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

FORM 10-Q

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

For the quarterly period ended June 30, 2018

OR

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

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


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

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



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



Defined Terms

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

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

Table of Contents

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




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

 
$
278,034

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

 
25,490

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

 
153,156

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

 
—

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

 
9

Total investments at fair value
487,722

 
456,689

Cash
3,575

 
2,464

Restricted cash
24,701

 
18,074

Broker receivable
10,978

 
8,539

Due from related parties
3,126

 
2,255

Servicing assets, at fair value
20,663

 
19,359

Other assets
11,048

 
12,231

Total assets
$
561,813

 
$
519,611

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

 
$
—

Notes due 2022 (Note 7)
7,977

 
7,936

Notes due 2021 (Note 7)
—

 
39,114

Notes due 2023 (Note 7)
55,326

 
—

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

 
162,201

Notes payable - related parties
16,275

 
7,001

Due to related parties
107

 
—

Deferred tax liabilities
8,136

 
8,164

Accounts payable, accrued expenses and other liabilities
20,340

 
16,866

Total liabilities
279,533

 
241,282

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

 
—

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

 
369

Additional paid-in capital
250,854

 
247,363

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

Net unrealized appreciation, net of deferred taxes
20,838

 
20,448

Net realized gains/(losses)
15,610

 
(4,643
)
Total net assets
282,280

 
278,329

Total liabilities and net assets
$
561,813

 
$
519,611

Net asset value per common share
$
15.06

 
$
15.08


1
See accompanying notes to unaudited condensed consolidated financial statements.



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

 
$
4,635

 
$
10,677

 
$
8,870

Servicing income
2,008

 
1,723

 
4,073

 
3,369

Other income
1,108

 
896

 
2,163

 
1,561

Total investment income from non-affiliate investments
8,619

 
7,254

 
16,913

 
13,800

From Non-control/affiliate investments
 
 
 
 
 
 
 
Dividend income
10

 
—

 
10

 
—

Total investment income from non-control/affiliate investments
10

 
—

 
10

 
—

From controlled investments:
 
 
 
 
 
 
 
Interest income
200

 
121

 
349

 
268

Dividend income
2,575

 
2,475

 
5,200

 
4,775

Other income
—

 
54

 
—

 
54

Total investment income from controlled investments
2,775

 
2,650

 
5,549

 
5,097

Total investment income
11,404

 
9,904

 
22,472

 
18,897

Expenses:
 
 
 
 
 
 
 
Salaries and benefits
5,212

 
4,980

 
10,090

 
9,631

Interest
3,792

 
2,617

 
7,304

 
5,147

Depreciation and amortization
116

 
96

 
236

 
185

Professional fees
587

 
602

 
1,527

 
1,449

Origination and servicing
2,168

 
1,269

 
3,773

 
2,653

Change in fair value of contingent consideration liabilities
7

 
—

 
17

 
—

Loss on extinguishment of debt
—

 
—

 
1,059

 
—

Other general and administrative costs
1,656

 
2,020

 
3,373

 
3,605

Total expenses
13,538

 
11,584

 
27,379

 
22,670

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

 
8,914

 
20,200

 
17,599

Net realized gain on controlled investments
52

 
—

 
52

 
—

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

 
(63
)
 
(175
)
 
50

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

 
1,817

 
2,694

 
1,261

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

 
976

 
27

 
410

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

 
$
8,610

 
$
20,640

 
$
16,608

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

 
$
6,930

 
$
15,733

 
$
12,835

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

 
$
0.40

 
$
0.85

 
$
0.76

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

2
See accompanying notes to unaudited condensed consolidated financial statements.



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

 
$
0.44

 
$
0.82

 
$
0.76

Weighted average number of shares outstanding
18,680

 
17,345

 
18,588

 
16,867


3
See accompanying notes to unaudited condensed consolidated financial statements.



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

Net change in unrealized appreciation on investments
388

Net increase in net assets resulting from operations
15,733

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

Stock-based compensation expense
242

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

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

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

Total increase in net assets
3,951

Net assets at beginning of period
278,329

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

Common shares outstanding at end of period
15,745

Capital share activity:
 
Shares issued under dividend reinvestment plan
19

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

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

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

Net increase in capital activity
288


4
See accompanying notes to unaudited condensed consolidated financial statements.




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

 
$
12,835

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

 
1,743

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

 
969

Realized gains on controlled investments
(52
)
 
—

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

 
—

Change in fair value of contingent consideration liabilities
17

 
—

Loss on extinguishment of debt
1,059

 
—

Amortization of deferred financing costs
836

 
794

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

 
185

Purchase of loans from SBA
—

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

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

Funding of non-control/non-affiliate investment
—

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

 
138,526

Proceeds from sale of controlled investment
2,502

 
—

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

 
50

Principal received from controlled investments
8,450

 
6,559

Principal received on SBA non-affiliate investments
21,145

 
14,508

Other, net
568

 
1,110

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

 
1,106

Accounts payable, accrued expenses and other liabilities
2,261

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

 
34,945

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

 
39,450


5
See accompanying notes to unaudited condensed consolidated financial statements.



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

 
14,341

Proceeds from Notes due 2023
57,500

 
—

Redemption of Notes due 2021
(40,250
)
 
—

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

Other, net
—

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

 
57,672

Net increase in cash and restricted cash
7,738

 
4,248

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

 
22,896

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

 
$
27,144

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

 
$
62

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

 
$
—

Issuance of common shares under dividend reinvestment plan
$
346

 
$
91

            


6
See accompanying notes to unaudited condensed consolidated financial statements.




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

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

 
$
91.3

 
$
91.3

 
$
92.2

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

 
237.5

 
237.5

 
238.3

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

 
58.8

 
58.8

 
52.7

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

 
47.5

 
47.5

 
41.9

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

 
83.8

 
83.8

 
73.9

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

 
18.0

 
18.0

 
16.0

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

 
1,000.0

 
1,000.0

 
1,083.6

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

 
28.8

 
28.8

 
31.2

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

 
53.3

 
53.3

 
54.9

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

 
16.1

 
16.1

 
14.1

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

 
354.5

 
354.5

 
372.5

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

 
50.0

 
50.0

 
44.1

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

 
22.5

 
22.5

 
20.1

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

 
106.3

 
106.3

 
109.1

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

 
925.0

 
925.0

 
837.8

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

 
306.0

 
306.0

 
294.8

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

 
68.8

 
68.8

 
62.0

 
0.02
%

7
See accompanying notes to unaudited condensed consolidated financial statements.



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

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

 
781.4

 
781.4

 
712.1

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

 
275.0

 
275.0

 
258.1

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

 
139.8

 
139.8

 
151.4

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

 
15.0

 
15.0

 
13.2

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

 
78.8

 
78.8

 
82.9

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

 
663.8

 
663.8

 
667.9

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

 
586.3

 
586.3

 
559.3

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

 
250.0

 
250.0

 
254.6

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

 
142.5

 
142.5

 
137.7

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

 
125.0

 
125.0

 
110.2

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

 
19.0

 
19.0

 
19.6

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

 
18.8

 
18.8

 
16.9

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

 
621.0

 
621.0

 
551.3

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

 
500.0

 
500.0

 
541.8

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

 
817.5

 
817.5

 
720.4

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

 
90.0

 
90.0

 
88.9

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

 
425.0

 
425.0

 
438.3

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

 
275.0

 
275.0

 
295.8

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

 
126.0

 
126.0

 
133.7

 
0.05
%

8
See accompanying notes to unaudited condensed consolidated financial statements.



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

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

 
150.0

 
150.0

 
154.7

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

 
932.6

 
932.6

 
832.3

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

 
216.3

 
216.3

 
234.3

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

 
6.0

 
6.0

 
5.7

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

 
46.3

 
46.3

 
48.4

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

 
32.2

 
32.2

 
34.9

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

 
13.2

 
13.2

 
12.7

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

 
156.3

 
156.3

 
144.8

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

 
22.5

 
22.5

 
21.9

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

 
621.8

 
621.8

 
610.0

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

 
97.5

 
97.5

 
97.2

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

 
502.8

 
502.8

 
467.0

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

 
50.0

 
50.0

 
45.6

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

 
42.8

 
42.8

 
45.8

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

 
180.0

 
180.0

 
159.5

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

 
13.2

 
13.2

 
11.6

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

 
380.7

 
380.7

 
384.6

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

 
43.0

 
43.0

 
45.9

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

 
8.3

 
8.3

 
7.4

 
—
%

9
See accompanying notes to unaudited condensed consolidated financial statements.



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

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

 
791.5

 
791.5

 
710.8

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

 
131.3

 
131.3

 
142.2

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

 
50.0

 
50.0

 
53.1

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

 
137.0

 
137.0

 
138.6

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

 
48.7

 
48.7

 
42.9

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

 
22.5

 
22.5

 
19.9

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

 
74.3

 
74.3

 
66.1

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

 
250.0

 
250.0

 
220.5

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

 
23.9

 
23.9

 
23.3

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

 
83.8

 
83.8

 
80.5

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

 
53.0

 
53.0

 
46.8

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

 
272.8

 
272.8

 
285.5

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

 
125.0

 
125.0

 
110.2

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

 
142.8

 
142.8

 
125.8

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

 
48.7

 
48.7

 
47.7

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

 
87.5

 
87.5

 
80.7

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

 
68.7

 
68.7

 
61.6

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

 
250.0

 
250.0

 
232.7

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

 
1,250.0

 
1,250.0

 
1,354.5

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

 
22.5

 
22.5

 
19.8

 
0.01
%

10
See accompanying notes to unaudited condensed consolidated financial statements.



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

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

 
69.2

 
69.2

 
75.0

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

 
175.0

 
175.0

 
157.8

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

 
100.8

 
100.8

 
89.7

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

 
86.7

 
86.7

 
93.9

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

 
50.0

 
50.0

 
51.9

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

 
261.0

 
261.0

 
265.7

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

 
100.0

 
100.0

 
90.0

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

 
5.4

 
5.4

 
4.8

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

 
109.8

 
109.8

 
97.1

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

 
62.1

 
62.1

 
54.7

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

 
250.0

 
250.0

 
220.3

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

 
8.3

 
8.3

 
7.3

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

 
321.3

 
321.3

 
324.3

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

 
150.0

 
150.0

 
139.1

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

 
22.5

 
22.5

 
23.2

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

 
7.5

 
7.5

 
7.7

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

 
4.5

 
4.5

 
4.0

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

 
42.5

 
42.5

 
37.5

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

 
11.3

 
11.3

 
10.0

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

 
41.2

 
41.2

 
36.3

 
0.01
%

11
See accompanying notes to unaudited condensed consolidated financial statements.



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

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

 
10.5

 
10.5

 
9.7

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

 
43.8

 
43.8

 
45.4

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

 
11.3

 
11.3

 
10.0

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

 
78.7

 
78.7

 
73.7

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

 
267.5

 
267.5

 
255.0

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

 
725.0

 
725.0

 
785.6

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

 
22.4

 
22.4

 
19.7

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

 
60.0

 
60.0

 
57.3

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

 
50.0

 
50.0

 
44.1

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

 
240.0

 
240.0

 
233.2

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

 
20.3

 
20.3

 
18.6

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

 
95.0

 
95.0

 
98.0

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

 
107.2

 
107.2

 
99.7

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

 
16.2

 
16.2

 
17.6

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

 
3.0

 
3.0

 
2.6

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

 
1,248.6

 
1,248.6

 
1,352.9

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

 
102.4

 
102.4

 
106.7

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

 
9.7

 
9.7

 
8.5

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

 
11.9

 
11.9

 
10.5

 
—
%

12
See accompanying notes to unaudited condensed consolidated financial statements.



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

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

 
16.0

 
16.0

 
14.1

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

 
14.7

 
14.7

 
13.1

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

 
311.5

 
311.5

 
294.1

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

 
10.1

 
10.1

 
8.9

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

 
160.1

 
160.1

 
173.5

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

 
49.7

 
49.7

 
43.9

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

 
516.4

 
516.4

 
474.2

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

 
22.4

 
22.4

 
19.7

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

 
74.6

 
74.6

 
73.7

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

 
14.9

 
14.9

 
13.2

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

 
212.4

 
212.4

 
206.1

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

 
111.9

 
111.9

 
115.4

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

 
14.5

 
14.5

 
13.5

 
—
%
Digzy Dogz and Grill LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/20/2028

 
8.9

 
8.9

 
8.6

 
—
%
Nando LLC dba Tall Timbers Banquet and Conference Center
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/20/2028

 
20.1

 
20.1

 
18.2

 
0.01
%
Just for Boats LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/20/2043

 
17.5

 
17.5

 
18.9

 
0.01
%
Spitnale's Garage LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/20/2043

 
60.2

 
60.2

 
62.1

 
0.02
%
Means Enterprises LLC
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
4/18/2028

 
7.5

 
7.5

 
6.6

 
—
%
James L Shoemaker APCC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/18/2028

 
16.0

 
16.0

 
14.1

 
—
%
Rosemarie Products Company LLC
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
4/18/2028

 
14.9

 
14.9

 
13.1

 
—
%

13
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Veterinary Preventive Care, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/18/2028

 
46.5

 
46.5

 
42.4

 
0.02
%
A New Dawn Psychotherapy Associates, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/18/2043

 
87.4

 
87.4

 
88.0

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

 
22.5

 
22.5

 
22.4

 
0.01
%
Southern Oaks Athletic Club, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/17/2043

 
271.6

 
271.6

 
294.3

 
0.10
%
The Vine, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/17/2028

 
15.4

 
15.4

 
14.0

 
—
%
Southern HVAC LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/17/2028

 
39.8

 
39.8

 
37.6

 
0.01
%
1301 Starks Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
4/16/2028

 
22.4

 
22.4

 
22.4

 
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

 
43.4

 
43.4

 
45.0

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

 
22.4

 
22.4

 
21.4

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

 
202.3

 
202.3

 
215.5

 
0.08
%
Mark Baker
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
4/9/2028

 
11.9

 
11.9

 
10.8

 
—
%
Innovation Transport LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
4/6/2028

 
51.0

 
51.0

 
48.6

 
0.02
%
Newsome Mobile Notary L.L C.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/5/2028

 
5.2

 
5.2

 
4.6

 
—
%
Shree Lakshminarayyn Grocery Stores LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
4/5/2043

 
119.9

 
119.9

 
125.2

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

 
94.4

 
94.4

 
99.1

 
0.04
%
Alaska Industrial Paint LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/30/2043

 
222.5

 
222.5

 
231.5

 
0.08
%
B&C Texas Leasing Inc and M&W Hot Oil, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
968.8

 
968.8

 
924.3

 
0.33
%
GQ Investments, LLC
 
Electrical Equipment, Appliance, and Component Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
208.1

 
208.1

 
187.1

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

 
347.9

 
347.9

 
356.8

 
0.13
%
Payne's Environmental Services LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
224.0

 
224.0

 
212.2

 
0.08
%

14
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Alaska Industrial Paint LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
123.3

 
123.3

 
122.0

 
0.04
%
Michael S Brown Physical Therapy, P.C
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
97.1

 
97.1

 
85.6

 
0.03
%
Arrow Freight Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
692.0

 
692.0

 
609.0

 
0.22
%
B&C Texas Leasing Inc.,M & W Hot Oil, Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/30/2043

 
269.3

 
269.3

 
270.9

 
0.10
%
Fifth Wheel Truck Stop 001
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/30/2043

 
1,143.7

 
1,143.7

 
1,134.8

 
0.40
%
Technical Ordnance Solutions,LLC
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
1,178.9

 
1,178.9

 
1,045.8

 
0.37
%
Master Roofing and Siding Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/30/2028

 
262.0

 
262.0

 
230.6

 
0.08
%
America's Little Leaders Academy, Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/30/2043

 
22.4

 
22.4

 
23.6

 
0.01
%
Boulevard Books Inc.
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
3/30/2043

 
121.0

 
121.0

 
126.6

 
0.04
%
Kaz Wellness, LLC dba Grounded Wellness Center
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2028

 
15.7

 
15.7

 
14.5

 
0.01
%
Hot Shot Services, Inc and TFB, Ltd Co
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2043

 
399.0

 
399.0

 
432.1

 
0.15
%
Lou & Choo Enterprises Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/28/2043

 
21.5

 
21.5

 
23.3

 
0.01
%
Kenneth Whelchel dba Whelchel Fencing and Construction
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/28/2028

 
64.6

 
64.6

 
59.9

 
0.02
%
Bebos Inc dba Pizza Hut & Sunoco
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/28/2028

 
215.4

 
215.4

 
205.8

 
0.07
%
Cartwright Termite & Pest Control Inc. and Cartwright Termite & Pest Co.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/28/2028

 
230.1

 
230.1

 
216.6

 
0.08
%
Montage Mountain Resorts, LP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/28/2043

 
1,247.0

 
1,247.0

 
1,350.4

 
0.48
%
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

 
86.5

 
86.5

 
89.1

 
0.03
%
Clancy 15 LLC and Allied Molded Products LLC
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/28/2043

 
214.4

 
214.4

 
214.8

 
0.08
%
Clancy 15 LLC and Allied Molded Products LLC
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/28/2028

 
152.8

 
152.8

 
144.9

 
0.05
%
K.C. Communications, Inc.
 
Telecommunications
 
Term Loan
 
Prime plus 2.75%
 
3/27/2028

 
61.8

 
61.8

 
63.7

 
0.02
%

15
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Towing Professionals of Arizona Inc dba Shamrock Towing
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/26/2028

 
148.3

 
148.3

 
136.0

 
0.05
%
Towing Professionals of Arizona Inc dba Shamrock Towing
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/26/2043

 
537.4

 
537.4

 
520.8

 
0.18
%
Cable Management, LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
97.9

 
97.9

 
93.3

 
0.03
%
Aque Investment Group LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
262.5

 
262.5

 
268.9

 
0.10
%
All Regional Recyclers of Wood LLC dba ARROW
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
129.8

 
129.8

 
123.5

 
0.04
%
Shweiki Media Inc dba Study Breaks Magazine
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
74.1

 
74.1

 
74.6

 
0.03
%
Sunshine Tents and Event Rentals LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
61.0

 
61.0

 
62.9

 
0.02
%
Denton BioFuels LLC and American BioSource, LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
96.4

 
96.4

 
89.8

 
0.03
%
Sofasco, Inc
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/23/2043

 
99.8

 
99.8

 
99.2

 
0.04
%
Kajun Martial Arts LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
22.2

 
22.2

 
19.9

 
0.01
%
New York Label & Box Corp
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/23/2043

 
1,247.0

 
1,247.0

 
1,288.5

 
0.46
%
ME Interiors LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/22/2028

 
18.5

 
18.5

 
16.3

 
0.01
%
GeoTek Alaska, Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2043

 
847.9

 
847.9

 
881.0

 
0.31
%
Rexco Foods LLC dba Papa John's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/20/2028

 
42.0

 
42.0

 
37.0

 
0.01
%
RTSP Union LLC
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
3/20/2028

 
348.5

 
348.5

 
359.0

 
0.13
%
TX Superior Communications, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/19/2028

 
92.2

 
92.2

 
84.6

 
0.03
%
Cest Chic Concepts, LLC dba Salon Cest Chic
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/19/2028

 
11.1

 
11.1

 
10.0

 
—
%
Petroleum Equipment & Services, Inc
 
Support Activities for Mining
 
Term Loan
 
Prime plus 2.75%
 
3/16/2028

 
247.2

 
247.2

 
251.5

 
0.09
%
Camerabots Media, LLC
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
3/16/2028

 
14.8

 
14.8

 
13.4

 
—
%

16
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Car Pro Auto Spa of Stuart, LLC dba Tide Pools Island Gifts
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/16/2028

 
22.2

 
22.2

 
22.9

 
0.01
%
Rojenco II, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/15/2043

 
401.5

 
401.5

 
428.5

 
0.15
%
Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/15/2043

 
517.8

 
517.8

 
552.6

 
0.20
%
Bear Bones, Inc.
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/15/2043

 
22.4

 
22.4

 
23.8

 
0.01
%
CTD Operations Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/15/2028

 
60.1

 
60.1

 
53.8

 
0.02
%
Summit Insights Group LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
3/14/2028

 
94.4

 
94.4

 
83.1

 
0.03
%
Bovill Creative LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
3/14/2028

 
53.8

 
53.8

 
55.4

 
0.02
%
SRG Waterfront LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/9/2028

 
308.9

 
308.9

 
275.5

 
0.10
%
Dante Ultimate Cleaning Service LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/9/2028

 
10.1

 
10.1

 
9.5

 
—
%
^HG Ventures, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/9/2028

 
132.4

 
132.4

 
116.5

 
0.04
%
2b Mom Inc dba Mom's the Word Maternity
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
3/9/2028

 
96.5

 
96.5

 
85.0

 
0.03
%
Bee Kidz Funzone Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/9/2028

 
143.5

 
143.5

 
132.1

 
0.05
%
Integrity Machinery Moving, LLC
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/8/2028

 
22.2

 
22.2

 
22.9

 
0.01
%
Treft Systems Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/8/2028

 
14.8

 
14.8

 
13.1

 
—
%
Play4Fun dba Luv 2 Play
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/7/2028

 
114.3

 
114.3

 
107.5

 
0.04
%
Unpainted Arizona, LLC dba Westside Bowl
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/7/2043

 
62.5

 
62.5

 
67.7

 
0.02
%
Espinoza & Salinas Group Ltd dba Credit 360 Consulting
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/2/2028

 
4.9

 
4.9

 
4.4

 
—
%
BC Bishop Enterprises LLC dba 9Round Pooler
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
3/2/2028

 
8.3

 
8.3

 
7.5

 
—
%

17
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Stepping Stones Childrens Academy
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/2/2043

 
253.3

 
253.3

 
267.6

 
0.09
%
The Law Offices of Samuel R Miller LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2043

 
118.6

 
118.6

 
127.9

 
0.05
%
Connie Engelbrecht
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/28/2028

 
2.9

 
2.9

 
2.7

 
—
%
Merciful Heavenly Homes, LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
2/28/2043

 
65.8

 
65.8

 
71.1

 
0.03
%
Urban Fitness Group LLC dba Crunch Fitness Group LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2028

 
172.2

 
172.2

 
177.4

 
0.06
%
Carey Collision Repairs Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
2/27/2028

 
73.7

 
73.7

 
66.6

 
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

 
353.7

 
353.7

 
383.0

 
0.14
%
Purely Seed LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
2/26/2028

 
122.9

 
122.9

 
108.1

 
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

 
5.1

 
5.1

 
4.5

 
—
%
Jackpine Technologies Corporation
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
2/22/2028

 
77.7

 
77.7

 
74.7

 
0.03
%
Crossfit iQ LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/21/2028

 
41.8

 
41.8

 
37.8

 
0.01
%
Wellfleet Consulting Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/21/2028

 
14.7

 
14.7

 
13.0

 
—
%
New View Media Group LLC
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
2/16/2028

 
81.1

 
81.1

 
83.5

 
0.03
%
Town & Country Transportation Co.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/16/2028

 
65.1

 
65.1

 
67.1

 
0.02
%
Lulinjett LLC dba All American Printing & Design
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
2/14/2043

 
105.9

 
105.9

 
114.6

 
0.04
%
Margab Inc dba Smoothie King
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/13/2028

 
12.5

 
12.5

 
11.3

 
—
%
JumboMarkets, Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/13/2028

 
203.9

 
203.9

 
185.7

 
0.07
%
Start "UP" Dreams, Inc dba SDC Concrete and Start"UP" Dream Construction
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/9/2028

 
73.7

 
73.7

 
68.5

 
0.02
%
Tony Herring & Associates, Inc.
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
2/9/2028

 
8.1

 
8.1

 
8.1

 
—
%

18
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Quality Machine of Iowa, Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/9/2028

 
1,250.0

 
1,250.0

 
1,196.2

 
0.42
%
Apps Inc., Market Share, and Singular Leaseholdings LLC
 
Telecommunications
 
Term Loan
 
Prime plus 2.75%
 
2/8/2028

 
515.8

 
515.8

 
454.0

 
0.16
%
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

 
77.2

 
77.2

 
70.5

 
0.02
%
Macrotech Integrated Management Solutions dba Extreme Lawn Care
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
2/5/2028

 
11.8

 
11.8

 
12.2

 
—
%
Midlothian Hardware Inc dba Grills True Value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
2/2/2028

 
14.7

 
14.7

 
15.0

 
0.01
%
M&R Wong LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
2/1/2028

 
11.8

 
11.8

 
10.4

 
—
%
Chace Building Supply of CT Inc.
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
1/31/2043

 
299.0

 
299.0

 
323.7

 
0.11
%
Rocco's Landscaping LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
1/31/2043

 
74.6

 
74.6

 
80.8

 
0.03
%
USA General Investment LLC dba Braniff Paint and Body Shop
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
1/31/2028

 
14.7

 
14.7

 
13.2

 
—
%
WydeBodi, LLC dba Wyde Bodi Auto Tags
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
1/30/2043

 
47.3

 
47.3

 
49.4

 
0.02
%
New Phaze Packaging Inc
 
Paper Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
1/26/2043

 
954.5

 
954.5

 
1,026.3

 
0.36
%
Parati USA Inc
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
1/25/2028

 
22.0

 
22.0

 
19.3

 
0.01
%
Concrete Services LLC and James Ward
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
1/25/2028

 
97.7

 
97.7

 
91.0

 
0.03
%
Southside BBQ Corp
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/25/2028

 
19.0

 
19.0

 
19.6

 
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

 
134.3

 
134.3

 
138.4

 
0.05
%
Tier 1 Solutions LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/23/2028

 
7.3

 
7.3

 
6.6

 
—
%
Friend Contractors, LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
1/19/2043

 
231.4

 
231.4

 
238.2

 
0.08
%
Weeping Willow Kennels, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/19/2028

 
10.3

 
10.3

 
10.5

 
—
%
Lavish Specs Inc
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
1/19/2028

 
7.3

 
7.3

 
6.4

 
—
%

19
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Driven Warehouse/Distribution LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
1/18/2028

 
129.6

 
129.6

 
114.1

 
0.04
%
MedWorxs Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/18/2028

 
76.9

 
76.9

 
67.7

 
0.02
%
Lou & Choo Enterprises Inc dba Lou & Choo Lounge
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/18/2043

 
114.4

 
114.4

 
117.0

 
0.04
%
Specialized Dairy Processors LLC and Nathaly Zapata
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/16/2028

 
63.5

 
63.5

 
55.9

 
0.02
%
Human Resource Time Manager LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/8/2028

 
15.1

 
15.1

 
15.6

 
0.01
%
Impress Therapeutic Massage LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
1/8/2043

 
62.7

 
62.7

 
66.0

 
0.02
%
Sandfree Systems LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
1/5/2028

 
7.3

 
7.3

 
7.6

 
—
%
Crad Holding LLC dba Neighborhood Laundry of Bloomfield
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/5/2028

 
61.0

 
61.0

 
54.2

 
0.02
%
Social Link LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/29/2027

 
10.9

 
10.9

 
9.5

 
—
%
Morrocco Method, Inc
 
Chemical Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/27/2042

 
855.9

 
855.9

 
882.1

 
0.31
%
Anglin Cultured Stone Products LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/27/2042

 
639.7

 
639.7

 
628.1

 
0.22
%
Landmark Ventures USA Inc
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
60.7

 
60.7

 
52.9

 
0.02
%
^Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diagnostics
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
755.7

 
755.7

 
668.0

 
0.24
%
^TrialHawk Litigation Group LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
15.3

 
15.3

 
13.3

 
—
%
^Salida Family Chiropractic-PPLC dba Salida Sport and Spine
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
11.7

 
11.7

 
10.2

 
—
%
^Advance Case Parts Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
48.1

 
48.1

 
45.8

 
0.02
%
Muckamuck Trucks, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
13.4

 
13.4

 
12.7

 
—
%
O'Rourke's Diner, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
3.6

 
3.6

 
3.5

 
—
%

20
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Dudeck Enterprise LLC dba Detail Garage Las Vegas
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
15.8

 
15.8

 
16.2

 
0.01
%
Driven Warehouse/Distribution LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
730.1

 
730.1

 
636.7

 
0.23
%
Bisson Transportation Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
72.8

 
72.8

 
70.9

 
0.03
%
Anderson Farms Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
1,228.3

 
1,228.3

 
1,082.8

 
0.38
%
^Medical Plaza of Boro Park PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
60.7

 
60.7

 
52.9

 
0.02
%
Jacliff Investments Inc dba International Heal
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
48.6

 
48.6

 
42.3

 
0.01
%
^Street Magic Enterprise LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
86.3

 
86.3

 
83.1

 
0.03
%
^Tropical Stone LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
182.1

 
182.1

 
186.8

 
0.07
%
Ameco Forest Products LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
170.3

 
170.3

 
174.7

 
0.06
%
DHD Enterprise LLC dba Edible Arrangements #1699
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
22.2

 
22.2

 
20.2

 
0.01
%
^Blue Lagoon Resort, LLC dba Hill View Cottages
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/21/2042

 
188.3

 
188.3

 
203.0

 
0.07
%
^CT Auto Spa LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
209.7

 
209.7

 
211.7

 
0.07
%
^DBMS Consulting, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2027

 
72.8

 
72.8

 
69.2

 
0.02
%
Best Quality Home Care LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
12/19/2027

 
7.7

 
7.7

 
6.7

 
—
%
^CZAR Industries, Inc.
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/19/2027

 
255.3

 
255.3

 
237.6

 
0.08
%
^Auto Excellence of Fort Myers Inc.
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/19/2042

 
105.6

 
105.6

 
113.9

 
0.04
%
^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

 
115.3

 
0.04
%
^1-0 Granny's Helpful Hands, LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
21.8

 
21.8

 
19.2

 
0.01
%
^Galaforo Construction and Companies LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/15/2042

 
207.8

 
207.8

 
214.4

 
0.08
%
^Crystal II Auto Glass Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
14.6

 
14.6

 
12.7

 
—
%
^Demand Printing Solutions Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
17.3

 
17.3

 
16.3

 
0.01
%

21
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Ocean Trans LLC & Dehal Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/15/2042

 
606.2

 
606.2

 
595.8

 
0.21
%
^Galaforo Construction LLC and Paul M Galaforo, Jr.
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
336.5

 
336.5

 
293.5

 
0.10
%
^Legion Bowl, Inc & Legion Pub Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/15/2042

 
331.5

 
331.5

 
357.6

 
0.13
%
^Montessori Community School
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
60.7

 
60.7

 
57.2

 
0.02
%
^Capital Containers LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
21.8

 
21.8

 
19.5

 
0.01
%
^Peanut Butter & Co., Inc
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
218.5

 
218.5

 
190.5

 
0.07
%
^JMD Aviation Holdings, LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
485.5

 
485.5

 
486.8

 
0.17
%
Neville Galvanizing, Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2042

 
625.0

 
625.0

 
634.2

 
0.22
%
^Barcade Holdings, LLC ,Barcade LLC,& Barcade New Haven LLC
 
Management of Companies and Enterprises
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
121.4

 
121.4

 
106.8

 
0.04
%
^KR Calvert & Co, LLC
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
455.0

 
455.0

 
398.5

 
0.14
%
Royalty Freight Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
649.4

 
649.4

 
566.3

 
0.20
%
^Atlas Geo-Constructors, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
295.2

 
295.2

 
283.2

 
0.10
%
^LP Industries Inc. dba Childforms
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
73.1

 
73.1

 
70.6

 
0.03
%
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

 
978.3

 
978.3

 
860.2

 
0.30
%
^AADJ Empire Inc and AADJ Galaxy Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/14/2042

 
180.1

 
180.1

 
180.3

 
0.06
%
^Heung Kyun Im
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
15.0

 
15.0

 
13.1

 
—
%
^Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
93.7

 
93.7

 
92.1

 
0.03
%
^Hardway Inc & AFC Leasing Inc
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
12/13/2027

 
910.4

 
910.4

 
793.9

 
0.28
%
^Nichols Fire and Security LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/13/2042

 
87.0

 
87.0

 
88.9

 
0.03
%
Polymer Dynamics, Inc and Carl Bent
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
70.4

 
70.4

 
71.6

 
0.03
%

22
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^LPB LPB Property Management Inc dba Wilderness View Cabins
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
12/12/2042

 
99.4

 
99.4

 
106.6

 
0.04
%
A-1 Van Services Inc
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
697.8

 
697.8

 
672.8

 
0.24
%
^Clore Construction LLC
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
449.7

 
449.7

 
427.7

 
0.15
%
^Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
485.5

 
485.5

 
423.4

 
0.15
%
^Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
48.6

 
48.6

 
42.3

 
0.01
%
^Big Picture Group LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
364.1

 
364.1

 
331.2

 
0.12
%
^The Ohio Valley Group Inc dba Ohio Valley Landscapes & Design
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
14.6

 
14.6

 
13.1

 
—
%
^Clear Sound Communications, Inc
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/8/2027

 
3.6

 
3.6

 
3.2

 
—
%
^AV Strategy Inc
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
12/8/2027

 
429.7

 
429.7

 
400.7

 
0.14
%
^JVLS LLC dba Vaccines 2 Go
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/7/2027

 
14.6

 
14.6

 
12.7

 
—
%
^Kim Howard Corp dba NPN Machine Tools
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/7/2042

 
572.4

 
572.4

 
614.8

 
0.22
%
^IHC Hardware Inc.
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/6/2042

 
99.4

 
99.4

 
98.2

 
0.03
%
^ODS Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/6/2027

 
47.6

 
47.6

 
43.9

 
0.02
%
^Earth First Recycling LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/6/2027

 
72.8

 
72.8

 
72.6

 
0.03
%
^Driven Powersports, Inc
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/6/2027

 
85.0

 
85.0

 
74.1

 
0.03
%
^Affordable Auto Transport LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/5/2027

 
7.3

 
7.3

 
6.6

 
—
%
^Healthcare Interventions, Inc
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/4/2027

 
14.6

 
14.6

 
12.7

 
—
%
Oil Palace, Inc.
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
12/4/2042

 
983.7

 
983.7

 
1,060.9

 
0.38
%
^PS Camping Inc.
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/1/2027

 
19.1

 
19.1

 
19.3

 
0.01
%

23
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Linda Jean Howard Riley dba The Rusty Bolt
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/1/2042

 
20.9

 
20.9

 
22.5

 
0.01
%
^Salud Bar & Grill LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/1/2027

 
54.6

 
54.6

 
47.9

 
0.02
%
^Square1 Partners, LLC
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
12/1/2027

 
60.8

 
60.8

 
53.0

 
0.02
%
Utara LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/1/2027

 
10.2

 
10.2

 
10.0

 
—
%
^Fortress Verve Inc, Maurice R. Margules and Antonie C. Reinhard
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
126.7

 
126.7

 
125.6

 
0.04
%
^Frontier Sand LLC
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
497.1

 
497.1

 
486.8

 
0.17
%
^WTI Distribution Inc
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
38.6

 
38.6

 
36.4

 
0.01
%
^Create- A- Stitch, Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/30/2042

 
86.8

 
86.8

 
92.3

 
0.03
%
^Skin Beauty Bar Inc. and Tameka J. Mathis
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
8.7

 
8.7

 
7.8

 
—
%
^J. Venture Holdings, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
12.0

 
12.0

 
12.3

 
—
%
^Our Playhouse Preschool, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/29/2042

 
233.8

 
233.8

 
252.2

 
0.09
%
^Clearwater Transportation LTD dba Thrifty Car Rental, Dollar Rent A Car
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
11/29/2027

 
166.5

 
166.5

 
148.5

 
0.05
%
^OPH Lexington, Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/29/2042

 
192.8

 
192.8

 
207.9

 
0.07
%
Amped Coffee Company LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/28/2027

 
60.1

 
60.1

 
61.4

 
0.02
%
Beacon Brewing LLC and C' Sons, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/27/2042

 
118.3

 
118.3

 
127.5

 
0.05
%
^JMD Corporation dba Dart's True Value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/22/2027

 
18.1

 
18.1

 
17.0

 
0.01
%
^Webtez Inc dba Mod Vans
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/22/2027

 
67.6

 
67.6

 
59.2

 
0.02
%
^Step Up Academy of the Arts, LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
11/22/2027

 
15.2

 
15.2

 
13.3

 
—
%
PB Market LLC dba Pure Barre
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2027

 
104.7

 
104.7

 
91.5

 
0.03
%
^Cali Fit Meals
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/21/2027

 
21.7

 
21.7

 
20.5

 
0.01
%

24
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Vision Collision Center LLC dba Integrity Auto Body & Vision Automotive
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/21/2027

 
399.2

 
399.2

 
372.9

 
0.13
%
^Grumpy's Restaurant Company, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/21/2027

 
68.6

 
68.6

 
60.0

 
0.02
%
^Glencadia Corporation
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2027

 
3.6

 
3.6

 
3.1

 
—
%
^B Lam LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/20/2042

 
179.9

 
179.9

 
189.2

 
0.07
%
N Transport LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/20/2027

 
397.0

 
397.0

 
346.2

 
0.12
%
N Transport LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/20/2042

 
175.5

 
175.5

 
162.3

 
0.06
%
^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

 
182.5

 
182.5

 
175.6

 
0.06
%
^Maya Motel, LLC dba Town House Motel
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
11/17/2042

 
56.6

 
56.6

 
61.0

 
0.02
%
^Southern Specialty Contractor, LLC & Ronald David Holbrook Jr.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/17/2027

 
51.1

 
51.1

 
45.1

 
0.02
%
^SSI Refrigerated Express Inc. and Robert M Stallone
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/17/2027

 
62.6

 
62.6

 
55.8

 
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

 
48.3

 
48.3

 
44.1

 
0.02
%
^Ian Winterbotham dba Furnishing America
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
11/17/2027

 
245.0

 
245.0

 
213.7

 
0.08
%
^H & H Hotshot Services, Inc.
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
11/16/2027

 
67.6

 
67.6

 
61.5

 
0.02
%
Murf & Sons LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/16/2027

 
160.5

 
160.5

 
142.8

 
0.05
%
^J R Wholesale Tires & Auto Center, LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/15/2042

 
13.4

 
13.4

 
14.5

 
0.01
%
^Auto Rx LLC, J&P Auto Repair Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/15/2042

 
194.8

 
194.8

 
208.3

 
0.07
%
^Marcaco LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/15/2042

 
672.4

 
672.4

 
705.0

 
0.25
%
Paramount Dance Studios Inc. and Homestead Dance Supply
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/14/2043

 
324.2

 
324.2

 
349.2

 
0.12
%
^GFA International Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/13/2027

 
90.5

 
90.5

 
92.8

 
0.03
%
^Wing King at the Gardens LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/10/2027

 
9.4

 
9.4

 
8.2

 
—
%

25
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Linqserv Inc.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/9/2027

 
595.9

 
595.9

 
564.7

 
0.20
%
^Bobcatt Solutions, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/8/2027

 
91.7

 
91.7

 
86.1

 
0.03
%
^Hofgard & Co, Inc dba Hofgard Benefits and James Marsh
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
11/8/2027

 
14.5

 
14.5

 
12.6

 
—
%
^Street Magic Enterprise LLC dba New Lisbon Travel Mart
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/7/2042

 
419.0

 
419.0

 
433.2

 
0.15
%
^JNP Delivery Inc
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
11/7/2027

 
108.6

 
108.6

 
100.9

 
0.04
%
^His Loving Hands Christian Academy, Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/6/2042

 
91.1

 
91.1

 
95.7

 
0.03
%
^S & S Auto Body Shop Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/3/2042

 
163.8

 
163.8

 
174.8

 
0.06
%
^Sterling Campbell Insurance Agency, Inc
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
11/3/2027

 
7.2

 
7.2

 
6.3

 
—
%
^Top Quality Dent Service LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/2/2027

 
5.8

 
5.8

 
5.1

 
—
%
^American Reclamation LLC
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/1/2027

 
7.3

 
7.3

 
7.1

 
—
%
^ Edge Studios Inc Radiant Yoga LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/1/2027

 
63.9

 
63.9

 
57.1

 
0.02
%
Berza TLG, LLC dba The Little Gym of Lake Charles
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/31/2027

 
40.7

 
40.7

 
36.2

 
0.01
%
^Rachael Reel dba Rachel Reel Insurance Age
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
10/31/2027

 
7.2

 
7.2

 
6.3

 
—
%
^The Five Lakes LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
10/30/2042

 
470.8

 
470.8

 
507.8

 
0.18
%
^Die Hard Used Car Sales
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/30/2042

 
55.8

 
55.8

 
60.2

 
0.02
%
^Blue Eagle Transport Inc, Golden Eagle Transport, Inc & Green Eagle Transport
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
10/27/2027

 
36.0

 
36.0

 
32.3

 
0.01
%
^Sage Oil LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
10/27/2027

 
9.6

 
9.6

 
8.5

 
—
%
^Ashore Ventures Inc dba PuroClean Professional Restoration
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/27/2027

 
14.0

 
14.0

 
12.5

 
—
%
^Cardinal Homes, Inc
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/27/2027

 
104.9

 
104.9

 
107.6

 
0.04
%

26
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Suzie LLC dba Tony D's Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/25/2042

 
86.7

 
86.7

 
92.1

 
0.03
%
^White Walker LLC dba Frenchette
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/25/2027

 
268.9

 
268.9

 
275.8

 
0.10
%
^Grand Blanc Lanes, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/25/2027

 
14.4

 
14.4

 
14.8

 
0.01
%
^Schafer Fisheries Inc
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/25/2027

 
33.6

 
33.6

 
34.5

 
0.01
%
^The Jig, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/24/2042

 
75.1

 
75.1

 
78.5

 
0.03
%
^Action Physical Therapy Yoga and Wellness Center Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/24/2027

 
21.6

 
21.6

 
21.0

 
0.01
%
^Florida Apnea Diagnostics LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/20/2027

 
150.6

 
150.6

 
133.9

 
0.05
%
^Alpha Auto Sales, LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/19/2027

 
76.7

 
76.7

 
78.7

 
0.03
%
^Island Refrigeration & AC Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/18/2042

 
140.5

 
140.5

 
144.4

 
0.05
%
Looky Enterprises, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/18/2027

 
63.8

 
63.8

 
57.1

 
0.02
%
^H and K Dry Cleaning LLC, Quintero Shopping Center LLC, Aqua Laundry
 
Electronics and Appliance Stores
 
Term Loan
 
7.88%
 
10/17/2042

 
65.1

 
65.1

 
70.2

 
0.02
%
^Blueridge Armor LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/17/2027

 
7.9

 
7.9

 
7.4

 
—
%
^Cortez Landscaping, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/13/2027

 
18.4

 
18.4

 
17.0

 
0.01
%
^Albas Bar & Grill LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/13/2042

 
44.6

 
44.6

 
44.3

 
0.02
%
^Crawfordsville Fitness LLC dba Planet Fitness
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/13/2027

 
119.0

 
119.0

 
106.6

 
0.04
%
^On Call Services LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
10/13/2027

 
17.3

 
17.3

 
17.7

 
0.01
%
^JD Ventures LLC and JD Roof Co LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/12/2027

 
21.6

 
21.6

 
19.3

 
0.01
%
Pro Anderson, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/11/2027

 
51.9

 
51.9

 
45.9

 
0.02
%
^Sandbox Ventures LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/11/2027

 
18.0

 
18.0

 
17.5

 
0.01
%
^Eye Optique Inc.
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
10/5/2027

 
14.4

 
14.4

 
12.5

 
—
%

27
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Ains Holding Company LLC
 
Management of Companies and Enterprises
 
Term Loan
 
Prime plus 2.75%
 
10/2/2027

 
78.0

 
78.0

 
69.9

 
0.02
%
^Becky Lou Corp dba Rent A Center
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
10/2/2027

 
87.5

 
87.5

 
81.3

 
0.03
%
^Dan Cline Transport Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/29/2030

 
973.2

 
973.2

 
879.1

 
0.31
%
^Threads of Time LLC
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
136.1

 
136.1

 
138.5

 
0.05
%
^Miechella Suzette Decker
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
99.2

 
99.2

 
106.9

 
0.04
%
^Harco Metal Products Inc
 
Primary Metal Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
486.9

 
486.9

 
476.7

 
0.17
%
^Chicago American Manufacturing LLC, Dockside Steel Processing, LLC
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
1,238.7

 
1,238.7

 
1,282.6

 
0.45
%
^Sashshel Corporation
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
210.4

 
210.4

 
226.7

 
0.08
%
^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

 
879.1

 
0.31
%
^Cagwin Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
321.7

 
321.7

 
341.0

 
0.12
%
^Pets A Go Go LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2042

 
196.8

 
196.8

 
205.9

 
0.07
%
^Rhode Island Tennis Management LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/28/2042

 
544.4

 
544.4

 
552.7

 
0.20
%
^Nicholson Lumber Co Inc.
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/28/2030

 
208.1

 
208.1

 
207.9

 
0.07
%
^Rhode Island Tennis Management LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/28/2042

 
379.1

 
379.1

 
384.9

 
0.14
%
^National Media Services, Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2027

 
17.9

 
17.9

 
15.6

 
0.01
%
^Moreno Brother's Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/28/2027

 
14.3

 
14.3

 
12.5

 
—
%
^Complete Care IT LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2027

 
14.0

 
14.0

 
12.2

 
—
%
^Technologist Inc
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
9/27/2027

 
414.0

 
414.0

 
397.7

 
0.14
%
^Rollins Construction & Trucking LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
9/26/2027

 
325.2

 
325.2

 
320.7

 
0.11
%

28
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Inspirations Food Design, Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/26/2042

 
462.5

 
462.5

 
475.8

 
0.17
%
^Magnation Corporation
 
Utilities
 
Term Loan
 
Prime plus 2.75%
 
9/22/2027

 
47.6

 
47.6

 
48.8

 
0.02
%
^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

 
21.5

 
21.5

 
18.9

 
0.01
%
^KB Waterjet Cutting LLC
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/22/2027

 
9.7

 
9.7

 
9.0

 
—
%
^Sallee Pro-Custom Fabrication Shop LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/21/2027

 
8.6

 
8.6

 
8.8

 
—
%
^Excel, RP Inc.
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
95.3

 
95.3

 
89.0

 
0.03
%
^Denek Contracting Inc and Denek Leasing LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
207.9

 
207.9

 
224.1

 
0.08
%
^Max Home Deliveries, Inc
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
76.9

 
76.9

 
71.2

 
0.03
%
CR Park Incorporated dba Define Body and Mind
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
95.6

 
95.6

 
86.4

 
0.03
%
^Sound Manufacturing, Inc. & Monster Power Equipment, Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
190.6

 
190.6

 
182.6

 
0.06
%
^Alpha Preparatory Academy LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
160.9

 
160.9

 
162.9

 
0.06
%
^Montessori Community School
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
387.8

 
387.8

 
386.3

 
0.14
%
^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

 
979.1

 
979.1

 
945.0

 
0.33
%
^Imagine By Carleen, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
7.1

 
7.1

 
7.0

 
—
%
^Alexander Pierce Corporation
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
618.3

 
618.3

 
629.9

 
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

 
1,131.4

 
0.40
%
^Venus Pizza, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
90.8

 
90.8

 
97.9

 
0.03
%
^Insight Diagnostic Technologist Services
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
291.2

 
291.2

 
264.2

 
0.09
%
^CIS BIG DOG, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/19/2027

 
58.9

 
58.9

 
59.6

 
0.02
%
^Stone's Construction and Remodeling, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/19/2027

 
5.0

 
5.0

 
4.3

 
—
%

29
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Party By Design Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/18/2042

 
1,203.7

 
1,203.7

 
1,214.7

 
0.43
%
^Li Family Spokane LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/15/2042

 
380.6

 
380.6

 
400.6

 
0.14
%
^SD Kickboxing LLC dba CKO Kickboxing Dan Diego
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/15/2027

 
38.1

 
38.1

 
34.7

 
0.01
%
^Clark Realty LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
9/15/2027

 
60.0

 
60.0

 
55.7

 
0.02
%
^Inglis Food Mart Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/15/2027

 
21.4

 
21.4

 
21.6

 
0.01
%
^Clinton Food Market LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/15/2042

 
259.9

 
259.9

 
265.6

 
0.09
%
^Tarleton & Family Landscaping, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/15/2027

 
79.8

 
79.8

 
72.0

 
0.03
%
^Alaska Motor Home Inc
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2027

 
315.9

 
315.9

 
275.1

 
0.10
%
^Fox Valley Rentals & Investments, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 3.75%
 
9/13/2027

 
7.2

 
7.2

 
7.2

 
—
%
^Nails By Mercede LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2027

 
13.6

 
13.6

 
12.8

 
—
%
^Town & Country Transportation Co. and Popco, LLC.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/12/2042

 
167.0

 
167.0

 
180.0

 
0.06
%
^Rajbai Maa Inc. dba Nara Lounge
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/12/2042

 
386.0

 
386.0

 
382.7

 
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

 
7.1

 
7.1

 
7.3

 
—
%
^Health & Performance Center, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/11/2027

 
19.4

 
19.4

 
16.9

 
0.01
%
^Foxtail, LLC and Tottly New Services Corp
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/8/2042

 
288.3

 
288.3

 
295.6

 
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

 
1,241.6

 
1,241.6

 
1,198.9

 
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

 
7.2

 
7.2

 
7.1

 
—
%
^Crazy Beatz Productions LLC
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 3.75%
 
9/7/2027

 
5.1

 
5.1

 
4.8

 
—
%
^South Fulton Landscape & Nursery, Inc.
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/7/2042

 
99.2

 
99.2

 
106.9

 
0.04
%

30
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Dreaming Big Learning Center Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/5/2042

 
366.7

 
366.7

 
375.6

 
0.13
%
^Big Coop's Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/1/2027

 
95.3

 
95.3

 
90.5

 
0.03
%
^Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Transport
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
8/31/2027

 
363.1

 
363.1

 
325.9

 
0.12
%
^Evernook Valley Milk LLC
 
Animal Production and Aquaculture
 
Term Loan
 
Prime plus 2.75%
 
8/31/2042

 
637.5

 
637.5

 
649.4

 
0.23
%
^The Pink Alli, LLC dba The Alli
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
8/30/2027

 
17.0

 
17.0

 
15.4

 
0.01
%
^Busby Outdoor LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
8/29/2042

 
692.0

 
692.0

 
640.4

 
0.23
%
^Busby Outdoor LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
8/29/2042

 
543.7

 
543.7

 
503.1

 
0.18
%
^Lake County Tow LLC
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/25/2042

 
86.5

 
86.5

 
88.1

 
0.03
%
^Parlay Disributors LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
8/25/2027

 
106.5

 
106.5

 
94.3

 
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

 
23.7

 
23.7

 
20.6

 
0.01
%
^Genuine Ventures LLC and Seaweed Ventures LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/24/2030

 
538.5

 
538.5

 
511.0

 
0.18
%
^R & R Strength & Conditioning Corp dba Crossfit Light House Point
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/23/2042

 
81.7

 
81.7

 
88.0

 
0.03
%
^Delicias de Minas Restaurant, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/22/2027

 
195.5

 
195.5

 
193.5

 
0.07
%
^L&V Auto Sales, Inc.
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
8/21/2027

 
17.0

 
17.0

 
17.5

 
0.01
%
^M.E. Interiors LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/21/2027

 
15.6

 
15.6

 
13.6

 
—
%
^Damiano Global Corp
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/21/2027

 
21.3

 
21.3

 
20.3

 
0.01
%
^Tier 1 Solutions LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/18/2027

 
17.8

 
17.8

 
16.1

 
0.01
%
^Tony Herring & Associates, Inc
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
8/17/2027

 
7.1

 
7.1

 
6.2

 
—
%

31
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Chester's World Enterprise LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/16/2027

 
21.3

 
21.3

 
19.4

 
0.01
%
^D'Amato & Sons Construction, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
8/11/2027

 
7.8

 
7.8

 
7.2

 
—
%
^Roundhay Partners LLC and Roundhay Farming LLC
 
Crop Production
 
Term Loan
 
Prime plus 2.75%
 
8/8/2042

 
902.1

 
902.1

 
842.6

 
0.30
%
^Splashlight LLC, Splashlight Photographic and Digital Studios, LLC
 
Management of Companies and Enterprises
 
Term Loan
 
Prime plus 2.75%
 
8/7/2027

 
473.4

 
473.4

 
428.0

 
0.15
%
^L & J Corporate Services Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/4/2027

 
7.0

 
7.0

 
6.1

 
—
%
^Furniture Masters Limited Liability Company
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/3/2027

 
8.5

 
8.5

 
7.4

 
—
%
^HMG Strategy LLC,
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/2/2027

 
47.3

 
47.3

 
41.2

 
0.01
%
^Hope Health Care, LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
7/31/2027

 
9.9

 
9.9

 
8.6

 
—
%
^Bowl Mor LLC dba Bowl Mor Lanes
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
7/31/2027

 
7.1

 
7.1

 
6.1

 
—
%
^Royal Blue Investments, Inc. and Cleland Pharmacy LLC
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
7/31/2042

 
52.3

 
52.3

 
55.4

 
0.02
%
^Raffi's Inc dba Atlantic Auto Center
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
7/31/2027

 
13.4

 
13.4

 
13.5

 
—
%
^Sharon G McMillen, MA Psychologist, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
7/28/2027

 
17.5

 
17.5

 
15.2

 
0.01
%
^HQTRONIC LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
7/27/2027

 
21.2

 
21.2

 
18.4

 
0.01
%
^Oberon IT, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/26/2027

 
205.8

 
205.8

 
190.5

 
0.07
%
^Gilles Peress Studio LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/25/2027

 
58.9

 
58.9

 
51.3

 
0.02
%
^Ocean Trans LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/21/2027

 
35.3

 
35.3

 
30.7

 
0.01
%
^Obok LLC
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/21/2027

 
11.3

 
11.3

 
10.6

 
—
%
^Lil Tots' Learning Center LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
7/21/2042

 
46.9

 
46.9

 
47.8

 
0.02
%
^Nova Solutions, Inc.
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/19/2027

 
23.5

 
23.5

 
23.3

 
0.01
%

32
See accompanying notes to unaudited condensed consolidated financial statements.



NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED)
(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 3.75%
 
7/19/2027

 
7.1

 
7.1

 
7.3

 
—
%
^Aitheras Aviation Group, LLC, Aitheras Aviation Group, LLC
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/18/2027

 
775.7

 
775.7

 
680.4

 
0.24
%
^Wildflour Bakery & Cafe, LLC
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/17/2027

 
21.2

 
21.2

 
21.7

 
0.01
%
^Florida Home and Kitchen LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/14/2027

 
11.3

 
11.3

 
9.8

 
—
%
^Koep Companies dba Pipestone True value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
7/14/2042

 
322.4

 
322.4

 
322.4

 
0.11
%
^Rocks Auto Exchange LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
7/13/2027

 
14.1

 
14.1

 
12.3

 
—
%
^McCord Holdings, Inc. dba Fast Signs 176101
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
7/7/2027

 
17.6

 
17.6

 
15.7

 
0.01
%
^Thrifty Market Inc dba Thrifty Foods
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
7/6/2027

 
96.5

 
96.5

 
88.2

 
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

 
49.3

 
49.3

 
52.0

 
0.02
%
^Qycell Corporation
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
71.3

 
71.3

 
72.9

 
0.03
%
^J. T. O'Neill Company, L.L.C
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
14.0

 
14.0

 
12.2

 
—
%
^Hamilton & Associates Real Estate and Investments Firm LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
6/30/2042

 
53.3

 
53.3

 
55.1

 
0.02
%
^BQRS, Inc. DBA Gresham Meineke Car Care Center
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
58.4

 
58.4

 
51.9

 
0.02
%
^Veola's Day Spa and Wellness Center Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
8.6

 
8.6

 
7.8

 
—
%
^JWH Designs, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
99.3

 
99.3

 
86.4

 
0.03
%
^New Chicago Wholesale Bakery Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
14.1

 
14.1

 
13.6

 
—
%
^J&M Civil Construction Services LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
93.6

 
93.6

 
81.4

 
0.03
%
^Stiegelbauer Associates Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
288.8

 
288.8

 
295.6

 
0.10
%
^Best Bees Company
 
Animal Production and Aquaculture
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
21.0

 
21.0

 
18.3

 
0.01
%
^Miguel Fernando Borda PA dba BGR Dental
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
48.5

 
48.5

 
43.9

 
0.02
%

33
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Oakhill Farms, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/29/2030

 
95.5

 
95.5

 
98.8

 
0.04
%
^Greensboro Plastic Surgical Associates, PA
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2042

 
570.2

 
570.2

 
578.8

 
0.21
%
^Ocean Trans LLC and Dehal Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
563.1

 
563.1

 
489.8

 
0.17
%
^HG Ventures, Inc. dba Diamond Head Trucking
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/29/2030

 
971.5

 
971.5

 
857.3

 
0.30
%
^Malhame & Company Publishers & Importers Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
84.2

 
84.2

 
73.4

 
0.03
%
^Intellixion LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
3.5

 
3.5

 
3.0

 
—
%
^Foxhop Fitness, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/28/2027

 
87.0

 
87.0

 
76.5

 
0.03
%
^Akal Express Inc. dba Truck Trailer Service Stop
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/28/2042

 
59.1

 
59.1

 
62.5

 
0.02
%
^Old Dominion Transportation Group, Inc.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/28/2027

 
1,059.1

 
1,059.1

 
942.8

 
0.33
%
^Citibin, Inc.
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/27/2027

 
116.8

 
116.8

 
101.6

 
0.04
%
^Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/27/2030

 
234.3

 
234.3

 
236.6

 
0.08
%
^WB Cleaners Inc. DBA $2.75 Cleaners
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/27/2027

 
15.3

 
15.3

 
15.6

 
0.01
%
^Ains Holding Company, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/26/2027

 
1,101.0

 
1,101.0

 
980.7

 
0.35
%
^Four Seasons Laser Center Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/26/2042

 
215.2

 
215.2

 
219.8

 
0.08
%
^Rustic LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/23/2042

 
18.5

 
18.5

 
17.1

 
0.01
%
^Northern Industries, LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/23/2042

 
56.9

 
56.9

 
61.3

 
0.02
%
^Vella Construction Enterprises, Inc. dba Vella Construction
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
6/23/2027

 
21.0

 
21.0

 
18.3

 
0.01
%
^Birches Group, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/22/2027

 
46.7

 
46.7

 
40.6

 
0.01
%
^Tarver-Henley Inc. and Tar-Hen LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/21/2042

 
315.4

 
315.4

 
320.3

 
0.11
%

34
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^704 Meat Center Inc. dba El Mercado and La Plaza Mercado
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/20/2042

 
172.5

 
172.5

 
182.3

 
0.06
%
^Sanabi Investment, LLC dba Oscar's Moving and Storage
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/20/2027

 
116.8

 
116.8

 
107.1

 
0.04
%
^Scarlet Spartan Inc.dba FastSigns of Brighton
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/19/2027

 
52.0

 
52.0

 
46.4

 
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

 
394.3

 
394.3

 
388.2

 
0.14
%
^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

 
306.4

 
306.4

 
310.0

 
0.11
%
^JAM Media Solutions, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/15/2027

 
58.4

 
58.4

 
50.8

 
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

 
91.2

 
91.2

 
96.0

 
0.03
%
^ESA 365 Corp and Lucathor Realty LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/14/2042

 
22.2

 
22.2

 
23.0

 
0.01
%
^Hull's Kitchen, LLC and HK Too, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/14/2042

 
95.0

 
95.0

 
101.9

 
0.04
%
^Susan Hughes dba Aloha Junction B and B
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/14/2042

 
61.2

 
61.2

 
65.9

 
0.02
%
^Yachting Solutions LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/12/2027

 
111.0

 
111.0

 
105.6

 
0.04
%
^Refoleen Inc dba Spice and Tea Exchange
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/8/2027

 
3.3

 
3.3

 
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

 
341.8

 
0.12
%
^Skydive California, LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/2/2027

 
51.4

 
51.4

 
52.6

 
0.02
%
^SCW, LLC dba Arthur Murray Dance Studio
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/2/2042

 
143.9

 
143.9

 
147.3

 
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

 
45.0

 
45.0

 
46.9

 
0.02
%
^Sage Oil LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
5/31/2027

 
20.9

 
20.9

 
18.4

 
0.01
%
^Haroon Baig,Inc.dba US1 Petrol
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
5/31/2042

 
259.8

 
259.8

 
279.9

 
0.10
%
^Funtime, LLC and Universal Entertainment Group LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
5/31/2027

 
61.5

 
61.5

 
54.5

 
0.02
%
^Impact Grounds Maintenance and Design, Inc. dba Impact Landscaping
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/31/2042

 
78.3

 
78.3

 
83.0

 
0.03
%

35
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Ricnet III, Inc. dba Edible Arrangements
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
5/31/2027

 
13.8

 
13.8

 
12.2

 
—
%
^Eagle Wood Works LLC
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/26/2027

 
11.1

 
11.1

 
10.3

 
—
%
^Hurricane Group, Inc.
 
