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

FORM 10-K

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

For the fiscal year ended December 31, 2020

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)
 
Maryland46-3755188
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
4800 T Rex Avenue, Suite 120, Boca Raton, Florida33431
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 356-9500
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.02 per shareNEWTNasdaq Global Market LLC
5.75% Notes due 2024NEWTLNasdaq Global Market LLC
5.50% Notes due 2026NEWTZNasdaq Global Market LLC

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes ¨
    No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.    Yes ¨
    No x

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨


Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ¨    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated fileroAccelerated filero
Non-accelerated filerxSmaller reporting companyo
Emerging growth companyo
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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 USC. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes  ¨    No  x
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x
The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was approximately $357,118,000 as of the last business day of the registrant’s second fiscal quarter of 2020, based on a closing price on that date of $18.22 on the Nasdaq Global Market. For the purposes of calculating this amount only, all directors and executive officers of the Registrant have been treated as affiliates.
As of March 26, 2021, there were 22,400,465 shares issued and outstanding of the registrant’s Common Stock, par value $0.02 per share.



DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive Proxy Statement relating to the registrant’s 2021 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission within 120 days following the end of the Company’s fiscal year, are incorporated by reference in Part III of this Annual Report on Form 10-K as indicated herein.



NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
TABLE OF CONTENTS
 
Item Page
PART I
1.
Business
1A.
Risk Factors
1B.
Unresolved Staff Comments
2.
Properties
3.
Legal Proceedings
4.
Mine Safety Disclosures
PART II
5.
Market for the Registrant’s Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities
7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
7A.
Quantitative and Qualitative Disclosures About Market Risk
8.
9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
9A.
Controls and Procedures
9B.
Other Information
PART III
10.
Directors, Executive Officers and Corporate Governance
11.
Executive Compensation
12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
13.
Certain Relationships, Related Party Transactions and Director Independence
14.
Principal Accounting Fees and Services
PART IV
15.
Exhibits and Financial Statement Schedules
Exhibits Index
Signatures
Financial Statements


Table of Contents

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 ActInvestment Company Act of 1940, as amended
2010-1 TrustNewtek Small Business Loan Trust, Series 2010-1, terminated in March 2019
2013-1 TrustNewtek Small Business Loan Trust, Series 2013-1, terminated in October 2018
2014-1 TrustNewtek Small Business Loan Trust, Series 2014-1, terminated in July 2019
2016-1 TrustNewtek Small Business Loan Trust, Series 2016-1
2017-1 TrustNewtek Small Business Loan Trust, Series 2017-1
2018-1 TrustNewtek Small Business Loan Trust, Series 2018-1
2019-1 TrustNewtek Small Business Loan Trust, Series 2019-1
2021 Notes7.00% Notes due 2021, redeemed in March 2018
2022 Notes7.50% Notes due 2022, redeemed in August 2019
2023 Notes6.25% Notes due 2023, redeemed in February 2021
2024 Notes5.75% Notes due 2024
2025 Notes6.85% Notes due 2025
2026 Notes5.50% Notes due 2026
Amended 2019 ATM Distribution AgreementFirst Amendment and Supplement to the Equity Distribution Agreement, dated as of February 28, 2020, by and among the Company and the placement agents
ASCAccounting Standards Codification, as issued by the FASB
ASUAccounting Standards Updates, as issued by the FASB
2017 ATM Equity Distribution AgreementSecond Amended and Restated Equity Distribution Agreement, dated August 31, 2018 by and among the Company and the placement agents
2019 ATM Equity Distribution AgreementEquity Distribution Agreement, dated July 10, 2019 by and among the Company and the placement agents
2020 ATM Equity Distribution AgreementEquity Distribution Agreement, dated June 25, 2020 by and among the Company and the placement agents
BDCBusiness Development Company under the 1940 Act
BoardThe Company's board of directors
Capital OneCapital One Bank, National Association
CodeInternal Revenue Code of 1986, as amended
DRIPThe Company's dividend reinvestment plan
EBITDAEarnings before interest, taxes, depreciation and amortization
Equity Incentive PlanThe Company's 2015 Equity Incentive Plan
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
LIBORLondon Interbank Offered Rate
NAVNet Asset Value
NBL FacilityRevolving Credit and Security Agreement between NBL SPV1, LLC, a wholly-owned subsidiary of NBL, and Capital One
Related Party RLOCUnsecured revolving line of credit agreement between NMS as lender and Newtek as borrower
PLPPreferred Lender Program, as authorized by the SBA
PPPPaycheck Protection Program
RICRegulated investment company under the Code
S&PStandard and Poor's
SBAUnited States Small Business Administration


SBLCSmall Business Lending Company
SECU.S. Securities and Exchange Commission
SMBSmall-and-medium sized businesses
SterlingSterling National Bank
Sterling Receivable and Inventory FacilityLoan and Security Agreement between NBC and Sterling, as lender, to fund accounts receivable and inventory financing arrangements
Taxable SubsidiariesCompanies formed by Newtek which are taxed as corporations for income tax purposes
TrusteeU.S. Bank, National Association
U.S. GAAP or GAAPGenerally accepted accounting principles in the United States
Portfolio Companies and Subsidiaries
NSBFNewtek Small Business Finance, LLC, a consolidated subsidiary
NBLNewtek Business Lending, LLC, a wholly-owned controlled portfolio company
NCLNewtek Conventional Lending, LLC, a 50% owned portfolio company
ExponentialExponential Business Development Co., Inc., a Taxable Subsidiary
NMSNewtek Merchant Solutions, LLC (formerly Universal Processing Services of Wisconsin LLC), a wholly-owned controlled portfolio company
PremierPremier Payments LLC, a former wholly-owned controlled portfolio company which merged into NMS at December 31, 2018
Mobil MoneyMobil Money, LLC, a wholly-owned controlled portfolio company
NTSNewtek Technology Solutions, Inc., a wholly-owned controlled portfolio company
IPMInternational Professional Marketing, Inc., a wholly-owned controlled portfolio company
SIDCOSIDCO, LLC dba Cloud Nine Services, a wholly-owned controlled portfolio company
EWSExcel WebSolutions, LLC, a wholly-owned controlled portfolio company
NBCCDS Business Services, Inc. dba Newtek Business Credit Solutions, a wholly-owned controlled portfolio company
SBLSmall Business Lending, LLC, a wholly-owned controlled portfolio company
BSPADR Partners, LLC dba banc-serv Partners, LLC, a former wholly-owned controlled portfolio company
NPS or PMTPMTWorks Payroll, LLC dba Newtek Payroll and Benefits Solutions, a wholly-owned controlled portfolio company
NIANewtek Insurance Agency, LLC, a wholly-owned controlled portfolio company
TAMTitanium Asset Management LLC, a wholly-owned controlled portfolio company
EMCAPEMCAP Loan Holdings, LLC
POSPOS on Cloud, LLC, dba Newtek Payment Systems, a controlled portfolio company
6


CAUTIONARY STATEMENT REGARDING 
FORWARD-LOOKING STATEMENTS AND PROJECTIONS

This report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Company, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained in this report involve risks and uncertainties, including statements as to:
•our future operating results;
•
•our business prospects and the prospects of our portfolio companies and our and their ability to achieve our respective objectives, including the potential impact of the novel strain of the coronavirus known as “COVID-19”;
•
•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;
•
•our expected financings and investments;
•NSBF’s ability to maintain its license and PLP status under the SBA 7(a) program;
•NSBF’s ability to originate SBA 7(a) loans;
•NSBF’s ability to sell the guaranteed portions of SBA 7(a) loans at premiums;
•
•competition with other entities and our affiliates for investment opportunities;
•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 valuation of any investments in our portfolio companies, particularly those having no liquid trading market;
•our ability to recover unrealized losses; and
•the ability to enter into joint ventures or other financing arrangements.

These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•an economic downturn could impair our portfolio companies’ ability to continue to operate or repay their borrowings, which could lead to the loss of some or all of our investments in such portfolio companies;
•an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;
•an economic downturn could also impact availability and pricing of our financing and our ability to access the debt and equity capital markets;
•the impact of COVID-19 and related changes in base interest rates and significant market volatility on our business, our portfolio companies, our industry and the global economy;
•a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;
•our ability to attract and retain personnel, including key personnel;
•the speculative and illiquid nature of our investments;
•our regulatory structure and tax structure;
•our ability to qualify for and maintain our tax treatment as a RIC under the Code, and as a BDC;
•the impact of fluctuations in interest rates on our business including as a result of the decommissioning of LIBOR;
•the future authorization or reauthorization of the PPP, and NSBF’s ability to participate in any such program;
•NSBF’s ability to comply with the laws, rules and guidance regarding the current or any reauthorized PPP;
•NSBF’s ability to comply with the laws, rules and guidance regarding the SBA 7(a) program;
•the ability of NSBF’s SBA 7(a) borrowers to pay principal and interest, including after any deferment period granted by NSBF; and
•the risks, uncertainties and other factors we identify in “Risk Factors” and elsewhere in this report and in our filings with the SEC.

7


Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include the ability of NSBF to continue to originate loans under the SBA 7(a) program, maintain its PLP status and continue to sell SBA guaranteed portions of SBA 7(a) loans at premiums; our ability to originate new loans and investments; certain margins and levels of profitability and the availability of additional capital. 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 and objectives will be achieved. These risks and uncertainties include those described or identified in “Risk Factors” and elsewhere in this report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. However, we will update this report to reflect any material changes to the information contained herein. The forward-looking statements in this report are excluded from the safe harbor protection provided by Section 27A of the Securities Act and Section 21E of the Exchange Act.
8


ITEM 1. BUSINESS.

We are an internally managed non-diversified closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. Additionally, we have elected to be treated as a RIC under the Code for U.S. federal income tax purposes, beginning with our 2015 tax year. Our investment activities are managed by our executive officers and supervised by our Board.

As a BDC, our investment objective is to generate both current income and capital appreciation primarily through loans originated by our business finance platform, which we sometimes refer to as an “ecosystem,” and our equity investments in certain portfolio companies that we control.

Our Business

We are an internally managed BDC that is a leading national non-bank lender that provides, together with our controlled portfolio companies, a wide range of business and financial solutions under the Newtek® brand to the SMB market. Newtek’s and its portfolio companies’ products and services include: Business Lending, including SBA 7(a) loans, SBA 504 loans and conventional loans, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), Technology Consulting, eCommerce, Accounts Receivable and Inventory Financing, personal and commercial lines 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 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 is better suited for our needs, than the system popularized by Salesforce.com. We believe that our NewTracker® technology and low cost business model distinguishes us from our competitors.

We define SMBs as companies having revenues of $1,000,000 to $100,000,000. We focus on serving the SMB market, which we estimate to be over 27 million businesses in the United States. We believe that these businesses have historically been underserved by traditional financial institutions and typically lack the capital resources to build a competitive business and marketing infrastructure on their own. Further, in today’s economic climate, we believe SMBs have particular difficulty obtaining capital from traditional lending sources. While we do not compete directly with alternative online lenders such as The Lending Club, Prosper.com, OnDeck Capital, Inc. and Kabbage Inc., we do provide financing solutions as an alternative to traditional lending. We believe there is significant demand for such alternative financing among SMBs. Our lending solutions and our controlled portfolio companies’ outsourced business and financial solutions help clients manage and grow their businesses and compete effectively in today’s marketplace. We obtain our customers through referrals from various business partners, such as banks, insurance companies, credit unions and other affinity groups, as well as through our own direct sales force and advertising campaigns. We source, acquire and process SMB customers in a cost-effective manner without reliance on high cost sales staff and time consuming application processes.

In lending, we believe we are a leading capital provider to SMBs based on our loan volume. We originate loans through a variety of sourcing channels and through a disciplined underwriting process, and seek to achieve attractive risk-weighted returns. Our multi-faceted relationships with certain borrowers allow us to closely monitor their credit profile and take an active role in managing our investments. Further, our lending capabilities, coupled with the broad outsourced business and financial solutions of our controlled portfolio companies, create attractive cross-selling opportunities within our client base. We believe our business model creates powerful network effects which will help drive growth and operating leverage in our business. In addition, our SBA 7(a) loans originated by NSBF are structured so that the government guaranteed portion can be rapidly sold, which, based on our historic ability to securitize the unguaranteed portions, and assuming the continuation of current market conditions, allows us to quickly recover our principal and earn excess capital on each SBA 7(a) loan we originate, usually in less than a year. We may in the future determine to retain the government guaranteed or unguaranteed portions of SBA 7(a) loans for longer periods pending deployment of excess capital. From 2012 through 2020, based on dollar lending volume, NSBF has consistently been the largest non-bank SBA 7(a) lender, and as of December 31, 2020, is the third largest SBA 7(a) lender in the United States.

9


Newtek and its controlled portfolio companies use NewTracker®, our patented technology for receiving, processing and monitoring prospective customers. NewTracker® enables Newtek and its controlled portfolio companies to acquire SMB customers in a cost effective manner as it is all accomplished by skilled staff using state of the art technology without the need for high cost sales staff or applications processors. NewTracker® also permits our referral partners to have a real time window into the back office processing of the referrals they provide. In addition, NewTracker® automatically pre-populates any necessary forms or applications so the processing is efficient and also cost effective. Finally, NewTracker® also identifies opportunities for the cross-sale of other Newtek branded products or services.

Business Finance Ecosystem

SBA 7(a) Lending

Our portfolio includes guaranteed and unguaranteed non-affiliate SBA 7(a) loan investments that were made through NSBF, a nationally licensed SBA lender under the federal Section 7(a) loan program, which is part of our business finance ecosystem. The SBA is an independent government agency that facilitates one of the nation’s largest sources of SMB financing by providing credit guarantees for its loan programs. SBA 7(a) loans are partially guaranteed by the SBA, with SBA guarantees typically ranging between 50% and 90% of the principal and interest due. NSBF has a dedicated Senior Lending Team (as defined below) that originates and services SBA 7(a) loans to qualifying SMBs. NSBF sells the guaranteed portions of its SBA 7(a) loans, typically within two weeks of origination, and retains the unguaranteed portion until accumulating sufficient loans for a securitization. NSBF’s securitization process is as follows. After accumulating sufficient loans, the loans are transferred to a special purpose vehicle (a “Trust”), which in turn issues notes against the Trust’s assets in a private placement. The Trust’s primary source of income for repaying the securitization notes is the cash flows generated from the unguaranteed portion of SBA 7(a) loans owned by the Trust. Principal on the securitization notes will be paid by cash flow in excess of that needed to pay various fees related to the operation of the Trust and interest on the debt. Securitization notes have an expected maturity of approximately five years, and the Trust is dissolved when the securitization notes are paid in full, either at or prior to maturity.

We intend to continue to expand our business finance ecosystem primarily by expanding senior secured lending through NSBF, as well as through our portfolio companies that make SBA 504 loans, nonconforming conventional loans and provide accounts receivable and inventory financing, as discussed below. We believe NSBF’s SBA license, combined with NSBF’s PLP designation, provides us with a distinct competitive advantage over other SMB lenders that have not overcome these significant barriers-to-entry in our primary loan market. NSBF originated $196,752,000 of SBA 7(a) loans during 2020 and $517,692,000 of SBA 7(a) loans during 2019. As discussed below, one result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic was that the Company temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans beginning in March 2020 through June 30, 2020, which materially decreased NSBF’s originations of SBA 7(a) loans during 2020. Further, in December 2020, Congress passed the Economic Aid Act (as defined below), which provides funding for PPP loans through March 31, 2021, and on January 11, 2021, the Company announced that NSBF would offer PPP loans through the end of the PPP. For more information, see “Item 7— Management’s Discussion and Analysis of Financial Condition and Results of Operations — PPP Additional Rounds.” We believe that we will continue to be introduced to a variety of high-quality investment opportunities through our existing loan sourcing channels and our controlled portfolio companies’ relationships with their clients, and our status as a BDC which helps fuel the growth of our loan portfolio by providing us with better access to lower-cost capital.

Under the SBA’s 7(a) lending program, a bank or other lender such as NSBF underwrites a loan between $5,000 and $5,000,000 for a variety of general business purposes based on the SBA’s Loan Program Requirements (defined below) and the SBA provides a partial guarantee on the loan. Depending on the loan size, the SBA typically guarantees between 50% and 90% of the principal and interest due. The recoveries and expenses on the unguaranteed portions of these loans are shared pari passu between the SBA and the lender, which substantially reduces the loss severity on the unguaranteed portion of a loan for SBA 7(a) loan investors. SBA 7(a) loans are typically between ten and 25 years in maturity, four to five years in duration and bear interest at the prime rate plus a spread from 2.25% to 2.75%. Since the guaranteed portions of SBA 7(a) loans carry the full faith and credit of the U.S. government, lenders may, and frequently do, sell the guaranteed portion of SBA 7(a) loans in the capital markets, hold the unguaranteed portion and retain all loan servicing rights.

10


NSBF has a dedicated capital markets team that sells the guaranteed portions of its SBA 7(a) loans and securitizes the unguaranteed portions of its SBA 7(a) loans. Historically, NSBF has sold the guaranteed portions of its originated SBA 7(a) loans shortly after origination and retained the unguaranteed portions until accumulating sufficient loans for a securitization. NSBF has typically sold SBA guaranteed portions of SBA 7(a) loans at premiums ranging from 106% to 120% of par value, and any portion of the premium that is above 110% of par value is shared equally between NSBF and the SBA. However, there is no guarantee that NSBF will be able to continue to earn premiums of 106% to 120% on future sales. See “Item 1A. Risk Factors - We have specific risks associates with SBA loans.” Since December 2010, NSBF has maintained its securitization program for unguaranteed portions of its SBA 7(a) loans and has successfully completed ten securitization transactions with Standard & Poor’s AA or A ratings and advance rates as high as 83.5% of par value. NSBF’s most recent and largest securitization to date occurred in October 2019, when it sold $118,920,000 of unguaranteed SBA 7(a) loan-backed notes. NSBF intends to complete additional securitizations in the future. We may determine to retain the government guaranteed or unguaranteed portions of loans for longer periods, pending deployment of excess capital.

NSBF’s Senior Lending Team has focused on making smaller loans, approximately $1,000,000 or less, in order to maintain a diversified pool of loans that are dispersed both geographically and among industries, with a goal of limiting NSBF’s exposure to regional and industry-specific economic downturns. Specifically, as of December 31, 2020, NSBF’s loan portfolio consisted of 2,347 loans originated across 50 states in 78 different industries as defined by the North American Industry Classification System (“NAICS”). The following charts summarize NSBF’s mix of investment concentrations by industry and geography as of December 31, 2020 (in thousands):

Distribution by NAICS Code Description
NAICS Code DescriptionNumber of LoansAggregate Balance ($)Average Balance ($)Percentage of Balance
Food Services and Drinking Places285 $36,343 $128 8.6 %
Truck Transportation90 30,673 341 7.3 %
Professional, Scientific, and Technical Services207 26,433 128 6.3 %
Amusement, Gambling, and Recreation Industries111 25,062 226 6.0 %
Ambulatory Health Care Services125 20,354 163 4.8 %
Repair and Maintenance109 17,638 162 4.2 %
Specialty Trade Contractors114 17,173 151 4.1 %
Fabricated Metal Product Manufacturing43 15,127 352 3.6 %
Administrative and Support Services96 13,679 142 3.3 %
Food Manufacturing26 13,173 507 3.1 %
Other1,141 204,743 179 48.7 %
Total2,347 $420,398 $179 100.0 %

Distribution by State
StateNumber of LoansAggregate Balance ($)Average Balance ($)Percentage of Balance
Florida268 $38,360 $143 9.1 %
California189 34,798 184 8.3 %
New York213 33,919 159 8.1 %
Texas168 31,837 190 7.6 %
Connecticut125 23,061 184 5.5 %
Pennsylvania83 20,146 243 4.8 %
New Jersey112 19,045 170 4.5 %
Illinois85 17,874 210 4.3 %
North Carolina72 15,690 218 3.7 %
Georgia83 14,393 173 3.4 %
Other949 171,276 180 40.7 %
Total2,347 $420,398 $179 100.0 %
11



NSBF evaluates the credit quality of its loan portfolio by employing a risk rating system that is similar to the Uniform Classification System, which is the asset classification system adopted by the Federal Financial Institution Examinations Council. NSBF’s risk rating system is granular with multiple risk ratings in both the Acceptable and Substandard categories. Assignment of the ratings are predicated upon numerous factors, including credit risk scores, collateral type, loan to value ratios, industry, financial health of the business, payment history, other internal metrics/analysis, and qualitative assessments. Risk ratings are refreshed as appropriate based upon considerations such as market conditions, loan characteristics, and portfolio trends. NSBF’s gross SBA loans by credit quality indicator are as follows:

Risk Rating
PortfolioNumber of LoansAggregate Balance ($)Average Balance ($)Percentage of Balance
Risk Rating 1 – 42,132 $353,373 $166 84.0 %
Risk Rating 535 13,251 379 3.2 %
Risk Rating 6179 53,408 298 12.7 %
Risk Rating 6/7 and 71 366 366 0.1 %
Total2,347 $420,398 $179 100.0 %

The weighted average term to maturity and weighted average interest rate of NSBF’s loan portfolio as of December 31, 2020 was 14.6 years and 6.2%, respectively.

Receivables Financing, Inventory Financing and SBA 504 Lending

The Company’s business finance ecosystem also includes NBC and NBL, both controlled portfolio companies, as well as NCL, a joint venture. NBC provides receivables financing, inventory financing and health care receivables financing, and management services to SMBs, which may obtain $10,000 to $2,000,000 per month through the sale of their trade receivables or the financing or their inventories. In addition, NBL funds SBA 504 loans which provide financing of fixed assets such as real estate or equipment and also provides loan origination services to our joint venture (see below).

Non-Conforming Commercial Lending

On November 27, 2018, the Company’s wholly-owned affiliate, Newtek Commercial Lending, Inc., and a wholly-owned affiliate of BlackRock TCP Capital Corp. (“BlackRock TCP”), Conventional Lending TCP Holdings LLC, entered into a joint venture, NCL, governed by the Limited Liability Company Agreement for the JV. The Company and BlackRock TCP each committed to contribute an equal share of equity funding to the JV and each have equal voting rights on all material matters, with the intent to deploy capital over the course of time with additional leverage supported by a warehouse line of credit. The purpose of the JV was to originate commercial loans to middle-market companies as well as small businesses. Additionally, on April 29, 2019, the JV closed a $100 million senior-secured revolving credit facility, with a $100 million accordion feature, with Deutsche Bank. As a result of, among other things, the economic uncertainty caused by the COVID-19 pandemic, the JV ceased originating loans during 2020 and in December 2020, DB and the JV agreed to amend the facility to end the revolving period.

