assets and liabilities. The change in deferred tax liabilities is included as a component of net unrealized appreciation (depreciation) on investments in the condensed consolidated statements of operations.

Investment Income

Interest on debt investments is accrued and included in income based on contractual rates applied to principal amounts outstanding. Interest income is determined using a method that results in a level rate of return on principal amounts outstanding. When a loan becomes 90 days or more past due, or if we otherwise do not expect to receive interest and principal repayments, the loan is placed on non-accrual status and the recognition of interest income is discontinued. Interest payments received on loans that are on non-accrual status are treated as reductions of principal until the principal is repaid.

Dividend income is recognized on an accrual basis for preferred equity securities to the extent that such amounts are expected to be collected or realized. In determining the amount of dividend income to recognize, if any, from cash distributions on common equity securities, we will assess many factors including a portfolio company’s cumulative undistributed income and operating cash flow. Cash distributions from common equity securities received in excess of such undistributed amounts are recorded first as a reduction of our investment and then as a realized gain on investment.

The Company earns servicing income related to the guaranteed portions of SBA loan investments which it sells into the secondary market. These recurring fees are earned and recorded daily. Servicing income is earned for the full term of the loan or until the loan is repaid.

The Company earns a variety of fees from borrowers in the ordinary course of conducting its business, including packaging, legal, late payment and prepayment fees. All other income is recorded when earned. Other income is generally non-recurring in nature and earned as “one time” fees in connection with the origination of new debt investments with non-affiliates.

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in the fair value of investments as a component of the net change in unrealized appreciation (depreciation) on investments in the condensed consolidated statements of operations.

Stock – Based Compensation

The Company accounts for its equity-based compensation plan using the fair value method, as prescribed by ASC Topic 718, Stock Compensation. Accordingly, for restricted stock awards, the Company measures the grant date fair value based upon the market price of the Company’s common stock on the date of the grant and amortizes this fair value to salaries and benefits ratably over the requisite service period or vesting term.

Recently Adopted Accounting Standards

In February 2016, the FASB issued ASU 2016-02, “Leases,” which amends various aspects of existing accounting guidance for leases, including the recognition of a right of use asset and a lease liability for leases with a duration of greater than one year.
The Company adopted ASC 842 on January 1, 2019 using the modified transition method. As part of the transition to ASC 842, the Company elected the package of practical expedients that allowed it to not reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. The Company recognized the cumulative effect of applying ASC 842 as an opening balance sheet

170


adjustment at January 1, 2019. The comparative information has not been retrospectively adjusted and continues to be reported under the accounting standards in effect for those periods.The adoption of ASC 842 did not have a material impact on the Company’s accompanying condensed consolidated statements of assets and liabilities, statements of operations or statements of cash flows. Due to the adoption of ASC 842, the Company recognized operating lease right-of-use assets and lease liabilities for its operating leases with lease terms greater than one year. The Company expects the adoption of ASC 842 will not materially impact its results of operations, financial condition, or cash flows on an ongoing basis.

New Accounting Standards

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820)”, which is intended to improve fair value and defined benefit disclosure requirements by removing disclosures that are not cost-beneficial, clarifying disclosures' specific requirements, and adding relevant disclosure requirements. The ASU is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements and related disclosures.

Segments

The Company has determined that it has a single reporting segment and operating unit structure. The Company issues debt and makes equity investments in portfolio companies in various industries. The Company separately evaluates the performance of each of its lending and investment relationships. However, because each of these debt and equity investment relationships have similar business and economic characteristics, they have been aggregated into a single lending and investment segment.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current period presentation.

171


NOTE 3—INVESTMENTS:

Investments, all of which are in portfolio companies in the United States, consisted of the following at:
 
 
June 30, 2019
 
December 31, 2018
 
 
Cost
 
Fair Value
 
Cost
 
Fair Value
Money market funds
 
$
9

 
$
9

 
$
9

 
$
9

Non-affiliate debt investments
 
400,325

 
393,768

 
372,806

 
368,502

Non-control/affiliate equity investments
 
1,000

 
1,000

 
1,000

 
1,000

Controlled investments:
 
 
 
 
 
 
 
 
Equity
 
59,199

 
162,781

 
57,085

 
157,810

Equity interest in NCL
 
1,449

 
1,509

 

 

Debt
 
17,844

 
14,425

 
17,194

 
13,775

Total investments
 
$
479,826

 
$
573,492

 
$
448,094

 
$
541,096


SBA unguaranteed investments, consisted of the following breakdown of performing and nonperforming loans at:
 
 
June 30, 2019
 
December 31, 2018
 
 
Cost
 
Fair Value
 
Cost
 
Fair Value
Performing loans
 
$
344,442

 
$
353,886

 
$
318,862

 
$
329,340

Nonperforming loans:
 
 
 
 
 
 
 
 
Sub-performing(1)
 
5,722

 
4,653

 
3,419

 
2,835

Nonperforming (liquidation)(2)
 
36,589

 
20,087

 
33,308

 
17,227

Total SBA unguaranteed investments
 
$
386,753

 
$
378,626

 
$
355,589

 
$
349,402


(1) Sub-performing loans are non-accrual, nonperforming loans which are cash flowing (the borrower is currently making partial loan repayments) and the Company believes outstanding principal has a likelihood of being recovered from borrower principal payments, as opposed to collateral liquidation. Sub-performing loans are valued, in part, based on the present value of expected future cash flows.

(2) Nonperforming loans that are not generating cash flow are non-accrual loans which the Company believes outstanding principal can only be recovered by collateral liquidation. Nonperforming loans not generating cash flow are valued based upon the value of the underlying collateral in a liquidation scenario.


172


The following table shows the Company’s portfolio investments by industry at June 30, 2019 and December 31, 2018:
 
 
June 30, 2019
 
December 31, 2018
 
 
Cost
 
Fair Value
 
Cost
 
Fair Value
Data Processing, Hosting and Related Services
 
$
40,095

 
$
138,854

 
$
38,964

 
$
134,559

Food Services and Drinking Places
 
37,780

 
38,081

 
37,919

 
38,293

Professional, Scientific, and Technical Services
 
35,216

 
34,206

 
36,575

 
37,116

Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
26,148

 
25,905

 
24,738

 
24,526

Amusement, Gambling, and Recreation Industries
 
25,183

 
25,767

 
21,030

 
22,300

Truck Transportation
 
26,306

 
25,401

 
23,040

 
21,145

Ambulatory Health Care Services
 
20,997

 
21,054

 
21,182

 
20,999

Repair and Maintenance
 
19,794

 
18,963

 
17,690

 
18,054

Merchant Wholesalers, Durable Goods
 
19,490

 
18,029

 
9,002

 
9,184

Fabricated Metal Product Manufacturing
 
14,953

 
15,119

 
12,608

 
12,793

Specialty Trade Contractors
 
16,276

 
14,935

 
13,048

 
13,051

Administrative and Support Services
 
11,494

 
10,709

 
8,003

 
7,265

Personal and Laundry Services
 
10,060

 
10,517

 
10,758

 
11,425

Accommodation
 
9,758

 
10,037

 
11,994

 
11,742

Social Assistance
 
9,255

 
9,796

 
8,424

 
9,006

Building Material and Garden Equipment and Supplies Dealers
 
9,375

 
9,280

 
7,349

 
7,665

Rental and Leasing Services
 
9,684

 
9,217

 
7,959

 
7,539

Gasoline Stations
 
7,609

 
7,376

 
8,152

 
7,981

Transit and Ground Passenger Transportation
 
7,437

 
6,978

 
6,859

 
6,541

Nonstore Retailers
 
6,429

 
6,330

 
4,085

 
4,047

Food and Beverage Stores
 
6,003

 
6,208

 
5,795

 
6,100

Motor Vehicle and Parts Dealers
 
5,555

 
5,779

 
4,816

 
4,915

Support Activities for Transportation
 
6,262

 
5,627

 
3,569

 
3,311

Merchant Wholesalers, Nondurable Goods
 
5,397

 
5,205

 
4,714

 
4,056

NCL Joint Venture
 
1,449

 
1,509

 

 

Other
 
93,270

 
94,119

 
99,915

 
97,483

Total
 
$
479,826

 
$
573,492

 
$
448,188

 
$
541,096


Newtek Conventional Lending, LLC

On May 20, 2019, the Company and its joint venture partner launched Newtek Conventional Lending, LLC (“NCL”) to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL is a 50/50 joint venture between Newtek Commercial Lending, Inc. a wholly-owned subsidiary of Newtek, and Conventional Lending TCP Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (Nasdaq:TCPC).

The following table shows NCL’s individual investments as of June 30, 2019:

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate
 
Maturity
 
Principal
 
Cost
 
Fair Value
PF Minot, LLC (#)
 
Real Estate
 
Term Loan
 
8.5%
 
4/1/2045
 
$
2,295.0

 
$
2,295.0

 
$
2,426.2

Total
 
 
 
 
 
 
 
 
 
$
2,295.0

 
$
2,295.0

 
$
2,426.2


# Denotes fair value determined using significant unobservable inputs.


173


The following table shows certain summarized financial information for NCL as of June 30, 2019 and for the period ended June 30, 2019:

Selected Statement of Assets and Liabilities Information
June 30, 2019
 
(Unaudited)
Cash
1,299

Loan receivable, at fair value
2,426

Other assets
920

Total assets
$
4,645

 
 
Bank notes payable
$
1,492

Other liabilities
134

Total liabilities
1,626

 
 
Members’ equity
3,019

Total liabilities and member’s equity
$
4,645


 
Period Ended
June 30, 2019
Selected Statements of Operations Information
 
Interest and other income
$
111

Total expenses
121

Net investment (loss) income
(10
)
Net unrealized appreciation on investments
131

Net increase in net assets resulting from operations
121



NOTE 4—TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS:

Transactions with Affiliated Companies

An affiliated company is an entity in which the Company has an ownership of 5% or more of its voting securities. A controlled affiliate is an entity in which the Company owns more than 25% of its voting securities. Transactions related to our investments with controlled and non-controlled affiliated companies for the six months ended June 30, 2019 were as follows:

174


Portfolio Company
 
Fair Value at December 31, 2018
 
Purchases (Cost)
 
Principal Received
 
Net Realized Gains/(Losses)
 
Net Unrealized Gains/(Losses)
 
Fair Value at June 30, 2019
 
Interest and Other Income
 
Dividend Income
Controlled Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Newtek Merchant Solutions, LLC (NMS)
 
$
116,250

 
$

 
$

 
$

 
$
5,000

 
$
121,250

 
$

 
$
5,375

Mobil Money, LLC
 
2,980

 

 

 

 

 
2,980

 

 
175

Newtek Technology Solutions, Inc. (NTS)
 
15,300

 
825

 

 

 
(1,500
)
 
14,625

 
178

 

International Professional Marketing, Inc.
 
4,100

 

 
(700
)
 

 
600

 
4,000

 
8

 

SIDCO, LLC
 
7,995

 

 
(75
)
 

 
(920
)
 
7,000

 
3

 
400

banc-serv Partners, LLC
 

 
286

 

 

 
(286
)
 

 

 

CDS Business Services, Inc.
 
11,000

 
10

 
(710
)
 

 

 
10,300

 
243

 

Small Business Lending, LLC
 
3,300

 
748

 

 

 
300

 
4,348

 
3

 

Newtek Insurance Agency, LLC
 
2,215

 

 

 

 

 
2,215

 

 

PMTWorks Payroll, LLC
 

 
337

 

 

 
(337
)
 

 

 

Titanium Asset Management LLC
 

 
900

 

 

 

 
900

 

 

Excel WebSolutions, LLC
 

 

 

 

 

 

 

 

Newtek Conventional Lending, LLC
 

 
1,448

 

 

 
61

 
1,509

 

 

Newtek Business Lending, LLC
 
8,445

 
1,643

 
(500
)
 

 

 
9,588

 

 

Total Controlled Investments
 
$
171,585

 
$
6,197

 
$
(1,985
)
 
$

 
$
2,918

 
$
178,715

 
$
435

 
$
5,950

Non-Control/Affiliate Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EMCAP Loan Holdings, LLC
 
$
1,000

 
$

 
$

 
$

 
$

 
$
1,000

 
$

 
$
59

Total Affiliate Investments
 
$
172,585

 
$
6,197

 
$
(1,985
)
 
$

 
$
2,918

 
$
179,715

 
$
435

 
$
6,009


Related Party Transactions

Note Payable - Related Parties

In June 2015, the Company entered into the Related Party RLOC. Maximum borrowings under the Related Party RLOC were $38,000,000.

In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50,000,000. The outstanding balance had an interest rate equal to 1 month LIBOR (with a floor of 0.50%) plus 6.0% or a rate equal to the greater of the Prime Rate or 3.5% plus 5.0%. In November 2018, the Related Party RLOC was amended to reduce the interest rate to the lesser of 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%.

At June 30, 2019, the Related Party RLOC interest rate was 4.94%. The Related Party RLOC has a maturity date of November 8, 2023. Outstanding borrowings from NMS at June 30, 2019 under the Related Party RLOC were $24,063,000.
 
For the three months ended June 30, 2019 and 2018, interest expense was $270,000 and $232,000 respectively. For the six months ended June 30, 2019 and 2018, interest expense was $474,000 and $344,000, respectively.


175


Expenses Incurred from Controlled Portfolio Companies

The Company incurs expenses from certain controlled portfolio companies including managed technology services from NTS, loan processing and closing expenses from various related parties and payroll processing fees from PMT.
 
 
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
Managed technology services
 
$
235

 
$
182

 
$
414

 
$
360

Loan related processing and auditing fees
 
2,471

 
12

 
4,659

 
24

Referral fees
 

 
6

 

 
93

Payroll processing fees
 
9

 
10

 
18

 
20

Total
 
$
2,715

 
$
210

 
$
5,091

 
$
497


The Company also sub-leases portions of its office space in Lake Success, New York to certain portfolio companies. Amounts charged were as follows:

Portfolio Company
 
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
Newtek Merchant Solutions, LLC (NMS)
 
52

 
$
41

 
$
117

 
$
80

Newtek Technology Solutions, Inc.
 
3

 
3

 
6

 
6

Small Business Lending, LLC
 
72

 
19

 
93

 
38

Newtek Insurance Agency, LLC
 
17

 
21

 
36

 
45

CDS Business Services, Inc.
 