Other Information Services
 
Term Loan
 
Prime plus 2.75%
 
5/26/2027

 
69.6

 
69.6

 
60.6

 
0.02
%
^Mitchell Auto Repair, LLC and and C&M Mitchell, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/26/2042

 
191.7

 
191.7

 
200.4

 
0.07
%
^Chet Lemon Enterprises LLC dba All American Sports
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/26/2042

 
780.0

 
780.0

 
840.2

 
0.30
%
Swantown Inn & Spa LLC
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/26/2042

 
125.0

 
125.0

 
133.3

 
0.05
%
^Abdul Naushad MD PC dba Advanced Pain Centers
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/25/2042

 
387.5

 
387.5

 
407.4

 
0.14
%
^Locavore LLC dba Paloma Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/25/2027

 
46.4

 
46.4

 
41.9

 
0.01
%
^Demand Printing Solutions Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/25/2027

 
199.6

 
199.6

 
190.3

 
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

 
13.9

 
13.9

 
12.2

 
—
%
^Jung Design Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/25/2027

 
8.4

 
8.4

 
7.3

 
—
%
^Innovim, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/24/2027

 
313.2

 
313.2

 
272.5

 
0.10
%
^Gill Express Inc. and Gill Express 2 LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/23/2042

 
333.4

 
333.4

 
337.6

 
0.12
%
^Prestige Construction of Florida, LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
5/23/2042

 
331.1

 
331.1

 
330.1

 
0.12
%
^Southeast Recycling, LLC and Southeast Land Holdings LLC dba 67 Motor
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/23/2042

 
179.4

 
179.4

 
191.7

 
0.07
%
^GEM2K, LLC dba Precision Precast Group
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/19/2027

 
150.8

 
150.8

 
136.8

 
0.05
%
^Hayden Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/19/2027

 
218.7

 
218.7

 
205.8

 
0.07
%
^Tres K Deli,Grocery, Fruit and Meat Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
5/19/2027

 
7.7

 
7.7

 
7.2

 
—
%
^ Iron Men Home Repair, Inc. and Ironmen House Lifting Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/19/2042

 
573.3

 
573.3

 
592.2

 
0.21
%
^PS Camping, Inc. dba Prospectors RV Resort
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/19/2042

 
255.2

 
255.2

 
273.5

 
0.10
%

36
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Enfield Tractor & Equipment Co
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/19/2027

 
275.3

 
275.3

 
267.2

 
0.09
%
^Waterford Plumbing Co, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/18/2027

 
46.4

 
46.4

 
41.1

 
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

 
144.4

 
144.4

 
148.4

 
0.05
%
^New Image Building Services, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/18/2027

 
139.8

 
139.8

 
126.4

 
0.04
%
^Bay Car Wash LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/18/2042

 
118.9

 
118.9

 
123.0

 
0.04
%
^Computech Computers Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/17/2027

 
46.4

 
46.4

 
40.4

 
0.01
%
^Arco Electrical Contractors Inc. dba Arco Construction Group
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/16/2027

 
334.6

 
334.6

 
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

 
49.9

 
49.9

 
44.4

 
0.02
%
^5 Stars Learning Center Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/16/2042

 
60.8

 
60.8

 
62.6

 
0.02
%
^Band Sawn Lumber,LLC and Nathan Ryan Adams
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/15/2042

 
111.9

 
111.9

 
112.9

 
0.04
%
^Keys Armored Express, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/12/2027

 
37.1

 
37.1

 
33.8

 
0.01
%
^Sanderson Distribution Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/12/2027

 
9.7

 
9.7

 
8.5

 
—
%
^SG Linke LLC
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
5/12/2027

 
77.3

 
77.3

 
79.1

 
0.03
%
^B G F Bobby Q's Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/11/2027

 
7.0

 
7.0

 
6.9

 
—
%
^Estelle Finkel Educational Associates,LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/11/2027

 
110.6

 
110.6

 
96.2

 
0.03
%
^Labmates, LLC
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
5/10/2027

 
92.8

 
92.8

 
89.9

 
0.03
%
^NHS, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/9/2027

 
82.1

 
82.1

 
74.8

 
0.03
%
^1872 Rosecrans, LLC dba Goodbar
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/9/2027

 
59.3

 
59.3

 
52.0

 
0.02
%
^Innovation Transport, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/9/2027

 
72.4

 
72.4

 
69.9

 
0.02
%

37
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^NHS, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/9/2042

 
21.6

 
21.6

 
20.7

 
0.01
%
^Arclay ,LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/5/2030

 
139.4

 
139.4

 
130.3

 
0.05
%
^Benchmark Building, Inc.
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
5/5/2027

 
20.9

 
20.9

 
18.2

 
0.01
%
^Cable Management LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
5/3/2027

 
53.3

 
53.3

 
50.8

 
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

 
114.8

 
114.8

 
123.7

 
0.04
%
^Zahmel Restaurant Suppliers Corp dba Cash & Carry
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/28/2027

 
81.8

 
81.8

 
72.2

 
0.03
%
^Georgia Productions Services LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
4/28/2027

 
84.1

 
84.1

 
78.2

 
0.03
%
^Love and Glory Learning Center, Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
4/28/2042

 
76.7

 
76.7

 
78.0

 
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

 
218.7

 
218.7

 
235.6

 
0.08
%
Sneads Ferry Foods, Inc. dba DQ Grill & Chill
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/27/2042

 
613.0

 
613.0

 
622.0

 
0.22
%
^Asheville's Fun Depot, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/26/2027

 
80.7

 
80.7

 
82.6

 
0.03
%
^Resident Research, LLC
 
Other Information Services
 
Term Loan
 
Prime plus 2.75%
 
4/24/2027

 
81.3

 
81.3

 
70.7

 
0.03
%
^Getting Even LLC dba The Zoo Health Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/21/2027

 
6.9

 
6.9

 
6.3

 
—
%
^Ralph's Hair Salon, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/21/2042

 
49.1

 
49.1

 
51.1

 
0.02
%
^M.E. Interiors LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/20/2027

 
128.3

 
128.3

 
111.6

 
0.04
%
^Condron Brothers LLC DBA Luv 2 Play
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/19/2027

 
110.2

 
110.2

 
100.9

 
0.04
%
^Affordable Auto Transport LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
4/17/2027

 
11.8

 
11.8

 
11.1

 
—
%
^Carpeteria (Markarian) Co.
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
4/13/2027

 
122.4

 
122.4

 
123.2

 
0.04
%

38
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Bloomer Machine & Fab, Inc and Dale Stertz Properties
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/13/2042

 
202.0

 
202.0

 
212.9

 
0.08
%
^Butternuts Beer and Ale LLC
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/12/2027

 
68.0

 
68.0

 
69.6

 
0.02
%
^Citizens Lanes, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/31/2042

 
610.6

 
610.6

 
657.3

 
0.23
%
^The Altitude Group, LLC and Core Home Security, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/31/2027

 
45.9

 
45.9

 
39.9

 
0.01
%
^Shelter Harbor Inn, Inc.
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/31/2042

 
204.2

 
204.2

 
219.8

 
0.08
%
^Golden Hen Inc. dba Cafe
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/31/2027

 
59.4

 
59.4

 
52.3

 
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

 
172.0

 
172.0

 
149.4

 
0.05
%
^MIT LLC
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
3/31/2042

 
86.1

 
86.1

 
92.7

 
0.03
%
^Applied Integrated Technologies, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/31/2027

 
114.7

 
114.7

 
99.7

 
0.04
%
^Bear Trail Lodge LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/31/2042

 
543.8

 
543.8

 
579.6

 
0.21
%
^KWG Industries LLC dba Peterson & Marsh Metal Industries
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/30/2027

 
27.5

 
27.5

 
27.4

 
0.01
%
^Signature Rooms, Inc dba Gallery Furniture
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
3/30/2042

 
487.9

 
487.9

 
522.2

 
0.18
%
^Sea Smoke Barbeque, Corp and Danwen LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/30/2042

 
232.7

 
232.7

 
240.3

 
0.09
%
^Schafer Fisheries Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/30/2042

 
245.1

 
245.1

 
263.8

 
0.09
%
^Douglas K. Soderblom . dba Loma Linda Optometry
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2027

 
91.7

 
91.7

 
84.0

 
0.03
%
^Discount Price, LLC dba Robert's Market
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/29/2042

 
203.0

 
203.0

 
211.5

 
0.07
%
^First Sail Group Inc. and Omen Board Industires LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/29/2027

 
18.3

 
18.3

 
17.1

 
0.01
%
^Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/29/2042

 
1,039.6

 
1,039.6

 
1,112.0

 
0.39
%
^H and H Hotshot Services, Inc. dba AA Hotshot & Logistics
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
3/29/2030

 
92.1

 
92.1

 
81.1

 
0.03
%

39
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^American Pharmaceutical Innovation Company, LLC
 
Chemical Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/28/2027

 
27.5

 
27.5

 
24.0

 
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

 
403.8

 
403.8

 
434.6

 
0.15
%
^Heil & Hornik LLC dba Elysium Tennis
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/27/2042

 
914.5

 
914.5

 
937.1

 
0.33
%
^Ericon Inc. dba Quik Pik
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/24/2027

 
57.3

 
57.3

 
56.1

 
0.02
%
^Robert Dixon PA dba Law Offices of Robert Dixon
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/24/2042

 
419.5

 
419.5

 
449.2

 
0.16
%
^Executive Fitness & Nutrition Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/23/2027

 
18.6

 
18.6

 
18.5

 
0.01
%
JBK Truck Trailer and Bus Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/23/2042

 
87.3

 
87.3

 
89.4

 
0.03
%
^Color Graphic Press, Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/23/2027

 
110.1

 
110.1

 
112.5

 
0.04
%
^Denton Bio Fuels LLC and American Bio Source LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/23/2027

 
54.3

 
54.3

 
50.3

 
0.02
%
^Baton Rouge Cargo Services Inc. and 6507 Westport, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/22/2042

 
632.9

 
632.9

 
666.4

 
0.24
%
^Vehicle Safety Supply LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/21/2027

 
20.6

 
20.6

 
17.9

 
0.01
%
^J Sivilis LLC dba Pet Wants
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/17/2027

 
11.3

 
11.3

 
10.1

 
—
%
^Reservoir International LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
3/16/2027

 
91.7

 
91.7

 
86.4

 
0.03
%
^The Purple Cow House of Pancake Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/16/2042

 
158.2

 
158.2

 
170.3

 
0.06
%
^Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/16/2027

 
275.4

 
275.4

 
281.6

 
0.10
%
^1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa M
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/13/2027

 
645.5

 
645.5

 
560.9

 
0.20
%
^Dwayne Bernard Tate
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/10/2027

 
9.6

 
9.6

 
8.9

 
—
%
^Elegant Occasions, LLC dba E Productions
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/10/2042

 
579.9

 
579.9

 
597.2

 
0.21
%
^Anthony LLC dba Star of Woodward Market
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/9/2042

 
113.4

 
113.4

 
122.0

 
0.04
%
^E & P Holdings 1 LLC and Evans & Paul Unlimited Corp.
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/9/2027

 
114.9

 
114.9

 
102.2

 
0.04
%

40
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Allegro Assisted Living Of Texas
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
3/6/2027

 
88.1

 
88.1

 
90.0

 
0.03
%
^Robbie E. Bakery and Cafe LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/3/2027

 
57.3

 
57.3

 
49.8

 
0.02
%
^Podium Auto Sales Inc and RRS Property, LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/3/2042

 
89.3

 
89.3

 
91.3

 
0.03
%
^SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/28/2027

 
219.6

 
219.6

 
190.8

 
0.07
%
^Weeping Willow Kennels, Inc and Aileen N Black
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2042

 
137.6

 
137.6

 
143.7

 
0.05
%
^Getting Even LLC dba The Zoo Health Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2027

 
87.7

 
87.7

 
79.5

 
0.03
%
^Total Document Solutions Inc and,TDS Services, LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
2/27/2030

 
293.7

 
293.7

 
275.0

 
0.10
%
^Teracore Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/27/2027

 
149.1

 
149.1

 
129.6

 
0.05
%
^John Finn Associates LLC, Greenslate LLC, Finn Technology, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/27/2027

 
614.8

 
614.8

 
599.3

 
0.21
%
^McNally Enterprises Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
2/27/2027

 
59.2

 
59.2

 
53.6

 
0.02
%
^B & J Bicycle Shop Inc.
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
2/24/2027

 
9.1

 
9.1

 
9.3

 
—
%
^3W Enterprises LLC
 
Textile Product Mills
 
Term Loan
 
Prime plus 2.75%
 
2/24/2042

 
80.3

 
80.3

 
82.8

 
0.03
%
^TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/24/2027

 
97.9

 
97.9

 
92.6

 
0.03
%
^Victorian Restaurant and Tavern, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/22/2042

 
105.6

 
105.6

 
106.5

 
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

 
39.4

 
39.4

 
42.4

 
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

 
17.8

 
17.8

 
15.4

 
0.01
%
^Ameritube, LLC and Ravone Properties, LLC
 
Primary Metal Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/14/2042

 
182.1

 
182.1

 
196.0

 
0.07
%
^R&S Barnes Enterprises, Inc. dba Massage Envy Spa
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/10/2027

 
85.4

 
85.4

 
75.1

 
0.03
%
^Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/10/2042

 
243.2

 
243.2

 
256.2

 
0.09
%
^Sushiya Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/10/2027

 
17.1

 
17.1

 
15.4

 
0.01
%

41
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Maximo Canot dba Wash and Dry Laundromat
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/10/2042

 
135.3

 
135.3

 
142.9

 
0.05
%
^Marvic Enterprises Inc dba Jordan's Liquor
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/10/2042

 
215.3

 
215.3

 
225.3

 
0.08
%
^Harrison Logging Company LLC
 
Forestry and Logging
 
Term Loan
 
Prime plus 2.75%
 
2/9/2027

 
96.8

 
96.8

 
89.0

 
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

 
322.8

 
322.8

 
326.2

 
0.12
%
^Christopher Borgia
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/6/2027

 
11.8

 
11.8

 
10.4

 
—
%
^Splashlight LLC, Splashlight Photographic & Digital Studios LLC
 
Management of Companies and Enterprises
 
Term Loan
 
Prime plus 2.75%
 
2/2/2027

 
683.3

 
683.3

 
616.8

 
0.22
%
^DBMS Consulting, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/1/2042

 
181.8

 
181.8

 
183.8

 
0.07
%
^Brandco, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/31/2027

 
39.6

 
39.6

 
34.4

 
0.01
%
^Chidlren's House Learning, Inc and Tarps Investment Group
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/31/2042

 
315.9

 
315.9

 
325.0

 
0.12
%
^Fave Realty, Inc.
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
1/30/2042

 
53.5

 
53.5

 
55.7

 
0.02
%
^ZMKNY Tires Inc dba Houston International Tires
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
1/27/2042

 
105.7

 
105.7

 
113.8

 
0.04
%
House of Bread & Coffee Corp dba Casa Do Pao
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/27/2042

 
133.3

 
133.3

 
133.4

 
0.05
%
^SRC Publishing LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
1/27/2027

 
20.3

 
20.3

 
17.7

 
0.01
%
^Return to Excellence Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
1/27/2027

 
16.0

 
16.0

 
16.4

 
0.01
%
^Sideways Sports Lounge and Jonathan E. McGrew and Patricia C. McGrew
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/23/2027

 
16.3

 
16.3

 
14.2

 
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

 
41.7

 
41.7

 
42.7

 
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

 
234.2

 
234.2

 
220.4

 
0.08
%
^Jolibe LLC and Jolibe Atelier LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/18/2027

 
9.5

 
9.5

 
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

 
90.1

 
90.1

 
89.8

 
0.03
%

42
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Ramjay Inc.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
1/13/2027

 
396.1

 
396.1

 
365.6

 
0.13
%
^Fullbro Trust dba Menemsha Blues
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
1/13/2027

 
20.4

 
20.4

 
20.8

 
0.01
%
^Echelon Enterprises, Inc
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
1/10/2027

 
45.3

 
45.3

 
46.3

 
0.02
%
^Fort Smith Wings Inc. dba Wing Stop
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/28/2026

 
17.5

 
17.5

 
16.8

 
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

 
417.1

 
417.1

 
441.0

 
0.16
%
^Joshua L. Baker
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
12/23/2026

 
14.1

 
14.1

 
13.2

 
—
%
^Jacliff Investments Inc. dba International health Technologies
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
12/23/2026

 
112.2

 
112.2

 
104.9

 
0.04
%
^New Image Building Services, Inc.dba The Maids Servicing Oakland
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2026

 
39.3

 
39.3

 
37.6

 
0.01
%
^Metropolitan Solutions Group Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/19/2041

 
269.3

 
269.3

 
280.3

 
0.10
%
^Means Enterprises LLC dba FastFrame Frisco
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
12/16/2026

 
20.2

 
20.2

 
19.1

 
0.01
%
^Soon Im. Chin dba Stan C-Store
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
208.1

 
208.1

 
226.1

 
0.08
%
^Sempco, Inc.
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
41.1

 
41.1

 
45.1

 
0.02
%
^Allied Welding Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
735.8

 
735.8

 
775.9

 
0.27
%
^Ericon, Inc. dba Quik Pik
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
325.9

 
325.9

 
346.4

 
0.12
%
^White Hawk Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/15/2026

 
986.7

 
986.7

 
922.2

 
0.33
%
^Elita 7, LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
697.7

 
697.7

 
751.6

 
0.27
%
^New Chicago Wholesale Bakery, Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
445.9

 
445.9

 
471.3

 
0.17
%
^Techni-Pro Institute LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
12/15/2026

 
170.6

 
170.6

 
162.5

 
0.06
%
^Trison Enterprises Inc.dba Lee's Automotive
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/14/2041

 
399.0

 
399.0

 
427.7

 
0.15
%
^Cardinal Homes Inc. and Bret A Berneche
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2041

 
118.7

 
118.7

 
129.9

 
0.05
%

43
See accompanying notes to unaudited condensed consolidated financial statements.



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

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

 
517.7

 
517.7

 
549.5

 
0.19
%
^HMG Strategy, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/14/2026

 
44.9

 
44.9

 
42.0

 
0.01
%
^AGG Management Team LLC dba Chevron
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/14/2041

 
281.5

 
281.5

 
308.7

 
0.11
%
^Cardinal Homes Inc,.Alouette Holdings Inc.
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2026

 
957.3

 
957.3

 
989.6

 
0.35
%
^Wayfarer Bicycle LLC
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
12/13/2041

 
90.6

 
90.6

 
95.0

 
0.03
%
^Success Advertising Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/13/2041

 
456.8

 
456.8

 
497.0

 
0.18
%
^Roast Beef Levittown LLC dba Arby's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/13/2026

 
397.5

 
397.5

 
410.9

 
0.15
%
^Queen Express LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/13/2041

 
183.6

 
183.6

 
199.8

 
0.07
%
^Mack Team Enterprises Inc.dba The UPS Store #6815
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
12/9/2026

 
18.3

 
18.3

 
17.7

 
0.01
%
^Recycling Revolution, LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/9/2041

 
90.3

 
90.3

 
95.8

 
0.03
%
^Myndshft Technologies LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/9/2026

 
695.9

 
695.9

 
667.8

 
0.24
%
^New Life Hospital LLC
 
Hospitals
 
Term Loan
 
Prime plus 2.75%
 
12/8/2041

 
1,184.9

 
1,184.9

 
1,299.2

 
0.46
%
^Imagine By Carleen Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/8/2041

 
51.4

 
51.4

 
54.9

 
0.02
%
^Hanson's Greeks LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/8/2026

 
10.1

 
10.1

 
10.4

 
—
%
^Yachting Solutions LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/7/2029

 
66.3

 
66.3

 
66.4

 
0.02
%
^Lan Doctors, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/7/2026

 
214.2

 
214.2

 
218.3

 
0.08
%
^Lilo Holdings LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/5/2026

 
14.3

 
14.3

 
13.8

 
—
%
^The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/5/2041

 
347.1

 
347.1

 
376.4

 
0.13
%
^Ericon, Inc.
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/1/2041

 
712.3

 
712.3

 
759.6

 
0.27
%

44
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Noso Development LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/1/2026

 
67.3

 
67.3

 
62.9

 
0.02
%
^Quick Ship, LLC
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
9.4

 
9.4

 
8.7

 
—
%
^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

 
66.0

 
66.0

 
72.4

 
0.03
%
^Sharaz Shah DBA Thomas Jewelers
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
7.2

 
7.2

 
6.7

 
—
%
^Studio Find It Georgia, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
6.7

 
6.7

 
6.3

 
—
%
^Imaginarium Foods LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2042

 
367.3

 
367.3

 
395.0

 
0.14
%
^RD Management, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
190.5

 
190.5

 
179.5

 
0.06
%
^B4 Fitness LLC dba The Zoo Health Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
20.1

 
20.1

 
19.2

 
0.01
%
^Usman Jalil, LLC dba Food Mart
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/29/2041

 
228.1

 
228.1

 
238.7

 
0.08
%
^Access Staffing, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
11/29/2026

 
1,002.7

 
1,002.7

 
937.1

 
0.33
%
^Merchant Coterie, Inc.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
11/23/2026

 
111.6

 
111.6

 
104.3

 
0.04
%
^CRK Mens, LLC dba Spiff for Men
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/23/2026

 
96.0

 
96.0

 
90.9

 
0.03
%
^WPN Recycling Company LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
11/23/2026

 
20.1

 
20.1

 
20.7

 
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

 
53.5

 
53.5

 
50.4

 
0.02
%
^Bouquet Restaurant LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/22/2041

 
122.2

 
122.2

 
130.8

 
0.05
%
^J.B.K Truck Trailer and Bus Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/22/2041

 
425.3

 
425.3

 
452.2

 
0.16
%
^6E Technologies LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/22/2026

 
152.3

 
152.3

 
149.3

 
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

 
112.2

 
112.2

 
104.9

 
0.04
%

45
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Skaggs RV Outlet LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/21/2026

 
89.1

 
89.1

 
92.1

 
0.03
%
^Catherine Christine Morin dba Purr-Fect Pets
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/17/2026

 
16.7

 
16.7

 
15.6

 
0.01
%
^Stratmar Systems Inc dba Stratmar Retail Services
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/16/2026

 
61.0

 
61.0

 
63.1

 
0.02
%
^Hoosier Health Plus, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/15/2026

 
111.4

 
111.4

 
110.7

 
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

 
176.8

 
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

 
473.4

 
0.17
%
^Hackensack Steel Corporation and Luzerne Ironworks Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/10/2026

 
213.5

 
213.5

 
220.6

 
0.08
%
^Panther Ironworks and Rigging Solutions LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/10/2026

 
134.8

 
134.8

 
131.7

 
0.05
%
^Rich's Food Stores LLC dba Hwy 55 of Wallace
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/9/2026

 
39.0

 
39.0

 
38.5

 
0.01
%
^Bovill Creative, LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
11/9/2041

 
274.9

 
274.9

 
301.4

 
0.11
%
^Dyer Properties, LLC and Bayview Pharmacy, Inc.
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
11/9/2041

 
235.2

 
235.2

 
248.7

 
0.09
%
^Big Apple Entertainment Partners LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/9/2026

 
156.0

 
156.0

 
145.8

 
0.05
%
^MIK LLC dba Firehouse Subs
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/9/2026

 
181.8

 
181.8

 
171.3

 
0.06
%
^Fine Line Interiors, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/4/2041

 
76.9

 
76.9

 
84.3

 
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

 
123.6

 
123.6

 
133.4

 
0.05
%
^Veracruz Shabo, LLC Waterfalls Quick Lube LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/1/2041

 
117.7

 
117.7

 
126.8

 
0.04
%
^Glocecol LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
11/1/2026

 
66.8

 
66.8

 
69.1

 
0.02
%
^Bloomquist Communications Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/31/2026

 
53.1

 
53.1

 
49.6

 
0.02
%
^Middlesex Auto Sales Corp
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/31/2041

 
122.2

 
122.2

 
131.9

 
0.05
%

46
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Moolchan Enterprises LLC dba Staying Green
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/31/2026

 
14.6

 
14.6

 
14.6

 
0.01
%
^Woodstock Enterprises Corp dba True Scent Candle Co
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/31/2041

 
86.8

 
86.8

 
91.0

 
0.03
%
^Elite Structures Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/27/2029

 
209.9

 
209.9

 
214.5

 
0.08
%
^FibAire Communications, LLC
 
Telecommunications
 
Term Loan
 
Prime plus 2.75%
 
10/27/2026

 
95.7

 
95.7

 
93.6

 
0.03
%
^Bonita Stone LLC and Castone Creations Inc
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/25/2041

 
258.1

 
258.1

 
274.3

 
0.10
%
^Empire Processor Services Inc. and Verrazano Wholesale Dist., Inc.
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
10/25/2026

 
116.3

 
116.3

 
120.3

 
0.04
%
^Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
10/24/2026

 
376.0

 
376.0

 
387.4

 
0.14
%
^Worldwide Estate, Inc. dba Washington Heights Manor
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
10/21/2041

 
219.4

 
219.4

 
240.6

 
0.09
%
^Eco Vehicle Systems LLC
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/21/2026

 
845.1

 
845.1

 
873.4

 
0.31
%
^Gold Wind Logistics LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
10/20/2041

 
171.1

 
171.1

 
187.6

 
0.07
%
^Speaker City, Inc. dba Rollin Thunder
 
Electronics and Appliance Stores
 
Term Loan
 
Prime plus 2.75%
 
10/14/2041

 
122.2

 
122.2

 
131.5

 
0.05
%
^Justin Partlow
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
10/13/2026

 
17.2

 
17.2

 
16.1

 
0.01
%
^Maine Service Corp
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
10/13/2026

 
167.2

 
167.2

 
166.5

 
0.06
%
^Reliable Recovery Services LLC
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
10/7/2026

 
99.5

 
99.5

 
96.8

 
0.03
%
^Wyspen Corporation dba Charlestown Ace
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/3/2026

 
31.8

 
31.8

 
29.8

 
0.01
%
^Ailky Corporation
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/3/2026

 
221.2

 
221.2

 
210.2

 
0.07
%
^JJA Transportation Management Inc.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2026

 
46.0

 
46.0

 
42.9

 
0.02
%
^MegaPhase, LLC
 
Computer and Electronic Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2026

 
131.4

 
131.4

 
132.6

 
0.05
%
^Seaway LLC and Reklaw LLC dba Allure Lounge
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/30/2041

 
133.7

 
133.7

 
146.5

 
0.05
%

47
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Adelwerth Bus Corporation, Transportation Leasing Corp.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2029

 
598.6

 
598.6

 
607.3

 
0.22
%
^Adelwerth Bus Corp.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2041

 
236.3

 
236.3

 
250.2

 
0.09
%
^Thunderdome Racing Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/29/2026

 
16.7

 
16.7

 
17.1

 
0.01
%
^Vision Automotive LLC dba Vision Chrysler Jeep Dodge Ram of Defiance
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/29/2029

 
620.1

 
620.1

 
618.1

 
0.22
%
^CNC Precision Machine, Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/28/2041

 
1,235.9

 
1,235.9

 
1,315.3

 
0.47
%
^CD Game Exchange Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/28/2026

 
19.7

 
19.7

 
18.4

 
0.01
%
^Beadon Inc
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/28/2026

 
19.7

 
19.7

 
20.3

 
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

 
826.4

 
826.4

 
905.5

 
0.32
%
^Kyle M Walker DDS, PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2026

 
202.4

 
202.4

 
192.5

 
0.07
%
^Luna Nueva LLC dba Bio Builders
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/27/2026

 
13.2

 
13.2

 
12.5

 
—
%
^Reynolds Fence & Guardrail Inc.
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
9/27/2026

 
551.5

 
551.5

 
552.2

 
0.20
%
^Luv 2 Play Nor Cal, LLC dba Luv 2 Play
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/27/2026

 
46.0

 
46.0

 
44.2

 
0.02
%
^PeopleBest Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2026

 
13.1

 
13.1

 
12.3

 
—
%
^TPFC,LLC dbaThe Picture Frame Company
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/26/2041

 
57.1

 
57.1

 
61.0

 
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

 
7.9

 
7.9

 
8.1

 
—
%
^Sarah S Olelewe MD Inc
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2041

 
284.8

 
284.8

 
303.9

 
0.11
%
^B4 Fitness LLC dba The Zoo Health Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/23/2026

 
76.7

 
76.7

 
73.5

 
0.03
%
^Mr. Mulch, Inc
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/23/2041

 
394.5

 
394.5

 
405.1

 
0.14
%

48
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^InformationTelevision Network Inc
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
9/22/2041

 
823.0

 
823.0

 
896.4

 
0.32
%
^Cuppiecakes LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/21/2041

 
21.9

 
21.9

 
23.3

 
0.01
%
^Wrecking Crew Media LLC
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
9/21/2026

 
43.8

 
43.8

 
40.9

 
0.01
%
^Benoit's Towing and Recovery LLC
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/20/2026

 
10.5

 
10.5

 
9.9

 
—
%
^Consulting Solutions Inc. and Mark Luciani
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2026

 
19.7

 
19.7

 
19.6

 
0.01
%
^Brittany Burns LLC dba Dreams Come True
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/19/2026

 
11.7

 
11.7

 
12.1

 
—
%
^Eyncon LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/16/2041

 
48.6

 
48.6

 
52.2

 
0.02
%
^The Merrin Group LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/15/2026

 
153.3

 
153.3

 
154.2

 
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

 
127.7

 
127.7

 
126.0

 
0.04
%
^Atlantic Alarm Systems and Services LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/14/2026

 
13.5

 
13.5

 
12.9

 
—
%
^Metropet Dog Center, Inc
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2041

 
106.2

 
106.2

 
114.2

 
0.04
%
^Marquis Cattle Company
 
Animal Production and Aquaculture
 
Term Loan
 
Prime plus 2.75%
 
9/13/2026

 
44.2

 
44.2

 
45.7

 
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

 
80.2

 
80.2

 
84.4

 
0.03
%
^Artisan Infrastructure Holdings, LLC
 
Data Processing, Hosting, and Related Services
 
Term Loan
 
Prime plus 2.75%
 
9/7/2026

 
109.5

 
109.5

 
102.2

 
0.04
%
^SRA Mechanicial Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/6/2041

 
42.5

 
42.5

 
46.6

 
0.02
%
^Sandia Enterprises Inc dba Massage Envy Spa
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/6/2026

 
54.8

 
54.8

 
51.1

 
0.02
%
^Animal Intrusion Prevention Systems Holding Company, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
8/30/2026

 
110.0

 
110.0

 
104.4

 
0.04
%
^Suncrest Stone Products LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/29/2026

 
541.1

 
541.1

 
520.0

 
0.18
%
^Clark Realty LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
8/29/2041

 
231.2

 
231.2

 
240.8

 
0.09
%
^Raem Corporation dba Dryclean Express
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
8/29/2041

 
70.4

 
70.4

 
76.6

 
0.03
%

49
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Suncrest Stone Products LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/29/2041

 
638.7

 
638.7

 
653.0

 
0.23
%
^Warren Dale Warrington dba Custom Paint and Body
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/26/2041

 
98.3

 
98.3

 
106.1

 
0.04
%
^TAGR Inc dba Miami Grill 137and John Nakis
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/26/2026

 
92.8

 
92.8

 
88.1

 
0.03
%
^Albert Basse Associates Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
53.7

 
53.7

 
55.4

 
0.02
%
^Dean Technology Inc
 
Electrical Equipment, Appliance, and Component Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/25/2041

 
375.8

 
375.8

 
410.4

 
0.15
%
^Rosmel Pools Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
19.6

 
19.6

 
18.5

 
0.01
%
^Avery Management Inc. dba Whetstone Upholstery
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
9.3

 
9.3

 
8.7

 
—
%
^TR Companies LLC dba True Value Rental and Liberty Rental 4 U
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
78.3

 
78.3

 
73.0

 
0.03
%
^Tabadesa Associates Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
19.6

 
19.6

 
18.3

 
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

 
537.0

 
0.19
%
^Luv 2 Play Temecula, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/15/2026

 
52.2

 
52.2

 
48.7

 
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

 
71.7

 
71.7

 
66.9

 
0.02
%
^Grayson O Company
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/10/2041

 
606.7

 
606.7

 
662.6

 
0.23
%
^Charal Investments LLC dba Orange Theory Fitness
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/10/2026

 
76.1

 
76.1

 
71.0

 
0.03
%
^Paul Belanger dba Paul Belanger Landscaping
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
8/9/2026

 
13.0

 
13.0

 
12.2

 
—
%
^The Hungry Rhino LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
7/29/2041

 
73.9

 
73.9

 
78.8

 
0.03
%
^Nicolette Reiser dba Comfort & Balance
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
7/29/2041

 
72.7

 
72.7

 
78.4

 
0.03
%
^USA General Investment LLC dba Braniff Paint and Body Shop
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
7/29/2026

 
19.4

 
19.4

 
18.5

 
0.01
%
^303 Tower Drive LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
7/29/2041

 
387.9

 
387.9

 
420.0

 
0.15
%

50
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Little Tree Huggers Child Care LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
7/29/2041

 
135.7

 
135.7

 
148.7

 
0.05
%
^676 Club LP dba The Green Door Tavern/The Drifter
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/28/2041

 
649.4

 
649.4

 
706.7

 
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

 
258.8

 
258.8

 
241.5

 
0.09
%
^MacIver Corporation dba Division Camera
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
7/28/2026

 
1,078.1

 
1,078.1

 
1,072.5

 
0.38
%
^Intrepid Trinity LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
7/28/2041

 
60.6

 
60.6

 
65.2

 
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

 
327.2

 
327.2

 
346.6

 
0.12
%
^EPEC Juice LLC dba Jamba Juice
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/27/2026

 
72.0

 
72.0

 
67.2

 
0.02
%
^Kidtastic LLC dba The Little Gym of Audubon
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
7/27/2026

 
48.9

 
48.9

 
45.7

 
0.02
%
^GF Libations Inc dba Minuteman Press
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
7/27/2041

 
38.3

 
38.3

 
38.2

 
0.01
%
^Pinco Pizza LLC dba Jet's Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/27/2026

 
63.8

 
63.8

 
65.3

 
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

 
107.8

 
107.8

 
100.6

 
0.04
%
^The Grasso Companies, LLC and Grasso Pavement Maintenance, LLC
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
7/26/2026

 
78.3

 
78.3

 
76.3

 
0.03
%
^My Sainath Inc dba Motel 6
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
7/22/2041

 
296.0

 
296.0

 
321.0

 
0.11
%
^Robert G Larson State Farm Insurance
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
7/22/2026

 
19.4

 
19.4

 
18.1

 
0.01
%
^J and D Resources LLC dba Aqua Science
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/19/2026

 
112.6

 
112.6

 
105.8

 
0.04
%
^Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Sho
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
7/18/2026

 
13.6

 
13.6

 
12.7

 
—
%
^Franklin Firm LLC dba Luv 2 Play
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
7/15/2041

 
168.5

 
168.5

 
180.1

 
0.06
%
^Billingsworks LLC dba Spoon Shine Cafe
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/15/2026

 
4.9

 
4.9

 
5.1

 
—
%
^Takeuchi Commercial Cleaning Services, LLC dba We Clean San Diego
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
7/13/2026

 
39.9

 
39.9

 
37.2

 
0.01
%

51
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Jacob Rugs LLC dba Rugs Outlet
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
7/13/2026

 
56.6

 
56.6

 
58.4

 
0.02
%
^RM Hawkins LLC dba Pure Water Tech West
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
7/7/2026

 
43.1

 
43.1

 
43.3

 
0.02
%
^Dino Smiles Children's Cosmetic Dentistry
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
7/7/2026

 
12.3

 
12.3

 
11.7

 
—
%
^Nevey's LLC dba Stark Food III
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/30/2041

 
285.4

 
285.4

 
310.0

 
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

 
146.3

 
146.3

 
150.3

 
0.05
%
^Martin Inventory Management LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/30/2026

 
90.5

 
90.5

 
93.3

 
0.03
%
^Desert Tacos LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2026

 
86.8

 
86.8

 
86.1

 
0.03
%
^VMA Technologies LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2026

 
19.3

 
19.3

 
18.0

 
0.01
%
^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

 
176.1

 
176.1

 
184.2

 
0.07
%
^Castone Creations Inc
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/29/2026

 
74.9

 
74.9

 
71.8

 
0.03
%
^WGI, LLC dba Williams Grant Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/29/2041

 
127.0

 
127.0

 
135.7

 
0.05
%
^Ninsa LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/29/2041

 
108.9

 
108.9

 
119.2

 
0.04
%
^KWG Industries, LLC dba Peterson & Marsh Metal Industries
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/29/2041

 
295.1

 
295.1

 
318.3

 
0.11
%
^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

 
119.8

 
119.8

 
113.6

 
0.04
%
^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

 
105.0

 
0.04
%
^MaidPro Marin dba MaidPro
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2026

 
15.0

 
15.0

 
14.0

 
—
%
^All Printing Solutions, Inc. dba Pryntcomm
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
6/27/2041

 
528.8

 
528.8

 
551.7

 
0.20
%
^Edge Pest Control LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/27/2026

 
641.8

 
641.8

 
598.2

 
0.21
%
^JumboMarkets Inc dba Rines Jumbomarkets
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/24/2026

 
42.8

 
42.8

 
39.9

 
0.01
%
^El Basha Inc dba RPM West San Fernando Valley
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
6/24/2026

 
14.6

 
14.6

 
13.6

 
—
%

52
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Island Time Investments, LLC dba Swantown Inn Bed & Breakfast
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/24/2041

 
98.0

 
98.0

 
107.3

 
0.04
%
^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

 
482.1

 
482.1

 
507.1

 
0.18
%
^Visual Advantage LLC dba Signs Now Perryberg
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/23/2041

 
88.4

 
88.4

 
94.0

 
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

 
181.4

 
181.4

 
194.2

 
0.07
%
^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

 
49.2

 
49.2

 
47.9

 
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

 
1,318.4

 
0.47
%
^Italian Heritage Tile and Stone Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/20/2026

 
53.5

 
53.5

 
49.8

 
0.02
%
^Bagelicious, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/17/2026

 
46.7

 
46.7

 
43.7

 
0.02
%
^Winegirl Wines LLC
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/16/2026

 
9.6

 
9.6

 
9.9

 
—
%
^NKJ Lusby Donuts LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/16/2026

 
19.3

 
19.3

 
17.9

 
0.01
%
^Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Transport
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
6/16/2026

 
474.0

 
474.0

 
441.8

 
0.16
%
^Jai-Alexia Consulting, Inc.
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
6/15/2026

 
10.1

 
10.1

 
9.4

 
—
%
^Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares
 
Social Assistance
 
Term Loan
 
Prime plus 2%
 
6/15/2041

 
496.8

 
496.8

 
508.4

 
0.18
%
^Strag Industries LLC dba Meineke Car Care Center 841
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/15/2026

 
12.8

 
12.8

 
12.6

 
—
%
^Luv 2 Play AZ LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/10/2026

 
53.5

 
53.5

 
54.4

 
0.02
%
^Refoleen Inc dba Spice and Tea Exchange
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/10/2026

 
74.1

 
74.1

 
69.1

 
0.02
%
^VBGB Uptown, LLC dba VBGB Beer Hall & Garden
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/8/2026

 
71.9

 
71.9

 
67.0

 
0.02
%
^ScimTech Industries Inc dba Archer Aerospace
 
Computer and Electronic Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/6/2026

 
10.3

 
10.3

 
9.6

 
—
%
^Larry H. Patterson and Rainbow Movers, Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/6/2026

 
19.3

 
19.3

 
18.0

 
0.01
%
^Solvit Inc and Solvit North Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/3/2026

 
217.7

 
217.7

 
209.5

 
0.07
%

53
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^AP5 LLC dba Krauser's Food Store
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/2/2041

 
187.7

 
187.7

 
204.8

 
0.07
%
^ATI Jet Inc
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/31/2026

 
439.9

 
439.9

 
422.8

 
0.15
%
^Farmer Boy Diner Inc dba Farmer Boy Diner & Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/31/2026

 
42.0

 
42.0

 
43.3

 
0.02
%
^Angelo Faia dba AVF Construction
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
5/27/2041

 
96.4

 
96.4

 
102.9

 
0.04
%
^Premier Athletic Center of Ohio, Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/27/2026

 
74.3

 
74.3

 
76.6

 
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

 
199.2

 
199.2

 
211.8

 
0.08
%
^Mersada Holdings LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
5/26/2026

 
286.5

 
286.5

 
295.4

 
0.10
%
^Southwest Division Inc
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
5/26/2026

 
7.0

 
7.0

 
6.8

 
—
%
^International Kitchen Supply LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
5/25/2026

 
158.5

 
158.5

 
153.2

 
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

 
19.1

 
19.1

 
19.7

 
0.01
%
^Powerspec Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/24/2026

 
74.2

 
74.2

 
69.2

 
0.02
%
^Island Life Graphics Inc dba FASTSIGNS #576
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/24/2026

 
19.1

 
19.1

 
18.0

 
0.01
%
^Horseshoe Barbecue, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/23/2029

 
11.5

 
11.5

 
12.0

 
—
%
^Elderfriend Inc dba Granny Nannies dba GN Live Scan
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/20/2026

 
10.8

 
10.8

 
10.1

 
—
%
^National Air Cargo Holdings Inc
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/20/2026

 
1,061.1

 
1,061.1

 
1,087.3

 
0.39
%
^Pro Auto Repair LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/20/2026

 
6.3

 
6.3

 
6.4

 
—
%
^HBA LLC dba Palmetto Twist-Vista
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/18/2026

 
16.4

 
16.4

 
15.6

 
0.01
%
^J&A Laundromat Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/18/2026

 
57.3

 
57.3

 
54.4

 
0.02
%
^Dedicated Incorporated
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/18/2041

 
44.9

 
44.9

 
48.2

 
0.02
%

54
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^FJN Catering Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/13/2041

 
254.0

 
254.0

 
277.2

 
0.10
%
^LED Lighting Enterprises LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
5/13/2026

 
19.1

 
19.1

 
18.1

 
0.01
%
^Studio Find It Georgia Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/13/2026

 
19.1

 
19.1

 
18.2

 
0.01
%
^Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/12/2041

 
128.0

 
128.0

 
136.4

 
0.05
%
^Sabir Inc. dba Bear Diner
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/11/2041

 
119.7

 
119.7

 
129.6

 
0.05
%
^Gator D'Lites LLC dba D'Lites Emporium
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
5/5/2026

 
19.1

 
19.1

 
17.8

 
0.01
%
^Warner Home Comfort, LLC dba Smith Piping
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/29/2041

 
79.6

 
79.6

 
84.9

 
0.03
%
^Keller, Fishback & Jackson LLP
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
109.3

 
109.3

 
112.7

 
0.04
%
^Marc S. Rosenberg P.C. dba Mammuth and Rosenberg
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
18.9

 
18.9

 
17.7

 
0.01
%
^Euro Car Miami LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
52.6

 
52.6

 
54.2

 
0.02
%
^Hard Exercise Works Winter Park LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
34.3

 
34.3

 
32.0

 
0.01
%
^Loriet LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
6.3

 
6.3

 
5.9

 
—
%
^La Nopalera Mexicano 2, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
35.9

 
35.9

 
37.0

 
0.01
%
^Empowerschool LLC and Empower Autism Academy, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
4/29/2041

 
146.5

 
146.5

 
160.4

 
0.06
%
^Scoler LLC dba Gold's Gym
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
221.0

 
221.0

 
212.6

 
0.08
%
^May-Craft Fiberglass Products Inc
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/29/2041

 
238.7

 
238.7

 
261.3

 
0.09
%
^Alpha Omega Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
4/29/2041

 
169.4

 
169.4

 
185.5

 
0.07
%
^Inner Beauty Salon and Suite LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/28/2041

 
62.7

 
62.7

 
68.4

 
0.02
%
^Atlantic Restaurant Associates LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/28/2041

 
253.2

 
253.2

 
274.4

 
0.10
%

55
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Costume World Inc
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
4/28/2041

 
1,207.6

 
1,207.6

 
1,322.1

 
0.47
%
^Pecos Inn LLC dba Econo Lodge
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
4/28/2041

 
651.3

 
651.3

 
705.6

 
0.25
%
^Shepherd Appraisal Services LLC dba Property Damage Appraisers of Oklahoma City
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
4/28/2026

 
7.6

 
7.6

 
7.1

 
—
%
^Knowledge First Inc dba Magic Years of Learning
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
4/27/2026

 
68.6

 
68.6

 
68.5

 
0.02
%
^Green Country Filter Manufacturing LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/27/2026

 
72.1

 
72.1

 
68.4

 
0.02
%
^Accent Comfort Services, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/26/2026

 
75.8

 
75.8

 
70.6

 
0.03
%
^Homecare Casa Rhoda 123 Inc
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2%
 
4/26/2041

 
648.8

 
648.8

 
669.7

 
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

 
241.1

 
241.1

 
251.3

 
0.09
%
^McIntosh Trail Management Services Organization Inc
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/22/2041

 
410.6

 
410.6

 
449.5

 
0.16
%
^Jande Graphics LLC dba FastSigns #103201
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/21/2026

 
47.1

 
47.1

 
43.9

 
0.02
%
^AAA Mill Direct, Inc. dba Carpet Mill Outlets
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
4/21/2026

 
6.6

 
6.6

 
6.8

 
—
%
^Miguel Fernando Borda, P.A. dba BGR Dental
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/15/2026

 
18.9

 
18.9

 
18.0

 
0.01
%
^Sushiya Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/12/2026

 
73.7

 
73.7

 
70.6

 
0.03
%
^Sierra Foothill Cremation & Funeral Service, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/7/2026

 
44.6

 
44.6

 
41.6

 
0.01
%
^Waterfalls Quick Lube LLC and Veracruz Shabo LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/6/2041

 
267.1

 
267.1

 
287.7

 
0.10
%
^KNS Early Learning Academy LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
4/6/2041

 
49.3

 
49.3

 
52.3

 
0.02
%
^Duke's Cleaners Inc
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/31/2026

 
39.2

 
39.2

 
38.6

 
0.01
%
^Christian Soderquist dba Soderquist Plumbing and Heating LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/31/2041

 
54.6

 
54.6

 
59.8

 
0.02
%
^Cameo Carter, MD A Professional Corporation dba The Garden Pediatric Group
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/31/2026

 
62.6

 
62.6

 
58.3

 
0.02
%
^Vehicle Safety Supply LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/31/2026

 
18.8

 
18.8

 
17.5

 
0.01
%

56
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Men of Steel Enterprises LLC and Vogelbacher Properties LLC
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/31/2041

 
378.9

 
378.9

 
391.2

 
0.14
%
^Gill Express Inc and Blue Speed LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2041

 
498.8

 
498.8

 
532.4

 
0.19
%
^Dana A. Farley dba Independent Cabinets
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/31/2041

 
65.0

 
65.0

 
71.1

 
0.03
%
^NOSO Development, LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
3/30/2026

 
156.6

 
156.6

 
145.7

 
0.05
%
^Wyldewood Cellars, Inc.
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/30/2041

 
961.5

 
961.5

 
1,004.2

 
0.36
%
^Gordon Rogers and Heidi Rogers dba Stone House Motor Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/30/2026

 
19.0

 
19.0

 
19.6

 
0.01
%
^MTS Car Service LLC
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/30/2026

 
8.8

 
8.8

 
8.2

 
—
%
^Tom Sawyer Country Restaurant LLC and AM 3208 LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/30/2041

 
248.3

 
248.3

 
269.5

 
0.10
%
^Beale Street Blues Company-West Palm Beach, LLC
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
3/30/2026

 
78.3

 
78.3

 
74.2

 
0.03
%
^Barrocas Gym LLC dba Snap Fitness
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/29/2026

 
16.6

 
16.6

 
16.3

 
0.01
%
^Vinmar Inc. dba Locanda Portofino
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/29/2026

 
67.8

 
67.8

 
63.1

 
0.02
%
^Lust for Life Footwear, LLC
 
Leather and Allied Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/29/2026

 
313.1

 
313.1

 
291.5

 
0.10
%
^Marathon Engineering Corporation
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/28/2041

 
43.3

 
43.3

 
46.8

 
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

 
41.8

 
41.8

 
40.4

 
0.01
%
^RCB Enterprises, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2026

 
47.0

 
47.0

 
43.7

 
0.02
%
^Revolution Physical Therapy LLC dba Apex Network Physical Therapy
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2026

 
19.0

 
19.0

 
18.0

 
0.01
%
^Excel RP Inc
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/25/2026

 
104.4

 
104.4

 
101.3

 
0.04
%
^International Construction Inc
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
3/24/2041

 
48.2

 
48.2

 
51.2

 
0.02
%
^ActKnowledge, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/24/2026

 
104.4

 
104.4

 
107.5

 
0.04
%
^Flooring Liquidators Inc and Premier Flooring Yonkers Inc and Flooring
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/24/2026

 
41.7

 
41.7

 
42.6

 
0.02
%

57
See accompanying notes to unaudited condensed consolidated financial statements.



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

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

 
480.4

 
480.4

 
504.3

 
0.18
%
^Magnation Corporation and Misha Family Trust
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/22/2041

 
97.8

 
97.8

 
107.0

 
0.04
%
^growth.period LLC and Potomac Recruiting LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2026

 
40.7

 
40.7

 
37.9

 
0.01
%
^Precious Care LLC and Precious Care Management LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2026

 
465.8

 
465.8

 
435.5

 
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

 
18.8

 
18.8

 
17.5

 
0.01
%
^Taylors Zinn Enterprises Inc dba Eons Auto Care Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/18/2041

 
77.8

 
77.8

 
84.6

 
0.03
%
^ERT Group Inc and Curt's Tools Inspection Inc
 
Support Activities for Mining
 
Term Loan
 
Prime plus 2.75%
 
3/18/2041

 
1,210.1

 
1,210.1

 
1,288.4

 
0.46
%
^Kekoa Enterprises Inc dba Signarama Sandy
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2026

 
41.3

 
41.3

 
38.5

 
0.01
%
^Mariam Diner Inc dba Country Kitchen Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/18/2026

 
43.8

 
43.8

 
40.8

 
0.01
%
^Brian T Rice dba BD Logging
 
Forestry and Logging
 
Term Loan
 
Prime plus 2.75%
 
3/17/2026

 
7.3

 
7.3

 
7.3

 
—
%
^Demand Printing Solutions Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/16/2026

 
18.2

 
18.2

 
18.3

 
0.01
%
^Evergreen Pallet LLC and Evergreen Recycle LLC
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/16/2026

 
918.7

 
918.7

 
886.4

 
0.31
%
^K Soles Corp dba Max Collections
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/16/2026

 
18.8

 
18.8

 
17.5

 
0.01
%
^LAN Doctors Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/16/2026

 
45.9

 
45.9

 
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

 
41.8

 
41.8

 
38.9

 
0.01
%
^Mustafa Inc and Raouf Properties LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/14/2041

 
72.2

 
72.2

 
78.5

 
0.03
%
^HEWZ, LLC dba Hard Exercise Works
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/14/2026

 
18.7

 
18.7

 
17.4

 
0.01
%

58
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Country Paint and Hardware Inc
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/11/2026

 
73.0

 
73.0

 
68.9

 
0.02
%
^Dupre Capital LLC dba Fastsigns
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/11/2026

 
48.8

 
48.8

 
45.4

 
0.02
%
^Magill Truck Line LLC and Jeff J. Ralls
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/11/2029

 
193.4

 
193.4

 
189.2

 
0.07
%
^Accuair Control Systems LLC dba Accuair Suspension
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/11/2026

 
125.3

 
125.3

 
118.4

 
0.04
%
^ABCs & 123s Infant and Child Care Center LP
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/11/2026

 
9.4

 
9.4

 
8.7

 
—
%
^State Painting & Decorating Co., Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/10/2026

 
86.6

 
86.6

 
80.6

 
0.03
%
^B.P.T.M. of NV LLC and Agentis Bros., LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/9/2041

 
505.5

 
505.5

 
540.6

 
0.19
%
^Step Up Academy of the Arts LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
3/9/2026

 
6.7

 
6.7

 
6.2

 
—
%
^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

 
18.8

 
18.8

 
18.3

 
0.01
%
^Swerve Salon LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/8/2026

 
66.0

 
66.0

 
61.4

 
0.02
%
^J & W Hardwood Flooring Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/7/2026

 
6.3

 
6.3

 
5.8

 
—
%
^Labmates LLC and POV Holdings LLC
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/4/2041

 
105.2

 
105.2

 
115.1

 
0.04
%
^Hueston and Company CPA LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/4/2026

 
6.8

 
6.8

 
6.4

 
—
%
^Almost Home Daycare LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/3/2026

 
45.0

 
45.0

 
45.8

 
0.02
%
^Miles of Smiles Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/2/2026

 
79.5

 
79.5

 
75.1

 
0.03
%
^Doxa Deo Inc dba Luv 2 Play
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
90.8

 
90.8

 
86.5

 
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

 
130.7

 
130.7

 
142.2

 
0.05
%
^Living Essentials HVAC Corp
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
12.4

 
12.4

 
11.7

 
—
%
^Consulting Solutions, Inc. and Mark Luciani
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
9.3

 
9.3

 
9.5

 
—
%

59
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Drug Detection Laboratories, Inc. and Minh Tran
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
16.4

 
16.4

 
15.4

 
0.01
%
^Powerpits CS1, LLC dba Pita Pit
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
15.5

 
15.5

 
15.0

 
0.01
%
^Aaradhya LLC dba Market Square Laundry
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/23/2026

 
66.2

 
66.2

 
61.7

 
0.02
%
^Blackstones Hairdressing LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/23/2026

 
43.4

 
43.4

 
40.6

 
0.01
%
^R & K Contracting Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/18/2026

 
13.1

 
13.1

 
13.4

 
—
%
^Pacific Coast Medical Group LLC dba Celebrity Laser Spa and Advanced
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/17/2026

 
202.9

 
202.9

 
208.9

 
0.07
%
^B for Blonde, LLC dba Blo Blow Dry Bar
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/12/2026

 
52.0

 
52.0

 
48.4

 
0.02
%
^Gilmore Heights Dental Holdings, LTD and Chas Rob LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/12/2029

 
273.8

 
273.8

 
270.9

 
0.10
%
^Ei3 Corporation
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/12/2026

 
270.7

 
270.7

 
278.7

 
0.10
%
^Jersey Shore Marina & Boat Sales, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/12/2041

 
601.6

 
601.6

 
658.2

 
0.23
%
^Base USA, Inc.
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
2/2/2026

 
41.4

 
41.4

 
42.7

 
0.02
%
^Zouk Ltd dba Palma
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/29/2026

 
18.5

 
18.5

 
19.0

 
0.01
%
^SuzyQue's LLC dba SuzyQue's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/28/2026

 
18.5

 
18.5

 
19.0

 
0.01
%
^Wildflour Bakery & Cafe LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/28/2026

 
51.3

 
51.3

 
52.6

 
0.02
%
^Tammy Lavertue
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
1/28/2026

 
9.2

 
9.2

 
9.4

 
—
%
^New Image Building Services, Inc. dba The Maids serving Oakland
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
1/19/2026

 
68.3

 
68.3

 
65.7

 
0.02
%
^Gendron Funeral and Cremation Services, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/11/2041

 
106.5

 
106.5

 
116.5

 
0.04
%
^Dolarian Realty LLC and OV's Restaurant Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/5/2041

 
65.1

 
65.1

 
71.2

 
0.03
%
^Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/29/2025

 
91.6

 
91.6

 
92.2

 
0.03
%

60
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^MCF Forte LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/29/2025

 
15.3

 
15.3

 
15.2

 
0.01
%
^Panditos LLC dba White Lotus Home
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/28/2025

 
12.9

 
12.9

 
12.9

 
—
%
^Bright Dialysis LLC and Ft Pierce Kidney Care LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2025

 
1,017.8

 
1,017.8

 
1,013.0

 
0.36
%
^V2 Tango LLC dba Palette 22
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/23/2025

 
203.6

 
203.6

 
204.4

 
0.07
%
^Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/23/2040

 
98.1

 
98.1

 
108.7

 
0.04
%
^800 on the Trax LLC and Matrix Z LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/23/2040

 
231.0

 
231.0

 
255.2

 
0.09
%
^Joyce Outdoor Advertising Chicago LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2040

 
289.1

 
289.1

 
319.0

 
0.11
%
^The LAX Shop Inc
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
12/22/2025

 
79.6

 
79.6

 
82.9

 
0.03
%
^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

 
769.0

 
769.0

 
814.3

 
0.29
%
^Hattingh Incorporated dba Prosthetic Care Facility
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2025

 
14.7

 
14.7

 
14.8

 
0.01
%
^G.W. Fitness Centers, LLC and J.G. Fitness LLC and NP Gym LLC and ANA
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/18/2040

 
981.5

 
981.5

 
1,095.8

 
0.39
%
^Trip Consultants U.S.A. Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/18/2025

 
142.5

 
142.5

 
141.7

 
0.05
%
^Jay Kevin Gremillion dba Dino Smiles Children's Cosmetic Dentistry
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/18/2025

 
61.0

 
61.0

 
61.2

 
0.02
%
^Accent Tag and Label Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
12/18/2040

 
634.9

 
634.9

 
702.5

 
0.25
%
^Abbondanza Market LLC dba Hampton Falls Village Market
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/18/2025

 
54.7

 
54.7

 
54.9

 
0.02
%
^Labmates LLC
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/18/2040

 
155.6

 
155.6

 
173.7

 
0.06
%
^Mustafa Inc dba Adiba Grocery
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/17/2025

 
85.0

 
85.0

 
88.5

 
0.03
%
^Learning Skills LLC and Christopher Shrope
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
12/17/2025

 
8.8

 
8.8

 
8.7

 
—
%
^New York Home Health Care Equipment, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/16/2025

 
758.9

 
758.9

 
788.1

 
0.28
%

61
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Moments to Remember USA LLC dba Retain Loyalty
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/16/2025

 
61.1

 
61.1

 
62.6

 
0.02
%
^Swalm Sreet 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

 
403.8

 
0.14
%
^JAG Unit 1, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/16/2025

 
203.6

 
203.6

 
202.4

 
0.07
%
^Abitino's JFK LLC dba Abitino's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/16/2022

 
89.9

 
89.9

 
89.4

 
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

 
105.5

 
0.04
%
^DC Enterprises Ltd. dba Lakeview True Value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/14/2025

 
18.3

 
18.3

 
18.9

 
0.01
%
^Basista Family Limited Partnership and UPE, Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/14/2040

 
327.9

 
327.9

 
362.4

 
0.13
%
^AGR Foodmart Inc dba Nashua Road Mobil
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/11/2025

 
18.3

 
18.3

 
18.9

 
0.01
%
^Alexandra Afentoulides dba Vi's Pizza Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/11/2040

 
44.3

 
44.3

 
49.4

 
0.02
%
^Cares, Inc dba Dumpling Grounds Day Care Center
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
12/10/2025

 
6.1

 
6.1

 
6.4

 
—
%
^Custom Exteriors, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/9/2025

 
81.4

 
81.4

 
81.9

 
0.03
%
^Sushiya, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/8/2025

 
88.6

 
88.6

 
89.1

 
0.03
%
^My Jewels, LLC dba The UPS Store #6712
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/7/2025

 
28.8

 
28.8

 
28.7

 
0.01
%
^LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/4/2040

 
482.0

 
482.0

 
534.8

 
0.19
%
^Tariq, LLC dba 76 Food Mart
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/2/2040

 
359.1

 
359.1

 
398.6

 
0.14
%
^Delta Aggregate, LLC
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
11/30/2025

 
87.3

 
87.3

 
90.9

 
0.03
%
^Hurshell Leon Dutton dba High Jump Party Rentals
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2025

 
14.1

 
14.1

 
14.7

 
0.01
%
^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

 
101.0

 
101.0

 
102.0

 
0.04
%
^Smokeyard Inc dba Smokeyard BBQ and Chop Shop
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/30/2025

 
100.9

 
100.9

 
101.0

 
0.04
%
^DWeb Studio, Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
11/25/2025

 
9.1

 
9.1

 
9.0

 
—
%

62
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^State Painting and Decorating Co Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/25/2025

 
58.4

 
58.4

 
58.0

 
0.02
%
^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

 
822.5

 
0.29
%
^Play and Learn Child Care and School Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/23/2025

 
9.0

 
9.0

 
9.3

 
—
%
^Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
11/20/2025

 
72.8

 
72.8

 
72.8

 
0.03
%
^Haven Hospitality Group Inc. dba Haven Gastropub
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/20/2025

 
106.9

 
106.9

 
106.9

 
0.04
%
^CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/20/2040

 
234.7

 
234.7

 
255.4

 
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

 
103.7

 
103.7

 
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

 
602.6

 
602.6

 
672.8

 
0.24
%
^E.S.F.P. LLC dba Volusia Van and Storage
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/11/2025

 
71.9

 
71.9

 
72.0

 
0.03
%
^Green Life Lawnscapes LLC dba Green Life Lawn Care
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
11/6/2025

 
110.3

 
110.3

 
114.3

 
0.04
%
^JumboMarkets Inc dba Rines Jumbomarkets
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
11/4/2025

 
247.2

 
247.2

 
256.5

 
0.09
%
^Bisson Transportation Inc dba I & R Associates and Document Security
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
10/30/2025

 
18.0

 
18.0

 
18.5

 
0.01
%
^Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/28/2025

 
568.2

 
568.2

 
571.6

 
0.20
%
^Financial Network Recovery Inc
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/26/2025

 
32.0

 
32.0

 
31.8

 
0.01
%
^Windsor Direct Distribution LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
10/26/2025

 
11.4

 
11.4

 
11.3

 
—
%
^Tannehill Enterprises Inc dba Hobbytown USA Folsom
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
10/14/2025

 
71.1

 
71.1

 
70.7

 
0.03
%
^ADMO Inc dba Mid States Equipment
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/8/2025

 
18.0

 
18.0

 
18.0

 
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

 
644.1

 
644.1

 
658.5

 
0.23
%
^SCJEN Management Inc dba Bowl of Heaven
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/30/2025

 
57.1

 
57.1

 
56.7

 
0.02
%

63
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Naeem Khan LTD
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2025

 
99.1

 
99.1

 
98.3

 
0.03
%
^Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas City
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/30/2028

 
57.0

 
57.0

 
59.8

 
0.02
%
^R.H. Hummer Jr., Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2025

 
308.3

 
308.3

 
318.0

 
0.11
%
^Barub Realty LLC and Barub LLC dba Woodlawn Cabinets
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
9/30/2040

 
136.2

 
136.2

 
151.9

 
0.05
%
^Binky's Vapes LLC
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/30/2025

 
17.8

 
17.8

 
17.7

 
0.01
%
^Greensward of Marco Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2040

 
83.3

 
83.3

 
91.9

 
0.03
%
^RIM Investments LLC and RIM Architects LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2040