Third Party Loan Servicing

SBL, a wholly-owned, controlled portfolio company, engages in third-party loan servicing for SBA and non-SBA loans and provides lending institutions with outsourced solutions for the entire SBA lending process, including credit analysis, structuring and eligibility, packaging, closing compliance and servicing. SBL provides loan origination solutions to NSBF and also provides loan origination and servicing solutions to NBL, NCL, and third parties such as banks, credit unions and government agencies including the FDIC.
12



The CARES Act — Paycheck Protection Program

On March 27, 2020, Congress passed, and the President of the United States signed into law, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The CARES Act provided an over $2.00 trillion stimulus package to certain businesses and individuals affected by the COVID-19 pandemic, with subsidies to certain existing SBA 7(a) borrowers in which the SBA paid all principal, interest, and fees on existing performing SBA 7(a) loans for six months beginning with such borrowers’ April 2020 payments. Among other things, the CARES Act allowed NSBF, as an SBA 7(a) lender, to originate loans under the newly-established PPP as an expansion of the existing SBA Section 7(a) loan program through June 30, 2020. On July 4, 2020, the President of the United States signed a bill to re-open the application window for the PPP until August 8, 2020. The first round of the PPP closed on August 8, 2020.

Under the PPP, SBA 7(a) lenders were automatically approved to extend 100% federally guaranteed PPP loans to certain small businesses for amounts up to 2.5 times of those businesses’ average monthly payroll expenses (capped at $10 million). The interest rate on PPP loans is capped at 1.00%, and the loans are forgivable after an 8 up to a 24 week forgiveness period, provided that the borrower uses the loans for eligible purposes (e.g., payroll/benefits (excluding employee compensation above $100,000), mortgage interest, rent and utilities) and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower reduces salaries or terminates employees during the forgiveness period.

As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company’s Executive Committee and Senior Lending Team temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans beginning in March 2020. On June 29, 2020, NSBF restarted its SBA 7(a) loan program and began accepting SBA 7(a) loan applications. During the duration of the first round of PPP, NSBF funded approximately 10,570 PPP loans totaling $1.19 billion though the PPP. Pursuant to the PPP, the SBA reimbursed a lender authorized to make a PPP loan at a rate, based on the balance of the financing outstanding at the time of disbursement of the PPP loan, of: (i) 5.00% for PPP loans of not more than $350,000; (ii) 3.00% for loans of more than $350,000 and less than $2,000,000; and (iii) 1.00% for loans of not less than $2,000,000.

On September 5, 2020, the Paycheck Protection Program Flexibility Act (the “new Act”) was signed into law and made significant changes to the PPP to provide additional relief for small businesses. The new Act increased flexibility for small businesses that have been unable to rehire employees due to lack of employee availability or have been unable to operate as normal due to COVID-19 related restrictions. It extended the period that businesses have to use PPP funds to qualify for loan forgiveness to 24 weeks, up from 8 weeks under the original rules. The new Act also relaxed the requirements that loan recipients must adhere to in order to qualify for loan forgiveness. In addition, the new Act extended the payment deferral period for PPP loans until the date when the amount of loan forgiveness is determined and remitted to the lender. For PPP recipients who do not apply for forgiveness, the loan deferral period is 10 months after the applicable forgiveness period ends.

On December 27, 2020, the “The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act” (the “Economic Aid Act”) was enacted by Congress in order to provide additional assistance to the hardest-hit small businesses, nonprofits, and venues that are struggling to recover from the impact of the COVID-19 pandemic. The Economic Aid Act provides funding for PPP loans through March 31, 2021 and a second round of forgivable loans through the PPP for small businesses and nonprofits experiencing significant revenue losses, made programmatic improvements to PPP, funds grants to shuttered venues, and enacted emergency enhancements to other SBA lending programs. This critical assistance will provide small business owners with the capital they need to survive the pandemic and includes critical resources for the smallest businesses. The Economic Aid Act also provides additional subsidies to certain existing SBA 7(a) borrowers. Specifically, under the Economic Aid Act, the SBA will pay an additional three months of payments of principal, interest, and fees on existing performing SBA 7(a) loans approved prior to March 27, 2020, capped at $9,000 per borrower per month and new SBA 7(a) borrowers with loans approved from February 1, 2020 through September 30, 2021, will receive 5 months of payments of principal, interest, and fees, capped at $9,000 per month. For PPP loans made on or after December 27, 2020, SBA will pay lenders fees based on the balance of the financing outstanding at the time of disbursement of the loan, for processing PPP loans in the following amounts: (i) for loans of not more than $50,000, an amount equal to the lesser of fifty (50) percent or $2,500; (ii) five (5) percent for loans of more than $50,000 and not more than $350,000; (iii) three (3) percent for loans of more than $350,000 and less than $2,000,000; and (iv) one (1) percent for loans of at least $2,000,000.

On January 11, 2021, the Company announced that NSBF would immediately begin offering PPP second draw loans to eligible business as well as first draw PPP loans through the end of the PPP, set for March 31, 2021. See “Recent Developments - PPP Additional Rounds.” We continue to monitor legislative, regulatory, and supervisory developments related to the PPP, but there can be no assurance that the PPP will be further reauthorized, or that NSBF will be qualified to participate in any further reauthorization.
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Controlled Portfolio Companies

In addition to our debt investments in portfolio companies through our business finance ecosystem, we also hold controlling interests in certain portfolio companies that, as of December 31, 2020, represented approximately 33% of our total investment portfolio. Specifically, we hold controlling interests in NMS, Mobil Money, NTS, SBL, NBC, NBL, NCL, TAM, NPS, NIA, EWS, POS, IPM, and SIDCO. We refer to these entities (among others), collectively, as our “controlled portfolio companies.” Our controlled portfolio companies provide us with an extensive network of business relationships that supplement our referral sources and that we believe will help us to maintain a robust pipeline of lending opportunities and expand our business finance ecosystem.

The revenues that our controlled portfolio companies generate, after deducting operating expenses, may be distributed to us. As a BDC, our Board will determine quarterly the fair value of our controlled portfolio companies in a similar manner as our other investments. In particular, our investments in our controlled portfolio companies are valued using a valuation methodology that incorporates both the market approach (guideline public company method) and the income approach (discounted cash flow analysis). In following these approaches, factors that we may take into account in determining the fair value of our investments include, as relevant: available current market data, including relevant and applicable market trading comparables, the portfolio company’s earnings and discounted cash flows of forecasted future earnings, comparisons of financial ratios of peer companies that are public, and enterprise values, among other factors. In addition, the Company has engaged third party valuation firms to provide valuation consulting services for the valuation of certain of our controlled portfolio companies.

Newtek Merchant Solutions (NMS)

NMS (a 2001 investment) 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. NMS utilizes a multi-pronged sales approach of both direct and indirect sales. NMS’ primary sales efforts focus on direct sales through our Your Business Solutions Company® brand. Their indirect sales channels consist of alliance partners, principally financial institutions (banks, credit unions, insurance companies and other related businesses), and independent sales agents across the United States. These referring organizations and associations are typically paid a percentage of the processing revenue derived from the respective merchants that they successfully refer to NMS. In 2020, NMS processed merchant transactions with sales volumes of $4.4 billion.

NMS has a number of competitive advantages which we believe will enable it to effectively compete in this market. These are:

•focus on non-traditional business generation: referral relationships, wholesale solicitations and financial institutions rather than independent sales agents;

•seeks to be a market leader in the implementation of technology in the payment processing business;

•It maintains its own staff of trained and skilled customer service representatives; and

•It markets and sells the latest in point-of-sale technology hardware and offers processing related cyber-security services.

NMS maintains its principal customer service and sales support offices in Lake Success, New York, with additional specialists located in Phoenix, Arizona. NMS’s personnel assist merchants with initial installation of equipment and on-going service, as well as any other special processing needs that they may have.

NMS’ development and growth are focused on selling their services to internally generated referrals, merchant referrals identified by Newtek alliance partners and by independent sales representatives. We believe NMS is different than most electronic payment processing companies who acquire their clients primarily through independent sales agents. NMS believes that its business model provides it with a competitive advantage by enabling it to acquire new merchant customers at a lower cost level for third-party commissions than the industry average. NMS’ business model allows it to own the customer as well as the stream of residual payments, as opposed to models which rely more heavily on independent sales agents.

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POS on Cloud, LLC (POS) and Mobil Money, LLC

Our investment in payment processing companies additionally includes, POS, dba Newtek Payment Systems, a 2019 investment in a cloud based Point of Sale (POS) system for a variety of restaurant, retail, assisted living, parks and golf course businesses, which provides not only payments and purchase technology solutions, but also inventory, customer management, reporting, employee time clock, table and menu layouts, and ecommerce solutions as the central operating system for an SMB, as well as Mobil Money, a portfolio of taxi cab merchants and related licensed payment processing software.

Newtek Technology Solutions (NTS)

NTS offers web hosting and eCommerce, managed IT services, secure private cloud hosting, managed backup and disaster recovery, web design and application development, information technology security solutions, and other related services to customers worldwide.

NTS provides a full suite of outsourced IT infrastructure services, including managed IT services, private cloud (virtual) servers, shared server hosting, dedicated server hosting, and managed backup and disaster recovery, under the Newtek® Technology Solutions, Newtek® Web Services and Newtek Web Hosting® brands, for which it receives recurring monthly fees, as well as other fees such as set-up fees, consulting fees, and domain name registration fees, among others.

While there are many competitors in this space, we believe that NTS’ focus on proactive, reliable, and secure solutions sets us apart. Platforms are available within NTS’ cloud and non-cloud environment and are fully managed offerings as compared to NTS’ competitors.

NTS has a complete line of cloud-based business and eCommerce packages and Cloud Spaces to streamline the decision process for business owners and accommodate designers and developers that wish to build sites in both Microsoft and Linux environments. Included with this service offering is full customer service with a real human interface available on a 24/7/365 basis, which we believe further distinguishes NTS from its competitors who usually offer hosting without the support needed for the SMB market customer.

NTS currently operates data centers in Scottsdale, Arizona, Phoenix, Arizona, and Edison, New Jersey. In the second quarter of 2020, NTS moved its main data center in Scottsdale to a new facility in Phoenix, which has resulted in a material reduction of NTS’ data center expense.

The data center facilities NTS employs to host its technologies conforms to The Uptime Institute’s 4-Tier Classification System which has become a global standard for third-party validation of data center critical infrastructure. The Tier Classification System defines the requirements and benefits of four distinct Tier classifications for data center infrastructure. Each Tier sets the appropriate criteria for power, cooling, maintenance, and capability to withstand a fault. Tiers are progressive; each Tier incorporates the requirements of all the lower Tiers. NTS operates its critical infrastructure within facilities that have a minimum rating of Tier 3-Certified. NTS data centers meet and exceed Uptime Institute Tier-3 standards in all categories which allows NTS to pursue and service, compliance-sensitive workloads from the financial services, healthcare, government and military sectors. In addition, NTS includes redundant, carrier-neutral network design for all its communications paths, multiple locations to host services, and a built in DDOS mitigation platform into the design of its data center services.

Throughout its affiliation with Newtek, over 70% of new NTS customers have come as a result of internal and external referrals without material expenditures by NTS for marketing or advertising. Many of NTS’ competitors are very price sensitive, offering minimal services at cut-rate pricing. While being cost competitive with most Linux- and Windows-based web hosting services, NTS has emphasized higher quality uptime, service and support as well as multiple control panel environments for the designer and developer community.

NTS has also launched a turnkey hosting service to meet financial institution needs for server hosting, disaster recovery and/or data storage, enabling these entities to comply with their strict regulatory requirements that demand very high security protocols and practices be in place.

International Professional Marketing (IPM) and SIDCO

IPM and SIDCO are wholly-owned portfolio companies which consult, strategize, design, and implement technology solutions for enterprise and commercial clients across the U.S., and are expected to complement the offerings of NTS. As part of the reorganization of the Company’s managed technology portfolio companies, as of January 1, 2021, IPM and SIDCO became subsidiaries of NTS.
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Small Business Lending, LLC (SBL)

SBL provides third-party loan servicing for SBA and non-SBA loans and provides lending institutions with outsourced solutions for the entire SBA lending process, including credit analysis, structuring and eligibility, packaging, closing compliance and servicing. SBL provides loan origination solutions to NSBF and is also the loan origination and loan servicing provider for NBL and NCL.

Newtek Business Lending, LLC (NBL)

NBL provides SBA 504 loans and financing to the SMB market for the acquisition of fixed assets such as real estate or equipment.

Newtek Conventional Lending, LLC (NCL)

On May 20, 2019, the Company and its joint venture partner launched NCL to provide non-conforming conventional commercial and industrial term loans of up to $15,000,000 to U.S. middle-market companies and small businesses. NCL is a 50/50 joint venture between Newtek Commercial Lending, Inc., a wholly-owned subsidiary of Newtek, and Conventional Lending TCP Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (Nasdaq:TCPC). Additionally, on April 29, 2019, the JV closed a $100 million senior-secured revolving credit facility, with a $100 million accordion feature, with Deutsche Bank. As a result of, among other things, the economic uncertainty caused by the COVID-19 pandemic, the JV ceased originating loans during 2020 and in December 2020, DB and the JV agreed to amend the facility to end the revolving period.

Newtek Business Credit Solutions (NBC)

NBC provides accounts receivable and inventory financing, management services and managerial assistance to SMBs.

Newtek Insurance Agency (NIA)

NIA is a retail and wholesale brokerage insurance agency licensed in 50 states specializing in the sale of personal, commercial and health/benefits lines insurance products to customers of all of the Newtek portfolio companies as well as Newtek alliance partners. NIA offers insurance products from multiple insurance carriers providing a wide range of choice for its customers. NIA is also implementing programs with alliance partners to market commercial and personal insurance. A major sales channel for NIA is the SMB customer base of our lending platform and the other controlled portfolio companies which allow for many opportunities for cross sales between business lines.

Newtek Payroll and Benefits Solutions (NPS)

NPS offers an array of industry standard and very competitively priced payroll management, benefit, payment and tax reporting services to SMBs. These payroll and benefit solutions are marketed through all of Newtek’s available channels including the alliance partnerships and direct marketing campaigns. NPS also benefits by the access to the SMB customer base of the lending platform and the other controlled portfolio companies.

NPS provides full service payroll and benefit solutions across all industries, processing payroll via software as a service (SaaS) or phone solutions. They have an established and reliable platform that is not limited by client size, industry type or delivery interface. NPS assists clients in managing their payroll processing needs by calculating, collecting and disbursing their payroll funds, remitting payroll taxes and preparing and filing all associated tax returns. In addition, NPS offers clients a range of ancillary service offerings, including workers’ compensation insurance, time and attendance, 401(k) administration, pay cards, employee benefit plans, employee background screening, COBRA services, tax credit recovery, Section 125 and flexible benefits spending plans and expense management services.

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Certified Capital Companies (Capcos)

Under state-created Capco programs, states provide a Capco with tax credits generally equal to the amount of funds the Capco raises from insurance company investors. The Capcos then issue the tax credits to its investors — a process which is designed to reduce the Capco’s investors’ state tax liabilities. In exchange for receiving the tax credits, the Capco is obligated to invest the funds raised in certain qualified businesses, which generally are defined by statute to include only businesses that meet certain criteria related to the size, location, number of employees, and other characteristics of the business. If a Capco fails to comply with the performance requirements of each state’s different Capco program, the tax credits are subject to forfeiture.

Under state law, a Capco that has invested in qualified businesses an amount equal to 100% of its initial certified capital is able to decertify (i.e., terminate its status as a Capco) and no longer be subject to any state Capco regulation. Upon voluntary decertification, the programs in about half of the states require that a Capco share any distributions to its equity holders with the state sponsoring the Capco. For those states that require a share of distributions, the sharing percentages vary, but are generally from 10% to 30%, usually on distributions above a specified internal rate of return for the equity owners of the Capco.

Based on the above and that the Capcos were formed to make investments in businesses, the entities were determined to be investment companies and are therefore consolidated subsidiaries of Newtek.

Our Capcos have historically invested in SMBs and, in addition to interest income and investment returns, have generated non-cash income from tax credits and non-cash interest and insurance expenses in addition to cash management fees and expenses. We have de-emphasized our Capco business in favor of growing our controlled portfolio companies and do not anticipate creating any new Capcos. While observing all requirements of the Capco programs and, in particular, financing qualified businesses meeting applicable state requirements as to limitations on the proportion of ownership of qualified businesses, we believe the growth of our controlled portfolio companies produces a strategic focus on providing goods and services to SMBs such as those in which our Capcos invest. We continue to invest in and lend to SMBs through our existing Capcos and intend to meet the goals of the Capco programs.

As the Capcos reach 100% investment we will seek to decertify them as Capcos, liquidate their remaining assets and thereby reduce their operational costs, particularly the legal and accounting costs associated with compliance. Eleven of our original sixteen Capcos have reached this stage and been de-certified and liquidated.

Newtek Branding

We have developed our branded line of products and services to offer a full service suite of business and financial solutions for the United States. SMB market. Newtek reaches potential customers through its integrated multi-channel approach featuring direct, indirect and direct outbound solicitation efforts. We continue to utilize and grow our primary marketing channel of strategic alliance partners as well as a direct marketing strategy to SMB customers through our “go to market” brand, Your Business Solutions Company®. Through our web presence, www.newtekone.com, we believe we are establishing ourselves as a preferred “go-to” provider for SMB financing and business solutions offered by NSBF and our controlled portfolio companies.

We market services through referrals from our strategic alliance partners such as Amalgamated Bank, Stifel Bank, Axiom Bank, Credit Union National Association, ENT Federal Credit Union, Legacy Bank, Morgan Stanley Smith Barney, Navy Federal Credit Union, New York Community Bank, Raymond James, Randolph Brooks Federal Credit Union, UBS, Meineke Dealers Purchasing Cooperative, Transworld Business Advisors, Army Navy Federal Credit Union, Teachers Federal Credit Union, Nassau Federal Educators Federal Credit Union, Spire Federal Credit Union, and True Value Company, among others, (using our patented NewTracker® referral management system) as well as direct referrals from our web presence, www.newtekone.com. Our NewTracker® referral system has a software application patent covering the systems and methods for tracking, reporting and performing processing activities and transactions in association with referral data and related information for a variety of product and service offerings in a business-to-business environment. The NewTracker® system provides for transparency between Newtek and referring parties and has been material in our ability to obtain referrals from a wide variety of sources. This patented system allows us and our alliance partners to review in real time the status of any referral as well as to provide real time compliance oversight by the respective alliance partner, which we believe creates confidence among the referred business client, the referring alliance partner and us. We own the NewTracker® patent, as well as all trademarks and other patented intellectual property used by us and our controlled portfolio companies.

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Additional referrals are obtained from individual professionals in geographic markets that have signed up to provide referrals and earn commissions through our BizExec and TechExec Programs. Our BizExecs and TechExecs are traditionally information technology professionals, CPAs, independent insurance agents and sales and/or marketing professionals. In addition, electronic payment processing services are marketed through independent sales agents, and web technology and eCommerce services are marketed through internet-based marketing and third-party resellers. A common thread across all business lines of our controlled portfolio companies relates to acquiring customers at low cost and making strategic alliances primarily where we pay fees only for successful referrals. We seek to bundle our marketing efforts through our brand, our portal, our patented NewTracker® referral system, our web presence as Your Business Solutions Company® and one easy entry point of contact. We expect that this approach will allow us to continue to cross-sell the financing solutions of our business finance ecosystem to customers of our controlled portfolio companies and build upon our extensive deal sourcing infrastructure. The compensation which we pay for referrals is consistent with industry practices.

Market Opportunity

We believe that the limited amount of capital and financial products available to SMBs, coupled with the desire of these companies for flexible and partnership-oriented sources of capital and other financial products, creates an attractive investment environment for us to further expand our business finance ecosystem and overall brand. We believe the following factors will continue to provide us with opportunities to grow and deliver attractive returns to shareholders.

The SMB market represents a large, underserved market. We estimate the SMB market to include over 27 million businesses in the United States. We believe that SMBs, most of which are privately-held, are relatively underserved by traditional capital providers such as commercial banks, finance companies, hedge funds and collateralized loan obligation funds. Further, we believe that such companies generally possess conservative capital structures with significant enterprise value cushions, as compared to larger companies with more financing options. While the largest originators of SBA 7(a) loans have traditionally been regional and national banks, from 2012 through 2020, NSBF has consistently been the largest non-bank originator of SBA 7(a) loans by dollar lending volume and is currently the third largest SBA 7(a) lender in the United States. As a result, we believe we and our controlled portfolio companies are well positioned to provide financing to the types of SMBs that we have historically targeted and we have the technology and infrastructure in place presently to do it cost effectively in all 50 states and across many industries.

The increased capital requirements and other regulations placed on banks may reduce lending by traditional large financial institutions and community banks. While many SMBs were previously able to raise debt financing through traditional large financial institutions, we believe this approach to financing will continue to be constrained as continued implementation of U.S. and international financial reforms, such as Basel III, phase in and rules and regulations are promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act. We believe that these regulations will increase capital requirements and have the effect of further limiting the capacity of traditional financial institutions to hold non-investment grade loans on their balance sheets. As a result, we believe that many of these financial institutions have de-emphasized their service and product offerings to SMBs, which we believe will make a higher volume of deal flow available to us.

Increased demand for comprehensive, business-critical SMB solutions. Increased competition and rapid technological innovation are creating an increasingly competitive business environment that requires SMBs to fundamentally change the way they manage critical business processes. This environment is characterized by greater focus on increased quality, lower costs, faster turnaround and heightened regulatory scrutiny. To make necessary changes and adequately address these needs, we believe that companies are focusing on their core competencies and utilizing cost-effective outsourced solutions to improve productivity, lower costs and manage operations more efficiently. Our controlled portfolio companies provide critical business solutions such as electronic payment processing, managed IT solutions, personal and commercial insurance services and full-service payroll and benefit solutions, receivables financing, funding of SBA 504 loans, which provide financing of fixed assets such as real estate or equipment, and non-conforming (non-SBA) commercial loans. We believe that each of these market segments are underserved for SMBs and since we are able to provide comprehensive financial and business solutions under one (the Newtek) platform, we beleive that we are well positioned to continue to realize growth from these product offerings.