20

 
16

 
35

 
32

Premier Payments LLC (1)
 

 
10

 

 
20

PMTWorks Payroll, LLC
 
12

 
7

 
23

 
13

Newtek Business Lending, LLC
 
3

 

 
4

 

Total
 
$
179

 
$
117

 
$
314

 
$
234


(1) On December 31, 2018, Premier was merged into NMS.

Amounts due from related parties were $3,561,000 and $3,232,000 at June 30, 2019 and December 31, 2018, respectively. Amounts due to related parties were $1,000 and $4,000 at June 30, 2019 and December 31, 2018, respectively.

Managerial Assistance Fees from Controlled Investments

The Company offers managerial assistance to all portfolio companies and currently provides managerial assistance to certain controlled portfolio companies. Amounts are charged based on estimates of time and effort spent by certain employees providing managerial services for certain controlled portfolio companies. Fees are recorded on a quarterly basis, are recurring in nature and are charged at an arm’s length basis. The table below summarizes amounts charged to each controlled portfolio company for the three and six months ended June 30, 2019 and 2018, and are recorded as a credit to salaries and benefits in the condensed consolidated statements of operations.


176


Portfolio Company
 
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
Newtek Merchant Solutions, LLC (NMS)
 
$
98

 
$
93

 
$
203

 
$
178

Newtek Technology Solutions, Inc.
 
119

 
142

 
232

 
301

PMTWorks Payroll, LLC
 
36

 
14

 
78

 
28

Newtek Insurance Agency, LLC
 
44

 
39

 
95

 
86

banc-serv Partners, LLC
 
40

 
60

 
81

 
114

Premier Payments LLC (1) 
 

 
35

 

 
67

CDS Business Services, Inc.
 
19

 
26

 
36

 
45

International Professional Marketing, Inc.
 
24

 
18

 
46

 
30

SIDCO, LLC
 
31

 
17

 
64

 
29

Mobil Money, LLC
 
29

 
24

 
56

 
24

Newtek Business Lending, LLC
 
24

 

 
41

 

Small Business Lending, LLC
 
107

 
103

 
216

 
196

Total
 
$
571

 
$
571

 
$
1,148

 
$
1,098


(1) On December 31, 2018, Premier was merged into NMS.

NOTE 5—SERVICING ASSETS:
At June 30, 2019 and December 31, 2018, servicing assets are measured at fair value. The Company earns servicing fees from the guaranteed portions of SBA 7(a) loans it originates and sells.
The following table summarizes the fair value and valuation assumptions related to servicing assets at June 30, 2019 and December 31, 2018:
 
June 30, 2019
 
December 31, 2018
Fair Value
$
23,399

 
$
21,360

Discount factor (1)
13.87
%
 
14.24
%
Cumulative prepayment rate
23.00
%
 
26.00
%
Average cumulative default rate
20.00
%
 
20.00
%

(1) Determined based on risk spreads and observable secondary market transactions.
Servicing fee income earned for the three months ended June 30, 2019 and 2018 was $2,503,000 and $2,008,000, respectively. Servicing fee income earned for the six months ended June 30, 2019 and 2018 was $4,931,000 and $4,073,000, respectively.
NOTE 6—FAIR VALUE MEASUREMENTS:

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, management uses various valuation approaches, all of which have been approved by the Company’s Board. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The levels of the fair value hierarchy are as follows:

177


 
 
 
Level 1
  
Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury, other U.S. Government and agency mortgage-backed debt securities that are highly liquid and are actively traded in over-the-counter markets.
 
 
Level 2
  
Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. Government and agency mortgage-backed debt securities, corporate debt securities, derivative contracts and residential mortgage loans held-for-sale.
 
 
Level 3
  
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain private equity investments, retained residual interests in securitizations, residential mortgage servicing rights, and highly structured or long-term derivative contracts.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three months ended June 30, 2019 or 2018. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of certain portfolio investments without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process.

When determining fair value of Level 3 debt and equity investments, the Company may take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary methods for determining enterprise value include a discounted cash flow analysis and a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA or revenue. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value. 

In addition, for certain debt investments, the Company may base its valuation on quotes provided by an independent third party broker. 

For certain investments, the Company generally calculates the fair value of the investment primarily based on the net asset NAV of the entity and adjusts the fair value for other factors that would affect the fair value of the investment. The Company uses this valuation approach for its investment in NCL.

Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market

178


existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company may realize significantly less than the value at which such investment had previously been recorded. 

The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

The following tables present fair value measurements of the Company’s assets and liabilities measured at fair value and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values as of June 30, 2019 and December 31, 2018:
 
Fair Value Measurements at June 30, 2019
 
Total
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
Investments in money market funds
$
9

 
$
9

 
$

 
$

SBA unguaranteed non-affiliate investments
378,626

 

 

 
378,626

SBA guaranteed non-affiliate investments
15,142

 

 
15,142

 

Controlled investments
177,206

 

 

 
177,206

Other real estate owned (1)
1,628

 

 
1,628

 

Non-control/affiliate investments
1,000

 

 

 
1,000

Servicing assets
23,399

 

 

 
23,399

Controlled investments measured at NAV(2)
1,509

 

 

 

Total assets
$
598,520

 
$
9

 
$
16,770

 
$
580,231

Liabilities:
 
 
 
 
 
 
 
Contingent consideration liabilities (3)
$
634

 
$

 
$

 
$
634


(1) Included in Other Assets on the Condensed Consolidated Statements of Assets and Liabilities

(2) The Company’s investment in NCL is measured at fair value using NAV and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of assets and liabilities.

(3) Included in Accounts Payable, Accrued Expenses and Other Liabilities on the Condensed Consolidated Statements of Assets and Liabilities

The change in unrealized appreciation (depreciation) included in the condensed consolidated statements of operations attributable to Level 3 investments held at June 30, 2019 includes $1,943,000 in unrealized depreciation on SBA unguaranteed non-affiliate investments, $2,856,000 in unrealized appreciation on controlled investments and $1,467,000 in unrealized depreciation on servicing assets.


179


 
Fair Value Measurements at December 31, 2018
 
Total
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
Investments in money market funds
$
9

 
$
9

 
$

 
$

SBA unguaranteed non-affiliate investments
349,402

 

 

 
349,402

SBA guaranteed non-affiliate investments
19,100

 

 
19,100

 

Controlled investments
171,585

 

 

 
171,585

Other real estate owned (1)
1,998

 

 
1,998

 

Non-control/Non-affiliate investments
1,000

 

 

 
1,000

Servicing assets
21,360

 

 

 
21,360

Total assets
$
564,454

 
$
9

 
$
21,098

 
$
543,347

Liabilities:
 
 
 
 
 
 
 
Contingent consideration liabilities (2)
$
1,733

 
$

 
$

 
$
1,733


(1) Included in Other Assets on the Condensed Consolidated Statements of Assets and Liabilities

(2) Included in Accounts Payable, Accrued Expenses and Other Liabilities on the Condensed Consolidated Statements of Assets and Liabilities

The following table represents the changes in investments, servicing assets and liabilities measured at fair value using Level 3 inputs for the six months ended June 30, 2019 and 2018:

 
Six Months Ended June 30, 2019
 
SBA Unguaranteed Investments
 
Controlled Investments
 
Servicing Assets
 
Non-Control/Affiliate Investments
 
Contingent Consideration Liabilities (1)
Fair value, December 31, 2018
$
349,402

 
$
171,585

 
$
21,360

 
$
1,000

 
$
1,733

Net change in unrealized appreciation (depreciation)
(1,943
)
 
2,856

 
(1,467
)
 

 

Realized loss
(1,373
)
 

 

 

 

SBA unguaranteed non-affiliate investments, funded
56,447

 

 

 

 

Foreclosed real estate acquired
(489
)
 

 

 

 

Purchase of investments

 
4,750

 

 

 

Change in fair value of contingent consideration liabilities

 

 

 

 
55

Payment of contingent consideration

 

 

 

 
(1,154
)
Net accretion of premium/discount
(4
)
 

 

 

 

Return of investment

 
(500
)
 

 

 

Principal payments received on debt investments
(23,413
)
 
(1,485
)
 

 

 

Additions to servicing assets

 

 
3,506

 

 

Fair value, June 30, 2019
$
378,626

 
$
177,206

 
$
23,399

 
$
1,000

 
$
634


(1) Included in Accounts Payable, Accrued Expenses and Other Liabilities on the Condensed Consolidated Statements of Assets and Liabilities


180


 
Six Months Ended June 30, 2018
 
SBA Unguaranteed Investments
 
Controlled Investments
 
Servicing Assets
 
Non-Control/Non-Affiliate Investments
 
Contingent Consideration Liabilities (1)
Fair value, December 31, 2017
$
278,034

 
$
153,156

 
$
19,359

 
$

 
$
913

Net change in unrealized appreciation (depreciation)
2,694

 
(80
)
 
(2,078
)
 

 

Realized gain (loss)
(944
)
 
52

 

 

 

SBA unguaranteed non-affiliate investments, funded
46,842

 

 

 

 

Foreclosed real estate acquired
(735
)
 

 

 

 

Purchase of investments

 
15,060

 

 
600

 

Sale of investment

 
(2,502
)
 

 

 

Net accretion of premium/discount
(15
)
 

 

 

 

Record fair value of contingent consideration liabilities

 

 

 

 
1,350

Change in fair value of contingent consideration liabilities

 

 

 

 
17

Payment of contingent consideration

 

 

 

 
(479
)
Principal payments received on debt investments
(20,398
)
 
(8,451
)
 

 

 

Additions to servicing assets

 

 
3,382

 

 

Fair value, June 30, 2018
$
305,478

 
$
157,235

 
$
20,663

 
$
600

 
$
1,801


(1) Included in Accounts Payable, Accrued Expenses and Other Liabilities on the Condensed Consolidated Statements of Assets and Liabilities

The following tables provide a summary of quantitative information about the Company’s Level 3 fair value measurements as of June 30, 2019 and December 31, 2018. In addition to the techniques and inputs noted in the table below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements at June 30, 2019 and December 31, 2018.


181


 
 
 
 
 
 
 
 
 
 
Range
 
 
Fair Value as of June 30, 2019
 
Valuation Techniques
 
Unobservable Input
 
Weighted Average
 
Minimum
 
Maximum
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
SBA unguaranteed non-affiliate investments - performing loans
 
$
353,886

 
Discounted cash flow
 
Market yields
 
5.80
%
 
5.80
%
 
5.80
%
SBA unguaranteed non-affiliate investments - non-performing loans
 
$
24,741

 
Discounted cash flow
 
Market yields
 
5.90
%
 
5.90
%
 
5.90
%
Controlled equity investments (A)
 
$
162,781

 
Market comparable companies
 
EBITDA multiples (B)
 
8.50x

 
4.50x

 
9.50x

 
 
 
 
Market comparable companies
 
Revenue multiples (B)
 
1.02x

 
0.15x

 
2.30x

 
 
 
 
Discounted cash flow
 
Weighted average cost of capital (B)
 
13.16
%
 
11.30
%
 
44.20
%
Controlled debt investments
 
$
14,425

 
Discounted cash flow
 
Market yields
 
6.35
%
 
4.94
%
 
10.00
%
Non-control/affiliate investments
 
$
1,000

 
Liquidation value
 
Asset value
 
N/A

 
N/A

 
N/A

Servicing assets
 
$
23,399

 
Discounted cash flow
 
Market yields
 
13.87
%
 
13.87
%
 
13.87
%
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Contingent consideration liabilities
 
$
634

 
Discounted cash flow
 
Projected EBITDA and net residual income and probability of achievement
 
N/A

 
N/A

 
N/A


(A) In determining the fair value of the Company’s controlled equity investments as of June 30, 2019, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 42.8%% and 57.2%, respectively, on a weighted average basis.

(B) The Company valued $141,265,000 of investments using generally, an equal weighting of EBITDA and revenue multiples in the overall valuation approach which included the use of market comparable companies. The Company valued $21,516,000 of investments using only discounted cash flows.


182


 
 
 
 
 
 
 
 
 
 
Range
 
 
Fair Value as of December 31, 2018
 
Valuation Techniques
 
Unobservable Input
 
Weighted Average
 
Minimum
 
Maximum
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
SBA unguaranteed non-affiliate investments - performing loans
 
$
329,340

 
Discounted cash flow
 
Market yields
 
6.40
%
 
6.40
%
 
6.40
%
SBA unguaranteed non-affiliate investments - non-performing loans
 
$
20,062

 
Discounted cash flow
 
Market yields
 
7.89
%
 
7.89
%
 
7.89
%
Controlled equity investments (A)
 
$
157,810

 
Market comparable companies
 
EBITDA multiples (B)
 
8.83x

 
3.97x

 
10.00x

 
 
 
 
Market comparable companies
 
Revenue multiples (B)
 
1.05x

 
0.15x

 
2.73x

 
 
 
 
Discounted cash flow
 
Weighted average cost of capital (B)
 
13.46
%
 
11.84
%
 
40.00
%
Controlled debt investments
 
$
13,775

 
Discounted cash flow
 
Market yields
 
6.34
%
 
4.84
%
 
10.00
%
Non-control/affiliate investments
 
$
1,000

 
Liquidation value
 
Asset value
 
N/A

 
N/A

 
N/A

Servicing assets
 
$
21,360

 
Discounted cash flow
 
Market yields
 
14.24
%
 
14.24
%
 
14.24
%
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Contingent consideration liabilities
 
$
1,733

 
Discounted cash flow
 
Projected EBITDA and probability of achievement
 
N/A

 
N/A

 
N/A


(A) In determining the fair value of the Company’s controlled equity investments as of December 31, 2018, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 43.8% and 56.2%, respectively, on a weighted average basis.

(B) The Company valued $138,085,000 of investments using an equal weighting of EBITDA and revenue multiples in the overall valuation approach which included the use of market comparable companies. The Company valued $19,725,000 of investments using only discounted cash flows.
 