 
380.1

 
380.1

 
418.5

 
0.15
%
^The Grasso Companies LLC and Grasso Pavement Maintenance LLC
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
9/28/2025

 
406.8

 
406.8

 
423.2

 
0.15
%
^Sandlot Ventures LLC and Sandbox Ventures LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/25/2040

 
422.1

 
422.1

 
462.9

 
0.16
%
^Yachting Solutions LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/25/2040

 
916.8

 
916.8

 
1,004.9

 
0.36
%
^Prestigious LifeCare for Seniors LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/25/2025

 
7.8

 
7.8

 
7.9

 
—
%
^Daniel W. Stark dba Mountain Valley Lodge and RV Park
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/25/2040

 
12.9

 
12.9

 
14.3

 
0.01
%
^Hagerstown Muffler, Inc. and JMS Muffler, Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/24/2040

 
312.5

 
312.5

 
348.5

 
0.12
%
^St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/24/2040

 
595.3

 
595.3

 
658.0

 
0.23
%
^Rutledge Enterprises Inc dba BLC Property Management
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/23/2040

 
59.0

 
59.0

 
65.3

 
0.02
%
^Finish Strong Inc dba FASTSIGNS St Peters
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/23/2025

 
39.6

 
39.6

 
39.3

 
0.01
%
^J3K LLC dba Ronan True Value Hardware
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/23/2025

 
120.9

 
120.9

 
120.0

 
0.04
%
^Nova Solutions Inc
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/22/2040

 
304.8

 
304.8

 
337.0

 
0.12
%
^Pine Belt Wood Products LLC
 
Forestry and Logging
 
Term Loan
 
Prime plus 2.75%
 
9/22/2040

 
156.0

 
156.0

 
168.7

 
0.06
%
^Sound Manufacturing Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/21/2025

 
39.6

 
39.6

 
40.0

 
0.01
%

64
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^IIoka Inc dba New Cloud Networks
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/21/2025

 
529.7

 
529.7

 
525.8

 
0.19
%
^Vanderhoof LLC dba Soxfords
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/18/2025

 
12.6

 
12.6

 
12.5

 
—
%
^MiJoy Inc dba Imo's Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/18/2025

 
6.5

 
6.5

 
6.5

 
—
%
^Naeem Khan LTD
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/17/2025

 
99.1

 
99.1

 
98.4

 
0.03
%
^Import Car Connection Inc dba Car Connection
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/16/2040

 
388.2

 
388.2

 
431.9

 
0.15
%
^FirstVitals Health and Wellness Inc
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/15/2025

 
118.9

 
118.9

 
118.0

 
0.04
%
^Almost Home Daycare LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/11/2025

 
53.7

 
53.7

 
55.8

 
0.02
%
^Veliu LLC dba FASTSIGNS #15901
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/10/2025

 
40.2

 
40.2

 
40.2

 
0.01
%
^Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/8/2040

 
133.4

 
133.4

 
148.7

 
0.05
%
^Empower Autism Academy
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/4/2040

 
652.5

 
652.5

 
727.8

 
0.26
%
^AIG Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/4/2040

 
346.5

 
346.5

 
378.5

 
0.13
%
^Higher Grounds Community Coffeehouse, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/2/2025

 
6.5

 
6.5

 
6.6

 
—
%
^Delray Scrap Recycling LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/31/2025

 
17.5

 
17.5

 
17.3

 
0.01
%
^The Camera House Inc
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/31/2025

 
983.4

 
983.4

 
1,001.4

 
0.35
%
^LAN Doctors Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/28/2025

 
63.8

 
63.8

 
64.8

 
0.02
%
^Elite Institute LLC dba Huntington Learning Center
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
8/28/2025

 
11.9

 
11.9

 
11.8

 
—
%
^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

 
90.3

 
90.3

 
100.3

 
0.04
%
^God Be Glorified Inc dba GBG Inc
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
8/20/2025

 
41.6

 
41.6

 
41.3

 
0.01
%
^3000 CSI Property LLC and Consulting Solutions Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/20/2040

 
130.7

 
130.7

 
145.4

 
0.05
%

65
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^GDP Gourmet LLC dba Joe and John's Pizza Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/19/2040

 
137.9

 
137.9

 
152.1

 
0.05
%
^Gold Jet Corp.
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
8/14/2025

 
56.5

 
56.5

 
57.4

 
0.02
%
^SKJ Inc dba Subway
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/13/2025

 
66.5

 
66.5

 
66.3

 
0.02
%
^LP Industries Inc dba Childforms
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/29/2025

 
97.4

 
97.4

 
99.9

 
0.04
%
^Pauley Tree and Lawn Care Inc
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
7/28/2025

 
51.2

 
51.2

 
51.8

 
0.02
%
^Beale Street Blues Company-West Palm Beach LLC dba Lafayette's
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
7/24/2025

 
51.6

 
51.6

 
51.8

 
0.02
%
^Smart Artists Inc.
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
7/23/2025

 
17.5

 
17.5

 
17.4

 
0.01
%
^Free Ion Advisors LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/21/2025

 
50.0

 
50.0

 
49.6

 
0.02
%
^Murrayville Donuts, Inc dba Dunkin' Donuts
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
7/15/2040

 
331.1

 
331.1

 
363.3

 
0.13
%
^Union 2 LLC dba The Standard
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/10/2025

 
76.8

 
76.8

 
78.2

 
0.03
%
^Thrifty Market, Inc. dba Thrifty Foods
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/30/2030

 
229.0

 
229.0

 
236.6

 
0.08
%
^Danny V, LLC dba Hugo's Taproom
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2040

 
40.8

 
40.8

 
44.6

 
0.02
%
^Anglin Cultured Stone Products LLC dba Anglin Construction
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/30/2025

 
217.2

 
217.2

 
218.5

 
0.08
%
^Jonathan E Nichols and Nichols Fire and Security LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2025

 
57.8

 
57.8

 
59.5

 
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

 
201.3

 
201.3

 
222.4

 
0.08
%
^Myclean Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2025

 
12.3

 
12.3

 
12.1

 
—
%
^Summit Beverage Group LLC
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/29/2030

 
255.2

 
255.2

 
265.6

 
0.09
%
^Advanced Skincare Medcenter Inc dba Advanced Skincare Surgery
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2025

 
260.2

 
260.2

 
259.4

 
0.09
%
^CEM Autobody LLC dba Dawn's Autobody
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/26/2040

 
128.5

 
128.5

 
141.2

 
0.05
%
^Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
6/26/2040

 
360.0

 
360.0

 
396.8

 
0.14
%

66
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^SofRep, Inc dba Force 12 Media
 
Other Information Services
 
Term Loan
 
Prime plus 2.75%
 
6/26/2025

 
51.1

 
51.1

 
50.6

 
0.02
%
^TJU-DGT Inc dba The Lorenz Cafe
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/26/2029

 
17.7

 
17.7

 
18.8

 
0.01
%
^E & G Enterprises LLC dba Comfort Keepers
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/26/2025

 
17.3

 
17.3

 
17.2

 
0.01
%
^Ohs Auto Body, Inc. dba Ohs Body Shop
 
Repair and Maintenance
 
Term Loan
 
7.59%
 
6/25/2040

 
1,156.5

 
1,156.5

 
1,269.8

 
0.45
%
^Wolf Enviro Interests, LLC and Enviromax Services Inc
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/25/2040

 
233.5

 
233.5

 
253.6

 
0.09
%
^Evinger PA One, Inc. dba Postal Annex, Falcon
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/24/2025

 
17.3

 
17.3

 
17.5

 
0.01
%
^Richards Plumbing and Heating Co., Inc. dba Richards Mechanical
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/23/2040

 
522.7

 
522.7

 
582.6

 
0.21
%
^RJI Services, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/23/2025

 
17.2

 
17.2

 
17.0

 
0.01
%
^Real Help LLC dba Real Help Decorative Concrete
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/22/2025

 
41.0

 
41.0

 
42.5

 
0.02
%
^PM Cassidy Enterprises, Inc. dba Junk King
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
6/19/2025

 
11.5

 
11.5

 
11.4

 
—
%
^KRN Logistics, LLC and Newsome Trucking, Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/19/2025

 
431.9

 
431.9

 
438.3

 
0.16
%
^Inverted Healthcare Staffing of Florida LLC dba Interim Healthcare
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/18/2025

 
47.2

 
47.2

 
46.8

 
0.02
%
^Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC
 
Specialty Trade Contractors
 
Term Loan
 
6.75%
 
6/17/2025

 
344.8

 
344.8

 
358.1

 
0.13
%
^AM PM Properties, LLC and AM PM Willington, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/17/2040

 
82.2

 
82.2

 
91.4

 
0.03
%
^Nelson Sargsyan dba HDA Trucking
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/16/2025

 
100.8

 
100.8

 
99.9

 
0.04
%
^Mirage Plastering Inc and Mpire LLC and Mpire II LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/12/2040

 
131.5

 
131.5

 
141.3

 
0.05
%
^Bizzare Foods Inc dba Trooper Foods
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/12/2025

 
88.5

 
88.5

 
87.7

 
0.03
%
^Anturio Marketing Inc dba Logic Consulting
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/12/2040

 
275.3

 
275.3

 
306.8

 
0.11
%
^Eldredge Tavern LLC dba Gonyea's Tavern
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/8/2040

 
53.3

 
53.3

 
59.4

 
0.02
%
^Nicor LLC dba Fibrenew Sacramento
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/5/2022

 
8.8

 
8.8

 
8.6

 
—
%

67
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/5/2025

 
12.1

 
12.1

 
12.0

 
—
%
^ViAr Visual Communications, Inc. dba Fastsigns 281701
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/5/2025

 
47.8

 
47.8

 
47.7

 
0.02
%
^Video Vault & Tanning LLC and Mosaic Salon LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
6/4/2040

 
86.0

 
86.0

 
95.9

 
0.03
%
^Medworxs LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/3/2025

 
96.4

 
96.4

 
95.8

 
0.03
%
^XCESSIVE THROTTLE, INC dba Jake's Roadhouse
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/29/2025

 
6.3

 
6.3

 
6.2

 
—
%
^Villela CPA PL
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/27/2025

 
6.9

 
6.9

 
6.9

 
—
%
^Douglas Posey and Sally Watkinson dba Audrey's Farmhouse
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/20/2040

 
164.7

 
164.7

 
182.5

 
0.06
%
^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

 
555.9

 
0.20
%
^15 McArdle LLC and No Other Impressions Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/15/2040

 
243.2

 
243.2

 
265.6

 
0.09
%
^Guard Dogs MFS LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/8/2025

 
49.7

 
49.7

 
49.4

 
0.02
%
^George S Cochran DDS Inc
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/7/2025

 
99.3

 
99.3

 
98.5

 
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

 
47.1

 
47.1

 
52.4

 
0.02
%
^Matthew Taylor and Landon Farm LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/4/2040

 
95.3

 
95.3

 
102.8

 
0.04
%
^Cares Inc dba Dumpling Grounds Day Care Center
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/1/2040

 
76.6

 
76.6

 
85.4

 
0.03
%
^Orchid Enterprises Inc dba Assisting Hands of Sussex County
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/24/2025

 
11.3

 
11.3

 
11.3

 
—
%
^Ragazza Restaurant Group, Inc. dba Bambolina
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/21/2025

 
15.1

 
15.1

 
15.2

 
0.01
%
^Diamond Solutions LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/21/2025

 
15.8

 
15.8

 
15.7

 
0.01
%
^Giacchino Maritime Consultants Inc
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/17/2025

 
17.0

 
17.0

 
16.9

 
0.01
%
^Sound Coaching Inc
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
4/14/2025

 
33.6

 
33.6

 
33.3

 
0.01
%

68
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Faramarz Nikourazm dba Car Clinic Center
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/3/2040

 
69.4

 
69.4

 
76.5

 
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

 
769.5

 
0.27
%
^HAVANA CENTRAL NJ1, LLC dba Havana Central
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/31/2025

 
213.1

 
213.1

 
221.0

 
0.08
%
^Mid-South Lumber Co. of Northwest Florida, Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/31/2040

 
404.0

 
404.0

 
438.9

 
0.16
%
^Copper Beech Financial Group LLC
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
3/30/2025

 
93.6

 
93.6

 
95.1

 
0.03
%
^Delta Aggregate LLC
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
3/30/2025

 
75.6

 
75.6

 
78.4

 
0.03
%
^Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/27/2040

 
284.3

 
284.3

 
316.6

 
0.11
%
^Shellhorn and Hill Inc dba Total Fleet Service
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/27/2040

 
976.3

 
976.3

 
1,060.8

 
0.38
%
^Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
3/27/2025

 
927.2

 
927.2

 
917.6

 
0.33
%
^Shorr Enterprises Inc dba New Design Furniture Manufacturers
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/27/2025

 
79.8

 
79.8

 
81.5

 
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

 
50.9

 
50.9

 
56.5

 
0.02
%
^Zero-In Media Inc
 
Data Processing, Hosting, and Related Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2025

 
16.8

 
16.8

 
16.7

 
0.01
%
^Loriet LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/24/2025

 
9.0

 
9.0

 
8.9

 
—
%
^Shelton Incorporated dba Mrs. Winners
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/20/2040

 
106.0

 
106.0

 
118.0

 
0.04
%
^Jaymie Hazard dba Indigo Hair Studio and Day Spa
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/20/2040

 
40.3

 
40.3

 
44.3

 
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

 
80.5

 
80.5

 
89.6

 
0.03
%
^MMS Realty, LLC and Molecular MS Diagnostics LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2040

 
151.4

 
151.4

 
166.1

 
0.06
%
^Royal Crest Motors LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/16/2040

 
85.9

 
85.9

 
94.7

 
0.03
%
^BND Sebastian Limited Liability Company and Sebastian Fitness
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/16/2040

 
162.5

 
162.5

 
179.9

 
0.06
%
^Douglas Printy Motorsports, Inc. dba Blackburn Trike
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/9/2040

 
180.5

 
180.5

 
197.9

 
0.07
%

69
See accompanying notes to unaudited condensed consolidated financial statements.



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

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

 
8.4

 
8.4

 
8.7

 
—
%
^Baystate Firearms and Training, LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
2/27/2025

 
46.9

 
46.9

 
46.5

 
0.02
%
^Kingseal LLC dba Desoto Health and Rehab Center
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
2/26/2040

 
1,192.7

 
1,192.7

 
1,327.9

 
0.47
%
^Pace Motor Lines, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/26/2025

 
48.9

 
48.9

 
50.7

 
0.02
%
^Nelson Financial Services LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/24/2025

 
9.2

 
9.2

 
9.1

 
—
%
^Kiddie Steps 4 You Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
2/19/2040

 
58.4

 
58.4

 
64.0

 
0.02
%
^Triangle Trash LLC dba Bin There Dump That
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
2/18/2025

 
55.1

 
55.1

 
55.8

 
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

 
161.6

 
161.6

 
176.9

 
0.06
%
^740 Barry Street Realty LLC and Wild Edibles Inc
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
2/10/2040

 
464.0

 
464.0

 
516.7

 
0.18
%
^Kostekos Inc dba New York Style Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/6/2040

 
62.4

 
62.4

 
68.7

 
0.02
%
^DuCharme Realty LLC and DuCharme Enterprises LLC
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/2/2040

 
211.7

 
211.7

 
231.1

 
0.08
%
^Dean 1021 LLC dba Pure Pita
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/29/2025

 
61.5

 
61.5

 
61.3

 
0.02
%
^Limameno LLC dba Sal's Italian Ristorante
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/23/2025

 
61.1

 
61.1

 
61.1

 
0.02
%
^Palmabak Inc dba Mami Nora's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/22/2025

 
10.4

 
10.4

 
10.8

 
—
%
^Jung Design Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/20/2022

 
4.9

 
4.9

 
4.7

 
—
%
^Grand Blanc Lanes, Inc. and H, H and H, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/31/2039

 
124.8

 
124.8

 
140.1

 
0.05
%
^Evans and Paul LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
168.9

 
168.9

 
175.6

 
0.06
%
^First Prevention and Dialysis Center, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
213.2

 
213.2

 
221.1

 
0.08
%
^Bowlerama Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/24/2039

 
1,128.3

 
1,128.3

 
1,268.3

 
0.45
%

70
See accompanying notes to unaudited condensed consolidated financial statements.



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

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

 
496.8

 
496.8

 
552.4

 
0.20
%
^Thermoplastic Services Inc and Paragon Plastic Sheet, Inc
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
468.5

 
468.5

 
526.6

 
0.19
%
^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

 
136.2

 
136.2

 
140.0

 
0.05
%
^MM and M Management Inc dba Pizza Artista
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/19/2025

 
34.8

 
34.8

 
35.7

 
0.01
%
^B.S. Ventures LLC dba Dink's Market
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/19/2039

 
50.4

 
50.4

 
56.6

 
0.02
%
^The Jewelers Inc. dba The Jewelers of Las Vegas
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
12/19/2024

 
907.7

 
907.7

 
926.9

 
0.33
%
^Will Zac Management LLC dba Papa John's
 
Food Services and Drinking Places
 
Term Loan
 
6.25%
 
12/19/2024

 
123.4

 
123.4

 
128.6

 
0.05
%
^B & W Towing, LLC and Boychucks Fuel LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/17/2039

 
154.2

 
154.2

 
172.0

 
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

 
290.5

 
290.5

 
298.8

 
0.11
%
^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

 
144.8

 
0.05
%
^The Red Pill Management, Inc. dba UFC Gym Matthews
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
11/26/2024

 
39.7

 
39.7

 
40.7

 
0.01
%
^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

 
111.4

 
111.4

 
124.8

 
0.04
%
^DeRidder Chiropractic LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/25/2024

 
9.5

 
9.5

 
9.9

 
—
%
^Modern Manhattan LLC
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
11/25/2024

 
158.1

 
158.1

 
161.6

 
0.06
%
^Legacy Estate Planning Inc dba American Casket Enterprises
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2024

 
30.2

 
30.2

 
30.8

 
0.01
%
^J&D Resources, LLC dba Aqua Science
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/21/2024

 
545.8

 
545.8

 
558.2

 
0.20
%
^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

 
112.2

 
112.2

 
125.8

 
0.04
%
^MLM Enterprises LLC and Demand Printing Solutions Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/18/2024

 
50.9

 
50.9

 
52.7

 
0.02
%
^Joey O's LLC and Jennifer Olszewski
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/7/2024

 
0.7

 
0.7

 
0.7

 
—
%

71
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Heartland American Properties LLC and Skaggs RV Outlet LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/31/2039

 
447.1

 
447.1

 
501.0

 
0.18
%
^Golden Transaction Corporation dba Bleh Sunoco
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
10/30/2039

 
146.2

 
146.2

 
164.1

 
0.06
%
^Seelan Inc dba Candleridge Market
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
10/27/2039

 
84.5

 
84.5

 
94.3

 
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

 
83.2

 
83.2

 
92.6

 
0.03
%
^One Hour Jewelry Repair Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/14/2024

 
14.6

 
14.6

 
14.9

 
0.01
%
^DNT Storage and Properties LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
10/10/2039

 
95.0

 
95.0

 
106.6

 
0.04
%
^Sound Manufacturing Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/10/2024

 
133.1

 
133.1

 
136.7

 
0.05
%
^Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/10/2039

 
1,181.1

 
1,181.1

 
1,327.6

 
0.47
%
^Smith Spinal Care Center P.C. and James C. Smith
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/8/2039

 
56.0

 
56.0

 
62.7

 
0.02
%
^Doctors Express Management of Central Texas LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/8/2024

 
66.1

 
66.1

 
68.7

 
0.02
%
^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

 
115.5

 
115.5

 
129.6

 
0.05
%
^Sumad LLC dba BrightStar Care of Encinitas
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/2/2024

 
37.8

 
37.8

 
39.4

 
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

 
238.3

 
238.3

 
265.5

 
0.09
%
^Gordon E Rogers dba Stonehouse Motor Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/26/2039

 
53.6

 
53.6

 
60.2

 
0.02
%
^Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/26/2024

 
15.8

 
15.8

 
16.2

 
0.01
%
^North Columbia LLC and Loop Liquor and Convenience Store LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/24/2039

 
148.4

 
148.4

 
166.2

 
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

 
479.7

 
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

 
20.7

 
20.7

 
21.1

 
0.01
%
^Ryan Crick and Pamela J. Crick and Crick Enterprises Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/17/2039

 
135.6

 
135.6

 
152.2

 
0.05
%
^Modern Leather Goods Repair Shop Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/17/2024

 
40.8

 
40.8

 
41.6

 
0.01
%
^Animal Intrusion Prevention Systems Holding Company, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/15/2024

 
195.1

 
195.1

 
200.5

 
0.07
%

72
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Tavern Properties LLC and Wildwood Tavern LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/15/2039

 
398.5

 
398.5

 
446.1

 
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

 
443.3

 
443.3

 
451.7

 
0.16
%
^B&P Diners LLC dba Engine House Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/10/2024

 
56.3

 
56.3

 
57.3

 
0.02
%
^Feel The World Inc dba Xero Shoes and Invisible Shoes
 
Leather and Allied Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/5/2024

 
36.5

 
36.5

 
37.3

 
0.01
%
^Delta Aggregate LLC
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
8/28/2039

 
859.0

 
859.0

 
964.6

 
0.34
%
^Lamjam LLC Goldsmith Lambros Inc
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
8/27/2024

 
96.1

 
96.1

 
99.9

 
0.04
%
^Orange County Cleaning Inc
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
8/27/2024

 
15.8

 
15.8

 
16.1

 
0.01
%
^Qycell Corporation
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/26/2024

 
84.0

 
84.0

 
86.6

 
0.03
%
^Atlas Auto Body Inc dba Atlas Auto Sales
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/22/2039

 
47.9

 
47.9

 
53.5

 
0.02
%
^Katie Senior Care LLC dba Home Instead Senior Care
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/15/2024

 
86.4

 
86.4

 
88.0

 
0.03
%
^Alpha Preparatory Academy LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/15/2039

 
135.6

 
135.6

 
152.3

 
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

 
176.4

 
176.4

 
198.0

 
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

 
760.1

 
0.27
%
^AGV Enterprises LLC dba Jet's Pizza #42
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/31/2024

 
37.7

 
37.7

 
38.5

 
0.01
%
^iFood, Inc. dba Steak N Shake
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/31/2024

 
271.1

 
271.1

 
279.2

 
0.10
%
^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

 
19.9

 
19.9

 
22.3

 
0.01
%
^Honeyspot Investors LLP and Pace Motor Lines Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/24/2039

 
139.2

 
139.2

 
156.3

 
0.06
%
^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

 
94.8

 
94.8

 
106.1

 
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

 
67.9

 
67.9

 
70.5

 
0.02
%
^AMG Holding, LLC and Stetson Automotive, Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/30/2039

 
193.0

 
193.0

 
216.6

 
0.08
%

73
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^iFood, Inc. dba Steak N Shake
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2039

 
584.9

 
584.9

 
648.6

 
0.23
%
^Honeyspot Investors LLP and Pace Motor Lines Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/30/2039

 
811.9

 
811.9

 
910.8

 
0.32
%
^JPM Investments LLC and Carolina Family Foot Care P.A.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/26/2039

 
132.6

 
132.6

 
148.3

 
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

 
496.5

 
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

 
216.2

 
216.2

 
241.6

 
0.09
%
^510 ROK Realty LLC dba ROK Health and Fitness and Robert N. D'urso
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/19/2024

 
249.1

 
249.1

 
258.7

 
0.09
%
^Nirvi Enterprises LLC dba Howard Johnson / Knights Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/17/2039

 
852.3

 
852.3

 
956.2

 
0.34
%
^Global Educational Delivery Services LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/16/2024

 
41.3

 
41.3

 
42.9

 
0.02
%
^Sico & Walsh Insurance Agency Inc and The AMS Trust
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/6/2039

 
87.3

 
87.3

 
98.0

 
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

 
15.3

 
15.3

 
15.7

 
0.01
%
^Long Island Barber Institute Inc
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/2/2039

 
51.5

 
51.5

 
57.4

 
0.02
%
^CJR LLC and PowerWash Plus, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/30/2024

 
35.6

 
35.6

 
36.9

 
0.01
%
^Pocono Coated Products, LLC
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/30/2024

 
15.1

 
15.1

 
15.7

 
0.01
%
^Wilton Dental Care P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/29/2024

 
87.9

 
87.9

 
89.5

 
0.03
%
^EGM Food Services Inc dba Gold Star Chili
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/29/2024

 
12.9

 
12.9

 
13.2

 
—
%
^Jonesboro Health Food Center LLC
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
5/27/2024

 
40.3

 
40.3

 
41.0

 
0.01
%
^Hae M. and Jin S. Park dba Buford Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/15/2039

 
153.2

 
153.2

 
170.7

 
0.06
%
^The River Beas LLC and Punam Singh
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/8/2039

 
83.6

 
83.6

 
93.5

 
0.03
%
^AS Boyals LLC dba Towne Liquors
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
4/29/2039

 
100.4

 
100.4

 
112.7

 
0.04
%
^Gerami Realty, LC Sherrill Universal City Corral, LP
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/23/2027

 
60.5

 
60.5

 
64.0

 
0.02
%

74
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Complete Body & Paint, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/23/2039

 
19.2

 
19.2

 
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

 
95.8

 
95.8

 
107.5

 
0.04
%
^Wilshire Media Systems Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/17/2024

 
123.7

 
123.7

 
126.3

 
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

 
125.9

 
125.9

 
141.0

 
0.05
%
^Dantanna's Tavern LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2024

 
110.6

 
110.6

 
113.4

 
0.04
%
^Little People's Village II LLC and Iliopoulos Realty LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
85.3

 
85.3

 
94.8

 
0.03
%
^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

 
413.4

 
413.4

 
462.2

 
0.16
%
^Little People's Village II LLC and Iliopoulos Realty LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
94.1

 
94.1

 
104.6

 
0.04
%
^Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/31/2024

 
463.1

 
463.1

 
478.7

 
0.17
%
^Kemmer, LLC and Pitts Package Store, Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
108.5

 
108.5

 
120.0

 
0.04
%
^Lake Area Autosound LLC and Ryan H. Whittington
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
7/28/2039

 
116.9

 
116.9

 
130.5

 
0.05
%
^Knowledge First Inc dba Magic Years of Learning and Kimberly Knox
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/21/2039

 
135.1

 
135.1

 
150.4

 
0.05
%
^Cormac Enterprises and Wyoming Valley Beverage Incorporated
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/20/2039

 
102.1

 
102.1

 
114.4

 
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

 
72.6

 
72.6

 
81.3

 
0.03
%
^Kinisi, Inc. dba The River North UPS Store
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2024

 
16.9

 
16.9

 
17.5

 
0.01
%
^Tortilla King Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/14/2039

 
60.0

 
60.0

 
67.3

 
0.02
%
^Tortilla King, Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/14/2029

 
850.1

 
850.1

 
900.8

 
0.32
%
^Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/13/2039

 
205.8

 
205.8

 
230.6

 
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

 
383.8

 
383.8

 
427.9

 
0.15
%
^Summit Beverage Group LLC
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/28/2024

 
227.6

 
227.6

 
234.7

 
0.08
%

75
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Faith Memorial Chapel LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2039

 
197.1

 
197.1

 
219.4

 
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

 
193.9

 
193.9

 
215.9

 
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

 
103.4

 
103.4

 
107.2

 
0.04
%
^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

 
130.2

 
130.2

 
145.9

 
0.05
%
^JWB Industries, Inc. dba Carteret Die Casting
 
Primary Metal Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/11/2024

 
181.7

 
181.7

 
185.5

 
0.07
%
^Awesome Pets II Inc dba Mellisa's Pet Depot
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
2/7/2024

 
54.6

 
54.6

 
55.9

 
0.02
%
^986 Dixwell Avenue Holding Company, LLC and Mughali Foods, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/7/2039

 
91.5

 
91.5

 
102.2

 
0.04
%
^Sarah Sibadan dba Sibadan Agency
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
1/27/2039

 
118.6

 
118.6

 
132.8

 
0.05
%
^Icore Enterprises Inc dba Air Flow Filters Inc
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
1/15/2024

 
13.9

 
13.9

 
14.5

 
0.01
%
^Nutmeg North Associates LLC Steeltech Building Products Inc
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/31/2038

 
840.1

 
840.1

 
946.9

 
0.34
%
^KK International Trading Corporation
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/23/2028

 
151.0

 
151.0

 
162.0

 
0.06
%
^Mosley Auto Group LLC dba America's Automotive
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/20/2038

 
202.7

 
202.7

 
228.9

 
0.08
%
^Kurtis Sniezek dba Wolfe's Foreign Auto
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/20/2038

 
81.3

 
81.3

 
91.9

 
0.03
%
^PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/19/2038

 
508.1

 
508.1

 
573.0

 
0.20
%
^TAK Properties LLC and Kinderland Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
12/18/2038

 
371.1

 
371.1

 
418.6

 
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

 
11.8

 
11.8

 
12.2

 
—
%
^920 CHR Realty LLC V. Garofalo Carting Inc
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
12/10/2038

 
382.6

 
382.6

 
432.4

 
0.15
%
^DKB Transport Corp
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/5/2038

 
127.0

 
127.0

 
143.5

 
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

 
95.4

 
95.4

 
107.3

 
0.04
%
^Spectrum Development LLC and Solvit Inc & Solvit North, Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/2/2023

 
254.3

 
254.3

 
263.6

 
0.09
%

76
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^BVIP Limousine Service LTD
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/27/2038

 
69.9

 
69.9

 
78.9

 
0.03
%
^Eco-Green Reprocessing LLC and Denali Medical Concepts, LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/27/2023

 
42.0

 
42.0

 
43.4

 
0.02
%
^Wallace Holdings LLC, GFA International Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.5%
 
11/25/2023

 
77.7

 
77.7

 
79.8

 
0.03
%
^AcuCall LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2023

 
9.7

 
9.7

 
10.0

 
—
%
^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

 
28.6

 
28.6

 
29.5

 
0.01
%
^Yousef Khatib dba Y&M Enterprises
 
Wholesale Electronic Markets and Agents and Brokers
 
Term Loan
 
Prime plus 2.75%
 
11/15/2023

 
46.9

 
46.9

 
48.4

 
0.02
%
^Howell Gun Works LLC
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
11/14/2023

 
2.9

 
2.9

 
3.0

 
—
%
^Polpo Realty, LLC, Polpo Restaurant, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/6/2038

 
56.8

 
56.8

 
64.2

 
0.02
%
^Twinsburg Hospitality Group LLC dba Comfort Suites
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
862.9

 
862.9

 
972.9

 
0.34
%
^Mid-Land Sheet Metal Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
125.5

 
125.5

 
141.7

 
0.05
%
^Master CNC Inc & Master Properties LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
543.7

 
543.7

 
612.3

 
0.22
%
^Janice B. McShan and The Metropolitan Day School, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
10/31/2023

 
27.1

 
27.1

 
28.1

 
0.01
%
^1 North Restaurant Corp dba 1 North Steakhouse
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
193.9

 
193.9

 
219.0

 
0.08
%
^New Image Building Services Inc. dba New Image Repair Services
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/29/2023

 
199.7

 
199.7

 
206.7

 
0.07
%
^Greenbrier Technical Services, Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/24/2023

 
127.2

 
127.2

 
132.2

 
0.05
%
^Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/24/2038

 
135.7

 
135.7

 
153.4

 
0.05
%
^Kelly Auto Care LLC dba Shoreline Quick Lube and Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/18/2023

 
54.0

 
54.0

 
55.9

 
0.02
%
^First Steps Real Estate Company, LLC and First Steps Preschool
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
88.7

 
88.7

 
99.8

 
0.04
%
^Lenoir Business Partners LLC, LP Industries, Inc dba Childforms
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
268.5

 
268.5

 
302.8

 
0.11
%

77
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^LP Industries, Inc dba Childforms
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
109.4

 
109.4

 
123.5

 
0.04
%
^Discount Wheel and Tire of Broken Bow Inc
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
203.3

 
203.3

 
229.1

 
0.08
%
^Cencon Properties LLC and Central Connecticut Warehousing Company, Inc
 
Warehousing and Storage
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
313.6

 
313.6

 
354.0

 
0.13
%
^Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2038

 
304.5

 
304.5

 
343.2

 
0.12
%
^Gabrielle Realty, LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/27/2038

 
688.5

 
688.5

 
775.5

 
0.27
%
^Eastside Soccer Dome, Inc .
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/26/2038

 
421.4

 
421.4

 
475.7

 
0.17
%
^Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Home
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2038

 
90.9

 
90.9

 
102.6

 
0.04
%
^Southeast Chicago Soccer, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/26/2038

 
46.5

 
46.5

 
52.5

 
0.02
%
^Diamond Memorials Incorporated
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/25/2023

 
7.2

 
7.2

 
7.4

 
—
%
^Kiddie Steps 4 You Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/25/2038

 
82.4

 
82.4

 
92.8

 
0.03
%
^Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2023

 
28.3

 
28.3

 
29.2

 
0.01
%
^Faith Memorial Chapel LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2038

 
244.2

 
244.2

 
275.3

 
0.10
%
^Westville Seafood LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/19/2038

 
102.1

 
102.1

 
115.0

 
0.04
%
^Maynard Enterprises Inc dba Fastsigns of Texarkana
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/18/2023

 
9.9

 
9.9

 
10.2

 
—
%
^Grafio Inc dba Omega Learning Center-Acworth
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2023

 
101.0

 
101.0

 
104.3

 
0.04
%
^Sound Manufacturing Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/12/2028

 
42.8

 
42.8

 
45.7

 
0.02
%
^The Berlerro Group, LLC dba Sky Zone
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/12/2023

 
264.6

 
264.6

 
273.1

 
0.10
%
^Prospect Kids Academy Inc
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/11/2038

 
112.9

 
112.9

 
127.3

 
0.05
%
^Alma J. and William R. Walton and Almas Child Day Care Center, Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/11/2038

 
35.9

 
35.9

 
40.5

 
0.01
%
^B for Brunette dba Blo
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/10/2023

 
32.9

 
32.9

 
33.9

 
0.01
%

78
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Schmaltz Holdings, LLC and Schmaltz Operations, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/4/2038

 
202.5

 
202.5

 
228.1

 
0.08
%
^Excel RP Inc
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
78.3

 
78.3

 
81.3

 
0.03
%
^IlOKA Inc dba Microtech Tel and NewCloud Networks
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
413.1

 
413.1

 
427.1

 
0.15
%
^ACI Northwest Inc.
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
327.3

 
327.3

 
339.7

 
0.12
%
^Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
26.0

 
26.0

 
27.0

 
0.01
%
^Ramard Inc and Advanced Health Sciences Inc
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/28/2023

 
112.7

 
112.7

 
116.1

 
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

 
48.6

 
48.6

 
50.4

 
0.02
%
^JSIL LLC dba Blackstones Hairdressing
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
8/16/2023

 
11.6

 
11.6

 
12.0

 
—
%
^Island Nautical Enterprises, Inc. and Ingwall Holdings, LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/14/2038

 
314.5

 
314.5

 
354.0

 
0.13
%
^Caribbean Concepts, Inc. dba Quick Bleach
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
8/12/2023

 
13.5

 
13.5

 
14.0

 
—
%
^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

 
7.0

 
7.0

 
7.3

 
—
%
^Angkor Restaurant Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/19/2038

 
84.3

 
84.3

 
95.1

 
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

 
52.2

 
52.2

 
54.2

 
0.02
%
^Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/17/2023

 
31.9

 
31.9

 
32.8

 
0.01
%
^Maxiflex LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/28/2023

 
26.4

 
26.4

 
27.4

 
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

 
88.0

 
88.0

 
99.2

 
0.04
%
^2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/19/2026

 
622.8

 
622.8

 
658.4

 
0.23
%
^Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
6/18/2028

 
671.5

 
671.5

 
718.6

 
0.25
%

79
See accompanying notes to unaudited condensed consolidated financial statements.



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

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

 
201.0

 
201.0

 
206.9

 
0.07
%
^Elite Structures Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/12/2038

 
821.3

 
821.3

 
926.1

 
0.33
%
^Willowbrook Properties LLC, Grove Gardens Landscaping Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/5/2038

 
168.2

 
168.2

 
189.5

 
0.07
%
^Absolute Desire LLC and Mark H. Szierer, Sophisticated Smile
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/5/2038

 
170.5

 
170.5

 
191.6

 
0.07
%
^RXSB, Inc dba Medicine Shoppe
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
5/30/2023

 
107.1

 
107.1

 
110.2

 
0.04
%
^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

 
36.4

 
36.4

 
37.6

 
0.01
%
^Ryan D. Thornton and Thornton & Associates LLC
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
5/24/2023

 
28.0

 
28.0

 
28.8

 
0.01
%
^Peanut Butter & Co., Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/30/2023

 
56.5

 
56.5

 
58.1

 
0.02
%
^PowerWash Plus, Inc. and CJR, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/30/2038

 
495.2

 
495.2

 
557.2

 
0.20
%
^Kidrose, LLC dba Kidville Riverdale
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
4/22/2023

 
45.3

 
45.3

 
46.7

 
0.02
%
^1258 Hartford TPKE, LLC and Phelps and Sons, Inc
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/29/2038

 
111.8

 
111.8

 
125.6

 
0.04
%
^MRM Supermarkets Inc dba Constantins Breads; Dallas Gourmet Breads
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/29/2038

 
302.0

 
302.0

 
338.9

 
0.12
%
^A & M Commerce, Inc. dba Cranberry Sunoco
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/27/2038

 
296.2

 
296.2

 
333.3

 
0.12
%
^Xela Pack, Inc. and Aliseo and Catherine Gentile
 
Paper Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/27/2028

 
204.9

 
204.9

 
218.9

 
0.08
%
^American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2038

 
482.3

 
482.3

 
542.0

 
0.19
%
^Michael A.and HeatherR. Welsch dba Art & FrameEtc.
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/22/2038

 
60.6

 
60.6

 
68.1

 
0.02
%
^Truth Technologies Inc dba Truth Technologies Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2023

 
45.1

 
45.1

 
46.4

 
0.02
%
^M & H Pine Straw Inc and Harris L. Maloy
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/21/2023

 
197.4

 
197.4

 
203.8

 
0.07
%
^Stellar Environmental LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2023

 
31.5

 
31.5

 
32.6

 
0.01
%

80
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Sound Manufacturing, Inc. and Monster Power Equipment Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/15/2023

 
287.4

 
287.4

 
296.7

 
0.11
%
^Golden Gate Lodging LLC
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/12/2038

 
103.2

 
103.2

 
116.1

 
0.04
%
^Bakhtar Group LLC dba Malmaison
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2023

 
57.7

 
57.7

 
59.2

 
0.02
%
^River Club Golf Course Inc dba The River Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2038

 
432.8

 
432.8

 
486.6

 
0.17
%
^Osceola River Mill, LLC, Ironman Machine, Inc.
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/20/2038

 
77.2

 
77.2

 
86.9

 
0.03
%
^Java Warung, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/19/2038

 
45.7

 
45.7

 
51.5

 
0.02
%
^Retain Loyalty LLC
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
2/15/2038

 
95.2

 
95.2

 
107.1

 
0.04
%
^Knits R Us, Inc. dba NYC Sports / Mingle
 
Textile Mills
 
Term Loan
 
Prime plus 2.75%
 
2/11/2038

 
112.1

 
112.1

 
126.2

 
0.04
%
^North Country Transport, LLC
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/6/2023

 
8.3

 
8.3

 
8.6

 
—
%
^MJD Investments, LLC dba The Community Day School
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/31/2038

 
230.7

 
230.7

 
259.4

 
0.09
%
^Sherill Universal City dba Golden Corral LP
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/28/2038

 
395.1

 
395.1

 
444.2

 
0.16
%
^Macho LLC, Madelaine Chocolate Novelties Inc
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/31/2037

 
448.1

 
448.1

 
505.9

 
0.18
%
^Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/31/2022

 
52.1

 
52.1

 
53.7

 
0.02
%
^Babie Bunnie Enterprises Inc dba Triangle Mothercare
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2027

 
31.1

 
31.1

 
33.1

 
0.01
%
^John Duffy Fuel Co., Inc.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/28/2022

 
275.0

 
275.0

 
284.4

 
0.10
%
^Polpo Realty LLC & Polpo Restaurant LLC dba Polpo Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/27/2037

 
461.3

 
461.3

 
520.8

 
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

 
35.3

 
35.3

 
36.4

 
0.01
%
^Ezzo Properties, LLC and Great Lakes Cleaning, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2027

 
288.2

 
288.2

 
307.5

 
0.11
%
^Pioneer Window Holdings, Inc and Subsidiaries dba Pioneer Windows
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/20/2022

 
119.5

 
119.5

 
123.5

 
0.04
%
^Cheryle A Baptiste and Cheryle Baptiste DDS PLLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2037

 
256.1

 
256.1

 
289.0

 
0.10
%

81
See accompanying notes to unaudited condensed consolidated financial statements.



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

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

 
203.9

 
203.9

 
230.2

 
0.08
%
^D&L Rescources, Inc. dba The UPS Store
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
11/27/2022

 
5.1

 
5.1

 
5.3

 
—
%
^Richmond Hill Mini Market, LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
11/27/2037

 
164.8

 
164.8

 
186.0

 
0.07
%
^DRV Enterprise, Inc. dba Cici's Pizza # 339
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/26/2022

 
31.8

 
31.8

 
32.9

 
0.01
%
^U & A Food and Fuel, Inc. dba Express Gas & Food Mart
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/21/2037

 
85.6

 
85.6

 
96.7

 
0.03
%
^Pioneer Windows Manufacturing Corp, Pioneer Windows
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/21/2022

 
143.8

 
143.8

 
148.5

 
0.05
%
^R & J Petroleum LLC, Manar USA, Inc.
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/20/2037

 
160.1

 
160.1

 
180.7

 
0.06
%
^St Judes Physical Therapy P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/19/2022

 
11.1

 
11.1

 
11.5

 
—
%
^Hi-Def Imaging, Inc. dba SpeedPro Imaging
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/9/2022

 
11.7

 
11.7

 
12.1

 
—
%
^Reidville Hydraulics Mfg Inc dba Summit
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/2/2037

 
236.5

 
236.5

 
266.6

 
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

 
95.4

 
95.4

 
98.3

 
0.03
%
^University Park Retreat, LLC dba Massage Heights
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2022

 
38.7

 
38.7

 
39.9

 
0.01
%
^Forno Italiano Di Nonna Randazzo, LLC dba Nonna Randazzo's Bakery
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/26/2037

 
164.0

 
164.0

 
184.8

 
0.07
%
^O'Rourkes Diner LLC dba O'Rourke's Diner
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/19/2037

 
58.0

 
58.0

 
65.3

 
0.02
%
^AJK Enterprise LLC dba AJK Enterprise LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/27/2022

 
8.4

 
8.4

 
8.7

 
—
%
^New Image Building Services, Inc. dba New Image Repair Services
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/23/2037

 
252.4

 
252.4

 
284.1

 
0.10
%
^Suncoast Aluminum Furniture, Inc
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/17/2037

 
318.1

 
318.1

 
358.8

 
0.13
%
^Hofgard & Co., Inc. dba HofgardBenefits
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
7/27/2022

 
52.7

 
52.7

 
54.4

 
0.02
%
^Georgia Safe Sidewalks LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/27/2022

 
7.3

 
7.3

 
7.5

 
—
%
^Central Tire, Inc. dba Cooper Tire & Auto Services
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/29/2037

 
253.4

 
253.4

 
285.2

 
0.10
%

82
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^WPI, LLC
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/29/2024

 
77.4

 
77.4

 
80.7

 
0.03
%
^Havana Central (NY) 5, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/29/2022

 
699.8

 
699.8

 
721.0

 
0.26
%
^Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/27/2037

 
61.2

 
61.2

 
69.0

 
0.02
%
^KIND-ER-ZZ Inc dba Kidville
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/15/2022

 
23.9

 
23.9

 
24.6

 
0.01
%
^Graphish Studio, Inc. and Scott Fishoff
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/14/2022

 
9.7

 
9.7

 
10.0

 
—
%
^ALF, LLC, Mulit-Service Eagle Tires
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/31/2037

 
55.1

 
55.1

 
62.1

 
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

 
248.5

 
248.5

 
279.9

 
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

 
10.7

 
10.7

 
11.0

 
—
%
^Fair Deal Food Mart Inc dba Neighbors Market
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
5/3/2037

 
334.1

 
334.1

 
376.3

 
0.13
%
^Tanner Optical, Inc. dba Murphy Eye Care
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/27/2022

 
3.8

 
3.8

 
3.9

 
—
%
^Zane Filippone Co Inc dba Culligan Water Conditioning
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
4/12/2022

 
259.2

 
259.2

 
267.1

 
0.09
%
^Indoor Playgrounds Limited Liability Company dba Kidville
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
4/5/2022

 
2.7

 
2.7

 
2.7

 
—
%
^Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/30/2031

 
182.8

 
182.8

 
199.3

 
0.07
%
^Access Staffing, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/30/2022

 
83.3

 
83.3

 
85.3

 
0.03
%
^Willow Springs Golf Course, Inc. & JC Lindsey Family Limited Partners
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/29/2037

 
658.3

 
658.3

 
740.7

 
0.26
%
^DC Realty, LLC dba FOGO Data Centers
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6%
 
3/23/2037

 
2,623.4

 
2,623.4

 
2,951.9

 
1.05
%
^DC Realty, LLC dba FOGO Data Centers
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6.25%
 
3/23/2022

 
693.1

 
693.1

 
712.8

 
0.25
%
^Manuel P. Barrera and Accura Electrical Contractor, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
74.8

 
74.8

 
79.9

 
0.03
%
^Shweiki Media, Inc. dba Study Breaks Magazine
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
3/22/2027

 
818.2

 
818.2

 
869.7

 
0.31
%

83
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^ATI Jet, Inc.
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/28/2026

 
568.2

 
568.2

 
604.7

 
0.21
%
^J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
12/22/2036

 
358.1

 
358.1

 
403.5

 
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

 
31.7

 
31.7

 
32.5

 
0.01
%
^15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/16/2021

 
105.5

 
105.5

 
108.5

 
0.04
%
^M & H Pinestraw, Inc. and Harris L. Maloy
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/15/2021

 
133.8

 
133.8

 
137.4

 
0.05
%
^Taylor Transport, Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/8/2021

 
131.9

 
131.9

 
135.6

 
0.05
%
^MRM Supermarkets, Inc. dba Constantin's Breads
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/10/2021

 
57.6

 
57.6

 
59.2

 
0.02
%
^K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
10/26/2021

 
25.0

 
25.0

 
25.6

 
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

 
9.2

 
9.2

 
9.4

 
—
%
^39581 Garfield, LLC and Tri County Neurological Associates, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/30/2036

 
71.3

 
71.3

 
80.3

 
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

 
121.3

 
121.3

 
124.4

 
0.04
%
^39581 Garfield, LLC and Tricounty Neurological Associates, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/30/2036

 
24.2

 
24.2

 
27.3

 
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

 
422.8

 
422.8

 
433.4

 
0.15
%
^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

 
25.2

 
25.2

 
25.8

 
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

 
14.1

 
14.1

 
15.8

 
0.01
%
^Qycell Corporation
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/19/2021

 
69.7

 
69.7

 
71.5

 
0.03
%
^Trademark Equipment Company Inc and David A. Daniel
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
8/19/2036

 
114.5

 
114.5

 
128.8

 
0.05
%
^Valiev Ballet Academy, Inc
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
8/12/2036

 
36.3

 
36.3

 
40.9

 
0.01
%
^LaHoBa, LLC d/b/a Papa John's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/3/2036

 
66.0

 
66.0

 
74.2

 
0.03
%

84
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^MTV Bowl, Inc. dba Legend Lanes
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/30/2036

 
214.8

 
214.8

 
241.4

 
0.09
%
^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

 
38.3

 
38.3

 
43.1

 
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

 
299.7

 
299.7

 
336.9

 
0.12
%
^Pierce Developments, Inc. dba Southside Granite
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/13/2036

 
218.2

 
218.2

 
245.2

 
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

 
441.6

 
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

 
16.4

 
16.4

 
16.7

 
0.01
%
^Demand Printing Solutions, Inc. and MLM Enterprises, LLC
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/27/2021

 
6.0

 
6.0

 
6.1

 
—
%
^Modern on the Mile, LLC dba Ligne Roset
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
5/25/2021

 
76.3

 
76.3

 
78.0

 
0.03
%
^Profile Performance, Inc. and Eidak Real Estate, L.L.C.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/20/2036

 
108.1

 
108.1

 
121.5

 
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

 
127.9

 
0.05
%
^Michael S. Korfe dba North Valley Auto Repair
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/24/2036

 
13.1

 
13.1

 
14.7

 
0.01
%
^Actknowledge,Inc dba Actknowledge
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2021

 
19.9

 
19.9

 
20.3

 
0.01
%
^Key Products I&II, Inc. dba Dunkin' Donuts/Baskin-Robbins
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/10/2021

 
53.2

 
53.2

 
54.4

 
0.02
%
^Stephen Frank, Patricia Frank and Suds Express LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/25/2023

 
28.7

 
28.7

 
29.8

 
0.01
%
^SuzyQue’s LLC dba Suzy Que’s
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/11/2036

 
51.6

 
51.6

 
57.9

 
0.02
%
^Little People’s Village, LLC dba Little People’s Village
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/31/2036

 
26.1

 
26.1

 
29.3

 
0.01
%
^Seagate Group Holdings, Inc. dba Seagate Logistics, Inc.
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
1/28/2036

 
95.4

 
95.4

 
107.1

 
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

 
1,476.7

 
0.52
%

85
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Shree OM Lodging, LLC dba Royal Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/17/2035

 
23.2

 
23.2

 
26.0

 
0.01
%
^Groundworks Unlimited LLC
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
12/17/2023

 
69.0

 
69.0

 
72.0

 
0.03
%
^Lodin Medical Imaging, LLC dba Watson Imaging Center
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/1/2020

 
20.8

 
20.8

 
21.2

 
0.01
%
^Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/30/2035

 
28.4

 
28.4

 
31.9

 
0.01
%
^West Cobb Enterprises, Inc and Advanced Eye Associates, L.L.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/12/2035

 
124.5

 
124.5

 
139.7

 
0.05
%
^K9 Bytes, Inc & Epazz, Inc
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
9/30/2020

 
5.5

 
5.5

 
5.6

 
—
%
^Elan Realty, LLC and Albert Basse Asociates, Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
9/30/2035

 
189.7

 
189.7

 
212.5

 
0.08
%
^Success Express,Inc. dba Success Express
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
9/29/2020

 
24.9

 
24.9

 
25.3

 
0.01
%
^Modern Manhattan, LLC
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
9/20/2020

 
59.2

 
59.2

 
60.2

 
0.02
%
^Dirk's Trucking, L.L.C. dba Dirk's Trucking
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/17/2020

 
5.2

 
5.2

 
5.2

 
—
%
^Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/2/2035

 
41.6

 
41.6

 
46.6

 
0.02
%
^Newsome Trucking Inc and Kevin Newsome
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/2/2035

 
204.6

 
204.6

 
229.1

 
0.08
%
^California College of Communications, Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
11/2/2020

 
51.6

 
51.6

 
52.7

 
0.02
%
^DDLK Investments LLC d/b/a Smoothie King
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/30/2020

 
0.9

 
0.9

 
0.9

 
—
%
^Members Only Software, Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/30/2020

 
10.9

 
10.9

 
11.1

 
—
%
^ActKnowledge,Inc dba ActKnowledge
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2020

 
13.0

 
13.0

 
13.3

 
—
%
^I-90 RV & Auto Supercenter
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/29/2035

 
$
61.8

 
$
61.8

 
$
69.1

 
0.02
%
^Zouk, Ltd. dba Palma
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/25/2020

 
$
7.5

 
$
7.5

 
$
7.7

 
—
%
^CJ Park Inc. dba Kidville Midtown West
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/25/2020

 
$
5.3

 
$
5.3

 
$
5.4

 
—
%
^Tanner Optical Inc. dba Murphy Eye Care
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/22/2035

 
$
78.1

 
$
78.1

 
$
87.3

 
0.03
%

86
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^B&B Fitness and Barbell, Inc. dba Elevations Health Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6%
 
6/22/2035

 
$
169.4

 
$
169.4

 
$
189.5

 
0.07
%
^M & H Pine Straw, Inc.and Harris Maloy
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
7/10/2020

 
$
27.4

 
$
27.4

 
$
27.9

 
0.01
%
^Excel RP, Inc./Kevin and Joann Foley
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/8/2028

 
$
34.5

 
$
34.5

 
$
37.2

 
0.01
%
ValleyStar, Inc. dba BrightStar HealthCare
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2020

 
$
1.6

 
$
1.6

 
$
1.6

 
—
%
^ValleyStar, Inc. dba BrightStar Healthcare
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2020

 
$
1.9

 
$
1.9

 
$
2.0

 
—
%
^Diag, LLC dba Kidville
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/21/2020

 
$
9.3

 
$
9.3

 
$
9.5

 
—
%
^M & H Pine Straw, Inc and Harris L. Maloy
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
6%
 
4/30/2020

 
$
55.3

 
$
55.3

 
$
56.1

 
0.02
%
^New Economic Methods LLC dba Rita's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/15/2020

 
$
0.4

 
$
0.4

 
$
0.5

 
—
%
^Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/26/2020

 
$
1.5

 
$
1.5

 
$
1.5

 
—
%
^Lahoba,LLC dba Papa John's Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/30/2034

 
$
34.6

 
$
34.6

 
$
38.6

 
0.01
%
^Animal Intrusion Prevention Systems Holding Company, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2024

 
$
24.5

 
$
24.5

 
$
25.6

 
0.01
%
^David A. Nusblatt, D.M.D, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/11/2019

 
$
1.7

 
$
1.7

 
$
1.8

 
—
%
^KMC RE, LLC & B&B Kennels
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/19/2034

 
$
47.3

 
$
47.3

 
$
52.8

 
0.02
%
^Demand Printing Solutions, Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
12/12/2019

 
$
1.9

 
$
1.9

 
$
1.9

 
—
%
^Demand Printing Solutions, Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
10/29/2034

 
$
119.5

 
$
119.5

 
$
133.4

 
0.05
%
^Rover Repairs
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.5%
 
11/28/2029

 
$
50.0

 
$
50.0

 
$
53.5

 
0.02
%
^Supreme Screw Products
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/17/2019

 
$
32.7

 
$
32.7

 
$
32.9

 
0.01
%
^Gray Tree Service, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/18/2018

 
$
2.7

 
$
2.7

 
$
2.7

 
—
%
^Gourmet to You, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2019

 
$
1.0

 
$
1.0

 
$
1.0

 
—
%

87
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^The Alba Financial Group, Inc.
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
6%
 
1/10/2019

 
$
8.1

 
$
8.1

 
$
8.1

 
—
%
^Inflate World Corporation
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/30/2018

 
$
0.2

 
$
0.2

 
$
0.2

 
—
%
^D & D's Divine Beauty School of Esther, LLC
 
Educational Services
 
Term Loan
 
6%
 
8/1/2031

 
$
47.8

 
$
47.8

 
$
52.4

 
0.02
%
Bliss Coffee and Wine Bar, LLC
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
8/31/2019

 
$
67.1

 
$
67.1

 
$
67.8

 
0.02
%
^Zog Inc.
 
Other Information Services
 
Term Loan
 
Prime plus 2.75%
 
4/30/2020

 
$
40.3

 
$
40.3

 
$
41.0

 
0.01
%
^All American Printing Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
10/26/2032

 
$
35.9

 
$
35.9

 
$
39.7

 
0.01
%
^Connect Litigation Technology, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2%
 
10/18/2025

 
$
23.9

 
$
23.9

 
$
24.7

 
0.01
%
^1911 East Main Street Holdings, Corp
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/18/2032

 
$
11.6

 
$
11.6

 
$
12.8

 
—
%
^Water Works Laundromat, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.25%
 
9/7/2027

 
$
163.9

 
$
163.9

 
$
171.7

 
0.06
%
^Dave Kris, and MDK Ram Corp.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/5/2026

 
$
27.9

 
$
27.9

 
$
29.6

 
0.01
%
^Gill Express Inc. dba American Eagle Truck Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
1/5/2027

 
$
167.0

 
$
167.0

 
$
178.1

 
0.06
%
^Smooth Grounds, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
7.75%
 
12/31/2018

 
$
25.7

 
$
25.7

 
$
25.8

 
0.01
%
^Fran-Car Corporation dba Horizon Landscape Management
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/3/2028

 
$
63.9

 
$
63.9

 
$
68.6

 
0.02
%
^Head To Toe Personalized Pampering, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/27/2031

 
$
8.4

 
$
8.4

 
$
9.2

 
—
%
^Christopher F. Bohon & Pamela D. Bohon
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
10/28/2026

 
$
2.9

 
$
2.9

 
$
3.1

 
—
%
^Mogas Limited
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
5/31/2030

 
$
67.7

 
$
67.7

 
$
73.7

 
0.03
%
^Shree Om Lodging, LLC dba Royal Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/2/2030

 
$
59.9

 
$
59.9

 
$
65.2

 
0.02
%
^Pedzik's Pets, LLC
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
3/31/2030

 
$
8.3

 
$
8.3

 
$
9.0

 
—
%
^Nancy Carapelluci & A & M Seasonal Corner Inc.
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/1/2025

 
$
12.4

 
$
12.4

 
$
13.1

 
—
%

88
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Patricia Hughes Jones, MD PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
1/13/2020

 
$
2.9

 
$
2.9

 
$
2.9

 
—
%
^Moonlight Multi Media Production, Inc.
 
Other Information Services
 
Term Loan
 
5.3%
 
2/1/2025

 
$
2.5

 
$
2.5

 
$
2.6

 
—
%
David M. Goens dba Superior Auto Paint & Body, Inc.
 
Repair and Maintenance
 
Term Loan
 
6%
 
8/26/2024

 
$
14.9

 
$
14.9

 
$
15.6

 
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

 
$
10.6

 
$
10.6

 
$
11.5

 
—
%
^Chong Hun Im dba Kim's Market
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.5%
 
2/27/2024

 
$
7.9

 
$
7.9

 
$
8.2

 
—
%
Whirlwind Car Wash, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2%
 
4/9/2029

 
$
14.2

 
$
14.2

 
$
14.8

 
0.01
%
^Center-Mark Car Wash, Ltd
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/18/2024

 
$
23.3

 
$
23.3

 
$
24.4

 
0.01
%
^Shuttle Car Wash, Inc. dba Shuttle Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.25%
 
11/10/2028

 
$
15.5

 
$
15.5

 
$
16.3

 
0.01
%
^Min Hui Lin
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/30/2028

 
$
15.8

 
$
15.8

 
$
17.0

 
0.01
%
^Delta Partners, LLC dba Delta Carwash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.5%
 
4/5/2029

 
$
38.9

 
$
38.9

 
$
41.6

 
0.01
%
^Auto Sales, Inc.
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
6%
 
8/17/2023

 
$
6.3

 
$
6.3

 
$
6.6

 
—
%
^RAB Services, Inc. & Professional Floor Installations
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.5%
 
1/31/2023

 
$
5.5

 
$
5.5

 
$
5.7

 
—
%
^Taste of Inverness, Inc. dba China Garden
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2%
 
6/29/2025

 
$
7.5

 
$
7.5

 
$
7.7

 
—
%
^Ralph Werner dba Werner Transmission Inc
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/29/2021

 
$
1.7

 
$
1.7

 
$
1.8

 
—
%
^Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6%
 
9/14/2023

 
$
28.6

 
$
28.6

 
$
29.8

 
0.01
%
^OrthoQuest, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2%
 
3/12/2022

 
$
3.0

 
$
3.0

 
$
3.0

 
—
%
^CPN Motel, L.L.C. dba American Motor Lodge
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
4/30/2024

 
$
25.6

 
$
25.6

 
$
26.5

 
0.01
%
^Track Side Collision & Tire, Inc.
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/16/2025

 
$
4.2

 
$
4.2

 
$
4.4

 
—
%
^Duttakrupa, LLC dba Birmingham Motor Court
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
9/8/2023

 
$
9.9

 
$
9.9

 
$
10.2

 
—
%
^Deesha Corporation, Inc. dba Best Inn & Suites
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
2/14/2025

 
$
23.4

 
$
23.4

 
$
24.2

 
0.01
%
^Maruti, Inc
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
11/25/2024

 
$
21.5

 
$
21.5

 
$
22.3

 
0.01
%

89
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^LABH, Inc. t/a Ramada Ltd.
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
9/27/2024

 
$
34.5

 
$
34.5

 
$
35.6

 
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

 
$
5.6

 
$
5.6

 
$
5.8

 
—
%
^Gain Laxmi, Inc. dba Super 8 Motel
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
5/31/2023

 
$
16.1

 
$
16.1

 
$
16.5

 
0.01
%
^Naseeb Corporation
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
3/31/2024

 
$
24.7

 
$
24.7

 
$
25.5

 
0.01
%
^Stillwell Ave Prep School
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/14/2023

 
$
5.0

 
$
5.0

 
$
5.2

 
—
%
^Karis, Inc.
 
Accommodation
 
Term Loan
 
Prime plus 2%
 
12/22/2023

 
$
10.9

 
$
10.9

 
$
11.2

 
—
%
^Five Corners, Ltd.
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/11/2019

 
$
2.5

 
$
2.5

 
$
2.5

 
—
%
^Alyssa Corp dba Knights Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
9/30/2023

 
$
37.6

 
$
37.6

 
$
38.6

 
0.01
%
^Bhailal Patel dba New Falls Motel
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/27/2023

 
$
2.8

 
$
2.8

 
$
2.9

 
—
%
^Pegasus Automotive, Inc.
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/23/2022

 
$
8.3

 
$
8.3

 
$
8.6

 
—
%
^Delyannis Iron Works
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
6%
 
12/8/2022

 
$
8.1

 
$
8.1

 
$
8.3

 
—
%
^P. Agrino, Inc. dba Andover Diner
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/18/2021

 
$
6.1

 
$
6.1

 
$
6.2

 
—
%
Total Performing SBA Unguaranteed Investments
 
 
 
 
 
 
 
 
 
$
283,994.9

 
$
283,994.9

 
$
291,354.9

 
103.21
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Performing SBA Unguaranteed Investments (3) (21)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*^200 North 8th Street Associates LLC and Enchanted Acres Fa
 
Food Manufacturing
 
Term Loan
 
6.25%
 
5/4/2028

 
469.3

 
469.3

 
368.7

 
0.13
%
*^214 North Franklin, LLC and Winter Ventures, Inc.
 