Competitive Advantages

We believe that we are well positioned to take advantage of investment opportunities in SMBs due to the following competitive advantages:

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Internally Managed Structure and Significant Management Resources. We are internally managed by our Executive Committee under the supervision of our Board and do not depend on an external investment advisor. As a result, we do not pay investment advisory fees and all of our income is available to pay our operating costs, which include employing investment and portfolio management professionals, and to make distributions to our shareholders. We believe that our internally managed structure provides us with a lower cost operating expense structure, when compared to other publicly traded and privately-held investment firms which are externally managed, and allows us the opportunity to leverage our non-interest operating expenses as we grow our investment portfolio. Our Senior Lending Team has developed one of the largest independent loan origination and servicing platforms that focuses exclusively on SMBs.

Business Model Enables Attractive Risk-Weighted Return on Investment in SBA 7(a) Lending. Our SBA 7(a) loans are structured so as to permit rapid sale of the U.S. government guaranteed portions, often within weeks of origination, and the unguaranteed portions have been successfully securitized, with the securitization notes being sold, usually within a year of origination. The return of principal and premium may result in an advantageous risk-weighted return on our original investment in each loan. We may determine to retain the government guaranteed or unguaranteed portions of loans pending deployment of excess capital.

State of the Art Technology. Our patented NewTracker® software enables us to board a SMB customer, process the application or inquiry, assemble necessary documents, complete the transaction and create a daily reporting system that is sufficiently unique as to receive a U.S. patent. NewTracker® enables us to identify a transaction, similar to a merchandise barcode or the customer management system used by SalesForce.com, then process a business transaction and generate internal reports used by management and external reports for strategic referral partners. NewTracker® allows our referral partners to have digital access into our back office and follow on a real time, 24/7 basis the processing of their referred customers. NewTracker® has been applied to all of the business and financial solutions we offer directly or through our controlled portfolio companies.

Established Direct Origination Platform with Extensive Deal Sourcing Infrastructure. We have established a direct origination pipeline for investment opportunities without the necessity for financial institutions or brokers as well as broad marketing channels that we believe allow for highly selective underwriting. We believe the combination of our brand, our portal, our patented NewTracker® technology, and our web presence as Your Business Solutions Company® have created an extensive deal sourcing infrastructure. Although we pay fees for loan originations that are referred to us by our alliance partners, our investment team works directly with the borrower to assemble and underwrite loans. We rarely invest in pre-assembled loans that are sold by investment banks or brokers. As a result, we believe that our unique national origination platform allows us to originate attractive credits at a low cost. During 2020 and 2019 we funded $196,752,000 and $517,692,000, respectively, of SBA 7(a) loans, with 2020 originations being negatively impacted by the Executive Team’s and Senior Lending Team’s decision to focus on PPP loan referrals, and not SBA 7(a) loan referrals, as a result of the COVID-19 pandemic. We anticipate that our principal source of investment opportunities will continue to be in the same types of SMBs to which we currently provide financing. Our Executive Committee and Senior Lending Team will also seek to leverage our extensive network of additional referral sources, including law firms, accounting firms, financial, operational and strategic consultants and financial institutions, with whom we have completed investments. We believe our current infrastructure and expansive relationships will continue to enable us to review a significant amount of direct (or non-brokered) investment opportunities.

Experienced Senior Lending Team with Proven Track Record. We believe that our Senior Lending Team is one of the leading capital providers to SMBs. Our Senior Lending Team has expertise in managing the SBA process and has managed a diverse portfolio of investments with a broad geographic and industry mix. While the primary focus of NSBF is to expand its debt financing activities in SBA 7(a) loans, our Senior Lending Team is also focused on growing our business finance ecosystem through our controlled portfolio companies NBC, which provides receivables financing, inventory financing and health care receivables financing, NBL, which funds SBA 504 loans, and our joint venture program, which funds non-conforming (non-SBA) commercial loans.

Flexible, Customized Financing Solutions for Seasoned, Smaller Businesses. While NSBF’s primary focus is to expand its lending by activities by providing SBA 7(a) loans to SMBs, we also seek to offer SMBs a variety of attractive financing structures, as well as cost effective and efficient business solutions, to meet their capital needs through our subsidiaries and controlled portfolio companies. In particular, through our controlled portfolio companies, we offer larger loans, between $5,000,000 and $15,000,000, greater than loans available with the SBA guarantee, but with a higher interest rate to compensate for the increased risk. Unlike many of our competitors, we believe we have the business finance ecosystem that allows us to provide a complete package of business solutions and financing options for SMBs, which allows for cross-selling opportunities and improved client retention. We expect that a large portion of our capital will be loaned to companies that need growth capital, acquisition financing or funding to recapitalize or refinance existing debt facilities. Our lending will continue to focus on making loans to SMBs that:
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•have 3 to 10 years of operational history;

•significant experience in management;

•credit worthy owners who provide a personal guarantee for our investment;

•show a strong balance sheet to collateralize our investments; and

•show sufficient cash flow to be able to service the payments on our investments comfortably.

Although we may make investments in start-up businesses, we generally seek to avoid investing in high-risk, early-stage enterprises that are only beginning to develop their market share or build their management and operational infrastructure with limited collateral.

Disciplined Underwriting Policies and Rigorous Portfolio Management. We pursue rigorous due diligence of all prospective investments originated through our business finance ecosystem. Our Senior Lending Team has developed what we believe to be an extensive underwriting due diligence process, which includes a review of the operational, financial, legal and industry performance and outlook for the prospective investment, including quantitative and qualitative stress tests, review of industry data and when necessary, consultation with outside experts regarding the creditworthiness of the borrower. These processes continue during the portfolio monitoring process, when we will conduct field examinations, when appropriate, review all compliance certificates and covenants and regularly assess the financial and business conditions and prospects of portfolio companies. In addition, SBL is a third-party servicer for commercial, SBA 7(a) and other government guaranteed investments, whose exceptional servicing capabilities with compact timelines for loan resolutions and dispositions has attracted various third-party portfolios to SBL. SBL also services the loans funded by NBL and our joint venture, and provides loan origination and closing services to NSBF pursuant to an SBA approved lender service provider agreement.

Business Development Company Status

Our predecessor was formed on June 29, 1999 under the laws of the State of New York and, on November 12, 2014, in connection with our election to be regulated as a BDC, merged with and into us for the purpose of reincorporating under the laws of the State of Maryland.

As a BDC, we are required to meet regulatory tests, including the requirement to invest at least 70% of our gross assets in “qualifying assets.” Qualifying assets generally include debt or equity securities of private or thinly traded public U.S. companies and cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. In addition, as a BDC, and pursuant to the approval that we received from our shareholders on July 26, 2018, we are not permitted to incur indebtedness unless immediately after such borrowing we have an asset coverage for total borrowings of at least 150% (i.e., the amount of debt may not exceed 66 2/3% of the value of our total assets). See “Regulation.”

As a RIC, we generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that we timely distribute to our shareholders. To maintain our RIC tax treatment, we must meet specified source-of-income and asset diversification requirements and distribute annually at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any (the “Annual Distribution Requirement”).

Investments

We engage in various investment strategies from time to time in order to achieve our overall investment objectives.

Portfolio Company Characteristics

We have and will continue to target investments in future portfolio companies that generate both current income and capital appreciation. In each case, the following criteria and guidelines are applied to the review of a potential investment however, not all criteria are met in every single investment, nor do we guarantee that all criteria will be met in the investments we will make in the future. We have and will continue to limit our investments to the SMB market.

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Experienced Management with Meaningful Investment. We seek to invest in companies in which senior or key managers have significant company-or industry-level experience and have significant equity ownership. It has been our experience that these experienced managers are more committed to the portfolio company’s success and more likely to manage the company in a manner that protects our debt and equity investments.

Significant Invested Capital. We believe that the existence of an appropriate amount of equity beneath our debt capital provides valuable support for our investment. In addition, the degree to which the particular investment is a meaningful one for the portfolio company’s owners (and their ability and willingness to invest additional equity capital as and to the extent necessary) are also important considerations.

Appropriate Capital Structures. We seek to invest in portfolio companies that are appropriately capitalized. First, we examine the amount of equity that is being invested by the company’s equity owners to determine whether there is a sufficient capital cushion beneath our invested capital. We also analyze the amount of leverage, and the characteristics of senior debt with lien priority over our senior subordinated debt. A key consideration is a strong balance sheet and sufficient free cash flow to service any debt we may invest.

Strong Competitive Position. We invest in portfolio companies that have developed strong, defensible product or service offerings within their respective market segment(s). These companies should be well positioned to capitalize on organic and strategic growth opportunities, and should compete in industries with strong fundamentals and meaningful barriers to entry. We further analyze prospective portfolio investments in order to identify competitive advantages within their industry, which may result in superior operating margins or industry-leading growth.

Customer and Supplier Diversification. We expect to invest in portfolio companies with sufficiently diverse customer and supplier bases. We believe these companies will be better able to endure industry consolidation, economic contraction and increased competition than those that are not sufficiently diversified. However, we also recognize that from time to time, an attractive investment opportunity with some concentration among its customer base or supply chain will present itself. We believe that concentration issues can be evaluated and, in some instances (whether due to supplier or customer product or platform diversification, the existence and quality of long-term agreements with such customers or suppliers or other select factors), mitigated, thus presenting a superior risk-weighted pricing scenario.

Investment Objectives

Debt Investments

We target our debt investments, which are principally made through our business finance ecosystem under the SBA 7(a) program, to produce generally, a coupon rate of prime plus 2.25% to 2.75% which enables us to generate rapid sales of the guaranteed portions of SBA 7(a) loans in the secondary market, historically producing gains and with a yield on investment in excess of 30%. We typically structure our debt investments with the maximum seniority and collateral along with personal guarantees from portfolio company owners, in many cases collateralized by other assets including real estate. In 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 7(a) loans are made with personal guarantees from any owner(s) of 20% or more of the portfolio company’s equity. As of December 31, 2020, substantially all of our SBA 7(a) portfolio at fair value consisted of debt investments that were secured by first or second priority liens on the assets of the portfolio company.

•First Lien Loans. Our first lien loans generally have terms of one to twenty-five years, provide for a variable interest rate, contain no prepayment penalties (however, the SBA will charge the borrower a prepayment fee if the loan has a maturity of 15 or more years and is prepaid during the first three years) and are secured by a first priority security interest in all existing and future assets of the borrower. Our first lien loans may take many forms, including revolving lines of credit, term loans and acquisition lines of credit.

•Second Lien Loans. Our second lien loans generally have terms of five to twenty-five years, also primarily provide for a variable interest rate, contain no prepayment penalties (however, the SBA will charge the borrower a prepayment fee if the loan has a maturity of 15 or more years and is prepaid during the first three years) and are secured by a second priority security interest in all existing and future assets of the borrower. We typically only take second lien positions on additional collateral where we also have first lien positions on business assets.

•Unsecured Loans. We make few unsecured investments, primarily to our controlled portfolio companies, which because of our equity ownership are deemed to be more secure. Typically, these loans are to meet short-term funding needs.
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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, affirmative, negative and financial covenants.

In addition to the investment objectives described above, the Company temporarily shifted its debt investment strategy during the first half of 2020 to focus on PPP lending in response to the COVID-19 pandemic. As such, the Company’s investment objectives relating to its PPP lending during fiscal 2020 may differ from the objectives described above. For more information, see “Item 7— Management’s Discussion and Analysis of Financial Condition and Results of Operations — PPP Additional Rounds.”

Equity Investments

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 objective 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 as another means of supporting their development and that of the integrated whole.

In Capco investments, we often make debt investments in conjunction with being granted equity in the company in the same class of security as the business owner receives upon funding. We generally seek to structure our equity investments to provide us with minority rights provisions and event-driven put rights.

Investment Process

The following discussion relates to the Company’s investment selection process in connection with SBA 7(a) lending. The Company’s investment selection process for PPP lending during fiscal 2020 may differ from the process described below. For more information, see “Item 7— Management’s Discussion and Analysis of Financial Condition and Results of Operations — PPP Additional Rounds.”The members of our Senior Lending Team and our Executive Committee are responsible for all aspects of our investment selection process. The discussion below describes our investment procedures. The stages of our investment selection process are as follows:

Loan and Deal Generation/Origination

We believe that the combination of our brand, our portal, our patented NewTracker® technology, and our web presence as Your Business Solutions Company® have created an extensive loan and deal sourcing infrastructure. This is maximized through long-standing and extensive relationships with industry contacts, commercial and investment bankers, entrepreneurs, services providers (such as lawyers and accountants), as well as current and former clients, portfolio companies and our extensive network of strategic alliance partners. We supplement our relationships by the selective use of advertising aimed primarily at lending to the SMB market. We believe we have developed a reputation as a knowledgeable and reliable source of capital, providing value-added advice, prompt processing, and management and operations support to our portfolio companies.

We market our loan and investment products and services, and those of our controlled portfolio companies, through referrals from our alliance partners such as Amalgamated Bank, Stifel Bank, Axiom Bank, Credit Union National Association, ENT Federal Credit Union, Legacy Bank, Morgan Stanley Smith Barney, Navy Federal Credit Union, New York Community Bank, Raymond James, Randolph Brooks Federal Credit Union, UBS, Meineke Dealers Purchasing Cooperative, Transworld Business Advisors, Army Navy Federal Credit Union, Teachers Federal Credit Union, Nassau Federal Educators Federal Credit Union, Spire Federal Credit Union, and True Value Company, among others using our patented NewTracker® referral system as well as direct referrals from our web presence, www.newtekone.com. The patent for our NewTracker® referral system is a software application patent covering the systems and methods for tracking, reporting and performing processing activities and transactions in association with referral data and related information for a variety of product and service offerings in a business-to-business environment providing further for security and transparency between referring parties. NewTracker® allows us and our alliance partners to review in real time the status of any referral as well as to provide real time compliance oversight by the respective alliance partner, which we believe creates confidence between the referred business client, the referring alliance partner and us.

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Additional deal sourcing and referrals are obtained from individual professionals in geographic markets that have signed up to provide referrals and earn commissions through our BizExec and TechExec Programs. The BizExecs and TechExecs are traditionally information technology professionals, CPAs, independent insurance agents and sales and/or marketing professionals. In addition, electronic payment processing services are marketed through independent sales representatives and web technology and eCommerce services are marketed through internet-based marketing and third-party resellers. A common thread across all business lines of our subsidiaries and controlled portfolio companies relates to acquiring customers at low cost. We seek to bundle our marketing efforts through our brand, our portal, NewTracker®, our web presence as Your Business Solutions Company® and one easy entry point of contact. We expect that this approach will allow us to continue to cross-sell the business and financial solutions of our subsidiaries and controlled portfolio companies to our customers and customers of our controlled portfolio companies, and to build upon our extensive deal sourcing infrastructure.

Screening

We screen all potential debt or equity investment proposals that we receive for suitability and consistency with our investment criteria. See “Portfolio Company Characteristics,” above. In screening potential investments, our Senior Lending Team and our Executive Committee utilize a value-oriented investment philosophy and commit resources to managing downside exposure. If a potential investment meets our basic investment criteria, a business service specialist or other member of our team is assigned to perform preliminary due diligence.

SBA Lending Procedures

We originate loans under the SBA 7(a) Program (authorized by section 7(a) of the Small Business Act, 15 U.S.C. 636(a)), in accordance with our credit and underwriting policy, which incorporates by reference the applicable regulations and the SBA Standard Operating Procedures, Lender and Development Company Loan Program (“SOP 50 10”) (collectively, “SBA Loan Program Requirements”) as they relate to the financing and servicing of such loans.

During the initial application process for a loan originated under the SBA 7(a) Program, a Newtek business service specialist assists and guides the applicant through the application process, which begins with the submission of an online form through our customized loan portal. The online loan processing system collects required information and ensures that all necessary forms are provided to the applicant and filled out. The system conducts two early automatic screenings focused primarily on whether (i) the requested loan is for an eligible purpose, (ii) the requested loan is for an eligible amount and (iii) the applicant is an eligible borrower. If the applicant is eligible to fill out the entire application, the online system pre-qualifies the applicant based on preset credit parameters that meet the standards of Newtek and the SBA.

Once the online form and the application materials have been completed, our underwriting department (the “Underwriting Department”) becomes primarily responsible for reviewing and analyzing the application in order to accurately assess the level of risk being undertaken in making a loan. The Underwriting Department is responsible for assuring that all information necessary to prudently analyze the risk associated with a loan application has been obtained and has been analyzed. Credit files are developed and maintained with the documentation received during the application process in such a manner as to facilitate file review during subsequent developments during the life of the loan.

Required Information

For a loan originated under the SBA 7(a) Program, the primary application document is SBA Form 1919 (Borrower Information Form) (“Form 1919”). Among other things, Form 1919 requires identifying information about the applicant, loan request, indebtedness, the principals, current or previous government financing, and certain other disclosures.

In addition to Form 1919, the following additional information is required:

•an SBA Form 912 (Statement of Personal History), if question 1, 2, or 3 of Form 1919 is answered affirmatively;

•an SBA Form 413 (Personal Financial Statement), for all owners of 20% or more (including the assets of the owner’s spouse and any minor children), and proposed guarantors;

•business financial statements dated within 180 days prior to submission to SBA, consisting of (a) year-end balance sheets for the last three years, including detailed debt schedule, (b) year-end profit & loss (P&L) statements for the last three years, (c) reconciliation of net worth, (d) interim balance sheet, and (e) interim P&L statements;

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•a list of names and addresses of any subsidiaries and affiliates, including concerns in which the applicant holds a controlling interest and other concerns that may be affiliated by stock ownership, franchise, proposed merger or otherwise with the applicant, and business financial statements meeting the same requirements as above of such subsidiaries and affiliates;

•the applicant’s original business license or certificate of doing business;

•records of any loans the applicant may have applied for in the past;

•signed personal and business U.S. federal income tax returns of the principals of the applicant’s business for previous three years;

•personal resumes for each principal;

•a brief history of the business and its challenges, including an explanation of why the SBA loan is needed and how it will help the business;

•a copy of the applicant’s business lease, or note from the applicant’s landlord, giving terms of proposed lease; and

•if purchasing an existing business, (a) current balance sheet and P&L statement of business to be purchased, (b) previous two years U.S. federal income tax returns of the business, (c) proposed Bill of Sale including Terms of Sale, and (d) asking price with schedule of inventory, machinery and equipment, furniture and fixtures.

We view current financial information as the foundation of sound credit analysis. To that end, we verify all business income tax returns with the Internal Revenue Service and generally request that financial statements be submitted on an annual basis after the loan closes. For business entities or business guarantors, we request U.S. federal income tax returns for each fiscal year-end to meet the prior three-year submission requirement. For interim periods, we will accept management-prepared financial statements. The most recent financial information may not be more than 180 days old at the time of the approval of the loan, but we generally request that the most recent financial information not be older than 90 days in order to provide time for underwriting and submission to SBA for guaranty approval, if required. For individuals or personal guarantors, we require a personal financial statement dated within 180 days of the application (sixty days is preferred) and personal income tax returns for the prior three years. In connection with each yearly update of business financial information, the personal financial information of each principal must also be updated. Spouses are required to sign all personal financial statements in order for the Underwriting Department to verify compliance with the SBA’s personal resource test. In addition, the Underwriting Department will ensure that there has been no adverse impact on financial condition of the applicant or its principals since the approval of the loan. If closing does not occur within ninety days of the date on which the loan is approved, updated business and personal financial statements must be obtained and any adverse change must be addressed before the proceeds of the loan may be disbursed. If closing does not occur within six months of the date on which the loan is approved, the applicant is generally required to reapply for the loan.

Stress Test

The standard underwriting process requires a stress test on the applicant’s interest rate to gauge the amount of increase that can be withstood by the applicant’s cash flow and still provide sufficient cash to service debt. The applicant’s cash flow is tested up to a 2% increase in interest rate. If the applicant’s debt service coverage ratio decreases to 1:1 or less than 1:1, the loan may only be made as an exception to our Underwriting Guidelines and would require the approval of our credit committee.

Required Site Visit

No loan will be funded without an authorized representative of NSBF first making a site visit to the business premises. We generally use a contracted vendor to make the required site visit but may from time to time send our own employees to perform this function. Each site visit will generate a narrative of the business property as well as photographs of the business property. Additional site visits will be made when a physical on-site inspection is warranted.

Credit Assessment of Applicant

Loan requests are assessed primarily based upon an analysis of the character, cash flow, capital, liquidity and collateral involved in the transaction.

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Character: We require a personal credit report to be obtained on any principal or guarantor involved in a loan transaction. Emphasis is placed upon the importance of individual credit histories, as this is a primary indicator of an individual’s willingness and ability to repay debt. Any material negative credit information must be explained in writing by the principal, and must be attached to the personal credit report in the credit file. No loan will be made where an individual’s credit history calls into question the repayment ability of the business operation. A loan request from an applicant who has declared bankruptcy within the ten years preceding the loan application will require special consideration. A thorough review of the facts behind the bankruptcy and impact on creditors will be undertaken in determining whether the principal has demonstrated the necessary willingness and ability to repay debts. In addition, we will examine whether the applicant and its principals and guarantors have abided by the laws of their community. Any situation where a serious question concerning a principal’s character exists will be reviewed on a case-by-case basis. Unresolved character issues are grounds for declining a loan request regardless of the applicant’s financial condition or performance.

Cash Flow: We recognize that cash flow is the primary and desired source of repayment on any loan, and therefore is the primary focus of the credit decision. Any transaction in which the repayment is not reasonably assured through cash flow will be declined, regardless of other possible credit strengths. At a minimum, combined EBITDA will be used to evaluate repayment ability. Other financial analysis techniques will be employed as needed to establish the reasonableness of repayment. Where repayment is based on past experience, the applicant must demonstrate minimum combined cash flow coverage of 1.2 times based upon the most recent fiscal year-end financial statement. A determination of the ability to repay will not be based solely upon interim operating results. Where repayment ability is not evident from historical combined earnings (including new businesses and changes of ownership), projections will be analyzed to determine whether repayment ability is reasonably assured. For changes in ownership, monthly cash flow forecasts will be analyzed to determine adequacy to meet all of the borrower’s needs.

For business acquisition applications, the applicant will be required to submit projections and support such projections by detailed assumptions made for all major revenue and expense categories and an explanation of how the projections will be met. Analysis must include comparisons with relevant Risk Management Association (“RMA”) industry averages. EBITDA must be reasonably forecast to exceed debt service requirements by at least 1.2 times, after accounting for the initial phase of operations. For change of ownership applications, projections will also be measured against the actual historical financial results of the seller of the business concern. Projections must demonstrate repayment ability of not less than 1.2 times.