NOTE 7—BORROWINGS:

At June 30, 2019 and December 31, 2018, the Company had borrowings comprised of the following:
 
June 30, 2019
 
December 31, 2018
 
Commitments
 
Borrowings Outstanding
 
Weighted Average Interest Rate
 
Commitments
 
Borrowings Outstanding
 
Weighted Average Interest Rate
Capital One line of credit - guaranteed (1)
$
150,000

 
$
48,900

 
4.75
%
 
$
100,000

 
$
34,700

 
4.75
%
Capital One line of credit - unguaranteed (1)

 
45,709

 
5.75
%
 

 

 
%
Notes due 2022
8,324

 
8,060

 
7.50
%
 
8,324

 
8,019

 
7.50
%
Notes due 2023
57,500

 
55,798

 
6.25
%
 
57,500

 
55,564

 
6.25
%
Notes payable - related parties
50,000

 
24,063

 
4.94
%
 
50,000

 
16,840

 
4.84
%
Notes payable - Securitization Trusts
190,563

 
187,492

 
4.75
%
 
220,137

 
216,507

 
4.66
%
Total
$
456,387

 
$
370,022

 
5.17
%
 
$
435,961

 
$
331,630

 
5.02
%

(1) Total combined commitments of the guaranteed and unguaranteed lines of credit were $150,000,000 at June 30, 2019 and $100,000,000 at December 31, 2018.


183


As of June 30, 2019, our asset coverage was 178%.

Outstanding borrowings under the 2022 Notes, 2023 Notes and Notes payable - Securitization Trusts consisted of the following:

 
June 30, 2019
 
December 31, 2018
 
Notes Due 2022
 
Notes Due 2023
 
Notes Payable- Securitization Trusts
 
Notes Due 2022
 
Notes Due 2023
 
Notes Payable- Securitization Trusts
Principal balance
$
8,324

 
$
57,500

 
$
190,563

 
$
8,324

 
$
57,500

 
$
220,137

Unamortized deferred financing costs
(264
)
 
(1,702
)
 
(3,070
)
 
(305
)
 
(1,936
)
 
(3,630
)
Net carrying amount
$
8,060

 
$
55,798

 
$
187,492

 
$
8,019

 
$
55,564

 
$
216,507


At June 30, 2019 and December 31, 2018, the carrying amount of the Company’s borrowings under the Capital One lines of credit, Notes payable - related parties and Notes payable - Securitization Trusts, approximates fair value due to their variable interest rates.

The fair values of the fixed rate 2022 Notes and 2023 Notes are based on the closing public share price on the date of measurement. On June 30, 2019, the closing price of the 2022 Notes was $26.66 per note, or $8,877,000. On June 30, 2019, the closing price of the 2023 Notes was $25.84 per note, or $59,432,000. These borrowings are not recorded at fair value on a recurring basis.
Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the three months ended June 30, 2019 and 2018 was $4,710,599 and $3,787,000, respectively. Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the six months ended June 30, 2019 and 2018 was $9,441,000 and $7,294,000, respectively.

Notes Due 2023

On February 21, 2018, the Company closed a public offering of $50,000,000 in aggregate principal amount of its 2023 Notes. The 2023 Notes will mature on March 1, 2023 and may be redeemed in whole or in part at any time or from time to time at Newtek’s option on or after March 1, 2020. The 2023 Notes bear interest at a rate of 6.25% per year payable quarterly on March 1, June 1, September 1 and December 1, of each year, beginning June 1, 2018. In February 2018, the underwriters exercised their option to purchase an additional $7,500,000 in aggregate principal amount of the 2023 Notes. Total net proceeds received after deducting underwriters’ discount and expenses was $55,176,000. The 2023 Notes are listed on the Nasdaq Global Market under the trading symbol “NEWTI.” A portion of the proceeds were used to redeem the outstanding 2021 Notes. As a result of the redemption of the 2021 Notes, the Company recorded a $1,059,000 loss on extinguishment of debt during the six months ended June 30, 2018, equivalent to the balance of unamortized deferred financing costs as of the Redemption Date.
NOTE 8—COMMITMENTS AND CONTINGENCIES:
Legal Matters

In the ordinary course of business, the Company and its wholly owned portfolio companies may from time to time be party to lawsuits and claims. The Company evaluates such matters on a case by case basis and its policy is to contest vigorously any claims it believes are without compelling merit. The Company is not currently involved in any litigation matters that are expected to have a material impact on the Company’s financial condition.

On October 13, 2017, the Company announced that its portfolio company, BSP, was served with a search warrant by the Federal Bureau of Investigation on October 12, 2017 at BSP’s offices in Westfield, Indiana.  The Company closed on its $5,400,000 investment in BSP in June 2016. On March 22, 2019, the Company learned that five former employees of BSP were taken into custody in connection with the previously disclosed federal investigation of what the Company believes to be pre-acquisition conduct of certain former BSP employees. As of June 30, 2019 and December 31, 2018, the fair valuation of BSP was zero and presently, BSP has no employees. While the outcome of this situation cannot at this time be predicted with certainty, the Company does not expect that the matter will materially affect the Company’s financial condition or results of operations.

184



As a result of a prior litigation with the Federal Trade Commission (the “FTC”), NMS voluntarily entered into, and is presently operating under, a Permanent Injunction with respect to certain of its business practices.
Guarantees
The Company is a guarantor on the Sterling Receivable and Inventory Facility at NBCS. Maximum borrowings under the Sterling Receivable and Inventory Facility are $35,000,000. The Sterling Receivable and Inventory Facility matures in May 2022 and automatically renews annually. At June 30, 2019, total principal owed by NBCS was $22,327,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At June 30, 2019, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the NBL Facility. Maximum borrowings under the NBL Facility are $75,000,000 with an accordion feature to increase maximum borrowings to $150,000,000. The NBL Facility matures in July 2021. At June 30, 2019, total principal owed by NBL was $9,443,000. At June 30, 2019, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the Webster Facility, a term loan facility between NMS with Webster Bank with an aggregate principal amount up to $50,000,000. The Webster Facility matures in November 2023. At June 30, 2019, total principal outstanding was $34,125,000. At June 30, 2019, the Company determined that it is not probable that payments would be required to be made under the guarantee.

Unfunded Commitments

At June 30, 2019, the Company had $7,198,000 of unfunded commitments in connection with its SBA 7(a) non-affiliate investments related to portions of loans originated which are partially funded. The Company will fund these commitments from the same sources it uses to fund its other investment commitments.


185


NOTE 9—FINANCIAL HIGHLIGHTS:

The financial highlights for the Company are as follows:

 
 
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
Per share data (1)
 
 
 
 
Net asset value at beginning of period
 
$
15.19

 
$
15.08

Net investment loss
 
(0.11
)
 
(0.26
)
Net realized gain on investments
 
1.12

 
1.09

Net unrealized appreciation on investments
 
0.04

 
0.13

Net unrealized depreciation on servicing assets
 
(0.08
)
 
(0.11
)
Change in deferred taxes
 
(0.04
)
 

Net increase in net assets resulting from operations
 
0.93

 
0.85

Distributions to common stockholders
 
(0.86
)
 
(0.82
)
Stock-based compensation expense
 
0.01

 
0.01

Accretive effect of stock offerings (issuing shares above NAV per share)
 
0.04

 
0.01

Accretive effect of shares issued in connection with DRIP (issuing shares above NAV per share)
 
0.01

 

Dilutive effect of restricted stock awards
 

 
(0.08
)
Other (5)
 
0.01

 
0.01

Net asset value at end of period
 
$
15.33

 
$
15.06

 
 
 
 
 
Per share market value at end of period
 
$
23.00

 
$
19.91

Total return based on market value (3)(6)
 
26.95
 %
 
12.11
 %
Total return based on average net asset value (3)(4)(6)
 
6.58
 %
 
5.31
 %
Shares outstanding at end of period (in thousands)
 
19,137

 
18,745

 
 
 
 
 
Ratios/Supplemental Data:
 
 
 
 
Net assets at end of period
 
$
293,352

 
$
282,280

Ratio of expenses to average net assets (2)
 
20.65
 %
 
19.54
 %
Ratio of net investment loss to average net assets (2)
 
(1.42
)%
 
(3.5
)%
Portfolio turnover
 
58.73
 %
 
54.83
 %
Average debt outstanding
 
$
356,280

 
$
238,600

Average debt outstanding per share
 
$
18.62

 
$
12.73

Asset coverage ratio (7)
 
178
 %
 
210
 %

(1) Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(2) Annualized for the six months ended June 30, 2019.
(3) Assumes dividends are reinvested.
(4) Total return based on average net asset value was calculated using the sum of ending net asset value plus dividends to stockholders during the period, divided by the beginning net asset value.
(5) Includes the impact of the different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.
(6) Not annualized.
(7) Calculated based on $375,058,000 and $256,193,000 of senior securities outstanding at June 30, 2019 and June 30, 2018, respectively.


186


NOTE 10—STOCK BASED COMPENSATION:

Stock Plan

The Company accounts for its stock-based compensation plan using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards, the Company measured the grant date fair value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as stock-based compensation expense over the requisite service period, which is generally the vesting term.
        
The Board approves the issuance of shares of restricted stock to employees and directors pursuant to the Equity Incentive Plan. These shares generally vest over a one to three year period from the grant date. The fair value is expensed over the service period, starting on the grant date. The following table summarizes the restricted stock issuances under the Equity Incentive Plan, net of shares forfeited, if any, and the remaining shares of restricted stock available for issuance as of June 30, 2019.

Restricted Stock authorized under the plan (1)
 
1,500,000

Less net restricted stock granted during:
 
 
Year ended December 31, 2016
 
(120,933
)
Year ended December 31, 2017
 
(5,007
)
Year ended December 31, 2018
 
(93,568
)
Six months ended June 30, 2019
 
(6,285
)
Restricted stock available for issuance as of June 30, 2019
 
1,274,207


(1) A maximum of 20% of total shares of common stock issued and outstanding, calculated on a fully diluted basis, not to exceed 3,000,000 shares, are available for awards of restricted stock and stock options under the Equity Incentive Plan. No more than 50% of the shares of stock reserved for the grant of awards under the Equity Incentive Plan may be restricted stock awards at any time during the term of the Equity Incentive Plan. No stock options have been granted under the Equity Incentive Plan.

For the three months ended June 30, 2019 and 2018 the Company recognized total stock-based compensation expense of $118,000 and $176,000, respectively. For the six months ended June 30, 2019 and 2018 the Company recognized total stock-based compensation expense of $278,000 and $241,000, respectively.

As of June 30, 2019, there was $1,119,000 of total unrecognized compensation expense related to unvested restricted shares. This compensation expense is expected to be recognized over a remaining weighted-average period of approximately 1.74 years as of June 30, 2019.

NOTE 11—COMMON STOCK:

ATM Program

On March 20, 2017, the Company entered into an ATM equity distribution agreement. The ATM equity distribution agreement provided that the Company may offer and sell up to 2,900,000 shares of common stock from time to time through the Placement Agents. On September 6, 2017, the Company entered into an amended ATM equity distribution agreement for the purpose of adding D.A. Davidson as placement agent. On August 31, 2018, the Company entered into a Second Amended and Restated ATM Equity Distribution Agreement which increased the maximum number of shares that the Company may offer and sell up to 4,400,000 shares of common stock from time to time through the Placement Agents.


187


The following table summarizes the total shares sold and net proceeds received under the Second Amend and Restated ATM Equity Distribution Agreement:

 
 
Six Months Ended June 30, 2019
 
Year Ended December 31, 2018
 
Year Ended December 31, 2017
Shares sold
 
187,962

 
291,232

 
1,139,181

Weighted average price per share
 
$
19.46

 
$
19.14

 
$
17.58

Net proceeds
 
$
3,650

 
$
5,196

 
$
19,620


As of June 30, 2019, there were 2,781,625 shares of common stock available for sale under the ATM Equity Distribution Agreement. The Company terminated the ATM Equity Distribution effective as of July 9, 2019. See Note 16 - Subsequent Events for additional information.

The Company used the net proceeds for funding investments in debt and equity securities in accordance with its investment objective and strategies.

Stock Repurchase Program

On June 21, 2019, the Company announced that its Board approved extending its current repurchase program under which the Company may repurchase up to 300,000 shares of the Company’s outstanding common shares. Under the program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. Unless extended or terminated by its board of directors, the Company anticipates that the termination date for the Program will be on December 18, 2019. There have been no repurchases under the program.

NOTE 12—EARNINGS PER SHARE:

The following table summarizes the calculations for the net increase in net assets resulting from operations per common share for the three and six months ended June 30, 2019 and 2018:
 
 
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
Net increase in net assets resulting from operations
 
$
8,678

 
$
7,621

 
$
17,761

 
$
15,733

Weighted average shares outstanding
 
19,113

 
18,680

 
19,058

 
18,588

Net increase in net assets resulting from operations per common share
 
$
0.45

 
$
0.41

 
$
0.93

 
$
0.85


NOTE 13—LEASES:

Under ASC 842, operating lease expense is generally recognized on a straight-line basis over the term of the lease. The Company has entered into operating lease agreements for office space with remaining contractual terms up to 8 years, some of which include renewal options extend the leases for up to 10 years. These renewal options are not considered in the remaining lease term unless it is reasonably certain the Company will exercise such options. The operating lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As the rate implicit in the leases generally is not readily determinable for our operating leases, the discount rates used to determine the present value of our lease liability are based on our incremental borrowing rate at the lease commencement date and commensurate with the remaining lease term. Our incremental borrowing rate for a lease is the rate of interest we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Leases with an initial term of 12 months or less are not recorded on the balance sheet.

Total lease costs for the three and six months ended June 30, 2019 were $160,000 and $379,000 respectively and are included in other general and administrative costs on the condensed consolidated statements of operations.

188

Table of Contents


The following table summarizes supplemental cash flow information related to our operating leases and the weighted average remaining lease term and discount rate of our leases:

 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)
 
$
416

 
n/a
 
$
776

 
n/a
Weighted-average remaining lease term - operating leases
 
7.48 years
 
n/a
 
7.48 years
 
n/a
Weighted-average discount rate - operating leases
 
4.76
%
 
n/a
 
4.76
%
 
n/a

The following table represents the maturity of the Company’s operating lease liabilities as of June 30, 2019:
Maturity of Lease Liabilities
 
2019
$
833

2020
1,646

2021
1,555

2022
1,576

2023
1,619

Thereafter
5,333

Total future minimum lease payments
$
12,562

Less: Imputed interest
$
(2,076
)
Present value of future minimum lease payments
$
10,486


Minimum future rental payments required under operating leases in effect as of December 31, 2018 are as follows:
Year
 
2019
$
1,826

2020
1,593

2021
1,494

2022
1,506

2023
1,549

Thereafter
5,343

Total
$
13,312



NOTE 14—DIVIDENDS AND DISTRIBUTIONS:

The Company’s dividends and distributions are recorded on the declaration date. The following table summarizes the Company’s dividend declarations and distributions during the six months ended June 30, 2019 and 2018.