Nonstore Retailers
 
Term Loan
 
6%
 
11/29/2037

 
81.7

 
81.7

 
—

 
—
%
*^A & A Auto Care LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/9/2026

 
10.4

 
10.4

 
9.8

 
—
%
*^A & A Auto Care, LLC d/b/a A & A Auto Care, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/12/2036

 
88.0

 
88.0

 
82.6

 
0.03
%
*Alive Design, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/13/2027

 
20.6

 
20.6

 
16.1

 
0.01
%
*^Al-Mustafa Enterprise, Inc. and Al-Mustafa Enterprise Inc
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
6.25%
 
9/18/2040

 
34.7

 
34.7

 
—

 
—
%
*^Amboy Group, LLC dba Tommy's Moloney's
 
Food Manufacturing
 
Term Loan
 
7%
 
6/24/2025

 
380.5

 
380.5

 
—

 
—
%

90
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
*^AUM Estates, LLC and Sculpted Figures Plastic Surgery Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
6%
 
3/14/2038

 
305.7

 
305.7

 
—

 
—
%
*AWA Fabrication & Construction, L.L.C.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
6%
 
4/30/2025

 
34.8

 
34.8

 
—

 
—
%
*^B & J Manufacturing Corporation and Benson Realty Trust
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2%
 
3/30/2021

 
13.0

 
13.0

 
12.7

 
—
%
*^B and J Catering Inc dba Culinary Solutions
 
Food Services and Drinking Places
 
Term Loan
 
7%
 
8/27/2040

 
532.9

 
532.9

 
458.6

 
0.16
%
*Baker Sales, Inc. d/b/a Baker Sales, Inc.
 
Nonstore Retailers
 
Term Loan
 
6%
 
3/29/2036

 
177.4

 
177.4

 
86.0

 
0.03
%
*^Fieldstone Quick Stop LLC(OC) Barber Investments LLC (EPC) Thadius M B
 
Gasoline Stations
 
Term Loan
 
6%
 
9/30/2038

 
400.4

 
400.4

 
—

 
—
%
*^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

 
402.0

 
402.0

 
117.2

 
0.04
%
*^Bear Creek Entertainment, LLC dba The Woods at Bear Creek
 
Accommodation
 
Term Loan
 
7.25%
 
12/30/2024

 
85.4

 
85.4

 
80.1

 
0.03
%
*Bone Bar & Grill LLC
 
Food Services and Drinking Places
 
Term Loan
 
7%
 
6/30/2042

 
73.4

 
73.4

 
59.6

 
0.02
%
*^Calhoun Satellite Communications Inc and Transmission Solutions Group
 
Broadcasting (except Internet)
 
Term Loan
 
6.75%
 
2/27/2025

 
811.7

 
811.7

 
60.9

 
0.02
%
*Calhoun Satellite Communications, Inc.
 
Telecommunications
 
Term Loan
 
7%
 
12/2/2026

 
189.1

 
189.1

 
52.3

 
0.02
%
*^Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2027

 
573.2

 
573.2

 
537.7

 
0.19
%
*^Central Ohio Cleaners Inc
 
Personal and Laundry Services
 
Term Loan
 
7%
 
6/13/2024

 
90.5

 
90.5

 
47.2

 
0.02
%
*^Chickamauga Properties, Inc., MSW Enterprises, LLP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6.25%
 
12/22/2035

 
59.0

 
59.0

 
55.4

 
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
 
Prime plus 2.75%
 
12/27/2023

 
475.7

 
475.7

 
460.7

 
0.16
%
*^CM Lab Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6.75%
 
5/20/2026

 
166.1

 
166.1

 
151.0

 
0.05
%
*^Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck & Trai
 
Repair and Maintenance
 
Term Loan
 
6.75%
 
9/26/2039

 
569.3

 
569.3

 
560.3

 
0.20
%
*^Custom Software, Inc. a Colorado Corporation dba M-33 Access
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6.25%
 
6/17/2021

 
264.2

 
264.2

 
227.8

 
0.08
%

91
See accompanying notes to unaudited condensed consolidated financial statements.



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

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

 
53.2

 
0.02
%
*^Daniel S. Fitzpatrick dba Danny's Mobile Appearance Reconditioning Ser
 
Repair and Maintenance
 
Term Loan
 
7%
 
3/29/2018

 
0.1

 
0.1

 
0.1

 
—
%
*^Danjam Enterprises, LLC dba Ariel Dental Care
 
Ambulatory Health Care Services
 
Term Loan
 
6%
 
3/31/2035

 
126.0

 
126.0

 
120.1

 
0.04
%
*^Danjam Enterprises, LLC dba Ariel Dental Care
 
Ambulatory Health Care Services
 
Term Loan
 
6%
 
3/29/2023

 
64.8

 
64.8

 
61.8

 
0.02
%
*^Dill Street Bar and Grill Inc and WO Entertainment, Inc
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
9/27/2027

 
78.4

 
78.4

 
2.1

 
—
%
*^DTM Parts Supply Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
7%
 
6/2/2025

 
54.8

 
54.8

 
45.8

 
0.02
%
*^E & I Holdings, LP & PA Farm Products, LLC
 
Food Manufacturing
 
Term Loan
 
6%
 
4/30/2030

 
4,705.2

 
4,826.0

 
1,971.4

 
0.70
%
*^Europlast Ltd
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
6%
 
9/26/2022

 
313.8

 
313.8

 
23.4

 
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

 
12.0

 
12.0

 
9.4

 
—
%
*^EZ Towing, Inc.
 
Support Activities for Transportation
 
Term Loan
 
6%
 
1/31/2023

 
86.4

 
86.4

 
11.7

 
—
%
*Farec, Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/29/2042

 
280.5

 
280.5

 
217.7

 
0.08
%
*^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

 
529.0

 
529.0

 
512.4

 
0.18
%
*^Grand Manor Realty, Inc. & Kevin LaRoe
 
Real Estate
 
Term Loan
 
6%
 
2/20/2023

 
19.0

 
19.0

 
17.8

 
0.01
%
*Guzman Group,LLC
 
Rental and Leasing Services
 
Term Loan
 
6%
 
9/30/2019

 
175.8

 
175.8

 
172.3

 
0.06
%
*Harrelson Materials Management,Inc
 
Waste Management and Remediation Services
 
Term Loan
 
6%
 
6/24/2021

 
465.2

 
465.2

 
23.7

 
0.01
%
*^Hartford Cardiology Group LLC and Ideal Nutrition of Connecticut LLC
 
Ambulatory Health Care Services
 
Term Loan
 
6.25%
 
6/30/2026

 
472.2

 
472.2

 
36.4

 
0.01
%
*^Hascher Gabelstapler Inc
 
Repair and Maintenance
 
Term Loan
 
7%
 
3/26/2024

 
107.7

 
107.7

 
64.6

 
0.02
%

92
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
*^Hemingway Custom Cabinetry LLC
 
Furniture and Related Product Manufacturing
 
Term Loan
 
6.5%
 
9/25/2025

 
198.6

 
198.6

 
54.6

 
0.02
%
*^Home Again Restaurant LLC
 
Food Services and Drinking Places
 
Term Loan
 
6.25%
 
6/30/2040

 
58.8

 
58.8

 
47.9

 
0.02
%
*^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

 
28.7

 
0.01
%
*^J Harris Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/19/2027

 
18.7

 
18.7

 
12.2

 
—
%
*^J Harris Trucking, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/13/2026

 
38.1

 
38.1

 
35.7

 
0.01
%
*^J Olson Enterprises LLC and Olson Trucking Direct, Inc.
 
Truck Transportation
 
Term Loan
 
6%
 
6/28/2025

 
628.4

 
628.4

 
70.5

 
0.02
%
*^J&M Concessions, Inc.dba A-1 Liquors
 
Food and Beverage Stores
 
Term Loan
 
6.25%
 
3/3/2039

 
130.6

 
130.6

 
52.3

 
0.02
%
*^J&M Concessions Inc dba A 1 Liquors
 
Food and Beverage Stores
 
Term Loan
 
6.5%
 
2/27/2025

 
80.0

 
80.0

 
17.6

 
0.01
%
*^Jacksonville Beauty Institute Inc. dba Beauty Institute's
 
Educational Services
 
Term Loan
 
7%
 
10/23/2025

 
40.9

 
40.9

 
39.6

 
0.01
%
*Jenny's Wunderland, Inc.
 
Social Assistance
 
Term Loan
 
6%
 
6/29/2036

 
98.8

 
98.8

 
—

 
—
%
*^Juliador Resources LLC DBA Cue Hair Salon and Skin Care
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/24/2027

 
21.9

 
21.9

 
20.6

 
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

 
—

 
—
%
*^Kids at Heart,LLC dba Monster Mini Golf
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6.75%
 
9/22/2026

 
21.0

 
21.0

 
8.3

 
—
%
*Krishna of Orangeburg, Inc.
Accommodation
 
Term Loan
 
6%
 
2/20/2032

 
10.3

 
10.3

 
5.6

 
—
%
*^Kup's Auto Spa Inc
 
Repair and Maintenance
 
Term Loan
 
6.25%
 
11/15/2038

 
366.8

 
366.8

 
355.3

 
0.13
%
*Kup’s Auto Spa, Inc.
 
Repair and Maintenance
 
Term Loan
 
6.25%
 
10/23/2025

 
54.7

 
54.7

 
53.0

 
0.02
%
*^Las Casuelas Del Este Inc.
 
Food Services and Drinking Places
 
Term Loan
 
7%
 
9/29/2041

 
791.6

 
791.6

 
361.9

 
0.13
%
*^L.M. Jury Enterprises, Inc dba Midwest Monograms
 
Textile Product Mills
 
Term Loan
 
Prime plus 2.75%
 
10/28/2025

 
65.7

 
65.7

 
12.8

 
—
%
*^LA Diner Inc dba Loukas L A Diner
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/28/2037

 
617.8

 
617.8

 
561.4

 
0.20
%
*^Lone Star Hardware and Home Decor, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
7.25%
 
9/29/2027

 
70.8

 
70.8

 
—

 
—
%
*^Lowgap Grocery & Grill LLC
 
General Merchandise Stores
 
Term Loan
 
Prime plus 2.75%
 
3/24/2041

 
162.5

 
162.5

 
142.2

 
0.05
%
*^M and C Renovations Inc
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
10/31/2024

 
11.4

 
11.4

 
9.0

 
—
%

93
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
*^Matchless Transportation LLC dba First Class Limo
Transit and Ground Passenger Transportation
 
Term Loan
 
6.25%
 
8/3/2022

 
124.3

 
124.3

 
106.6

 
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

 
1.5

 
—
%
*^Mojo Brands Media, LLC
 
Broadcasting (except Internet)
 
Term Loan
 
6%
 
8/28/2023

 
725.0

 
725.0

 
334.8

 
0.12
%
*Morris Glass and Construction Inc
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
3/7/2021

 
465.1

 
465.1

 
101.6

 
0.04
%
*Municipal Hydro Sevices Inc.
 
Rental and Leasing Services
 
Term Loan
 
7%
 
3/30/2027

 
215.7

 
215.7

 
5.2

 
—
%
*New England Country Day School, Inc. and Thomas D. Walker
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/28/2042

 
349.7

 
349.7

 
305.3

 
0.11
%
*^New Paltz Dental Care, PLLC dba Ariel Dental Care
 
Ambulatory Health Care Services
 
Term Loan
 
6%
 
6/19/2025

 
97.5

 
97.5

 
15.7

 
0.01
%
*^Nowatzke Service Center Inc dba Nowatzke Truck and Trailer
 
Repair and Maintenance
 
Term Loan
 
7%
 
1/29/2026

 
96.9

 
96.9

 
46.8

 
0.02
%
*Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Globa
 
Heavy and Civil Engineering Construction
 
Term Loan
 
7%
 
9/28/2026

 
606.9

 
606.9

 
62.9

 
0.02
%
*^Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Serv
 
Heavy and Civil Engineering Construction
 
Term Loan
 
7%
 
9/28/2041

 
399.1

 
399.1

 
350.6

 
0.12
%
*^Peckett's Inc
 
Crop Production
 
Term Loan
 
Prime plus 2.75%
 
7/27/2041

 
219.6

 
219.6

 
209.3

 
0.07
%
*^Pen Tex Inc dba The UPS Store
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/20/2025

 
17.3

 
17.3

 
16.5

 
0.01
%
*^Pooh's Corner Realty LLC and Pooh's Corner Inc
 
Social Assistance
 
Term Loan
 
7%
 
7/23/2040

 
100.3

 
100.3

 
97.1

 
0.03
%
*Professional Systems, LLC and Professional Cleaning
 
Administrative and Support Services
 
Term Loan
 
6%
 
7/30/2020

 
131.8

 
131.8

 
4.2

 
—
%
*^RDT Enterprises LLC
 
Specialty Trade Contractors
Term Loan
 
7%
 
9/15/2027

 
136.9

 
136.9

 
96.4

 
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

 
119.0

 
119.0

 
76.1

 
0.03
%
*^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

 
172.1

 
0.06
%
*^Scoville Plumbing & Heating Inc and Thomas P. Scoville
 
Specialty Trade Contractors
 
Term Loan
 
6.75%
 
7/25/2022

 
32.1

 
32.1

 
31.1

 
0.01
%
*^SDA Holdings LLC and Les Cheveux Salon Inc
 
Personal and Laundry Services
Term Loan
 
Prime plus 2.75%
 
12/15/2040

 
417.7

 
417.7

 
336.8

 
0.12
%
*^Select Propane & Fuel Inc. and Select Fuel & Convenience LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
2/10/2030

 
1,191.5

 
1,191.5

 
587.4

 
0.21
%
*Shaffer Automotive Repair, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/24/2030

 
132.8

 
132.8

 
114.7

 
0.04
%

94
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
*^Shane M. Howell and Buck Hardware and Garden Center, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/27/2038

 
293.7

 
293.7

 
279.9

 
0.10
%
*^Shivsakti, LLC dba Knights Inn
 
Accommodation
Term Loan
 
6.25%
 
12/20/2032

 
8.0

 
8.0

 
—

 
—
%
*^Soregard Inc
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/30/2041

 
270.5

 
270.5

 
151.4

 
0.05
%
*^Sourceco Limited Liability Company
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
6.5%
 
12/17/2025

 
45.0

 
45.0

 
42.9

 
0.02
%
*^Sovereign Communications LLC
 
Broadcasting (except Internet)
 
Term Loan
 
6.75%
 
2/7/2024

 
697.1

 
697.1

 
355.9

 
0.13
%
*^Square Deal Siding Company,LLC dba Square Deal Siding Company
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/18/2025

 
2.1

 
2.1

 
1.8

 
—
%
*^STK Ventures Inc dba JP Dock Service & Supply
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
5/9/2037

 
31.6

 
31.6

 
—

 
—
%
*^Stormrider Inc dba Shirley's Stormrider Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/23/2025

 
51.9

 
51.9

 
40.4

 
0.01
%
*^Stormrider Inc dba Shirley's Stormrider, Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/25/2024

 
105.1

 
105.1

 
81.8

 
0.03
%
*Stormwise South Florida dba Stormwise Shutters
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
11/7/2036

 
111.2

 
111.2

 
—

 
—
%
*^T and B Boots Inc dba Takken's Shoes
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
7%
 
3/31/2025

 
23.0

 
23.0

 
—

 
—
%
*^T and B Boots Inc dba Takken's Shoes
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
6/17/2026

 
204.5

 
204.5

 
—

 
—
%
*T and B Boots Inc dba Takken's Shoes
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
12/7/2026

 
95.2

 
95.2

 
46.9

 
0.02
%
*^The Delon Group LLC dba I Love Juice Bar
 
Food Services and Drinking Places
 
Term Loan
 
7%
 
5/12/2026

 
19.3

 
19.3

 
18.7

 
0.01
%
*^Tim's Tire & Automotive Center, LLC
 
Support Activities for Transportation
 
Term Loan
 
7%
 
8/16/2026

 
544.1

 
544.1

 
130.5

 
0.05
%
*^The Woods at Bear Creek LLC and Bear Creek Entertainment LLC dba The
 
Accommodation
 
Term Loan
 
7%
 
9/29/2039

 
$
489.6

 
$
489.6

 
$
459.3

 
0.16
%
*^Thomas P. Scoville dba Scoville Plumbing & Heating, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
6.75%
 
11/16/2021

 
$
34.3

 
$
34.3

 
$
33.3

 
0.01
%
*Transmission Solutions Group, Inc. and Calhoun Satellite Communicatio
 
Telecommunications
 
Term Loan
 
7%
 
12/2/2041

 
$
141.3

 
$
141.3

 
$
79.9

 
0.03
%
*^Tri-State Remodeling & Investments, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/11/2025

 
$
13.3

 
$
13.3

 
$
12.4

 
—
%
*^Webb Eye Associates, PA
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
7/19/2027

 
$
71.2

 
$
71.2

 
$
69.0

 
0.02
%

95
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
*^Wilban LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/11/2026

 
$
93.2

 
$
93.2

 
$
84.7

 
0.03
%
*^Wilban LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/28/2039

 
$
402.7

 
$
402.7

 
$
365.9

 
0.13
%
*^Winter Ventures Inc and 214 N Franklin LLC
 
Nonstore Retailers
 
Term Loan
 
6%
 
4/29/2024

 
$
56.6

 
$
56.6

 
$
—

 
—
%
*^Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall
 
Nonstore Retailers
 
Term Loan
 
6%
 
12/23/2024

 
$
149.3

 
$
149.3

 
$
—

 
—
%
*^Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall
 
Nonstore Retailers
 
Term Loan
 
6%
 
4/3/2029

 
$
134.5

 
$
134.5

 
$
—

 
—
%
*Work of Heart Inc dba Little Nest Portraits
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/10/2028

 
$
5.2

 
$
5.2

 
$
5.1

 
—
%
*^Work of Heart Inc dba Little Nest Portraits
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/28/2027

 
$
48.6

 
$
48.6

 
$
47.0

 
0.02
%
*^Zephyr Seven Series LLC dba 18/8 Fine Men's Salon
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
8/28/2025

 
$
67.9

 
$
67.9

 
$
23.2

 
0.01
%
*^Zinger Hardware and General Merchant Inc
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/26/2024

 
$
45.0

 
$
45.0

 
$
42.8

 
0.02
%
Total Non-Performing Unguaranteed SBA Investments
 
 
 
 
 
 
 
 
 
$
28,324.2

 
$
28,445.0

 
$
14,123.3

 
5.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Unguaranteed SBA Investments
 
 
 
 
 
 
 
 
 
$
312,319.1

 
$
312,439.9

 
$
305,478.2

 
108.22
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performing SBA Guaranteed Investments (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beale Street Blues Company Inc.dba Beatle Street Blues Company, Inc.
 
Chemical Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/27/2042

 
2,567.6

 
2,567.6

 
2,888.6

 
1.02
%
Blue Lagoon Resort, LLC dba Hill View Cottages
 
Computer and Electronic Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/15/2028

 
2,797.8

 
2,797.8

 
3,035.6

 
1.08
%
Gorilla Warfare LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/22/2028

 
85.0

 
85.0

 
93.4

 
0.03
%
Advance Case Parts Inc
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/22/2043

 
419.3

 
419.3

 
474.3

 
0.17
%
Anderson Farms Inc
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
6/22/2043

 
236.3

 
236.3

 
267.3

 
0.09
%
Muckamuck Trucks, Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/25/2028

 
206.3

 
206.3

 
226.7

 
0.08
%
TrialHawk Litigation Group LLC
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/25/2043

 
918.0

 
918.0

 
1,038.6

 
0.37
%

96
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Salida Family Chiropractic-PPLC dba Salida Sport and Spine
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/26/2043

 
318.8

 
318.8

 
360.6

 
0.13
%
Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diagnostics
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/27/2028

 
127.5

 
127.5

 
140.1

 
0.05
%
Medical Plaza of Boro Park PC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/27/2028

 
91.0

 
91.0

 
100.0

 
0.04
%
National Dredging Service of North Florida, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/27/2043

 
86.3

 
86.3

 
97.6

 
0.03
%
National Dredging Services of North Florida, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/27/2028

 
159.8

 
159.8

 
175.6

 
0.06
%
InUSA Ventures, Inc
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/27/2028

 
150.0

 
150.0

 
164.9

 
0.06
%
RLW4 Builders LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
6/27/2043

 
3,000.0

 
3,000.0

 
3,372.0

 
1.19
%
Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/27/2043

 
1,063.5

 
1,063.5

 
1,202.3

 
0.43
%
Local Leads, LLC dba New Direction Chiropractic
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2028

 
102.0

 
102.0

 
112.1

 
0.04
%
Corptek Solutions LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2028

 
142.5

 
142.5

 
156.6

 
0.06
%
Critter Cabana, LLC dba Critter Cabana
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/28/2028

 
251.3

 
251.3

 
276.1

 
0.10
%
M J Losito Electrical Contractor's, Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/29/2028

 
176.3

 
176.3

 
193.7

 
0.07
%
DHD Enterprise LLC dba Edible Arrangements #1699
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
125.8

 
125.8

 
137.0

 
0.05
%
Alaska Industrial Paint LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/30/2043

 
667.5

 
667.5

 
753.9

 
0.27
%
House of Bread & Coffee Corp dba Casa Do Pao
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/27/2042

 
399.9

 
399.9

 
448.7

 
0.16
%
Paramount Dance Studios Inc. and Homestead Dance Supply
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/14/2043

 
972.6

 
972.6

 
1,096.1

 
0.39
%
Beacon Brewing LLC and C' Sons, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/27/2042

 
354.8

 
354.8

 
399.4

 
0.14
%
Utara LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/1/2027

 
57.8

 
57.8

 
63.0

 
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

 
516.6

 
516.6

 
567.0

 
0.20
%

97
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Play4Fun dba Luv 2 Play
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/7/2028

 
342.9

 
342.9

 
376.5

 
0.13
%
Unpainted Arizona, LLC dba Westside Bowl
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/7/2043

 
187.6

 
187.6

 
212.3

 
0.08
%
Bee Kidz Funzone Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/9/2028

 
430.6

 
430.6

 
473.0

 
0.17
%
CTD Operations Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/15/2028

 
$
180.3

 
$
180.3

 
$
180.3

 
0.06
%
RTSP Union LLC
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
3/20/2028

 
$
1,045.5

 
$
1,045.5

 
$
1,129.7

 
0.40
%
Lou & Choo Enterprises Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/28/2043

 
$
64.5

 
$
64.5

 
$
72.9

 
0.03
%
Southern Oaks Athletic Club, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/17/2043

 
$
814.7

 
$
814.7

 
$
921.0

 
0.33
%
Metropolitan Solutions Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/30/2043

 
$
48.6

 
$
48.6

 
$
54.9

 
0.02
%
Kneading Dough LLC dba NY Bagel Cafe & Deli
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/23/2028

 
$
82.4

 
$
82.4

 
$
90.5

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

 
$
321.6

 
$
321.6

 
$
353.4

 
0.13
%
Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/25/2043

 
$
260.0

 
$
260.0

 
$
294.1

 
0.10
%
Starship, LLC dba Tint World Smyrna
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/25/2043

 
$
207.7

 
$
207.7

 
$
235.0

 
0.08
%
Crowley Ventures, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/29/2028

 
$
206.2

 
$
206.2

 
$
226.6

 
0.08
%
P & M Entertainment, LLC dba Luv 2 Play
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/10/2028

 
$
236.0

 
$
236.0

 
$
259.3

 
0.09
%
SSMV LLC dba Burgerim
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/30/2028

 
$
146.1

 
$
146.1

 
$
160.6

 
0.06
%
AVM LLC dba Luv 2 Play
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
6/1/2028

 
$
71.8

 
$
71.8

 
$
78.9

 
0.03
%
Hardway Inc and A F C Leasing, Inc
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
6/6/2028

 
$
146.1

 
$
146.1

 
$
160.6

 
0.06
%
Oil Palace Inc.
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
6/15/2043

 
$
96.7

 
$
96.7

 
$
109.4

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

 
$
57.1

 
$
57.1

 
$
62.7

 
0.02
%

98
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Bio- Haz Solutions, Inc.
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2043

 
$
712.5

 
$
712.5

 
$
806.1

 
0.29
%
Bio-Haz Solutions, Inc.
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2028

 
$
273.8

 
$
273.8

 
$
300.7

 
0.11
%
Total SBA Guaranteed Performing Investments
 
 
 
 
 
 
 
 
 
$
21,926.5

 
$
21,926.5

 
$
24,399.6

 
8.64
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total SBA Unguaranteed and Guaranteed Investments
 
 
 
 
 
 
 
 
 
$
334,245.6

 
$
334,366.4

 
$
329,877.8

 
116.86
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Controlled Investments (5) (21)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*Advanced Cyber Security Systems, LLC (6), (19)
 
Data processing, hosting and related services.
 
50% Membership Interest
 
—
%
 
—

 
—

 
—

 
—

 
—
%
 
 
 
 
Term Loan
 
3
%
 
December 2014

 
381.0

 
381.0

 
—

 
—
%
*Automated Merchant Services, Inc. (7), (19)
 
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

 
8,000.0

 
2.83
%
 
 
 
 
Line of Credit
 
Prime plus 2.5%
 
August 2018

 
8,141.9

 
8,141.9

 
8,141.9

 
2.88
%
 
 
 
 
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

 
11,200.0

 
3.97
%
*Fortress Data Management, LLC (19)
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—
%
 
—

 
—

 
—

 
—

 
—
%
*Newtek Insurance Agency, LLC (13)
 
Insurance Carriers and Related Activities
 
100% Membership Interest
 
—
%
 
—

 
—

 
65.0

 
2,215.0

 
0.78
%
*PMTWorks Payroll, LLC (9)
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—
%
 
—

 
—

 
895.1

 
—

 
—
%
 
 
 
 
Term Loan
 
10%-12%
 
Various maturities through May 2020
 
2,685.0

 
2,685.0

 
—

 
—
%
Small Business Lending, LLC (12), (19)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Membership Interest
 
—
%
 
—

 
—

 
—

 
2,100.0

 
0.74
%

99
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
*ADR Partners, LLC dba banc-serv Partners, LLC (12)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Membership Interest
 
—
%
 
—

 
—

 
6,252.9

 
1,433.0

 
0.51
%
Premier Payments LLC (11)
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—
%
 
—

 
—

 
16,438.0

 
23,000.0

 
8.15
%
International Professional Marketing, Inc. (16)
 
Professional, Scientific, and Technical Services
 
100% Common Stock
 
—
%
 
—

 
—

 
4,000.0

 
4,000.0

 
1.42
%
 
 
 
 
Line of Credit
 
Prime plus 0.5%
 
April 2019

 
150.0

 
150.0

 
150.0

 
0.05
%
SIDCO, LLC (16)
 
Professional, Scientific, and Technical Services
 
100% Membership Interest
 
—
%
 
—

 
—

 
7,119.7

 
7,119.7

 
2.52
%
 
 
 
 
Line of Credit
 
Prime plus 0.5%
 
July 2019

 
375.0

 
375.0

 
375.0

 
0.13
%
Universal Processing Services of Wisconsin, LLC (11) (19)
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—
%
 
—

 
—

 
—

 
85,000.0

 
30.11
%
Mobil Money, LLC (17)
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—
%
 
—

 
—

 
3,300.0

 
3,300.0

 
1.17
%
Newtek Business Lending, LLC (10)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Membership Interest
 
—
%
 
—

 
—

 
75.0

 
75.0

 
0.03
%
Titanium Asset Management, LLC (14)
 
Administrative and Support Services
 
Term Loan
 
3
%
 
December 2018

 
193.9

 
193.9

 
—

 
—
%
 
 
 
 
100% Membership Interest
 
—
%
 
—

 
—

 
—

 
—

 
—
%
Excel WebSolutions, LLC (15)
 
Data processing, hosting and related services.
 
Term Loan
 
10
%
 
September 2018

 
171.9

 
171.9

 
125.2

 
0.04
%
 
 
 
 
50% Membership Interest
 
—
%
 
—

 
—

 
—

 
—

 
—
%
Total Controlled Investments
 
 
 
 
 
 
 
 
 
$
13,098.7

 
$
64,056.4

 
$
157,234.8

 
55.70
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Control/Affiliate Investments (21)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EMCAP Loan Holdings, LLC (18) (23)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
6.04% Membership Interest
 
—
%
 
—

 
$
—

 
$
600.0

 
$
600.0

 
0.21
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments in Money Market Funds
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

100
See accompanying notes to unaudited condensed consolidated financial statements.



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

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
UBS Select Treasury Institutional Fund - 1.63% yield
 
 
 
 
 
 
 
 
 
$
9.3

 
$
9.3

 
$
9.3

 
—
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Investments
 
 
 
 
 
 
 
 
 
$
347,353.6

 
$
399,032.1

 
$
487,721.9

 
172.78
%

^ Denotes investment 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.
(2) Prime Rate is equal to 4.75% as of June 30, 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 payment streams and are re-amortized at the end of the modification period.
(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, 2017 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 Newtek Business Services Holdco 1, Inc. (a subsidiary of Newtek Business Services Corp.).
(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

101
See accompanying notes to unaudited condensed consolidated financial statements.



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) 6.04% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.).
(19) 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.
(20) 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.
(21) The fair value of the investment was determined using significant unobservable inputs.
(22) 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.
(23) Restricted security initially obtained on April 25, 2018.
(24) 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, 2018, 4.5% of total assets are non-qualifying assets.


102
See accompanying notes to unaudited condensed consolidated financial statements.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Performing SBA Unguaranteed Investments (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Farec, Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/29/2042

 
$
281.2

 
$
281.2

 
$
286.1

 
0.10
%
Best Choice Meats, Inc
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/29/2027

 
65.0

 
65.0

 
65.1

 
0.02
%
Social Link LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/29/2027

 
11.3

 
11.3

 
9.8

 
—
%
Morrocco Method, Inc
 
Chemical Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/27/2042

 
861.3

 
861.3

 
876.0

 
0.31
%
Anglin Cultured Stone Products LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/27/2042

 
643.8

 
643.8

 
623.7

 
0.22
%
Landmark Ventures USA Inc
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
62.5

 
62.5

 
54.3

 
0.02
%
^Salida Family Chiropractic-PPLC dba Salida Sport and Spine
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
12.0

 
12.0

 
10.4

 
—
%
^Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diagnostics
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
778.3

 
778.3

 
685.7

 
0.25
%
^TrialHawk Litigation Group LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
15.8

 
15.8

 
13.7

 
—
%
Gorilla Warfare LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
22.5

 
22.5

 
20.4

 
0.01
%
^Advance Case Parts Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
50.0

 
50.0

 
47.3

 
0.02
%
Muckamuck Trucks, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
13.8

 
13.8

 
13.0

 
—
%
O'Rourke's Diner, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
3.8

 
3.8

 
3.6

 
—
%
^Dudeck Enterprise LLC dba Detail Garage Las Vegas
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
16.1

 
16.1

 
16.4

 
0.01
%
Driven Warehouse/Distribution LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
750.0

 
750.0

 
652.1

 
0.23
%
Bisson Transportation Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
75.0

 
75.0

 
72.6

 
0.03
%
Anderson Farms Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
1,250.0

 
1,250.0

 
1,098.6

 
0.39
%

103
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Medical Plaza of Boro Park PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
62.5

 
62.5

 
54.3

 
0.02
%
Jacliff Investments Inc
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
50.0

 
50.0

 
43.5

 
0.02
%
^Street Magic Enterprise LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
87.8

 
87.8

 
84.2

 
0.03
%
^Tropical Stone LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
187.5

 
187.5

 
191.8

 
0.07
%
Ameco Forest Products LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
175.0

 
175.0

 
179.0

 
0.06
%
DHD Enterprise LLC dba Edible Arrangements #1699
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
8.4

 
8.4

 
8.1

 
—
%
^Blue Lagoon Resort, LLC dba Hill View Cottages
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/21/2042

 
188.8

 
188.8

 
201.1

 
0.07
%
^CT Auto Spa LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
215.6

 
215.6

 
216.2

 
0.08
%
^DBMS Consulting, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2027

 
75.0

 
75.0

 
70.9

 
0.03
%
^Auto Excellance of Fort Myers Inc.
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/19/2042

 
106.3

 
106.3

 
113.2

 
0.04
%
^CZAR Industries, Inc.
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/19/2027

 
262.5

 
262.5

 
243.1

 
0.09
%
Best Quality Home Care LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
12/19/2027

 
8.0

 
8.0

 
6.9

 
—
%
^Dr. Richard R. Rolle, Jr., PLLC dba Rolle Oral & Facial Surgery
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/18/2027

 
125.0

 
125.0

 
117.3

 
0.04
%
Neville Galvanizing, Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2042

 
625.0

 
625.0

 
626.2

 
0.22
%
^Ocean Trans LLC & Dehal Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/15/2042

 
610.0

 
610.0

 
591.6

 
0.21
%
^1-0 Granny's Helpful Hands, LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
22.5

 
22.5

 
19.7

 
0.01
%
^Galaforo Construction and Companies LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/15/2042

 
208.5

 
208.5

 
212.3

 
0.08
%
^Crystal II Auto Glass Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
15.0

 
15.0

 
13.1

 
—
%
Demand Printing Solutions Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
17.7

 
17.7

 
16.6

 
0.01
%
^Galaforo Construction LLC and Paul M Galaforo, Jr.
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
337.5

 
337.5

 
293.5

 
0.11
%

104
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Legion Bowl, Inc & Legion Pub Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/15/2042

 
333.6

 
333.6

 
355.5

 
0.13
%
^Montessori Community School
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
62.5

 
62.5

 
58.6

 
0.02
%
^Capital Containers LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
22.5

 
22.5

 
20.0

 
0.01
%
^JMD Aviation Holdings, LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
500.0

 
500.0

 
498.0

 
0.18
%
^Peanut Butter & Co., Inc
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/15/2027

 
225.0

 
225.0

 
195.6

 
0.07
%
Royalty Freight Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
668.8

 
668.8

 
581.5

 
0.21
%
^KR Calvert & Co, LLC
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
468.0

 
468.0

 
408.6

 
0.15
%
^Atlas Geo-Constructors, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
304.0

 
304.0

 
290.0

 
0.10
%
^LP Industries Inc. dba Childforms
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
75.0

 
75.0

 
72.1

 
0.03
%
Beale Street Blues Company Inc.dba Beatle Street Blues Company, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
968.8

 
968.8

 
849.1

 
0.31
%
^Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
96.5

 
96.5

 
94.3

 
0.03
%
^AADJ Empire Inc and AADJ Galaxy Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/14/2042

 
181.3

 
181.3

 
179.0

 
0.06
%
^Heung Kyun Im
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
15.5

 
15.5

 
13.4

 
—
%
^Barcade Holdings, LLC ,Barcade LLC,& Barcade New Haven LLC
 
Management of Companies and Enterprises
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
125.0

 
125.0

 
109.7

 
0.04
%
^Hardway Inc & AFC Leasing Inc
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
12/13/2027

 
937.5

 
937.5

 
815.2

 
0.29
%
^Nichols Fire and Security LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/13/2042

 
87.5

 
87.5

 
88.3

 
0.03
%
Polymer Dynamics, Inc and Carl Bent
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
72.5

 
72.5

 
73.2

 
0.03
%
^LPB Property Management Inc dba Wilderness View Cabins & Ellijay Cabin
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
12/12/2042

 
100.0

 
100.0

 
105.9

 
0.04
%
A-1 Van Services Inc
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
719.8

 
719.8

 
690.0

 
0.25
%
^Clore Construction LLC
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
462.5

 
462.5

 
437.6

 
0.16
%

105
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
500.0

 
500.0

 
434.8

 
0.16
%
^Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
50.0

 
50.0

 
43.5

 
0.02
%
^Big Picture Group LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
375.0

 
375.0

 
339.7

 
0.12
%
^The Ohio Valley Group Inc dba Ohio Valley Landscapes & Design
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/12/2027

 
15.0

 
15.0

 
13.5

 
—
%
^Clear Sound Communications, Inc
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/8/2027

 
3.8

 
3.8

 
3.3

 
—
%
^AV Strategy Inc
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
12/8/2027

 
442.5

 
442.5

 
410.7

 
0.15
%
^JVLS LLC dba Vaccines 2 Go
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/7/2027

 
15.0

 
15.0

 
13.0

 
—
%
^Kim Howard Corp dba NPN Machine Tools
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/7/2042

 
575.0

 
575.0

 
609.8

 
0.22
%
^IHC Hardware Inc.
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/6/2042

 
100.0

 
100.0

 
97.5

 
0.04
%
^Earth First Recycling LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/6/2027

 
75.0

 
75.0

 
74.3

 
0.03
%
^ODS Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/6/2027

 
49.0

 
49.0

 
45.0

 
0.02
%
^Driven Powersports, Inc
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/6/2027

 
87.5

 
87.5

 
76.1

 
0.03
%
^Affordable Auto Transport LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/5/2027

 
7.5

 
7.5

 
6.8

 
—
%
^Healthcare Interventions, Inc
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/4/2027

 
15.0

 
15.0

 
13.0

 
—
%
Oil Palace, Inc.
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
12/4/2042

 
818.4

 
818.4

 
872.1

 
0.31
%
^PS Camping Inc.
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/1/2027

 
19.7

 
19.7

 
19.7

 
0.01
%
^Linda Jean Howard Riley dba The Rusty Bolt Gift Shop
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/1/2042

 
21.0

 
21.0

 
22.4

 
0.01
%
^Salud Bar & Grill LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/1/2027

 
56.3

 
56.3

 
49.2

 
0.02
%
Utara LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/1/2027

 
6.4

 
6.4

 
6.6

 
—
%

106
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Square 1 Partners, LLC
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
12/1/2027

 
62.5

 
62.5

 
54.3

 
0.02
%
^Fortress Verve Inc, Maurice R. Margules and Antonie C. Reinhard
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
131.3

 
131.3

 
129.2

 
0.05
%
^Frontier Sand LLC
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
500.0

 
500.0

 
487.9

 
0.18
%
^WTI Distribution Inc
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
40.0

 
40.0

 
37.5

 
0.01
%
^Create- A- Stitch, Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/30/2042

 
87.5

 
87.5

 
91.8

 
0.03
%
^J. Venture Holdings, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
12.5

 
12.5

 
12.7

 
—
%
^Skin Beauty Bar Inc. and Tameka J. Mathis
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2027

 
9.0

 
9.0

 
8.1

 
—
%
^Clearwater Transportation LTD dba Thrifty Car Rental, Dollar Rent A Car
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
11/29/2027

 
172.5

 
172.5

 
153.3

 
0.06
%
^Our Playhouse Preschool, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/29/2042

 
235.0

 
235.0

 
250.4

 
0.09
%
^OPH Lexington, Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/29/2042

 
193.8

 
193.8

 
206.5

 
0.07
%
Amped Coffee Company LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/28/2027

 
3.8

 
3.8

 
3.8

 
—
%
Beacon Brewing LLC and C' Sons, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/27/2042

 
50.4

 
50.4

 
53.7

 
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

 
18.8

 
18.8

 
17.6

 
0.01
%
^Webtez Inc dba Mod Vans
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/22/2027

 
70.0

 
70.0

 
61.2

 
0.02
%
^Step Up Academy of the Arts, LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
11/22/2027

 
15.8

 
15.8

 
13.7

 
—
%
PB Market LLC dba Pure Barre
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2027

 
108.5

 
108.5

 
94.5

 
0.03
%
^Cali Fit Meals
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/21/2027

 
22.5

 
22.5

 
21.1

 
0.01
%
^Vision Collision Center LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/21/2027

 
408.8

 
408.8

 
380.1

 
0.14
%
^Grumpy's Restaurant Company, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/21/2027

 
71.1

 
71.1

 
62.0

 
0.02
%
^Glencadia Corporation
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2027

 
3.8

 
3.8

 
3.3

 
—
%

107
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^B Lam LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/20/2042

 
181.3

 
181.3

 
188.1

 
0.07
%
N Transport LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/20/2027

 
410.0

 
410.0

 
356.5

 
0.13
%
N Transport LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/20/2042

 
176.3

 
176.3

 
160.8

 
0.06
%
^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

 
189.1

 
189.1

 
180.9

 
0.06
%
^Maya Motel, LLC dba Town House Motel
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
11/17/2042

 
57.0

 
57.0

 
60.7

 
0.02
%
^Southern Specialty Contractor, LLC & Ronald David Holbrook Jr.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/17/2027

 
53.0

 
53.0

 
46.5

 
0.02
%
^SSI Refrigerated Express Inc. and Robert M Stallone
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/17/2027

 
64.0

 
64.0

 
56.9

 
0.02
%
^Jacob's Towing, Inc.
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/17/2027

 
50.0

 
50.0

 
45.5

 
0.02
%
^Ian Winterbotham dba Furnishing America
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
11/17/2027

 
253.9

 
253.9

 
220.8

 
0.08
%
^H & H Hotshot Services, Inc.
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
11/16/2027

 
70.0

 
70.0

 
63.5

 
0.02
%
Murf & Sons LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/16/2027

 
60.1

 
60.1

 
55.1

 
0.02
%
^J R Wholesale Tires & Auto Center, LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/15/2042

 
13.5

 
13.5

 
14.4

 
0.01
%
^Marcaco LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/15/2042

 
677.5

 
677.5

 
701.0

 
0.25
%
^Auto Rx LLC,J&P Auto Repair Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/15/2042

 
196.3

 
196.3

 
207.2

 
0.07
%
Paramount Dance Studios Inc. and Homestead Dance Supply
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/14/2043

 
216.0

 
216.0

 
229.7

 
0.08
%
^GFA International Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/13/2027

 
93.8

 
93.8

 
95.9

 
0.03
%
^Wing King at the Gardens LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/10/2027

 
9.8

 
9.8

 
8.5

 
—
%
^Linqserv Inc.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/9/2027

 
617.5

 
617.5

 
581.9

 
0.21
%
^Bobcatt Solutions, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/8/2027

 
95.0

 
95.0

 
88.8

 
0.03
%
^Hofgard & Co, Inc dba Hofgard Benefits and James Marsh
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
11/8/2027

 
14.9

 
14.9

 
13.0

 
—
%

108
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^JNP Delivery Inc
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
11/7/2027

 
112.5

 
112.5

 
104.0

 
0.04
%
^Street Magic Enterprise LLC dba New Lisbon Travel Mart
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/7/2042

 
420.0

 
420.0

 
428.8

 
0.15
%
^His Loving Hands Christian Academy, Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/6/2042

 
91.8

 
91.8

 
95.2

 
0.03
%
^S & S Auto Body Shop Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/3/2042

 
165.0

 
165.0

 
173.8

 
0.06
%
^Sterling Campbell Insurance Agency, Inc
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
11/3/2027

 
7.5

 
7.5

 
6.5

 
—
%
^Top Quality Dent Service LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/2/2027

 
6.0

 
6.0

 
5.2

 
—
%
^American Reclamation LLC
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/1/2027

 
7.5

 
7.5

 
7.3

 
—
%
^ Edge Studios Inc Radiant Yoga LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/1/2027

 
66.3

 
66.3

 
58.9

 
0.02
%
Berza TLG,LLC dba The Little Gym of Lake Charles
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/31/2027

 
24.3

 
24.3

 
21.9

 
0.01
%
^Rachael Reel dba Rachel Reel Insurance Age
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
10/31/2027

 
7.5

 
7.5

 
6.5

 
—
%
^The Five Lakes LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
10/30/2042

 
474.4

 
474.4

 
505.5

 
0.18
%
^Die Hard Used Car Sales
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/30/2042

 
56.2

 
56.2

 
59.9

 
0.02
%
^Hip Hop Style Inc dba Serene Haven
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
10/27/2027

 
16.5

 
16.5

 
14.8

 
0.01
%
^Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle Transport
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
10/27/2027

 
37.3

 
37.3

 
33.4

 
0.01
%
^Sage Oil LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
10/27/2027

 
9.9

 
9.9

 
8.8

 
—
%
^Ashore Ventures Inc dba PuroClean Professional Restoration
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/27/2027

 
14.5

 
14.5

 
12.9

 
—
%
^Cardinal Homes, Inc
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/27/2027

 
108.8

 
108.8

 
110.9

 
0.04
%
^Suzie LLC dba Tony D's Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/25/2042

 
87.4

 
87.4

 
91.6

 
0.03
%
^White Walker LLC dba Frenchette
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/25/2027

 
276.6

 
276.6

 
282.9

 
0.10
%

109
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Grand Blanc Lanes, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/25/2027

 
14.9

 
14.9

 
15.3

 
0.01
%
^Schafer Fisheries Inc
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/25/2027

 
34.9

 
34.9

 
35.7

 
0.01
%
^The Jig, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/24/2042

 
75.7

 
75.7

 
78.0

 
0.03
%
^Action Physical Therapy Yoga and Wellness Center Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/24/2027

 
22.4

 
22.4

 
21.6

 
0.01
%
^Florida Apnea Diagnostics LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/20/2027

 
155.3

 
155.3

 
137.6

 
0.05
%
^Berens & Miller P. A.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/19/2027

 
149.1

 
149.1

 
129.7

 
0.05
%
^Alpha Auto Sales, LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/19/2027

 
79.5

 
79.5

 
81.3

 
0.03
%
^Island Refrigeration & AC Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/18/2042

 
141.5

 
141.5

 
143.6

 
0.05
%
Looky Enterprises, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/18/2027

 
17.2

 
17.2

 
16.5

 
0.01
%
^H and K Dry Cleaning LLC, Quintero Shopping Center LLC, Aqua Laundry
 
Electronics and Appliance Stores
 
Term Loan
 
7.75%
 
10/17/2042

 
66.8

 
66.8

 
71.2

 
0.03
%
^Blueridge Armor LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/17/2027

 
8.2

 
8.2

 
7.6

 
—
%
^Albas Bar & Grill LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/13/2042

 
44.9

 
44.9

 
44.0

 
0.02
%
^Cortez Landscaping, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/13/2027

 
19.1

 
19.1

 
17.6

 
0.01
%
^Crawfordsville Fitness LLC dba Planet Fitness
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/13/2027

 
123.4

 
123.4

 
110.1

 
0.04
%
^On Call Services LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
10/13/2027

 
17.9

 
17.9

 
18.3

 
0.01
%
^JD Ventures LLC and JD Roof Co LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/12/2027

 
22.4

 
22.4

 
19.9

 
0.01
%
Pro Anderson, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/11/2027

 
19.3

 
19.3

 
17.5

 
0.01
%
^Sandbox Ventures LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/11/2027

 
18.6

 
18.6

 
18.1

 
0.01
%
^Eye Optique Inc.
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
10/5/2027

 
14.9

 
14.9

 
13.0

 
—
%

110
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Ains Holding Company LLC
 
Management of Companies and Enterprises
 
Term Loan
 
Prime plus 2.75%
 
10/2/2027

 
80.8

 
80.8

 
72.1

 
0.03
%
^Becky Lou Corp dba Rent A Center
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
10/2/2027

 
90.7

 
90.7

 
83.8

 
0.03
%
^Dan Cline Transport Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/29/2030

 
997.5

 
997.5

 
895.7

 
0.32
%
^Lone Star Hardware and Home Decor, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/29/2027

 
71.7

 
71.7

 
62.6

 
0.02
%
^Threads of Time LLC
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
137.2

 
137.2

 
137.7

 
0.05
%
^Miechella Suzette Decker
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
99.8

 
99.8

 
106.2

 
0.04
%
^Harco Metal Products Inc
 
Primary Metal Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
490.8

 
490.8

 
474.1

 
0.17
%
^Chicago American Manufacturing LLC, Dockside Steel Processing, LLC
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
1,249.3

 
1,249.3

 
1,276.6

 
0.46
%
^Sashshel Corporation
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
212.0

 
212.0

 
225.8

 
0.08
%
^Dr Richard Rolle JR, PLLC dba Rolle Oral & Facial Surgery PLLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
873.9

 
873.9

 
871.8

 
0.31
%
^Cagwin Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/29/2042

 
324.2

 
324.2

 
339.1

 
0.12
%
^Pets A Go Go LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2042

 
197.6

 
197.6

 
204.1

 
0.07
%
^Rhode Island Tennis Management LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/28/2042

 
548.6

 
548.6

 
549.6

 
0.20
%
^Moreno Brother's Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/28/2027

 
14.8

 
14.8

 
12.9

 
—
%
^National Media Services, Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2027

 
18.5

 
18.5

 
16.1

 
0.01
%
^Rhode Island Tennis Management LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/28/2042

 
382.0

 
382.0

 
382.8

 
0.14
%
^Nicholson Lumber Co Inc.
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/28/2030

 
213.3

 
213.3

 
211.4

 
0.08
%
^Complete Care IT LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2027

 
14.6

 
14.6

 
12.7

 
—
%

111
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Technologist Inc
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
9/27/2027

 
429.4

 
429.4

 
410.0

 
0.15
%
^Rollins Construction & Trucking LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
9/26/2027

 
337.2

 
337.2

 
330.4

 
0.12
%
^Inspirations Food Design, Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/26/2042

 
464.9

 
464.9

 
472.1

 
0.17
%
^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

 
22.2

 
22.2

 
19.5

 
0.01
%
^KB Waterjet Cutting LLC
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/22/2027

 
10.1

 
10.1

 
9.2

 
—
%
^Magnation Corporation
 
Utilities
 
Term Loan
 
Prime plus 2.75%
 
9/22/2027

 
49.4

 
49.4

 
50.5

 
0.02
%
^Sallee Pro-Custom Fabrication Shop LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/21/2027

 
8.9

 
8.9

 
9.1

 
—
%
^Excel, RP Inc.
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
98.8

 
98.8

 
91.8

 
0.03
%
^Denek Contracting Inc and Denek Leasing LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
209.5

 
209.5

 
223.1

 
0.08
%
^Max Home Deliveries, Inc
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
79.8

 
79.8

 
73.5

 
0.03
%
CR Park Incorporated dba Define Body and Mind
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
47.6

 
47.6

 
44.4

 
0.02
%
^Sound Manufacturing, Inc. & Monster Power Equipment, Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
197.8

 
197.8

 
188.3

 
0.07
%
^Alpha Preparatory Academy LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
162.1

 
162.1

 
162.0

 
0.06
%
^Montessori Community School
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
390.8

 
390.8

 
384.2

 
0.14
%
^Alexander Pierce Corporation
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
623.4

 
623.4

 
626.8

 
0.23
%
^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

 
1,015.5

 
1,015.5

 
974.1

 
0.35
%
^Imagine By Carleen, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
7.4

 
7.4

 
7.2

 
—
%
^Commonwealth Diagnostics International, Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
1,250.0

 
1,250.0

 
1,277.5

 
0.46
%
^Venus Pizza, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/20/2042

 
91.0

 
91.0

 
96.9

 
0.03
%
^Insight Diagnostic Technologist Services
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
299.4

 
299.4

 
270.7

 
0.10
%

112
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^CIS Big Dog, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/19/2027

 
60.5

 
60.5

 
60.8

 
0.02
%
^Stone's Construction and Remodeling, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/19/2027

 
5.2

 
5.2

 
4.5

 
—
%
^Party By Design Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/18/2042

 
1,203.7

 
1,203.7

 
1,199.5

 
0.43
%
^Li Family Spokane LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/15/2042

 
383.5

 
383.5

 
398.4

 
0.14
%
^SD Kickboxing LLC dba CKO Kickboxing Dan Diego
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/15/2027

 
39.5

 
39.5

 
35.9

 
0.01
%
^Clark Realty LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
9/15/2027

 
61.8

 
61.8

 
57.0

 
0.02
%
^Inglis Food Mart Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/15/2027

 
22.2

 
22.2

 
22.2

 
0.01
%
^Clinton Food Market LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/15/2042

 
262.2

 
262.2

 
264.4

 
0.09
%
^Tarleton & Family Landscaping, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/15/2027

 
82.8

 
82.8

 
74.3

 
0.03
%
^Alaska Motor Home Inc
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2027

 
327.6

 
327.6

 
284.6

 
0.10
%
^Fox Valley Rentals & Investments, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 3.75%
 
9/13/2027

 
7.4

 
7.4

 
7.5

 
—
%
^Nails By Mercede LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2027

 
14.1

 
14.1

 
13.2

 
—
%
^Town & Country Transportation Co. and Popco, LLC.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/12/2042

 
168.3

 
168.3

 
179.3

 
0.06
%
^Rajbai Maa Inc. dba Nara Lounge
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/12/2042

 
387.1

 
387.1

 
378.7

 
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

 
7.4

 
7.4

 
7.6

 
—
%
^Health & Performance Center, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/11/2027

 
20.2

 
20.2

 
17.5

 
0.01
%
^Foxtail, LLC and Tottly New Services Corp
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/8/2042

 
290.5

 
290.5

 
294.0

 
0.11
%
^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

 
1,250.0

 
1,250.0

 
1,191.0

 
0.43
%
^Echelon Planning Group, LLC dba Echelon Financial Services
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
9/8/2027

 
7.4

 
7.4

 
7.3

 
—
%

113
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Crazy Beatz Productions LLC
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 3.75%
 
9/7/2027

 
5.3

 
5.3

 
4.9

 
—
%
^South Fulton Landscape & Nursery, Inc.
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/7/2042

 
99.8

 
99.8

 
106.2

 
0.04
%
^Dreaming Big Learning Center Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/5/2042

 
367.8

 
367.8

 
371.9

 
0.13
%
^Big Coop's Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/1/2027

 
98.8

 
98.8

 
93.4

 
0.03
%
^Blue Eagle Transport Inc, Greeneagle Transport Inc & Golden Eagle Transport
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
8/31/2027

 
376.7

 
376.7

 
336.9

 
0.12
%
^Evernook Valley Milk LLC
 
Animal Production and Aquaculture
 
Term Loan
 
Prime plus 2.75%
 
8/31/2042

 
640.1

 
640.1

 
643.7

 
0.23
%
^Bark Life, Inc.
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
8/31/2027

 
22.1

 
22.1

 
19.2

 
0.01
%
^The Pink Alli, LLC dba The Alli
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
8/30/2027

 
17.7

 
17.7

 
15.9

 
0.01
%
^Busby Outdoor LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
8/29/2042

 
697.4

 
697.4

 
636.6

 
0.23
%
^Busby Outdoor LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
8/29/2042

 
547.9

 
547.9

 
500.2

 
0.18
%
^Parlay Disributors LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
8/25/2027

 
110.5

 
110.5

 
97.5

 
0.04
%
^Lake County Tow LLC
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/25/2042

 
87.2

 
87.2

 
87.6

 
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

 
24.6

 
24.6

 
21.3

 
0.01
%
^Genuine Ventures LLC and Seaweed Ventures LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/24/2030

 
551.0

 
551.0

 
519.3

 
0.19
%
^R & R Strength & Conditioning Corp dba Crossfit Light House Point
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/23/2042

 
82.2

 
82.2

 
87.5

 
0.03
%
^Delicias de Minas Restaurant, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/22/2027

 
203.0

 
203.0

 
199.5

 
0.07
%
^The Holder Grooup LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/22/2027

 
7.4

 
7.4

 
6.4

 
—
%
^L&V Auto Sales, Inc.
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
8/21/2027

 
17.7

 
17.7

 
18.1

 
0.01
%

114
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^M.E. Interiors LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/21/2027

 
16.2

 
16.2

 
14.1

 
0.01
%
^Damiano Global Corp
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/21/2027

 
22.1

 
22.1

 
20.9

 
0.01
%
^Tier1Solutions, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/18/2027

 
18.4

 
18.4

 
16.6

 
0.01
%
^Tony Herring & Associates, Inc
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
8/17/2027

 
7.4

 
7.4

 
6.4

 
—
%
^Chester's World Enterprise LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/16/2027

 
22.1

 
22.1

 
20.1

 
0.01
%
^D'Amato & Sons Construction, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
8/11/2027

 
8.1

 
8.1

 
7.4

 
—
%
^HTP LLC dba Hot Tomatoes Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/11/2027

 
11.1

 
11.1

 
10.4

 
—
%
^Roundhay Partners LLC and Roundhay Farming LLC
 
Crop Production
 
Term Loan
 
Prime plus 2.75%
 
8/8/2042

 
909.1

 
909.1

 
837.7

 
0.30
%
^Splashlight LLC, Splashlight Photographic and Digital Studios, LLC
 
Management of Companies and Enterprises
 
Term Loan
 
Prime plus 2.75%
 
8/7/2027

 
491.2

 
491.2

 
442.3

 
0.16
%
^L & J Corporate Services Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/4/2027

 
7.3

 
7.3

 
6.4

 
—
%
^Furniture Masters Limited Liability Company
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/3/2027

 
8.8

 
8.8

 
7.7

 
—
%
^HMG Strategy LLC,
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/2/2027

 
49.1

 
49.1

 
42.7

 
0.02
%
^Bowl Mor LLC dba Bowl Mor Lanes
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
7/31/2027

 
7.3

 
7.3

 
6.4

 
—
%
^Hope Health Care, LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
7/31/2027

 
10.3

 
10.3

 
8.9

 
—
%
^Royal Blue Investments, Inc. and Cleland Pharmacy LLC
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
7/31/2042

 
52.7

 
52.7

 
55.1

 
0.02
%
^Raffi's Inc dba Atlantic Auto Center
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
7/31/2027

 
13.9

 
13.9

 
13.9

 
—
%
^Sharon G McMillen, MA Psychologist, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
7/28/2027

 
18.2

 
18.2

 
15.8

 
0.01
%
^Work of Heart Inc.dba Little Nest Portraits
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/28/2027

 
50.0

 
50.0

 
43.7

 
0.02
%

115
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^HQTRONIC LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
7/27/2027

 
22.0

 
22.0

 
19.1

 
0.01
%
^Oberon IT, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/26/2027

 
213.6

 
213.6

 
196.7

 
0.07
%
^Gilles Peress Studio LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/25/2027

 
61.0

 
61.0

 
53.0

 
0.02
%
^Ocean Trans LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/21/2027

 
36.6

 
36.6

 
31.8

 
0.01
%
^Obok LLC
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/21/2027

 
11.7

 
11.7

 
11.0

 
—
%
^Lil Tots' Learning Center LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
7/21/2042

 
47.3

 
47.3

 
47.6

 
0.02
%
^Nova Solutions, Inc.
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/19/2027

 
24.4

 
24.4

 
24.0

 
0.01
%
^Webb Eye Associates, PA
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
7/19/2027

 
72.4

 
72.4

 
69.2

 
0.02
%
^Matrix Z LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 3.75%
 
7/19/2027

 
7.3

 
7.3

 
7.6

 
—
%
^Aitheras Aviation Group, LLC, Aitheras Aviation Group, LLC
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/18/2027

 
805.2

 
805.2

 
704.2

 
0.25
%
^Wildflour Bakery & Cafe, LLC
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/17/2027

 
22.0

 
22.0

 
22.5

 
0.01
%
^Florida Home and Kitchen LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/14/2027

 
11.7

 
11.7

 
10.2

 
—
%
^Koep Companies dba Pipestone True value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
7/14/2042

 
324.9

 
324.9

 
320.7

 
0.12
%
^Rocks Auto Exchange LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
7/13/2027

 
14.6

 
14.6

 
12.7

 
—
%
^McCord Holdings, Inc. dba Fast Signs 176101
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
7/7/2027

 
18.3

 
18.3

 
16.3

 
0.01
%
^Thrifty Market Inc dba Thrifty Foods
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
7/6/2027

 
100.1

 
100.1

 
91.1

 
0.03
%
^New Chicago Wholesale Bakery Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
14.6

 
14.6

 
13.9

 
—
%
^Safeguard Construction Company, Inc.
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
74.0

 
74.0

 
63.5

 
0.02
%
^The Country House Restaurant, LLC and Pelton Real Estate, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2042

 
49.7

 
49.7

 
51.5

 
0.02
%

116
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(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%
 
6/30/2027

 
74.0

 
74.0

 
75.3

 
0.03
%
^J. T. O'Neill Company, L.L.C
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
14.6

 
14.6

 
12.5

 
—
%
^Hamilton & Associates Real Estate and Investments Firm LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
6/30/2042

 
53.7

 
53.7

 
54.5

 
0.02
%
^BQRS, Inc. DBA Gresham Meineke Car Care Center
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
60.7

 
60.7

 
53.2

 
0.02
%
^JWH Designs, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
103.1

 
103.1

 
88.5

 
0.03
%
^Veola's Day Spa and Wellness Center Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
8.9

 
8.9

 
8.0

 
—
%
^J&M Civil Construction Services LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/30/2027

 
97.2

 
97.2

 
83.4

 
0.03
%
^Best Bees Company
 
Animal Production and Aquaculture
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
21.8

 
21.8

 
18.7

 
0.01
%
^Greensboro Plastic Surgical Associates, PA
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2042

 
574.7

 
574.7

 
572.1

 
0.21
%
^Ocean Trans LLC and Dehal Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
584.7

 
584.7

 
502.0

 
0.18
%
^HG Ventures, Inc. dba Diamond Head Trucking
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/29/2030

 
988.2

 
988.2

 
857.9

 
0.31
%
^Malhame & Company Publishers & Importers Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
87.5

 
87.5

 
75.2

 
0.03
%
^Intellixion LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
3.6

 
3.6

 
3.1

 
—
%
^Steigelbauer Associates Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
299.9

 
299.9

 
305.3

 
0.11
%
^Miguel Fernando Borda PA dba BGR Dental
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
49.4

 
49.4

 
44.2

 
0.02
%
^Oakhill Farms, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/29/2030

 
98.0

 
98.0

 
100.2

 
0.04
%
^ElKareh Brothers Investment, LLC, Best Choice Meats Inc
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/29/2027

 
435.5

 
435.5

 
443.3

 
0.16
%
^Foxhop Fitness, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/28/2027

 
90.3

 
90.3

 
78.4

 
0.03
%
^Akal Express Inc. dba Truck Trailer Service Stop
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/28/2042

 
59.6

 
59.6

 
62.0

 
0.02
%

117
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(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

 
1,099.8

 
1,099.8

 
966.4

 
0.35
%
^Citibin, Inc.
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/27/2027

 
121.3

 
121.3

 
104.2

 
0.04
%
^Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/27/2030

 
240.3

 
240.3

 
239.6

 
0.09
%
^WB Cleaners Inc. DBA $2.75 Cleaners
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/27/2027

 
21.8

 
21.8

 
21.5

 
0.01
%
^Ains Holding Company, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/26/2027

 
1,141.1

 
1,141.1

 
1,003.3

 
0.36
%
^Four Seasons Laser Center Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/26/2042

 
216.3

 
216.3

 
216.7

 
0.08
%
^Rustic LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/23/2042

 
18.6

 
18.6

 
16.8

 
0.01
%
^Vella Construction Enterprises, Inc. dba Vella Construction
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
6/23/2027

 
21.8

 
21.8

 
18.7

 
0.01
%
^Northern Industries, LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/23/2042

 
57.4

 
57.4

 
60.8

 
0.02
%
^Birches Group, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/22/2027

 
48.5

 
48.5

 
41.7

 
0.01
%
^Tarver-Henley Inc. and Tar-Hen LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/21/2042

 
317.9

 
317.9

 
316.7

 
0.11
%
^704 Meat Center Inc. dba El Mercado and La Plaza Mercado
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/20/2042

 
173.9

 
173.9

 
180.6

 
0.06
%
^Sanabi Investment, LLC dba Oscar's Moving and Storage
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/20/2027

 
120.4

 
120.4

 
109.1

 
0.04
%
^Scarlet Spartan Inc.dba FastSigns of Brighton
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/19/2027

 
54.0

 
54.0

 
47.6

 
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

 
397.4

 
397.4

 
383.2

 
0.14
%
^JAM Media Solutions, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/15/2027

 
60.7

 
60.7

 
52.1

 
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

 
312.0

 
312.0

 
309.3

 
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

 
91.9

 
91.9

 
95.0

 
0.03
%
^Susan Hughes dba Aloha Junction B and B
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/14/2042

 
61.6

 
61.6

 
65.4

 
0.02
%

118
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^ESA 365 Corp and Lucathor Realty LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/14/2042

 
22.4

 
22.4

 
22.7

 
0.01
%
^Hull's Kitchen, LLC and HK Too, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/14/2042

 
95.8

 
95.8

 
101.0

 
0.04
%
^Yachting Solutions LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/12/2027

 
115.2

 
115.2

 
108.3

 
0.04
%
^Refoleen Inc dba Spice and Tea Exchange
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/8/2027

 
3.4

 
3.4

 
2.9

 
—
%
^Earth First Recycling, LLC and 191 Clark Road, LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/5/2027

 
344.7

 
344.7

 
345.5

 
0.12
%
^Skydive California, LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/2/2027

 
53.4

 
53.4

 
54.3

 
0.02
%
^SCW, LLC dba Arthur Murray Dance Studio
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/2/2042

 
145.0

 
145.0

 
145.7

 
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

 
45.4

 
45.4

 
46.4

 
0.02
%
^Impact Grounds Maintenance and Design, Inc. dba Impact Landscaping
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/31/2042

 
78.9

 
78.9

 
82.2

 
0.03
%
^Ricnet III, Inc. dba Edible Arrangements
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
5/31/2027

 
14.3

 
14.3

 
12.5

 
—
%
^Sage Oil LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
5/31/2027

 
21.7

 
21.7

 
18.9

 
0.01
%
^Funtime, LLC and Universal Entertainment Group LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
5/31/2027

 
63.9

 
63.9

 
55.8

 
0.02
%
^Haroon Baig,Inc.dba US1 Petrol
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
5/31/2042

 
261.9

 
261.9

 
277.8

 
0.10
%
^Chet Lemon Enterprises LLC dba All American Sports
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/26/2042

 
786.2

 
786.2

 
833.9

 
0.30
%
Swantown Inn & Spa LLC
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/26/2042

 
81.9

 
81.9

 
86.9

 
0.03
%
^Eagle Wood Works LLC
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/26/2027

 
11.6

 
11.6

 
10.6

 
—
%
^Hurricane Group, Inc.
 