Capital: Capital is a strong traditional indicator of the financial health of a business. For going concern entities, the pro-forma leverage position, as measured by the debt to tangible net worth ratio, may not exceed the RMA industry median or 4 to 1, whichever is greater. For change of ownership transactions, generally 25% of total project costs should be contributed as equity resulting in debt to tangible net worth ratio of 3 to 1.

For a change of ownership transaction where a substantial portion of intangibles are included within the transaction, adequacy of capital will be determined based upon an evaluation of the business value and level of injection. In determining the legitimacy of the business value, the loan underwriter must utilize two SBA approved valuation methods, as outlined in SBA SOP 50 10. If the business value is found to be acceptable, and the equity injection into the project is within our requirements as outlined herein, then the capital position will be considered satisfactory.

As a general rule, shareholder and affiliate loans may be added back to net worth only if such loans will be subordinated for the life of the SBA loan, with no principal or interest payments to be made. Financing by the seller of the business may also be considered as equity if the loan will be placed on full standby for the life of the SBA loan. Adjustments to net worth to account for the difference between the book value and appraised value of fixed assets may be made only when supported by a current appraisal. Appraisals on a “subject to” basis are not acceptable.

Liquidity: Liquidity, as measured by the current ratio, must be in line with the RMA industry average. An assessment of the adequacy of working capital is required. An assessment of the liquidity of a business is essential in determining the ability to meet future obligations. Lending to cash businesses such as hotels and restaurants requires less analysis of the liquidity of the business due to the timing of cash receipts. Industries with large receivables, payables, and inventory accounts require thorough review of the cash cycle of the business and evaluation of the applicant’s ability to manage these accounts. The current and quick ratios and turnover of receivables, payables and inventory are measured against the RMA industry median in determining the adequacy of these liquidity measures.

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Collateral: We are required to reasonably secure each loan transaction with all worthwhile and available assets. Pursuant to SBA SOP 50 10, we may not (and will not) decline a loan if the only weakness in the application is the value of collateral in relation to the loan amount, provided that all assets available to the business and its principals have been pledged. As set forth in SBA SOP 50 10, the SBA considers a loan to be fully secured if the lender has taken a security interest in all available fixed assets with a combined “net book value” adjusted up to the loan amounts below. For 7(a) loans, “fixed assets” means real estate, including land and structures and machinery and equipment owned by the business. “Net book value” is defined as an asset’s original price minus depreciation and amortization.

We attempt to secure each loan transaction with as much real estate and liquid asset collateral as necessary; however, all fixed assets must be evaluated. Fixed assets are evaluated on the basis of the net book value to determine the realizable value among collateral types. Valuation factors are applied as follows:

•Commercial real estate — 75%

•Residential real estate — 85%

•Vacant land — 50%

•Machinery & Equipment — 50%

•Furniture & Fixtures — 10%

•Accounts receivable & inventory — 20%

•Leasehold improvements — 5%

•Certificate of Deposit — 100%

•Regulated Licenses — will vary dependent upon type of license and geographic area. The liquidation rate used must be fully justified.

In addition to an assessment of the criteria specified above, there are certain special industry-specific requirements that will be considered in the loan application decision.

Change of Ownership: The minimum equity injection required in a change of ownership transaction is generally 20% but may be lower for specific industries such as medical and dental practices, gas stations and convenience stores, flag hotels and “strong” non-lodging franchises.

In the event of financing from the seller of the business, the applicant must inject not less than 10% of the project cost; the seller of the business may provide the balance on a complete standby basis for the life of the SBA loan. Exceptions to the equity requirement are reviewed on a case-by-case basis.

For a change of ownership transaction, the application must be accompanied by a business plan including reasonable financial projections. The financial performance of the seller of the business must be evaluated based upon three years of corporate income tax returns and a current interim financial statement. Projections for the applicant must be in line with the historical financial performance at the business location. In cases where financial performance of the seller of the business is poor, a satisfactory explanation must be provided to detail the circumstances of performance. Projections for the applicant must be accompanied by detailed assumptions and be supported by information contained in the business plan.

Management should have related experience in the industry and demonstrate the ability to successfully operate the business. In the absence of satisfactory related experience, an assessment of management’s experience and capabilities, given the complexity and nature of the business, will be made. In the case of a franchise, we will generally take into account the reputation of a franchisor for providing worthwhile management assistance to its franchisees.

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We carefully review change of ownership transactions. The loan underwriter will review the contract for sale, which will be included in the credit file. The contract for sale must include a complete breakdown of the purchase price, which must be justified through either a third party appraisal or directly by the loan underwriter through an approved valuation method specified in SBA SOP 50 10. The contract of sale must evidence an arm’s length transaction (but transactions between related parties are permitted so long as they are on an arm’s-length basis) which will preserve the existence of the small business or promote its sound development. In addition, a satisfactory reason for the sale of the business must be provided. The seller of the business must provide the prior three years of business tax returns and a current interim financial statement, as applicable.

Also, in connection with a change of ownership transaction, the Loan Processing area of the Underwriting Department will order Uniform Commercial Code searches on the seller of the existing business. If such a search identifies any adverse information, the Loan Processor will advise the Underwriting Manager or Operations Manager so a prudent decision may be made with respect to the application.

Real Estate Transactions: Loan proceeds for the acquisition or refinancing of land or an existing building or for renovation or reconstruction of an existing building must meet the following criteria:

•the property must be at least 51% owner-occupied pursuant to SBA policies; and

•loan proceeds may not be used to remodel or convert any rental space in the property.

Loan proceeds for construction or refinancing of construction of a new building must meet the following criteria:

•the property must be at least 60% owner-occupied pursuant to SBA policies; and

•if the building is larger than current requirements of the applicant, projections must demonstrate that the applicant will need additional space within three years, and will use all of the additional space within ten years.

Commercial real estate appraisals are required on all primary collateral prior to the loan closing. In general, appraisals will be required as follows:

•for loans up to $100,000 — a formal opinion of value prepared by a real estate professional with knowledge of the local market area;

•for loans from $100,000 to $500,000 — a limited summary appraisal completed by a state certified appraiser;

•for loans from $500,000 to $1 million — a limited summary appraisal by a Member of the Appraisal Institute (“MAI”) appraiser; and

•for loans over $1 million — a complete self-contained appraisal by a MAI appraiser.

Environmental screenings and an environmental questionnaire are required for all commercial real estate taken as collateral.

In general, environmental reports are required as follows:

•for real estate valued up to $500,000 — a transaction screen including a records review;

•for real estate valued in excess of $500,000 — a Phase I Environmental Report; and

•for the following types of property, a Phase I Environmental Report will be required regardless of property value: gasoline service stations, car washes, dry cleaners and any other business known to be in environmentally polluting industries.

In all cases for commercial real estate taken as collateral:

•if further testing is recommended, the recommended level of testing will be performed prior to the loan closing; and

•if the report indicates remedial action to be taken by the business, such actions must be completed prior to the loan closing and a closure letter must be provided prior to funding.

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Medical Professionals: In connection with a loan application relating to the financing of a medical business, all medical licenses will be verified, with the loss or non-renewal of license constituting grounds for denial of the application. In addition, medical professionals must provide evidence of malpractice liability insurance of at least $2,000,000 or the loan amount, whichever is higher. Malpractice insurance must be maintained for the life of the loan.

Franchise Lending: All franchise loan applications will be evaluated as to eligibility by accessing SBA’s Franchise Registry. If the franchise is listed in the registry and the current franchise agreement is the same as the agreement listed in the registry, Newtek will not review the franchise agreement. However, the franchise agreement will be reviewed for eligibility by the loan underwriter when either of the following applies: (i) the franchise is not listed on the SBA’s Franchise Registry or (ii) the franchise is on the registry, but the franchisor has not provided a “Certification of No Change on Behalf of a Registered Franchisor” or a “Certification of Changes on Behalf of a Registered Franchisor.”

Credit Package

For each loan application, the loan underwriter will prepare a credit package (the “Credit Package”). All credit and collateral issues are addressed in the Credit Package, including but not limited to, the terms and conditions of the loan request, use of proceeds, collateral adequacy, financial condition of the applicant and business, management strength, repayment ability and conditions precedent. The Underwriting Department will recommend approval, denial or modification of the loan application. The Credit Package is submitted to our credit committee for further review and final decision regarding the loan application.

Other than rejections for ineligibility of the applicant, the type of business or the loan purpose, NSBF may decline a loan application for the following reasons:

•after taking into consideration prior liens and considered along with other credit factors, the net value of the collateral offered as security is not sufficient to protect the interest of the U.S. Government;

•lack of reasonable assurance of ability to repay loan (and other obligations) from earnings;

•lack of reasonable assurance that the business can be operated at a rate of profit sufficient to repay the loan (and other obligations) from earnings;

•disproportion of loan requested and of debts to tangible net worth before and after the loan;

•inadequate working capital after the disbursement of the loan;

•the result of granting the financial assistance requested would be to replenish funds distributed to the owners, partners, or shareholders;

•lack of satisfactory evidence that the funds required are not obtainable without undue hardship through utilization of personal credit or resources of the owner, partners or shareholders;

•the major portion of the loan requested would be to refinance existing indebtedness presently financed through normal lending channels;

•credit commensurate with applicant’s tangible net worth is already being provided on terms considered reasonable;

•gross disproportion between owner’s actual investment and the loan requested;

•lack of reasonable assurance that applicant will comply with the terms of the loan agreement;

•unsatisfactory experience on an existing loan; or

•economic or physical injury not substantiated.

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If a loan application is accepted, we will issue a commitment letter to the applicant. After approval, the SBA and NSBF enter into a Loan Authorization Agreement which sets forth the terms and conditions for the SBA’s guaranty on the loan. The closing of a loan is handled by an internal attorney, whose primary responsibility is closing the loan in accordance with the related Loan Authorization in a manner consistent with prudent commercial loan closing procedures, to ensure that the SBA will not repudiate its guaranty due to ineligibility, noncompliance with SBA Rules and Regulations or defective documentation. Before loan proceeds are disbursed, the closing attorney will verify the applicant’s required capital injection, ensure that proceeds are being used for a permitted purpose and ensure that other requirements of the Loan Authorization Agreement (including, but not limited to, required insurance and lien positions and environmental considerations) and SBA Rules and Regulations (including the use of proper SBA forms) have been met.

Maintenance of Credit Files

A credit file is developed on each borrowing account. Credit files, in either hard copy format or electronic copy, are maintained by the Underwriting Department and organized according to a specified format. The file contains all documentation necessary to show: (a) the basis of the loan, (b) purpose, compliance with policy, conditions, rate, terms of repayment, collateral, and (c) the authority for granting the loan. The credit file is subject to review or audit by the SBA at any time. Upon final action being taken on a loan application, information necessary for closing and servicing will be copied and maintained, while information not considered necessary will be transferred to off-site storage. Once a loan has been disbursed in full, credit files containing all documentation will be transferred to the file room or other electronic storage media and maintained under the authority of the administration staff. Any individual needing an existing credit file must obtain it from the administration staff member having responsibility for safeguarding all credit files or access it by a prearranged electronic file process. Removal of any information from the file will compromise the credit file and is prohibited.

Other, Primarily Equity Investments

Due Diligence and Underwriting

In making loans or equity investments other than SBA 7(a) loans or similar conventional loans to SMBs, our Executive Committee will take a direct role in screening potential loans or investments, in supervising the due diligence process, in the preparation of deal documentation and the completion of the transactions. The members of the Executive Committee and/or Senior Lending Team complete due diligence and analyze the relationships among the prospective portfolio company’s business plan, operations and expected financial performance. Due diligence may address some or all of the following depending on the size and nature of the proposed investment:

•on-site visits with management and relevant key employees;

•in-depth review of historical and projected financial statements, including covenant calculation work sheets;

•interviews with customers and suppliers;

•management background checks;

•review reports by third-party accountants, outside counsel and other industry, operational or financial experts; and/or

•review material contracts.

During the underwriting process, significant, ongoing attention is devoted to sensitivity analyses regarding whether a company might bear a significant “downside” case and remain profitable and in compliance with assumed financial covenants. These “downside” scenarios typically involve assumptions regarding the loss of key customers and/or suppliers, an economic downturn, adverse regulatory changes and other relevant stressors that we attempt to simulate in our quantitative and qualitative analyses. Further, we continually examine the effect of these scenarios on financial ratios and other metrics.

Approval, Documentation and Closing

Upon the completion of the due diligence process, the Executive Committee will review the results and determine if the transaction should proceed to approval. If approved by our Senior Lending Team and Executive Committee, the underwriting professionals heretofore involved proceed to documentation.

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As and to the extent necessary, key documentation challenges are brought before our Senior Lending Team and Executive Committee for prompt discussion and resolution. Upon the completion of satisfactory documentation and the satisfaction of closing conditions, final approval is sought from our Executive Committee before closing and funding.

Ongoing Relationships with Portfolio Companies

Monitoring, Managerial Assistance

We have and will continue to monitor our portfolio companies on an ongoing basis. We monitor the financial trends of each portfolio company to determine if it is meeting its business plan and to assess the appropriate course of action for each company. We generally require our portfolio companies to provide annual audits, quarterly unaudited financial statements with management discussion and analysis and covenant compliance certificates, and monthly unaudited financial statements. Using these monthly financial statements, we calculate and evaluate all financial covenants and additional financial coverage ratios that might not be part of our covenant package in the loan documents. For purposes of analyzing a portfolio company’s financial performance, we sometimes adjust their financial statements to reflect pro-forma results in the event of a recent change of control, sale, acquisition or anticipated cost savings. Additionally, we believe that, through our integrated marketing and sale of each business and financial solution offered by NSBF and our controlled portfolio companies, to our controlled portfolio companies and non-affiliate portfolio companies, we have in place extensive and robust monitoring capabilities.

We have several methods of evaluating and monitoring the performance and fair value of our investments, including the following:

•assessment of success in adhering to each portfolio company’s business plan and compliance with covenants;

•periodic and regular contact with portfolio company management to discuss financial position, requirements and accomplishments;

•comparisons to our other portfolio companies in the industry, if any;

•attendance at and participation in board meetings; and/or

•review of monthly and quarterly financial statements and financial projections for portfolio companies.

As part of our valuation procedures, we risk rate all of our investments including loans. In general, our rating system uses a scale of 1 to 8, with 1 being the lowest probability of default and principal loss. Our internal rating is not an exact system, but is used internally to estimate the probability of: (i) default on our debt securities and (ii) loss of our debt or investment principal, in the event of a default. In general, our internal rating system may also assist our valuation team in its determination of the estimated fair value of equity securities or equity-like securities. Our internal risk rating system generally encompasses both qualitative and quantitative aspects of our portfolio companies.
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Our internal loan and investment risk rating system incorporates the following eight categories:
RatingSummary Description
1
Acceptable — Highest Quality — Loans or investments that exhibit strong financial condition and repayment capacity supported by adequate financial information. Generally, as loans these credits are well secured by marketable collateral. These credits are current and have not demonstrated a history of late-pay or delinquency. There are no or few credit administration weaknesses. This score represents a combination of a strong acceptable credit and adequate or better credit administration. Newly underwritten loans or investments may be rated in this category if they clearly possess above-average attributes in all of the above areas. In general, as investments these credits are performing within our internal expectations, and potential risks to the applicable investment are considered to be neutral or favorable compared to any potential risks at the time of the original investment.
2
Acceptable — Average Quality — These loans or investments are supported by financial condition and repayment strengths that offset marginal weaknesses. Generally, as loans these credits are secured but may be less than fully secured. These loans are current or less than 30 days past due and may or may not have a history of late payments. They may contain non-material credit administration weaknesses or errors in verifying that do not put the guaranty at risk or cause wrong or poor credit decisions to be made. This risk rating should also be used to assign an initial risk rating to loans or investments that are recommended for approval by underwriting. Without a performance history and/or identified credit administration deficiencies, emphasis should be placed on meeting or exceeding underwriting standards collateral protection, industry experience, and guarantor strength. It is expected that most of our underwritten loans will be of this quality.
3
Acceptable — Below Average — These loans or investments are the low-end range of acceptable. Loans would be less than fully secured and probably have a history of late pay and/or delinquency, though not severe. They contain one or more credit administration weaknesses that do not put the guaranty at risk or cause wrong or poor credit decisions to be made. This risk rating may also be used to identify new loans or investments that may not meet or exceed all underwriting standards, but are approved because of offsetting strengths in other areas. These credits, while of acceptable quality, typically do not possess the same strengths as those in the 1 or 2 categories. In general, the investment may be performing below internal expectations and quantitative or qualitative risks may have increased materially since the date of the investment.
4
Other Assets Especially Mentioned (OAEM or Special Mention) — Strong — These loans or investments are currently protected by sound worth and cash flow or other paying capacity, but exhibit a potentially higher risk situation than acceptable credits. While there is an undue or unwarranted credit risk, it is not yet to the point of justifying a substandard classification. Generally, these loans demonstrate some delinquency history and contain credit administration weaknesses. Performance may show signs of slippage, but can still be corrected. Credit does not require a specific allowance at this point but a risk of loss is present.
5
Substandard — Workout — These assets contain well defined weaknesses and are inadequately protected by the current sound worth and paying capacity of the borrower. Generally, loan collateral protects to a significant extent. There is a possibility of loss if the deficiencies are not corrected and secondary sources may have to be used to repay credit. Credit administration can range from very good to adequate indicating one or more oversights, errors, or omissions which are considered significant but not seriously misleading or causing an error in the loan decision. Performance has slipped and there are well-defined weaknesses. A specific allowance is in order or risk of loss is present.
6
Substandard — Liquidation — These assets contain well defined weaknesses and are inadequately protected by the current sound worth and paying capacity of the borrower or investee. In addition, the weaknesses are so severe that resurrection of the credit is unlikely. For loans, secondary sources will have to be used for repayment. Credits in this category would be severely stressed, non-accrual, and the business may be non-viable. There could be character and significant credit administration issues as well. A specific allowance should be established or the lack of one clearly justified.
7
Doubtful — This classification contains all of the weaknesses inherent in a substandard classification but with the added characteristic that the weaknesses make collection or repayment of principal in full, on the basis of existing facts, conditions and values, highly questionable and improbable. The probability of loss is very high, but the exact amount may not be estimable at the current point in time. Loans in this category are severely stressed, generally non-accrual and/or involve a non-viable operation. Collateral may be difficult to value because of limited salability, no ready and available market, or unknown location or condition of the collateral. Credit administration weaknesses can range from few to severe and may jeopardize the credit as well as the guaranty. All such loans or investments should have a specific allowance.
8
Loss — Loans or investments classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is no longer warranted. This classification does not mean that the credit has no recovery or salvage value but, rather, it is not practical to defer writing off this asset. It is also possible that the credit decision cannot be supported by the credit administration process. Documents and verification are lacking; analysis is poor or undocumented, there is no assurance that the loan is eligible or that a correct credit decision was made. Loss loans are loans where a loss total can be clearly estimated. Losses should be taken during the period in which they are identified.

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We will monitor and, when appropriate, change the investment ratings assigned to each loan or investment in our portfolio. In connection with our valuation process, our management team will review these investment ratings on a quarterly basis, and our Board will review and affirm such ratings. The investment rating of a particular investment should not, however, be deemed to be a guarantee of the investment’s future performance.

Historically, we have offered to provide significant operating and managerial assistance to our portfolio companies and have provided significant operating and managerial assistance to our controlled portfolio companies. As a BDC, we will continue to offer, and must provide upon request, managerial assistance to our portfolio companies. This assistance will typically involve, among other things, monitoring the operations and financial performance of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial assistance. We may sometimes receive fees for these services.

Valuation Procedures

We conduct the valuation of our assets, pursuant to which our net asset value shall be determined, at all times consistent with GAAP and the 1940 Act. Our valuation procedures are set forth in more detail below:

Securities for which market quotations are readily available on an exchange shall be valued at such price as of the closing price on the day of valuation. We may also obtain quotes with respect to certain of our investments from pricing services or brokers or dealers in order to value assets. When doing so, we will determine whether the quote obtained is sufficient according to GAAP to determine the fair value of the security. If determined adequate, we will use the quote obtained. We also employ independent third-party valuation firms for certain of our investments for which there is not a readily available market value.

Securities for which reliable market quotations are not readily available or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of our Board, does not represent fair value, which we expect will represent a substantial majority of the investments in our portfolio, shall be valued as follows: (i) each portfolio company or investment is initially valued by the investment professionals responsible for the portfolio investment; (ii) preliminary valuation conclusions are documented and discussed with our Senior Lending Team and Executive Committee; (iii) independent third-party valuation firms engaged by, or on behalf of, the Board will conduct independent appraisals, review management’s preliminary valuations and prepare separate preliminary valuation conclusions on a selected basis; (iv) the Board reviews the preliminary valuations of members of our Senior Lending Team and Executive Committee and/or that of the third-party valuation firm and responds to the valuation recommendation with comments, if any; and (v) the Board will discuss valuations and determine the fair value of each investment in our portfolio in good faith.

Determination of fair value involves subjective judgments and estimates not susceptible to substantiation by auditing procedures. Accordingly, under current auditing standards, the notes to our financial statements will refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our financial statements.

The determination of fair value will generally be based on the following factors, as relevant:

•the nature and realizable value of any collateral;

•adherence to the portfolio company’s business plan and compliance with covenants;

•periodic and regular contact with the portfolio company’s management to discuss financial position, requirements and accomplishments;

•comparison to portfolio companies in the same industry, if any;

•the portfolio company’s ability to make payments;

•the portfolio company’s earnings and discounted cash flow;

•the markets in which the portfolio company does business; and

•comparisons to publicly traded securities.

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Securities for which market quotations are not readily available or for which a pricing source is not sufficient may include, but are not limited to, the following:

•private placements and restricted securities that do not have an active trading market;

•securities whose trading has been suspended or for which market quotes are no longer available;

•debt securities that have recently gone into default and for which there is no current market;

•securities whose prices are stale;

•securities affected by significant events; and

•securities that our investment professionals believe were priced incorrectly.