Date Declared
 
Record Date
 
Payment Date
 
Amount Per Share
 
Cash Distribution
 
DRIP Shares Issued
 
DRIP Shares Value
Six months ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
February 15, 2019
 
March 15, 2019
 
March 29, 2019
 
$
0.40

 
$
7,355

 
12

 
$
220

May 1, 2019
 
June 14, 2019
 
June 28, 2019
 
$
0.46

 
$
8,482

 
12

 
$
260

 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
January 18, 2018
 
March 20, 2018
 
March 30, 2018
 
$
0.40

 
$
7,202

 
10

 
$
168

May 11, 2018
 
June 15, 2018
 
June 29, 2018
 
$
0.42

 
$
7,637

 
9

 
$
178


189



During the six months ended June 30, 2019 and 2018, an additional 5,200 and 5,200 shares valued at $108,000 and $97,000, respectively, were issued related to dividends from unvested restricted stock awards.
NOTE 15—SUPPLEMENTAL FINANCIAL DATA:
Summarized Financial Information of Our Unconsolidated Subsidiaries

The Company holds a controlling interest, as defined by the 1940 Act in portfolio companies that are not consolidated in the Company’s condensed consolidated financial statements. Below is a brief description of a portfolio company that is required to have supplemental disclosure incorporated in our financial statements in accordance with Regulation S-X section 4-08(g), along with summarized financial information.
 
Newtek Merchant Solutions, LLC

NMS markets credit and debit card processing services, check approval services and ancillary processing equipment and software to merchants who accept credit cards, debit cards, checks and other non-cash forms of payment.

The summarized financial information of our unconsolidated subsidiary is as follows:
Balance Sheets - Newtek Merchant Solutions, LLC
 
As of June 30, 2019
 
As of December 31, 2018
Current assets
 
$
7,739

 
$
16,044

Noncurrent assets
 
41,442

 
35,949

Total assets
 
$
49,181

 
$
51,993

Current liabilities
 
4,058

 
7,471

Noncurrent liabilities
 
33,441

 
31,660

Total liabilities
 
$
37,499

 
$
39,131

Total member’s equity
 
$
11,682

 
$
12,862

Statements of Income - Newtek Merchant Solutions, LLC
 
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
Revenue
 
$
32,503

 
$
30,224

 
$
63,639

 
$
58,780

Expenses
 
28,819

 
27,485

 
56,423

 
53,462

Income from operations
 
$
3,684

 
$
2,739

 
$
7,216

 
$
5,318

Interest (expense) income, net
 
(219
)
 
(428
)
 
(491
)
 
(962
)
Income before tax
 
$
3,465

 
$
2,311

 
$
6,725

 
$
4,356


The Company recorded the following related to its investment in NMS:
 
 
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
Dividend income
 
$
2,475

 
$
1,750

 
$
5,375

 
$
3,500

Unrealized appreciation
 
$
5,000

 
$

 
$
5,000

 
$
5,000


NOTE 16—SUBSEQUENT EVENTS:

Termination of the Equity Distribution Agreement

On July 8, 2019, the Company gave notice to terminate the Equity Distribution Agreement, with such termination effective as of July 9, 2019. Under the Equity Distribution Agreement, the Company could offer up to 4,400,000 shares of the Company’s common stock from time to time through the Prior Placement Agents. As of July 9, 2019, the Company had sold 1,618,375 shares of its common stock under the Equity Distribution Agreement, and received net proceeds of $28,732,000. The Company paid the Prior Placement Agents $586,000 in compensation in connection therewith.


190


Common Stock

On July 10, 2019, the Company entered into the 2019 ATM Equity Distribution Agreement. The 2019 ATM Equity Distribution Agreement provides that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the Placement Agents.

From July 1, 2019 through August 8, 2019 the Company sold 25,000 shares of its common stock at a weighted average price of $21.95 per share under the 2019 ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $538,000. As of August 8, 2019, there were 2,975,000 shares of common stock available for sale under the 2019 ATM Equity Distribution Agreement.

Debt Offering

On July 25, 2019, the Company closed a public offering of $55,000,000 in aggregate principal amount of its 2024 Notes. The 2024 Notes will mature on August 1, 2024 and may be redeemed in whole or in part at any time or from time to time at Newtek’s option on or after August 1, 2021. The 2024 Notes bear interest at a rate of 5.75% per year payable quarterly on August 1, November 1, February 1 and May 1, of each year, beginning November 1, 2019. Total net proceeds received after deducting underwriters’ discount and expenses was $53,313,000. The 2024 Notes are listed on the Nasdaq Global Market under the trading symbol “NEWTL” and were rated “A-“ by Egan-Jones. A portion of the proceeds will be used to redeem the outstanding 7.50% 2022 Notes pending the conclusion of a 30-day notice period to existing holders of the 2022 Notes. In August 2019, the underwriters exercised their option to purchase an additional $8,250,000 in aggregate principal amount of the 2024 Notes resulting in an additional $8,003,000 in net proceeds.

On July 29, 2019, the Company issued redemption notices to the holders of the 2022 Notes. The Company will redeem all $8,324,000 in aggregate principal amount of the Notes on the redemption date of August 29, 2019 at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from July 1, 2019, through, but excluding, the redemption date.

Securitization Activity

On July 25, 2019, the 2014-1 Trust was terminated as a result of NSBF purchasing the 2014-1 Trust assets, with the 2014-1 Trust’s noteholders receiving the redemption price.










191




192


Newtek Business Services Corp. and Subsidiaries
Schedule of Investments In and Advances to Affiliates
Six Months Ended June 30, 2019

Portfolio Company
 
Type of Investment (1)
 
Amount of Realized Gain (Loss)
 
Amount of Unrealized Appreciation (Depreciation)
 
Amount of Interest or Dividends Credited to Income (3)
 
Fair Value at December 31, 2018
 
Gross Additions (4)
 
Gross Reductions (5)
 
Fair Value at June 30, 2019
Advanced Cyber Security Systems, LLC
 
50% Membership Interest (2)
 
$

 
$

 
$

 
$

 
$

 
$

 
$

 
 
Term Loan (3%) (2)
 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Automated Merchant Services, Inc.
 
100% Common Stock (2)
 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CDS Business Services, Inc.
 
100% Common Stock (2)
 

 

 

 
5,000

 

 

 
5,000

 
 
Line of Credit (Prime + 2.5%) (6)
 

 

 
201

 
5,000

 

 

 
5,000

 
 
Term Loan (10%)
 
 
 
 
 
42

 
1,000

 
10

 
(710
)
 
300

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Newtek Technology Solutions, Inc.
 
100% Common Stock (2)
 

 
(1,500
)
 

 
8,500

 

 
(1,500
)
 
7,000

 
 
Line of Credit (1 month LIBOR + 2.5%)
 

 

 
178

 
6,800

 
825

 

 
7,625

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Newtek Insurance Agency, LLC
 
100% Membership Interest(2)
 

 

 

 
2,215

 

 

 
2,215

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PMTWorks Payroll, LLC
 
100% Membership Interest(2)
 

 
(337
)
 

 

 
337

 
(337
)
 

 
 
Term Loans (10%-12%)(2)
 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Small Business Lending, LLC
 
100% Membership Interest(2)
 

 
300

 

 
3,300

 
648

 

 
3,948

 
 
Term Loan (10%)
 

 

 
3

 

 
400

 

 
400

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
banc-serv Partners, LLC
 
100% Membership Interest (2)
 

 
(286
)
 

 

 
286

 
(286
)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
International Professional Marketing, Inc.
 
100% Common Stock(2)
 

 
600

 

 
3,300

 
600

 

 
3,900

 
 
Line of Credit (Prime + 0.5%)(6)
 

 

 
7

 
800

 

 
(700
)
 
100

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SIDCO, LLC
 
100% Membership Interest
 

 
(920
)
 
400

 
7,820

 

 
(920
)
 
6,900

 
 
Line of Credit (Prime + 0.5%)(6)
 

 

 
4

 
175

 

 
(75
)
 
100

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Newtek Merchant Solutions, LLC
 
100% Membership Interest
 

 
5,000

 
5,375

 
116,250

 
5,000

 

 
121,250

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Titanium Asset Management, LLC
 
100% Membership Interest(2)
 

 

 

 

 

 

 


193


Portfolio Company
 
Type of Investment (1)
 
Amount of Realized Gain (Loss)
 
Amount of Unrealized Appreciation (Depreciation)
 
Amount of Interest or Dividends Credited to Income (3)
 
Fair Value at December 31, 2018
 
Gross Additions (4)
 
Gross Reductions (5)
 
Fair Value at June 30, 2019
 
 
Term Loans (10%)(2)
 

 

 

 

 
900

 

 
900

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Newtek Business Lending, LLC
 
100% Membership Interest
 

 

 

 
8,445

 
1,643

 
(500
)
 
9,588

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Newtek Conventional Lending, LLC
 
50% Membership Interest
 

 
61

 

 

 
1,509

 

 
1,509

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mobil Money, LLC
 
100% Membership Interest
 

 

 
175

 
2,980

 

 

 
2,980

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Excel WebSolutions LLC
 
Term Loans (10%)(2)
 

 

 

 

 

 

 

 
 
50% Membership Interest(2)
 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Controlled Investments
 
 
 
$

 
$
2,918

 
$
6,385

 
$
171,585

 
$
12,158

 
$
(5,028
)
 
$
178,715

Non-Control/Affiliate Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EMCAP Loan Holdings, LLC
 
6.04% Membership Interest
 
$

 
$

 
$
59

 
$
1,000

 
$

 
$

 
$
1,000

Total Affiliate Investments
 
 
 
$

 
$
2,918

 
$
6,444

 
$
172,585

 
$
12,158

 
$
(5,028
)
 
$
179,715


This schedule should be read in connection with the Company’s Condensed Consolidated Financial Statements, including the Consolidated Schedule of Investments and Notes to the Condensed Consolidated Financial Statements.

(1) The principal amount and ownership detail as shown in the Company’s Consolidated Schedule of Investments.
(2) Represents non-income producing security.
(3) Represents the total amount of interest, fees or dividends credited to income for the period.
(4) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in unrealized depreciation.
(5) Gross reductions include decreases in the cost basis of investments resulting from principal payments or sales and exchanges of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation.
(6) Index based floating rate debt investments bear interest at rate of Prime or 1 month LIBOR plus a contractual spread which typically resets monthly. At June 30, 2019, the Prime rate and 1 month LIBOR were 5.5% and 2.44%, respectively.


194


ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Forward-Looking Statements

The matters discussed in this report, as well as in future oral and written statements by management of Newtek Business Services Corp., that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Important assumptions include our ability to originate new investments, achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans or objectives will be achieved. The forward-looking statements contained in this report include statements as to:
 
our future operating results;
our business prospects and the prospects of our prospective portfolio companies;
the impact of investments that we expect to make;
our informal relationships with third parties;
the dependence of our future success on the general economy and its impact on the industries in which we invest;
our ability to access debt markets and equity markets;
the ability of our portfolio companies to achieve their objectives;
our expected financings and investments;
our regulatory structure and tax status;
our ability to operate as a BDC and a RIC;
our ability to maintain our license and PLP status under the SBA 7(a) program;
our ability to sell the guaranteed portions of SBA 7(a) loans at premiums;
the adequacy of our cash resources and working capital;
the timing of cash flows, if any, from the operations of our portfolio companies;
the timing, form and amount of any dividend distributions;
the impact of fluctuations in interest rates on our business;
the valuation of any investments in portfolio companies, particularly those having no liquid trading market; and
our ability to recover unrealized losses.

The following discussion should be read in conjunction with our condensed consolidated financial statements and related notes and other financial information appearing elsewhere in this report. In addition to historical information, the following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by such forward-looking information due to the factors discussed under Item 1A-“Risk Factors” of Part II of this quarterly report on Form 10-Q, Item 1A-“Risk Factors” of our annual report on Form 10-K filed with the SEC on March 16, 2018 and under “Forward-Looking Statements” of this Item 2.
Executive Overview

We are a leading national non-bank lender and own and control certain portfolio companies under the Newtek® brand (our “controlled portfolio companies,” as defined below) that provide a wide range of business and financial solutions to SMBs. Newtek's and its portfolio companies’ business and financial solutions include: Business Lending, including origination of SBA 7(a), SBA 504 loans and conventional loans, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), Technology Consulting, eCommerce, Accounts Receivable and Inventory Financing, The Newtek Advantage, personal and commercial Insurance Services, Web Services, Data Backup, Storage and Retrieval, and Payroll and Benefits Solutions to SMB accounts nationwide across all industries. We have an established and reliable platform that is not limited by client size, industry type, or location. As a result, we believe we have a strong and diversified client base across every state in the U.S. and across a variety of different industries. In addition, we have developed a financial and technology based business model that enables us and our controlled portfolio companies to acquire and process our SMB clients in a very cost effective manner. This capability is supported in large part by NewTracker®, our patented prospect management technology software, which is similar to, but we believe better than, the system popularized by Salesforce.com. We believe that this technology and business model distinguishes us from our competitors.


195




We consolidate the following wholly-owned subsidiaries:
Newtek Small Business Finance, LLC
Newtek Asset Backed Securities, LLC
CCC Real Estate Holdings, LLC
The Whitestone Group, LLC
Wilshire Colorado Partners, LLC (1)
Wilshire DC Partners, LLC
Wilshire Holdings I, Inc.
Wilshire Louisiana BIDCO, LLC
Wilshire Louisiana Partners II, LLC
Wilshire Louisiana Partners III, LLC
Wilshire Louisiana Partners IV, LLC
Wilshire New York Advisers II, LLC
Wilshire New York Partners III, LLC
Wilshire Partners, LLC
Exponential Business Development Co., Inc.
Newtek Commercial Lending, Inc.
Newtek LSP Holdco, LLC
Newtek Business Services Holdco 1, Inc.
Newtek Business Services Holdco 2, Inc.
Newtek Business Services Holdco 3, Inc.
Newtek Business Services Holdco 4, Inc.
Newtek Business Services Holdco 5, Inc. (formerly Banc-Serv Acquisition, Inc.)
Newtek Business Services Holdco 6, Inc.
(1) Entity was merged into The Whitestone Group, LLC on December 31, 2018.