Other Information Services
 
Term Loan
 
Prime plus 2.75%
 
5/26/2027

 
72.3

 
72.3

 
62.1

 
0.02
%
^Mitchell Auto Repair, LLC and and C&M Mitchell, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/26/2042

 
192.7

 
192.7

 
197.9

 
0.07
%
^Demand Printing Solutions Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/25/2027

 
205.7

 
205.7

 
193.9

 
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

 
14.5

 
14.5

 
12.6

 
—
%

119
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Jung Design Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/25/2027

 
8.7

 
8.7

 
7.5

 
—
%
^Abdul Naushad MD PC dba Advanced Pain Centers
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/25/2042

 
390.6

 
390.6

 
403.4

 
0.14
%
^Locavore LLC dba Paloma Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/25/2027

 
48.2

 
48.2

 
43.0

 
0.02
%
^Shaffer Automotive Repair, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/24/2030

 
133.5

 
133.5

 
125.0

 
0.04
%
^Juliador Resources LLC DBA Cue Hair Salon and Skin Care
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/24/2027

 
21.9

 
21.9

 
18.8

 
0.01
%
^Innovim, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/24/2027

 
325.4

 
325.4

 
279.4

 
0.10
%
^Southeast Recycling, LLC and Southeast Land Holdings LLC dba 67 Motor
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/23/2042

 
179.9

 
179.9

 
189.1

 
0.07
%
^Gill Express Inc. and Gill Express 2 LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/23/2042

 
336.1

 
336.1

 
333.7

 
0.12
%
^Prestige Construction of Florida, LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
5/23/2042

 
333.7

 
333.7

 
326.0

 
0.12
%
^Enfield Tractor & Equipment Co
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/19/2027

 
285.9

 
285.9

 
274.2

 
0.10
%
^PS Camping, Inc. dba Prospectors RV Resort
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/19/2042

 
255.7

 
255.7

 
269.8

 
0.10
%
^GEM2K, LLC dba Precision Precast Group
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/19/2027

 
156.7

 
156.7

 
140.4

 
0.05
%
^Hayden Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/19/2027

 
253.2

 
253.2

 
233.5

 
0.08
%
^Tres K Deli,Grocery,Fruit and Meat Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
5/19/2027

 
8.0

 
8.0

 
7.4

 
—
%
^ Iron Men Home Repair, Inc. and Ironmen House Lifting Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/19/2042

 
577.9

 
577.9

 
585.9

 
0.21
%
^J Harris Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/19/2027

 
18.8

 
18.8

 
17.9

 
0.01
%
^New Image Building Services, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/18/2027

 
145.4

 
145.4

 
129.7

 
0.05
%
^Bay Car Wash LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/18/2042

 
119.8

 
119.8

 
121.8

 
0.04
%
^Waterford Plumbing Co, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/18/2027

 
48.2

 
48.2

 
42.2

 
0.02
%

120
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Mr. B's Bicycles & Mopeds, Inc.
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
5/18/2042

 
145.6

 
145.6

 
146.8

 
0.05
%
^Computech Computers Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/17/2027

 
48.2

 
48.2

 
41.4

 
0.01
%
^Arco Electrical Contractors Inc. dba Arco Construction Group
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/16/2027

 
347.9

 
347.9

 
319.7

 
0.11
%
^Batter & Company,LLC dba Batter Co. Dessert Collection
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
5/16/2027

 
51.8

 
51.8

 
45.5

 
0.02
%
^5 Stars Learning Center Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/16/2042

 
61.3

 
61.3

 
61.9

 
0.02
%
^Band Sawn Lumber,LLC and Nathan Ryan Adams
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/15/2042

 
112.8

 
112.8

 
111.6

 
0.04
%
^Keys Armored Express, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/12/2027

 
38.6

 
38.6

 
34.6

 
0.01
%
^Sanderson Distribution Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/12/2027

 
10.1

 
10.1

 
8.7

 
—
%
^SG Linke LLC
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
5/12/2027

 
106.3

 
106.3

 
104.7

 
0.04
%
^B G F Bobby Q's Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/11/2027

 
7.2

 
7.2

 
7.1

 
—
%
^Estelle Finkel Educational Associates,LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/11/2027

 
115.1

 
115.1

 
98.8

 
0.04
%
^Labmates,LLC
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
5/10/2027

 
96.4

 
96.4

 
92.3

 
0.03
%
^NHS, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/9/2027

 
85.3

 
85.3

 
76.7

 
0.03
%
^NHS, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/9/2042

 
21.7

 
21.7

 
20.4

 
0.01
%
^Innovation Transport, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/9/2027

 
75.3

 
75.3

 
71.8

 
0.03
%
^1872 Rosecrans, LLC dba Goodbar
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/9/2027

 
61.5

 
61.5

 
53.2

 
0.02
%
^Arclay, LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/5/2030

 
142.6

 
142.6

 
131.4

 
0.05
%
^Benchmark Building, Inc.
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
5/5/2027

 
21.7

 
21.7

 
18.6

 
0.01
%
^Cable Management LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
5/3/2027

 
57.5

 
57.5

 
54.0

 
0.02
%

121
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^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

 
115.7

 
115.7

 
122.8

 
0.04
%
^Zahmel Restaurant Suppliers Corp dba Cash & Carry; Zahners Hardware
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/28/2027

 
85.0

 
85.0

 
74.0

 
0.03
%
^Love and Glory Learning Center, Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
4/28/2042

 
77.3

 
77.3

 
77.1

 
0.03
%
^Georgia Productions Services LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
4/28/2027

 
87.4

 
87.4

 
80.3

 
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

 
220.4

 
220.4

 
233.8

 
0.08
%
Sneads Ferry Foods, Inc. dba DQ Grill & Chill
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/27/2042

 
617.7

 
617.7

 
614.8

 
0.22
%
^Asheville's Fun Depot, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/26/2027

 
83.9

 
83.9

 
85.4

 
0.03
%
^Carl Joseph Johnston dba Viking Transport
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
4/26/2027

 
31.2

 
31.2

 
29.6

 
0.01
%
^Resident Research, LLC
 
Other Information Services
 
Term Loan
 
Prime plus 2.75%
 
4/24/2027

 
84.6

 
84.6

 
72.6

 
0.03
%
^Getting Even LLC dba The Zoo Health Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/21/2027

 
7.2

 
7.2

 
6.4

 
—
%
^Ralph's Hair Salon, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/21/2042

 
49.5

 
49.5

 
50.6

 
0.02
%
^M.E. Interiors LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/20/2027

 
133.3

 
133.3

 
114.5

 
0.04
%
^MJ and M Home Improvements LLC DBA House Doctors
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/20/2027

 
19.7

 
19.7

 
17.2

 
0.01
%
^Condron Brothers LLC DBA Luv 2 Play
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/19/2027

 
114.6

 
114.6

 
103.5

 
0.04
%
^Affordable Auto Transport LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
4/17/2027

 
12.2

 
12.2

 
11.3

 
—
%
^Carpeteria (Markarian) Co.
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
4/13/2027

 
127.3

 
127.3

 
126.6

 
0.05
%
^Bloomer Machine & Fab, Inc and Dale Stertz Properties
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/13/2042

 
203.6

 
203.6

 
210.9

 
0.08
%
^Butternuts Beer and Ale LLC
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/12/2027

 
70.7

 
70.7

 
71.9

 
0.03
%

122
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Citizens Lanes, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/31/2042

 
614.9

 
614.9

 
651.8

 
0.23
%
^The Altitude Group, LLC and Core Home Security, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/31/2027

 
47.7

 
47.7

 
40.9

 
0.01
%
^Golden Hen Inc. dba Cafe
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/31/2027

 
61.8

 
61.8

 
53.7

 
0.02
%
^Shelter Harbor Inn, Inc.
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/31/2042

 
205.8

 
205.8

 
218.2

 
0.08
%
^Landmark Ventures USA, Inc.
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
3/31/2027

 
178.8

 
178.8

 
153.4

 
0.06
%
^MIT LLC
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
3/31/2042

 
86.8

 
86.8

 
92.0

 
0.03
%
^Applied Integrated Technologies, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/31/2027

 
119.3

 
119.3

 
102.3

 
0.04
%
^Bear Trail Lodge LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/31/2042

 
548.0

 
548.0

 
574.2

 
0.21
%
^KWG Industries LLC dba Peterson & Marsh Metal Industries
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/30/2027

 
28.6

 
28.6

 
28.1

 
0.01
%
^Sea Smoke Barbeque, Corp and Danwen LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/30/2042

 
233.4

 
233.4

 
236.7

 
0.09
%
^Signature Rooms, Inc dba Gallery Furniture
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
3/30/2042

 
491.7

 
491.7

 
517.6

 
0.19
%
^Schafer Fisheries Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/30/2042

 
247.1

 
247.1

 
261.9

 
0.09
%
^Discount Price, LLC dba Robert's Market
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/29/2042

 
204.6

 
204.6

 
209.3

 
0.08
%
^Douglas K. Soderblom . dba Loma Linda Optometry
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2027

 
95.4

 
95.4

 
86.2

 
0.03
%
^First Sail Group Inc. and Omen Board Industires LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/29/2027

 
19.1

 
19.1

 
17.6

 
0.01
%
^Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/29/2042

 
1,047.6

 
1,047.6

 
1,102.0

 
0.40
%
^H and H Hotshot Services, Inc. dba AA Hotshot & Logistics
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
3/29/2030

 
94.5

 
94.5

 
82.0

 
0.03
%
^American Pharmaceutical Innovation Company, LLC
 
Chemical Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/28/2027

 
28.6

 
28.6

 
24.6

 
0.01
%

123
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Heil & Hornik LLC dba Elysium Tennis
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/27/2042

 
921.7

 
921.7

 
926.9

 
0.33
%
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

 
410.9

 
410.9

 
435.5

 
0.16
%
^Ericon Inc. dba Quik Pik
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/24/2027

 
59.6

 
59.6

 
57.6

 
0.02
%
^Robert Dixon PA dba Law Offices of Robert Dixon
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/24/2042

 
422.8

 
422.8

 
445.2

 
0.16
%
^Denton Bio Fuels LLC and American Bio Source LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/23/2027

 
56.5

 
56.5

 
51.6

 
0.02
%
^Color Graphic Press, Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/23/2027

 
114.4

 
114.4

 
116.4

 
0.04
%
JBK Truck Trailer and Bus Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/23/2042

 
85.3

 
85.3

 
86.0

 
0.03
%
^Executive Fitness & Nutrition Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/23/2027

 
19.3

 
19.3

 
19.0

 
0.01
%
^Baton Rouge Cargo Services Inc. and 6507 Westport, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/22/2042

 
637.8

 
637.8

 
659.9

 
0.24
%
^Vehicle Safety supply LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/21/2027

 
21.5

 
21.5

 
18.4

 
0.01
%
^J Sivilis LLC dba Pet Wants
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/17/2027

 
11.7

 
11.7

 
10.4

 
—
%
^The Purple Cow House of Pancake Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/16/2042

 
159.9

 
159.9

 
169.5

 
0.06
%
^Reservoir International LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
3/16/2027

 
95.4

 
95.4

 
88.7

 
0.03
%
^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

 
287.0

 
287.0

 
291.9

 
0.10
%
Alive Design, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/13/2027

 
22.0

 
22.0

 
18.8

 
0.01
%
^1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa M
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/13/2027

 
671.0

 
671.0

 
575.5

 
0.21
%
^Dwayne Bernard Tate
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/10/2027

 
10.0

 
10.0

 
9.2

 
—
%
^Elegant Occasions, LLC dba E Productions
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/10/2042

 
584.4

 
584.4

 
590.8

 
0.21
%
^Anthony LLC dba Star of Woodward Market
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/9/2042

 
114.2

 
114.2

 
121.1

 
0.04
%

124
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^E & P Holdings 1 LLC and Evans & Paul Unlimited Corp.
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/9/2027

 
119.2

 
119.2

 
104.7

 
0.04
%
^Allegro Assisted Living Of Texas
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
3/6/2027

 
91.6

 
91.6

 
93.1

 
0.03
%
^Robbie E. Bakery and Cafe LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/3/2027

 
59.6

 
59.6

 
51.1

 
0.02
%
^Podium Auto Sales Inc and RRS Property, LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/3/2042

 
90.0

 
90.0

 
90.3

 
0.03
%
^SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/28/2027

 
223.2

 
223.2

 
191.4

 
0.07
%
^Weeping Willow Kennels, Inc and Aileen N Black
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2042

 
138.7

 
138.7

 
142.2

 
0.05
%
^Getting Even LLC dba The Zoo Health Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2027

 
91.2

 
91.2

 
81.7

 
0.03
%
^Total Document Solutions Inc and,TDS Services, LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
2/27/2030

 
301.5

 
301.5

 
278.2

 
0.10
%
^Teracore Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/27/2027

 
155.1

 
155.1

 
133.0

 
0.05
%
^John Finn Associates LLC, Greenslate LLC, Finn Technology, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/27/2027

 
639.5

 
639.5

 
616.1

 
0.22
%
^McNally Enterprises Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
2/27/2027

 
61.6

 
61.6

 
55.1

 
0.02
%
^B & J Bicycle Shop Inc.
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
2/24/2027

 
14.2

 
14.2

 
14.5

 
0.01
%
^TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/24/2027

 
101.8

 
101.8

 
95.2

 
0.03
%
^3W Enterprises LLC
 
Textile Product Mills
 
Term Loan
 
Prime plus 2.75%
 
2/24/2042

 
80.9

 
80.9

 
81.9

 
0.03
%
^Victorian Restaurant and Tavern, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/22/2042

 
106.4

 
106.4

 
105.3

 
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

 
39.7

 
39.7

 
42.0

 
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

 
18.5

 
18.5

 
15.8

 
0.01
%
^Ameritube, LLC and Ravone Properties, LLC
 
Primary Metal Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/14/2042

 
183.3

 
183.3

 
194.3

 
0.07
%
^R&S Barnes Enterprises, Inc. dba Massage Envy Spa
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/10/2027

 
88.8

 
88.8

 
77.2

 
0.03
%

125
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(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

 
245.1

 
245.1

 
253.7

 
0.09
%
^Sushiya Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/10/2027

 
17.8

 
17.8

 
15.8

 
0.01
%
^Select Propane & Fuel Inc. and Select Fuel & Convenience LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
2/10/2030

 
1,208.1

 
1,208.1

 
1,114.5

 
0.40
%
^Maximo Canot dba Wash and Dry Laundrymat
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/10/2042

 
136.3

 
136.3

 
141.5

 
0.05
%
^Marvic Enterprises Inc dba Jordan's Liquor
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/10/2042

 
216.9

 
216.9

 
223.0

 
0.08
%
^Harrison Logging Company LLC
 
Forestry and Logging
 
Term Loan
 
Prime plus 2.75%
 
2/9/2027

 
100.7

 
100.7

 
91.5

 
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

 
324.7

 
324.7

 
321.8

 
0.12
%
^Christopher Borgia
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/6/2027

 
12.2

 
12.2

 
10.7

 
—
%
^Splashlight LLC, Splashlight Photographic & Digital Studios LLC
 
Management of Companies and Enterprises
 
Term Loan
 
Prime plus 2.75%
 
2/2/2027

 
710.7

 
710.7

 
633.5

 
0.23
%
^DBMS Consulting, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/1/2042

 
183.2

 
183.2

 
181.7

 
0.07
%
^Brandco, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/31/2027

 
41.2

 
41.2

 
35.3

 
0.01
%
^Chidlren's House Learning, Inc and Tarps Investment Group
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/31/2042

 
318.3

 
318.3

 
321.5

 
0.12
%
AP6 LLC and Amishp LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/30/2042

 
107.1

 
107.1

 
113.5

 
0.04
%
^Fave Realty, Inc.
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
1/30/2042

 
53.9

 
53.9

 
55.1

 
0.02
%
^ZMKNY Tires Inc dba Houston International Tires
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
1/27/2042

 
106.4

 
106.4

 
112.8

 
0.04
%
House of Bread & Coffee Corp dba Casa Do Pao
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/27/2042

 
134.6

 
134.6

 
132.0

 
0.05
%
^SRC Publishing LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
1/27/2027

 
21.2

 
21.2

 
18.2

 
0.01
%
^Return to Excellence Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
1/27/2027

 
16.7

 
16.7

 
17.0

 
0.01
%

126
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Sideways Sports Lounge and Jonathan E. McGrew and Patricia C. McGrew
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/23/2027

 
17.0

 
17.0

 
14.5

 
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

 
42.0

 
42.0

 
42.2

 
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

 
240.5

 
240.5

 
223.1

 
0.08
%
^Jolibe LLC and Jolibe Atelier LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/18/2027

 
9.9

 
9.9

 
8.8

 
—
%
^Eickmann Management Group LLC dba Jimmy Johns of Dundee
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/17/2027

 
93.0

 
93.0

 
91.7

 
0.03
%
^Ramjay Inc.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
1/13/2027

 
412.2

 
412.2

 
375.7

 
0.13
%
^Fullbro Trust dba Menemsha Blues
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
1/13/2027

 
21.2

 
21.2

 
21.6

 
0.01
%
^Echelon Enterprises, Inc
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
1/10/2027

 
47.1

 
47.1

 
47.9

 
0.02
%
^Fort Smith Wings Inc. dba Wing Stop
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/28/2026

 
18.2

 
18.2

 
16.4

 
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

 
417.1

 
417.1

 
415.6

 
0.15
%
^Joshua L. Baker
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
12/23/2026

 
14.7

 
14.7

 
12.6

 
—
%
^Jacliff Investments Inc. dba International health Technologies
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
12/23/2026

 
116.9

 
116.9

 
100.1

 
0.04
%
^New Image Building Services, Inc.dba The Maids Servicing Oakland
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2026

 
40.9

 
40.9

 
36.5

 
0.01
%
^Chestnut Street Associates, LLC and Metropolitan Solutions, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/19/2041

 
271.4

 
271.4

 
263.1

 
0.09
%
^Means Enterprises LLC dba FastFrame Frisco
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
12/16/2026

 
21.0

 
21.0

 
18.3

 
0.01
%
^Soon Im. Chin dba Stan C-Store
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
209.7

 
209.7

 
218.7

 
0.08
%
^Sempco, Inc.
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
41.5

 
41.5

 
43.9

 
0.02
%
^Allied Welding Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
741.6

 
741.6

 
735.2

 
0.26
%
^Ericon, Inc. dba Quik Pik
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
328.5

 
328.5

 
330.1

 
0.12
%

127
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^White Hawk Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/15/2026

 
1,028.4

 
1,028.4

 
881.1

 
0.32
%
^Elita 7, LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
703.2

 
703.2

 
722.6

 
0.26
%
^New Chicago Wholesale Bakery, Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2041

 
446.9

 
446.9

 
445.0

 
0.16
%
^Techni-Pro Institute LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
12/15/2026

 
177.6

 
177.6

 
157.1

 
0.06
%
^Trison Enterprises Inc.dba Lee's Automotive
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/14/2041

 
402.2

 
402.2

 
409.8

 
0.15
%
^Cardinal Homes Inc. and Bret A Berneche
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2041

 
119.7

 
119.7

 
126.2

 
0.05
%
^HMG Strategy, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/14/2026

 
46.7

 
46.7

 
40.1

 
0.01
%
^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

 
521.7

 
521.7

 
523.0

 
0.19
%
^Cardinal Homes Inc,.Alouette Holdings Inc.
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/14/2026

 
996.8

 
996.8

 
1,010.8

 
0.36
%
^AGG Management Team LLC dba Chevron
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/14/2041

 
283.8

 
283.8

 
300.6

 
0.11
%
^Wayfarer Bicycle LLC
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
12/13/2041

 
91.3

 
91.3

 
89.6

 
0.03
%
^Success Advertising Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/13/2041

 
460.4

 
460.4

 
480.9

 
0.17
%
^Roast Beef Levittown LLC dba Arby's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/13/2026

 
439.4

 
439.4

 
446.5

 
0.16
%
^Queen Express LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/13/2041

 
185.1

 
185.1

 
193.5

 
0.07
%
^Mack Team Enterprises Inc.dba The UPS Store #6815
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
12/9/2026

 
19.1

 
19.1

 
17.2

 
0.01
%
^Recycling Revolution,LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/9/2041

 
91.0

 
91.0

 
91.2

 
0.03
%
^Myndshft Technologies LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/9/2026

 
724.6

 
724.6

 
648.9

 
0.23
%
^New Life Hospital LLC
 
Hospitals
 
Term Loan
 
Prime plus 2.75%
 
12/8/2041

 
1,184.9

 
1,184.9

 
1,255.4

 
0.45
%
^Imagine By Carleen Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/8/2041

 
51.8

 
51.8

 
52.4

 
0.02
%

128
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Hanson's Greeks LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/8/2026

 
10.5

 
10.5

 
10.7

 
—
%
^Yachting Solutions LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/7/2029

 
68.1

 
68.1

 
64.7

 
0.02
%
^T and B Boots Inc dba Takken's Shoes
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
12/7/2026

 
95.2

 
95.2

 
89.5

 
0.03
%
^Lan Doctors, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/7/2026

 
222.5

 
222.5

 
219.7

 
0.08
%
^Lilo Holdings LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/5/2026

 
14.9

 
14.9

 
13.5

 
—
%
^The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/5/2041

 
348.5

 
348.5

 
362.4

 
0.13
%
^Ericon, Inc.
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/1/2041

 
717.9

 
717.9

 
725.3

 
0.26
%
^Noso Development LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/1/2026

 
70.1

 
70.1

 
60.1

 
0.02
%
^Quick Ship, LLC
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
9.7

 
9.7

 
8.4

 
—
%
^Pebble Wood Lane, LLC and Good Sam's Assisted Living Residence, LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
11/30/2041

 
66.6

 
66.6

 
70.5

 
0.03
%
^Sharaz Shah DBA Thomas Jewelers
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
7.5

 
7.5

 
6.4

 
—
%
^Choe Trading Group, Inc.dba Rapid Printers of Monterey
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
20.9

 
20.9

 
20.7

 
0.01
%
^Studio Find It Georgia, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
7.0

 
7.0

 
6.1

 
—
%
^Imaginarium Foods LLC,
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2042

 
369.8

 
369.8

 
378.7

 
0.14
%
^RD Management, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
198.5

 
198.5

 
172.3

 
0.06
%
^B4 Fitness LLC dba The Zoo Health Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/30/2026

 
20.9

 
20.9

 
18.7

 
0.01
%
^Usman Jalil, LLC dba Food Mart
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/29/2041

 
229.9

 
229.9

 
224.9

 
0.08
%
^Honor Mansion, Inc.
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
11/29/2026

 
81.2

 
81.2

 
82.6

 
0.03
%
^Access Staffing, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
11/29/2026

 
1,044.6

 
1,044.6

 
895.0

 
0.32
%

129
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^CRK Mens, LLC dba Spiff for Men
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/23/2026

 
99.2

 
99.2

 
86.8

 
0.03
%
^WPN Recycling Company LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
11/23/2026

 
20.9

 
20.9

 
21.2

 
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

 
55.7

 
55.7

 
48.4

 
0.02
%
^Merchant Coterie, Inc.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
11/23/2026

 
116.1

 
116.1

 
99.4

 
0.04
%
^6E Technologies LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/22/2026

 
159.9

 
159.9

 
148.2

 
0.05
%
^Rognes Corp dba RTS
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
11/22/2026

 
360.0

 
360.0

 
331.0

 
0.12
%
^Bouquet Restaurant LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/22/2041

 
123.2

 
123.2

 
125.2

 
0.04
%
^J.B.K Truck Trailer and Bus Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/22/2041

 
428.7

 
428.7

 
430.9

 
0.15
%
^Broms Asset Management LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
11/22/2026

 
116.1

 
116.1

 
99.4

 
0.04
%
^Skaggs RV Outlet LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/21/2026

 
92.9

 
92.9

 
94.4

 
0.03
%
^Catherine Christine Morin dba Purr-Fect Pets
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/17/2026

 
17.4

 
17.4

 
14.9

 
0.01
%
^Stratmar Systems Inc dba Stratmar Retail Services
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/16/2026

 
63.6

 
63.6

 
64.6

 
0.02
%
^Hoosier Health Plus, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/15/2026

 
116.1

 
116.1

 
109.9

 
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%
 
11/10/2041

 
439.5

 
439.5

 
453.7

 
0.16
%
^Hackensack Steel Corporation and Luzerne Ironworks Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/10/2026

 
224.7

 
224.7

 
228.4

 
0.08
%
^Panther Ironworks and Rigging Solutions LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/10/2026

 
140.4

 
140.4

 
129.5

 
0.05
%
^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

 
175.3

 
175.3

 
174.7

 
0.06
%
^MIK LLC dba Firehouse Subs
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/9/2026

 
189.3

 
189.3

 
164.5

 
0.06
%

130
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Rich's Food Stores LLC dba Hwy 55 of Wallace
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/9/2026

 
40.6

 
40.6

 
38.1

 
0.01
%
^Bovill Creative,LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
11/9/2041

 
277.0

 
277.0

 
293.5

 
0.11
%
^Dyer Properties, LLC and Bayview Pharmacy, Inc.
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
11/9/2041

 
237.0

 
237.0

 
236.0

 
0.08
%
^Big Apple Entertainment Partners LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/9/2026

 
162.5

 
162.5

 
139.2

 
0.05
%
^Surgarloaf Concepts LLC dba Fat Biscuit
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/8/2026

 
162.1

 
162.1

 
164.7

 
0.06
%
^Fine Line Interiors, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/4/2041

 
80.6

 
80.6

 
85.4

 
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

 
124.6

 
124.6

 
128.4

 
0.05
%
^Veracruz Shabo, LLC, Waterfalls Quick Lube LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/1/2041

 
117.9

 
117.9

 
121.3

 
0.04
%
^Glocecol LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
11/1/2026

 
69.6

 
69.6

 
70.7

 
0.03
%
^Moolchan Enterprises LLC dba Staying Green
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/31/2026

 
16.7

 
16.7

 
15.9

 
0.01
%
^Bloomquist Communications Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/31/2026

 
55.3

 
55.3

 
47.4

 
0.02
%
^Middlesex Auto Sales Corp
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/31/2041

 
123.1

 
123.1

 
127.0

 
0.05
%
^Woodstock Enterprises Corp dba True Scent Candle Co
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/31/2041

 
87.5

 
87.5

 
85.9

 
0.03
%
^FibAire Communications, LLC
 
Telecommunications
 
Term Loan
 
Prime plus 2.75%
 
10/27/2026

 
99.7

 
99.7

 
92.1

 
0.03
%
^Elite Structures Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/27/2029

 
215.7

 
215.7

 
211.5

 
0.08
%
^Bonita Stone LLC and Castone Creations Inc
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/25/2041

 
260.2

 
260.2

 
261.2

 
0.09
%
^Empire Processor Services Inc. and Verrazano Wholesale Dist., Inc.
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
10/25/2026

 
121.0

 
121.0

 
123.0

 
0.04
%
^Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
10/24/2026

 
391.9

 
391.9

 
393.8

 
0.14
%
^Eco Vehicle Systems LLC
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/21/2026

 
881.5

 
881.5

 
889.6

 
0.32
%
^Worldwide Estate, Inc. dba Washington Heights Manor
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
10/21/2041

 
221.1

 
221.1

 
234.3

 
0.08
%

131
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Gold Wind Logistics LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
10/20/2041

 
173.3

 
173.3

 
183.6

 
0.07
%
^Speaker City, Inc. dba Rollin Thunder
 
Electronics and Appliance Stores
 
Term Loan
 
Prime plus 2.75%
 
10/14/2041

 
123.1

 
123.1

 
126.4

 
0.05
%
^Maine Service Corp
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
10/13/2026

 
190.4

 
190.4

 
179.6

 
0.06
%
^Justin Partlow
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
10/13/2026

 
18.0

 
18.0

 
15.4

 
0.01
%
^Reliable Recovery Services LLC
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
10/7/2026

 
103.7

 
103.7

 
95.0

 
0.03
%
^Ailky Corporation
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/3/2026

 
230.5

 
230.5

 
203.1

 
0.07
%
^Wyspen Corporation dba Charlestown Ace
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/3/2026

 
33.2

 
33.2

 
28.4

 
0.01
%
^MegaPhase, LLC
 
Computer and Electronic Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2026

 
137.1

 
137.1

 
133.3

 
0.05
%
^Seaway LLC and Reklaw LLC dba Allure Lounge
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/30/2041

 
134.8

 
134.8

 
142.8

 
0.05
%
^JJA Transportation Management Inc.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2026

 
48.0

 
48.0

 
41.1

 
0.01
%
^Adelwerth Bus Corp.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2041

 
238.3

 
238.3

 
238.1

 
0.09
%
^Adelwerth Bus Corporation, Transportation Leasing Corp.
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2029

 
615.8

 
615.8

 
597.2

 
0.21
%
^Vision Automotive LLC dba Vision Chrysler Jeep Dodge Ram of Defiance
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/29/2029

 
631.7

 
631.7

 
595.7

 
0.21
%
^Thunderdome Racing Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/29/2026

 
17.4

 
17.4

 
17.4

 
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

 
833.4

 
833.4

 
882.5

 
0.32
%
^Beadon Inc
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/28/2026

 
20.6

 
20.6

 
20.7

 
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

 
1,246.2

 
0.45
%
^CD Game Exchange Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/28/2026

 
20.6

 
20.6

 
17.6

 
0.01
%

132
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Kyle M Walker DDS, PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2026

 
204.7

 
204.7

 
180.9

 
0.06
%
^Reynolds Fence & Guardrail Inc.
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
9/27/2026

 
575.4

 
575.4

 
552.7

 
0.20
%
^Luv 2 Play Nor Cal, LLC dba Luv 2 Play
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/27/2026

 
48.0

 
48.0

 
43.1

 
0.02
%
^Luna Nueva LLC dba Bio Builders
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/27/2026

 
13.7

 
13.7

 
12.1

 
—
%
^Sarah S Olelewe MD Inc
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2041

 
287.3

 
287.3

 
290.7

 
0.10
%
^TPFC,LLC dbaThe Picture Frame Company
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/26/2041

 
57.6

 
57.6

 
58.4

 
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

 
8.2

 
8.2

 
8.2

 
—
%
^PeopleBest Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2026

 
13.7

 
13.7

 
11.7

 
—
%
^Mr. Mulch, Inc
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/23/2041

 
397.8

 
397.8

 
377.1

 
0.14
%
^B4 Fitness LLC dba The Zoo Health Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/23/2026

 
80.0

 
80.0

 
71.6

 
0.03
%
^InformationTelevision Network Inc
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
9/22/2041

 
823.0

 
823.0

 
862.9

 
0.31
%
^GRA Financial Services Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/22/2026

 
11.0

 
11.0

 
9.4

 
—
%
^Cuppiecakes LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/21/2041

 
22.1

 
22.1

 
22.3

 
0.01
%
^Wrecking Crew Media LLC
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
9/21/2026

 
45.7

 
45.7

 
39.1

 
0.01
%
^Benoit's Towing and Recovery LLC
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/20/2026

 
11.0

 
11.0

 
9.5

 
—
%
^Consulting Solutions Inc. and Mark Luciani
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2026

 
20.6

 
20.6

 
19.5

 
0.01
%
^Brittany Burns LLC dba Dreams Come True
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/19/2026

 
12.0

 
12.0

 
12.2

 
—
%
^Eyncon LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/16/2041

 
49.0

 
49.0

 
50.1

 
0.02
%

133
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^The Merrin Group LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/15/2026

 
159.9

 
159.9

 
154.8

 
0.06
%
^Rich's Food Stores LLC dba Hwy 55 of Wallace
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/14/2026

 
133.1

 
133.1

 
124.9

 
0.04
%
^Atlantic Alarm Systems and Services LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/14/2026

 
14.1

 
14.1

 
12.5

 
—
%
^Metropet Dog Center, Inc
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2041

 
107.1

 
107.1

 
109.8

 
0.04
%
^Marquis Cattle Company
 
Animal Production and Aquaculture
 
Term Loan
 
Prime plus 2.75%
 
9/13/2026

 
46.1

 
46.1

 
46.9

 
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

 
80.9

 
80.9

 
79.9

 
0.03
%
^Artisan Infrastructure Holdings, LLC
 
Data Processing, Hosting, and Related Services
 
Term Loan
 
Prime plus 2.75%
 
9/7/2026

 
114.2

 
114.2

 
97.8

 
0.04
%
^SRA Mechanicial Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/6/2041

 
42.9

 
42.9

 
45.3

 
0.02
%
^Sandia Enterprises Inc dba Massage Envy Spa
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/6/2026

 
57.1

 
57.1

 
48.9

 
0.02
%
^Animal Intrusion Prevention Systems Holding Company, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
8/30/2026

 
113.8

 
113.8

 
100.1

 
0.04
%
^Suncrest Stone Products LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/29/2026

 
543.4

 
543.4

 
489.2

 
0.18
%
^Suncrest Stone Products LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/29/2041

 
638.7

 
638.7

 
601.1

 
0.22
%
^Clark Realty LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
8/29/2041

 
232.5

 
232.5

 
225.9

 
0.08
%
^Raem Corporation dba Dryclean Express
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
8/29/2041

 
71.0

 
71.0

 
74.3

 
0.03
%
^Warren Dale Warrington dba Custom Paint and Body
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/26/2041

 
99.1

 
99.1

 
102.2

 
0.04
%
^TAGR Inc dba Miami Grill 137and John Nakis
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/26/2026

 
96.9

 
96.9

 
85.3

 
0.03
%
^Albert Basse Associates Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
56.7

 
56.7

 
57.6

 
0.02
%
^Avery Management Inc. dba Whetstone Upholstery
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
9.7

 
9.7

 
8.3

 
—
%
^Dean Technology Inc
 
Electrical Equipment, Appliance, and Component Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/25/2041

 
379.0

 
379.0

 
398.7

 
0.14
%
^Rosmel Pools Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
20.4

 
20.4

 
17.9

 
0.01
%

134
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Tabadesa Associates Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
20.4

 
20.4

 
17.5

 
0.01
%
^TR Companies LLC dba True Value Rental and Liberty Rental 4 U
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
8/25/2026

 
81.7

 
81.7

 
69.9

 
0.03
%
^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

 
517.3

 
0.19
%
^Luv 2 Play Temecula, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/15/2026

 
54.4

 
54.4

 
46.6

 
0.02
%
^Bear Creek Entertainment LLC dba The Woods at Bear Creek
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
8/12/2041

 
402.0

 
402.0

 
400.8

 
0.14
%
^2 Cool Beans LLC dba Menchies's Frozen Yogurt
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/11/2026

 
74.9

 
74.9

 
64.1

 
0.02
%
^Grayson O Company
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/10/2041

 
611.9

 
611.9

 
643.6

 
0.23
%
^Charal Investments LLC dba Orange Theory Fitness
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
8/10/2026

 
79.4

 
79.4

 
68.0

 
0.02
%
^Paul Belanger dba Paul Belanger Landscaping
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
8/9/2026

 
13.6

 
13.6

 
11.6

 
—
%
^Nicolette Reiser dba Comfort & Balance
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
7/29/2041

 
73.3

 
73.3

 
75.5

 
0.03
%
^The Hungry Rhino LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
7/29/2041

 
74.5

 
74.5

 
75.3

 
0.03
%
^USA General Investment LLC dba Braniff Paint and Body Shop
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
7/29/2026

 
20.3

 
20.3

 
18.0

 
0.01
%
^303 Tower Drive LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
7/29/2041

 
391.2

 
391.2

 
405.7

 
0.15
%
^Little Tree Huggers Child Care LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
7/29/2041

 
136.8

 
136.8

 
144.8

 
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

 
270.3

 
270.3

 
231.3

 
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

 
654.9

 
654.9

 
685.0

 
0.25
%
^KJCKD Inc dba Camelot Print & Copy Centers/Copy A Second
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
7/28/2041

 
573.8

 
573.8

 
581.8

 
0.21
%
^MacIver Corporation dba Division Camera
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
7/28/2026

 
1,133.9

 
1,133.9

 
1,077.0

 
0.39
%
^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

 
329.4

 
329.4

 
329.3

 
0.12
%

135
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Intrepid Trinity LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
7/28/2041

 
61.1

 
61.1

 
62.7

 
0.02
%
^Kidtastic LLC dba The Little Gym of Audubon
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
7/27/2026

 
51.1

 
51.1

 
43.7

 
0.02
%
^GF Libations Inc dba Minuteman Press
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
7/27/2041

 
38.6

 
38.6

 
34.8

 
0.01
%
^EPEC Juice LLC dba Jamba Juice
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/27/2026

 
75.2

 
75.2

 
64.4

 
0.02
%
^Pinco Pizza LLC dba Jet's Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/27/2026

 
66.6

 
66.6

 
66.3

 
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

 
112.6

 
112.6

 
96.4

 
0.03
%
^Peckett's Inc
 
Crop Production
 
Term Loan
 
Prime plus 2.75%
 
7/27/2041

 
219.6

 
219.6

 
232.5

 
0.08
%
^The Grasso Companies, LLC and Grasso Pavement Maintenance, LLC
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
7/26/2026

 
81.9

 
81.9

 
75.3

 
0.03
%
^My Sainath Inc dba Motel 6
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
7/22/2041

 
298.5

 
298.5

 
310.3

 
0.11
%
^Robert G Larson State Farm Insurance
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
7/22/2026

 
20.3

 
20.3

 
17.3

 
0.01
%
^J and D Resources LLC dba Aqua Science
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/19/2026

 
117.6

 
117.6

 
101.8

 
0.04
%
^Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Shop
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
7/18/2026

 
14.2

 
14.2

 
12.1

 
—
%
^Franklin Firm LLC dba Luv 2 Play
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
7/15/2041

 
169.9

 
169.9

 
172.5

 
0.06
%
^Billingsworks LLC dba Spoon Shine Cafe
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/15/2026

 
8.7

 
8.7

 
8.8

 
—
%
^Takeuchi Commercial Cleaning Services, LLC dba We Clean San Diego
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
7/13/2026

 
41.7

 
41.7

 
35.7

 
0.01
%
^Jacob Rugs LLC dba Rugs Outlet
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
7/13/2026

 
59.1

 
59.1

 
60.0

 
0.02
%
^RM Hawkins LLC dba Pure Water Tech West
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
7/7/2026

 
45.1

 
45.1

 
43.5

 
0.02
%
^Dino Smiles Children's Cosmetic Dentistry
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
7/7/2026

 
12.8

 
12.8

 
11.3

 
—
%
^Nevey's LLC dba Stark Food III
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/30/2041

 
287.9

 
287.9

 
304.5

 
0.11
%
^Soregard Inc
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/30/2041

 
272.0

 
272.0

 
272.3

 
0.10
%

136
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Martin Inventory Management LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/30/2026

 
94.6

 
94.6

 
96.6

 
0.03
%
^P L H Pharmaco Inc dba Farmacia San Jose
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
6/30/2026

 
155.7

 
155.7

 
157.2

 
0.06
%
^Hartford Cardiology Group LLC and Ideal Nutrition of Connecticut LLC
 
Ambulatory Health Care Services
 
Term Loan
 
6.25%
 
6/30/2026

 
474.6

 
474.6

 
432.7

 
0.16
%
^Desert Tacos LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2026

 
90.7

 
90.7

 
88.1

 
0.03
%
^VMA Technologies LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2026

 
20.2

 
20.2

 
18.2

 
0.01
%
^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

 
181.2

 
181.2

 
187.1

 
0.07
%
^Castone Creations Inc
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/29/2026

 
78.2

 
78.2

 
72.9

 
0.03
%
^WGI, LLC dba Williams Grant Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/29/2041

 
128.1

 
128.1

 
132.8

 
0.05
%
^Ninsa LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/29/2041

 
109.8

 
109.8

 
117.4

 
0.04
%
^KWG Industries, LLC dba Peterson & Marsh Metal Industries
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/29/2041

 
297.7

 
297.7

 
312.2

 
0.11
%
^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

 
125.2

 
125.2

 
115.2

 
0.04
%
^E & P Holdings 1 LLC and Evans & Paul LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/28/2026

 
111.9

 
111.9

 
103.5

 
0.04
%
^MaidPro Marin dba MaidPro
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2026

 
15.7

 
15.7

 
14.1

 
0.01
%
^Edge Pest Control LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/27/2026

 
670.7

 
670.7

 
604.2

 
0.22
%
^All Printing Solutions, Inc. dba Pryntcomm
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
6/27/2041

 
533.1

 
533.1

 
536.5

 
0.19
%
^Jumbomarkets Inc dba Rines Jumbomarkets
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/24/2026

 
44.7

 
44.7

 
40.3

 
0.01
%
^El Basha Inc dba RPM West San Fernando Valley
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
6/24/2026

 
16.7

 
16.7

 
15.1

 
0.01
%
^Island Time Investments, LLC dba Swantown Inn Bed & Breakfast
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/24/2041

 
98.8

 
98.8

 
105.7

 
0.04
%
^Yellow Cab Company of Kissimmee Inc
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/24/2041

 
55.5

 
55.5

 
55.6

 
0.02
%

137
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^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

 
486.3

 
486.3

 
494.3

 
0.18
%
^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

 
183.0

 
183.0

 
190.1

 
0.07
%
^Visual Advantage LLC dba Signs Now Perryberg
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/23/2041

 
89.1

 
89.1

 
91.7

 
0.03
%
^SNS of Central Alabama, LLC dba Steak N Shake
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/21/2026

 
51.4

 
51.4

 
48.7

 
0.02
%
^Evergreen Investment & Property Management LLC ,Universal Kidney Center
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/20/2041

 
1,223.2

 
1,223.2

 
1,292.8

 
0.46
%
^Italian Heritage Tile and Stone Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/20/2026

 
55.9

 
55.9

 
50.3

 
0.02
%
^Bagelicious, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/17/2026

 
48.8

 
48.8

 
44.2

 
0.02
%
^T and B Boots Inc dba Takken's Shoes
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
6/17/2026

 
204.5

 
204.5

 
208.9

 
0.08
%
^NKJ Lusby Donuts LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/16/2026

 
20.1

 
20.1

 
18.1

 
0.01
%
^Winegirl Wines LLC
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/16/2026

 
10.1

 
10.1

 
10.3

 
—
%
^Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Transport
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
6/16/2026

 
506.1

 
506.1

 
455.9

 
0.16
%
^Jai-Alexia Consulting, Inc.
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
6/15/2026

 
10.6

 
10.6

 
9.5

 
—
%
^Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares
 
Social Assistance
 
Term Loan
 
Prime plus 2%
 
6/15/2041

 
501.5

 
501.5

 
497.8

 
0.18
%
^Strag Industries LLC dba Meineke Car Care Center 841
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/15/2026

 
13.4

 
13.4

 
12.9

 
—
%
^Luv 2 Play AZ LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/10/2026

 
55.9

 
55.9

 
55.9

 
0.02
%
^Refoleen Inc dba Spice and Tea Exchange
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/10/2026

 
77.4

 
77.4

 
69.8

 
0.03
%
^VBGB Uptown, LLC dba VBGB Beer Hall & Garden
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/8/2026

 
75.1

 
75.1

 
67.7

 
0.02
%
^ScimTech Industries Inc dba Archer Aerospace
 
Computer and Electronic Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/6/2026

 
10.7

 
10.7

 
9.7

 
—
%
^Larry H. Patterson and Rainbow Movers, Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/6/2026

 
20.1

 
20.1

 
18.2

 
0.01
%

138
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Solvit Inc and Solvit North Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/3/2026

 
226.2

 
226.2

 
211.8

 
0.08
%
^AP5 LLC dba Krauser's Food Store
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/2/2041

 
236.8

 
236.8

 
246.4

 
0.09
%
^ATI Jet Inc
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/31/2026

 
460.4

 
460.4

 
430.3

 
0.15
%
^Farmer Boy Diner Inc dba Farmer Boy Diner & Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/31/2026

 
44.4

 
44.4

 
45.3

 
0.02
%
^Angelo Faia dba AVF Construction
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
5/27/2041

 
97.1

 
97.1

 
100.5

 
0.04
%
^Premier Athletic Center of Ohio, Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/27/2026

 
77.7

 
77.7

 
79.3

 
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

 
201.0

 
201.0

 
207.0

 
0.07
%
^Mersada Holdings LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
5/26/2026

 
299.6

 
299.6

 
305.9

 
0.11
%
^Southwest Division Inc
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
5/26/2026

 
7.3

 
7.3

 
6.9

 
—
%
^PennyLion LLC dba Creamistry
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/25/2026

 
72.8

 
72.8

 
67.1

 
0.02
%
^International Kitchen Supply LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
5/25/2026

 
165.8

 
165.8

 
155.9

 
0.06
%
^Groth Lumber Co. Inc. dba True Value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/25/2026

 
20.0

 
20.0

 
20.4

 
0.01
%
^Powerspec Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/24/2026

 
77.7

 
77.7

 
70.0

 
0.03
%
^Island Life Graphics Inc dba FASTSIGNS #576
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/24/2026

 
20.0

 
20.0

 
18.2

 
0.01
%
^Horseshoe Barbecue, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/23/2029

 
12.4

 
12.4

 
12.8

 
—
%
^Elderfriend Inc dba Granny Nannies dba GN Live Scan
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/20/2026

 
11.3

 
11.3

 
10.2

 
—
%
^National Air Cargo Holdings Inc
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/20/2026

 
1,109.5

 
1,109.5

 
1,118.9

 
0.40
%
^Pro Auto Repair LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/20/2026

 
6.6

 
6.6

 
6.6

 
—
%
^HBA LLC dba Palmetto Twist-Vista
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/18/2026

 
17.2

 
17.2

 
15.9

 
0.01
%

139
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^J&A Laundromat Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/18/2026

 
59.9

 
59.9

 
55.1

 
0.02
%
^Dedicated Incorporated
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/18/2041

 
45.3

 
45.3

 
47.3

 
0.02
%
^J Harris Trucking, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/13/2026

 
38.3

 
38.3

 
36.3

 
0.01
%
^FJN Catering Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/13/2041

 
256.2

 
256.2

 
272.6

 
0.10
%
^LED Lighting Enterprises LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
5/13/2026

 
20.0

 
20.0

 
18.4

 
0.01
%
^Studio Find It Georgia Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/13/2026

 
20.0

 
20.0

 
18.5

 
0.01
%
^Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/12/2041

 
129.1

 
129.1

 
133.4

 
0.05
%
^The Delon Group LLC dba I Love Juice Bar
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/12/2026

 
19.3

 
19.3

 
17.4

 
0.01
%
^Sabir Inc. dba Bear Diner
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/11/2041

 
120.8

 
120.8

 
127.3

 
0.05
%
^Gator D'Lites LLC dba D'Lites Emporium
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
5/5/2026

 
20.0

 
20.0

 
18.0

 
0.01
%
^Warner Home Comfort, LLC dba Smith Piping
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/29/2041

 
80.3

 
80.3

 
83.0

 
0.03
%
^Keller, Fishback & Jackson LLP
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
115.0

 
115.0

 
117.5

 
0.04
%
^Marc S. Rosenberg P.C. dba Mammuth and Rosenberg
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
19.8

 
19.8

 
17.9

 
0.01
%
^Euro Car Miami LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
55.1

 
55.1

 
56.2

 
0.02
%
^Hard Exercise Works Winter Park LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
35.9

 
35.9

 
32.3

 
0.01
%
^La Nopalera Mexicano 2, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
79.5

 
79.5

 
81.2

 
0.03
%
^Loriet LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
6.6

 
6.6

 
6.0

 
—
%
^May-Craft Fiberglass Products Inc
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/29/2041

 
240.8

 
240.8

 
257.5

 
0.09
%
^Alpha Omega Trucking LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
4/29/2041

 
171.0

 
171.0

 
182.9

 
0.07
%

140
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Scoler LLC dba Gold's Gym
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/29/2026

 
231.2

 
231.2

 
216.3

 
0.08
%
^Empowerschool LLC and Empower Autism Academy, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
4/29/2041

 
147.8

 
147.8

 
158.0

 
0.06
%
^Inner Beauty Salon and Suite LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/28/2041

 
63.2

 
63.2

 
67.2

 
0.02
%
^Atlantic Restaurant Associates LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/28/2041

 
255.4

 
255.4

 
269.4

 
0.10
%
^Costume World Inc
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
4/28/2041

 
1,219.4

 
1,219.4

 
1,304.0

 
0.47
%
^Pecos Inn LLC dba Econo Lodge
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
4/28/2041

 
657.0

 
657.0

 
692.9

 
0.25
%
^Shepherd Appraisal Services LLC dba Property Damage Appraisers of Oklahoma
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
4/28/2026

 
7.9

 
7.9

 
7.1

 
—
%
^Knowledge First Inc dba Magic Years of Learning
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
4/27/2026

 
70.6

 
70.6

 
69.1

 
0.02
%
^Green Country Filter Manufacturing LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/27/2026

 
75.4

 
75.4

 
69.4

 
0.02
%
^Accent Comfort Services, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/26/2026

 
79.3

 
79.3

 
71.4

 
0.03
%
^Homecare Casa Rhoda 123 Inc
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2%
 
4/26/2041

 
654.6

 
654.6

 
656.7

 
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

 
243.2

 
243.2

 
244.5

 
0.09
%
^McIntosh Trail Management Services Organization Inc
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/22/2041

 
414.1

 
414.1

 
442.8

 
0.16
%
^Jande Graphics LLC dba FastSigns #103201
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/21/2026

 
49.3

 
49.3

 
44.4

 
0.02
%
^AAA Mill Direct, Inc. dba Carpet Mill Outlets
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
4/21/2026

 
6.9

 
6.9

 
7.1

 
—
%
^Miguel Fernando Borda, P.A. dba BGR Dental
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/15/2026

 
19.8

 
19.8

 
18.3

 
0.01
%
^Sushiya Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/12/2026

 
77.1

 
77.1

 
71.7

 
0.03
%
^Sierra Foothill Cremation & Funeral Service, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/7/2026

 
46.7

 
46.7

 
42.1

 
0.02
%
^Waterfalls Quick Lube LLC and Veracruz Shabo LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/6/2041

 
268.2

 
268.2

 
281.0

 
0.10
%

141
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^KNS Early Learning Academy LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
4/6/2041

 
49.7

 
49.7

 
51.1

 
0.02
%
^Vehicle Safety Supply LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/31/2026

 
19.7

 
19.7

 
17.7

 
0.01
%
^Men of Steel Enterprises LLC and Vogelbacher Properties LLC
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/31/2041

 
382.2

 
382.2

 
379.9

 
0.14
%
^Gill Express Inc and Blue Speed LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2041

 
503.2

 
503.2

 
521.2

 
0.19
%
^Dana A. Farley dba Independent Cabinets
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/31/2041

 
65.6

 
65.6

 
70.1

 
0.03
%
^Christian Soderquist dba Soderquist Plumbing and Heating LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/31/2041

 
55.1

 
55.1

 
58.9

 
0.02
%
^Duke's Cleaners Inc
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/31/2026

 
41.1

 
41.1

 
39.5

 
0.01
%
^Farhad Brothers LLC dba Lulu's Pizzeria & Family Restaurant and Marvin
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/31/2026

 
54.8

 
54.8

 
49.3

 
0.02
%
^Cameo Carter, MD A Professional Corporation dba The Garden Pediatric Group
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/31/2026

 
65.6

 
65.6

 
59.0

 
0.02
%
^Gordon Rogers and Heidi Rogers dba Stone House Motor Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/30/2026

 
19.9

 
19.9

 
20.3

 
0.01
%
^NOSO Development, LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
3/30/2026

 
163.9

 
163.9

 
147.5

 
0.05
%
^Wyldewood Cellars, Inc.
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/30/2041

 
969.9

 
969.9

 
977.8

 
0.35
%
^Tom Sawyer Country Restaurant LLC and AM 3208 LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/30/2041

 
250.5

 
250.5

 
264.9

 
0.10
%
^MTS Car Service LLC
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/30/2026

 
9.2

 
9.2

 
8.3

 
—
%
^Beale Street Blues Company-West Palm Beach, LLC
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
3/30/2026

 
82.0

 
82.0

 
75.4

 
0.03
%
^Barrocas Gym LLC dba Snap Fitness
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/29/2026

 
17.4

 
17.4

 
16.6

 
0.01
%
^Vinmar Inc. dba Locanda Portofino
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/29/2026

 
71.0

 
71.0

 
63.9

 
0.02
%
^Lust for Life Footwear, LLC
 
Leather and Allied Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/29/2026

 
327.8

 
327.8

 
295.0

 
0.11
%
^Atlantis of Daytona LLC and Pierre Mamane and Eva Mamane
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2%
 
3/29/2041

 
491.7

 
491.7

 
499.9

 
0.18
%
^Marathon Engineering Corporation
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/28/2041

 
43.7

 
43.7

 
45.9

 
0.02
%

142
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^PHCDC1 LLC dba Quarter + Glory and Public House Collective, Corp.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/28/2026

 
43.8

 
43.8

 
41.3

 
0.01
%
^ReNew Interior Surface Cleaning LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/28/2026

 
10.8

 
10.8

 
10.9

 
—
%
^RCB Enterprises, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2026

 
49.2

 
49.2

 
44.3

 
0.02
%
^Revolution Physical Therapy LLC dba Apex Network Physical Therapy
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2026

 
19.9

 
19.9

 
18.3

 
0.01
%
^Excel RP Inc
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/25/2026

 
109.3

 
109.3

 
103.4

 
0.04
%
^ActKnowledge, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/24/2026

 
109.3

 
109.3

 
111.5

 
0.04
%
^International Construction Inc
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
3/24/2041

 
48.6

 
48.6

 
50.1

 
0.02
%
^Lowgap Grocery & Grill LLC
 
General Merchandise Stores
 
Term Loan
 
Prime plus 2.75%
 
3/24/2041

 
162.7

 
162.7

 
173.9

 
0.06
%
^Flooring Liquidators Inc and Premier Flooring Yonkers Inc and Flooring
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/24/2026

 
43.7

 
43.7

 
44.0

 
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

 
484.7

 
484.7

 
491.8

 
0.18
%
^Magnation Corporation and Misha Family Trust
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/22/2041

 
98.6

 
98.6

 
105.4

 
0.04
%
^growth.period LLC and Potomac Recruiting LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2026

 
136.6

 
136.6

 
122.9

 
0.04
%
^Precious Care LLC and Precious Care Management LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2026

 
488.0

 
488.0

 
441.6

 
0.16
%
^Media Capital Partners, Inc
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
3/21/2026

 
19.7

 
19.7

 
17.7

 
0.01
%
^Taylors Zinn Enterprises Inc dba Eons Auto Care Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/18/2041

 
78.4

 
78.4

 
83.2

 
0.03
%
^ERT Group Inc and Curt's Tools Inspection Inc
 
Support Activities for Mining
 
Term Loan
 
Prime plus 2.75%
 
3/18/2041

 
1,229.8

 
1,229.8

 
1,269.0

 
0.46
%
^Kekoa Enterprises Inc dba Signarama Sandy
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2026

 
43.3

 
43.3

 
38.9

 
0.01
%
^Mariam Diner Inc dba Country Kitchen Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/18/2026

 
45.9

 
45.9

 
41.3

 
0.01
%

143
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Brian T Rice dba BD Logging
 
Forestry and Logging
 
Term Loan
 
Prime plus 2.75%
 
3/17/2026

 
13.8

 
13.8

 
13.0

 
—
%
^Demand Printing Solutions Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/16/2026

 
19.0

 
19.0

 
18.7

 
0.01
%
^Evergreen Pallet LLC and Evergreen Recycle LLC
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/16/2026

 
918.7

 
918.7

 
864.7

 
0.31
%
^K Soles Corp dba Max Collections
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/16/2026

 
19.7

 
19.7

 
17.7

 
0.01
%
^LAN Doctors Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/16/2026

 
48.1

 
48.1

 
49.1

 
0.02
%
^R & D Enterprises Inc dba My Pool Man
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/15/2026

 
43.7

 
43.7

 
39.3

 
0.01
%
^Mustafa Inc and Raouf Properties LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/14/2041

 
73.0

 
73.0

 
77.2

 
0.03
%
^HEWZ, LLC dba Hard Exercise Works
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/14/2026

 
19.6

 
19.6

 
17.7

 
0.01
%
^Country Paint and Hardware Inc
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/11/2026

 
76.4

 
76.4

 
70.0

 
0.03
%
^Wilban LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/11/2026

 
94.2

 
94.2

 
92.6

 
0.03
%
^Dupre Capital LLC dba Fastsigns
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/11/2026

 
51.1

 
51.1

 
45.9

 
0.02
%
^Magill Truck Line LLC and Jeff J. Ralls
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/11/2029

 
193.4

 
193.4

 
183.9

 
0.07
%
^ABCs & 123s Infant and Child Care Center LP
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/11/2026

 
9.8

 
9.8

 
8.8

 
—
%
^Accuair Control Systems LLC dba Accuair Suspension
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/11/2026

 
131.1

 
131.1

 
120.2

 
0.04
%
^State Painting & Decorating Co., Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/10/2026

 
90.7

 
90.7

 
81.6

 
0.03
%
^B.P.T.M. of NV LLC and Agentis Bros., LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/9/2041

 
510.0

 
510.0

 
529.5

 
0.19
%
^Step Up Academy of the Arts LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
3/9/2026

 
7.0

 
7.0

 
6.3

 
—
%
^A & A Auto Care LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/9/2026