Rule 2a-5 under the 1940 Act was recently adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. We are evaluating the impact of adopting Rule 2a-5 on the consolidated financial statements and intend to comply with the new rule’s requirements on or before the compliance date in September 2022.
Competition

We compete for SBA 7(a) and other SMB loans with other financial institutions and various SMB lenders, as well as other sources of funding. Additionally, competition for investment opportunities has emerged among alternative investment vehicles, such as collateralized loan obligations, some of which are sponsored by other alternative asset investors, as these entities have begun to focus on making investments in SMBs. As a result of these new entrants, competition for our investment opportunities may intensify. Many of these entities have greater financial and managerial resources than we do, but we believe that they invariably lack the ability to process loans as quickly as we can and do not have the depth of our customer service capabilities. We believe we will be able to compete with these entities primarily on the basis of our financial technology infrastructure, our experience and reputation, our deep industry knowledge and ability to provide customized business solutions, our willingness to make smaller investments than other specialty finance companies, the breadth of our contacts, our responsive and efficient investment analysis and decision-making processes, and the investment terms we offer.

We and our controlled portfolio companies compete in a large number of markets for the sale of financial and business solutions to SMBs. Each of our controlled portfolio companies competes not only against suppliers in its particular state or region of the country but also against suppliers operating on a national or even a multi-national scale. None of the markets in which our controlled portfolio companies compete are dominated by a small number of companies that could materially alter the terms of the competition.

Our electronic payment processing portfolio companies compete with entities including Global Payments, First National Bank of Omaha and Paymentech, L.P. Our managed technology solutions portfolio company competes with 1&1, Hosting.com, Discount ASP, Maxum ASP, GoDaddy®, Yahoo!®, BlueHost®, iPowerWeb®, Amazon Web Services®, Microsoft® Azure, Google®, and RackSpace among others.

Our business finance ecosystem competes with regional and national banks and non-bank lenders. Intuit® is bundling electronic payment processing, web hosting and payroll services similar to ours in offerings that compete in the same SMB market.

In many cases, we believe that our competitors are not as able as we are to take advantage of changes in business practices due to technological developments and, for those with a larger size, are unable to offer the personalized service that many SMB owners and operators desire.

While we compete with many different providers in our various businesses, we have been unable to identify any direct and comprehensive competitors that deliver the same broad suite of services focused on the needs of the SMB market with the same marketing strategy as we do. We believe that some of the competitive advantages of our platform include:

•compatible products such as our e-commerce offerings that we are able to bundle to increase sales, reduce costs and reduce risks for our customers and enable us to sell two, three, or four products at the same time;

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•the patented NewTracker® referral system, which allows us and our portfolio companies to process new business utilizing a web-based, centralized processing point and provides back end scalability, and allows our alliance partners to offer a centralized access point for their SMB clients as part of their larger strategic approach to marketing, thus demonstrating their focus on providing a suite of services to the SMB market in addition to their core service;

•the focus on developing and marketing business solutions and financial products and services aimed at the SMB market;

•scalability, which allows us to size our business solutions capabilities very quickly to meet customer and market needs;

•the ability to offer personalized service and competitive rates;

•a strategy of multiple channel distribution, which gives us maximum exposure in the marketplace;

•high quality customer service 24/7/365 across all business lines, with a focus primarily on absolute customer service and;

•a telephonic interview process, as opposed to requiring handwritten or data-typing processes, which allows us to offer high levels of customer service and satisfaction, particularly for SMB owners who do not get this service from our competitors
Revenues by Geographic Area
During the years ended December 31, 2020, 2019 and 2018, all of our revenue was derived from customers in the United States.

Human Capital including Senior Lending Team and Executive Committee

As an internally managed BDC, the long-term success of our Company depends on our people. Our team comprises experienced investment professionals, executive officers and treasury, finance, risk management, administrative support, IT and human resources professionals.

The key members of our senior lending team (“Senior Lending Team”), many of whom have worked together for more than ten years, each have over 25 years of experience in finance-related fields. These investment professionals have worked together to screen opportunities, underwrite new investments and manage a portfolio of investments in SMBs through two recessions, a credit crunch, the dot-com boom and bust and a historic, leverage-fueled asset valuation bubble. Each member brings a complementary component to a team well-rounded in finance, accounting, operations, strategy, business law and executive management.

Because we are internally managed by our Executive Committee, which includes Barry Sloane, Peter Downs, Michael A. Schwartz and Nicholas Leger, under the supervision of our Board, and do not depend on a third-party investment advisor, we do not pay investment advisory fees and all of our income is available to pay our operating costs and to make distributions to our shareholders. While our portfolio companies are independently managed, our Executive Committee also oversees our controlled portfolio companies and, to the extent that we may make additional equity investments in the future, the Executive Committee will also have primary responsibility for the identification, screening, review and completion of such investments. We do not expect to focus our resources on investing in additional stand-alone equity investments, but may elect to do so from time to time on an opportunistic basis, if such opportunities arise. Messrs. Sloane and Downs have been involved together in the structuring and management of equity investments for the past seventeen years.

The retention of our Senior Lending Team and Executive Committee is material to the management of our business. The departure of key investment personnel could adversely affect our business and cause us to lose current and potential investment opportunities. As such, we offer a competitive compensation and benefits structure that we believe is attractive to our current and prospective professionals. As we hire and develop individuals, we take succession planning into account and have succession plans in place for each of our senior leaders.

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As of December 31, 2020 our workforce consisted of 110 professionals. We strive to continue to create a welcoming and inclusive work environment for our employees. We are committed to recruiting, motivating. and developing a diversity of talent and to create an inclusive community where all individuals are welcomed, valued, respected, and heard. In order to support a culture of learning, we provide many training opportunities for our employees to continue to build their skills and increase their effectiveness as members of a team, including offering a variety of external and internal classes and training sessions as well as hands-on learning and one-on-one mentorship. We continue to encourage dialogue between managers and employees and have increased the frequency of our communications with employees during the COVID-19 pandemic.

We are committed to fostering a workplace conducive to the open communication of any concerns regarding unethical, fraudulent or illegal activities. Feedback from employees on matters related to their employment or our operations including its financial statement disclosures, accounting, internal accounting controls or auditing matters is greatly appreciated and helps to build a stronger organization. Each director, officer, regular full-time, part-time and temporary employee of the Company has the ability to report confidentially under this whistleblower policy: (a) questionable or improper accounting, internal controls, auditing matters, disclosure, or fraudulent business practices and (b) illegal or unethical behavior that has occurred, is ongoing, or is about to occur of an applicable law, rule, regulation or policy of the Company. We protect the confidentiality of those making reports of possible misconduct to the maximum extent permitted by law. Our no retaliation policy prohibits retaliation against those who report activities believed in good faith to be a violation of any law, rule, regulation or internal policy.

We maintain and ensure compliance of all directors, officers and employees to our Code of Business Conduct and Ethics (the “Code of Ethics”) which is acknowledged in writing on joining and annually by all our employees, as a continued condition of employment. Our Code of Ethics establishes applicable policies, guidelines, and procedures that promote ethical practices and conduct by the Company and all its employees, officers, and directors. Our Code of Ethics can be found on our website at http:/investor.newtekbusinessservices.com/corporate-governance.

We aim to provide a safe environment at work. During the COVID-19 pandemic, the safety of our employees, clients, customers, and vendors has been at the forefront of our decisions regarding when it is safe for employees to return to work in the office. Accordingly, we have encouraged employees to work from home in regions where doing so is recommended by local guidance. Following local and CDC guidance, we have made our offices accessible to those who prefer to work in the office, with restrictions and safety protocols in place, including limiting office capacity. For those hesitant to return to the office, we have continued to support remote work as an option during the ongoing COVID-19 pandemic. In addition to protecting the physical safety of our employees, we seek to promote a safe environment that is free of harassment or bullying. We do not tolerate discrimination and harassment of any kind including but not limited to sexual, gender identity, race, religion, ethnicity, age, or disability, among others.

During the pandemic, we have encouraged employee health and wellness by being aware that employees need flexibility during this time and have different needs. We have made information and services available to support employees. We emphasize employee engagement, particularly during the ongoing pandemic, by encouraging ongoing dialogue with managers, colleagues and leaders. Communications have been more frequent during this time so that employees can stay connected and that we understand our employees’ diverse needs. We monitor our attrition and analyze reasons for leaving the Company. We value employee feedback and make adjustments to employees’ needs and concerns as they are raised.
Available Information
We are subject to the informational requirements of the SEC and in accordance with those requirements file reports, proxy statements and other information with the SEC. The SEC maintains a web site that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of the SEC’s web site is http://www.sec.gov. Our principal offices are located at 4800 T Rex Avenue, Suite 120, Boca Raton, Florida and our telephone number is (212) 356-9500. Our website may be directly accessed at http://www.newtekone.com. We make available through our website, free of charge, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. These documents may be directly accessed at http://investor.newtekbusinessservices.com. Information contained on our website is not a part of this report.

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Regulation
 
We have elected to be regulated as a BDC under the 1940 Act. We have also elected to be treated for tax purposes as a RIC under Subchapter M of the Code. The 1940 Act contains prohibitions and restrictions relating to transactions between BDCs and their affiliates (including any investment advisers or sub-advisers), principal underwriters and affiliates of those affiliates or underwriters and requires that a majority of the directors be persons other than “interested persons,” as that term is defined in the 1940 Act.

In addition, the 1940 Act provides that we may not change the nature of our business so as to cease to be, or to withdraw our election as, a BDC unless approved by “a majority of our outstanding voting securities” as defined in the 1940 Act. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (a) 67% or more of such company’s voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of such company. We do not anticipate any substantial change in the nature of our business.

We generally are not able to issue and sell our common stock at a price below net asset value per share. We may, however, issue and sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current net asset value of our common stock if (1) our Board determines that such sale is in our best interests and the best interests of our stockholders, and (2) our stockholders have approved our policy and practice of making such sales within the preceding 12 months. In any such case, the price at which our securities are to be issued and sold may not be less than a price which, in the determination of our board of directors, closely approximates the market value of such securities. At a July 10, 2020 special meeting of shareholders, our shareholders authorized us to sell shares of our common stock (during the following 12 months) at a price below its then current net asset value per share subject to certain conditions (including that the cumulative number of shares sold does not exceed 20% of its then outstanding common stock immediately prior to each such sale). During 2020, the Company did not sell any shares of its common stock at a price below then-current net asset value per share.

Under the 1940 Act, a BDC generally may not issue senior securities unless the ratio of its total assets (less total liabilities other than indebtedness represented by senior securities) to its total indebtedness represented by senior securities plus preferred stock, if any, is at least 200%. This means that a BDC generally may borrow up to $1 for every $1 of investor equity. However, legislation enacted in March 2018 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, among other things, shareholders representing at least a majority of the votes cast, when quorum is met, approve a proposal to do so. At a special meeting of shareholders held on July 26, 2018, our stockholders approved a proposal to reduce our minimum required asset coverage to 150%, effective July 27, 2018. As a result, we generally may borrow up to $2 for every $1 of investor equity. See “Senior Securities; Coverage Ratio.”

We may be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval of our Board who are not interested persons and, in some cases, prior approval by the SEC.

We may invest up to 100% of our assets in securities acquired directly from issuers in privately negotiated transactions. With respect to such securities, we may, for the purpose of public resale, be deemed an “underwriter” as that term is defined in the Securities Act of 1933, or the Securities Act. We do not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Prior to January 19, 2021, except for registered money market funds, we generally were prohibited from acquiring more than 3% of the voting stock of any registered investment company, investing more than 5% of the value of our total assets in the securities of one investment company, or investing more than 10% of the value of our total assets in the securities of more than one investment company without obtaining exemptive relief from the SEC. However, the SEC adopted new rules, which became effective on January 19, 2021, that allow us to acquire the securities of other investment companies in excess of the 3%, 5% and 10% limitations without obtaining exemptive relief if we comply with certain conditions. With regard to that portion of our portfolio invested in securities issued by investment companies, it should be noted that such investments might indirectly subject our stockholders to additional expenses as they will indirectly be responsible for the costs and expenses of such companies. None of our investment policies are fundamental and any may be changed without stockholder approval.

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Exemptive Relief

On May 10, 2016, we received an order from the SEC for exemptive relief that, with the shareholders’ approval we received on July 27, 2016, allows us to take certain actions that would otherwise be prohibited by the 1940 Act, as applicable to BDCs. Specifically, the order permits us to (i) issue restricted stock awards to our officers, employees and employee and non-employee directors, (ii) issue stock options to our employees, (iii) withhold shares of the Company’s common stock to satisfy tax withholding obligations relating to the vesting of restricted stock or the exercise of options that were granted to pursuant to the 2014 Plan or the Amended Stock Plan, and (iv) permit participants to pay the exercise price of Options that were granted to them pursuant to the 2014 Plan or will be granted to them pursuant to Amended Stock Plan with shares of Applicant’s common stock.

In addition, on January 20, 2021, we applied for an order of the SEC pursuant to Section 6(c) of the 1940 Act granting an exemption from the provisions of Section 12(d)(3) to the extent necessary to permit the Company to organize, acquire, and continue to wholly own the securities of an entity that will be an indirect wholly-owned portfolio company of the Company, that intends to operate as an investment adviser (the “Adviser Subsidiary”) registered with the SEC under the Investment Advisers Act of 1940, as amended, which application is pending.

Qualifying Assets

Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. The principal categories of qualifying assets relevant to our proposed business are the following:

(1)Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer which:

(a) is organized under the laws of, and has its principal place of business in, the United States;

(b) is not an investment company (other than a small business investment company wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act: and

(c) does not have any class of securities listed on a national securities exchange; or if it has securities listed on a national securities exchange such company has market capitalization of less than $250 million; is controlled by the BDC and has an affiliate of a BDC on its board of directors; or meets such other criteria as may be established by the SEC.

(2)Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements.

(3)Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company.

(4)Securities received in exchange for or distributed on or with respect to securities described in (1) through (3) above, or pursuant to the exercise of warrants or rights relating to such securities.

(5)Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.

Control, as defined by the 1940 Act, is presumed to exist where a BDC beneficially owns more than 25% of the outstanding voting securities of the portfolio company.

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We do not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Prior to January 19, 2021, except for registered money market funds, we generally were prohibited from acquiring more than 3% of the voting stock of any registered investment company, investing more than 5% of the value of our total assets in the securities of one investment company, or investing more than 10% of the value of our total assets in the securities of more than one investment company without obtaining exemptive relief from the SEC. However, the SEC adopted new rules, which became effective on January 19, 2021, that allow us to acquire the securities of other investment companies in excess of the 3%, 5% and 10% limitations without obtaining exemptive relief if we comply with certain conditions. With regard to that portion of our portfolio invested in securities issued by investment companies, it should be noted that such investments might subject our stockholders to additional expenses. None of our investment policies are fundamental and any may be changed without stockholder approval.
Significant Managerial Assistance

A BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described in “Qualifying Assets” above. BDCs generally must offer to make available to the issuer of the securities significant managerial assistance, except in circumstances where either (i) the BDC controls such issuer of securities or (ii) the BDC purchases such securities in conjunction with one or more other persons acting together and one of the other persons in the group makes available such managerial assistance. Making available managerial assistance means, among other things, any arrangement whereby the BDC, through its directors, officers or employees, offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company.

Temporary Investments

Pending investment in other types of “qualifying assets,” as described above, our investments may consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which we refer to, collectively, as temporary investments, so that 70% of our assets are qualifying assets. Typically, we invest in highly rated commercial paper, U.S. Government agency notes, U.S. Treasury bills or in repurchase agreements relating to such securities that are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price which is greater than the purchase price by an amount that reflects an agreed-upon interest rate. Consequently, repurchase agreements are functionally similar to loans. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However, the 1940 Act and certain diversification tests in order to qualify as a RIC for U.S. federal income tax purposes typically require us to limit the amount we invest with any one counterparty. Our management monitors the creditworthiness of the counterparties with which we enter into repurchase agreement transactions.

Warrants and Options

Under the 1940 Act, a BDC is subject to restrictions on the amount of warrants, options, restricted stock or rights to purchase shares of capital stock that it may have outstanding at any time. Under the 1940 Act, we may generally only offer warrants provided that (i) the warrants expire by their terms within ten years, (ii) the exercise or conversion price is not less than the current market value at the date of issuance, (iii) our stockholders authorize the proposal to issue such warrants, and our Board approves such issuance on the basis that the issuance is in the best interests of the Company and its stockholders and (iv) if the warrants are accompanied by other securities, the warrants are not separately transferable unless no class of such warrants and the securities accompanying them has been publicly distributed. The 1940 Act also provides that the amount of our voting securities that would result from the exercise of all outstanding warrants, as well as options and rights, at the time of issuance may not exceed 25% of our outstanding voting securities. In particular, the amount of capital stock that would result from the conversion or exercise of all outstanding warrants, options or rights to purchase capital stock cannot exceed 25% of the BDC’s total outstanding shares of capital stock.

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Senior Securities; Coverage Ratio

We are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our common stock if we meet certain asset coverage requirements. On April 27, 2018, we announced that our Board, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act”) of the Board, approved a proposal to reduce our asset coverage requirement as set forth in Section 61(a)(2) of the 1940 Act, from 200% to 150%. Such change would have been effective April 27, 2019. However, on July 26, 2018, our stockholders approved a proposal to reduce our asset coverage requirement to 150%, effective July 27, 2018. In addition, we may not be permitted to declare any cash dividend or other distribution on our outstanding common shares, or purchase any such shares, unless, at the time of such declaration or purchase, we have asset coverage of at least 150% after deducting the amount of such dividend, distribution, or purchase price. We may also borrow amounts up to 5% of the value of our total assets for temporary purposes. For a discussion of the risks associated with the resulting leverage, see “Risk Factors – Risks Related to Our Business And Structure – Because we borrow money, the potential for loss on amounts invested in us is magnified and may increase the risk of investing in us.”

As of December 31, 2020, we had an aggregate principal amount of senior securities outstanding of $457,931,000 and our asset coverage ratio was 174%.

Issuance of Shares Below Current Net Asset Value

At a special meeting of shareholders held on August 2, 2019, our stockholders authorized us to issue common stock at a discount from our NAV per share, effective for a period that expired on June 12, 2020. Under the approved proposal, our Board, subject to its fiduciary duties and regulatory requirements, had the discretion to determine the amount of the discount, and as a result, the discount could be up to 100% of net asset value per share. At a special meeting of shareholders held on July 10, 2020, our stockholders authorized us to issue common stock at a discount from our NAV per share, effective for a period expiring on the earlier of July 10, 2021, or the date of our 2021 annual meeting of stockholders. We have agreed to limit the number of shares that we issue at a price below NAV pursuant to this authorization so that the aggregate dilutive effect on our then outstanding shares will not exceed 20%. During the year ended December 31, 2020, the Company did not sell any shares of common stock at a price below NAV per share.

Code of Ethics

We have adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act that establishes procedures for personal investments and restricts certain transactions by our personnel. Our code of ethics generally does not permit investments by our employees in securities that may be purchased or held by us. The code of ethics is published and available on the Company’s website at http://investor.newtekbusinessservices.com/corporate-governance is attached as an exhibit and is available on the EDGAR Database on the SEC’s Internet site at www.sec.gov. You may also obtain copies of the code of ethics, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

Compliance Policies and Procedures

We have adopted and implemented written policies and procedures reasonably designed to detect and prevent violation of the federal securities laws and are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation and designate a chief compliance officer to be responsible for administering the policies and procedures. Mr. Michael Schwartz currently serves as our Chief Compliance Officer.

Privacy Principles

We are committed to maintaining the privacy of our shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties.

Generally, we do not receive any non-public personal information relating to our shareholders, although certain non-public personal information of our shareholders may become available to us. We do not disclose any non-public personal information about our shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent).

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Sarbanes-Oxley Act of 2002

The Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements affect us. For example:

•pursuant to Rule 13a-14 of the Exchange Act, our Chief Executive Officer and Chief Accounting Officer must certify the accuracy of the consolidated financial statements contained in our periodic reports;

•pursuant to Item 307 of Regulation S-K, our periodic reports must disclose our conclusions about the effectiveness of our disclosure controls and procedures;

•pursuant to Rule 13a-15 of the Exchange Act, our management must prepare a report regarding its assessment of our internal controls over financial reporting; and

•pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the Exchange Act, our periodic reports must disclose whether there were significant changes in our internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

The Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. We will continue to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that we are in compliance therewith.

Proxy Voting Policies and Procedures

We vote proxies relating to our portfolio securities in a manner in which we believe is in the best interest of our stockholders. We review on a case-by-case basis each proposal submitted to a stockholder vote to determine its impact on the portfolio securities held by us. Although we generally vote against proposals that may have a negative impact on our portfolio securities, we may vote for such a proposal if there exists compelling long-term reasons to do so.

Our proxy voting decisions are made by our Senior Lending Team and our Executive Committee, which are responsible for monitoring each of our investments. To ensure that our vote is not the product of a conflict of interest, we require that: (i) anyone involved in the decision making process disclose to our chief compliance officer any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a proxy vote; and (ii) employees involved in the decision making process or vote administration are prohibited from revealing how we intend to vote on a proposal in order to reduce any attempted influence from interested parties.

Stockholders may obtain information regarding how we voted proxies with respect to our portfolio securities by making a written request for information to: Chief Compliance Officer, 1981 Marcus Avenue, Suite 130, Lake Success, NY 11042.

Other

We will be periodically examined by the SEC for compliance with the Exchange Act and the 1940 Act.

We are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. Furthermore, as a BDC, we are prohibited from protecting any director or officer against any liability to our stockholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person’s office.

We are required to adopt and implement written policies and procedures reasonably designed to prevent violation of the federal securities laws, review these policies and procedures annually for their adequacy and the effectiveness of their implementation. We have designated Michael Schwartz to be our Chief Compliance Officer to be responsible for administering these policies and procedures.
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Nasdaq Global Market Requirements

We have adopted certain policies and procedures intended to comply with the Nasdaq Global Market’s corporate governance rules. We will continue to monitor our compliance with all future listing standards that are approved by the SEC and will take actions necessary to ensure that we are in compliance therewith.

Regulation as a Small Business Lending Company

Our wholly-owned subsidiary, NSBF, is licensed by the SBA as an SBLC that originates loans through the SBA 7(a) Program. The SBA 7(a) Program is the SBA’s primary loan program. In order to operate as an SBLC, a licensee is required to maintain a minimum regulatory capital (as defined by SBA regulations) of the greater of (1) 10% of its outstanding loans receivable and other investments or (2) $1,000,000. In addition, a SBLC is subject to certain other regulatory restrictions.