We are an internally-managed, closed-end, non-diversified investment company that has elected to be regulated as a BDC under the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a RIC under the Code beginning with our 2015 tax year. As a BDC and a RIC, we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code. As a result, previously consolidated subsidiaries are now recorded as investments in controlled portfolio companies, at fair value. NSBF is a consolidated subsidiary and originates loans under the SBA's 7(a) loan program. 

Our common shares are currently listed on the Nasdaq Global Market under the symbol “NEWT”.

NSBF has been granted PLP status and originates, sells and services SBA 7(a) loans and is authorized to place SBA guarantees on loans without seeking prior SBA review and approval. Being a national lender with PLP status allows NSBF to expedite the origination of loans since NSBF is not required to present applications to the SBA for concurrent review and approval. The loss of PLP status could adversely impact our marketing efforts and ultimately our loan origination volume which could negatively impact our results of operations.

As a BDC, our investment objective is to generate both current income and capital appreciation primarily through loans originated by our business finance platform and our equity investments in certain portfolio companies that we control.

We target our debt investments, which are principally made through our business finance platform under the SBA 7(a) program, to produce a coupon rate of prime plus 2.75% which enables us to generate rapid sales of guaranteed portions of SBA 7(a) loans in the secondary market. We typically structure our debt investments with the maximum seniority and collateral along with personal guarantees from portfolio company owners, in many cases collateralized by other assets including real estate. In

196


most cases, our debt investment will be collateralized by a first lien on the assets of the portfolio company and a first or second lien on assets of guarantors, in both cases primarily real estate. All SBA loans are made with personal guarantees from any owner(s) of 20% or more of the portfolio company’s equity. The amount of new debt investments, particularly SBA 7(a) loans that we originate, will directly impact future investment income. In addition, future amounts of unrealized appreciation or depreciation on our investments, as well as the amount of realized gains or losses, will also fluctuate depending upon economic conditions and the performance of our investment portfolio. The changes in realized gains and losses and unrealized appreciation or depreciation could have a material impact on our operating results.

We typically structure our debt investments to include non-financial covenants that seek to minimize our risk of capital loss such as lien protection and prohibitions against change of control. Our debt investments have strong protections, including default penalties, information rights and, in some cases, board observation rights and affirmative, negative and financial covenants. Debt investments in portfolio companies, including the controlled portfolio companies, have historically and are expected to continue to comprise the majority of our overall investments in number and dollar volume.

While the vast majority of our investments have been structured as debt, we have in the past and expect in the future to make selective equity investments primarily as either strategic investments to enhance the integrated operating platform or, to a lesser degree, under the Capco programs. For investments in our controlled portfolio companies, we focus more on tailoring them to the long term growth needs of the companies than to return. Our objectives with these companies is to foster the development of the businesses as a part of the integrated operational platform of serving the SMB market, so we may reduce the burden on these companies to enable them to grow faster than they would otherwise and as another means of supporting their development.

We regularly engage in discussions with third parties with respect to various potential transactions. We may acquire an investment or a portfolio of investments or an entire company or sell a portion of our portfolio on an opportunistic basis. We, our subsidiaries, or our affiliates may also agree to manage certain other funds that invest in debt, equity or provide other financing or services to companies in a variety of industries for which we may earn management or other fees for our services. We may also invest in the equity of these funds, along with other third parties, from which we would seek to earn a return and/or future incentive allocations. Some of these transactions could be material to our business. Consummation of any such transaction will be subject to completion of due diligence, finalization of key business and financial terms (including price) and negotiation of final definitive documentation as well as a number of other factors and conditions including, without limitation, the approval of our board of directors and required regulatory or third-party consents and, in certain cases, the approval of our shareholders. Accordingly, there can be no assurance that any such transaction would be consummated. Any of these transactions or funds may require significant management resources either during the transaction phase or on an ongoing basis depending on the terms of the transaction.


Revenues

We generate revenue in the form of interest, dividend, servicing and other fee income on debt and equity investments. Our debt investments typically have terms of 10 to 25 years and bear interest at prime plus a margin. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We receive servicing income related to the guaranteed portions of SBA investments which we originate and sell into the secondary market. These recurring fees are earned daily and recorded when earned. In addition, we may generate revenue in the form of packaging, prepayment, legal and late fees. We record such fees related to loans as other income. Dividends are recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income is recorded at the time dividends are declared. Distributions of earnings from portfolio companies are evaluated to determine if the distribution is income, return of capital or realized gain.

We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the cost basis of the investment without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and assets that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments or servicing assets, as appropriate, in the condensed consolidated statements of operations.


197


Expenses

Our primary operating expenses are salaries and benefits, interest expense, origination and servicing and other general and administrative costs, such as professional fees, marketing, referral fees, servicing costs and rent. Since we are an internally-managed BDC with no outside adviser or management company, the BDC incurs all the related costs to operate the Company.
Guarantees
The Company is a guarantor on the Sterling Receivable and Inventory Facility at NBCS. Maximum borrowings under the Sterling Receivable and Inventory Facility are $35,000,000. The Sterling Receivable and Inventory Facility matures in May 2022 and automatically renews annually. At June 30, 2019, total principal owed by NBCS was $22,327,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At June 30, 2019, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the NBL Facility. Maximum borrowings under the NBL Facility are $75,000,000 with an accordion feature to increase maximum borrowings to $150,000,000. The NBL Facility matures in July 2021. At June 30, 2019, total principal owed by NBL was $9,443,000. At June 30, 2019, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the Webster Facility, a term loan facility between NMS with Webster Bank with an aggregate principal amount up to $50,000,000. The Webster Facility matures in November 2023. At June 30, 2019, total principal outstanding was $34,125,000. At June 30, 2019, the Company determined that it is not probable that payments would be required to be made under the guarantee.

Unfunded Commitments

At June 30, 2019, the Company had $7,198,000 of unfunded commitments in connection with its SBA 7(a) non-affiliate investments related to portions of loans originated which are partially funded. The Company will fund these commitments from the same sources it uses to fund its other investment commitments.



198


Loan Portfolio Asset Quality and Composition
The following tables set forth distribution by business type of the Company’s SBA 7(a) loan portfolio at June 30, 2019 and December 31, 2018, respectively (in thousands):
As of June 30, 2019
Distribution by Business Type
 
 
 
 
 
 
 
 
Business Type
 
# of Loans
 
 Balance
 
Average Balance
 
% of Balance
Existing Business
 
1,706

 
$
315,876

 
$
185

 
81.6
%
Business Acquisition
 
255

 
51,722

 
203

 
13.4
%
Start-Up Business
 
201

 
19,155

 
95

 
5.0
%
Total (1)
 
2,162

 
$
386,753

 
$
179

 
100.0
%

(1) The table above includes loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at June 30, 2019 is $11,496,000.
As of December 31, 2018
Distribution by Business Type
 
 
 
 
 
 
 
 
Business Type
 
# of Loans
 
Balance
 
Average Balance
 
% of Balance
Existing Business
 
1,556

 
$
292,200

 
$
188

 
82.2
%
Business Acquisition
 
233

 
47,333

 
203

 
13.3
%
Start-Up Business
 
171

 
16,056

 
94

 
4.5
%
Total (1)
 
1,960

 
$
355,589

 
$
181

 
100.0
%

(1) The table above includes loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at December 31, 2018 is $11,605,000.
The following tables set forth distribution by borrower’s credit score of the Company’s SBA 7(a) loan portfolio at June 30, 2019 and December 31, 2018, respectively (in thousands):
As of June 30, 2019
Distribution by Borrower Credit Score
 
 
 
 
 
 
 
 
Credit Score
 
# of Loans
 
 Balance
 
Average Balance
 
% of Balance
500 to 550
 
22

 
$
4,216

 
$
192

 
1.1
%
551 to 600
 
66

 
17,204

 
261

 
4.4
%
601 to 650
 
312

 
64,014

 
205

 
16.6
%
651 to 700
 
656

 
116,537

 
178

 
30.1
%
701 to 750
 
637

 
107,430

 
169

 
27.8
%
751 to 800
 
402

 
70,086

 
174

 
18.1
%
801 to 850
 
62

 
7,134

 
115

 
1.9
%
Not available
 
5

 
132

 
26

 
%
Total (1)
 
2,162

 
$
386,753

 
$
179

 
100.0
%

(1) The table above includes loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at June 30, 2019 is $11,496,000.

199



As of December 31, 2018
Distribution by Borrower Credit Score
 
 
 
 
 
 
 
 
Credit Score
 
# of Loans
 
Aggregate Balance
 
Average Balance
 
% of Balance
500 to 550
 
22

 
$
4,332

 
$
197

 
1.2
%
551 to 600
 
65

 
16,739

 
258

 
4.7
%
601 to 650
 
285

 
58,269

 
204

 
16.4
%
651 to 700
 
592

 
107,359

 
181

 
30.2
%
701 to 750
 
569

 
97,117

 
171

 
27.3
%
751 to 800
 
367

 
65,324

 
178

 
18.4
%
801 to 850
 
53

 
5,634

 
106

 
1.6
%
Not available
 
7

 
815

 
116

 
0.2
%
Total (1)
 
1,960

 
$
355,589

 
$
181

 
100.0
%

(1) The table above includes loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at December 31, 2018 is $11,605,000.
The following tables set forth distribution by primary collateral type of the Company’s SBA 7(a) loan portfolio at June 30, 2019 and December 31, 2018, respectively (in thousands):
As of June 30, 2019
Distribution by Primary Collateral Type
 
 
 
 
 
 
 
 
Collateral Type
 
# of Loans
 
 Balance
 
Average Balance
 
% of Balance
Commercial Real Estate
 
907

 
$
205,884

 
$
227

 
53.2
%
Machinery and Equipment
 
398

 
76,743

 
193

 
19.8
%
Residential Real Estate
 
441

 
36,927

 
84

 
9.5
%
Other
 
101

 
29,619

 
293

 
7.7
%
Accounts Receivable and Inventory
 
217

 
32,899

 
152

 
8.6
%
Liquid Assets
 
12

 
772

 
64

 
0.2
%
Furniture and Fixtures
 
26

 
2,672

 
103

 
0.7
%
Unsecured
 
60

 
1,237

 
21

 
0.3
%
Total (1)
 
2,162

 
$
386,753

 
$
179

 
100.0
%

(1) The table above includes loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at June 30, 2019 is $11,496,000.





200


As of December 31, 2018
Distribution by Primary Collateral Type
 
 
 
 
 
 
 
 
Collateral Type
 
# of Loans
 
Aggregate Balance
 
Average Balance
 
% of Balance
Commercial Real Estate
 
867

 
$
195,908

 
$
226

 
55.1
%
Machinery and Equipment
 
343

 
66,099

 
193

 
18.6
%
Residential Real Estate
 
401

 
32,285

 
81

 
9.1
%
Other
 
93

 
30,703

 
330

 
8.6
%
Accounts Receivable and Inventory
 
182

 
26,456

 
145

 
7.4
%
Liquid Assets
 
11

 
511

 
46

 
0.1
%
Unsecured
 
40

 
1,070

 
27

 
0.3
%
Furniture and Fixtures
 
23

 
2,557

 
111

 
0.8
%
Total (1)
 
1,960

 
$
355,589

 
$
181

 
100.0
%

(1) The table above includes loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at December 31, 2018 is $11,605,000.
The following tables set forth distribution by days delinquent of the Company’s SBA 7(a) loan portfolio at June 30, 2019 and December 31, 2018, respectively (in thousands):
As of June 30, 2019
Distribution by Days Delinquent
 
 
 
 
 
 
 
 
Delinquency Status
 
# of Loans
 
 Balance
 
Average Balance
 
% of Balance
Current
 
1,916

 
$
315,953

 
$
165

 
81.7
%
31 to 60 days
 
36

 
10,318

 
287

 
2.7
%
61 to 90 days
 
31

 
12,336

 
398

 
3.2
%
91 days or greater
 
179

 
48,146

 
269

 
12.4
%
Total (1)
 
2,162

 
$
386,753

 
$
179

 
100.0
%

(1) The table above includes loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at June 30, 2019 is $11,496,000.
As of December 31, 2018
Distribution by Days Delinquent
 
 
 
 
 
 
 
 
Delinquency Status
 
# of Loans
 
Aggregate Balance
 
Average Balance
 
% of Balance
Current
 
1,771

 
$
305,192

 
$
172

 
85.8
%
31 to 60 days
 
38

 
8,044

 
212

 
2.3
%
61 to 90 days
 

 

 

 
%
91 days or greater
 
151

 
42,353

 
280

 
11.9
%
Total (1)
 
1,960

 
$
355,589

 
$
181

 
100.0
%

(1) The table above includes loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at December 31, 2018 is $11,605,000.



201


Consolidated Results of Operations

As a BDC and a RIC, we are subject to certain constraints on our operations, including limitations imposed by the 1940 Act and the Code.
Comparison of the three months ended June 30, 2019 and 2018
Investment Income
(in thousands)
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
Change
Investment income:
 
 
 
 
 
Interest income
$
7,252

 
$
5,703

 
$
1,549

Dividend income
2,828

 
2,585

 
243

Servicing income
2,503

 
2,008

 
495

Other income
1,566

 
1,108

 
458

Total investment income
$
14,149

 
$
11,404

 
$
2,745

Interest Income
The increase in interest income was attributable to the average outstanding performing portfolio of SBA non-affiliate investments increasing to $333,811,000 from $276,878,000 for the three months ended June 30, 2019 and 2018, respectively, combined with an increase in the Prime Rate from 4.75% to 5.50% over the twelve month period. The increase in the average outstanding performing portfolio resulted from the origination of new SBA non-affiliate investments period over period.
Dividend Income
(in thousands)
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
Change
Newtek Merchant Solutions, LLC (NMS)
$
2,475

 
$
1,750

 
$
725

Premier Payments LLC (1)

 
400

 
(400
)
International Professional Marketing, Inc.