 
10.8

 
10.8

 
10.7

 
—
%
^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

 
19.7

 
19.7

 
18.7

 
0.01
%

144
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Swerve Salon LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/8/2026

 
69.1

 
69.1

 
62.1

 
0.02
%
^J & W Hardwood Flooring Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/7/2026

 
6.6

 
6.6

 
5.9

 
—
%
^Labmates LLC and POV Holdings LLC
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/4/2041

 
106.1

 
106.1

 
113.4

 
0.04
%
^Hueston and Company CPA LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/4/2026

 
7.1

 
7.1

 
6.5

 
—
%
^Almost Home Daycare LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/3/2026

 
45.0

 
45.0

 
45.2

 
0.02
%
^Miles of Smiles Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/2/2026

 
83.3

 
83.3

 
76.3

 
0.03
%
^Living Essentials HVAC Corp
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
13.0

 
13.0

 
11.8

 
—
%
^Consulting Solutions, Inc. and Mark Luciani
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
9.8

 
9.8

 
9.9

 
—
%
^Powerpits CS1, LLC dba Pita Pit
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
16.3

 
16.3

 
15.3

 
0.01
%
^Drug Detection Laboratories, Inc. and Minh Tran
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
17.2

 
17.2

 
15.7

 
0.01
%
^Doxa Deo Inc dba Luv 2 Play
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2026

 
95.1

 
95.1

 
88.0

 
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

 
131.7

 
131.7

 
139.6

 
0.05
%
^Blackstones Hairdressing LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/23/2026

 
45.4

 
45.4

 
41.2

 
0.01
%
^Aaradhya LLC dba Market Square Laundry
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/23/2026

 
69.4

 
69.4

 
62.5

 
0.02
%
^R-No-Landscaping LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/19/2026

 
7.2

 
7.2

 
6.6

 
—
%
^BER Enterprise 332 Inc dba Edible Arrangements
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/19/2026

 
19.5

 
19.5

 
17.7

 
0.01
%
^R & K Contracting Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/18/2026

 
13.7

 
13.7

 
13.8

 
—
%
^Pacific Coast Medical Group LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/17/2026

 
212.5

 
212.5

 
216.8

 
0.08
%
^B for Blonde, LLC dba Blo Blow Dry Bar
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/12/2026

 
54.4

 
54.4

 
49.1

 
0.02
%
^Gilmore Heights Dental Holdings, LTD and Chas Rob LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/12/2029

 
282.2

 
282.2

 
271.5

 
0.10
%

145
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Ei3 Corporation
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/12/2026

 
283.5

 
283.5

 
289.3

 
0.10
%
^Jersey Shore Marina & Boat Sales, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/12/2041

 
607.0

 
607.0

 
648.7

 
0.23
%
^Base USA, Inc.
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
2/2/2026

 
43.4

 
43.4

 
44.3

 
0.02
%
^Zouk Ltd dba Palma
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/29/2026

 
19.4

 
19.4

 
19.8

 
0.01
%
^Tammy Lavertue
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
1/28/2026

 
9.7

 
9.7

 
9.7

 
—
%
^Wildflour Bakery & Cafe LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/28/2026

 
53.8

 
53.8

 
54.3

 
0.02
%
^SuzyQue's LLC dba SuzyQue's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/28/2026

 
19.4

 
19.4

 
19.8

 
0.01
%
^New Image Building Services, Inc. dba The Maids serving Oakland
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
1/19/2026

 
71.6

 
71.6

 
67.0

 
0.02
%
^Gendron Funeral and Cremation Services, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/11/2041

 
107.5

 
107.5

 
114.9

 
0.04
%
^Dolarian Realty LLC and OV's Restaurant Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/5/2041

 
65.7

 
65.7

 
70.2

 
0.03
%
^Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/29/2025

 
96.1

 
96.1

 
89.1

 
0.03
%
^MCF Forte LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/29/2025

 
16.0

 
16.0

 
14.5

 
0.01
%
^Panditos LLC dba White Lotus Home
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/28/2025

 
13.6

 
13.6

 
12.2

 
—
%
^Bright Dialysis LLC and Ft Pierce Kidney Care LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2025

 
1,067.6

 
1,067.6

 
962.6

 
0.35
%
^V2 Tango LLC dba Palette 22
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/23/2025

 
213.5

 
213.5

 
197.0

 
0.07
%
^Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/23/2040

 
99.0

 
99.0

 
103.4

 
0.04
%
^800 on the Trax LLC and Matrix Z LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/23/2040

 
233.0

 
233.0

 
242.0

 
0.09
%
^Joyce Outdoor Advertising Chicago LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2040

 
291.8

 
291.8

 
301.7

 
0.11
%

146
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^The LAX Shop Inc
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
12/22/2025

 
83.5

 
83.5

 
85.1

 
0.03
%
^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

 
792.9

 
792.9

 
817.1

 
0.29
%
^Hattingh Incorporated dba Prosthetic Care Facility
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2025

 
15.4

 
15.4

 
14.4

 
0.01
%
^G.W. Fitness Centers, LLC and J.G. Fitness LLC and NP Gym LLC and ANA
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/18/2040

 
990.3

 
990.3

 
1,057.7

 
0.38
%
^Trip Consultants U.S.A. Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/18/2025

 
149.5

 
149.5

 
134.4

 
0.05
%
^Jay Kevin Gremillion dba Dino Smiles Children's Cosmetic Dentistry
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/18/2025

 
64.0

 
64.0

 
58.9

 
0.02
%
^Capital Scrap Metal LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/18/2025

 
29.7

 
29.7

 
27.1

 
0.01
%
^Labmates LLC
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/18/2040

 
157.0

 
157.0

 
167.7

 
0.06
%
^Abbondanza Market LLC dba Hampton Falls Village Market
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/18/2025

 
57.4

 
57.4

 
53.0

 
0.02
%
^Accent Tag and Label Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
12/18/2040

 
640.6

 
640.6

 
667.4

 
0.24
%
^Mustafa Inc dba Adiba Grocery
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/17/2025

 
88.7

 
88.7

 
90.4

 
0.03
%
^Learning Skills LLC and Christopher Shrope
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
12/17/2025

 
9.2

 
9.2

 
8.3

 
—
%
^New York Home Health Care Equipment, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/16/2025

 
758.9

 
758.9

 
767.4

 
0.28
%
^Moments to Remember USA LLC dba Retain Loyalty
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/16/2025

 
64.1

 
64.1

 
62.4

 
0.02
%
^JAG Unit 1, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/16/2025

 
213.5

 
213.5

 
192.0

 
0.07
%
^Abitino's JFK LLC dba Abitino's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/16/2022

 
98.1

 
98.1

 
91.4

 
0.03
%
^Swalm Sreet LLC and New York Home Health Care Equipment LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/16/2040

 
363.7

 
363.7

 
384.7

 
0.14
%
^SDA Holdings LLC and Les Cheveux Salon Inc
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/15/2040

 
417.7

 
417.7

 
429.7

 
0.15
%
^Evans & Paul LLC and E&P Holdings I LLC
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2025

 
106.8

 
106.8

 
98.6

 
0.04
%

147
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Basista Family Limited Partnership and UPE, Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/14/2040

 
330.9

 
330.9

 
343.6

 
0.12
%
^DC Enterprises Ltd. dba Lakeview True Value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/14/2025

 
19.2

 
19.2

 
19.0

 
0.01
%
^Tri-State Remodeling & Investments, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/11/2025

 
13.6

 
13.6

 
13.6

 
—
%
^AGR Foodmart Inc dba Nashua Road Mobil
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/11/2025

 
19.2

 
19.2

 
18.9

 
0.01
%
^Alexandra Afentoulides dba Vi's Pizza Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/11/2040

 
44.7

 
44.7

 
47.7

 
0.02
%
^Cares, Inc dba Dumpling Grounds Day Care Center
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
12/10/2025

 
6.4

 
6.4

 
6.5

 
—
%
^Custom Exteriors, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/9/2025

 
85.4

 
85.4

 
79.1

 
0.03
%
^Sushiya, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/8/2025

 
92.9

 
92.9

 
86.3

 
0.03
%
^My Jewels, LLC dba The UPS Store #6712
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/7/2025

 
30.2

 
30.2

 
27.2

 
0.01
%
^Blue Ox Trucking Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/4/2025

 
2.5

 
2.5

 
2.5

 
—
%
^Food & Fuel Company LLC dba Lowery Food Mart
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/4/2040

 
118.4

 
118.4

 
126.4

 
0.05
%
^LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/4/2040

 
486.4

 
486.4

 
510.5

 
0.18
%
^American Campgrounds LLC dba Whit's End Campground
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/4/2040

 
283.1

 
283.1

 
297.6

 
0.11
%
^Tariq, LLC dba 76 Food Mart
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/2/2040

 
362.3

 
362.3

 
380.7

 
0.14
%
^401 JJS, Corp and G. Randazzo's Trattoria Corporation
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/1/2040

 
51.3

 
51.3

 
53.2

 
0.02
%
^Delta Aggregate, LLC
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
11/30/2025

 
90.7

 
90.7

 
92.5

 
0.03
%
^Hurshell Leon Dutton dba High Jump Party Rentals
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2025

 
14.8

 
14.8

 
15.1

 
0.01
%
^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

 
106.1

 
106.1

 
99.5

 
0.04
%
^Smokeyard Inc dba Smokeyard BBQ and Chop Shop
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/30/2025

 
105.9

 
105.9

 
97.0

 
0.03
%
^DWeb Studio, Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
11/25/2025

 
9.5

 
9.5

 
8.6

 
—
%

148
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^State Painting and Decorating Co Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/25/2025

 
61.2

 
61.2

 
55.1

 
0.02
%
^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

 
784.0

 
0.28
%
^Play and Learn Child Care and School Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/23/2025

 
9.4

 
9.4

 
9.6

 
—
%
^Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
11/20/2025

 
76.4

 
76.4

 
69.8

 
0.03
%
^Haven Hospitality Group Inc. dba Haven Gastropub
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/20/2025

 
112.2

 
112.2

 
102.5

 
0.04
%
^CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/20/2040

 
236.8

 
236.8

 
236.1

 
0.08
%
^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

 
104.7

 
104.7

 
104.6

 
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

 
608.0

 
608.0

 
649.4

 
0.23
%
^E.S.F.P. LLC dba Volusia Van and Storage
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/11/2025

 
75.4

 
75.4

 
69.2

 
0.02
%
^Green Life Lawnscapes LLC dba Green Life Lawn Care
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
11/6/2025

 
110.3

 
110.3

 
110.9

 
0.04
%
^Jumbomarkets Inc dba Rines Jumbomarkets
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
11/4/2025

 
259.4

 
259.4

 
260.5

 
0.09
%
^Bisson Transportation Inc dba I & R Associates and Document Security
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
10/30/2025

 
18.9

 
18.9

 
18.5

 
0.01
%
^L.M. Jury Enterprises, Inc dba Midwest Monograms
 
Textile Product Mills
 
Term Loan
 
Prime plus 2.75%
 
10/28/2025

 
65.7

 
65.7

 
60.0

 
0.02
%
^Top Cat Ready Mix, LLC, Ples Investments LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/28/2025

 
597.3

 
597.3

 
554.1

 
0.20
%
^Windsor Direct Distribution LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
10/26/2025

 
12.0

 
12.0

 
10.8

 
—
%
^Financial Network Recovery
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/26/2025

 
33.6

 
33.6

 
30.2

 
0.01
%
^Tannehill Enterprises Inc dba Hobbytown USA Folsom
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
10/14/2025

 
73.4

 
73.4

 
66.0

 
0.02
%
^ADMO Inc dba Mid States Equipment
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/8/2025

 
18.9

 
18.9

 
17.4

 
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

 
668.0

 
668.0

 
634.2

 
0.23
%

149
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^SCJEN Management Inc dba Bowl of Heaven
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/30/2025

 
60.0

 
60.0

 
53.9

 
0.02
%
^Naeem Khan LTD
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2025

 
104.1

 
104.1

 
93.5

 
0.03
%
^Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas City
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/30/2028

 
58.8

 
58.8

 
59.1

 
0.02
%
^Bat Bridge Investments Inc dba Kalologie 360 Spa
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/30/2025

 
72.7

 
72.7

 
65.3

 
0.02
%
^Binky's Vapes LLC
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/30/2025

 
18.7

 
18.7

 
16.8

 
0.01
%
^Barub Realty LLC and Barub LLC dba Woodlawn Cabinets
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
9/30/2040

 
137.5

 
137.5

 
146.6

 
0.05
%
^R.H. Hummer Jr., Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2025

 
324.3

 
324.3

 
321.5

 
0.12
%
^Greensward of Marco Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2040

 
84.1

 
84.1

 
87.0

 
0.03
%
^RIM Investments LLC and RIM Architects LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/28/2040

 
383.5

 
383.5

 
395.2

 
0.14
%
^The Grasso Companies LLC and Grasso Pavement Maintenance LLC
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
9/28/2025

 
428.0

 
428.0

 
435.8

 
0.16
%
^Sandlot Ventures LLC and Sandbox Ventures LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/25/2040

 
426.0

 
426.0

 
434.1

 
0.16
%
^Yachting Solutions LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/25/2040

 
925.2

 
925.2

 
941.5

 
0.34
%
^Prestigious LifeCare for Seniors LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/25/2025

 
8.2

 
8.2

 
7.9

 
—
%
^Daniel W. Stark dba Mountain Valley Lodge and RV Park
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/25/2040

 
13.0

 
13.0

 
13.8

 
—
%
^St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/24/2040

 
600.8

 
600.8

 
625.4

 
0.22
%
^Hagerstown Muffler, Inc. and JMS Muffler, Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/24/2040

 
314.8

 
314.8

 
336.0

 
0.12
%
^J.R. Wheeler Corporation dba Structurz Exhibits and Graphics
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/24/2025

 
17.5

 
17.5

 
17.9

 
0.01
%
^Rutledge Enterprises Inc dba BLC Property Management
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/23/2040

 
59.6

 
59.6

 
62.1

 
0.02
%
^Finish Strong Inc dba FASTSIGNS St Peters
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/23/2025

 
41.7

 
41.7

 
37.4

 
0.01
%

150
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^J3K LLC dba Ronan True Value Hardware
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/23/2025

 
127.1

 
127.1

 
114.1

 
0.04
%
^Nova Solutions Inc
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/22/2040

 
307.6

 
307.6

 
320.5

 
0.12
%
^Pine Belt Wood Products LLC
 
Forestry and Logging
 
Term Loan
 
Prime plus 2.75%
 
9/22/2040

 
157.4

 
157.4

 
154.5

 
0.06
%
^Sound Manufacturing Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/21/2025

 
41.6

 
41.6

 
39.1

 
0.01
%
^IIoka Inc dba New Cloud Networks
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/21/2025

 
556.8

 
556.8

 
500.0

 
0.18
%
^Vanderhoof LLC dba Soxfords
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/18/2025

 
13.2

 
13.2

 
11.9

 
—
%
^MiJoy Inc dba Imo's Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/18/2025

 
6.9

 
6.9

 
6.2

 
—
%
^Naeem Khan LTD
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/17/2025

 
104.2

 
104.2

 
93.5

 
0.03
%
^Import Car Connection Inc dba Car Connection
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/16/2040

 
391.7

 
391.7

 
415.0

 
0.15
%
^FirstVitals Health and Wellness Inc
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/15/2025

 
125.0

 
125.0

 
112.2

 
0.04
%
^Almost Home Daycare LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/11/2025

 
53.7

 
53.7

 
54.5

 
0.02
%
^Veliu LLC dba FASTSIGNS #15901
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/10/2025

 
42.2

 
42.2

 
38.8

 
0.01
%
^B and A Friction Materials Inc
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/9/2025

 
82.6

 
82.6

 
74.2

 
0.03
%
^Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/8/2040

 
134.6

 
134.6

 
143.6

 
0.05
%
^AIG Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/4/2040

 
349.7

 
349.7

 
352.6

 
0.13
%
^Empower Autism Academy
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/4/2040

 
658.5

 
658.5

 
702.8

 
0.25
%
^Higher Grounds Community Coffeehouse, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/2/2025

 
6.9

 
6.9

 
6.4

 
—
%
^Delray Scrap Recycling LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/31/2025

 
18.4

 
18.4

 
16.5

 
0.01
%
^The Camera House Inc
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/31/2025

 
1,041.2

 
1,041.2

 
998.9

 
0.36
%

151
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^LAN Doctors Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/28/2025

 
67.1

 
67.1

 
64.0

 
0.02
%
^Elite Institute LLC dba Huntington Learning Center
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
8/28/2025

 
12.5

 
12.5

 
11.3

 
—
%
^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

 
91.1

 
91.1

 
95.9

 
0.03
%
^Zephyr Seven Series LLC dba 18/8 Fine Men's Salon
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
8/28/2025

 
69.6

 
69.6

 
63.7

 
0.02
%
^B and J Catering Inc dba Culinary Solutions
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/27/2040

 
532.9

 
532.9

 
544.2

 
0.20
%
^3000 CSI Property LLC and Consulting Solutions Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/20/2040

 
132.3

 
132.3

 
139.9

 
0.05
%
^God Be Glorified Inc dba GBG Inc
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
8/20/2025

 
43.8

 
43.8

 
39.3

 
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

 
139.1

 
139.1

 
144.2

 
0.05
%
^Gold Jet Corp.
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
8/14/2025

 
59.5

 
59.5

 
56.7

 
0.02
%
^SKJ Inc dba Subway
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/13/2025

 
70.0

 
70.0

 
63.6

 
0.02
%
^LP Industries Inc dba Childforms
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/29/2025

 
102.4

 
102.4

 
100.0

 
0.04
%
^Pauley Tree and Lawn Care Inc
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
7/28/2025

 
53.8

 
53.8

 
50.7

 
0.02
%
^Beale Street Blues Company-West Palm Beach LLC
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
7/24/2025

 
54.3

 
54.3

 
50.3

 
0.02
%
^Forever & Always of Naples Inc dba Island Animal Hospital
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/24/2025

 
80.9

 
80.9

 
77.7

 
0.03
%
^Smart Artists Inc.
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
7/23/2025

 
18.4

 
18.4

 
16.6

 
0.01
%
^Free Ion Advisors LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
7/21/2025

 
52.6

 
52.6

 
47.3

 
0.02
%
^Murrayville Donuts, Inc dba Dunkin' Donuts
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
7/15/2040

 
333.8

 
333.8

 
340.8

 
0.12
%
^Union 2 LLC dba The Standard
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/10/2025

 
80.3

 
80.3

 
77.3

 
0.03
%

152
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Thrifty Market, Inc. dba Thrifty Foods
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/30/2030

 
234.9

 
234.9

 
238.7

 
0.09
%
^Danny V, LLC dba Hugo's Taproom
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2040

 
44.3

 
44.3

 
47.1

 
0.02
%
^Anglin Cultured Stone Products LLC dba Anglin Construction
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/30/2025

 
228.8

 
228.8

 
227.8

 
0.08
%
^Jonathan E Nichols and Nichols Fire and Security LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2025

 
60.9

 
60.9

 
62.1

 
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

 
203.2

 
203.2

 
219.3

 
0.08
%
^Myclean Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2025

 
12.9

 
12.9

 
12.7

 
—
%
^Summit Beverage Group LLC
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/29/2030

 
261.7

 
261.7

 
267.9

 
0.10
%
^Advanced Skincare Medcenter Inc dba Advanced Skincare Surgery
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/29/2025

 
274.0

 
274.0

 
270.3

 
0.10
%
^CEM Autobody LLC dba Dawn's Autobody
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/26/2040

 
129.6

 
129.6

 
139.0

 
0.05
%
^TJU-DGT Inc dba The Lorenz Cafe
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/26/2029

 
18.2

 
18.2

 
19.1

 
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

 
363.4

 
363.4

 
391.2

 
0.14
%
^SofRep, Inc dba Force 12 Media
 
Other Information Services
 
Term Loan
 
Prime plus 2.75%
 
6/26/2025

 
53.8

 
53.8

 
52.7

 
0.02
%
^E & G Enterprises LLC dba Comfort Keepers
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/26/2025

 
18.3

 
18.3

 
17.9

 
0.01
%
^Ohs Auto Body, Inc. dba Ohs Body Shop
 
Repair and Maintenance
 
Term Loan
 
7.465%
 
6/25/2040

 
1,167.1

 
1,167.1

 
1,251.2

 
0.45
%
^Wolf Enviro Interests, LLC and Enviromax Services Inc
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/25/2040

 
236.2

 
236.2

 
250.2

 
0.09
%
^Evinger PA One, Inc. dba Postal Annex, Falcon
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
6/24/2025

 
18.3

 
18.3

 
18.3

 
0.01
%
^Richards Plumbing and Heating Co., Inc. dba Richards Mechanical
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/23/2040

 
527.6

 
527.6

 
575.2

 
0.21
%
^RJI Services, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/23/2025

 
18.1

 
18.1

 
17.7

 
0.01
%
^Real Help LLC dba Real Help Decorative Concrete
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/22/2025

 
43.1

 
43.1

 
44.4

 
0.02
%
^PM Cassidy Enterprises, Inc. dba Junk King
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
6/19/2025

 
12.1

 
12.1

 
11.9

 
—
%

153
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^KRN Logistics, LLC and Newsome Trucking, Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/19/2025

 
448.4

 
448.4

 
450.6

 
0.16
%
^Inverted Healthcare Staffing of Florida LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/18/2025

 
49.7

 
49.7

 
48.8

 
0.02
%
^Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/17/2025

 
378.7

 
378.7

 
389.6

 
0.14
%
^AM PM Properties, LLC and AM PM Willington, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/17/2040

 
83.0

 
83.0

 
90.2

 
0.03
%
^Nelson Sargsyan dba HDA Trucking
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/16/2025

 
105.9

 
105.9

 
103.8

 
0.04
%
^Bizzare Foods Inc dba Trooper Foods
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/12/2025

 
95.6

 
95.6

 
93.8

 
0.03
%
^Mirage Plastering Inc and Mpire LLC and Mpire II LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/12/2040

 
132.7

 
132.7

 
139.0

 
0.05
%
^Anturio Marketing Inc dba Logic Consulting
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/12/2040

 
277.6

 
277.6

 
302.6

 
0.11
%
^Eldredge Tavern LLC dba Gonyea's Tavern
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/8/2040

 
53.8

 
53.8

 
58.6

 
0.02
%
^Nicor LLC dba Fibrenew Sacramento
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/5/2022

 
9.7

 
9.7

 
9.4

 
—
%
^Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/5/2025

 
12.7

 
12.7

 
12.5

 
—
%
^ViAr Visual Communications, Inc. dba Fastsigns 281701
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/5/2025

 
50.3

 
50.3

 
49.8

 
0.02
%
^Video Vault & Tanning LLC and Mosaic Salon LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
6/4/2040

 
86.6

 
86.6

 
94.4

 
0.03
%
^Medworxs LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/3/2025

 
101.5

 
101.5

 
99.8

 
0.04
%
^XCESSIVE THROTTLE, INC dba Jake's Roadhouse
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/29/2025

 
6.7

 
6.7

 
6.5

 
—
%
^Villela CPA PL
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/27/2025

 
7.2

 
7.2

 
7.2

 
—
%
^God is Good LLC dba BurgerFi
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/27/2025

 
11.4

 
11.4

 
11.8

 
—
%
^Douglas Posey and Sally Watkinson dba Audrey's Farmhouse
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/20/2040

 
166.2

 
166.2

 
180.0

 
0.06
%
^Pen Tex Inc dba The UPS Store
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
5/20/2025

 
17.7

 
17.7

 
17.4

 
0.01
%
^Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/15/2025

 
579.6

 
579.6

 
573.0

 
0.21
%

154
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(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

 
245.5

 
245.5

 
261.7

 
0.09
%
^Guard Dogs MFS LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/8/2025

 
52.3

 
52.3

 
51.5

 
0.02
%
^George S Cochran DDS Inc
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/7/2025

 
105.1

 
105.1

 
103.1

 
0.04
%
^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

 
161.7

 
161.7

 
176.2

 
0.06
%
^Matthew Taylor and Landon Farm LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/4/2040

 
96.1

 
96.1

 
101.0

 
0.04
%
^Cares Inc dba Dumpling Grounds Day Care Center
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
5/1/2040

 
77.3

 
77.3

 
84.3

 
0.03
%
^Orchid Enterprises Inc dba Assisting Hands of Sussex County
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/24/2025

 
12.0

 
12.0

 
11.7

 
—
%
^Ragazza Restaurant Group, Inc. dba Bambolina
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/21/2025

 
17.2

 
17.2

 
17.1

 
0.01
%
^Diamond Solutions LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/21/2025

 
17.0

 
17.0

 
16.7

 
0.01
%
^Giacchino Maritime Consultants Inc
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/17/2025

 
17.9

 
17.9

 
17.6

 
0.01
%
^Sound Coaching Inc
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
4/14/2025

 
35.4

 
35.4

 
34.7

 
0.01
%
^Faramarz Nikourazm dba Car Clinic Center
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/3/2040

 
70.1

 
70.1

 
75.4

 
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

 
751.1

 
0.27
%
^T and B Boots Inc dba Takken's Shoes
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
3/31/2025

 
130.3

 
130.3

 
134.3

 
0.05
%
^Havana Central NJ1, LLC dba Havana Central
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/31/2025

 
218.9

 
218.9

 
225.2

 
0.08
%
^Mid-South Lumber Co. of Northwest Florida, Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/31/2040

 
407.8

 
407.8

 
432.3

 
0.16
%
^Copper Beech Financial Group LLC
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
3/30/2025

 
98.8

 
98.8

 
99.4

 
0.04
%
^Delta Aggregate LLC
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
3/30/2025

 
78.9

 
78.9

 
81.3

 
0.03
%

155
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Sunset Marine Resort LLC and GoXpeditions LLC
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/27/2040

 
287.0

 
287.0

 
312.7

 
0.11
%
^Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
3/27/2025

 
979.0

 
979.0

 
958.7

 
0.34
%
^Shellhorn and Hill Inc dba Total Fleet Service
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/27/2040

 
985.7

 
985.7

 
1,044.9

 
0.38
%
^Shorr Enterprises Inc dba New Design Furniture Manufacturers
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/27/2025

 
84.3

 
84.3

 
85.2

 
0.03
%
^Geo Los Angeles LLC dba Geo Film Group
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
3/26/2025

 
102.8

 
102.8

 
103.7

 
0.04
%
^Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/26/2040

 
51.4

 
51.4

 
55.8

 
0.02
%
^Zero-In Media Inc
 
Data Processing, Hosting, and Related Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2025

 
17.8

 
17.8

 
17.4

 
0.01
%
^Carpet Exchange of North Texas Inc and Clyde E. Cumbie Jr
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
3/25/2040

 
770.5

 
770.5

 
838.3

 
0.30
%
^Loriet LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/24/2025

 
9.5

 
9.5

 
9.3

 
—
%
^Shelton Incorporated dba Mrs. Winners
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/20/2040

 
107.0

 
107.0

 
116.5

 
0.04
%
^Jaymie Hazard dba Indigo Hair Studio and Day Spa
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/20/2040

 
41.1

 
41.1

 
44.1

 
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

 
81.3

 
81.3

 
88.5

 
0.03
%
^MMS Realty, LLC and Molecular MS Diagnostics LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2040

 
152.9

 
152.9

 
163.7

 
0.06
%
^Royal Crest Motors LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/16/2040

 
86.8

 
86.8

 
93.4

 
0.03
%
^BND Sebastian Limited Liability Company and Sebastian Fitness
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/16/2040

 
164.1

 
164.1

 
177.5

 
0.06
%
^Douglas Printy Motorsports, Inc. dba Blackburn Trike
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/9/2040

 
182.4

 
182.4

 
195.3

 
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

 
8.9

 
8.9

 
9.2

 
—
%
^Baystate Firearms and Training, LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
2/27/2025

 
49.5

 
49.5

 
48.7

 
0.02
%
^Kingseal LLC dba Desoto Health and Rehab Center
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
2/26/2040

 
1,192.7

 
1,192.7

 
1,299.2

 
0.47
%

156
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Pace Motor Lines, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/26/2025

 
51.7

 
51.7

 
53.3

 
0.02
%
^Nelson Financial Services LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/24/2025

 
9.8

 
9.8

 
9.5

 
—
%
^Kiddie Steps 4 You Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
2/19/2040

 
58.9

 
58.9

 
63.0

 
0.02
%
^Triangle Trash LLC dba Bin There Dump That
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
2/18/2025

 
58.2

 
58.2

 
58.4

 
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

 
163.0

 
163.0

 
174.3

 
0.06
%
^740 Barry Street Realty LLC and Wild Edibles Inc
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
2/10/2040

 
467.6

 
467.6

 
509.4

 
0.18
%
^Kostekos Inc dba New York Style Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/6/2040

 
63.0

 
63.0

 
67.7

 
0.02
%
^DuCharme Realty LLC and DuCharme Enterprises LLC
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/2/2040

 
213.8

 
213.8

 
227.8

 
0.08
%
^Dean 1021 LLC dba Pure Pita
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/29/2025

 
63.4

 
63.4

 
62.5

 
0.02
%
^Limameno LLC dba Sal's Italian Ristorante
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/23/2025

 
64.6

 
64.6

 
63.9

 
0.02
%
^Palmabak Inc dba Mami Nora's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/22/2025

 
12.4

 
12.4

 
12.8

 
—
%
^Jung Design Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/20/2022

 
5.4

 
5.4

 
5.2

 
—
%
^Grand Blanc Lanes, Inc. and H, H and H, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/31/2039

 
126.0

 
126.0

 
136.8

 
0.05
%
^Bear Creek Entertainment, LLC dba The Woods at Bear Creek
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
85.4

 
85.4

 
87.9

 
0.03
%
^Evans and Paul LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
172.0

 
172.0

 
176.2

 
0.06
%
^FHJE Ventures LLC and Eisenreich II Inc dba Breakneck Tavern
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/30/2039

 
233.6

 
233.6

 
248.2

 
0.09
%
^First Prevention and Dialysis Center, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
221.9

 
221.9

 
225.7

 
0.08
%
^Bowlerama Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/24/2039

 
1,139.4

 
1,139.4

 
1,240.2

 
0.45
%
^401 JJS Corporation and G. Randazzo Corporation
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
452.7

 
452.7

 
489.7

 
0.18
%

157
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^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

 
501.7

 
501.7

 
531.9

 
0.19
%
^Thermoplastic Services Inc and Paragon Plastic Sheet, Inc
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
473.1

 
473.1

 
514.9

 
0.18
%
^Atlantis of Daytona LLC and Ocean Club Sportswear Inc
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
194.1

 
194.1

 
211.3

 
0.08
%
^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

 
144.2

 
144.2

 
143.5

 
0.05
%
^MM and M Management Inc dba Pizza Artista
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/19/2025

 
36.7

 
36.7

 
36.2

 
0.01
%
^B.S. Ventures LLC dba Dink's Market
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/19/2039

 
50.9

 
50.9

 
55.4

 
0.02
%
^The Jewelers Inc. dba The Jewelers of Las Vegas
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
12/19/2024

 
961.0

 
961.0

 
943.3

 
0.34
%
^Will Zac Management LLC dba Papa John's
 
Food Services and Drinking Places
 
Term Loan
 
6.25%
 
12/19/2024

 
130.7

 
121.7

 
134.5

 
0.05
%
^B & W Towing, LLC and Boychucks Fuel LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/17/2039

 
155.5

 
155.5

 
166.1

 
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

 
307.5

 
307.5

 
306.9

 
0.11
%
^Kemmer LLC and Apples Tree Top Liquors LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/4/2039

 
130.9

 
130.9

 
139.3

 
0.05
%
^The Red Pill Management, Inc. dba UFC Gym Matthews
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
11/26/2024

 
42.0

 
42.0

 
41.8

 
0.02
%
^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

 
141.5

 
141.5

 
151.5

 
0.05
%
^DeRidder Chiropractic LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/25/2024

 
10.1

 
10.1

 
10.3

 
—
%
^Modern Manhattan LLC
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
11/25/2024

 
167.5

 
167.5

 
164.7

 
0.06
%
^Legacy Estate Planning Inc dba American Casket Enterprises
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2024

 
32.0

 
32.0

 
31.3

 
0.01
%
^J&D Resources, LLC dba Aqua Science
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/21/2024

 
578.9

 
578.9

 
570.4

 
0.20
%
^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

 
113.3

 
113.3

 
122.5

 
0.04
%

158
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^MLM Enterprises LLC and Demand Printing Solutions Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/18/2024

 
53.7

 
53.7

 
54.4

 
0.02
%
^JEJE Realty LLC and La Familia Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/10/2039

 
171.2

 
171.2

 
184.3

 
0.07
%
^Joey O's LLC and Jennifer Olszewski
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/7/2024

 
0.7

 
0.7

 
0.7

 
—
%
^Heartland American Properties LLC and Skaggs RV Outlet LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/31/2039

 
451.5

 
451.5

 
487.6

 
0.18
%
^Golden Transaction Corporation dba Bleh Sunoco
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
10/30/2039

 
147.7

 
147.7

 
160.1

 
0.06
%
^Seelan Inc dba Candleridge Market
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
10/27/2039

 
85.3

 
85.3

 
91.4

 
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

 
84.0

 
84.0

 
89.4

 
0.03
%
^One Hour Jewelry Repair Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/14/2024

 
15.5

 
15.5

 
15.2

 
0.01
%
^DNT Storage and Properties LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
10/10/2039

 
95.9

 
95.9

 
104.0

 
0.04
%
^Sound Manufacturing Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/10/2024

 
141.3

 
141.3

 
140.5

 
0.05
%
^Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/10/2039

 
1,192.8

 
1,192.8

 
1,298.3

 
0.47
%
^Smith Spinal Care Center P.C. and James C. Smith
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/8/2039

 
56.6

 
56.6

 
61.0

 
0.02
%
^Doctors Express Management of Central Texas LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/8/2024

 
70.0

 
70.0

 
71.6

 
0.03
%
^Michael Rey Jr. and Lynn J. Williams and GIG Petcare
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
10/3/2039

 
116.8

 
116.8

 
126.5

 
0.05
%
^Sumad LLC dba BrightStar Care of Encinitas
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/2/2024

 
40.1

 
40.1

 
41.2

 
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

 
240.6

 
240.6

 
256.9

 
0.09
%
^Keller Holdings LLC and David H Keller III and Carie C Keller
 
Scenic and Sightseeing Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2039

 
94.1

 
94.1

 
102.2

 
0.04
%
^Orange County Insurance Brokerage Inc dba Beaty Insurance Agency
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
9/29/2039

 
306.9

 
306.9

 
333.8

 
0.12
%
^The Woods at Bear Creek LLC and Bear Creek Entertainment LLC
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/29/2039

 
489.6

 
489.6

 
532.5

 
0.19
%
^Gordon E Rogers dba Stonehouse Motor Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/26/2039

 
54.1

 
54.1

 
58.8

 
0.02
%

159
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/26/2024

 
16.8

 
16.8

 
16.6

 
0.01
%
^Keys Phase One LLC dba The Grand Guesthouse
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/26/2039

 
696.2

 
696.2

 
752.3

 
0.27
%
^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

 
456.4

 
0.16
%
^North Columbia LLC and Loop Liquor and Convenience Store LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/24/2039

 
150.0

 
150.0

 
162.0

 
0.06
%
^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

 
23.4

 
23.4

 
22.9

 
0.01
%
^Ryan Crick and Pamela J. Crick and Crick Enterprises Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/17/2039

 
136.9

 
136.9

 
148.9

 
0.05
%
^Modern Leather Goods Repair Shop Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/17/2024

 
43.4

 
43.4

 
42.4

 
0.02
%
^Tavern Properties LLC and Wildwood Tavern LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/15/2039

 
402.5

 
402.5

 
434.3

 
0.16
%
^Animal Intrusion Prevention Systems Holding Company, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/15/2024

 
204.5

 
204.5

 
204.1

 
0.07
%
^KW Zion, LLC and Key West Gallery Inc
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/12/2039

 
1,176.2

 
1,176.2

 
1,270.9

 
0.46
%
^Indy East Smiles Youth Dentistry LLC dba Prime Smile East
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/11/2024

 
470.6

 
470.6

 
460.7

 
0.17
%
^B&P Diners LLC dba Engine House Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/10/2024

 
59.7

 
59.7

 
58.4

 
0.02
%
^Feel The World Inc dba Xero Shoes and Invisible Shoes
 
Leather and Allied Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/5/2024

 
38.8

 
38.8

 
38.2

 
0.01
%
^Delta Aggregate LLC
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
8/28/2039

 
859.0

 
859.0

 
934.3

 
0.34
%
^Lamjam LLC, Goldsmith Lambros Inc
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
8/27/2024

 
100.0

 
100.0

 
102.8

 
0.04
%
^Orange County Cleaning Inc
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
8/27/2024

 
23.5

 
23.5

 
22.9

 
0.01
%
^Qycell Corporation
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/26/2024

 
89.3

 
89.3

 
89.7

 
0.03
%
^Atlas Auto Body Inc dba Atlas Auto Sales
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/22/2039

 
48.4

 
48.4

 
51.9

 
0.02
%
^Katie Senior Care LLC dba Home Instead Senior Care
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/15/2024

 
91.9

 
91.9

 
89.8

 
0.03
%
^Alpha Preparatory Academy LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/15/2039

 
136.9

 
136.9

 
148.9

 
0.05
%

160
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^S&P Holdings of Daytona LLC, S&P Corporation of Daytona Beach
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
8/15/2039

 
384.5

 
384.5

 
418.2

 
0.15
%
^Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
6%
 
8/8/2039

 
177.0

 
177.0

 
192.5

 
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

 
734.8

 
0.26
%
^AGV Enterprises LLC dba Jet's Pizza #42
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/31/2024

 
40.1

 
40.1

 
39.5

 
0.01
%
^iFood, Inc. dba Steak N Shake
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/31/2024

 
288.2

 
288.2

 
289.1

 
0.10
%
^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

 
20.4

 
20.4

 
22.1

 
0.01
%
^Honeyspot Investors LLP and Pace Motor Lines Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/24/2039

 
140.6

 
140.6

 
152.9

 
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

 
95.8

 
95.8

 
103.2

 
0.04
%
^AMG Holding, LLC and Stetson Automotive, Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/30/2039

 
194.6

 
194.6

 
213.9

 
0.08
%
^Highway Striping Inc
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
6/30/2024

 
38.5

 
38.5

 
39.3

 
0.01
%
^Lisle Lincoln II Limited Partnership dba Lisle Lanes LP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/30/2024

 
72.3

 
72.3

 
74.8

 
0.03
%
^Honeyspot Investors LLP and Pace Motor Lines Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/30/2039

 
820.1

 
820.1

 
901.2

 
0.32
%
^iFood, Inc. dba Steak N Shake
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2039

 
590.9

 
590.9

 
643.1

 
0.23
%
^FHJE Ventures LLC and Eisenreich II Inc. dba Breakneck Tavern
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/27/2039

 
301.1

 
301.1

 
329.8

 
0.12
%
^Zinger Hardware and General Merchant Inc
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/26/2024

 
45.0

 
45.0

 
46.5

 
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

 
132.6

 
132.6

 
145.4

 
0.05
%
^Nikobella Properties LLC and JPO Inc dba Village Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/25/2039

 
449.3

 
449.3

 
492.3

 
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

 
218.4

 
218.4

 
239.2

 
0.09
%
^510 ROK Realty LLC dba ROK Health and Fitness and Robert N. D'urso
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/19/2024

 
251.4

 
251.4

 
259.9

 
0.09
%

161
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(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

 
861.0

 
861.0

 
946.2

 
0.34
%
^Global Educational Delivery Services LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/16/2024

 
43.9

 
43.9

 
45.4

 
0.02
%
^Rainbow Dry Cleaners
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/13/2024

 
90.5

 
90.5

 
92.5

 
0.03
%
^NVR Corporation dba Discount Food Mart
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/11/2039

 
61.7

 
61.7

 
67.8

 
0.02
%
^Sico & Walsh Insurance Agency Inc and The AMS Trust
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/6/2039

 
87.8

 
87.8

 
96.5

 
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

 
16.3

 
16.3

 
16.6

 
0.01
%
^Long Island Barber + Beauty LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/2/2039

 
51.9

 
51.9

 
56.8

 
0.02
%
^CJR LLC, and PowerWash Plus, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/30/2024

 
37.9

 
37.9

 
39.1

 
0.01
%
^Pocono Coated Products, LLC
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/30/2024

 
16.1

 
16.1

 
16.6

 
0.01
%
^Wilton Dental Care P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/29/2024

 
93.7

 
93.7

 
95.3

 
0.03
%
^EGM Food Services Inc dba Gold Star Chili
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/29/2024

 
13.8

 
13.8

 
14.1

 
0.01
%
^Jonesboro Health Food Center LLC
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
5/27/2024

 
43.0

 
43.0

 
43.7

 
0.02
%
^Hae M. and Jin S. Park dba Buford Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/15/2039

 
154.8

 
154.8

 
169.1

 
0.06
%
^The River Beas LLC and Punam Singh
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/8/2039

 
84.6

 
84.6

 
92.7

 
0.03
%
^AS Boyals LLC dba Towne Liquors
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
4/29/2039

 
101.5

 
101.5

 
111.5

 
0.04
%
^Gerami Realty, LC, Sherrill Universal City Corral, LP
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/23/2027

 
62.9

 
62.9

 
65.9

 
0.02
%
^Complete Body & Paint, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/23/2039

 
19.5

 
19.5

 
21.4

 
0.01
%
^Island Wide Realty LLC and Long Island Partners, Inc.
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
4/22/2039

 
96.8

 
96.8

 
106.4

 
0.04
%
^Wilshire Media Systems Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/17/2024

 
132.1

 
132.1

 
134.7

 
0.05
%
^1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/9/2039

 
127.2

 
127.2

 
139.6

 
0.05
%

162
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Dantanna's Tavern LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2024

 
117.7

 
117.7

 
120.4

 
0.04
%
^Little People's Village II LLC and Iliopoulos Realty LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
86.2

 
86.2

 
94.0

 
0.03
%
^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

 
417.7

 
417.7

 
457.7

 
0.16
%
^Little People's Village II LLC and Iliopoulos Realty LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
95.1

 
95.1

 
103.7

 
0.04
%
^Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/31/2024

 
522.7

 
522.7

 
537.3

 
0.19
%
^Kemmer, LLC and Pitts Package Store, Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
109.5

 
109.5

 
118.9

 
0.04
%
^Lake Area Autosound LLC and Ryan H. Whittington
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
7/28/2039

 
118.0

 
118.0

 
129.2

 
0.05
%
^Wilban LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/28/2039

 
402.7

 
402.7

 
440.9

 
0.16
%
^Knowledge First Inc dba Magic Years of Learning and Kimberly Knox
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/21/2039

 
135.1

 
135.1

 
147.5

 
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

 
72.6

 
72.6

 
79.7

 
0.03
%
^Cormac Enterprises and Wyoming Valley Beverage Incorporated
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/20/2039

 
103.2

 
103.2

 
113.3

 
0.04
%
^Kinisi, Inc. dba The River North UPS Store
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2024

 
20.3

 
20.3

 
21.0

 
0.01
%
^SE Properties 39 Old Route 146, LLC, SmartEarly Clifton Park LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/14/2039

 
380.7

 
380.7

 
418.0

 
0.15
%
^Tortilla King Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/14/2039

 
202.6

 
202.6

 
220.8

 
0.08
%
^Tortilla King, Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/14/2029

 
875.7

 
875.7

 
919.0

 
0.33
%
^Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/13/2039

 
207.9

 
207.9

 
228.3

 
0.08
%
^Avayaan2 LLC dba Island Cove
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/7/2039

 
146.5

 
146.5

 
160.4

 
0.06
%
^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

 
387.8

 
387.8

 
423.9

 
0.15
%
^Summit Beverage Group LLC
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/28/2024

 
243.3

 
243.3

 
249.9

 
0.09
%
^Faith Memorial Chapel LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2039

 
199.2

 
199.2

 
217.5

 
0.08
%

163
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^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

 
196.0

 
196.0

 
214.0

 
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

 
110.5

 
110.5

 
114.1

 
0.04
%
^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

 
131.9

 
131.9

 
144.8

 
0.05
%
^JWB Industries, Inc. dba Carteret Die Casting
 
Primary Metal Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/11/2024

 
194.3

 
194.3

 
198.0

 
0.07
%
^Awesome Pets II Inc dba Mellisa's Pet Depot
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
2/7/2024

 
58.4

 
58.4

 
59.6

 
0.02
%
^986 Dixwell Avenue Holding Company, LLC and Mughali Foods, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/7/2039

 
92.4

 
92.4

 
101.2

 
0.04
%
^Sarah Sibadan dba Sibadan Agency
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
1/27/2039

 
119.9

 
119.9

 
131.5

 
0.05
%
^JDR Industries Inc dba CST-The Composites Store, JetCat USA
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
1/21/2024

 
96.2

 
96.2

 
98.5

 
0.04
%
^Icore Enterprises Inc dba Air Flow Filters Inc
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
1/15/2024

 
14.9

 
14.9

 
15.4

 
0.01
%
^Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2027

 
575.7

 
575.7

 
604.3

 
0.22
%
^Nutmeg North Associates LLC (OC) Steeltech Building Products Inc
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/31/2038

 
848.7

 
848.7

 
925.6

 
0.33
%
^Shane M. Howell and Buck Hardware and Garden Center, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/27/2038

 
299.3

 
299.3

 
326.2

 
0.12
%
^KK International Trading Corporation
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/23/2028

 
155.7

 
155.7

 
163.9

 
0.06
%
^Mosley Auto Group LLC dba America's Automotive
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/20/2038

 
204.9

 
204.9

 
224.5

 
0.08
%
^Kurtis Sniezek dba Wolfe's Foreign Auto
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/20/2038

 
82.2

 
82.2

 
90.2

 
0.03
%
^PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/19/2038

 
513.5

 
513.5

 
560.6

 
0.20
%
^TAK Properties LLC and Kinderland Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
12/18/2038

 
375.1

 
375.1

 
409.8

 
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

 
12.6

 
12.6

 
12.9

 
—
%
^920 CHR Realty LLC V. Garofalo Carting Inc
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
12/10/2038

 
387.3

 
387.3

 
424.9

 
0.15
%

164
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^DKB Transport Corp
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/5/2038

 
128.3

 
128.3

 
140.8

 
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

 
96.4

 
96.4

 
104.8

 
0.04
%
^Spectrum Development LLC and Solvit Inc & Solvit North, Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/2/2023

 
267.3

 
267.3

 
273.5

 
0.10
%
^BVIP Limousine Service LTD
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/27/2038

 
70.6

 
70.6

 
77.3

 
0.03
%
^Eco-Green Reprocessing LLC and Denali Medical Concepts, LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/27/2023

 
45.1

 
45.1

 
45.8

 
0.02
%
^Wallace Holdings LLC, GFA International Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.5%
 
11/25/2023

 
83.5

 
83.5

 
84.3

 
0.03
%
^AcuCall LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2023

 
10.4

 
10.4

 
10.5

 
—
%
^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

 
30.8

 
30.8

 
31.3

 
0.01
%
^Yousef Khatib dba Y&M Enterprises
 
Wholesale Electronic Markets and Agents and Brokers
 
Term Loan
 
Prime plus 2.75%
 
11/15/2023

 
50.3

 
50.3

 
51.2

 
0.02
%
^Howell Gun Works LLC
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
11/14/2023

 
3.8

 
3.8

 
3.8

 
—
%
^Polpo Realty, LLC, Polpo Restaurant, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/6/2038

 
57.5

 
57.5

 
63.1

 
0.02
%
^Twinsburg Hospitality Group LLC dba Comfort Suites
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
874.3

 
874.3

 
954.3

 
0.34
%
^Mid-Land Sheet Metal Inc
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
126.9

 
126.9

 
138.9

 
0.05
%
^Master CNC Inc & Master Properties LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
549.6

 
549.6

 
598.2

 
0.21
%
^Janice B. McShan and The Metropolitan Day School, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
10/31/2023

 
29.1

 
29.1

 
30.0

 
0.01
%
^1 North Restaurant Corp dba 1 North Steakhouse
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
195.8

 
195.8

 
214.5

 
0.08
%
^New Image Building Services Inc. dba New Image Repair Services
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/29/2023

 
219.5

 
219.5

 
223.8

 
0.08
%
^Greenbrier Technical Services, Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/24/2023

 
145.0

 
145.0

 
149.5

 
0.05
%

165
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/24/2038

 
226.8

 
226.8

 
247.3

 
0.09
%
^Kelly Auto Care LLC dba Shoreline Quick Lube and Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/18/2023

 
58.0

 
58.0

 
59.1

 
0.02
%
^First Steps Real Estate Company, LLC and First Steps Preschool
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
89.7

 
89.7

 
97.6

 
0.04
%
^Lenoir Business Partners LLC, LP Industries, Inc dba Childforms
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
271.6

 
271.6

 
297.2

 
0.11
%
^Top Properties LLC and LP Industries, Inc dba Childforms
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
110.6

 
110.6

 
121.2

 
0.04
%
^Discount Wheel and Tire
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
205.6

 
205.6

 
224.3

 
0.08
%
^Cencon Properties LLC and Central Connecticut Warehousing Company, Inc
 
Warehousing and Storage
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
317.0

 
317.0

 
347.5

 
0.12
%
^Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2038

 
307.8

 
307.8

 
336.3

 
0.12
%
^Gabrielle Realty, LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/27/2038

 
696.0

 
696.0

 
759.1

 
0.27
%
^Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Home
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2038

 
91.9

 
91.9

 
100.7

 
0.04
%
^Eastside Soccer Dome, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/26/2038

 
426.0

 
426.0

 
467.0

 
0.17
%
^HJ & Edward Enterprises, LLC dba Sky Zone
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/26/2023

 
177.5

 
177.5

 
182.3

 
0.07
%
^Southeast Chicago Soccer, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/26/2038

 
47.1

 
47.1

 
51.6

 
0.02
%
^Kiddie Steps 4 You Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/25/2038

 
83.0

 
83.0

 
90.4

 
0.03
%
^Diamond Memorials Incorporated
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/25/2023

 
8.1

 
8.1

 
8.2

 
—
%
^Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2023

 
30.5

 
30.5

 
31.0

 
0.01
%
^Faith Memorial Chapel LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2038

 
246.9

 
246.9

 
269.8

 
0.10
%
^Westville Seafood LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/19/2038

 
103.2

 
103.2

 
112.6

 
0.04
%
^Maynard Enterprises Inc dba Fastsigns of Texarkana
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/18/2023

 
10.6

 
10.6

 
10.8

 
—
%
^Grafio Inc dba Omega Learning Center-Acworth
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2023

 
108.7

 
108.7

 
110.6

 
0.04
%

166
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Sound Manufacturing Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/12/2028

 
44.2

 
44.2

 
46.3

 
0.02
%
^The Berlerro Group, LLC dba Sky Zone
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/12/2023

 
285.1

 
285.1

 
289.9

 
0.10
%
^Prospect Kids Academy Inc
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/11/2038

 
114.2

 
114.2

 
124.8

 
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

 
36.3

 
36.3

 
39.8

 
0.01
%
^B for Brunette dba Blo
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/10/2023

 
35.4

 
35.4

 
35.9

 
0.01
%
^Schmaltz Holdings, LLC and Schmaltz Operations, LLC dba Companio
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/4/2038

 
204.7

 
204.7

 
223.3

 
0.08
%
^Excel RP Inc
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
84.3

 
84.3

 
86.8

 
0.03
%
^IlOKA Inc dba Microtech Tel and NewCloud Networks
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
445.0

 
445.0

 
454.0

 
0.16
%
^ACI Northwest Inc.
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
396.6

 
396.6

 
408.4

 
0.15
%
^Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
28.0

 
28.0

 
28.8

 
0.01
%
^Ramard Inc and Advanced Health Sciences Inc
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/28/2023

 
121.4

 
121.4

 
122.8

 
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

 
52.4

 
52.4

 
54.0

 
0.02
%
^JSIL LLC dba Blackstones Hairdressing
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
8/16/2023

 
12.5

 
12.5

 
12.7

 
—
%
^Island Nautical Enterprises, Inc. and Ingwall Holdings, LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/14/2038

 
317.9

 
317.9

 
346.2

 
0.12
%
^Caribbean Concepts, Inc. dba Quick Bleach
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
8/12/2023

 
14.6

 
14.6

 
14.8

 
0.01
%
^Majestic Contracting Services, Inc. dba Majestic Electric and Majestic
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/26/2038

 
173.9

 
173.9

 
189.5

 
0.07
%
^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

 
7.6

 
7.6

 
7.8

 
—
%
^Angkor Restaurant Inc
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/19/2038

 
85.2

 
85.2

 
93.3

 
0.03
%
^Harbor Ventilation Inc and Estes Investment, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/19/2038

 
2.2

 
2.2

 
2.4

 
—
%
^Tri County Heating and Cooling Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/19/2023

 
56.1

 
56.1

 
57.8

 
0.02
%

167
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/17/2023

 
34.4

 
34.4

 
34.8

 
0.01
%
^Maxiflex LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/28/2023

 
28.6

 
28.6

 
29.5

 
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

 
89.1

 
89.1

 
98.1

 
0.04
%
^JRA Holdings LLC, Jasper County Cleaners Inc dba Superior Cleaner
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2038

 
109.0

 
109.0

 
120.1

 
0.04
%
^2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/19/2026

 
665.4

 
665.4

 
697.0

 
0.25
%
^Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
6/18/2028

 
693.9

 
693.9

 
733.7

 
0.26
%
^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

 
217.1

 
217.1

 
222.8

 
0.08
%
^Elite Structures Inc
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/12/2038

 
830.6

 
830.6

 
915.1

 
0.33
%
^Willowbrook Properties LLC, Grove Gardens Landscaping Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/5/2038

 
170.1

 
170.1

 
187.3

 
0.07
%
^(EPC) Absolute Desire LLC and Mark H. Szierer, Sophisticated Smile
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/5/2038

 
172.3

 
172.3

 
189.4

 
0.07
%
^RXSB, Inc dba Medicine Shoppe
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
5/30/2023

 
116.1

 
116.1

 
119.1

 
0.04
%
^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

 
39.3

 
39.3

 
40.5

 
0.01
%
^Ryan D. Thornton and Thornton & Associates LLC
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
5/24/2023

 
30.7

 
30.7

 
31.5

 
0.01
%
^PowerWash Plus, Inc. and CJR, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/30/2038

 
500.9

 
500.9

 
550.9

 
0.20
%
^Peanut Butter & Co., Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/30/2023

 
61.2

 
61.2

 
62.8

 
0.02
%
^Brothers International Desserts
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/26/2023

 
141.6

 
141.6

 
145.8

 
0.05
%
^Kidrose, LLC dba Kidville Riverdale
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
4/22/2023

 
49.0

 
49.0

 
50.4

 
0.02
%
^1258 Hartford TPKE, LLC and Phelps and Sons, Inc
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/29/2038

 
113.1

 
113.1

 
124.2

 
0.04
%
^Capital Scrap Metal, LLC and Powerline Investment, LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/29/2038

 
432.5

 
432.5

 
476.1

 
0.17
%

168
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^MRM Supermarkets Inc dba Constantins Breads; Dallas Gourmet Breads
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/29/2038

 
305.5

 
305.5

 
335.3

 
0.12
%
^Xela Pack, Inc. and Aliseo and Catherine Gentile
 
Paper Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/27/2028

 
211.9

 
211.9

 
223.8

 
0.08
%
^A & M Commerce, Inc. dba Cranberry Sunoco
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/27/2038

 
299.6

 
299.6

 
329.5

 
0.12
%
^American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2038

 
487.8

 
487.8

 
536.0

 
0.19
%
^Michael A.and HeatherR. Welsch dba Art & FrameEtc.
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/22/2038

 
61.3

 
61.3

 
67.4

 
0.02
%
^M & H Pine Straw Inc and Harris L. Maloy
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/21/2023

 
198.8

 
198.8

 
204.6

 
0.07
%
^Truth Technologies Inc dba Truth Technologies Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2023

 
48.3

 
48.3

 
49.5

 
0.02
%
^J. Kinderman & Sons Inc., dba BriteStar Inc.
 