The SBA generally reduces risks to lenders by guaranteeing major portions of qualified loans made to small businesses. This enables lenders to provide financing to small businesses when funding may otherwise be unavailable or not available on reasonable terms. Under the SBA 7(a) Program, the SBA typically guarantees 75% of qualified loans over $150,000. The eligibility requirements of the SBA 7(a) Program vary by the industry of the borrower and affiliates and other factors.

The SBA grants PLP status to certain lenders originating SBA 7(a) loans based on achievement of certain standards in lending which are regularly monitored by the SBA. NSBF has been granted national PLP status and originates, sells and services SBA 7(a) loans. As a Preferred Lender, NSBF is authorized to place SBA guarantees on SBA 7(a) loans without seeking prior SBA review and approval. Designated PLP lenders are delegated the authority to process, close, service, and liquidate most SBA guaranteed loans without prior SBA review. PLP lenders are authorized to make SBA guaranteed loans, subject only to a brief eligibility review and assignment of a loan number by SBA. In addition, they are expected to handle servicing and liquidation of all of their SBA loans with limited involvement of SBA. If NSBF were to lose PLP status, it would have a material adverse impact on NSBF’s ability to originate loans at current levels. See “Item 1A. Risk Factors – NSBF’s failure to maintain PLP status or maintain its SBA 7(a) license could adversely affect our results of operations.”

Among other things, SBLCs are required to: submit to the SBA for review a credit policy that demonstrates the SBLC’s compliance with the SBA Loan Program Requirements for origination, servicing and liquidation of 7(a) loans; submit to the SBA for review and approval annual validation, with supporting documentation and methodologies, demonstrating that any scoring model used by the SBLC is predictive of loan performance; obtain SBA approval for loan securitization and borrowings; and adopt and fully implement an internal control policy which provides adequate direction for effective control over and accountability for operations, programs, and resources.

Pursuant to the SBA’s regulations, the SBA is released from liability on its guaranty of a 7(a) loan and may, in its sole discretion, refuse to honor a guaranty purchase request in full or in part, or recover all or part of the funds already paid in connection with a guaranty purchase, if the lender failed to comply materially with a SBA Loan Program Requirement; failed to make, close, service or liquidate the loan in a prudent manner; placed the SBA at risk through improper action or inaction; failed to disclose a material fact to the SBA in a timely manner; or misrepresented a material fact to the SBA regarding the loan. In certain instances, the SBA may refuse to honor a guaranty purchase request in full (referred to by the SBA as a “denial”) or in part (referred to by the SBA as a “repair”), or recover all or part of the funds already paid in connection with a guaranty purchase. In the event of a repair or denial, liability on the guaranty, in whole or part, would be transferred to NSBF. In addition, the growth in the number of loans made by NSBF, changes in SBA regulations and economic factors may adversely impact our current repair and denial rates. See “Item 1A. Risk Factors – We have specific risks associated with SBA loans.”

In connection with NSBF’s 2018 examination by the SBA, NSBF entered into a voluntary agreement with the SBA pursuant to NSBF’s commitment to operate under the SBA Loan Program Requirements. The agreement formalizes many of the actions previously taken by NSBF to strengthen its operational procedures as they relate to NSBF’s delegated lender authority. Consistent with the terms of the agreement, NSBF has established a segregated restricted cash account in the amount of $10 million to account for potential post-purchase repairs and denials of guaranteed portions of SBA 7(a) loans, and agreed to take certain actions to demonstrate the sufficiency of NSBF’s liquidity. NSBF also agreed to repurchase the guaranteed portions of several loans in the amount of approximately $5.6 million, and establish certain additional reporting and compliance procedures. In relation to the rapid growth of our 7(a) loan portfolio, we continue to assess and develop our policies and procedures to facilitate the successful implementation of our business, liquidity and operations.

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The SBA restricts the ability of an SBLC to lend money to any of its officers, directors and employees or to invest in associates thereof. The SBA also prohibits, without prior SBA approval, a “change of control” of an SBLC. A “change of control” is any event which would result in the transfer of the power, direct or indirect, to direct the management and policies of a SBLC, whether through ownership, contractual arrangements or otherwise. SBLCs are periodically examined and audited by the SBA to determine compliance with SBA regulations.

Taxation as a Regulated Investment Company
For any taxable year in which we:
•qualify as a RIC; and
•satisfy the Annual Distribution Requirement,

We generally will not be subject to U.S. federal income tax on the portion of our income we distribute (or are deemed to distribute) to stockholders. We will be subject to U.S. federal income tax at the regular corporate rates on any income or capital gains not distributed (or deemed distributed) to our stockholders.

We will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income unless we distribute in a timely manner an amount at least equal to the sum of (1) 98% of our net ordinary income for each calendar year, (2) 98.2% of our capital gain net income for the one-year period ending October 31 in that calendar year and (3) any ordinary income and net capital gains that we recognized in preceding years, but were not distributed during such years, and on which we paid no corporate-level U.S. federal income tax (the “Excise Tax Avoidance Requirement”). We generally will endeavor in each taxable year to make sufficient distributions to our stockholders to avoid any U.S. federal excise tax on our earnings.
In order to qualify as a RIC for U.S. federal income tax purposes, we must, among other things:
•continue to qualify as a BDC under the 1940 Act at all times during each taxable year;
•derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to loans of certain securities, gains from the sale of stock or other securities, net income from certain “qualified publicly traded partnerships,” or other income derived with respect to our business of investing in such stock or securities (the “90% Income Test”); and
•diversify our holdings so that at the end of each quarter of the taxable year:
•at least 50% of the value of our assets consists of cash, cash equivalents, U.S. Government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and
•no more than 25% of the value of our assets is invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or of certain “qualified publicly traded partnerships” (the “Diversification Tests”).
Qualified earnings may exclude such income as management fees received in connection with our subsidiaries or other potential outside managed funds and certain other fees.

We may be required to recognize taxable income in circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments with PIK interest or, in certain cases, increasing interest rates or issued with warrants), we must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as PIK interest, deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock, or certain income with respect to equity investments in foreign corporations. Because any original issue discount or other amounts accrued will be included in our investment company taxable income for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the Annual Distribution Requirement, even though we will not have received any corresponding cash amount. The Company does not currently hold investments that have original issue discount.

Gain or loss realized by us from the sale or exchange of warrants acquired by us as well as any loss attributable to the lapse of such warrants generally will be treated as capital gain or loss. Such gain or loss generally will be long-term or short-term, depending on how long we held a particular warrant.
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Although we do not presently expect to do so, we are authorized to borrow funds and to sell assets in order to satisfy the Annual Distribution Requirement and the Excise Tax Avoidance Requirement. However, under the 1940 Act, we are not permitted to make distributions to our stockholders while our debt obligations and other senior securities are outstanding unless certain “asset coverage” tests are met. Moreover, our ability to dispose of assets to meet our distribution requirements may be limited by (1) the illiquid nature of our portfolio and/or (2) other requirements relating to our status as a RIC, including the Diversification Tests. If we dispose of assets in order to meet the Annual Distribution Requirement or the Excise Tax Avoidance Requirement, we may make such dispositions at times that, from an investment standpoint, are not advantageous. If we are prohibited from making distributions or are unable to obtain cash from other sources to make the distributions, we may fail to qualify as a RIC, which would result in us becoming subject to corporate-level federal income tax.

In addition, we will be partially dependent on our subsidiaries for cash distributions to enable us to meet the RIC distribution requirements. Some of our subsidiaries may be limited by the Small Business Investment Act of 1958, and SBA regulations, from making certain distributions to us that may be necessary to maintain our status as a RIC. We may have to request a waiver of the SBA’s restrictions for our subsidiaries to make certain distributions to maintain our RIC status. We cannot assure you that the SBA will grant such waiver. If our subsidiaries are unable to obtain a waiver, compliance with the SBA regulations may cause us to fail to qualify as a RIC, which would result in us becoming subject to corporate-level federal income tax.
The remainder of this discussion assumes that we will qualify as a RIC and will have satisfied the Annual Distribution Requirement for the year ended December 31, 2020.

Any transactions in options, futures contracts, constructive sales, hedging, straddle, conversion or similar transactions, and forward contracts will be subject to special tax rules, the effect of which may be to accelerate income to us, defer losses, cause adjustments to the holding periods of our investments, convert long-term capital gains into short-term capital gains, convert short-term capital losses into long-term capital losses or have other tax consequences. These rules could affect the amount, timing and character of distributions to stockholders. We do not currently intend to engage in these types of transactions.

A RIC is limited in its ability to deduct expenses in excess of its “investment company taxable income” (which is, generally, ordinary income plus net realized short-term capital gains in excess of net realized long-term capital losses). If our expenses in a given year exceed gross taxable income (e.g., as the result of large amounts of equity-based compensation), we would experience a net operating loss for that year. However, a RIC is not permitted to carry forward net operating losses to subsequent years. In addition, expenses can be used only to offset investment company taxable income, not net capital gain. Due to these limits on the deductibility of expenses, we may for tax purposes have aggregate taxable income for several years that we are required to distribute and that is taxable to our stockholders even if such income is greater than the aggregate net income we actually earned during those years. Such required distributions may be made from our cash assets or by liquidation of investments, if necessary. We may realize gains or losses from such liquidations. In the event we realize net capital gains from such transactions, stockholders may receive a larger capital gain distribution than in the absence of such transactions.

Investment income received from sources within foreign countries, or capital gains earned by investing in securities of foreign issuers, may be subject to foreign income taxes withheld at the source. In this regard, withholding tax rates in countries with which the United States does not have a tax treaty are often as high as 35% or more. The United States has entered into tax treaties with many foreign countries that may entitle us to a reduced rate of tax or exemption from tax on this related income and gains. The effective rate of foreign tax cannot be determined at this time since the amount of our assets to be invested within various countries is not now known. We do not anticipate being eligible for the special election that allows a RIC to treat foreign income taxes paid by such RIC as paid by its stockholders.

If we purchase shares in a “passive foreign investment company,” or PFIC, we may be subject to U.S. federal income tax on a portion of any “excess distribution” or gain from the disposition of such shares even if such income is distributed as a taxable dividend by us to our stockholders. Additional charges in the nature of interest may be imposed on us in respect of deferred taxes arising from such distributions or gains. If we invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, or QEF, in lieu of the foregoing requirements, we will be required to include in income each year a portion of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed to it. Alternatively, we can elect to mark-to-market at the end of each taxable year our shares in a PFIC; in this case, we will recognize as ordinary income any increase in the value of such shares and as ordinary loss any decrease in such value to the extent it does not exceed prior increases included in income. Under either election, we may be required to recognize in a year income in excess of our distributions from PFICs and our proceeds from dispositions of PFIC stock during that year, and such income will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes of the 4% U.S. federal excise tax. We intend to limit and/or manage our holdings in PFICs to minimize our liability for any taxes and related interest charges.

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Income inclusion from a QEF will be “good income” for purposes of the 90% Income Test provided that they are derived in connection with an investment in stocks and securities or the QEF distributes such income to us in the same taxable year to which the income is included in our income.

Foreign exchange gains and losses realized by us in connection with certain transactions involving non-dollar debt securities, certain foreign currency futures contracts, foreign currency option contracts, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Code provisions that generally treat such gains and losses as ordinary income and losses and may affect the amount, timing and character of distributions to our stockholders. Any such transactions that are not directly related to our investment in securities (possibly including speculative currency positions or currency derivatives not used for hedging purposes) could, under future Treasury regulations, produce income not among the types of “qualifying income” from which a RIC must derive at least 90% of its annual gross income.

Failure to Qualify as a RIC
 
If we fail to satisfy the 90% Income Test or the Diversification Tests for any taxable year, we may nevertheless continue to qualify as a RIC for such year if certain relief provisions are applicable (which may, among other things, require us to pay certain corporate-level federal taxes or to dispose of certain assets).
 
If we were unable to qualify for treatment as a RIC and the foregoing relief provisions are not applicable, we would be subject to tax on all of our taxable income at regular corporate rates, regardless of whether we make any distributions to our stockholders. Distributions would not be required, and any distributions would be taxable to our stockholders as ordinary dividend income to the extent of our current and accumulated earnings and profits and, subject to certain limitations, may be eligible for the 20% maximum rate for non-corporate taxpayers provided certain holding period and other requirements were met. Subject to certain limitations under the Code, corporate distributees would be eligible for the dividends-received deduction. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the stockholder’s tax basis, and any remaining distributions would be treated as a capital gain. Generally, a non-taxable return of capital will reduce an investor’s basis in our stock for federal tax purposes, which will result in higher tax liability when the stock is sold. Stockholders should read any written disclosure accompanying a distribution carefully and should not assume that the source of any distribution is our ordinary income or gains. Certain written disclosure will present a calculation of return of capital on a tax accounting basis.

To requalify as a RIC in a subsequent taxable year, we would be required to satisfy the RIC qualification requirements for that year and dispose of any earnings and profits from any year in which we failed to qualify as a RIC. Subject to a limited exception applicable to RICs that qualified as such under Subchapter M of the Code for at least one year prior to disqualification and that requalify as a RIC no later than the second year following the non-qualifying year, we could be subject to tax on any unrealized net built-in gains in the assets held by us during the period in which we failed to qualify as a RIC that are recognized within the subsequent 5 years, unless we made a special election to pay corporate-level tax on such built-in gain at the time of our requalification as a RIC.


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ITEM 1A. RISK FACTORS.
The following is a summary of the risk factors that we believe are most relevant to our business. These are factors that, individually or in the aggregate, we think could cause our actual results to differ significantly from anticipated or historical results. If any of the following risks occur, our business, financial condition and results of operations could be materially and adversely affected. In that case, the value of our common stock could decline and shareholders may lose all or part of their investment. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider the following to be a complete discussion of all potential risks or uncertainties. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.

An investment in our securities involves risks. The following is a summary of the principal risks that you should carefully consider before investing in our securities.

Risks Related to the Economy

•Events outside of our control, including public health crises, could negatively affect our portfolio companies and our results of our operations.
•Economic recessions could impair our portfolio companies and harm our operating results.
•Capital markets are currently experiencing disruption and instability and we cannot predict how long these conditions will continue. Such market conditions could materially and adversely affect debt and equity capital markets in the United States and abroad, which could have a negative impact on our business, financial condition and results of operations.
•If we cannot obtain additional capital because of either regulatory or market price constraints, we could be forced to curtail or cease our new lending and investment activities, our net asset value could decrease and our level of distributions and liquidity could be affected adversely.

Risks Related to Our Business and Structure

•We are dependent upon our Senior Lending Team and our Executive Committee for our future success, and if we are unable to hire and retain qualified personnel or if we lose any member of our Senior Lending Team or our Executive Committee our ability to achieve our investment objective could be significantly harmed.
•Our investment portfolio is recorded at fair value, with our Board having final responsibility for overseeing, reviewing and approving, in good faith, its estimate of fair value and, as a result, there is uncertainty as to the value of our portfolio investments.
•Because we borrow money, the potential for loss on amounts invested in us is magnified and may increase the risk of investing in us.
•Any unrealized depreciation we experience in our portfolio may be an indication of a portfolio company’s inability to meet its repayment obligations to us with respect to affected loans or a potential impairment of the value of affected equity investments. This could result in realized losses in the future and ultimately in reductions of our income and gains available for distribution in future periods.
•If we are unable to source investments effectively, we may be unable to achieve our investment objective.
•Any failure on our part to maintain our status as a BDC would reduce our operating flexibility.
•We may experience fluctuations in our quarterly and annual results.
•Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.
•Because we have received the approval of our stockholders, we are subject to 150% asset coverage beginning after July 26, 2018.
•We may not be able to pay distributions to our shareholders, our distributions may not grow over time and a portion of our distributions may be a return of capital.

Risk Related to SBA Lending

•NSBF, our wholly-owned subsidiary, is subject to regulation by the SBA, which has specific risks.
•We have specific risks associated with SBA loans.


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Risks Related to U.S. Federal Income Tax

•We will be subject to corporate-level income tax if we are unable to maintain our qualification as a RIC or are unable to make the distributions required to maintain RIC tax treatment.
•Because we intend to distribution substantially all of our income to our shareholders to maintain our tax treatment as a RIC, we will continue to need additional capital to finance our growth, and regulations governing our operations as a BDC will affect our ability to, and the way in which we, raise additional capital and make distributions.

Risks Related to Our Investments Generally

• Our investments are very risky and highly speculative.
•The lack of liquidity in our investments may adversely affect our business.
•We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we may invest a significant portion of our assets in a relatively small number of issuers, which subjects us to a risk of significant loss if any of these issuers defaults on its obligations under any of its debt instruments or as a result of a downturn in the particular industry.
•Defaults by our portfolio companies will harm our operating results.
•Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
•If the assets securing the loans that we make decrease in value, then we may lack sufficient collateral to cover losses.

Risks Related to Our Securities

•Our common stock price may be volatile and may decrease substantially.
•Our shareholders may experience dilution upon repurchase of common shares.
•Stockholders may incur dilution if we sell shares of our common stock in one or more offerings at prices below the then current net asset value per share of our common stock or issue securities to subscribe to, convert to or purchase shares of our common stock.
RISKS RELATED TO THE ECONOMY

Events outside of our control, including public health crises, could negatively affect our portfolio companies and our results of our operations.

Periods of market volatility have occurred and could continue to occur in response to pandemics or other events outside of our control. These types of events have adversely affected and could continue to adversely affect operating results for us and for our portfolio companies. For example, the COVID-19 pandemic has delivered a shock to the global economy. This outbreak has led and for an unknown period of time will continue to lead to disruptions in local, regional, national and global markets and economies affected thereby, including a recession and a steep increase in unemployment in the United States.

With respect to the U.S. credit markets, this outbreak has resulted in, and until fully resolved is likely to continue to result in, the following among other things: (i) government imposition of various forms of shelter-in-place orders and the closing of “non-essential” businesses, resulting in significant disruption to the businesses of many middle-market loan borrowers including supply chains, demand and practical aspects of their operations, as well as in lay-offs of employees, and, while these effects are hoped to be temporary, some effects could be persistent or even permanent; (ii) increased draws by borrowers on revolving lines of credit; (iii) increased requests by borrowers for amendments and waivers of their credit agreements to avoid default, increased defaults by such borrowers and/or increased difficulty in obtaining refinancing at the maturity dates of their loans; (iv) volatility and disruption of these markets including greater volatility in pricing and spreads and difficulty in valuing loans during periods of increased volatility, and liquidity issues; and (v) rapidly evolving proposals and/or actions by state and federal governments to address problems being experienced by the markets and by businesses and the economy in general which will not necessarily adequately address the problems facing the loan market and middle market businesses.

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While several countries, as well as certain states, counties and cities in the United States, have relaxed initial public health restrictions with the view to partially or fully reopening their economies, many cities have since experienced a surge in the reported number of cases, hospitalizations and deaths related to the COVID-19 pandemic. These surges have led to the re-introduction of such restrictions and business shutdowns in certain states in the United States and globally and could continue to lead to the re-introduction of such restrictions elsewhere. Health advisors warn that recurring COVID-19 outbreaks will continue if reopening is pursued too soon or in the wrong manner, which may lead to the re-introduction or continuation of certain public health restrictions (such as instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues). Additionally, as of late December 2020, travelers from the United States are not allowed to visit Canada, Australia or the majority of countries in Europe, Asia, Africa and South America. These continued travel restrictions may prolong the global economic downturn. In addition, although the Federal Food and Drug Administration authorized vaccines for emergency use starting in December 2020, it remains unclear how quickly the vaccines will be distributed nationwide and globally or when “herd immunity” will be achieved and the restrictions that were imposed to slow the spread of the virus will be lifted entirely. The delay in distributing the vaccines or spread of COVID variants could lead people to continue to self-isolate and not participate in the economy at pre-pandemic levels for a prolonged period of time. Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience a recession, and we anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States and other major markets.

This outbreak is having, and any future outbreaks could have, an adverse impact on the markets and the economy in general, which could have a material adverse impact on, among other things, the ability of lenders to originate loans, the volume and type of loans originated, and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by us and returns to us, among other things. As of the date of this annual report on Form 10-K, it is impossible to determine the scope of this outbreak, or any future outbreaks, how long any such outbreak, market disruption or uncertainties may last, the effect any governmental actions will have or the full potential impact on us and our portfolio companies. Any potential impact to our results of operations will depend to a large extent on future developments and new information that could emerge regarding the duration and severity of COVID-19 and the actions taken by authorities and other entities to contain COVID-19 or treat its impact, all of which are beyond our control. These potential impacts, while uncertain, could adversely affect our and our portfolio companies’ operating results.

If the economy is unable to substantially reopen, and high levels of unemployment continue for an extended period of time, loan delinquencies, loan non-accruals, problem assets, and bankruptcies may increase. In addition, collateral for our loans may decline in value, which could cause loan losses to increase and the net worth and liquidity of loan guarantors could decline, impairing their ability to honor commitments to us. An increase in loan delinquencies and non-accruals or a decrease in loan collateral and guarantor net worth could result in increased costs and reduced income which would have a material adverse effect on our business, financial condition or results of operations. Additionally, oil prices collapsed to an 18-year low on supply glut concerns, as shutdowns across the global economy sharply reduced oil demand while Saudi Arabia and Russia engaged in a price war. Central banks and governments have responded with liquidity injections to ease the strain on financial systems and stimulus measures to buffer the shock to businesses and consumers. These measures have helped stabilize certain portions of the financial markets over the short term, but volatility will likely remain elevated until the health crisis itself is under control (via fewer new cases, lower infection rates and/or verified treatments). There are still many unknowns and new information is incoming daily, compounding the difficulty of modeling outcomes for epidemiologists and economists alike.

We cannot be certain as to the duration or magnitude of the economic impact of the COVID-19 pandemic in the markets in which we and our portfolio companies operate, including with respect to travel restrictions, business closures, mitigation efforts (whether voluntary, suggested, or mandated by law) and corresponding declines in economic activity that may negatively impact the U.S. economy and the markets for the various types of goods and services provided by U.S. middle market companies. Depending on the duration, magnitude and severity of these conditions and their related economic and market impacts, certain portfolio companies may suffer declines n earnings and could experience financial distress, which could cause them to default on their financial obligations to us and their other lenders.

We will also be negatively affected if our operations and effectiveness or the operations and effectiveness of a portfolio company (or any of the key personnel or service providers of the foregoing) is compromised or if necessary or beneficial systems and processes are disrupted.