 
125

 
(125
)
SIDCO, LLC
250

 
250

 

United Capital Source LLC (UCS)

 
50

 
(50
)
Mobil Money, LLC
75

 

 
75

EMCAP Loan Holdings, LLC
28

 
10

 
18

Total dividend income
$
2,828

 
$
2,585

 
$
243

(1)On December 31, 2018, Premier was merged into NMS.

Dividend income increased $243,000 period over period based on each portfolio company’s financial results. Dividend income from NMS and Premier combined, increased $325,000. We earned $75,000 of dividend income from Mobil Money, a controlled portfolio company which we invested in May 2018. These increases were offset by a decrease in dividend income from UCS of $50,000 as a result of our sale of UCS in October 2018. Dividend income is dependent on portfolio company earnings. Current quarter dividend income may not be indicative of future period dividend income.

202


NSBF Servicing Portfolio and Related Servicing Income
The following table represents the NSBF originated servicing portfolio and servicing income earned for the three months ended June 30, 2019 and 2018:
(in thousands):
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
 Change
Total NSBF originated servicing portfolio (1)
$
1,624,625

 
$
1,328,824

 
$
295,801

Total servicing income earned
$
2,503

 
$
2,008

 
$
495

(1) Of this amount, the total average NSBF originated portfolio earning servicing income was $1,156,978,000 and $949,629,000 for the three months ended June 30, 2019 and 2018, respectively.
The increase in servicing income was attributable to the increase in total portfolio investments for which we earn servicing income. The portfolio earning servicing income increased $207,349,000 period over period. The increase was attributable to an increase in SBA 7(a) non-affiliate investments period over period.

Other Income

Other income relates primarily to legal, packaging, prepayment, and late fees earned from SBA 7(a) loans. The increase was
related to an increase in legal, prepayment and packaging fees earned as a result of the larger dollar volume of loans originated.
Expenses:
(in thousands)
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
Change
Salaries and benefits
$
3,484

 
$
5,212

 
$
(1,728
)
Interest
4,712

 
3,792

 
920

Depreciation and amortization
124

 
116

 
8

Professional fees
643

 
587

 
56

Origination and servicing
2,128

 
2,168

 
(40
)
Origination and servicing - related party
2,471

 

 
2,471

Change in fair value of contingent consideration liabilities
9

 
7

 
2

Other general and administrative costs
1,657

 
1,656

 
1

Total expenses
$
15,228

 
$
13,538

 
$
1,690

Salaries and Benefits

As discussed below, the decrease in salaries and benefits was the result of certain NSBF employees being hired by SBL. SBL is a lender service provider that, effective January 1, 2019, provides NSBF with loan origination and servicing functions performed by its employees. As a result, costs related to these employees previously included in salaries and benefits, are included in origination and servicing - related party.
Interest Expense
The following is a summary of interest expense by facility for the three months ended June 30, 2019 and 2018:

203


(in thousands)
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
Change
Notes payable - Securitization Trusts
$
2,630

 
$
2,108

 
$
522

Bank notes payable
618

 
261

 
357

Notes due 2022
177

 
177

 

Notes due 2023
1,016

 
1,009

 
7

Notes payable - related parties
270

 
232

 
38

Other
1

 
5

 
(4
)
Total interest expense
$
4,712

 
$
3,792

 
$
920


The increase in interest expense period over period is primarily related to interest from the Notes payable - Securitization Trusts, and Bank notes payable. The increase from Notes payable - Securitization Trusts was the result of an additional securitization transaction completed in November 2018. The increase in interest expense from Bank Notes payable was related to an increase in the average outstanding balance period over period.

Origination and Servicing - Related Party

The increase in origination and servicing expenses was attributed to $2,471,000 of origination and servicing costs incurred from SBL. Effective January 1, 2019, certain employees performing origination and servicing functions were hired by SBL. As a result, costs related to these employees previously included in salaries and benefits, are included in origination and servicing - related party.
Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains from SBA non-affiliate investments for the three months ended June 30, 2019 and 2018 were $12,051,000 and $10,319,000, respectively, which included realized losses of $971,000 and $550,000, respectively.

Net Realized Gains on SBA Non-Affiliate Investments
 
Three Months Ended
 
June 30, 2019
 
June 30, 2018
(in thousands)
# of Debt Investments
 
$ Amount
 
# of Debt Investments
 
$ Amount
SBA non-affiliate investments originated during the quarter
176

 
$
122,600

 
147

 
$
106,451

SBA guaranteed non-affiliate investments sold during the quarter
170

 
$
95,960

 
130

 
$
78,064

Realized gains recognized on sale of SBA guaranteed non-affiliate investments

 
$
13,022

 

 
$
10,869

Average sale price as a percent of principal balance (1)

 
111.52
%
 

 
111.67
%

(1) Realized gains greater than 110.00% must be split 50/50 with the SBA in accordance with SBA regulations. The realized gains recognized above reflects amounts net of split with the SBA.

Net Unrealized Appreciation (Depreciation) on Investments

(in thousands)
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
Change
Net unrealized (depreciation) appreciation on SBA guaranteed non-affiliate investments
$
(382
)
 
$
105

 
$
(487
)
Net unrealized (depreciation) appreciation on SBA unguaranteed non-affiliate investments
(4,572
)
 
1,702

 
(6,274
)
Net unrealized appreciation (depreciation) on controlled investments
4,865

 
(1,250
)
 
6,115

Change in deferred taxes
(1,294
)
 
326

 
(1,620
)
Total net unrealized (depreciation) appreciation on investments
$
(1,383
)
 
$
883

 
$
(2,266
)


204


Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments relates to guaranteed portions of SBA debt investments made which the Company sells into a secondary market. Unrealized appreciation of SBA guaranteed investments represents the fair value adjustment of guaranteed portions of loans which have not yet been sold. Unrealized depreciation represents the reversal of unrealized appreciation when the SBA 7(a) loans are sold.

Net Unrealized Appreciation (Depreciation) on Controlled Investments

(in thousands)
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
Change
Newtek Merchant Solutions, LLC (NMS)
$
5,000

 
$

 
$
5,000

International Professional Marketing, Inc.
600

 

 
600

SIDCO, LLC
(600
)
 

 
(600
)
PMTWorks Payroll, LLC
(152
)
 
(100
)
 
(52
)
banc-serv Partners, LLC (BSP)
(44
)
 
(1,000
)
 
956

Newtek Insurance Agency, LLC

 
(150
)
 
150

Newtek Conventional Lending, LLC
61

 

 
61

Total net unrealized appreciation (depreciation) on controlled investments
$
4,865

 
$
(1,250
)
 
$
6,115


Unrealized appreciation related to our investment in NMS was related to an increase in revenue and EBITDA projections.

During the three months ended June 30, 2019 and 2018, the Company contributed $152,000 and $100,000, respectively to PMT for working capital needs. Based on PMT’s inability to generate sufficient cash flows and their continued losses, the Company recognized unrealized depreciation of $152,000 and $170,000, respectively.

The Company contributed $44,000 in capital to BSP during the three months ended June 30, 2019 for legal fees and other working capital needs which increased the cost basis in BSP. The Company recognized $44,000 in unrealized depreciation on BSP during the three months ended June 30, 2019.

Provision for Deferred Taxes on Unrealized Appreciation of Investments

Certain consolidated subsidiaries of ours are subject to U.S. federal and state income taxes. These taxable subsidiaries are not consolidated with the Company for income tax purposes, but are consolidated for GAAP purposes, and may generate income tax liabilities or assets from temporary differences in the recognition of items for financial reporting and income tax purposes at the subsidiaries. During the three months ended June 30, 2019 and 2018, we recognized a provision for deferred taxes of $1,294,000 and benefit for deferred taxes of $326,000 related to the net unrealized appreciation and depreciation of controlled portfolio company investments, respectively.
Comparison of the six months ended June 30, 2019 and 2018
Investment Income
(in thousands)
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
 
Change
Investment income:
 
 
 
 
 
Interest income
$
14,468

 
$
11,026

 
$
3,442

Dividend income
6,009

 
5,210

 
799

Servicing income
4,931

 
4,073

 
858

Other income
2,487

 
2,163

 
324

Total investment income
$
27,895

 
$
22,472

 
$
5,423

Interest Income
The increase in interest income was attributable to the average outstanding performing portfolio of SBA non-affiliate investments increasing to $326,546,000 from $271,379,000 for the six months ended June 30, 2019 and 2018, respectively,

205


combined with an increase in the Prime Rate from 4.75% to 5.50% over the twelve month period. The increase in the average outstanding performing portfolio resulted from the origination of new SBA non-affiliate investments period over period.
Dividend Income
(in thousands)
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
 
Change
Newtek Merchant Solutions, LLC (NMS)
$
5,375

 
$
3,500

 
$
1,875

Premier Payments LLC (1)

 
800

 
(800
)
International Professional Marketing, Inc.

 
125

 
(125
)
SIDCO, LLC
400

 
500

 
(100
)
United Capital Source LLC (UCS)

 
275

 
(275
)
Mobil Money, LLC
175

 

 
175

EMCAP Loan Holdings, LLC
59

 
10

 
49

Total dividend income
$
6,009

 
$
5,210

 
$
799

(1)On December 31, 2018, Premier was merged into NMS.

Dividend income increased $799,000 period over period based on each portfolio company’s financial results. Dividend income from NMS and Premier combined, increased $1,075,000. We earned $175,000 of dividend income from Mobil Money, a controlled portfolio company which we invested in May 2018. These increases were offset by a decrease in dividend income from UCS of $275,000 as a result of our sale of UCS in October 2018. Dividend income is dependent on portfolio company earnings. Current quarter dividend income may not be indicative of future period dividend income.
NSBF Servicing Portfolio and Related Servicing Income
The following table represents the NSBF originated servicing portfolio and servicing income earned for the six months ended June 30, 2019 and 2018:
(in thousands):
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
 
 Change
Total NSBF originated servicing portfolio (1)
$
1,624,625

 
$
1,328,824

 
$
295,801

Total servicing income earned
$
4,931

 
$
4,073

 
$
858

(1) Of this amount, the total average NSBF originated portfolio earning servicing income was $1,134,841,000 and $929,786,000 for the six months ended June 30, 2019 and 2018, respectively.
The increase in servicing income was attributable to the increase in total portfolio investments for which we earn servicing income. The portfolio earning servicing income increased $205,055,000 period over period. The increase was attributable to an increase in SBA 7(a) non-affiliate investments period over period.

Other Income

Other income relates primarily to legal, packaging, prepayment, and late fees earned from SBA 7(a) loans. The increase was
related to an increase in legal, prepayment and packaging fees earned as a result of the larger dollar volume of loans originated.

206


Expenses:
(in thousands)
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
 
Change
Salaries and benefits
$
7,072

 
$
10,090

 
$
(3,018
)
Interest
9,447

 
7,304

 
2,143

Depreciation and amortization
253

 
236

 
17

Professional fees
1,627

 
1,527

 
100

Origination and servicing
3,781

 
3,773

 
8

Origination and servicing - related party
4,659

 

 
4,659

Change in fair value of contingent consideration liabilities
55

 
17

 
38

Loss on extinguishment of debt

 
1,059

 
(1,059
)
Other general and administrative costs
3,084

 
3,373

 
(289
)
Total expenses
$
29,978

 
$
27,379

 
$
2,599

Salaries and Benefits

As discussed below, the decrease in salaries and benefits was the result of certain NSBF employees being hired by SBL. SBL is a lender service provider that, effective January 1, 2019, provides NSBF with loan origination and servicing function performed by its employees. As a result, costs related to these employees previously included in salaries and benefits, are included in origination and servicing - related party.
Interest Expense
The following is a summary of interest expense by facility for the six months ended June 30, 2019 and 2018:
(in thousands)
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
 
Change
Notes payable - Securitization Trusts
$
5,675

 
$
4,090

 
$
1,585

Bank notes payable
908

 
370

 
538

Notes due 2022
353

 
353

 

Notes due 2021

 
718

 
(718
)
Notes due 2023
2,031

 
1,419

 
612

Notes payable - related parties
474

 
344

 
130

Other
6

 
10

 
(4
)
Total interest expense
$
9,447

 
$
7,304

 
$
2,143


The increase in interest expense period over period is primarily related to interest from the Notes payable - Securitization Trusts, Bank notes payable and 2023 Notes. The increase from Notes payable - Securitization Trusts was the result of an additional securitization transaction completed in November 2018. We recognized $2,031,000 of interest expense attributable to the 2023 Notes which represented a full period of interest as compared to partial period of interest during the six months ended June 30, 2018. These increases were offset by the decrease in interest expense related the 2021 Notes of $718,000 as a result of our redemption of the 2021 Notes in March 2018 and issuance of $57,500,000 of 2023 Notes. The increase in interest expense from Bank Notes payable was related to an increase in the average outstanding balance period over period.

During the six months ended June 30, 2018, we redeemed all $40,250,000 in aggregate principal amount of the 2021 Notes at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from December 31, 2017, through, but excluding, the Redemption Date. As a result, we recorded loss on extinguishment of debt of $1,059,000.



207


Origination and Servicing - Related Party

The increase in origination and servicing expenses was attributed to $4,659,000 of origination and servicing costs incurred from SBL. Effective January 1, 2019, certain employees performing origination and servicing functions were hired by SBL. As a result, costs related to these employees previously included in salaries and benefits, are included in origination and servicing - related party.
Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains from SBA non-affiliate investments for the six months ended June 30, 2019 and 2018 were $21,395,000 and $20,200,000, respectively, which included realized losses of $1,373,000 and $944,000, respectively.

Net Realized Gains on SBA Non-Affiliate Investments
 
Six Months Ended
 
June 30, 2019
 
June 30, 2018
(in thousands)
# of Debt Investments
 
$ Amount
 
# of Debt Investments
 
$ Amount
SBA non-affiliate investments originated during the quarter
296

 
$
220,379

 
256

 
$
197,812

SBA guaranteed non-affiliate investments sold during the quarter
287

 
$
170,062

 
244

 
$
151,245

Realized gains recognized on sale of SBA guaranteed non-affiliate investments

 
$
22,768

 

 
$
21,145

Average sale price as a percent of principal balance (1)

 
111.33
%
 

 
111.74
%

(1) Realized gains greater than 110.00% must be split 50/50 with the SBA in accordance with SBA regulations. The realized gains recognized above reflects amounts net of split with the SBA.