Electrical Equipment, Appliance, and Component Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/20/2023

 
112.1

 
112.1

 
115.5

 
0.04
%
^Stellar Environmental LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2023

 
34.2

 
34.2

 
35.2

 
0.01
%
^Sound Manufacturing, Inc. and Monster Power Equipment Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/15/2023

 
316.1

 
316.1

 
325.1

 
0.12
%
^Golden Gate Lodging LLC
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/12/2038

 
104.4

 
104.4

 
114.8

 
0.04
%
^River Club Golf Course Inc dba The River Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2038

 
432.8

 
432.8

 
475.8

 
0.17
%
^Bakhtar Group LLC dba Malmaison
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2023

 
62.7

 
62.7

 
64.3

 
0.02
%
^Osceola River Mill, LLC, Ironman Machine, Inc.
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/20/2038

 
78.1

 
78.1

 
85.9

 
0.03
%
^Java Warung, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/19/2038

 
46.3

 
46.3

 
50.9

 
0.02
%
^Retain Loyalty LLC
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
2/15/2038

 
96.2

 
96.2

 
105.9

 
0.04
%
^Outcome Driven Innovation, Inc. dba ODI
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
2/12/2023

 
50.2

 
50.2

 
51.5

 
0.02
%
^Knits R Us, Inc. dba NYC Sports / Mingle
 
Textile Mills
 
Term Loan
 
Prime plus 2.75%
 
2/11/2038

 
113.4

 
113.4

 
124.8

 
0.04
%
^North Country Transport, LLC
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/6/2023

 
9.0

 
9.0

 
9.3

 
—
%

169
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^MJD Investments, LLC dba The Community Day School
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/31/2038

 
233.4

 
233.4

 
256.5

 
0.09
%
^Sherill Universal City dba Golden Corral
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/28/2038

 
399.7

 
399.7

 
439.3

 
0.16
%
^Macho LLC, Madelaine Chocolate Novelties Inc
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/31/2037

 
453.3

 
453.3

 
498.5

 
0.18
%
^Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/31/2022

 
56.9

 
56.9

 
58.3

 
0.02
%
^Babie Bunnie Enterprises Inc dba Triangle Mothercare
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2027

 
32.2

 
32.2

 
33.8

 
0.01
%
^John Duffy Fuel Co., Inc.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/28/2022

 
300.0

 
300.0

 
308.6

 
0.11
%
^Polpo Realty LLC & Polpo Restaurant LLC dba Polpo Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/27/2037

 
467.1

 
467.1

 
513.6

 
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

 
38.5

 
38.5

 
39.5

 
0.01
%
^Ezzo Properties, LLC and Great Lakes Cleaning, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2027

 
298.5

 
298.5

 
313.7

 
0.11
%
^Pioneer Window Holdings, Inc and Subsidiaries dba Pioneer Windows
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/20/2022

 
130.7

 
130.7

 
134.1

 
0.05
%
^Cheryle A Baptiste and Cheryle Baptiste DDS PLLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2037

 
259.0

 
259.0

 
284.7

 
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

 
204.2

 
204.2

 
224.5

 
0.08
%
^D&L Rescources, Inc. dba The UPS Store
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
11/27/2022

 
5.6

 
5.6

 
5.7

 
—
%
^Richmond Hill Mini Market, LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
11/27/2037

 
166.8

 
166.8

 
183.3

 
0.07
%
^DRV Enterprise, Inc. dba Cici's Pizza # 339
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/26/2022

 
34.8

 
34.8

 
35.8

 
0.01
%
^U & A Food and Fuel, Inc. dba Express Gas & Food Mart
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/21/2037

 
86.6

 
86.6

 
95.3

 
0.03
%
^Pioneer Windows Manufacturing Corp, Pioneer Windows
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/21/2022

 
157.5

 
157.5

 
161.6

 
0.06
%
^R & J Petroleum LLC, Manar USA, Inc.
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/20/2037

 
162.0

 
162.0

 
178.0

 
0.06
%
^St Judes Physical Therapy P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/19/2022

 
12.1

 
12.1

 
12.5

 
—
%
^Hi-Def Imaging, Inc. dba SpeedPro Imaging
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/9/2022

 
12.8

 
12.8

 
13.1

 
—
%

170
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Reidville Hydraulics Mfg Inc dba Summit
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/2/2037

 
239.2

 
239.2

 
262.3

 
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

 
104.5

 
104.5

 
106.9

 
0.04
%
^LA Diner Inc dba Loukas L A Diner
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/28/2037

 
617.8

 
617.8

 
678.8

 
0.24
%
^University Park Retreat, LLC dba Massage Heights
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2022

 
42.4

 
42.4

 
43.6

 
0.02
%
^Forno Italiano Di Nonna Randazzo, LLC dba Nonna Randazzo's Bakery
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/26/2037

 
165.9

 
165.9

 
182.0

 
0.07
%
^LaSalle Market and Deli EOK Inc and Rugen Realty LLC dba LaSalle Mark
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/21/2037

 
226.0

 
226.0

 
247.9

 
0.09
%
^O'Rourkes Diner LLC dba O'Rourke's Diner
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/19/2037

 
58.7

 
58.7

 
64.3

 
0.02
%
^AJK Enterprise LLC dba AJK Enterprise LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/27/2022

 
9.0

 
9.0

 
9.3

 
—
%
^New Image Building Services, Inc. dba New Image Repair Services
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/23/2037

 
255.4

 
255.4

 
279.8

 
0.10
%
^Suncoast Aluminum Furniture, Inc
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/17/2037

 
322.0

 
322.0

 
353.8

 
0.13
%
^Hofgard & Co., Inc. dba HofgardBenefits
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
7/27/2022

 
57.1

 
57.1

 
58.7

 
0.02
%
^Georgia Safe Sidewalks LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/27/2022

 
8.0

 
8.0

 
8.2

 
—
%
^Central Tire, Inc. dba Cooper Tire & Auto Services
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/29/2037

 
256.5

 
256.5

 
282.2

 
0.10
%
^WPI, LLC
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/29/2024

 
82.4

 
82.4

 
85.4

 
0.03
%
^Havana Central (NY) 5, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/29/2022

 
736.2

 
736.2

 
756.2

 
0.27
%
^Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/27/2037

 
62.0

 
62.0

 
68.2

 
0.02
%
^KIND-ER-ZZ Inc dba Kidville
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/15/2022

 
26.4

 
26.4

 
27.1

 
0.01
%
^Graphish Studio, Inc. and Scott Fishoff
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/14/2022

 
10.7

 
10.7

 
11.0

 
—
%
^ALF, LLC, Mulit-Service Eagle Tires
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/31/2037

 
55.9

 
55.9

 
61.5

 
0.02
%
^Craig R Freehauf dba Lincoln Theatre
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
5/31/2022

 
16.0

 
16.0

 
16.5

 
0.01
%

171
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Christou Real Estate Holdings LLC dba Tops American Grill
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/17/2037

 
251.6

 
251.6

 
277.0

 
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

 
11.8

 
11.8

 
12.1

 
—
%
^Bisson Transportation, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/7/2037

 
550.0

 
550.0

 
604.8

 
0.22
%
^Bisson Moving & Storage Company Bisson Transportation Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/7/2022

 
319.5

 
319.5

 
328.2

 
0.12
%
^Fair Deal Food Mart Inc dba Neighbors Market
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
5/3/2037

 
338.2

 
338.2

 
372.3

 
0.13
%
^Tanner Optical, Inc. dba Murphy Eye Care
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/27/2022

 
4.2

 
4.2

 
4.3

 
—
%
^Zane Filippone Co Inc dba Culligan Water Conditioning
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
4/12/2022

 
288.3

 
288.3

 
296.0

 
0.11
%
^Indoor Playgrounds Limited Liability Company dba Kidville
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
4/5/2022

 
5.1

 
5.1

 
5.2

 
—
%
^Access Staffing, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/30/2022

 
95.2

 
95.2

 
97.4

 
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

 
187.0

 
187.0

 
200.7

 
0.07
%
^Willow Springs Golf Course, Inc. & JC Lindsey Family Limited Partners
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/29/2037

 
669.6

 
669.6

 
736.4

 
0.26
%
^DC Realty, LLC dba FOGO Data Centers
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6%
 
3/23/2037

 
2,623.4

 
2,623.4

 
2,885.4

 
1.04
%
^DC Realty, LLC dba FOGO Data Centers
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6.25%
 
3/23/2022

 
734.2

 
734.2

 
753.2

 
0.27
%
^Manuel P. Barrera and Accura Electrical Contractor, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
77.5

 
77.5

 
81.8

 
0.03
%
^Shweiki Media, Inc. dba Study Breaks Magazine
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
3/22/2027

 
852.3

 
852.3

 
896.6

 
0.32
%
^ATI Jet, Inc.
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/28/2026

 
596.3

 
596.3

 
626.7

 
0.23
%
^J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
12/22/2036

 
440.1

 
440.1

 
483.6

 
0.17
%
^K's Salon, LLC dba K's Salon
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2021

 
35.5

 
35.5

 
36.3

 
0.01
%
^15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/16/2021

 
118.7

 
118.7

 
121.5

 
0.04
%

172
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(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
 
Prime plus 2.75%
 
12/15/2021

 
135.5

 
135.5

 
138.7

 
0.05
%
^Taylor Transport, Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/8/2021

 
148.7

 
148.7

 
152.3

 
0.05
%
^MRM Supermarkets, Inc. dba Constantin's Breads
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/10/2021

 
65.0

 
65.0

 
66.5

 
0.02
%
^K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
10/26/2021

 
27.6

 
27.6

 
28.2

 
0.01
%
^28 Cornelia Street Properties, LLC and Zouk, Ltd.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/25/2021

 
10.4

 
10.4

 
10.6

 
—
%
^39581 Garfield, LLC and Tri County Neurological Associates, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/30/2036

 
72.3

 
72.3

 
79.3

 
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

 
137.7

 
137.7

 
140.8

 
0.05
%
^39581 Garfield, LLC and Tricounty Neurological Associates, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/30/2036

 
24.6

 
24.6

 
27.0

 
0.01
%
^PTK, Incorporated dba Night N Day 24 HR Convenience Store
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/30/2036

 
119.7

 
119.7

 
131.4

 
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%
 
9/28/2021

 
479.9

 
479.9

 
489.7

 
0.18
%
^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

 
28.5

 
28.5

 
29.1

 
0.01
%
^Bryan Bantry Inc.
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
9/8/2021

 
38.0

 
38.0

 
38.8

 
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

 
14.3

 
14.3

 
15.7

 
0.01
%
^Qycell Corporation
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/19/2021

 
79.1

 
79.1

 
80.8

 
0.03
%
^Trademark Equipment Company Inc and David A. Daniel
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
8/19/2036

 
116.0

 
116.0

 
127.3

 
0.05
%
^Valiev Ballet Academy, Inc
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
8/12/2036

 
36.8

 
36.8

 
40.4

 
0.01
%
^A & A Auto Care, LLC dba A & A Auto Care, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/12/2036

 
88.0

 
88.0

 
96.6

 
0.03
%
^LaHoBa, LLC d/b/a Papa John's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/3/2036

 
66.8

 
66.8

 
73.4

 
0.03
%

173
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^MTV Bowl, Inc. dba Legend Lanes
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/30/2036

 
217.9

 
217.9

 
239.5

 
0.09
%
^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

 
38.8

 
38.8

 
42.7

 
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

 
303.8

 
303.8

 
333.9

 
0.12
%
^Pierce Developments, Inc. dba Southside Granite
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/13/2036

 
221.2

 
221.2

 
243.0

 
0.09
%
^Major Queens Body & Fender Corp
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/10/2021

 
12.2

 
12.2

 
12.5

 
—
%
^J&K Fitness, LLC dba Physiques Womens Fitness Center
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/8/2036

 
398.3

 
398.3

 
437.7

 
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

 
26.9

 
26.9

 
27.5

 
0.01
%
^Demand Printing Solutions, Inc.and MLM Enterprises, LLC
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/27/2021

 
6.9

 
6.9

 
7.0

 
—
%
^Modern on the Mile, LLC dba Ligne Roset
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
5/25/2021

 
87.9

 
87.9

 
89.8

 
0.03
%
^Profile Performance, Inc. and Eidak Real Estate, L.L.C.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/20/2036

 
109.6

 
109.6

 
120.5

 
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

 
125.1

 
0.04
%
^Michael S. Korfe dba North Valley Auto Repair
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/24/2036

 
13.3

 
13.3

 
14.6

 
0.01
%
^Actknowledge,Inc dba Actknowledge
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2021

 
23.0

 
23.0

 
23.5

 
0.01
%
^Key Products I&II, Inc. dba Dunkin' Donuts/Baskin-Robbins
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/10/2021

 
61.5

 
61.5

 
62.8

 
0.02
%
^Stephen Frank, Patricia Frank and Suds Express LLC dba Frank Chiropra
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/25/2023

 
31.3

 
31.3

 
32.3

 
0.01
%
^SuzyQue’s LLC dba Suzy Que’s
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/11/2036

 
52.3

 
52.3

 
57.5

 
0.02
%
^Little People’s Village, LLC dba Little People’s Village
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/31/2036

 
26.5

 
26.5

 
29.1

 
0.01
%
^Seagate Group Holdings, Inc. dba Seagate Logistics, Inc.
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
1/28/2036

 
96.7

 
96.7

 
106.2

 
0.04
%

174
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Patrageous Enterprises, LLC dba Incredibly Edible Delites of Laurel
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/29/2020

 
2.7

 
2.7

 
2.8

 
—
%
^Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown
 
Support Activities for Transportation
 
Term Loan
 
5.25%
 
12/28/2035

 
1,316.8

 
1,334.6

 
1,444.1

 
0.52
%
^Groundworks Unlimited LLC
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
12/17/2023

 
72.8

 
72.8

 
75.4

 
0.03
%
^Shree OM Lodging, LLC dba Royal Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/17/2035

 
23.5

 
23.5

 
25.8

 
0.01
%
^Lodin Medical Imaging, LLC dba Watson Imaging Center
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/1/2020

 
24.4

 
24.4

 
24.8

 
0.01
%
^Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/30/2035

 
28.8

 
28.8

 
31.6

 
0.01
%
^West Cobb Enterprises, Inc and Advanced Eye Associates, L.L.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/12/2035

 
126.3

 
126.3

 
138.5

 
0.05
%
^K9 Bytes, Inc & Epazz, Inc
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
9/30/2020

 
6.4

 
6.4

 
6.5

 
—
%
^Elan Realty, LLC and Albert Basse Asociates, Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
9/30/2035

 
192.6

 
192.6

 
211.1

 
0.08
%
^Success Express,Inc. dba Success Express
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
9/29/2020

 
30.5

 
30.5

 
31.0

 
0.01
%
^Modern Manhattan, LLC
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
9/20/2020

 
70.6

 
70.6

 
71.9

 
0.03
%
^Dirk's Trucking, L.L.C. dba Dirk's Trucking
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/17/2020

 
6.0

 
6.0

 
6.1

 
—
%
^Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery
 
Repair and Maintenance
Term Loan
 
Prime plus 2.75%
 
9/2/2035

 
42.2

 
42.2

 
46.2

 
0.02
%
^Newsome Trucking Inc and Kevin Newsome
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/2/2035

 
206.1

 
206.1

 
225.8

 
0.08
%
^California College of Communications, Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
11/2/2020

 
61.3

 
61.3

 
62.5

 
0.02
%
^DDLK Investments LLC dba Smoothie King
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/30/2020

 
1.6

 
1.6

 
1.6

 
—
%
^Members Only Software
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/30/2020

 
13.2

 
13.2

 
13.4

 
—
%
^ActKnowledge,Inc dba ActKnowledge
 
Personal and Laundry Services
Term Loan
 
Prime plus 2.75%
 
6/30/2020

 
15.9

 
15.9

 
16.2

 
0.01
%
^I-90 RV & Auto Supercenter
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/29/2035

 
62.7

 
62.7

 
68.6

 
0.02
%
^Zouk, Ltd. dba Palma
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/25/2020

 
9.1

 
9.1

 
9.3

 
—
%

175
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^CJ Park Inc. dba Kidville Midtown West
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/25/2020

 
6.6

 
6.6

 
6.7

 
—
%
^Tanner Optical Inc. dba Murphy Eye Care
 
Ambulatory Health Care Services
Term Loan
 
Prime plus 2.75%
 
6/22/2035

 
79.3

 
79.3

 
86.8

 
0.03
%
^B&B Fitness and Barbell, Inc. dba Elevations Health Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6%
 
6/22/2035

 
182.0

 
182.0

 
199.2

 
0.07
%
^M & H Pine Straw, Inc.and Harris Maloy
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
7/10/2020

 
28.2

 
28.2

 
28.7

 
0.01
%
^Excel RP, Inc./Kevin and Joann Foley
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/8/2028

 
35.7

 
35.7

 
37.9

 
0.01
%
ValleyStar, Inc. dba BrightStar HealthCare
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2020

 
1.9

 
1.9

 
1.9

 
—
%
^ValleyStar, Inc. dba BrightStar Healthcare
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2020

 
2.4

 
2.4

 
2.4

 
—
%
^Diag, LLC dba Kidville
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/21/2020

 
11.5

 
11.5

 
11.7

 
—
%
^M & H Pine Straw, Inc and Harris L. Maloy
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
6%
 
4/30/2020

 
57.0

 
57.0

 
58.0

 
0.02
%
^New Economic Methods LLC dba Rita's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/15/2020

 
0.5

 
0.5

 
0.6

 
—
%
^Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/26/2020

 
1.8

 
1.8

 
1.9

 
—
%
^Lahoba,LLC dba Papa John's Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/30/2034

 
35.2

 
35.2

 
38.4

 
0.01
%
^Animal Intrusion Prevention Systems Holding Company, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2024

 
25.8

 
25.8

 
26.8

 
0.01
%
^David A. Nusblatt, D.M.D, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/11/2019

 
2.3

 
2.3

 
2.3

 
—
%
^CMA Consulting dba Construction Management Associates
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/11/2019

 
13.4

 
13.4

 
13.5

 
—
%
^KMC RE, LLC & B&B Kennels
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/19/2034

 
48.0

 
48.0

 
52.5

 
0.02
%
^Demand Printing Solutions, Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
12/12/2019

 
2.5

 
2.5

 
2.5

 
—
%
^Demand Printing Solutions, Inc
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
10/29/2034

 
121.1

 
121.1

 
132.3

 
0.05
%
^Rover Repairs
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.5%
 
11/28/2029

 
51.4

 
35.9

 
54.2

 
0.02
%
^Supreme Screw Products
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/17/2019

 
51.5

 
51.5

 
52.1

 
0.02
%

176
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Gray Tree Service, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/18/2018

 
6.4

 
6.4

 
6.5

 
—
%
^Gourmet to You, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2019

 
1.7

 
1.7

 
1.8

 
—
%
^The Alba Financial Group, Inc.
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
6%
 
1/10/2019

 
9.6

 
9.6

 
9.7

 
—
%
^Inflate World Corporation
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/30/2018

 
0.6

 
0.6

 
0.6

 
—
%
^Peter Thomas Roth Labs
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/26/2018

 
41.1

 
41.1

 
41.4

 
0.01
%
^CBA D&A Pope, LLC dba Christian Brothers Automotive
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/14/2018

 
11.0

 
11.0

 
11.0

 
—
%
^Gilbert Chiropractic Clinic, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/7/2018

 
0.3

 
0.3

 
0.3

 
—
%
^D & D's Divine Beauty School of Esther, LLC
 
Educational Services
 
Term Loan
 
6%
 
8/1/2031

 
49.0

 
49.0

 
52.8

 
0.02
%
Bliss Coffee and Wine Bar, LLC
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
8/31/2019

 
68.1

 
68.1

 
68.9

 
0.02
%
^Zog Inc.
 
Other Information Services
 
Term Loan
 
6%
 
3/17/2018

 
48.2

 
48.2

 
48.4

 
0.02
%
^Saan M.Saelee dba Saelee's Delivery Service
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/12/2018

 
0.3

 
0.3

 
0.3

 
—
%
^Integrity Sports Group, LLC
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
6%
 
3/6/2018

 
30.6

 
30.6

 
30.7

 
0.01
%
^Enewhere Custom Canvas, LLC
 
Textile Product Mills
 
Term Loan
 
Prime plus 2.75%
 
2/15/2018

 
0.5

 
0.5

 
0.5

 
—
%
^A & A Acquisition, Inc. dba A & A International
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/15/2018

 
2.2

 
2.2

 
2.2

 
—
%
^All American Printing
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
10/26/2032

 
36.4

 
36.4

 
39.5

 
0.01
%
^Seo's Paradise Cleaners, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/19/2018

 
0.1

 
0.1

 
0.1

 
—
%
^Connect Litigation Technology, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2%
 
10/18/2025

 
25.2

 
17.6

 
25.7

 
0.01
%
^1911 East Main Street Holdings, Corp
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/18/2032

 
11.9

 
11.9

 
12.8

 
—
%
^Water Works Laundromat, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.25%
 
9/7/2027

 
170.4

 
170.4

 
176.3

 
0.06
%

177
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Dave Kris, and MDK Ram Corp.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/5/2026

 
29.6

 
29.6

 
31.0

 
0.01
%
^Gill Express Inc. dba American Eagle Truck Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
1/5/2027

 
173.9

 
173.9

 
183.4

 
0.07
%
^Smooth Grounds, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
8%
 
12/31/2018

 
27.5

 
27.5

 
27.7

 
0.01
%
^Fran-Car Corporation dba Horizon Landscape Management
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/3/2028

 
65.4

 
65.4

 
69.3

 
0.02
%
^Head To Toe Personalized Pampering, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/27/2031

 
8.6

 
8.6

 
9.2

 
—
%
^Christopher F. Bohon & Pamela D. Bohon
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
10/28/2026

 
3.0

 
3.0

 
3.2

 
—
%
^Mogas Limited
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
5/31/2030

 
69.6

 
48.7

 
74.5

 
0.03
%
^Shree Om Lodging, LLC dba Royal Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/2/2030

 
61.5

 
61.5

 
65.9

 
0.02
%
^Pedzik's Pets, LLC
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
3/31/2030

 
8.5

 
8.5

 
9.1

 
—
%
^Nancy Carapelluci & A & M Seasonal Corner Inc.
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/1/2025

 
13.1

 
13.1

 
13.7

 
—
%
^Patricia Hughes Jones, MD PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
1/13/2020

 
3.7

 
2.5

 
3.8

 
—
%
^Moonlight Multi Media Production, Inc.
 
Other Information Services
 
Term Loan
 
5%
 
2/1/2025

 
2.7

 
2.7

 
2.9

 
—
%
David M. Goens dba Superior Auto Paint & Body, Inc.
 
Repair and Maintenance
 
Term Loan
 
6%
 
8/26/2024

 
15.8

 
15.8

 
16.5

 
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

 
10.9

 
10.9

 
11.6

 
—
%
^Chong Hun Im dba Kim's Market
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.5%
 
2/27/2024

 
8.3

 
8.3

 
8.6

 
—
%
Whirlwind Car Wash, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2%
 
4/9/2029

 
65.2

 
65.2

 
66.9

 
0.02
%
^West Experience,Inc/West Mountain Equipment Rental,Inc/Ski West Lodge
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6%
 
6/5/2026

 
826.6

 
826.6

 
868.6

 
0.31
%
^Center-Mark Car Wash, Ltd
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/18/2024

 
24.8

 
24.8

 
25.8

 
0.01
%
^Shuttle Car Wash, Inc. dba Shuttle Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.25%
 
11/10/2028

 
16.0

 
16.0

 
16.6

 
0.01
%
^Min Hui Lin
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/30/2028

 
16.4

 
16.4

 
17.3

 
0.01
%

178
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Delta Partners, LLC dba Delta Carwash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.5%
 
4/5/2029

 
40.2

 
40.2

 
42.3

 
0.02
%
^Auto Sales, Inc.
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
6%
 
8/17/2023

 
6.8

 
6.8

 
7.0

 
—
%
^RAB Services, Inc. & Professional Floor Installations
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.5%
 
1/31/2023

 
6.0

 
6.0

 
6.2

 
—
%
^Taste of Inverness, Inc. dba China Garden
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2%
 
6/29/2025

 
7.9

 
7.9

 
8.1

 
—
%
^Ralph Werner dba Werner Transmission Inc
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/29/2021

 
1.9

 
1.9

 
2.0

 
—
%
^Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6%
 
9/14/2023

 
29.6

 
29.6

 
30.7

 
0.01
%
^OrthoQuest, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2%
 
3/12/2022

 
3.4

 
3.4

 
3.5

 
—
%
^CPN Motel, L.L.C. dba American Motor Lodge
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
4/30/2024

 
27.4

 
27.4

 
28.0

 
0.01
%
^Track Side Collision & Tire, Inc.
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/16/2025

 
4.4

 
4.4

 
4.6

 
—
%
^Duttakrupa, LLC dba Birmingham Motor Court
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
9/8/2023

 
10.7

 
10.7

 
10.9

 
—
%
^Deesha Corporation, Inc. dba Best Inn & Suites
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
2/14/2025

 
24.8

 
24.8

 
25.4

 
0.01
%
^Maruti, Inc
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
11/25/2024

 
22.9

 
22.9

 
23.4

 
0.01
%
Willington Hills Equestrian Center LLC
 
Animal Production and Aquaculture
 
Term Loan
 
Prime plus 2.75%
 
10/19/2022

 
12.4

 
12.4

 
12.8

 
—
%
^LABH, Inc., Ramada Ltd.
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
9/27/2024

 
36.7

 
36.7

 
37.6

 
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

 
6.1

 
6.1

 
6.3

 
—
%
^Gain Laxmi, Inc. dba Super 8 Motel
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
5/31/2023

 
17.4

 
17.4

 
17.8

 
0.01
%
^Naseeb Corporation
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
3/31/2024

 
26.4

 
26.4

 
27.1

 
0.01
%
^Stillwell Ave Prep School
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/14/2023

 
5.5

 
5.5

 
5.7

 
—
%
^Karis, Inc.
 
Accommodation
 
Term Loan
 
Prime plus 2%
 
12/22/2023

 
11.8

 
11.8

 
11.9

 
—
%
^Five Corners, Ltd.
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/11/2019

 
3.2

 
3.2

 
3.3

 
—
%
^Alyssa Corp dba Knights Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
9/30/2023

 
38.8

 
38.8

 
39.6

 
0.01
%

179
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
^Bhailal Patel dba New Falls Motel
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/27/2023

 
3.1

 
3.1

 
3.2

 
—
%
^Pegasus Automotive, Inc.
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/23/2022

 
9.4

 
9.4

 
9.7

 
—
%
^Delyannis Iron Works
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
6%
 
12/8/2022

 
10.8

 
10.8

 
11.2

 
—
%
^P. Agrino, Inc. dba Andover Diner
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/18/2021

 
7.0

 
7.0

 
7.1

 
—
%
^RJS Service Corporation
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
8/20/2021

 
5.0

 
5.0

 
5.1

 
—
%
Total Performing SBA Unguaranteed Investments
 
 
 
 
 
 
 
 
 
$
264,318.4

 
$
264,282.0

 
$
266,467.1

 
95.74%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Performing SBA Unguaranteed Investments (3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*^200 North 8th Street Associates LLC and Enchanted Acres Farm
 
Food Manufacturing
 
Term Loan
 
6.25%
 
5/4/2028

 
$
469.3

 
$
469.3

 
$
436.5

 
0.16
%
*^214 North Franklin, LLC and Winter Ventures, Inc.
 
Nonstore Retailers
 
Term Loan
 
6%
 
11/29/2037

 
$
81.7

 
$
81.7

 
$
—

 
—
%
*^Alejandro Rico dba Rico Motors and Golden West Motel and Alrima Co Inc
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
6.75%
 
11/25/2040

 
$
68.4

 
$
68.4

 
$
2.8

 
—
%
*^Al-Mustafa Enterprise, Inc. and Al-Mustafa Enterprise Inc
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
6.25%
 
9/18/2040

 
$
34.7

 
$
34.7

 
$
—

 
—
%
*^Amboy Group, LLC dba Tommy's Moloney's
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/24/2025

 
$
387.4

 
$
387.4

 
$
360.3

 
0.13
%
*^AUM Estates, LLC and Sculpted Figures Plastic Surgery Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
6%
 
3/14/2038

 
$
305.7

 
$
305.7

 
$
—

 
—
%
*AWA Fabrication & Construction, L.L.C.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
6%
 
4/30/2025

 
$
34.8

 
$
34.8

 
$
—

 
—
%
*^B & J Manufacturing Corporation and Benson Realty Trust
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2%
 
3/30/2021

 
$
15.5

 
$
15.5

 
$
14.6

 
0.01
%
*Baker Sales, Inc. d/b/a Baker Sales, Inc.
 
Nonstore Retailers
 
Term Loan
 
6%
 
3/29/2036

 
$
177.4

 
$
177.4

 
$
95.5

 
0.03
%
*^Fieldstone Quick Stop LLC, Barber Investments LLC, Thadius M B
 
Gasoline Stations
 
Term Loan
 
6%
 
9/30/2038

 
$
407.3

 
$
407.3

 
$
2.6

 
—
%
*^Barber Investments LLC and Fieldstone Quickstop LLC and Maine Dollar
 
Gasoline Stations
 
Term Loan
 
6.25%
 
8/15/2039

 
$
146.3

 
$
146.3

 
$
—

 
—
%
*Bone Bar & Grill LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2042

 
$
73.4

 
$
73.4

 
$
64.2

 
0.02
%
*^Calhoun Satellite Communications Inc and Transmission Solutions Group
 
Broadcasting (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
2/27/2025

 
$
811.7

 
$
811.7

 
$
431.3

 
0.15
%
*Calhoun Satellite Communications, Inc.
 
Telecommunications
 
Term Loan
 
Prime plus 2.75%
 
12/2/2026

 
$
189.1

 
$
189.1

 
$
172.6

 
0.06
%

180
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
*^Chickamauga Properties, Inc., MSW Enterprises, LLP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6.25%
 
12/22/2035

 
$
59.0

 
$
59.0

 
$
56.5

 
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 and Amboy Group, LLC dba Tommy Moloney's
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/27/2023

 
$
479.8

 
$
479.8

 
$
446.2

 
0.16
%
*^CM Lab Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/20/2026

 
$
166.1

 
$
166.1

 
$
154.5

 
0.06
%
*^Custom Software, Inc. a Colorado Corporation dba M-33 Access
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6.25%
 
6/17/2021

 
$
272.7

 
$
272.7

 
$
234.6

 
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

 
$
55.5

 
0.02
%
*^Daniel S. Fitzpatrick dba Danny's Mobile Appearance Reconditioning Service
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/29/2018

 
$
0.3

 
$
0.3

 
$
0.3

 
—
%
*^Danjam Enterprises, LLC dba Ariel Dental Care
 
Ambulatory Health Care Services
 
Term Loan
 
6%
 
3/31/2035

 
$
126.0

 
$
126.0

 
$
118.9

 
0.04
%
*^Danjam Enterprises, LLC dba Ariel Dental Care
 
Ambulatory Health Care Services
 
Term Loan
 
6%
 
3/29/2023

 
$
64.8

 
$
64.8

 
$
61.1

 
0.02
%
*^Dill Street Bar and Grill Inc and WO Entertainment, Inc
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
9/27/2027

 
$
78.4

 
$
78.4

 
$
—

 
—
%
*^DTM Parts Supply Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
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

 
$
4,923.2

 
$
5,047.3

 
$
2,529.6

 
0.91
%
*^ENI Inc, Event Networks Inc, ENI Worldwide LLC and Spot Shop Inc
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6.75%
 
4/25/2024

 
$
273.8

 
$
273.8

 
$
—

 
—
%
*^ENI Inc. dba ENI Group, Inc
 
Other Information Services
 
Term Loan
 
6.75%
 
12/11/2025

 
$
32.8

 
$
32.8

 
$
—

 
—
%
*^Europlast Ltd
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
6%
 
9/26/2022

 
$
314.9

 
$
314.9

 
$
28.4

 
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

 
$
12.2

 
$
12.2

 
$
9.4

 
—
%
*^EZ Towing, Inc.
 
Support Activities for Transportation
 
Term Loan
 
6%
 
1/31/2023

 
$
86.4

 
$
86.4

 
$
8.1

 
—
%
*^Gator Communications Group LLC dba Harvard Printing Group
 
Printing and Related Support Activities
 
Term Loan
 
6.25%
 
3/30/2022

 
$
233.5

 
$
233.5

 
$
11.2

 
—
%

181
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
*^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
 
Prime plus 2.75%
 
7/25/2041

 
530.2

 
530.2

 
493.2

 
0.18
%
*^Grand Manor Realty, Inc. & Kevin LaRoe
 
Real Estate
 
Term Loan
 
6%
 
2/20/2023

 
19.0

 
19.0

 
17.6

 
0.01
%
*Guzman Group, LLC
 
Rental and Leasing Services
 
Term Loan
 
6%
 
9/30/2019

 
181.3

 
181.3

 
173.3

 
0.06
%
*Harrelson Materials Management, Inc
 
Waste Management and Remediation Services
 
Term Loan
 
6%
 
6/24/2021

 
465.2

 
465.2

 
25.0

 
0.01
%
*^Hascher Gabelstapler Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/26/2024

 
107.7

 
107.7

 
100.2

 
0.04
%
*^Hemingway Custom Cabinetry LLC
 
Furniture and Related Product Manufacturing
 
Term Loan
 
6.5%
 
9/25/2025

 
198.6

 
198.6

 
62.5

 
0.02
%
*^Home Again Restaurant LLC
 
Food Services and Drinking Places
 
Term Loan
 
6.25%
 
6/30/2040

 
58.8

 
58.8

 
47.5

 
0.02
%
*^J And G Group Services LLC and United Vending of Florida Inc
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
7/28/2026

 
29.6

 
29.6

 
27.5

 
0.01
%
*^J Olson Enterprises LLC and Olson Trucking Direct, Inc.
 
Truck Transportation
 
Term Loan
 
6%
 
6/28/2025

 
628.4

 
628.4

 
76.7

 
0.03
%
*^J&M Concessions, Inc.dba A-1 Liquors
 
Food and Beverage Stores
 
Term Loan
 
6.25%
 
3/3/2039

 
130.6

 
130.6

 
61.7

 
0.02
%
*^J&M Concessions Inc dba A 1 Liquors
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/27/2025

 
80.0

 
80.0

 
21.6

 
0.01
%
*^Jacksonville Beauty Institute Inc. dba Beauty Institute's
 
Educational Services
 
Term Loan
 
7%
 
10/23/2025

 
43.7

 
43.7

 
40.6

 
0.01
%
*Jenny's Wunderland, Inc.
 
Social Assistance
 
Term Loan
 
6%
 
6/29/2036

 
98.8

 
98.8

 
10.6

 
—
%
*^Karykion, Corporation dba Karykion Corporation
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6%
 
6/28/2022

 
144.8

 
144.8

 
134.7

 
0.05
%
*^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

 
10.3

 
—
%
*^Kids at Heart,LLC dba Monster Mini Golf
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6.75%
 
9/22/2026

 
21.6

 
21.6

 
10.4

 
—
%
*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

 
366.8

 
366.8

 
341.2

 
0.12
%
*Kup’s Auto Spa, Inc.
 
Repair and Maintenance
 
Term Loan
 
6.25%
 
10/23/2025

 
54.7

 
54.7

 
50.9

 
0.02
%
*^Las Casuelas Del Este Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/29/2041

 
791.6

 
791.6

 
393.1

 
0.14
%
*^Las Torres Development LLC dba Houston Event Centers
 
Real Estate
 
Term Loan
 
6%
 
8/27/2028

 
875.4

 
906.0

 
—

 
—
%

182
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
*^LE & JS dba Laredo Mercado Y Carniceria
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
4/13/2026

 
18.5

 
18.5

 
—

 
—
%
*^Luv 2 Play Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/12/2026

 
60.8

 
60.8

 
57.4

 
0.02
%
*^M and C Renovations Inc
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
10/31/2024

 
12.8

 
12.8

 
10.0

 
—
%
*^Matchless Transportation LLC dba First Class Limo
 
Transit and Ground Passenger Transportation
 
Term Loan
 
6.25%
 
8/3/2022

 
125.3

 
125.3

 
110.0

 
0.04
%
*^Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad
 
Electrical Equipment, Appliance, and Component Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/25/2025

 
19.5

 
19.5

 
6.1

 
—
%
*^Milliken and Milliken, Inc. dba Milliken Wholesale Distribution
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
6%
 
6/10/2036

 
25.6

 
25.6

 
—

 
—
%
*^Mojo Brands Media, LLC
 
Broadcasting (except Internet)
 
Term Loan
 
6%
 
8/28/2023

 
725.0

 
725.0

 
342.9

 
0.12
%
*^Morris Glass and Construction
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
3/7/2021

 
465.1

 
482.1

 
53.5

 
0.02
%
*Municipal Hydro Sevices Inc.
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
3/30/2027

 
225.7

 
225.7

 
42.0

 
0.02
%
*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

 
293.2

 
0.11
%
*^New Paltz Dental Care, PLLC dba Ariel Dental Care
 
Ambulatory Health Care Services
 
Term Loan
 
6%
 
6/19/2025

 
97.5

 
97.5

 
59.6

 
0.02
%
*^Colts V LLC and Nowatzke Service Center, Inc
 
Repair and Maintenance
 
Term Loan
 
6.75%
 
9/26/2039

 
577.6

 
577.6

 
545.1

 
0.20
%
*^Nowatzke Service Center Inc dba Nowatzke Truck and Trailer
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
1/29/2026

 
96.9

 
96.9

 
91.5

 
0.03
%
*Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Global
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
9/28/2026

 
608.3

 
608.3

 
272.1

 
0.10
%
*^Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Services
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
9/28/2041

 
400.1

 
400.1

 
340.3

 
0.12
%
*^Planet Verte, LLC dba Audio Unlimited
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2020

 
16.4

 
16.4

 
15.7

 
0.01
%
*^Pooh's Corner Realty LLC and Pooh's Corner Inc
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
7/23/2040

 
100.3

 
100.3

 
93.3

 
0.03
%
*Professional Systems, LLC and Professional Cleaning
 
Administrative and Support Services
 
Term Loan
 
6%
 
7/30/2020

 
131.8

 
131.8

 
1.8

 
—
%
*^RDT Enterprises LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/15/2027

 
136.9

 
136.9

 
127.3

 
0.05
%
*^RDT Enterprises, L.L.C.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/12/2025

 
19.5

 
19.5

 
—

 
—
%

183
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
*^RDT Enterprises, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/31/2028

 
119.0

 
119.0

 
110.7

 
0.04
%
*^Route 130 SCPI Holdings LLC, Route 130 SCPI Operations LLC
 
Food Services and Drinking Places
 
Term Loan
 
6.25%
 
9/30/2039

 
536.4

 
536.4

 
320.1

 
0.12
%
*^Scoville Plumbing & Heating Inc and Thomas P. Scoville
 
Specialty Trade Contractors
 
Term Loan
 
6.75%
 
7/25/2022

 
32.1

 
32.1

 
30.3

 
0.01
%
*^Shivsakti, LLC dba Knights Inn
 
Accommodation
 
Term Loan
 
6.25%
 
12/20/2032

 
8.0

 
8.0

 
—

 
—
%
*^Sourceco Limited Liability Company
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/17/2025

 
45.0

 
45.0

 
43.1

 
0.02
%
*^Sovereign Communications LLC
 
Broadcasting (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
2/7/2024

 
697.1

 
697.1

 
345.4

 
0.12
%
*^Square Deal Siding Company,LLC dba Square Deal Siding Company
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/18/2025

 
20.3

 
20.3

 
19.4

 
0.01
%
*^STK Ventures Inc dba JP Dock Service & Supply
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
5/9/2037

 
31.6

 
31.6

 
—

 
—
%
*^Stormrider Inc dba Shirley's Stormrider Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/23/2025

 
58.1

 
58.1

 
—

 
—
%
*^Stormrider Inc dba Shirley's Stormrider, Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/25/2024

 
116.9

 
116.9

 
41.6

 
0.01
%
*Stormwise South Florida dba Stormwise Shutters
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
11/7/2036

 
111.2

 
111.2

 
—

 
—
%
*^Tim's Tire & Automotive Center, LLC
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/16/2026

 
768.3

 
768.3

 
529.7

 
0.19
%
*^Thomas P. Scoville dba Scoville Plumbing & Heating, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
6.75%
 
11/16/2021

 
34.3

 
34.3

 
32.4

 
0.01
%
*Transmission Solutions Group, Inc. and Calhoun Satellite Communications
 
Telecommunications
 
Term Loan
 
Prime plus 2.75%
 
12/2/2041

 
141.3

 
141.3

 
81.8

 
0.03
%
*^Winter Ventures Inc and 214 N Franklin LLC
 
Nonstore Retailers
 
Term Loan
 
6%
 
4/29/2024

 
56.6

 
56.6

 
—

 
—
%
*^Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall
 
Nonstore Retailers
 
Term Loan
 
6%
 
12/23/2024

 
149.3

 
149.3

 
—

 
—
%
*^Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall
 
Nonstore Retailers
 
Term Loan
 
6%
 
4/3/2029

 
134.5

 
134.5

 
—

 
—
%
*^Wired LLC and Moulison North Corporation
 
Specialty Trade Contractors
 
Term Loan
 
6.25%
 
6/30/2024

 
118.5

 
118.5

 
108.3

 
0.04
%
*^Wired LLC and Moulison North Corporation
 
Specialty Trade Contractors
 
Term Loan
 
6.25%
 
7/3/2024

 
138.3

 
138.3

 
—

 
—
%
Total Non-Performing Unguaranteed SBA Investments
 
 
 
 
 
 
 
 
 
$
23,236.1

 
$
23,407.8

 
$
11,567.3

 
4.16%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Unguaranteed SBA Investments
 
 
 
 
 
 
 
 
 
$
287,554.5

 
$
287,689.8

 
$
278,034.4

 
99.89%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performing SBA Guaranteed Investments (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beale Street Blues Company Inc.dba Beatle Street Blues Company, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/14/2027

 
2,906.3

 
2,906.3

 
3,182.3

 
1.14
%

184
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(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

 
566.3

 
566.3

 
644.5

 
0.23
%
Gorilla Warfare LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
127.5

 
127.5

 
141.1

 
0.05
%
Advance Case Parts Inc
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
150.0

 
150.0

 
166.0

 
0.06
%
Anderson Farms Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
3,750.0

 
3,750.0

 
4,106.3

 
1.48
%
Muckamuck Trucks, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
78.2

 
78.2

 
86.5

 
0.03
%
TrialHawk Litigation Group LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
89.3

 
89.3

 
98.8

 
0.04
%
Salida Family Chiropractic-PPLC dba Salida Sport and Spine
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
68.0

 
68.0

 
75.2

 
0.03
%
Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diagnostics
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
2,334.8

 
2,334.8

 
2,568.2

 
0.92
%
Medical Plaza of Boro Park PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
187.5

 
187.5

 
207.5

 
0.07
%
Dudeck Enterprise LLC dba Detail Garage Las Vegas
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
91.0

 
91.0

 
100.6

 
0.04
%
Jacliff Investments Inc dba International Heal
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
150.0

 
150.0

 
166.0

 
0.06
%
O'Rourke's Diner, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/22/2027

 
21.3

 
21.3

 
23.5

 
0.01
%
Anglin Cultured Stone Products LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/27/2042

 
1,931.3

 
1,931.3

 
2,193.2

 
0.79
%
Farec, Inc
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/29/2042

 
843.6

 
843.6

 
959.6

 
0.34
%
Best Choice Meats, Inc
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/29/2027

 
585.0

 
585.0

 
647.3

 
0.23
%
Social Link LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/29/2027

 
63.8

 
63.8

 
70.5

 
0.03
%
Morrocco Method, Inc
 
Chemical Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/27/2042

 
2,583.8

 
2,583.8

 
2,927.7

 
1.05
%
JBK Truck Trailer and Bus Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/23/2042

 
255.9

 
255.9

 
290.3

 
0.10
%
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

 
1,232.6

 
1,232.6

 
1,393.6

 
0.50
%

185
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Swantown Inn & Spa LLC
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/26/2042

 
245.7

 
245.7

 
278.8

 
0.10
%
House of Bread & Coffee Corp dba Casa Do Pao
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/27/2042

 
403.8

 
403.8

 
457.8

 
0.16
%
CR Park Incorporated dba Define Body and Mind
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/20/2027

 
142.7

 
142.7

 
157.9

 
0.06
%
AP6 LLC and Amishp LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/30/2042

 
321.2

 
321.2

 
364.2

 
0.13
%
Pro Anderson, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/11/2027

 
57.9

 
57.9

 
64.1

 
0.02
%
Looky Enterprises, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/18/2027

 
51.7

 
51.7

 
57.2

 
0.02
%
Berza TLG,LLC dba The Little Gym of Lake Charles
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/31/2027

 
73.0

 
73.0

 
73.0

 
0.03
%
Paramount Dance Studios Inc. and Homestead Dance Supply
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/14/2043

 
647.9

 
647.9

 
737.0

 
0.26
%
Murf & Sons LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/16/2027

 
180.3

 
180.3

 
199.5

 
0.07
%
Beacon Brewing LLC and C' Sons, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/27/2042

 
151.1

 
151.1

 
172.0

 
0.06
%
Amped Coffee Company LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/28/2027

 
11.3

 
11.3

 
12.4

 
—
%
Utara LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/1/2027

 
36.3

 
36.3

 
40.2

 
0.01
%
Oil Palace, Inc.
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
12/4/2042

 
2,455.2

 
2,455.2

 
2,774.4

 
1.00
%
DHD Enterprise LLC dba Edible Arrangements #1699
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/21/2027

 
47.4

 
47.4

 
52.5

 
0.02
%
Total Performing SBA Guaranteed Investments
 
 
 
 
 
 
 
 
 
$
22,841.3

 
$
22,841.3

 
$
25,489.6

 
9.16%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total SBA Unguaranteed and Guaranteed Investments
 
 
 
 
 
 
 
 
 
$
310,395.8

 
$
310,531.1

 
$
303,524.0

 
109.05%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Controlled Investments (5)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*Advanced Cyber Security Systems, LLC (6), (19)
 
Data processing, hosting and related services.
 
50% Membership Interest
 
—%
 
—

 
—

 
—

 
—

 
—
%
 
 
 
 
Term Loan
 
3%
 
December 2014
 
381.0

 
381.0

 
—

 
—
%
*Automated Merchant Services, Inc. (7), (19)
 
Data processing, hosting and related services.
 
100% Common Stock
 
—%
 
—

 
—

 
—

 
—

 
—
%

186
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
CDS Business Services, Inc. (8)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Common Stock
 
—%
 
—

 
—

 
4,428.0

 
8,000.0

 
2.87
%
 
 
 
 
Line of Credit
 
Prime plus 2.5%
 
August 2018
 
6,396.0

 
6,396.0

 
6,396.0

 
2.30
%
*Newtek Technology Solutions, Inc. (11)
 
Data processing, hosting and related services.
 
100% Common Stock
 
—%
 
—

 
—

 
8,384.0

 
12,400.0

 
4.46
%
*Fortress Data Management, LLC (19)
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—%
 
—

 
—

 
—

 
—

 
—
%
*Newtek Insurance Agency, LLC (13), (19)
 
Insurance Carriers and Related Activities
 
100% Membership Interest
 
—%
 
—

 
—

 
—

 
2,500.0

 
0.90
%
*PMTWorks Payroll, LLC (9)
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—%
 
—

 
—

 
725.1

 
—

 
—
%
 
 
 
 
Term Loan
 
10%-12%
 
Various maturities through July 2019
 
2,685.0

 
2,685.0

 
—

 
—
%
Secure CyberGateway Services, LLC (10), (19)
 
Data processing, hosting and related services.
 
66.7% Membership Interest
 
—%
 
—

 
—

 
—

 
—

 
—
%
Small Business Lending, LLC (12), (19)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Membership Interest
 
—%
 
—

 
—

 
—

 
2,500.0

 
0.90
%
Summit Systems and Designs, LLC (14), (19)
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—%
 
—

 
—

 
—

 
—

 
—
%
*ADR Partners, LLC dba banc-serv Partners, LLC (12)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Membership Interest
 
—%
 
—

 
—

 
5,290.3

 
3,430.0

 
1.23
%
Premier Payments LLC (11)
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—%
 
—

 
—

 
16,438.0

 
23,000.0

 
8.26
%
International Professional Marketing, Inc. (17)
 
Professional, Scientific, and Technical Services
 
100% Common Stock
 
—%
 
—

 
—

 
4,000.0

 
4,000.0

 
1.44
%
 
 
 
 
Line of Credit
 
Prime plus 0.5%
 
April 2018
 
450.0

 
450.0

 
450.0

 
0.16
%
SIDCO, LLC (17)
 
Professional, Scientific, and Technical Services
 
100% Membership Interest
 
—%
 
—

 
—

 
7,119.7

 
7,119.7

 
2.56
%
 
 
 
 
Line of Credit
 
Prime plus 0.5%
 
July 2019
 
550.0

 
550.0

 
550.0

 
0.20
%

187
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2017
(In Thousands)
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Universal Processing Services of Wisconsin, LLC (11) (19)
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—%
 
—

 
—

 
—

 
80,000.0

 
28.74
%
United Capital Source, LLC (18)
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Membership Interest
 
—%
 
—

 
—

 
2,450.0

 
2,450.0

 
0.88
%
Titanium Asset Management, LLC (15)
 
Administrative and Support Services
 
Term Loan
 
3%
 
July 2017
 
193.9

 
193.9

 
—

 
—
%
 
 
 
 
100% Membership Interest
 
—%
 
—

 
—

 
—

 
—

 
—
%
Excel WebSolutions, LLC (16)
 
Data processing, hosting and related services.
 
Term Loan
 
10%
 
September 2018
 
406.6

 
406.6

 
359.9

 
0.13
%
 
 
 
 
50% Membership Interest
 
—%
 
—

 
—

 
—

 
—

 
—
%
Total Controlled Investments
 
 
 
 
 
 
 
 
 
$
11,062.5

 
$
59,897.6

 
$
153,155.6

 
55.03%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments in Money Market Funds
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Select Treasury Institutional Fund - 0.84% yield
 
 
 
 
 
 
 
 
 
$
9.2

 
$
9.2

 
$
9.2

 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Investments
 
 
 
 
 
 
 
 
 
$
321,467.5

 
$
370,437.9

 
$
456,688.8

 
164.08%

^ 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.
(2) Prime Rate is equal to 4.25% as of December 31, 2017.
(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 payment streams and are re-amortized at the end of the modification period.
(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

188
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

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, 2017 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) 66.7% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.), 33.3% owned by non-affiliate.
(11) 100% owned by Newtek Business Services Holdco1, Inc. (a subsidiary of Newtek Business Services Corp.).
(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) 100% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.).
(15) 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.).
(16) 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.
(17) 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.
(18) 100% owned by Newtek Business Services Holdco 3, Inc. (a subsidiary of Newtek Business Services Corp.).
(19) 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.
(20) 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.
(21) 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, 2017, 4.8% of total assets are non-qualifying assets.

As of December 31, 2017, the federal tax cost of investments was $361,680,000 resulting in estimated gross unrealized gains and losses of $119,606,000 and $24,597,000, respectively.






189
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
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 New York Partners IV, LLC (1)
Wilshire New York Partners V, LLC (1)
Wilshire Partners, LLC
Exponential Business Development Co., 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 in December 2017.

190

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, 2017 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, 2017 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 Regulation S-X and 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.


191

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, 2018, cash deposits in excess of insured amounts totaled $6,579,000. 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, 2018.
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, 2018, total restricted cash was $24,701,000.

The following table provides a reconciliation of cash and restricted cash as of June 30, 2018 and 2017 and December 31, 2017 and 2016:

 
June 30, 2018
 
June 30, 2017
 
December 31, 2017
 
December 31, 2016
Cash
$
3,575

 
$
3,550

 
2,464

 
$
2,051

Restricted cash
24,701

 
23,594

 
18,074

 
20,845

Cash and restricted cash
$
28,276

 
$
27,144

 
$
20,538

 
$
22,896

 
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 2014 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.


192

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, 2018 and 2017, 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 $8,136,000 and $8,164,000 at June 30, 2018 and December 31, 2017, 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 November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force),” which requires that the statement of cash flow explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard with respect to its statement of cash flows.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. ASU 2014-09 supersedes the revenue recognition requirements under ASC 605, “Revenue Recognition”, and most industry-specific guidance

193

throughout the Industry Topics of the ASC. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. Under the new guidance, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The new guidance will significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. Additionally, the guidance requires improved disclosures as to the nature, amount, timing and uncertainty of revenue that is recognized. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”, which clarified the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”, which clarified the implementation guidance regarding performance obligations and licensing arrangements. In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606)—Narrow-Scope Improvements and Practical Expedients”, which clarified guidance on assessing collectability, presenting sales tax, measuring noncash consideration, and certain transition matters. In December 2016, the FASB issued ASU No. 2016-20, “Revenue from Contracts with Customers (Topic 606)—Technical Corrections and Improvements”, which provided disclosure relief, and clarified the scope and application of the new revenue standard and related cost guidance. The ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. The Company has evaluated the guidance under Topic 606 and has identified similar performance obligations under ASC 606 as compared with deliverables and separate units of account previously identified. The Company adopted this standard with respect to its revenue recognition. The Company evaluated each revenue stream and concluded that all were covered by the scope exceptions as detailed in Topic 606. As a result, the Company determined that the timing of its revenue recognition will remain the same.

New 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 ASU is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those periods. Early adoption is permitted. The Company has not completed its review of the new guidance; however, the Company anticipates that upon adoption of the standard it will recognize additional assets and corresponding liabilities related to leases on its consolidated statements of assets and liabilities. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements”, which now allows entities the option of recognizing the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption while continuing to present all prior periods under previous lease accounting guidance.

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.

194

NOTE 3—INVESTMENTS:

Investments, all of which are in portfolio companies in the United States, consisted of the following at:
 
 
June 30, 2018
 
December 31, 2017
 
 
Cost
 
Fair Value
 
Cost
 
Fair Value
Money market funds
 
$
9

 
$
9

 
$
9

 
$
9

Non-affiliate debt investments
 
334,367

 
329,878

 
310,531

 
303,524

Non-control/affiliate equity investments
 
600

 
600

 
—

 
—

Controlled investments:
 
 
 
 
 
 
 
 
Equity
 
50,958

 
147,443

 
48,835

 
145,400

Debt
 
13,098

 
9,792

 
11,063

 
7,756

Total investments
 
$
399,032

 
$
487,722

 
$
370,438

 
$
456,689


In May 2018, the Company invested in 100% of the membership interests of a new wholly-owned, controlled portfolio company, Mobil Money. Mobil Money then acquired a portfolio of merchant processing accounts for taxi drivers. Total consideration for the investment was $3,000,000 and consisted of $200,000 in restricted shares of Newtek common stock, $1,450,000 in cash and $1,350,000 to be paid in cash in two equal installments in 2019 and 2020 contingent on the achievement of specific net residual income levels for 2018 and 2019 related to the acquired taxi cab merchant portfolio. As of June 30, 2018, the fair value of the contingent consideration liabilities was $1,350,000 and is included in Accounts Payable, Accrued Expenses and Other Liabilities on the condensed consolidated statement of assets and liabilities.

On April 26, 2018, the Company sold 100% of its investment in the membership interests of UCS. Total cash received upon sale was $2,002,000, with an additional $500,000 received on May 3, 2018 for total cash proceeds of $2,502,000. The Company’s cost basis of the investment in UCS was $2,450,000. As a result of the sale, the Company recognized a realized gain of $52,000.

The following table shows the Company’s portfolio investments by industry at June 30, 2018 and December 31, 2017:

195

 
 
June 30, 2018
 
December 31, 2017
 
 
Cost
 
Fair Value
 
Cost
 
Fair Value
Data processing, hosting and related services
 
$
32,396

 
$
122,757

 
$
29,152

 
$
115,875

Food Services and Drinking Places
 
30,810

 
30,612

 
31,929

 
31,822

Amusement, Gambling, and Recreation Industries
 
24,043

 
25,572

 
21,408

 
22,284

Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
21,515

 
22,332

 
19,326

 
23,489

Ambulatory Health Care Services
 
16,498

 
16,194

 
14,863

 
14,537

Repair and Maintenance
 
17,298

 
18,225

 
13,762

 
14,285

Professional, Scientific, and Technical Services
 
29,874

 
30,178

 
31,471

 
31,241

Accommodation
 
9,723

 
10,198

 
9,602

 
10,253

Specialty Trade Contractors
 
10,573

 
10,150

 
9,768

 
9,032

Merchant Wholesalers, Durable Goods
 
8,320

 
8,480

 
6,736

 
6,693

Truck Transportation
 
17,902

 
16,480

 
20,115

 
19,005

Food and Beverage Stores
 
5,816

 
5,925

 
5,143

 
5,114

Construction of Buildings
 
7,319

 
7,816

 
5,133

 
5,355

Fabricated Metal Product Manufacturing
 
11,279

 
11,411

 
8,281

 
8,424

Administrative and Support Services
 
5,702

 
5,349

 
5,909

 
5,371

Social Assistance
 
7,532

 
7,874

 
7,393

 
7,549

Motor Vehicle and Parts Dealers
 
4,655

 
4,920

 
4,879

 
4,904

Food Manufacturing
 
10,209

 
7,213

 
9,362

 
6,906

Transit and Ground Passenger Transportation
 
5,919

 
5,552

 
5,233

 
4,943

Building Material and Garden Equipment and Supplies Dealers
 
6,635

 
6,736

 
5,752

 
5,750

Personal and Laundry Services
 
7,609

 
7,719

 
6,678

 
6,788

Gasoline Stations
 
7,928

 
7,855

 
6,646

 
6,409

Printing and Related Support Activities
 
5,144

 
5,040

 
3,867

 
3,606

Rental and Leasing Services
 
5,545

 
5,085

 
5,590

 
5,056

Other
 
88,788

 
88,049

 
82,440

 
81,998

Total
 
$
399,032

 
$
487,722

 
$
370,438

 
$
456,689


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, 2018 were as follows:

196

Portfolio Company
 
Fair Value at December 31, 2017
 
Purchases (Cost)
 
Principal Received
 
Net Realized Gains/(Losses)
 
Net Unrealized Gains/(Losses)
 
Fair Value at June 30, 2018
 
Interest and Other Income
 
Dividend Income
Controlled Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Universal Processing Services of Wisconsin, LLC
 
$
80,000

 
$
—

 
$
—

 
$
—

 
$
5,000

 
$
85,000

 
$
—

 
$
3,500

Premier Payments LLC
 
23,000

 
—

 
—

 
—

 
—

 
23,000

 
—

 
800

Mobil Money, LLC
 
—

 
3,300

 
—

 
—

 
—

 
3,300

 
—

 
—

Newtek Technology Solutions, Inc.
 
12,400

 
—

 
—

 
—

 
(1,200
)
 
11,200

 
—

 
—

International Professional Marketing, Inc.
 
4,450

 
200

 
(500
)
 
—

 
—

 
4,150

 
7

 
125

SIDCO, LLC
 
7,670

 
175

 
(350
)
 
—

 
—

 
7,495

 
13

 
500

banc-serv Partners, LLC
 
3,430

 
963

 
—

 
—

 
(2,960
)
 
1,433

 
—

 
—

CDS Business Services, Inc.
 
14,396

 
10,112

 
(7,366
)
 
—

 
—

 
17,142

 
314

 
—

Small Business Lending, LLC
 
2,500

 
—

 
—

 
—

 
(400
)
 
2,100

 
—

 
—

Newtek Insurance Agency, LLC
 
2,500

 
65

 
—

 
—

 
(350
)
 
2,215

 
—

 
—

PMTWorks Payroll, LLC
 
—

 
170

 
—

 
—

 
(170
)
 
—

 
—

 
—

Titanium Asset Management LLC
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Excel WebSolutions, LLC
 
360

 
—

 
(235
)
 
—

 
—

 
125

 
15

 
—

United Capital Source, LLC
 
2,450

 
—

 
(2,502
)
 
52

 
—

 
—

 
—

 
275

Newtek Business Lending, LLC
 
—

 
75

 
—

 
—

 
—

 
75

 
—

 
—

Total Controlled Investments
 
$
153,156

 
$
15,060

 
$
(10,953
)
 
$
52

 
$
(80
)
 
$
157,235

 
$
349

 
$
5,200

Non-Control/Affiliate Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EMCAP Loan Holdings, LLC
 
$
—

 
$
600

 
$
—

 
$
—

 
$
—

 
$
600

 
$
—

 
$
10

Total Affiliate Investments
 
$
153,156

 
$
15,660

 
$
(10,953
)
 
$
52

 
$
(80
)
 
$
157,835

 
$
349

 
$
5,210



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 bears interest at a rate equal to (a) LIBOR (with a floor of 0.50%) plus (b) 6.0% or at a rate equal to (y) the greater of the Prime Rate or 3.5% plus (z) 5.0%. At June 30, 2018, the Related Party RLOC bears interest at a rate of 8.00%. The Related Party RLOC has a maturity date of June 21, 2021. Outstanding borrowings from UPSW and NTS at June 30, 2018 under the Related Party RLOC were $16,275,000.
 
Interest expense incurred under the Related Party RLOC during the three months ended June 30, 2018 and 2017 was $232,000 and $31,000, respectively. Interest expense incurred under the Related Party RLOC during the six months ended June 30, 2018 and 2017 was $344,000 and $40,000, respectively.


197

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 NPS.
 
 
Three Months Ended June 30, 2018
 
Three Months Ended June 30, 2017
 
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
Managed technology services
 
$
182

 
$
218

 
$
360

 
$
470

Loan related processing and auditing fees
 
12

 
41

 
24

 
37

Referral fees
 
6

 
15

 
93

 
29

Payroll processing fees
 
10

 
9

 
20

 
19

Total
 
$
210

 
$
283

 
$
497

 
$
555


Beginning in April 2016, the Company began sub-leasing 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, 2018
 
Three Months Ended June 30, 2017
 
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
Universal Processing Services of Wisconsin, LLC
 
$
41

 
$
40

 
$
80

 
$
71

Newtek Technology Solutions, Inc.
 
3

 
—

 
6

 
—

Small Business Lending, LLC
 
19

 
19

 
38

 
42

Newtek Insurance Agency, LLC
 
21

 
22

 
45

 
40

CDS Business Services, Inc.
 
16

 
14

 
32

 
32

Premier Payments LLC
 
10

 
11

 
20

 
25

PMTWorks Payroll, LLC
 
7

 
14

 
13

 
25

Titanium Asset Management LLC
 
—

 
3

 
—

 
7

Total
 
$
117

 
$
123

 
$
234

 
$
242


Amounts due from related parties were $3,126,000 and $2,255,000 at June 30, 2018 and December 31, 2017, respectively. Amounts due to related parties were $107,000 and zero at June 30, 2018 and December 31, 2017, 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 six months ended June 30, 2018 and 2017. The amounts are recorded as a credit to salaries and benefits in the condensed consolidated statements of operations.


198

Portfolio Company
 
Three Months Ended June 30, 2018
 
Three Months Ended June 30, 2017
 
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
Universal Processing Services of Wisconsin, LLC
 
$
93

 
$
98

 
$
178

 
$
213

Newtek Technology Solutions, Inc.
 
142

 
138

 
301

 
269

PMTWorks Payroll, LLC
 
14

 
22

 
28

 
45

Newtek Insurance Agency, LLC
 
39

 
51

 
86

 
103

Summit Systems and Designs, LLC (1)
 
—

 
—

 
—

 
11

Secure CyberGateway Services, LLC (1)
 
—

 
—

 
—

 
2

banc-serv Partners, LLC
 
60

 
53

 
114

 
98

Premier Payments LLC
 
35

 
41

 
67

 
96

CDS Business Services, Inc.
 
26

 
5

 
45

 
10

International Professional Marketing, Inc.
 
18

 
19

 
30

 
19

SIDCO, LLC
 
17

 
15

 
29

 
15

Mobil Money, LLC
 
24

 
—

 
24

 
—

Small Business Lending, LLC
 
103

 
88

 
196

 
194

Total
 
$
571

 
$
530

 
$
1,098

 
$
1,075


(1) Entity was dissolved in May 2018.
NOTE 5—SERVICING ASSETS:
At June 30, 2018 and December 31, 2017, 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, 2018 and December 31, 2017:
 
June 30, 2018
 
December 31, 2017
Fair Value
$
20,663

 
$
19,359

Discount factor (1)
13.06
%
 
13.06
%
Cumulative prepayment rate
22.50
%
 
20.00
%
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, 2018 and 2017 was $2,008,000 and $1,723,000, respectively. Servicing fee income earned for the six months ended June 30, 2018 and 2017 was $4,073,000 and $3,369,000, 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:

199

 
 
 
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 six months ended June 30, 2018 or 2017. 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. 

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. 

200


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, 2018 and December 31, 2017:
 
Fair Value Measurements at June 30, 2018 Using:
 
Total
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
Investments in money market funds
$
9

 
$
9

 
$
—

 
$
—

SBA unguaranteed non-affiliate investments
305,478

 
—

 
—

 
305,478

SBA guaranteed non-affiliate investments
24,400

 
—

 
24,400

 
—

Controlled investments
157,235

 
—

 
—

 
157,235

Other real estate owned (1)
716

 
—

 
716

 
—

Non-control/affiliate investments
600

 
—

 
—

 
600

Servicing assets
20,663

 
—

 
—

 
20,663

Total assets
$
509,101

 
$
9

 
$
25,116

 
$
483,976

Liabilities:
 
 
 
 
 
 
 
Contingent consideration liabilities (2)
$
1,801

 
$
—

 
$
—

 
$
1,801


(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 change in unrealized appreciation (depreciation) included in the condensed consolidated statements of operations attributable to Level 3 investments held at June 30, 2018 includes $2,694,000 in unrealized appreciation on SBA unguaranteed non-affiliate investments, $80,000 in unrealized depreciation on controlled investments and $2,078,000 in unrealized depreciation on servicing assets.