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Any public health emergency, including the COVID-19 pandemic or any outbreak of other existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments. Our valuations, and particularly valuations of private investments and private companies, are inherently uncertain, may fluctuate over short periods of time and are often based on estimates, comparisons and qualitative evaluations of private information that may not show the complete impact of the COVID-19 pandemic and the resulting measures taken in response thereto. These potential impacts, while uncertain, could adversely affect our and our portfolio companies’ operating results.

Any public health emergency, including the COVID-19 pandemic or any outbreak of other existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies.

The extent of the impact of any public health emergency, including the COVID-19 pandemic, on our and our portfolio companies’ operational and financial performance will depend on many factors, including the duration and scope of such public health emergency, the actions taken by governmental authorities to contain its financial and economic impact, the extent of any related travel advisories and restrictions implemented, the impact of such public health emergency on overall supply and demand, goods and services, investor liquidity, consumer confidence and levels of economic activity and the extent of its disruption to important global, regional and local supply chains and economic markets, all of which are highly uncertain and cannot be predicted. In addition, our and our portfolio companies’ operations may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to a public health emergency, including its potential adverse impact on the health of any of our or our portfolio companies’ personnel. This could create widespread business continuity issues for us and our portfolio companies.

Moreover, the COVID-19 pandemic has adversely impacted and is likely to further adversely impact our operations and the operations of our borrowers, customers, portfolio companies and business partners. A number of factors impacting us or our borrowers, customers or business partners could materially adversely affect our business, results of operations, and financial condition, including but not limited to:

•increases in loan delinquencies, losses and charge-offs;
•increases in borrowers seeking and being granted deferments of principal and interest payments, especially following the conclusion of the six months of payments made directly by the SBA under provisions of the CARES Act, which could negatively impact cash flow from net interest and servicing payments normally available to the Company, during the deferment period;
•collateral for loans, including real estate, may decline in value, which could cause loan losses to increase;
•demand for our, and our portfolio companies’, business products and solutions may decline, making it difficult to grow or maintain our assets and income;
•net worth and liquidity of the guarantors on our loans may decline, which could cause loan losses to increase;
•our risk management policies and practices may be negatively impacted by among, other things, changes in the SBA 7(a) loan program, including changes to SBA rules, regulations and SBA standard operating procedures;
•cyber risk has increased as criminals have sought to take advantage of the changes of business practices necessitated by COVID-19.

These factors may also cause the valuation of our investments to differ materially from the values that we may ultimately realize. Our valuations, and particularly valuations of private investments and private companies, are inherently uncertain, may fluctuate over short periods of time and are often based on estimates, comparisons and qualitative evaluations of private information. As a result, our valuations may not show the completed or continuing impact of the COVID-19 pandemic and the resulting measures taken in response thereto. Any public health emergency, including the COVID-19 pandemic or any outbreak of other existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies.

As of the date of this Form 10-K, it is impossible to determine the scope of this outbreak, or any future outbreaks, how long any such outbreak, market disruption or uncertainties may last, the effect any governmental actions will have or the full potential impact on us and our portfolio companies. As the potential impact of COVID-19 is difficult to predict, the extent to which COVID-19 could negatively affect our and our portfolio companies’ operating results or the duration of any potential business or supply-chain disruption, is uncertain. Any potential impact to our results of operations will depend to a large extent on future developments and new information that could emerge regarding the duration and severity of COVID-19 and the actions taken by authorities and other entities to contain COVID-19 or treat its impact, all of which are beyond our control. These potential impacts, while uncertain, could adversely affect our and our portfolio companies’ operating results.
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If the economy is unable to substantially reopen, and high levels of unemployment continue for an extended period of time, loan delinquencies, loan non-accruals, problem assets, and bankruptcies may increase. In addition, collateral for our loans may decline in value, which could cause loan losses to increase and the net worth and liquidity of loan guarantors could decline, impairing their ability to honor commitments to us. An increase in loan delinquencies and non-accruals or a decrease in loan collateral and guarantor net worth could result in increased costs and reduced income which would have a material adverse effect on our business, financial condition or results of operations.

Economic recessions or downturns, including as a result of the COVID-19 pandemic, could impair our portfolio companies and harm our operating results.

Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our debt
investments during these periods. The recent global outbreak of COVID-19 has disrupted economic markets, and the prolonged economic impact is uncertain. Some economists and major investment banks have expressed concern that the continued spread of the virus globally could lead to a world-wide economic downturn. In the past, instability in the global capital markets resulted in disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major domestic and international financial institutions. In particular, in past periods of instability, the financial services sector was negatively impacted by significant write-offs as the value of the assets held by financial firms declined, impairing their capital positions and abilities to lend and invest. In addition, continued uncertainty surrounding the impact of trade deals between Britain and the European Union following the United Kingdom’s exit from the European Union and uncertainty between the United States and other countries, including China, with respect to trade policies, treaties, and tariffs, among other factors, have caused disruption in the global markets. There can be no assurance that market conditions will not worsen in the future.

In an economic downturn, we may have non-performing assets or non-performing assets may increase, and the value of our
portfolio is likely to decrease during these periods. Adverse economic conditions may also decrease the value of any collateral securing our loans. A severe recession may further decrease the value of such collateral and result in losses of value in our portfolio and a decrease in our revenues, net income, assets and net worth. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us on terms we deem acceptable. These events could prevent us from increasing investments and harm our operating results.

The occurrence of recessionary conditions and/or negative developments in the domestic and international credit markets may
significantly affect the markets in which we do business, the value of our investments, and our ongoing operations, costs and profitability. Any such unfavorable economic conditions, including rising interest rates, may also increase our funding costs, limit our access to capital markets or negatively impact our ability to obtain financing, particularly from the debt markets. In addition, any future financial market uncertainty could lead to financial market disruptions and could further impact our ability to obtain financing.

These events could limit our investment originations, limit our ability to grow and negatively impact our operating results and
financial condition.

Global economic, political and market conditions may adversely affect our business, financial condition and results of operations, including our revenue growth and profitability.
The current worldwide financial markets situation, as well as various social and political tensions in the United States and around the world, may contribute to increased market volatility, may negatively impact the secondary market for the sale of guaranteed portions of SBA 7(a) loans, may have long term effects on the United States and worldwide financial markets, and may cause economic uncertainties or deterioration in the United States and worldwide. We monitor developments and seek to manage our investments in a manner consistent with achieving our investment objective, but there can be no assurance that we will be successful in doing so.
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In August 2011 and then affirmed in August 2013, Standard & Poor’s Rating Services lowered its long term sovereign credit rating on the U.S. from “AAA” to “AA+”. Additionally, in January of 2012, Standard & Poor’s Rating Services lowered its long term sovereign credit rating for several large European countries. These ratings negatively impacted global markets and economic conditions. Although U.S. lawmakers have taken steps to avoid further downgrades, U.S. budget deficit concerns and similar conditions in Europe, China and elsewhere have increased the possibility of additional credit rating downgrades and worsening global economic and market conditions. The current political climate has also intensified concerns about a potential trade war between the United States and China in connection with each country’s recent proposed tariffs on the other country’s products. There can be no assurance that current or future governmental measures to mitigate these conditions will be effective. These conditions, government actions and future developments may cause interest rates and borrowing costs to rise, which may adversely affect our ability to access debt financing on favorable terms and may increase the interest costs of our borrowers, hampering their ability to repay us. Continued or future adverse economic conditions could have a material adverse effect on our business, financial condition and results of operations.
In October 2014, the Federal Reserve announced that it was concluding its bond buying program, or quantitative easing, which was designed to stimulate the economy and expand the Federal Reserve’s holdings of long term securities, suggesting that key economic indicators, such as the unemployment rate, had showed signs of improvement since the inception of the program. The Federal Reserve raised the Federal funds rate throughout the course of 2015 through 2018 and then pivoted in the fourth quarter of 2018 towards easier monetary policy and cut rates several times in 2019. Most recently, in March 2020, in response to the recent global outbreak of COVID-19, the Federal Reserve announced a $700 billion quantitative easing program and further reduced the Federal funds rate to near-zero. This development, along with the United States government’s credit and deficit concerns, concerns about financial stability in Europe and an economic slowdown in China, could cause interest rates to be volatile, which may negatively impact our ability to access the debt and equity markets on favorable terms.

Capital markets are currently experiencing disruption and instability and we cannot predict how long these conditions will continue. Such market conditions could materially and adversely affect debt and equity capital markets in the United States and abroad, which could have a negative impact on our business, financial condition and results of operations.

As a BDC, we must maintain our ability to raise additional capital for investment purposes. Without sufficient access to the capital markets or credit markets, we may be forced to curtail our business operations or we may not be able to pursue new business opportunities. The U.S. and global capital markets experienced extreme volatility and disruption during the economic downturn that began in mid-2007, and the U.S. economy was in a recession for several consecutive calendar quarters during the same period.

In 2010, a financial crisis emerged in Europe, triggered by high budget deficits and rising direct and contingent sovereign debt, which created concerns about the ability of certain nations to continue to service their sovereign debt obligations. Risks resulting from such debt crisis, including any austerity measures taken in exchange for the bail out of certain nations, and any future debt crisis in Europe or any similar crisis elsewhere could have a detrimental impact on the global economic recovery, sovereign and non-sovereign debt in certain countries and the financial condition of financial institutions generally.

In June 2016, the United Kingdom (the “UK”) held a referendum in which voters approved an exit from the European Union, or “Brexit,” and, accordingly, on February 1, 2017, the U.K. Parliament voted in favor of allowing the U.K. government to begin the formal process of Brexit. The initial negotiations on Brexit commenced in June 2017. Brexit created political and economic uncertainty and instability in the global markets (including currency and credit markets), and especially in the United Kingdom and the European Union, and this uncertainty and instability may last indefinitely. On January 31, 2020, the UK ended its membership in the European Union. Under the terms of the withdrawal agreement negotiated and agreed between the UK and the European Union, the UK’s departure from the European Union was followed by a transition period (the “Transition Period”), which ran until December 31, 2020 and during which the UK continued to apply European Union law and was treated for all material purposes as if it were still a member of the European Union.

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On December 24, 2020, the European Union and UK governments signed a trade deal that became provisionally effective on January 1, 2021 and that now governs the relationship between the UK and European Union (the “Trade Agreement”). The Trade Agreement implements significant regulation around trade, transport of goods and travel restrictions between the UK and the European Union. Notwithstanding the foregoing, the longer term economic, legal, political and social implications of Brexit are unclear at this stage and are likely to continue to lead to ongoing political and economic uncertainty and periods of increased volatility in both the UK and in wider European markets for some time. In particular, Brexit could lead to calls for similar referendums in other European jurisdictions, which could cause increased economic volatility in the European and global markets. This mid- to long-term uncertainty could have adverse effects on the economy generally and on our ability to earn attractive returns. In particular, currency volatility could mean that our returns are adversely affected by market movements. Potential decline in the value of the British Pound and/or the Euro against other currencies, along with the potential further downgrading of the UK’s sovereign credit rating, could also have an impact on the performance of certain investments made in the UK or Europe. There is continued concern about national-level support for the Euro and the accompanying coordination of fiscal and wage policy among European Economic and Monetary Union member countries.

A failure or the perceived risk of a failure to raise the statutory debt limit of the U.S. could have a material adverse effect on our business, financial condition and results of operations.

U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. Although U.S. lawmakers passed legislation to raise the federal debt ceiling on multiple occasions, including a suspension of the federal debt ceiling in August 2019, ratings agencies have lowered or threatened to lower the long-term sovereign credit rating on the United States. Further, the federal debt ceiling is scheduled to come back into effect on August 1, 2021, unless Congress takes legislative action to further extend or defer it.

The impact of this or any further downgrades to the U.S. government’s sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Absent further quantitative easing by the Federal Reserve, these developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations.

If we cannot obtain additional capital because of either regulatory or market price constraints, we could be forced to curtail or cease our new lending and investment activities, our net asset value could decrease and our level of distributions and liquidity could be affected adversely.

Our ability to secure additional financing and satisfy our financial obligations under indebtedness outstanding from time to time will depend upon our future operating performance, which is subject to the prevailing general economic and credit market conditions, including interest rate levels and the availability of credit generally, and financial, business and other factors, many of which are beyond our control. The prolonged continuation or worsening of current economic and capital market conditions could have a material adverse effect on our ability to secure financing on favorable terms, if at all.

If we are unable to obtain additional debt capital, then our equity investors will not benefit from the potential for increased returns on equity resulting from leverage to the extent that our investment strategy is successful and we may be limited in our ability to make new commitments or fundings to our portfolio companies.
RISKS RELATED TO OUR BUSINESS AND STRUCTURE

We are dependent upon our Senior Lending Team and our Executive Committee for our future success, and if we are unable to hire and retain qualified personnel or if we lose any member of our Senior Lending Team or our Executive Committee our ability to achieve our investment objective could be significantly harmed.

We depend on our Senior Lending Team and Executive Committee as well as other key personnel for the identification, final selection, structuring, closing and monitoring of our investments. These executive officers and employees have critical industry experience and relationships that we rely on to implement our business plan. Our future success depends on the continued service of our Senior Lending Team and our Executive Committee and the replacement of any departing individuals with others of comparable skills and experience. The departure of any of the members of our Senior Lending Team, our Executive Committee or a significant number of our senior personnel could have a material adverse effect on our ability to achieve our investment objective. As a result, we may not be able to operate our business as we expect, and our ability to compete could be harmed, which could cause our operating results to suffer.

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Our financial condition and results of operations will depend on our ability to manage and deploy capital effectively.

Our ability to achieve our investment objective will depend on our ability to manage and deploy capital, which will depend, in turn, on our management’s ability to identify, evaluate and monitor, and our ability to finance and invest in, companies that meet our investment criteria.

Accomplishing our investment objective on a cost-effective basis will largely be a function of our management’s handling of the investment process, its ability to provide competent, attentive and efficient services and our access to investments offering acceptable terms. In addition to monitoring the performance of our existing investments, our Senior Lending Team and our Executive Committee is called upon, from time to time, to provide managerial assistance to some of our portfolio companies.

These demands on their time may distract them or slow the rate of investment. Even if we are able to grow and build upon our investment operations, any failure to manage our growth effectively could have a material adverse effect on our business, financial condition, results of operations and prospects. The results of our operations will depend on many factors, including the availability of opportunities for investment, readily accessible short and long-term funding alternatives in the financial markets and economic conditions. Furthermore, if we cannot successfully operate our business or implement our investment policies and strategies as described herein, it could negatively impact our ability to pay dividends.

We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.

We compete for investments with other financial institutions and various SMB lenders, as well as other sources of funding. Additionally, competition for investment opportunities has emerged among alternative investment vehicles, such as CLOs, some of which are sponsored by other alternative asset investors, as these entities have begun to focus on making investments in SMBs. As a result of these new entrants, competition for our investment opportunities may intensify. Many of our competitors will be substantially larger and have considerably greater financial, technical and marketing resources than us. For example, some competitors may have a lower cost of capital and access to funding sources that will not be available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments than we will have. These characteristics could allow our competitors to consider a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than we will be able to offer. We may lose investment opportunities if we do not match our competitors’ pricing, terms and structure. If we are forced to match our competitors’ pricing, terms and structure, we may not be able to achieve acceptable returns on our investments or may bear substantial risk of capital loss. Furthermore, many of our competitors will have greater experience operating under, or will not be subject to, the regulatory restrictions that the 1940 Act will impose on us as a BDC, or the source-of-income, asset diversification, and distribution requirements we must satisfy to maintain our tax treatment as a RIC.

If we are unable to source investments effectively, we may be unable to achieve our investment objective.

Our ability to achieve our investment objective depends on our Senior Lending Team’s and our Executive Committee’s ability to identify, evaluate and invest in suitable companies that meet our investment criteria. Accomplishing this result on a cost-effective basis is largely a function of our marketing capabilities, our management of the investment process, our ability to provide efficient services and our access to financing sources on acceptable terms. In addition to monitoring the performance of our existing investments, members of our Senior Lending Team, our Executive Committee and our other investment professionals may also be called upon to provide managerial assistance to our portfolio companies. These demands on their time may distract them or slow the rate of investment. To grow, we need to continue to hire, train, supervise and manage new employees and to implement computer and other systems capable of effectively accommodating our growth. However, we cannot provide assurance that any such employees will contribute to the success of our business or that we will implement such systems effectively. Failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations.

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Our business model depends to a significant extent upon strong referral relationships, and our inability to maintain or further develop these relationships, as well as the failure of these relationships to generate investment opportunities, could adversely affect our business.

We expect that members of our Senior Lending Team and our Executive Committee will maintain their relationships with intermediaries, financial institutions, investment bankers, commercial bankers, financial advisors, attorneys, accountants, consultants, alliance partners, and other individuals within their networks, and we will rely, to a significant extent, upon these relationships to provide us with potential investment opportunities. If our Senior Lending Team and our Executive Committee fail to maintain its existing relationships or develop new relationships with sources of investment opportunities, we may not be able to grow our investment portfolio. In addition, individuals with whom members of our Senior Lending Team and our Executive Committee have relationships are not obligated to provide us with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities for us.

Our investment portfolio is recorded at fair value, with our Board having final responsibility for overseeing, reviewing and approving, in good faith, its estimate of fair value and, as a result, there is uncertainty as to the value of our portfolio investments.

Under the 1940 Act, we are required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined by us, with our Board having final responsibility for overseeing, reviewing and approving, in good faith, our estimate of fair value. Typically, there is not a public market for the securities of the privately held companies in which we invest. As a result, we value these securities annually and quarterly at fair value based on various inputs, including management, third-party valuation firms and our audit committee, and with the oversight, review and approval of our Board.

The determination of fair value and consequently, the amount of unrealized gains and losses in our portfolio, are to a certain degree, subjective and dependent on a valuation process approved by our Board. Certain factors that may be considered in determining the fair value of our investments include external events, such as private mergers, sales and acquisitions involving comparable companies. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, they may fluctuate over short periods of time and may be based on estimates. Our determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. Due to this uncertainty, our fair value determinations may cause our net asset value on a given date to materially understate or overstate the value that we may ultimately realize on one or more of our investments. As a result, investors purchasing our common stock based on an overstated net asset value would pay a higher price than the value of our investments might warrant. Conversely, investors selling stock during a period in which the net asset value understates the value of our investments will receive a lower price for their stock than the value of our investments might warrant.

Any unrealized depreciation we experience in our portfolio may be an indication of a portfolio company’s inability to meet its repayment obligations to us with respect to affected loans or a potential impairment of the value of affected equity investments. This could result in realized losses in the future and ultimately in reductions of our income and gains available for distribution in future periods.

As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at the fair value as determined in good faith by our Board. Decreases in the market values or fair values of our investments will be recorded as unrealized depreciation. Any unrealized depreciation in our portfolio could be an indication of a portfolio company's inability to meet its repayment obligations to us with respect to affected loans or a potential impairment of the value of affected equity investments. This could result in realized losses in the future and ultimately in reductions of our income and gains available for distribution in future periods.

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Because we borrow money, the potential for loss on amounts invested in us is magnified and may increase the risk of investing in us.

Borrowings, also known as leverage, magnify the potential for loss on investments in our indebtedness and on invested equity capital. As we use leverage to partially finance our investments, investors will experience increased risks of investing in our securities. If the value of our assets increases, then leveraging would cause the net asset value attributable to our common stock to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged our business. 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 leverage, while any decrease in our income would cause net investment income to decline more sharply than it would have had we not borrowed. 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.

Illustration: The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below:
Assumed Return on Our Portfolio1
(net of expenses)
(10)%(5)%0%5%10%
Corresponding net return to shareholders2
(29.51)%(17.12)%(4.73)%7.66%20.06%
(1) Assumes $840,979,000 in total assets, $457,931,000 in debt outstanding, $339,353,000 in net assets as of December 31, 2020, and an average cost of funds of 3.50%. Actual interest payments may be different.
(2) In order for us to cover our annual interest payments on indebtedness, we must achieve annual returns on our December 31, 2020 total assets of at least 1.91%.

Our ability to achieve our investment objective may depend in part on our ability to access additional leverage on favorable terms, and there can be no assurance that such additional leverage can in fact be achieved.

To the extent we borrow money to finance our investments, changes in interest rates will affect our cost of capital and net investment income.

To the extent we borrow money to finance investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income in the event we borrow money to finance our investments. In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income. We expect that our long-term fixed-rate investments will be financed primarily with equity and/or long-term debt. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. If we do not implement these techniques properly, we could experience losses on our hedging positions, which could be material. In addition, depending on the frequency and magnitude of rising interest rates, these interest rate increases could negatively impact premiums received on the sale of guaranteed SBA loans, and further, could increase prepayment speeds on outstanding SBA loans, potentially negatively impacting the Company’s financial results.

Because we have received the approval of our shareholders, we are subject to 150% asset coverage beginning after July 26, 2018.

At the Company’s Special Meeting of Shareholders, held on July 26, 2018, its shareholders approved, among other things, the reduction of the Company’s asset coverage requirements for senior securities from 200% to 150%, effective July 27, 2018. As a result, we are 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. As of December 31, 2020, we had aggregate principal amount of senior securities outstanding of $457,931,000, and our asset coverage was 174%.

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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, investors 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.

Any failure on our part to maintain our status as a BDC would reduce our operating flexibility.

We have elected to be regulated as a BDC under the 1940 Act. The 1940 Act imposes numerous constraints on the operations of BDCs. For example, BDCs are required to invest at least 70% of their gross assets in specified types of securities, primarily in private companies or thinly-traded U.S. public companies, cash, cash equivalents, U.S. government securities and other high quality debt investments that mature in one year or less. Furthermore, any failure to comply with the requirements imposed on BDCs by the 1940 Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants. In addition, upon approval of a majority of our shareholders, we may elect to withdraw our status as a BDC. If we decide to withdraw our election, or if we otherwise fail to maintain our qualification, as a BDC, we may be subject to the substantially greater regulation under the 1940 Act as a closed-end investment company. Compliance with such regulations would significantly decrease our operating flexibility, and could significantly increase our costs of doing business.

Regulations governing our operation as a BDC affect our ability to raise additional capital and the way in which we do so. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage.

We may issue debt securities or preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as “senior securities,” up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, and pursuant to the approval that we received from our shareholders on July 26, 2018, we are permitted, as a BDC, to issue senior securities in amounts such that our asset coverage ratio, as defined in the 1940 Act, equals at least 150% of gross assets less all liabilities and indebtedness not represented by senior securities, after each issuance of senior securities. See “Regulation.” If the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when such sales may be disadvantageous. Also, any amounts that we use to service our indebtedness would not be available for distributions to our common shareholders. Continuing to expand our debt financing activities in SBA 7(a) loans, SBA 504 loans and conventional loans will require us to raise additional capital. The failure to continue to generate such loans on a consistent basis could have a material impact on our results of operations, and accordingly, our ability to make distributions to our shareholders.