Net Unrealized Appreciation (Depreciation) on Investments

(in thousands)
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
 
Change
Net unrealized depreciation on SBA guaranteed non-affiliate investments
$
(312
)
 
$
(175
)
 
$
(137
)
Net unrealized (depreciation) appreciation on SBA unguaranteed non-affiliate investments
(1,943
)
 
2,694

 
(4,637
)
Net unrealized appreciation (depreciation) on controlled investments
2,918

 
(80
)
 
2,998

Change in deferred taxes
(765
)
 
27

 
(792
)
Total net unrealized (depreciation) appreciation on investments
$
(102
)
 
$
2,466

 
$
(2,568
)

Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments relates to guaranteed portions of SBA debt investments made which the Company sells into a secondary market. Unrealized appreciation of SBA guaranteed investments represents the fair value adjustment of guaranteed portions of loans which have not yet been sold. Unrealized depreciation represents the reversal of unrealized appreciation when the SBA 7(a) loans are sold.


208


Net Unrealized Appreciation (Depreciation) on Controlled Investments

(in thousands)
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
 
Change
Newtek Merchant Solutions, LLC (NMS)
$
5,000

 
$
5,000

 
$

Newtek Technology Solutions, Inc. (NTS)
(1,500
)
 
(1,200
)
 
(300
)
International Professional Marketing, Inc.
600

 

 
600

SIDCO, LLC
(920
)
 

 
(920
)
PMTWorks Payroll, LLC
(337
)
 
(170
)
 
(167
)
banc-serv Partners, LLC (BSP)
(286
)
 
(2,960
)
 
2,674

Small Business Lending, LLC
300

 
(400
)
 
700

Newtek Insurance Agency, LLC

 
(350
)
 
350

Newtek Conventional Lending, LLC
61

 

 
61

Total net unrealized appreciation (depreciation) on controlled investments
$
2,918

 
$
(80
)
 
$
2,998


Unrealized appreciation related to our investment in NMS was related to an increase in revenue and EBITDA projections.

Unrealized depreciation related to our investment in NTS was primarily due to the Company’s inability to add sufficient new business and resulting decline in revenue.

During the six months ended June 30, 2019 and 2018, the Company contributed $337,000 and $170,000, respectively to PMT for working capital needs. Based on PMT’s inability to generate sufficient cash flows and their continued losses, the Company recognized unrealized depreciation of $337,000 and $170,000, respectively.

The Company contributed $286,000 in capital to BSP during the six months ended June 30, 2019 for legal fees and other working capital needs which increased the cost basis in BSP. The Company recognized $286,000 in unrealized depreciation on BSP during the six months ended June 30, 2019.

Provision for Deferred Taxes on Unrealized Appreciation of Investments

Certain consolidated subsidiaries of ours are subject to U.S. federal and state income taxes. These taxable subsidiaries are not consolidated with the Company for income tax purposes, but are consolidated for GAAP purposes, and may generate income tax liabilities or assets from temporary differences in the recognition of items for financial reporting and income tax purposes at the subsidiaries. During the six months ended June 30, 2019 and 2018, we recognized a provision for deferred taxes of $765,000 and benefit for deferred taxes of $27,000 related to the net unrealized appreciation and depreciation of controlled portfolio company investments, respectively.


209


Liquidity and Capital Resources
Overview

Our liquidity and capital resources are derived from our Capital One Facility, Notes payable - related parties, 2022 Notes, 2023 Notes, securitization transactions and cash flows from operations, including investment sales and repayments, and income earned. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our borrowings and the proceeds from the turnover of our portfolio and from public and private offerings of securities to finance our investment objectives. We may raise additional equity or debt capital through both registered offerings off a shelf registration, including “At-The-Market”, or ATM, and private offerings of securities. As of June 30, 2019, our asset coverage was 178% based on $375,058,000 of aggregate principal amount of senior securities outstanding. On April 27, 2018, we announced that our Board, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of the Board, approved a proposal to reduce our asset coverage requirement as set forth in Section 61(a)(2) of the 1940 Act, from 200% to 150%, pursuant to recent modifications included in the Small Business Credit Availability Act. Such change would have been effective April 27, 2019. However, on July 26, 2018, our stockholders approved a proposal to reduce our asset coverage requirement to 150%, effective July 27, 2018.

Public Offerings

ATM Program

The ATM Equity Distribution Agreement provides that we may offer and sell up to 4,400,000 shares of common stock from time to time through the Placement Agents. From inception through June 30, 2019, we sold 1,618,375 shares of our common stock at a weighted average price of $18.07 per share. Proceeds, net of offering costs and expenses were $28,466,000.

We used the net proceeds for funding investments in debt and equity securities in accordance with our investment objective and strategies and for general corporate purposes including funding investments, repaying outstanding indebtedness and other general corporate purposes.

As of June 30, 2019, there were 2,781,625 shares of common stock available for sale under the ATM Equity Distribution Agreement. The Company terminated the ATM Equity Distribution Agreement effective as of July 9, 2019. See Note 16 - Subsequent Events for additional information.

Debt Offerings

In July 2019, the Company and the Trustee entered into the Fourth Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $55,000,000 aggregate principal amount of 5.75% Notes due 2024. See “Recent Developments - Debt Offering” for more information.

In February 2018, the Company and the Trustee entered into the Third Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $50,000,000 aggregate principal amount of 6.25% Notes due 2023. The Company granted an overallotment option of up to $7,500,000 in aggregate principal amount of the 2023 Notes. The sale of the Notes generated proceeds of approximately $47,901,000, net of underwriter's fees and expenses. In February 2018, the underwriters exercised their option to purchase $7,500,000 in aggregate principal amount of notes for an additional $7,275,000 in net proceeds. The 2023 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2023 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.

The 2023 Notes will mature on March 1, 2023 and may be redeemed in whole or in part at the Company’s option at any time or from time to time on or after March 1, 2020, at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. The 2023 Notes bear interest at a rate of 6.25% per year payable quarterly on March 1, June 1, September 1, and December 1 of each year, commencing on June 1, 2018, and trade on the Nasdaq Global Market under the trading symbol “NEWTI.”


210


The Base Indenture, as supplemented by the Third Supplemental Indenture, contains certain covenants including covenants requiring the Company to comply with (regardless of whether it is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a) of the 1940 Act (or any successor provisions), to comply with (regardless of whether it is subject to) the restrictions on dividends, distributions and purchase of capital stock set forth in Section 18(a)(1)(B) of the 1940 Act as modified by Section 61(a) of the 1940 Act and to provide financial information to the holders of the 2023 Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Base Indenture, as supplemented by the First Supplemental Indenture. The Base Indenture provides for customary events of default and further provides that the Trustee or the holders of 25% in aggregate principal amount of the outstanding 2023 Notes may declare such 2023 Notes immediately due and payable upon the occurrence of any event of default after expiration of any applicable grace period. At June 30, 2019, the Company was in compliance with all covenants related to the 2023 Notes.

In April 2016, the Company and the Trustee, entered into the Second Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $35,000,000 aggregate principal amount of 7.0% Notes due 2021. The Company granted an overallotment option of up to $5,250,000 in aggregate principal amount of the 2021 Notes. The sale of the Notes generated proceeds of approximately $33,750,000, net of underwriter's fees and expenses. In May 2016, the underwriters exercised their option to purchase $5,250,000 in aggregate principal amount of notes for an additional $5,066,000 in net proceeds. The 2021 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2021 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.

On March 22, 2018, the Company redeemed all $40,250,000 in aggregate principal amount of the 2021 Notes at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from December 31, 2017, through, but excluding, the Redemption Date.

In September 2015, the Company and the Trustee entered into the Base Indenture and the First Supplemental Indenture relating to the Company's issuance, offer, and sale of $8,324,000, including the underwriter's partial exercise of their over-allotment option, in aggregate principal amount of the 7.5% Notes due 2022. The 2022 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2022 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries. The 2022 Notes will mature on September 30, 2022 and may be redeemed in whole or in part at the Company’s option at any time or from time to time on or after September 23, 2018, at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. Proceeds net of offering costs and expenses were $7,747,000.

The Base Indenture, as supplemented by the First Supplemental Indenture, contains certain covenants including covenants requiring the Company to comply with (regardless of whether it is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a)(1) of the 1940 Act, to comply with the restrictions on dividends, distributions and purchase of capital stock set forth in Section 18(a)(1)(B) of the 1940 Act as modified by Section 61(a) of the 1940 Act (or any successor provisions), and to provide financial information to the holders of the 2022 Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Base Indenture, as supplemented by the Second Supplemental Indenture. The Base Indenture provides for customary events of default and further provides that the Trustee or the holders of 25% in aggregate principal amount of the outstanding 2022 Notes may declare such 2022 Notes immediately due and payable upon the occurrence of any event of default after expiration of any applicable grace period. At June 30, 2019, the Company was in compliance with all covenants related to the 2022 Notes.

Capital One Facilities

In May 2017, NSBF amended its Capital One facility to increase the facility from $50,000,000 to $100,000,000 and reduce the interest rate. The facility was amended again in June 2018 and the portion of the facility collateralized by the government guaranteed portion of SBA 7(a) loans, was reduced to Prime minus 0.75% (previously Prime minus 0.25%). The interest rate on the portion of the facility, collateralized by the non-guaranteed portion of SBA 7(a) loans, was reduced to Prime plus 0.25%

211


(previously Prime plus 0.75%). The facility provides for a 55% advance rate on the non-guaranteed portions of the SBA 7(a) loans NSBF originates, and a 90% advance rate on the guaranteed portions of SBA 7(a) loans NSBF originates. In addition, the amendment extended the date on which the facility will convert to a term loan from May 16, 2017 to May 11, 2020 and extended the maturity date of the facility to May 11, 2022. In June 2019, the facility was increased from $100,000,000 to $150,000,000.

At June 30, 2019, we had $45,709,000 and $48,900,000 outstanding under the unguaranteed and guaranteed lines of credit, respectively. At June 30, 2019, we were in full compliance with all applicable loan covenants.

Notes Payable - Related Parties

In June 2015, the Company entered into the Related Party RLOC with certain controlled portfolio companies. Maximum borrowings under the Related Party RLOC were $38,000,000.

In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50,000,000. The outstanding balance had an interest rate equal to 1 month LIBOR (with a floor of 0.50%) plus 6.0% or at a rate equal to the greater of the Prime Rate or 3.5% plus 5.0%. In November 2018, the Related Party RLOC was amended to reduce the interest rate to the lesser of 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%.

At June 30, 2019, the Related Party RLOC interest rate was 4.94%. The Related Party RLOC has a maturity date of November 8, 2023. Outstanding borrowings at June 30, 2019 were $24,063,000.

Securitization Transactions

Since 2010, NSBF has engaged in securitizations of the unguaranteed portions of its SBA 7(a) loans. In the securitization, it uses a special purpose entity (the “Trust”) which is considered a variable interest entity. Applying the consolidation requirements for VIEs under the accounting rules in ASC Topic 860, Transfers and Servicing, and ASC Topic 810, Consolidation, which became effective January 1, 2010, the Company determined that as the primary beneficiary of the securitization vehicle, based on its power to direct activities through its role as servicer for the Trust and its obligation to absorb losses and right to receive benefits, it needed to consolidate the Trusts. NSBF therefore consolidated the entity using the carrying amounts of the Trust’s assets and liabilities. NSBF reflects the assets in SBA Unguaranteed Non-Affiliate Investments and reflects the associated financing in Notes Payable - Securitization trusts on the Condensed Consolidated Statements of Assets and Liabilities.

In November 2016, NSBF completed its seventh securitization which resulted in the transfer of $56,073,000 of unguaranteed portions of SBA loans to the 2016-1 Trust.  The 2016-1 Trust in turn issued securitization notes for the par amount of $53,444,000, consisting of $43,632,000 Class A notes and $9,812,000 of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB+” rating by S&P, respectively, and the final maturity date of the notes is February 2042. The Class A and Class B notes bear interest at a rate of 1 month LIBOR plus 3.0% and 4.25%, respectively.

In December 2017, NSBF completed its eighth securitization which resulted in the transfer of $76,188,000 of unguaranteed portions of SBA loans to the 2017-1 Trust.  The 2017-1 Trust in turn issued securitization notes for the par amount of $75,426,000, consisting of $58,111,000 Class A notes and $17,315,000 of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is February 2043. The Class A and Class B notes bear interest at a rate of 1 month LIBOR plus 2.0% and 3.0%, respectively.

In October 2018, the 2013-1 Trust was terminated as a result of NSBF purchasing the 2013-1 Trust assets, with the 2013-1 Trust’s noteholders receiving the redemption price. Certain of the 2013-1 Trust’s assets were subsequently transferred to the 2018-1 Trust.

In November 2018, NSBF completed its ninth securitization which resulted in the transfer of $108,551,000 of unguaranteed portions of SBA loans to the 2018-1 Trust.  The 2018-1 Trust in turn issued securitization notes for the par amount of $108,551,000, consisting of $82,876,000 Class A notes and $25,675,000 of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is February 2044.


212


In March 2019, the 2010-1 Trust was terminated as a result of NSBF purchasing the 2010-1 Trust assets, with the 2010-1 Trust’s noteholders receiving the redemption price. 
Cash Flows and Liquidity
As of June 30, 2019, the Company’s unused sources of liquidity consisted of $8,613,000 available through the Capital One facility; $13,637,000 available through notes payable with related parties; $3,585,000 in unrestricted cash and $9,000 in money market funds.

Restricted cash of $26,094,000 as of June 30, 2019 is primarily held by NSBF. The majority, or $25,342,000 of restricted cash includes reserves in the event payments are insufficient to cover interest and/or principal with respect to securitizations and loan principal and interest collected which are due to loan participants.