 
Fair Value Measurements at December 31, 2017 Using:
 
Total
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
Investments in money market funds
$
9

 
$
9

 
$
—

 
$
—

SBA unguaranteed non-affiliate investments
278,034

 
—

 
—

 
278,034

SBA guaranteed non-affiliate investments
25,490

 
—

 
25,490

 
—

Controlled investments
153,156

 
—

 
—

 
153,156

Other real estate owned (1)
1,121

 
—

 
1,121

 
—

Servicing assets
19,359

 
—

 
—

 
19,359

Total assets
$
477,169

 
$
9

 
$
26,611

 
$
450,549

Liabilities:
 
 
 
 
 
 
 
Contingent consideration liabilities (2)
$
913

 
$
—

 
$
—

 
$
913


(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


201

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, 2018 and 2017:

 
Six Months Ended June 30, 2018
 
SBA Unguaranteed Investments
 
Controlled Investments
 
Servicing Assets
 
Non-Control/Affiliate Investments
 
Contingent Consideration Liabilities
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
)
 
—

 
—

 
—

Record fair value of contingent consideration liabilities
—

 
—

 
—

 
—

 
1,350

Change in fair value of contingent consideration liabilities
—

 
—

 
—

 
—

 
17

Payment of contingent consideration
—

 
—

 
—

 
—

 
(479
)
Net accretion of premium/discount
(15
)
 
—

 
—

 
—

 
—

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


 
Six Months Ended June 30, 2017
 
SBA Unguaranteed Investments
 
Controlled Investments
 
Servicing Assets
 
Non-Control/Non-Affiliate Investments
 
Contingent Consideration Liabilities
Fair value, December 31, 2016
$
211,471

 
$
121,302

 
$
16,246

 
$
904

 
$
—

Net change in unrealized appreciation (depreciation)
1,261

 
(1,743
)
 
(969
)
 
—

 
—

Realized loss
(43
)
 
—

 
—

 
—

 
—

SBA unguaranteed non-affiliate investments, funded
37,798

 
—

 
—

 
—

 
—

Foreclosed real estate acquired
(62
)
 
—

 
—

 
—

 
—

Purchase of investments
—

 
23,149

 
—

 
3,255

 
—

Transfer of Excel WebSolutions, LLC from Non-control/Non-affiliate to Controlled Investments
—

 
904

 
 
 
(904
)
 
—

Purchase of loan portfolio
175

 
—

 
—

 
—

 
—

Return of investment
—

 
(50
)
 
—

 
—

 
—

Net accretion of premium/discount
20

 
—

 
—

 
—

 
—

Purchase of loan from SBA
3,821

 
—

 
—

 
—

 
—

Record fair value of contingent consideration liabilities
—

 
—

 
—

 
—

 
1,368

Principal payments received on debt investments
(14,684
)
 
(6,557
)
 
—

 
—

 
 
Additions to servicing assets
—

 
—

 
2,847

 
—

 
 
Fair value, June 30, 2017
$
239,757

 
$
137,005

 
$
18,124

 
$
3,255

 
$
1,368


The following tables provide a summary of quantitative information about the Company’s Level 3 fair value measurements as of June 30, 2018 and December 31, 2017. 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, 2018 and December 31, 2017.

202


 
 
 
 
 
 
 
 
 
 
Range
 
 
Fair Value as of June 30, 2018
 
Valuation Techniques
 
Unobservable Input
 
Weighted Average
 
Minimum
 
Maximum
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
SBA unguaranteed non-affiliate investments - performing loans
 
$
291,355

 
Discounted cash flow
 
Market yields
 
6.20
%
 
6.20
%
 
6.20
%
SBA unguaranteed non-affiliate investments - non-performing loans
 
$
14,123

 
Discounted cash flow
 
Market yields
 
6.44
%
 
6.44
%
 
6.44
%
Controlled equity investments (A)
 
$
144,068

 
Market comparable companies
 
EBITDA multiples (B)
 
8.00x

 
3.49x

 
9.59x

 
 
 
 
Market comparable companies
 
Revenue multiples (B)
 
1.24x

 
0.22x

 
3.06x

 
 
 
 
Discounted cash flow
 
Weighted average cost of capital (B)
 
12.90
%
 
11.40
%
 
22.20
%
 
 
$
3,375

 
Recent transaction
 
N/A
 
N/A

 
N/A

 
N/A

Controlled debt investments
 
$
9,667

 
Discounted cash flow
 
Market yields
 
7.38
%
 
5.25
%
 
7.50
%
 
 
$
125

 
Liquidation value
 
Asset value
 
N/A

 
N/A

 
N/A

Non-control/affiliate investments
 
$
600

 
Liquidation value
 
Asset value
 
N/A

 
N/A

 
N/A

Servicing assets
 
$
20,663

 
Discounted cash flow
 
Market yields
 
13.06
%
 
13.06
%
 
13.06
%
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Contingent consideration liabilities
 
$
1,801

 
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 June 30, 2018, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 46.0% and 54.0%, respectively, on a weighted average basis.

(B) The Company valued $132,535,000 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 $11,533,000 of investments using only discounted cash flows.


203

 
 
 
 
 
 
 
 
 
 
Range
 
 
Fair Value as of December 31, 2017
 
Valuation Techniques
 
Unobservable Input
 
Weighted Average
 
Minimum
 
Maximum
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
SBA unguaranteed non-affiliate investments - performing loans
 
$
266,467

 
Discounted cash flow
 
Market yields
 
5.60
%
 
5.60
%
 
5.60
%
SBA unguaranteed non-affiliate investments - non-performing loans
 
$
11,567

 
Discounted cash flow
 
Market yields
 
5.84
%
 
5.84
%
 
5.84
%
Controlled equity investments (A)
 
$
142,950

 
Market comparable companies
 
EBITDA multiples (B)
 
7.45x

 
3.54x

 
9.00x

 
 
 
 
Market comparable companies
 
Revenue multiples (B)
 
1.08x

 
0.21x

 
2.55x

 
 
 
 
Discounted cash flow
 
Weighted average cost of capital (B)
 
13.12
%
 
11.40
%
 
22.47
%
 
 
$
2,450

 
Recent transaction
 
N/A
 
N/A

 
N/A

 
N/A

Controlled debt investments
 
$
7,396

 
Discounted cash flow
 
Market yields
 
6.70
%
 
4.75
%
 
7.00
%
 
 
$
360

 
Liquidation value
 
Asset value
 
N/A

 
N/A

 
N/A

Servicing assets
 
$
19,359

 
Discounted cash flow
 
Market yields
 
13.06
%
 
13.06
%
 
13.06
%
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Contingent consideration liabilities
 
$
913

 
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, 2017, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 45.1% and 54.9%, respectively, on a weighted average basis.

(B) The Company valued $129,020,000 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 $13,930,000 of investments using only discounted cash flows.
 
NOTE 7—BORROWINGS:

At June 30, 2018 and December 31, 2017, the Company had borrowings comprised of the following:
 
June 30, 2018
 
December 31, 2017
 
Commitments
 
Borrowings Outstanding
 
Weighted Average Interest Rate
 
Commitments
 
Borrowings Outstanding
 
Weighted Average Interest Rate
Capital One line of credit - guaranteed (1)
$
100,000

 
$
31,000

 
4.25
%
 
$
100,000

 
$
—

 
—
%
Capital One line of credit - unguaranteed (1)
—

 
—

 
5.25
%
 
—

 
—

 
—
%
Notes due 2021
—

 
—

 
—
%
 
40,250

 
39,114

 
7.00
%
Notes due 2022
8,324

 
7,977

 
7.50
%
 
8,324

 
7,936

 
7.50
%
Notes due 2023
57,500

 
55,326

 
6.25
%
 
—

 
—

 
—
%
Notes payable - related parties
50,000

 
16,275

 
8.00
%
 
50,000

 
7,001

 
7.69
%
Notes payable - Securitization Trusts
143,094

 
140,372

 
4.67
%
 
165,432

 
162,201

 
4.10
%
Total
$
358,918

 
$
250,950

 
5.28
%
 
$
364,006

 
$
216,252

 
4.87
%

204


(1) Total combined commitments of the guaranteed and unguaranteed lines of credit were $100,000,000 at June 30, 2018 and December 31, 2017.

Outstanding borrowings under the 2022 Notes, 2021 Notes, 2023 Notes and Notes payable - Securitization Trusts consisted of the following:

 
June 30, 2018
 
December 31, 2017
 
Notes Due 2022
 
Notes Due 2023
 
Notes Payable- Securitization Trusts
 
Notes Due 2022
 
Notes Due 2021
 
Notes Payable- Securitization Trusts
Principal
$
8,324

 
$
57,500

 
$
143,094

 
$
8,324

 
$
40,250

 
$
165,432

Unamortized deferred financing costs
(347
)
 
(2,174
)
 
(2,722
)
 
(388
)
 
(1,136
)
 
(3,231
)
Net carrying amount
$
7,977

 
$
55,326

 
$
140,372

 
$
7,936

 
$
39,114

 
$
162,201


At June 30, 2018 and December 31, 2017, 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, 2018, the closing price of the 2022 Notes was $26.08 per note, or $8,685,000. On June 30, 2018, the closing price of the 2023 Notes was $25.90 per note, or $59,570,000. 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, 2018 and 2017 was $3,787,000 and $2,612,000, respectively. Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the six months ended June 30, 2018 and 2017 was $7,294,000 and $5,137,000, 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. 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.

205

As a result of a prior litigation with the Federal Trade Commission (the “FTC”), UPSW 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 $22,500,000. The Sterling Receivable and Inventory Facility matures in February 2019 and automatically renews annually. At June 30, 2018, total principal owed by NBCS was $15,120,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At June 30, 2018, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is also a guarantor on the Sterling 504 Facility at NBCS. Maximum borrowings under the Sterling 504 Facility are $35,000,000, depending upon syndication. The Sterling 504 Facility matures in August 2018. At June 30, 2018, total principal owed by NBCS was $14,777,000. At June 30, 2018, the Company determined that it is not probable that payments would be required to be made under the guarantee. On May 1, 2018, NBCS reached an agreement with Sterling to increase maximum borrowings under the Sterling 504 Facility to $40,000,000 with the potential to increase maximum borrowings to $100,000,000.

The Company is a guarantor on the Goldman Facility, a term loan facility between UPSW, NTS, Premier, BSP and SBL with Goldman Sachs with an aggregate principal amount up to $50,000,000. The Goldman Facility matures in June 2021. At June 30, 2018, total principal outstanding was $40,000,000. At June 30, 2018, the Company determined that it is not probable that payments would be required to be made under the guarantee.

Unfunded Commitments

At June 30, 2018, the Company had $3,684,000 of unfunded commitments in connection with its investment in NBCS. The Company will fund these commitments from the same sources it uses to fund its other investment commitments.

At June 30, 2018, the Company had $10,191,000 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.

At June 30, 2018, the Company had $400,000 of unfunded commitments in connection with its investment in EMCAP. On April 25, 2018 the Company made an investment of $600,000 for a 6.04% membership interest in EMCAP. The Company has committed to invest an additional $400,000, for a total investment of $1,000,000. The Company will fund this commitment from the same sources it uses to fund its other investment commitments.

NOTE 9—FINANCIAL HIGHLIGHTS:

The financial highlights for the Company are as follows:


206

 
 
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
Per share data (1)
 
 
 
 
Net asset value at beginning of period
 
$
15.08

 
$
14.30

Net investment loss
 
(0.26
)
 
(0.22
)
Net realized gain on investments
 
1.09

 
1.04

Net unrealized appreciation on investments
 
0.13

 
(0.03
)
Net unrealized depreciation on servicing assets
 
(0.11
)
 
(0.06
)
Change in deferred taxes
 
—

 
0.03

Net increase in net assets resulting from operations
 
0.85

 
0.76

Dividends to common stockholders from net investment income
 
(0.82
)
 
(0.36
)
Distributions to common stockholders from capital gains
 
—

 
(0.40
)
Total dividends paid
 
(0.82
)
 
(0.76
)
Stock-based compensation expense
 
0.01

 
0.04

Accretive effect of stock offerings (issuing shares above NAV per share)
 
0.01

 
—

Dilutive effect of restricted stock awards
 
(0.08
)
 
—

Other (5)
 
0.01

 
0.02

Net asset value at end of period
 
$
15.06

 
$
14.36

 
 
 
 
 
Per share market value at end of period
 
$
19.91

 
$
16.29

Total return based on market value (3)(6)
 
12.11
 %
 
7.23
 %
Total return based on average net asset value (3)(4)(6)
 
5.31
 %
 
11.47
 %
Shares outstanding at end of period (in thousands)
 
18,745

 
17,432

 
 
 
 
 
Ratios/Supplemental Data:
 
 
 
 
Net assets at end of period
 
$
282,280

 
$
250,244

Ratio of expenses to average net assets (2)
 
19.54
 %
 
19.74
 %
Ratio of net investment loss to average net assets (2)
 
(3.50
)%
 
(3.29
)%
Portfolio turnover
 
54.83
 %
 
52.63
 %
Average debt outstanding
 
$
238,600

 
$
187,485

Average debt outstanding per share
 
$
12.73

 
$
10.76

Asset coverage ratio (7)
 
210
 %
 
223
 %

(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, 2018.
(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 $256,193,000 of senior securities outstanding at June 30, 2018.

NOTE 10—STOCK BASED COMPENSATION:

Stock Plan


207

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, 2018.

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
)
Six months ended June 30, 2018
 
(93,568
)
Restricted stock available for issuance as of June 30, 2018
 
1,280,492


(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, 2018 and 2017, the Company recognized total stock-based compensation expense of $176,000 and $367,000, respectively. For the six months ended June 30, 2018 and 2017 the Company recognized total stock-based compensation expense of $241,000 and $752,000, respectively.

As of June 30, 2018, there was $1,575,000 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 2.60 years as of June 30, 2018.

NOTE 11—COMMON STOCK:

The following table summarizes the total shares issued and proceeds received net of underwriting and offering costs in public offerings of the Company’s common stock since conversion to a BDC (excludes ATM transaction discussed separately below):

 
 
 
 
Year Ended
 
 
Six Months Ended June 30, 2018
 
December 31, 2017
 
December 31, 2016
 
December 31, 2015
 
December 31, 2014
Shares issued
 
—

 
2,587,500

 
—

 
2,300,000

 
2,530,000

Offering price per share
 
$
—

 
$
15.25

 
$
—

 
$
16.50

 
$
12.50

Proceeds net of underwriting discounts and offering costs
 
$
—

 
$
37,042

 
$
—

 
$
35,290

 
$
27,883


In January 2017 the Company priced a public offering of 2,250,000 shares of its common stock at a public offering price of $15.25 per share. The Company also sold an additional 337,500 shares of its common stock at a public offering price of $15.25 per share pursuant to the underwriter’s full exercise of the over-allotment option.


208

ATM Program

On March 20, 2017, the Company entered into an ATM Equity Distribution Agreement. The ATM Equity Distribution Agreement provides 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. During the six months ended June 30, 2018, the Company sold 161,113 shares of its common stock at a weighted average price of $18.40 per share resulting in net proceeds of $2,904,000. During the year ended December 31, 2017 the Company sold 1,139,181 shares of its common stock at a weighted average price of $17.58 per share resulting in net proceeds of $19,620,000. As of June 30, 2018, there were 1,599,706 shares of common stock available for sale under the ATM Equity Distribution Agreement.

The Company used the net proceeds for funding investments in debt and equity securities in accordance with its investment objective and strategies.

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, 2018 and 2017:
 
 
Three Months Ended June 30, 2018
 
Three Months Ended June 30, 2017
 
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
Net increase in net assets resulting from operations
 
$
7,621

 
$
6,930

 
$
15,733

 
$
12,835

Weighted average shares outstanding
 
18,680

 
17,345

 
18,588

 
16,867

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

 
$
0.40

 
$
0.85

 
$
0.76


NOTE 13—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, 2018 and 2017.

Date Declared
 
Record Date
 
Payment Date
 
Amount Per Share
 
Cash Distribution
 
DRIP Shares Issued
 
DRIP Shares Value
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

 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
March 6, 2017
 
March 20, 2017
 
March 31, 2017
 
$
0.36

 
$
6,062

 
6

 
$
89

May 4, 2017
 
May 31, 2017
 
June 30, 2017
 
$
0.40

 
$
6,804

 
7

 
$
112


During the six months ended June 30, 2018, an additional 5,200 shares valued at $97,000 were issued related to dividends from unvested restricted stock awards.
NOTE 14—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

209

have supplemental disclosure incorporated in our financial statements in accordance with Regulation S-X section 4-08(g), along with summarized financial information as of June 30, 2018 and 2017.

Universal Processing Services of Wisconsin, LLC

UPSW 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 - Universal Processing Services of Wisconsin, LLC
 
As of June 30, 2018
 
As of December 31, 2017
Current assets
 
$
9,606

 
$
17,005

Noncurrent assets
 
17,448

 
9,806

Total assets
 
$
27,054

 
$
26,811

Current liabilities
 
3,730

 
4,107

Noncurrent liabilities
 
29,950

 
29,857

Total liabilities
 
$
33,680

 
$
33,964

Total deficit
 
$
(6,626
)
 
$
(7,153
)
Statements of Income - Universal Processing Services of Wisconsin, LLC
 
Three Months Ended June 30, 2018
 
Three Months Ended June 30, 2017
 
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
Revenue
 
$
30,224

 
$
28,724

 
$
58,780

 
$
55,760

Expenses
 
27,485

 
26,615

 
53,462

 
51,634

Income from operations
 
$
2,739

 
$
2,109

 
$
5,318

 
$
4,126

Interest (expense) income, net
 
(428
)
 
(386
)
 
(962
)
 
(787
)
Income before tax
 
$
2,311

 
$
1,723

 
$
4,356

 
$
3,339


The Company recorded the following related to its investment in UPSW:

 
 
Three Months Ended June 30, 2018
 
Three Months Ended June 30, 2017
 
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
Dividend income
 
$
1,750

 
$
1,750

 
$
3,500

 
$
3,500

Unrealized appreciation
 
$
—

 
$
—

 
$
5,000

 
$
1,000



210

NOTE 15—SUBSEQUENT EVENTS:

Common Stock

On July 3, 2018, the Company entered into the First Supplement to the Amended and Restated Equity Distribution Agreement with JMP Securities, LLC, Compass Point Research & Trading, LLC, D.A. Davidson and Ladenburg Thalman & Co., Inc. From July 1, 2018 through August 8, 2018 the Company sold 47,292 shares of its common stock at a weighted average price of $20.50 per share under the ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $950,000. As of August 8, 2018, there were 1,552,414 shares of common stock available for sale under the ATM Equity Distribution Agreement.

Other Events

On April 27, 2018, the Company announced that its Board, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of the Board, approved application to the Company of the asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as modified by the Small Business Credit Availability Act. As a result, the Company’s asset coverage requirements for senior securities were to change from 200% to 150%, effective April 27, 2019. However, at the Company’s special meeting of shareholders, held on July 26, 2018, its shareholders approved, among other things, the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. As a result, the Company’s asset coverage requirements for senior securities were reduced from 200% to 150%, effective July 27, 2018.

As of August 8, 2018, the Company had $257,409,000 of senior securities outstanding and an asset coverage ratio of 210%. For a discussion of the principal risk factors associated with these senior securities, see Item 1A. Risk Factors of this quarterly report on Form 10-Q.

In addition, during the July 26, 2018 Special Meeting of Shareholders, the Company’s shareholders approved a proposal to authorize flexibility for the Company, with approval of its Board, to sell shares of its Common Stock (during the next 12 months) at a price below its then current NAV per share subject to certain conditions as set forth in the proxy statement for the Special Meeting (including that the cumulative number of shares sold does not exceed 20% of its then outstanding common stock immediately prior to each such sale).

On July 31, 2018, NBL SPV I, LLC (the “Borrower”), a wholly-owned subsidiary of NBL, a wholly owned portfolio company of the Company, entered into a Revolving Credit and Security Agreement (the “Credit Agreement”), among the Borrower, SBL (as servicer), U.S. Bank National Association (as backup servicer), the Lenders from time to time party to the Credit Agreement, and Capital One, as administrative agent for itself and for the Lenders and the other Secured Parties (as such terms are defined in the Credit Agreement). Pursuant to the terms of the Credit Agreement, the Lenders established a line of credit in favor of the Borrower in the maximum original principal amount of $75,000,000, as such amounts may be increased from time-to-time up to a maximum of $150,000,000 pursuant to and under the Credit Agreement. Additionally, on that same date, the Company entered into a Guaranty of Payment and Performance (the “Guaranty”) in favor of (i) Capital One, in its capacity as administrative agent and (ii) the Lenders. Pursuant to the terms of the Guaranty, the Company has unconditionally guaranteed the prompt and unconditional payment of all of the Borrower’s obligations under the Credit Agreement, including all advances under the Credit Agreement.


211


Newtek Business Services Corp. and Subsidiaries
Schedule of Investments In and Advances to Affiliates
Six Months Ended June 30, 2018

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, 2017
 
Gross Additions (4)
 
Gross Reductions (5)
 
Fair Value at June 30, 2018
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
 
—

 
—

 
—

 
8,000

 
—

 
—

 
8,000

 
 
Line of Credit (Prime + 2.5%) (6)
 
—

 
—

 
296

 
6,396

 
9,112

 
(7,366
)
 
8,142

 
 
Term Loan (10%)
 
 
 
 
 
18

 
—

 
1,000

 
—

 
1,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Newtek Technology Solutions, Inc.
 
100% Common Stock (2)
 
—

 
(1,200
)
 
—

 
12,400

 
—

 
(1,200
)
 
11,200

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fortress Data Management, LLC
 
100% Membership Interest (2)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Newtek Insurance Agency, LLC
 
100% Membership Interest (2)
 
—

 
(350
)
 
—

 
2,500

 
65

 
(350
)
 
2,215

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PMTWorks Payroll, LLC
 
100% Membership Interest (2)
 
—

 
(170
)
 
—

 
—

 
170

 
(170
)
 
—

 
 
Term Loans (10%-12%) (2)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Small Business Lending, LLC
 
100% Membership Interest (2)
 
—

 
(400
)
 
—

 
2,500

 
—

 
(400
)
 
2,100

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
banc-serv Partners, LLC
 
100% Membership Interest (2)
 
—

 
(2,960
)
 
—

 
3,430

 
963

 
(2,960
)
 
1,433

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Premier Payments LLC
 
100% Membership Interest
 
—

 
—

 
800

 
23,000

 
—

 
—

 
23,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
International Professional Marketing, Inc.
 
100% Common Stock
 
—

 
—

 
125

 
4,000

 
—

 
—

 
4,000


212

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, 2017
 
Gross Additions (4)
 
Gross Reductions (5)
 
Fair Value at June 30, 2018
 
 
Line of Credit (Prime + 0.5%) (6)
 
—

 
—

 
7

 
450

 
200

 
(500
)
 
150

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SIDCO, LLC
 
100% Membership Interest
 
—

 
—

 
500

 
7,120

 
—

 
—

 
7,120

 
 
Line of Credit (Prime + 0.5%) (6)
 
—

 
—

 
13

 
550

 
175

 
(350
)
 
375

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Universal Processing Services of Wisconsin, LLC
 
100% Membership Interest
 
—

 
5,000

 
3,500

 
80,000

 
5,000

 
—

 
85,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United Capital Source, LLC
 
100% Membership Interest
 
52

 
—

 
275

 
2,450

 
—

 
(2,450
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Titanium Asset Management, LLC
 
100% Membership Interest (2)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
 
Term Loans (3%) (2)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Newtek Business Lending, LLC
 
100% Membership Interest (2)
 
—

 
—

 
—

 
—

 
75

 
—

 
75

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mobil Money, LLC
 
100% Membership Interest (2)
 
—

 
—

 
—

 
—

 
3,300

 
—

 
3,300

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Excel WebSolutions LLC
 
Term Loans (10%)
 
—

 
—

 
15

 
360

 
—

 
(235
)
 
125

 
 
50% Membership Interest (2)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Controlled Investments
 
 
 
$
52

 
$
(80
)
 
$
5,549

 
$
153,156

 
$
20,060

 
$
(15,981
)
 
$
157,235

Non-Control/Affiliate Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EMCAP Loan Holdings, LLC
 
6.04% Membership Interest
 
$
—

 
$
—

 
$
10

 
$
—

 
$
600

 
$
—

 
$
600

Total Affiliate Investments
 
 
 
$
52

 
$
(80
)
 
$
5,559

 
$
153,156

 
$
20,660

 
$
(15,981
)
 
$
157,835


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.

213

(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 plus a contractual spread which typically resets monthly. At June 30, 2018, the Prime rate was 5.00%.



214

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 under the SBA 7(a) program;
•
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 products to SMBs. Newtek's and its portfolio companies’ products and services include: Business Lending, including origination of SBA 7(a) and SBA 504 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.



215


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
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 New York Partners IV, LLC (1)
Wilshire New York Partners V, LLC (1)
Wilshire Partners, LLC
Exponential Business Development Co., 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 in December 2017.

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 in the 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. We converted to a BDC in November 2014. 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) 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) small business loans and is authorized to place SBA guarantees on loans without seeking prior SBA review and approval. Being a national lender, 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 small 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 loans in the secondary market. We typically structure our debt investments with the maximum seniority and collateral along with personal guarantees from

216

portfolio company owners, in many cases collateralized by other assets including real estate. In 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 immediate 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 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.


217

Expenses

Our primary operating expenses are salaries and benefits, interest expense 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 $22,500,000. The Sterling Receivable and Inventory Facility matures in February 2019 and automatically renews annually. At June 30, 2018, total principal owed by NBCS was $15,120,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At June 30, 2018, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is also a guarantor on the Sterling 504 Facility at NBCS. Maximum borrowings under the Sterling 504 Facility are $35,000,000, depending upon syndication. The Sterling 504 Facility matures in August 2018. At June 30, 2018, total principal owed by NBCS was $14,777,000. At June 30, 2018, the Company determined that it is not probable that payments would be required to be made under the guarantee. On May 1, 2018, NBCS reached an agreement with Sterling to increase maximum borrowings under the Sterling 504 Facility to $40,000,000 with the potential to increase maximum borrowings to $100,000,000.

The Company is a guarantor on the Goldman Facility, a term loan facility between UPSW, NTS, Premier, BSP and SBL with Goldman Sachs with an aggregate principal amount up to $50,000,000. The Goldman Facility matures in June 2021. At June 30, 2018, total principal outstanding was $40,000,000. At June 30, 2018, the Company determined that it is not probable that payments would be required to be made under the guarantee.





218

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, 2018 and December 31, 2017, respectively (in thousands):
As of June 30, 2018
Distribution by Business Type
 
 
 
 
 
 
 
 
Business Type
 
# of Loans
 
 Balance
 
Average Balance
 
% of Balance
Existing Business
 
1,383

 
$
257,851

 
$
186

 
82.5
%
Business Acquisition
 
203

 
40,044

 
197

 
12.8
%
Start-Up Business
 
154

 
14,545

 
94

 
4.7
%
Total
 
1,740

 
$
312,440

 
$
180

 
100.0
%
As of December 31, 2017
Distribution by Business Type
 
 
 
 
 
 
 
 
Business Type
 
# of Loans
 
Balance
 
Average Balance
 
% of Balance
Existing Business
 
1,240

 
$
235,416

 
$
190

 
81.8
%
Business Acquisition
 
188

 
37,935

 
202

 
13.2
%
Start-Up Business
 
144

 
14,339

 
100

 
5.0
%
Total
 
1,572

 
$
287,690

 
$
183

 
100.0
%
The following tables set forth distribution by borrower’s credit score of the Company’s SBA 7(a) loan portfolio at June 30, 2018 and December 31, 2017, respectively (in thousands):
As of June 30, 2018

Distribution by Borrower Credit Score
 
 
 
 
 
 
 
 
Credit Score
 
# of Loans
 
 Balance
 
Average Balance
 
% of Balance
500 to 550
 
23

 
$
3,323

 
$
144

 
1.1
%
551 to 600
 
54

 
14,481

 
268

 
4.6
%
601 to 650
 
248

 
48,817

 
197

 
15.6
%
651 to 700
 
517

 
96,564

 
187

 
30.9
%
701 to 750
 
521

 
90,215

 
173

 
28.9
%
751 to 800
 
324

 
53,959

 
167

 
17.3
%
801 to 850
 
46

 
4,259

 
93

 
1.4
%
Not available
 
7

 
822

 
117

 
0.2
%
Total
 
1,740

 
$
312,440

 
$
180

 
100.0
%

219

As of December 31, 2017
Distribution by Borrower Credit Score
 
 
 
 
 
 
 
 
Credit Score
 
# of Loans
 
Aggregate Balance
 
Average Balance
 
% of Balance
500 to 550
 
20

 
$
3,261

 
$
163

 
1.1
%
551 to 600
 
50

 
12,614

 
252

 
4.4
%
601 to 650
 
225

 
45,608

 
203

 
15.8
%
651 to 700
 
464

 
89,345

 
193

 
31.0
%
701 to 750
 
472

 
84,783

 
180

 
29.5
%
751 to 800
 
291

 
46,567

 
160

 
16.2
%
801 to 850
 
41

 
3,633

 
89

 
1.3
%
Not available
 
9

 
1,879

 
209

 
0.7
%
Total
 
1,572

 
$
287,690

 
$
183

 
100.0
%
The following tables set forth distribution by primary collateral type of the Company’s SBA 7(a) loan portfolio at June 30, 2018 and December 31, 2017, respectively (in thousands):
As of June 30, 2018
Distribution by Primary Collateral Type
 
 
 
 
 
 
 
 
Collateral Type
 
# of Loans
 
 Balance
 
Average Balance
 
% of Balance
Commercial Real Estate
 
806

 
$
180,078

 
$
223

 
57.6
%
Machinery and Equipment
 
287

 
48,174

 
168

 
15.4
%
Residential Real Estate
 
345

 
27,904

 
81

 
8.9
%
Other
 
86

 
31,201

 
363

 
10.0
%
Accounts Receivable and Inventory
 
149

 
21,334

 
143

 
6.8
%
Liquid Assets
 
13

 
615

 
47

 
0.2
%
Furniture and Fixtures
 
17

 
2,085

 
123

 
0.7
%
Unsecured
 
37

 
1,049

 
28

 
0.4
%
Total
 
1,740

 
$
312,440

 
$
180

 
100.0
%
As of December 31, 2017
Distribution by Primary Collateral Type
 
 
 
 
 
 
 
 
Collateral Type
 
# of Loans
 
Aggregate Balance
 
Average Balance
 
% of Balance
Commercial Real Estate
 
747

 
$
168,063

 
$
225

 
58.4
%
Machinery and Equipment
 
253

 
46,366

 
183

 
16.1
%
Residential Real Estate
 
317

 
25,789

 
81

 
9.0
%
Other
 
75

 
28,398

 
379

 
9.9
%
Accounts Receivable and Inventory
 
121

 
15,499

 
128

 
5.4
%
Liquid Assets
 
12

 
625

 
52

 
0.2
%
Unsecured
 
34

 
1,080

 
32

 
0.4
%
Furniture and Fixtures
 
13

 
1,870

 
144

 
0.6
%
Total
 
1,572

 
$
287,690

 
$
183

 
100.0
%

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The following tables set forth distribution by days delinquent of the Company’s SBA 7(a) loan portfolio at June 30, 2018 and December 31, 2017, respectively (in thousands):
As of June 30, 2018
Distribution by Days Delinquent
 
 
 
 
 
 
 
 
Delinquency Status
 
# of Loans
 
 Balance
 
Average Balance
 
% of Balance
Current
 
1,546

 
$
261,148

 
$
169

 
83.6
%
1 to 30 days
 
38

 
8,514

 
224

 
2.7
%
31 to 60 days
 
29

 
13,151

 
453

 
4.2
%
61 to 90 days
 
17

 
4,095

 
241

 
1.3
%
91 days or greater
 
110

 
25,532

 
232

 
8.2
%
Total
 
1,740

 
$
312,440

 
$
180

 
100.0
%
As of December 31, 2017
Distribution by Days Delinquent
 
 
 
 
 
 
 
 
Delinquency Status
 
# of Loans
 
Aggregate Balance
 
Average Balance
 
% of Balance
Current
 
1,419

 
$
249,960

 
$
176

 
86.9
%
1 to 30 days
 
43

 
12,009

 
279

 
4.2
%
31 to 60 days
 
11

 
2,049

 
186

 
0.7
%
61 to 90 days
 
1

 
475

 
475

 
0.2
%
91 days or greater
 
98

 
23,197

 
237

 
8.0
%
Total
 
1,572

 
$
287,690

 
$
183

 
100.0
%
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, 2018 and 2017
Investment Income
(in thousands)
Three Months Ended June 30, 2018
 
Three Months Ended June 30, 2017
 
Change
Investment income:
 
 
 
 
 
Interest income
$
5,703

 
$
4,756

 
$
947

Dividend income
2,585

 
2,475

 
110

Servicing income
2,008

 
1,723

 
285

Other income
1,108

 
950

 
158

Total investment income
$
11,404

 
$
9,904

 
$
1,500

Interest Income
The increase in interest income was attributable to the average outstanding performing portfolio of SBA non-affiliate investments increasing to $276,878,000 from $220,691,000 for the three months ended June 30, 2018 and 2017, respectively, combined with an increase in the Prime Rate from 4.00% to 4.75% 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. We

221

also recognized an additional $399,000 of interest income period over period from holding SBA guaranteed loans. During the three months ended June 30, 2017, we recognized $852,000 of interest income related to accrued non-performing interest owed by one borrower that paid their accrued interest balance in full.
Dividend Income
(in thousands)
Three Months Ended June 30, 2018
 
Three Months Ended June 30, 2017
 
Change
Universal Processing Services of Wisconsin, LLC
$
1,750

 
$
1,750

 
$
—

Premier Payments LLC
400

 
375

 
25

International Professional Marketing, Inc.
125

 
350

 
(225
)
SIDCO, LLC
250

 
—

 
250

United Capital Source LLC
50

 
—

 
50

EMCAP Loan Holdings, LLC
10

 
—

 
10

Total dividend income
$
2,585

 
$
2,475

 
$
110


Dividend income increased $100,000 period over period based on portfolio company financial results. During the three months ended June 30, 2018, we earned $375,000 and $50,000 of dividend income from IPM and SIDCO (combined) and UCS, respectively, all wholly-owned controlled portfolio companies that we invested in in April 2017 and October 2017, respectively. Dividend income is dependent on portfolio company earnings. Current quarter dividend income may not be indicative of future period dividend income. See Note 3 for the discussion on the sale of the UCS investment.
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, 2018 and 2017:
(in thousands):
Three Months Ended June 30, 2018
 
Three Months Ended June 30, 2017
 
 Change
Total NSBF originated servicing portfolio (1)
$
1,328,824

 
$
1,054,583

 
$
274,241

Total servicing income earned
$
2,008

 
$
1,723

 
$
285

(1) Of this amount, the total average NSBF originated portfolio earning servicing income was $949,629,000 and $755,690,000 for the three months ended June 30, 2018 and 2017, 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 $193,939,000 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.


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Expenses:
(in thousands)
Three Months Ended June 30, 2018
 
Three Months Ended June 30, 2017
 
Change
Expenses:
 
 
 
 
 
Salaries and benefits
$
5,212

 
$
4,980

 
$
232

Interest
3,792

 
2,617

 
1,175

Depreciation and amortization
116

 
96

 
20

Professional fees
587

 
602

 
(15
)
Origination and servicing
2,168

 
1,269

 
899

Change in fair value of contingent consideration liabilities
7

 
—

 
7

Other general and administrative costs
1,656

 
2,020

 
(364
)
Total expenses
$
13,538

 
$
11,584

 
$
1,954

Salaries and Benefits

The $232,000 net increase in salaries and benefits was the result of an increase of $422,000 in salaries and benefits resulting from an increase in headcount at NSBF, offset by a decrease in stock-based compensation expense of $190,000, period over period. The additional headcount relates primarily to employees performing loan processing, loan closing, or loan servicing functions as a result of the increase in loan originations.
Interest Expense
The following is a summary of interest expense by facility for the three months ended June 30, 2018 and 2017:
(in thousands)
Three Months Ended June 30, 2018
 
Three Months Ended June 30, 2017
 
Change
Notes payable - Securitization Trusts
$
2,108

 
$
1,391

 
$
717

Bank notes payable
261

 
222

 
39

Notes due 2022
177

 
177

 
—

Notes due 2021
—

 
791

 
(791
)
Notes due 2023
1,009

 
—

 
1,009

Notes payable - related parties
232

 
31

 
201

Other
5

 
5

 
—

Total interest expense
$
3,792

 
$
2,617

 
$
1,175


The increase in interest expense period over period is primarily related to interest from the Notes payable - Securitization Trusts, 2023 Notes and Notes payable - related parties. The increase from Notes payable - Securitization Trusts was the result of an additional securitization transaction completed in December 2017. We recognized $1,009,000 of interest expense attributable to the 2023 Notes, offset by the decrease in interest expense related the 2021 Notes of $791,000 as a result of our redemption of $40,250,000 of the 2021 Notes in March 2018 and issuance of $57,500,000 of 2023 Notes. The increase in interest expense from Notes payable - related parties was related to the increase in the average outstanding Related Party RLOC balance during each period combined with an increase in the weighted average interest rate quarter over quarter.

Origination and Servicing

The increase in origination and servicing expenses was attributed to an increase in referral fees of $372,000 resulting from increased SBA 7(a) loan originations quarter over quarter, as well as an increase in loan processing, liquidation and loan recovery expenses, all of which were attributed to an increase in the outstanding loan portfolio period over period.
Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains from SBA non-affiliate investments for the three months ended June 30, 2018 and 2017 were $10,319,000 and $8,914,000, respectively, which included realized losses of $550,000 and $69,000, respectively.

223


Net Realized Gains on SBA Non-Affiliate Investments
 
Three Months Ended
 
June 30, 2018
 
June 30, 2017
(in thousands)
# of Debt Investments
 
$ Amount
 
# of Debt Investments
 
$ Amount
SBA non-affiliate investments originated during the quarter
147

 
$
106,451

 
134

 
$
80,525

SBA guaranteed non-affiliate investments sold during the quarter
130

 
$
78,064

 
121

 
$
61,072

Realized gains recognized on sale of SBA guaranteed non-affiliate investments
—

 
$
10,869

 
—

 
$
8,983

Average sale price as a percent of principal balance (1)
—

 
111.67
%
 
—

 
112.44
%

(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, 2018
 
Three Months Ended June 30, 2017
 
Change
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments
$
105

 
$
(63
)
 
$
168

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

 
1,817

 
(115
)
Net unrealized depreciation on controlled investments
(1,250
)
 
(2,674
)
 
1,424

Change in deferred taxes
326

 
976

 
(650
)
Total net unrealized appreciation on investments
$
883

 
$
56

 
$
827


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, 2018
 
Three Months Ended June 30, 2017
 
Change
Newtek Technology Solutions, Inc.
$
—

 
$
(2,209
)
 
$
2,209

CDS Business Services, Inc.
—

 
1,000

 
(1,000
)
PMTWorks Payroll, LLC
(100
)
 
(650
)
 
550

banc-serv Partners, LLC
(1,000
)
 
—

 
(1,000
)
Small Business Lending, LLC
—

 
(800
)
 
800

Newtek Insurance Agency, LLC
(150
)
 
—

 
(150
)
Titanium Asset Management LLC
—

 
(15
)
 
15

Total net unrealized depreciation on controlled investments
$
(1,250
)
 
$
(2,674
)
 
$
1,424


Unrealized depreciation related to our investment in NTS was primarily due to the Company’s inability to add sufficient new business.

The primary driver of the increase of NBCS during the three months ended June 30, 2017 was a result of growth in its SBA 504 lending program and growth in Accounts Receivable and Inventory Financing programs.


224

During the three months ended June 30, 2018, the Company contributed $100,000 to PMT for working capital needs. Based on PMT’s inability to generate sufficient cash flows and its continued losses, the Company recognized unrealized depreciation of $100,000 for the period.

The Company contributed $433,000 in capital to BSP during the three months ending June 30, 2018 for legal fees and other working capital needs which increased the cost basis in BSP. The Company recognized $1,000,000 in unrealized depreciation on BSP during the three months ended June 30, 2018 as a result of several quantitative and qualitative factors. On a quantitative basis, BSP’s 2017 and second quarter 2018 financial performance did not meet its budget and BSP has lost customers during 2017 and 2018. Second, as previously disclosed, on October 12, 2017, the FBI executed a search warrant at BSP’s office in Westfield, Indiana. Management believes there is still uncertainty surrounding the long term impact that this investigation could have on the reputation of BSP and BSP’s customer base. In addition, Kerri Agee, the former owner and President of BSP, was terminated in April 2018, and while BSP is undergoing operational changes to position itself for stability and growth in the future, an adjustment in valuation based on the current facts and circumstances was required. Management is continuing to monitor BSP’s business and customer base closely and provide managerial support on an ongoing basis.

The unrealized depreciation adjustment of $150,000 on the Company’s investment in NIA was the result of weaker than projected financial results.

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, 2018 and 2017, we recognized a benefit for deferred taxes of $326,000 and $976,000, respectively, related to the net unrealized depreciation of controlled portfolio company investments.
Comparison of the six months ended June 30, 2018 and 2017
Investment Income
(in thousands)
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
 
Change
Investment income:
 
 
 
 
 
Interest income
$
11,026

 
$
9,138

 
$
1,888

Dividend income
5,210

 
4,775

 
435

Servicing income
4,073

 
3,369

 
704

Other income
2,163

 
1,615

 
548

Total investment income
$
22,472

 
$
18,897

 
$
3,575

Interest Income
The increase in interest income was attributable primarily to the average outstanding performing portfolio of SBA non-affiliate investments increasing to $271,379,000 from $214,132,000 for the six months ended June 30, 2018 and 2017, respectively, combined with an increase in the Prime Rate from 4.00% to 4.75% 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. We also recognized an additional $635,000 of interest income period over period from holding SBA guaranteed loans. During the six months ended June 30, 2017, we recognized $1,493,000 of interest income related to accrued non-performing interest owed by two borrowers that paid their accrued interest balance in full.

225

Dividend Income
(in thousands)
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
 
Change
Universal Processing Services of Wisconsin, LLC
$
3,500

 
$
3,500

 
$
—

Premier Payments LLC
800

 
825

 
(25
)
International Professional Marketing, Inc.
125

 
350

 
(225
)
SIDCO, LLC
500

 
—

 
500

Small Business Lending, LLC
—

 
100

 
(100
)
United Capital Source LLC
275

 
—

 
275

EMCAP Loan Holdings, LLC
10

 
—

 
10

Total dividend income
$
5,210

 
$
4,775

 
$
435


Dividend income increased $435,000 period over period based on portfolio company financial results. During the six months ended June 30, 2018, we earned $625,000 and $275,000 of dividend income from IPM and SIDCO (combined) and UCS, respectively, all wholly-owned controlled portfolio companies that we invested in in April 2017 and October 2017, respectively. Dividend income is dependent on portfolio company earnings. Current period dividend income may not be indicative of future period dividend income. See Note 3 for the discussion on the sale of UCS.
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, 2018 and 2017:
(in thousands):
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
 
 Change
Total NSBF originated servicing portfolio (1)
$
1,328,824

 
$
1,054,583

 
$
274,241

Total servicing income earned
$
4,073

 
$
3,369

 
$
704

(1) Of this amount, the total average NSBF originated portfolio earning servicing income was $929,786,000 and $741,785,000 for the six months ended June 30, 2018 and 2017, 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 $188,001,000 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 legal, prepayment and packaging fees earned as a result of the larger dollar volume of loans originated.


226

Expenses:
(in thousands)
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
 
Change
Expenses:
 
 
 
 
 
Salaries and benefits
$
10,090

 
$
9,631

 
$
459

Interest
7,304

 
5,147

 
2,157

Depreciation and amortization
236

 
185

 
51

Professional fees
1,527

 
1,449

 
78

Origination and servicing
3,773

 
2,653

 
1,120

Change in fair value of contingent consideration liabilities
17

 
—

 
17

Loss on extinguishment of debt
1,059

 
—

 
1,059

Other general and administrative costs
3,373

 
3,605

 
(232
)
Total expenses
$
27,379

 
$
22,670

 
$
4,709

Salaries and Benefits

The $459,000 net increase in salaries and benefits was the result of an increase of $969,000 in salaries and benefits resulting from an increase in headcount at NSBF, offset by a decrease in stock-based compensation expense of $510,000, period over period. The additional headcount relates primarily to employees performing loan processing, loan closing, or loan servicing functions as a result of the increase in loan originations. The decrease in stock-based compensation expense was the vesting of restricted stock awards in August 2017.
Interest Expense
The following is a summary of interest expense by facility for the six months ended June 30, 2018 and 2017:
(in thousands)
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
 
Change
Notes payable - Securitization Trusts
$
4,090

 
$
2,803

 
$
1,287

Bank notes payable
370

 
360

 
10

Notes due 2022
353

 
353

 
—

Notes due 2021
718

 
1,581

 
(863
)
Notes due 2023
1,419

 
—

 
1,419

Notes payable - related parties
344

 
40

 
304

Other
10

 
10

 
—

Total interest expense
$
7,304

 
$
5,147

 
$
2,157


The increase in interest expense period over period is primarily related to interest from the Notes payable - Securitization Trusts, 2023 Notes and Notes payable - related parties. The increase from Notes payable - Securitization Trusts was the result of an additional securitization transaction completed in December 2017. We recognized $1,419,000 of interest expense attributable to the 2023 Notes, offset by the decrease in interest expense related the 2021 Notes of $863,000 as a result of our redemption of $40,250,000 of the 2021 Notes in March 2018 and issuance of $57,500,000 of 2023 Notes. The increase in interest expense from Notes payable - related parties was related to the increase in the average outstanding Related Party RLOC balance during each period combined with an increase in the weighted average interest rate quarter over quarter.

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 a $1,059,000 loss on extinguishment of debt.



227

Origination and Servicing

The increase in origination and servicing expenses was attributed to an increase in referral fees of $546,000 and an increase in loan processing, liquidation and loan recovery expenses. The increase was attributed to the increase in the loan portfolio period over period.
Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains from SBA non-affiliate investments for the six months ended June 30, 2018 and 2017 were $20,200,000 and $17,599,000, respectively, which included realized losses of $944,000 and $43,000, respectively.

Net Realized Gains on SBA Non-Affiliate Investments
 
Six Months Ended
 
June 30, 2018
 
June 30, 2017
(in thousands)
# of Debt Investments
 
$ Amount
 
# of Debt Investments
 
$ Amount
SBA non-affiliate investments originated during the quarter
256

 
$
197,812

 
217

 
$
159,169

SBA guaranteed non-affiliate investments sold during the quarter
244

 
$
151,245

 
205

 
$
120,884

Realized gains recognized on sale of SBA guaranteed non-affiliate investments
—

 
$
21,145

 
—

 
$
17,642

Average sale price as a percent of principal balance (1)
—

 
111.74
%
 
—

 
112.24
%

(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, 2018
 
Six Months Ended June 30, 2017
 
Change
Net unrealized (depreciation) appreciation on SBA guaranteed non-affiliate investments
$
(175
)
 
$
50

 
$
(225
)
Net unrealized appreciation on SBA unguaranteed non-affiliate investments
2,694

 
1,261

 
1,433

Net unrealized depreciation on controlled investments
(80
)
 
(1,743
)
 
1,663

Change in deferred taxes
27

 
410

 
(383
)
Total net unrealized appreciation (depreciation) on investments
$
2,466

 
$
(22
)
 
$
2,488


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.


228

Net Unrealized Appreciation (Depreciation) on Controlled Investments

(in thousands)
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
 
Change
Universal Processing Services of Wisconsin, LLC
$
5,000

 
$
1,000

 
$
4,000

Newtek Technology Solutions, Inc.
(1,200
)
 
(2,559
)
 
1,359

Premier Payments LLC
—

 
—

 
—

CDS Business Services, Inc.
—

 
2,750

 
(2,750
)
PMTWorks Payroll, LLC
(170
)
 
(2,045
)
 
1,875

banc-serv Partners, LLC
(2,960
)
 
—

 
(2,960
)
Small Business Lending, LLC
(400
)
 
(800
)
 
400

Newtek Insurance Agency, LLC
(350
)
 
—

 
(350
)
Titanium Asset Management LLC
—

 
(42
)
 
42

Excel WebSolutions, LLC
—

 
(47
)
 
47

Total net unrealized depreciation on controlled investments
$
(80
)
 
$
(1,743
)
 
$
1,663


Unrealized appreciation related to our investment in UPSW was related to an increase in revenue and EBITDA projections combined with a decrease in the corporate income tax rate as recently enacted by Congress.

Unrealized depreciation related to our investment in NTS was primarily due to the cybersecurity at NTS earlier this year, as well as the Company’s inability to add sufficient new business. NTS expects to incur additional costs associated with the continued cyber security assessment and remediation.

The primary driver of the increase of NBCS during the six months ended June 30, 2017 was a result of growth in its SBA 504 lending program and growth in Accounts Receivable and Inventory Financing programs.

During the six months ended June 30, 2018, the Company contributed $170,000 to PMT for working capital needs. Based on PMT’s inability to generate sufficient cash flows and its continued losses, the Company recognized unrealized depreciation of $170,000 for the period.

The Company recognized $2,960,000 in unrealized depreciation on BSP during the six months ended June 30, 2018 and contributed $963,000 in capital during the six months ended June 30, 2018 which increased the cost basis of BSP. The valuation change was the result of several quantitative and qualitative factors. On a quantitative basis, BSP’s 2017 and second quarter 2018 financial performance did not meet its budget and BSP has lost customers during 2017 and 2018. Second, as previously disclosed, on October 12, 2017, the FBI executed a search warrant at BSP’s office in Westfield, Indiana. Management believes there is still uncertainty surrounding the long term impact that this investigation could have on the reputation of BSP and BSP’s customer base. In addition, Kerri Agee, the former owner and President of BSP, was terminated in April 2018, and while BSP is undergoing operational changes to position itself for stability and growth in the future, an adjustment in valuation based on the current facts and circumstances was required. Management is continuing to monitor BSP’s business and customer base closely and provide managerial support on an ongoing basis.

The unrealized depreciation adjustment of $350,000 on the Company’s investment in NIA was the result of weaker than projected financial results.

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, 2018 and 2017, we recognized a benefit for deferred taxes of $27,000 and $410,000, respectively, related to the net unrealized depreciation of controlled portfolio company investments.



229

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.

Public Offerings

ATM Program

The ATM Equity Distribution Agreement provides that we may offer and sell up to 2,900,000 shares of common stock from time to time through the Placement Agents. From inception through June 30, 2018, we sold 1,300,294 shares of our common stock at a weighted average price of $17.68 per share. Proceeds, net of offering costs and expenses were $22,524,000. The Company may offer up to an additional 1,599,706 shares of common stock under the ATM Equity Distribution Agreement as of June 30, 2018.

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.

Equity Offerings

In January 2017 we completed a public offering of 2,250,000 shares of our common stock at a public offering price of $15.25 per share and an additional 337,500 shares of common stock at a public offering price of $15.25 per share pursuant to the underwriter's full exercise of the over-allotment option. Proceeds, net of offering costs and expenses were $37,042,000.

Debt Offerings

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.”

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)(1) of the 1940 Act, 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)(1) of the 1940 Act as in effect immediately prior to the issuance of the 2023 Notes, and to provide financial information to the holders of the 2023 Notes and the Trustee if the Company should no longer be subject to

230

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, 2018, 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)(1) of the 1940 Act, 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, 2018, the Company is in compliance with all covenants related to the 2022 Notes.

Capital One Facilities

In May 2017, NSBF entered into an amendment of its Capital One facility which increased the facility from $50,000,000 to $100,000,000 and provided a reduction in interest rates. The interest rate on the portion of the facility, collateralized by the government guaranteed portion of SBA 7(a) loans, was reduced to Prime minus 0.25% (previously Prime plus 1.00%), with a quarterly facility fee equal to 0.25% on the unused portion of the revolving credit calculated as of the end of each calendar quarter. 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 0.75% (previously Prime plus 1.875%), and there is a quarterly facility fee equal to 0.25% on the unused portion of the revolving credit calculated as of the end of each calendar quarter. In June 2018 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,

231

was reduced to Prime plus 0.25% (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 2015, NSBF entered into an amendment of the existing Capital One facility to eliminate the fixed charge coverage ratio in exchange for a debt service ratio, new EBITDA minimums, the elimination of restrictions on our ability to pay dividends to shareholders, as well as the release of the guarantees of our former subsidiaries (now treated as portfolio companies).

At June 30, 2018, we had $0 and $31,000,000 outstanding under the unguaranteed and guaranteed lines of credit, respectively. At June 30, 2018, 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. 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 bears interest at a rate equal to (a) LIBOR (with a floor of 0.50%) plus (b) 6.0% or at a rate equal to (y) the greater of the Prime Rate or 3.5% plus (z) 5.0%. At June 30, 2018, the Related Party RLOC interest rate was 8.00%. The Related Party RLOC has a maturity date of June 21, 2021. Outstanding borrowings at June 30, 2018 were $16,275,000.

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 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 LIBOR plus 2.0% and $3.0%, respectively.
Cash Flows and Liquidity
As of June 30, 2018, the Company’s unused sources of liquidity consisted of $32,690,000 available through the Capital One facility; $10,439,000 available through notes payable with related parties; $3,575,000 in unrestricted cash and $9,000 in money market funds.

Restricted cash of $24,701,000 as of June 30, 2018 is primarily held by NSBF. The majority, or $23,950,000 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.


232

The Company generated and used cash as follows:
(in thousands)
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
Net cash used in operating activities
$
(12,638
)
 
$
(53,140
)
Net cash used in investing activities
(208
)
 
(284
)
Net cash provided by financing activities
20,584

 
57,672

Net increase in cash and restricted cash
7,738

 
4,248

Cash and restricted cash, beginning of period
20,538

 
22,896

Cash and restricted cash, end of period
$
28,276

 
$
27,144

During the six months ended June 30, 2018, operating activities used cash of $12,638,000, 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) $197,992,000 of SBA 7(a) loan investments funded, (iii) $10,112,000 of advances to NBCS under a revolving line of credit, and (iv) $1,750,000 investment in Mobil Money.
These decreases were offset by (i) $172,463,000 of proceeds from the sale of SBA 7(a) guaranteed loan investments, and (ii) $29,595,000 of principal payments received consisting of $21,145,000 from SBA non-affiliate investments and $8,450,000 from controlled investments.
Net cash provided by financing activities was $20,584,000 consisting primarily of (i) net proceeds of $55,164,000 from the issuance of the 2023 Notes, (ii) net borrowings of $31,000,000 from our bank notes payable, and (iii) net borrowings of $9,274,000 under the Related Party RLOC.
These increases were offset by (i) $14,839,000 of dividend payments (ii) $22,378,000 of principal payments related to securitization notes payable, and (iv) the redemption of $40,250,000 of aggregate principal of 2021 Notes.
Contractual Obligations
The following table represents the Company’s obligations and commitments as of June 30, 2018:
(in thousands)
Payments due by period
Contractual Obligations
Total
 
Less than 1 year
 
1-3 years
 
3-5 years
 
More than 5 years
Bank notes payable
$
31,000

 
$
31,000

 
$
—

 
$
—

 
$
—

Securitization notes payable (1)
143,094

 
—

  
—

  
—

 
143,094

Notes due 2022 (1)
8,324

 
—

 
—

 
8,324

 
—

Notes due 2023 (1)
57,500

 
—

 
—

 
57,500

 
—

Notes payable - related parties
16,275

 
—

 
16,275

 
—

 
—

Employment agreements
1,370

 
685

 
685

 
—

 
—

Operating leases (2)
14,155

 
978

 
3,385

 
3,000

 
6,792

Totals
$
271,718

 
$
32,663

  
$
20,345

  
$
68,824

 
$
149,886

(1) Amounts represent principal only and are not shown net of unamortized debt issuance costs. See Note 7.
(2) Minimum payments have not been reduced by minimum sublease rentals of $310,000 due in the future under non-cancelable subleases.

233

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.


234

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. 

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, 2018 and December 31, 2017 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.

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.


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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 2014 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, 2018 and 2017, 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 $8,136,000 and $8,164,000 at June 30, 2018 and December 31, 2017, 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 November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force),” which requires that the statement of cash flow explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard with respect to its statement of cash flows.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. ASU 2014-09 supersedes the revenue recognition requirements under ASC 605, “Revenue Recognition”, and most industry-specific guidance throughout the Industry Topics of the ASC. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. Under the new guidance, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The new guidance will significantly enhance

236

comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. Additionally, the guidance requires improved disclosures as to the nature, amount, timing and uncertainty of revenue that is recognized. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”, which clarified the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”, which clarified the implementation guidance regarding performance obligations and licensing arrangements. In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606)—Narrow-Scope Improvements and Practical Expedients”, which clarified guidance on assessing collectability, presenting sales tax, measuring noncash consideration, and certain transition matters. In December 2016, the FASB issued ASU No. 2016-20, “Revenue from Contracts with Customers (Topic 606)—Technical Corrections and Improvements”, which provided disclosure relief, and clarified the scope and application of the new revenue standard and related cost guidance. The ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. The Company has evaluated the guidance under Topic 606 and has identified similar performance obligations under ASC 606 as compared with deliverables and separate units of account previously identified. The Company adopted this standard with respect to its revenue recognition. The Company evaluated each revenue stream and concluded that all were covered by the scope exceptions as detailed in Topic 606. As a result, the Company determined that the timing of its revenue recognition will remain the same.

New 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 ASU is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those periods. Early adoption is permitted. The Company has not completed its review of the new guidance; however, the Company anticipates that upon adoption of the standard it will recognize additional assets and corresponding liabilities related to leases on its consolidated statements of assets and liabilities. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements”, which now allows entities the option of recognizing the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption while continuing to present all prior periods under previous lease accounting guidance.
Off Balance Sheet Arrangements
There were no off balance sheet arrangements as of June 30, 2018.
Recent Developments

Common Stock

From July 1, 2018 through August 8, 2018 the Company sold 47,292 shares of its common stock at a weighted average price of $20.50 per share under the ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $950,000. As of August 8, 2018, there were 1,552,414 shares of common stock available for sale under the ATM Equity Distribution Agreement.
 
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 a fixed factor basis and the securitization notes are at prime or 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

237

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. At this time the secondary market for the guaranteed portions of SBA loans is robust but during the 2008 and 2009 financial crisis the Company had difficulty selling its loans for a premium; although not expected at this time, if such conditions did recur NSBF would most likely cease making new loans and could experience a substantial reduction in profitability.
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 $28,285,000 at June 30, 2018. 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. Invested cash is held almost 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 or funds and other investment-grade securities. As of June 30, 2018, cash deposits in excess of insured amounts totaled approximately $6,579,000.

238

ITEM 4. CONTROLS AND PROCEDURES.

As of June 30, 2018 (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.


239

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, 2017, 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. Other than the risks described below, 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, 2017.

Because we have received the approval of our shareholders, we are subject to 150% asset coverage beginning on July 26, 2018.

On April 27, 2018, the Company announced that its Board, including a “required majority” (as such term is defined in the 1940 Act) of the Board, approved application to the Company of the asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as modified by the Small Business Credit Availability Act. As a result, the Company’s asset coverage requirements for senior securities were to change from 200% to 150%, effective April 27, 2019. However, at the Company’s special meeting of shareholders, held on July 26, 2018, its shareholders approved, among other things, the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. As a result, the Company’s asset coverage requirements for senior securities were reduced from 200% to 150%, effective July 27, 2018. As a result, we will be able to increase our leverage up to an amount that reduces our asset coverage ratio from 200% to 150% (i.e., the amount of debt may not exceed 66 2/3% of the value of our assets) beginning on July 27, 2018, assuming that additional borrowings are available.

Prior to shareholder approval at the Special meeting held on July 26, 2018, the 1940 Act generally prohibited us from incurring indebtedness unless immediately after such borrowing we had an asset coverage for total borrowings of at least 200% (i.e., the amount of debt may not exceed 50% of the value of our assets). However, recent legislation modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met. Under the legislation, we are allowed to increase our leverage capacity if shareholders representing at least a majority of the votes cast, when quorum is met, approve a proposal to do so.  As a result of the recent stockholder approval, we are allowed to increase our leverage capacity on the first day after such approval, or July 27, 2018.   As a result of the approval, we are required to make certain disclosures on our website and in SEC filings regarding, among other things, the receipt of approval to increase our leverage, our leverage capacity and usage, and risks related to leverage.

Leverage magnifies the potential for loss on investments in our indebtedness and on invested equity capital. As we use leverage to partially finance our investments, you will experience increased risks of investing in our securities. If the value of our assets increases, then the additional leverage would cause the net asset value attributable to our common stock to increase more sharply than it would have had we not increased our leverage. Conversely, if the value of our assets decreases, the additional leverage would cause net asset value to decline more sharply than it otherwise would have had we not increased our leverage. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net investment income to increase more than it would without the additional leverage, while any decrease in our income would cause net investment income to decline more sharply than it would have had we not increased our leverage. Such a decline could negatively affect our ability to pay common stock dividends, scheduled debt payments or other payments related to our securities. Leverage is generally considered a speculative investment technique.

In addition, the ability of BDCs to increase their leverage will increase the capital available to BDCs and thus competition for the investments that we seek to make. This may negatively impact pricing on the investments that we do make and adversely affect our net investment income and results of operations.

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Table of Contents



ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

In connection with the investment in Mobil Money, the Company issued 10,966 restricted common shares in a private transaction as a portion of the consideration, as discussed herein. Refer to Note 3 - Investments.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.
Number
 
Description
 
 
 
 
 
 
 
 
 
 
 
 
 

241

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 8, 2018
By:
/S/    BARRY SLOANE        
 
 
Barry Sloane
 
 
Chairman and Chief Executive Officer
(Principal Executive Officer)
 
 
 
Date: August 8, 2018
By:
/S/    JENNIFER EDDELSON        
 
 
Jennifer Eddelson
 
 
Chief Accounting Officer
(Principal Financial Officer and Principal Accounting Officer)



242
Exhibit


Exhibit 31.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Barry Sloane, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Newtek Business Services Corp. (the “registrant”).
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
/S/    BARRY SLOANE        
 
Barry Sloane
 
Principal Executive Officer
Date: August 8, 2018


Exhibit


Exhibit 31.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Jennifer Eddelson, certify that:
1. I have reviewed this report on Form 10-Q of Newtek Business Services Corp. (the “registrant”).
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
/S/    JENNIFER EDDELSON        
 
Jennifer Eddelson
 
Principal Financial Officer
Date: August 8, 2018



Exhibit


Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2018 (the “Report”) of Newtek Business Services Corp. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof, Barry Sloane, as Principal Executive Officer, and Jennifer Eddelson, as Principal Financial Officer, of the Company, each hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to each officer’s knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Company.
 
 
/S/    BARRY SLOANE        
 
Barry Sloane,
 
Principal Executive Officer
 
/S/    JENNIFER EDDELSON        
 
Jennifer Eddelson,
 
Principal Financial Officer
August 8, 2018