The Company generated and used cash as follows:
(in thousands)
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
Net cash used in operating activities
$
(26,712
)
 
$
(12,638
)
Net cash used in investing activities
(111
)
 
(208
)
Net cash provided by financing activities
25,152

 
20,584

Net (decrease) increase in cash and restricted cash
(1,671
)
 
7,738

Cash and restricted cash, beginning of period
31,350

 
20,538

Cash and restricted cash, end of period
$
29,679

 
$
28,276

During the six months ended June 30, 2019, operating activities used cash of $26,712,000, consisting primarily of (i) an increase in broker receivables which arise from the guaranteed portions of SBA 7(a) loans that were traded but had not settled before period end and represent the amount of cash due from the purchasing broker; the amount varies depending on loan origination volume and timing of sales at quarter end, (ii) $220,379,000 of SBA 7(a) loan investments funded and (iii) $6,198,000 of investments in controlled portfolio companies.
These decreases were offset by (i) $192,830,000 of proceeds from the sale of SBA 7(a) guaranteed loan investments (ii)$20,930,000 of principal payments received from SBA non-affiliate investments.
Net cash provided by financing activities was $25,152,000 consisting primarily of (i) net borrowings of $59,909,000 from our bank notes payable, (ii) net borrowings of $7,223,000 under the Related Party RLOC and (iii) $3,650,000 of net proceeds from the sale of common shares under the ATM Equity Distribution Agreement.
These increases were offset by (i) $15,836,000 of dividend payments and (ii) $29,661,000 of principal payments related to securitization notes payable.
Contractual Obligations
The following table represents the Company’s obligations and commitments as of June 30, 2019:
(in thousands)
Payments due by period
Contractual Obligations
Total
 
2019
 
2020
 
2021
 
2022
 
2023
 
Thereafter
Bank notes payable
$
94,609

 
$
48,900

 
$

 
$

 
$
45,709

 
$

 
$

Securitization notes payable (1)
201,859

 

 

 

 

 

 
201,859

Notes due 2022 (1)
8,324

 

 

 

 
8,324

 

 

Notes due 2023 (1)
57,500

 

 

 

 

 
57,500

 

Notes payable - related parties
24,063

 

 

 
24,063

 

 

 

Employment agreements
1,152

 
768

 
384

 

 

 

 

Operating leases
12,594

 
841

 
1,662

 
1,563

 
1,576

 
1,619

 
5,333

Totals
$
400,101

 
$
50,509

  
$
2,046

  
$
25,626

 
$
55,609

 
$
59,119

 
$
207,192

(1) Amounts represent principal only and are not shown net of unamortized debt issuance costs. See Note 7.

213


Critical Accounting Policies and Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting policies.
Fair Value Measurements

We value investments for which market quotations are readily available at their market quotations. However, a readily available market value is not expected to exist for many of the investments in our portfolio, and we value these portfolio investments at fair value as determined in good faith by our Board under our valuation policy and process. We may seek pricing information with respect to certain of our investments from pricing services or brokers or dealers in order to value such investments. We also employ independent third party valuation firms for certain of our investments for which there is not a readily available market value. 

The application of our valuation methods may include comparisons of the portfolio companies to peer companies that are public, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, discounted cash flow, the markets in which the portfolio company does business and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we will consider the pricing indicated by the external event to corroborate the private equity valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from values that may ultimately be received or settled.

Our Board is ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels for disclosure purposes. The Company carries all investments at fair value. Additionally, the Company carries its servicing assets at fair value. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of the significant input to its valuation. The levels of the fair value hierarchy are as follows:
 
 
 
Level 1
  
Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury, other U.S. Government and agency mortgage-backed debt securities that are highly liquid and are actively traded in over-the-counter markets.
 
 
Level 2
  
Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. Government and agency mortgage-backed debt securities, corporate debt securities, derivative contracts and residential mortgage loans held-for-sale.
 
 
Level 3
  
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain private equity investments, retained residual interests in securitizations, residential mortgage servicing rights, and highly structured or long-term derivative contracts.


214


Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of certain portfolio investments without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process.


When determining fair value of Level 3 debt and equity investments, the Company may take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary methods for determining enterprise value include a discounted cash flow analysis and a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA or revenue. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value.

In addition, for certain debt investments, the Company may base its valuation on quotes provided by an independent third party broker. 

For certain investments, the Company generally calculates the fair value of the investment primarily based on the net asset NAV of the entity and adjusts the fair value for other factors that would affect the fair value of the investment. The Company uses this valuation approach for its investment in NCL.

Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company may realize significantly less than the value at which such investment had previously been recorded. 

The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

Changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. We determine the fair value of each individual investment and record changes in fair value as unrealized appreciation or depreciation. Our investment portfolio is carried on the consolidated statements of assets and liabilities at fair value with any adjustments to fair value recognized as "Net unrealized appreciation (depreciation)" on the consolidated statements of operations until the investment is realized, usually upon exit, resulting in any gain or loss being recognized as a "Net realized gains (losses)."
Our Board has the final responsibility for overseeing, reviewing and approving, in good faith, our determination of the fair value for our investment portfolio and our valuation procedures, consistent with 1940 Act requirements. We believe our investment portfolio as of June 30, 2019 and December 31, 2018 approximates fair value as of those dates based on the markets in which we operate and other conditions in existence on those reporting dates.

Income Recognition

Interest on loan investments is accrued and included in income based on contractual rates applied to principal amounts outstanding. Interest income is determined using a method that results in a level rate of return on principal amounts outstanding. When a loan becomes 90 days or more past due, or if we otherwise do not expect to receive interest and principal repayments, the loan is placed on non-accrual status and the recognition of interest income is discontinued. Interest payments received on loans that are on non-accrual status are treated as reductions of principal until the principal is repaid.


215


We receive servicing income related to the guaranteed portions of SBA loan investments which we sell into the secondary market. These recurring fees are earned and recorded daily. Servicing income is earned for the full term of the loan or until the loan is repaid.

We receive a variety of fees from borrowers in the ordinary course of conducting our business, including packaging fees, legal fees, late fees and prepayment fees. All other income is recorded when earned.

Dividend income is recorded at the time dividends are declared. Distributions of earnings from a portfolio companies are evaluated to determine if the distribution is income, return of capital or realized gain.
Income Taxes

Deferred tax assets and liabilities are computed based upon the differences between the financial statement and income tax basis of assets and liabilities using the enacted tax rates in effect for the year in which those temporary differences are expected to be realized or settled. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized.

The Company’s U.S. federal and state income tax returns prior to fiscal year 2015 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.

The Company has elected to be treated as a RIC under the Code beginning with the 2015 tax year and operates in a manner so as to continue to qualify for the tax treatment applicable to RICs. The RIC tax return includes Newtek Business Services Corp. and NSBF, a single member LLC disregarded for tax purposes. None of the Company’s other subsidiaries are included in the RIC tax return. The Company will evaluate and record any deferred tax assets and liabilities of the subsidiaries that are not included in the RIC tax return. In order to maintain its RIC tax treatment, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least 90% of investment company taxable income, as defined by the Code, for each tax year. The Company intends to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to any income that is distributed to its stockholders as dividends.

Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the six months ended June 30, 2019 and 2018, no U.S. federal excise taxes were due.

The Company’s Taxable Subsidiaries accrue income taxes payable based on the applicable corporate rates on the net unrealized appreciation generated by the controlled investments held by the Taxable Subsidiaries. Such deferred tax liabilities amounted to $10,005,000 and $9,241,000 at June 30, 2019 and December 31, 2018, respectively, and are recorded as deferred tax liabilities on the condensed consolidated statements of assets and liabilities. The change in deferred tax liabilities is included as a component of net unrealized appreciation (depreciation) on investments in the condensed consolidated statements of operations.

Recently Adopted Accounting Standards

In February 2016, the FASB issued ASU 2016-02, “Leases,” which amends various aspects of existing accounting guidance for leases, including the recognition of a right of use asset and a lease liability for leases with a duration of greater than one year.
The Company adopted ASC 842 on January 1, 2019 using the modified transition method. As part of the transition to ASC 842, the Company elected the package of practical expedients that allowed it to not reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. The Company recognized the cumulative effect of applying ASC 842 as an opening balance sheet adjustment at January 1, 2019. The comparative information has not been retrospectively adjusted and continues to be reported under the accounting standards in effect for those periods.The adoption of ASC 842 did not have a material impact on the Company’s accompanying condensed consolidated statements of assets and liabilities, statements of operations or statements of cash flows. Due to the adoption of ASC 842, the Company recognized operating lease right-of-use assets and lease liabilities

216


for its operating leases with lease terms greater than one year. The Company expects the adoption of ASC 842 will not materially impact its results of operations, financial condition, or cash flows on an ongoing basis.

New Accounting Standards

 In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820)”, which is intended to improve fair value and defined benefit disclosure requirements by removing disclosures that are not cost-beneficial, clarifying disclosures' specific requirements, and adding relevant disclosure requirements. The ASU is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements and related disclosures.
Off Balance Sheet Arrangements
There were no off balance sheet arrangements as of June 30, 2019.
Recent Developments

Termination of the Equity Distribution Agreement

On July 8, 2019, the Company gave notice to terminate the Equity Distribution Agreement, with such termination effective as of July 9, 2019. Under the Equity Distribution Agreement, the Company could offer up to 4,400,000 shares of the Company’s common stock from time to time through the Prior Placement Agents. As of July 9, 2019, the Company had sold 1,618,375 shares of its common stock under the Equity Distribution Agreement, and received net proceeds of $28,732,000. The Company paid the Prior Placement Agents $586,000 in compensation in connection therewith.

Common Stock

On July 10, 2019, the Company entered into the 2019 ATM Equity Distribution Agreement. The 2019 ATM Equity Distribution Agreement provides that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the Placement Agents.

From July 1, 2019 through August 8, 2019 the Company sold 25,000 shares of its common stock at a weighted average price of $21.95 per share under the 2019 ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $538,000. As of August 8, 2019, there were 2,975,000 shares of common stock available for sale under the 2019 ATM Equity Distribution Agreement.

Debt Offering

On July 25, 2019, the Company closed a public offering of $55,000,000 in aggregate principal amount of its 2024 Notes. The 2024 Notes will mature on August 1, 2024 and may be redeemed in whole or in part at any time or from time to time at Newtek’s option on or after August 1, 2021. The 2024 Notes bear interest at a rate of 5.75% per year payable quarterly on August 1, November 1, February 1 and May 1, of each year, beginning November 1, 2019. Total net proceeds received after deducting underwriters’ discount and expenses was $53,313,000. The 2024 Notes are listed on the Nasdaq Global Market under the trading symbol “NEWTL” and were rated “A-“ by Egan-Jones. A portion of the proceeds will be used to redeem the outstanding 7.50% 2022 Notes pending the conclusion of a 30-day notice period to existing holders of the 2022 Notes. In August 2019, the underwriters exercised their option to purchase an additional $8,250,000 in aggregate principal amount of the 2024 Notes resulting in an additional $8,003,000 in net proceeds.

On July 29, 2019, the Company issued redemption notices to the holders of the 2022 Notes. The Company will redeem all $8,324,000 in aggregate principal amount of the Notes on the redemption date of August 29, 2019 at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from July 1, 2019, through, but excluding, the redemption date.

Securitization Activity

On July 25, 2019, the 2014-1 Trust was terminated as a result of NSBF purchasing the 2014-1 Trust assets, with the 2014-1 Trust’s noteholders receiving the redemption price.


217


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
We consider the principal types of risk in our investing activities to be fluctuations in interest rates and loan portfolio valuations and the availability of the secondary market for our SBA loans. Risk management systems and procedures are designed to identify and analyze our risks, to set appropriate policies and limits and to continually monitor these risks and limits by means of reliable administrative and information systems and other policies and programs.
NSBF primarily lends at an interest rate of prime, which resets on a quarterly basis, plus a fixed margin. The Capital One revolver lines are on a prime plus or minus a fixed factor basis and the securitization notes are at prime or 1 month LIBOR, plus a fixed margin, whichever is less. As a result, the Company believes it has matched its cost of funds to its interest income in its financing activities. However, because of the differential between the amount lent and the smaller amount financed a significant change in market interest rates will have a material effect on our income. In periods of sharply rising interest rates, our cost of funds will increase at a slower rate than the interest income earned on the loans we have originated; this should improve our net investment income, holding all other factors constant. However, a reduction in interest rates will result in the Company experiencing a reduction in investment income; that is, its interest income will decline more quickly than interest expense resulting in a net reduction of benefit to investment income.

NSBF depends on the availability of secondary market purchasers for the guaranteed portions of SBA loans and the premium received on such sales to support its lending operations. During the third quarter of 2018, sale prices for guaranteed portions of SBA 7(a) loans was negatively impacted by market conditions, in particular a higher interest rate environment, which led to higher prepayments during the period, resulting in lower sale prices in the secondary market. A continuation or further reduction in the price of guaranteed SBA 7(a) loans could negatively impact our business.
We do not have significant exposure to changing interest rates on invested cash (includes cash and cash equivalents, restricted cash and money market funds) which was approximately $29,688,000 at June 30, 2019. We do not purchase or hold derivative financial instruments for trading purposes. All of our transactions are conducted in U.S. dollars and we do not have any foreign currency or foreign exchange risk. We do not trade commodities or have any commodity price risk.

We believe that we have placed our demand deposits, cash investments and their equivalents with high credit-quality financial institutions. The Company invests cash not held in interest free checking accounts or bank money market accounts mainly in U.S. Treasury only money market instruments or funds and other investment-grade securities. As of June 30, 2019, cash deposits in excess of insured amounts totaled approximately $16,176,000.

218


ITEM 4. CONTROLS AND PROCEDURES.

As of June 30, 2019 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Accounting Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act). Based on that evaluation, our management, including our Chief Executive Officer and Chief Accounting Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Accounting Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.


219


PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.

In the ordinary course of business, the Company and its wholly-owned portfolio companies may from time to time be party to lawsuits and claims. The Company evaluates such matters on a case by case basis and its policy is to contest vigorously any claims it believes are without compelling merit. The Company is not currently involved in any litigation matters that are expected to have a material impact on the Company’s financial condition.

ITEM 1A. RISK FACTORS.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties that are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. There have been no material changes from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2018.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.
Number
 
Description
 
 
 
 
 
 
 
 
 
* Filed herewith
** Furnished herewith

220


SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
NEWTEK BUSINESS SERVICES CORP.
 
 
 
Date: August 9, 2019
By:
/S/    BARRY SLOANE        
 
 
Barry Sloane
 
 
Chief Executive Officer, President and Chairman of the Board
(Principal Executive Officer)
 
 
 
Date: August 9, 2019
By:
/S/    CHRISTOPHER TOWERS       
 
 
Christopher Towers
 
 
Chief Accounting Officer
(Principal Financial Officer and Principal Accounting Officer)



221