We generally may not issue and sell our common stock at a price below net asset value per share. However, at a July 10, 2020 special meeting of shareholders, our shareholders authorized us to sell shares of our common stock (during the following 12 months) at a price below its then current net asset value per share subject to certain conditions (including that the cumulative number of shares sold does not exceed 20% of its then outstanding common stock immediately prior to each such sale). We also may sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current net asset value per share of our common stock if our Board determines that such sale is in our best interests and in the best interests of our shareholders, and our shareholders approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the market value of such securities (less any distributing commission or discount). If we raise additional funds by issuing more common stock or senior securities convertible into, or exchangeable for, our common stock, then the percentage ownership of our shareholders at that time will decrease, and shareholders may experience dilution.

Our executive officers and employees, through the Adviser Subsidiary, are expected to manage other investment funds or accounts, including external parties, that operate in the same or a related line of business as we do, which may result in significant conflicts of interest.
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We have applied for exemptive relief which, if granted, would allow us to acquire the Adviser Subsidiary. Our executive officers and employees, through the Adviser Subsidiary, are expected to manage other investment funds that operate in the same or a related line of business as we do, and which funds may be invested in by us and/or our executive officers and employees. Accordingly, they may have obligations to such other entities, the fulfillment of which obligations may not be in the interests of us or our stockholders. Our relationship with external parties may require us to commit resources to achieving the external parties’ investment objectives, while such resources are currently solely devoted to achieving our investment objective. Our investment objective and investment strategies may be very similar to those of external parties and it is likely that an investment appropriate for us or external parties would be appropriate for the other entity. Because the Adviser Subsidiary may receive performance-based fee compensation from external parties, this may provide an incentive to allocate opportunities to external parties instead of us. Accordingly, we and the Adviser Subsidiary will establish policies and procedures governing the allocation investment opportunities between us and external parties. We may be limited in or unable to participate in certain investments based upon such allocation policy. Although we will endeavor to allocate investment opportunities in a fair and equitable manner, we may face conflicts in allocating investment opportunities between us and external parties managed by the Adviser Subsidiary.

We may not be able to pay distributions to our shareholders, our distributions may not grow over time and a portion of our distributions may be a return of capital.

We intend to pay distributions to our shareholders out of assets legally available for distribution. We cannot assure investors that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by, among other things, the impact of one or more of the risk factors described in this annual report. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC can limit our ability to pay distributions. All distributions will be paid at the discretion of our Board and will depend on our earnings, our financial condition, maintenance of our RIC tax treatment, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time. We cannot assure investors that we will pay distributions to our shareholders in the future.

When we make distributions, we will be required to determine the extent to which such distributions are paid out of current or accumulated earnings and profits. Distributions in excess of current and accumulated earnings and profits will be treated as a non-taxable return of capital to the extent of an investor’s basis in our stock and, assuming that an investor holds our stock as a capital asset, thereafter as a capital gain. Generally, a non-taxable return of capital will reduce an investor’s basis in our stock for federal tax purposes, which will result in higher tax liability when the stock is sold. Stockholders should read any written disclosure accompanying a distribution carefully and should not assume that the source of any distribution is our ordinary income or gains.

Our Board may change our investment objective, operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse.

Although we must obtain shareholder approval to cease to be, or withdraw our election as, a BDC, our Board has the authority to modify or waive our investment objective, current operating policies, investment criteria and strategies without prior notice and without shareholder approval. We cannot predict the effect any changes to our current operating policies, investment criteria and strategies would have on our business, net asset value, operating results and value of our stock. However, the effects might be adverse, which could negatively impact our ability to make distributions and cause shareholders to lose all or part of their investment.

Internal control deficiencies could impact the accuracy of our financial results or prevent the detection of fraud. As a result, shareholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock.

Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. Any failure by us to identify future deficiencies in our internal control over financial reporting in a timely manner or remediate any such deficiencies, could prevent us from accurately and timely reporting our financial results. Inferior internal controls could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the trading price of our common stock.

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We are required to disclose changes made in our internal control and procedures on a quarterly basis and our management is required to assess the effectiveness of these controls annually. An independent assessment of the effectiveness of our internal controls could detect problems that our management’s assessment might not. Undetected material weaknesses in our internal controls could lead to financial statement restatements and require us to incur the expense of remediation. In the event that we are unable to maintain or achieve compliance with Section 404 of the Sarbanes-Oxley Act and related rules, the market price of our common stock may be adversely affected.

Our business is subject to increasingly complex corporate governance, public disclosure and accounting requirements that are costly and could adversely affect our business and financial results.

We are subject to changing rules and regulations of federal and state government as well as the stock exchange on which our common stock is listed. These entities, including the Public Company Accounting Oversight Board, the SEC and the Nasdaq Global Market, have issued a significant number of new and increasingly complex requirements and regulations over the course of the last several years and continue to develop additional regulations and requirements in response to laws enacted by Congress. Our efforts to comply with existing requirements, or any revised or amended requirements, have resulted in, and may continue to result in, an increase in expenses and a diversion of management’s time from other business activities.

In addition, our failure to keep pace with any such rules, or for our management to appropriately address compliance with such rules fully and in a timely manner, exposes us to an increasing risk of inadvertent non-compliance. While our management team takes reasonable efforts to ensure that we are in full compliance with all laws applicable to its operations, the increasing rate and extent of regulatory change increases the risk of a failure to comply, which may result in our ability to operate our business in the ordinary course or may subject us to potential fines, regulatory findings or other matters that may materially impact our business.

Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.

We and our portfolio companies are subject to applicable local, state and federal laws and regulations, including, without limitation, federal immigration laws and regulations. New legislation may be enacted or new interpretations, rulings or regulations could be adopted, including those governing the types of investments we are permitted to make, any of which could harm us and our shareholders, potentially with retroactive effect. Additionally, any changes to the laws and regulations governing our operations relating to permitted investments may cause us to alter our investment strategy in order to avail ourselves of new or different opportunities. Such changes could result in material differences to the strategies and plans set forth herein and may result in our investment focus shifting from the areas of expertise of our Senior Lending Team and our Executive Committee to other types of investments in which our Senior Lending Team and our Executive Committee may have less expertise or little or no experience. Thus, any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment.
RISKS RELATED TO SBA LENDING

NSBF, our wholly-owned subsidiary, is subject to regulation by the SBA, which has specific risks.

Our wholly-owned subsidiary, NSBF, is licensed by the SBA as an SBLC. In order to operate as an SBLC, a licensee is required to maintain a minimum regulatory capital (as defined by SBA regulations) of the greater of (1) 10% of its outstanding loans receivable and other investments or (2) $1,000,000. Moreover, before consenting to a securitization, NSBF and other securitizers must be considered well capitalized by the SBA. For NSBF and other SBLC securitizers, the SBA will consider it well capitalized if it maintains a minimum unencumbered paid in capital and paid in surplus equal to at least 10% of its assets, excluding the guaranteed portion of 7(a) loans. In addition, an SBLC is subject to certain other regulatory restrictions. Among other things, SBLCs are required to: establish, adopt, and maintain a formal written capital plan; submit to the SBA for review a credit policy that demonstrates the SBLC’s compliance with the applicable regulations and the SBA’s Standard Operating Procedures for origination, servicing and liquidation of 7(a) loans; submit to the SBA for review and approval annual validation, with supporting documentation and methodologies, demonstrating that any scoring model used by the SBLC is predictive of loan performance; obtain SBA approval for loan securitization and borrowings; and adopt and fully implement an internal control policy which provides adequate direction for effective control over and accountability for operations, programs, and resources.

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Additionally, in connection with our 2018 examination by the SBA, NSBF entered into a voluntary agreement with the SBA to meet certain other requirements and conditions. See “Item 1A. Risk Factors – If NSBF fails to comply with SBA regulations in connection with the origination, servicing, or liquidation of an SBA 7(a) loan, liability on the SBA guaranty, in whole or in part, could be transferred to NSBF.”

We have specific risks associated with SBA loans.

We have generally sold the guaranteed portion of SBA loans in the secondary market. Such sales have resulted in our earning premiums and creating a stream of servicing income. Sale prices for guaranteed portions of SBA 7(a) loans can be negatively impacted by market conditions, in particular a higher interest rate environment, which can lead to higher prepayments during the period, resulting in lower sale prices in the secondary market. A reduction in the price of guaranteed SBA 7(a) loans could negatively impact our business. There can be no assurance that we will be able to continue originating these loans, or that a secondary market will exist for, or that we will continue to realize premiums upon the sale of the guaranteed portions of the SBA 7(a) loans.

If NSBF fails to comply with SBA regulations in connection with the origination, servicing, or liquidation of an SBA 7(a) loan, liability on the SBA guaranty, in whole or part, could be transferred to NSBF.

Since we sell the guaranteed portion of substantially all of our SBA 7(a) loan portfolio, we retain credit risk on the non-guaranteed portion of the SBA loans. We share pro rata with the SBA in any recoveries. In the event of default on an SBA loan, our pursuit of remedies against a borrower is subject to SBA approval.

If we fail to comply with certain of the SBA’s regulations in connection with the origination, servicing, or liquidation of an SBA 7(a) loan, the SBA may be released from liability on its guaranty of a 7(a) loan, and may refuse to honor a guaranty purchase request in full (referred to by SBA as a “denial”) or in part (referred to by SBA as a “repair”), or recover all or part of the funds already paid in connection with a guaranty purchase. In the event of a repair or denial, liability on the guaranty, in whole or part, would be transferred to NSBF. In addition, the growth in the number of loans made by NSBF, changes in SBA regulations and economic factors may adversely impact our current repair and denial rate. In connection with NSBF’s 2018 examination by the SBA, NSBF entered into a voluntary agreement with the SBA. We have adopted the agreement pursuant to our commitment to operate under the SBA’s Loan Program Requirements and the agreement formalizes many of the actions NSBF had previously taken to strengthen its operational procedures as they relate to NSBF’s delegated lender authority. Consistent with the terms of the agreement, NSBF established a segregated restricted cash account in the amount of $10 million to account for potential post-purchase repairs and denials of guaranteed portions of SBA 7(a) loans, and take certain actions to demonstrate the sufficiency of NSBF’s liquidity. NSBF also agreed to repurchase the guaranteed portions of several loans in the amount of approximately $5.6 million, and establish certain additional reporting and compliance procedures. In relation to the rapid growth of our 7(a) loan portfolio, we continue to assess and develop our policies and procedures to facilitate the successful implementation of our business, liquidity and operations.

Curtailment of the government-guaranteed loan programs could adversely affect our results of operations.

Although the SBA 7(a) Program has been in existence since 1953, there can be no assurance that the federal government will maintain the SBA 7(a) program, or that it will continue to guarantee loans at current levels. Furthermore, in an effort to support our communities during the pandemic, we are participating in the PPP under the CARES Act whereby loans to small businesses are made and those loans are subject to the regulatory requirements that would require forbearance of loan payments for a specified time or that would limit our ability to pursue all available remedies in the event of a loan default. If the borrower under the PPP loan fails to qualify for loan forgiveness, we may be at the heightened risk of holding these loans at unfavorable interest rates as compared to the loans to customers that we would have otherwise extended credit. If we cannot continue originating and selling government-guaranteed loans, we will generate fewer origination fees and our ability to generate gains on the sale of loans will decrease. From time-to-time, the government agencies that guarantee these loans reach their internal budgeted limits and cease to guarantee loans for a stated time period. In addition, these agencies may change their rules for extending loans. Also, Congress may adopt legislation that would have the effect of discontinuing or changing the SBA’s programs. Non-governmental programs could replace government programs for some borrowers, but the terms might not be equally acceptable. If these changes occur, the volume of loans to SMBs and industrial borrowers of the types that now qualify for government-guaranteed loans could decline, as could the profitability of these loans.

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Curtailment of our ability to utilize the SBA 7(a) Loan Program by the Federal government could adversely affect our results of operations.

We are dependent upon the federal government to maintain the SBA 7(a) program. There can be no assurance that the SBA 7(a) program will be maintained or that loans will continue to be guaranteed at current levels. From time-to-time the SBA has reached its internal budgeted limits and ceased to guarantee loans for a stated period of time. In addition, the SBA may change its rules regarding loans or Congress may adopt legislation or fail to approve a budget that would have the effect of discontinuing, reducing availability of funds for, or changing loan programs. Non-governmental programs could replace government programs for some borrowers, but the terms might not be equally acceptable. If these changes occur, the volume of loans to small businesses that now qualify for government guaranteed loans could decline, as could the profitability of these loans.

NSBF’s failure to maintain PLP status or maintain its SBA 7(a) license could adversely affect our results of operations.

NSBF has been granted PLP status and originates, sells and services 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 loans since NSBF is not required to present applications to the SBA for concurrent review and approval. The loss of PLP status would adversely impact our marketing efforts and ultimately loan origination volume which would negatively impact our results of operations.

There can be no assurance that NSBF will be able to maintain its status as a PLP or that NSBF can maintain its SBA 7(a) license. If NSBF cannot continue originating and selling government guaranteed loans at current levels, we would experience a decrease in future servicing spreads and earned premiums and negatively impact our results of operations.

Our loans under the Section 7(a) Loan Program involve a high risk of default and such default could adversely impact our results of operations.

Loans to small businesses involve a high risk of default. Such loans are generally not rated by any statistical rating organization. Small businesses usually have smaller product lines and market shares than larger companies and therefore may be more vulnerable to competition and general economic conditions. These businesses’ success typically depends on their management talents and efforts of one person or a small group of persons whose death, disability or resignation would adversely affect the business. Because these businesses frequently have highly leveraged capital structures, reduced cash flow resulting from economic downturns can severely impact the businesses’ ability to meet their obligations, which could impact our results of operations. The portions of Section 7(a) loans to be retained by us do not benefit directly from any SBA guarantees; in an event of default, however, we and the SBA typically cooperate in collateral foreclosure or other work-out efforts and share in any resulting collections.

The loans we make under the Section 7(a) Loan Program face competition.

There are several other non-bank lenders as well as a large number of banks that participate in the SBA Section 7(a) Loan Program. All of these participants compete for the business of eligible borrowers. In addition, pursuant to the 1940 Act, the Company is limited as to the amount of indebtedness it may have. Accordingly, we may be at a competitive disadvantage with regard to other lenders or financial institutions that may be able to achieve greater leverage at a lower cost and are not subject to SBA regulations.

A governmental failure to fund the SBA could adversely affect NSBF’s SBA 7(a) loan originations and our results of operations.

We are dependent upon the Federal government to maintain the SBA 7(a) Program. NSBF’s lending business could be materially and adversely affected by circumstances or events limiting the availability of funds for this program. In October 2013, Congress failed to approve a budget, which, in turn, eliminated availability of funds for the SBA 7(a) program. At the time, the government shutdown affected SBA 7(a) lenders’ ability to originate SBA 7(a) loans. More recently, the government shut down in January 2018 due to a lapse in appropriations, and the SBA closed all non-disaster related programs and activities, including the SBA 7(a) program. The government could again fail to fund the SBA which would affect NSBF’s ability to originate government guaranteed loans and to sell the government guaranteed portions of those loans in the secondary market. Any failure to fund the SBA could adversely affect NSBF’s SBA 7(a) loan originations and our results of operations.

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Moreover, due to what has been described as a technical drafting error, the CARES Act and the PPP did not initially create separate authorization levels for the SBA 7(a) program and the PPP, which could have left the SBA 7(a) program temporarily unfunded. The error was corrected with the July 4, 2020 extension of the PPP through August 8, 2020; however, if the SBA 7(a) program were to become unfunded, NSBF will not be able to originate SBA 7(a) loans until such funding is restored.

A government shutdown could adversely affect NSBF’s SBA 7(a) loan originations and our results of operations.

We are dependent upon the Federal government to maintain the SBA 7(a) program. NSBF’s lending business could be materially and adversely affected by circumstances or events limiting the availability of funds for this program. In October 2013, Congress failed to approve a budget, which, in turn, eliminated availability of funds for the SBA 7(a) program. At the time, the government shutdown affected SBA 7(a) lenders’ ability to originate SBA 7(a) loans. More recently, the partial government shut down in December 2018 until January 2019, the longest standing partial shutdown in history, resulted in a halt to the SBA 7(a) program. The government could again experience a government shutdown which would affect NSBF’s ability to originate government guaranteed loans and to sell the government guaranteed portions of those loans in the secondary market. Any government shutdown could adversely affect NSBF’s SBA 7(a) loan originations and our results of operations.

As a participating lender in the SBA Paycheck Protection Program (“PPP”), the Company and NSBF are subject to additional credit risks and risks of litigation from NSBF’s customers or other parties regarding NSBF’s processing of loans for the PPP and risks that the SBA may not fund some or all PPP loan guaranties.

On March 27, 2020, President Trump signed the CARES Act, which included a $349 billion loan program administered through the SBA referred to as the PPP. Under the PPP, small businesses and other entities and individuals can apply for loans from existing SBA lenders and other approved regulated lenders that enroll in the program, subject to numerous limitations and eligibility criteria. On or about April 16, 2020, the SBA notified lenders that the $349 billion earmarked for the PPP was exhausted. Congress approved additional funding for the PPP of approximately $320 billion on April 24, 2020. NSBF is participating as a lender in the PPP. The PPP opened on April 3, 2020; however, because of the short timeframe between the passing of the CARES Act and the opening of the PPP, there has been some ambiguity in the laws, rules and guidance regarding the operation of the PPP, which may expose the Company and NSBF to risks relating to noncompliance with the PPP. During the duration of the PPP, NSBF funded approximately 10,570 PPP loans totaling $1.19 billion. Since the opening of the PPP, several large banks participating in the PPP have been subject to litigation regarding the process and procedures that such banks have used in processing applications for the PPP. The Company and NSBF may be exposed to the risk of litigation, from both customers and non-customers that approached the Company and NSBF regarding PPP loans, regarding its process and procedures used in processing applications for the PPP. If any such litigation is filed against the Company or NSBF and is not resolved in a manner favorable to the Company or NSBF, it may result in significant financial liability or adversely affect the Company’s or NSBF’s reputation. In addition, litigation can be costly, regardless of outcome. Any financial liability, litigation costs or reputational damage caused by PPP related litigation could have a material adverse impact on our business, financial condition and results of operations.
Moreover, after the PPP launched, rules and guidance regarding the PPP were not readily available at the start of the program, and the SBA and other government agencies continue to release additional rules and guidance that change or update the requirements and expectations of the regulatory agencies administering the PPP and regulating participating lenders. As of the date of this report, there remains some ambiguity in the laws, rules, and guidance regarding the operation of the PPP, with a number of important aspects of the PPP where regulatory agencies have not provided adequate or complete guidance, particularly with respect to process, procedures and criteria for forgiveness and servicing of PPP loans.

NSBF also has credit risk on PPP loans if a determination is made by the SBA that there is a deficiency in the manner in which a PPP loan was originated, funded, or serviced by NSBF, such as an issue with the eligibility of a borrower to receive a PPP loan, which may or may not be related to the ambiguity in the laws, rules and guidance regarding the operation of the PPP or additional or new laws, rules, and guidance. In the event of a loss resulting from a default on a PPP loan and a determination by the SBA that there was a deficiency in the manner in which the PPP loan was originated, funded, or serviced by NSBF, the SBA may deny its liability under the guaranty, reduce the amount of the guaranty, or, if it has already paid under the guaranty, seek recovery of any loss related to the deficiency from the Company.

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In addition, in order to facilitate NSBF’s involvement as an authorized lender in the PPP, during the second quarter of 2020, NSBF entered into PPP loan participation agreements where NSBF originated PPP loans and sold participating interests to four banks. See “PPP Loan Participations.” In accordance with the terms of the PPP participation agreements and SBA regulations and guidance, NSBF, as the originating lender, must continue to hold the PPP loan note, the PPP loan documents and service the PPP loan (i.e., retain all servicing rights). Moreover, as the originating lender, NSBF is the party responsible to the SBA with respect to all servicing actions, including requests for advance purchases and loan forgiveness, and will be the party eligible for the guarantee purchase of the PPP loan. NSBF has agreed that it will repurchase from the Participants on demand the Participants’ Percentage of any outstanding principal and interest under the applicable PPP Loan under certain standard representations and warranties, including in the event of a loss due to fraud, gross negligence or willful misconduct on the part of NSBF or any failure to recover under the SBA guarantee as a result of any deficiency in documenting or servicing such PPP Loan by NSBF.

We could be adversely affected by weakness in the residential housing and commercial real estate markets.

Weakness in residential home and commercial real estate values could impair our ability to collect on defaulted SBA loans as real estate is pledged in many of our SBA loans as part of the collateral package.
RISKS RELATED TO U.S. FEDERAL INCOME TAX

We will be subject to corporate-level income tax if we are unable to maintain our treatment as a RIC or are unable to make the distributions required to maintain RIC tax treatment.

Although we have elected to be treated as a RIC, no assurance can be given that we will be able to maintain our tax treatment as a RIC in the future. To maintain our tax treatment as a RIC, we must meet certain source-of-income, asset diversification, and distribution requirements.

The income source requirement will be satisfied if we obtain at least 90% of our income for each year from dividends, interest, gains from the sale of stock or securities or similar sources.

The asset diversification requirement will be satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. Failure to meet those requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of our qualification as a RIC. Because most of our investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses. The Annual Distribution Requirement for a RIC will be satisfied if we distribute to our shareholders on an annual basis at least 90% of our net ordinary income and net short-term capital gains in excess of our net long-term capital losses, if any. Because we use debt financing, we are subject to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the distribution requirement. If we are unable to obtain cash from other sources, we could fail to qualify for tax treatment as a RIC.

If we fail to qualify for RIC tax treatment for any reason and remain or become subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.

We cannot predict how tax reform legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business.

Legislative or other actions relating to taxes could have a negative effect on us. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department. We cannot predict with certainty how any changes in the tax laws might affect us, our stockholders, or our portfolio investments. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our stockholders of such qualification, or could have other adverse consequences. Stockholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our securities.

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Because we intend to distribute substantially all of our income to our shareholders to maintain our tax treatment as a RIC, we will continue to need additional capital to finance our growth, and regulations governing our operation as a BDC will affect our ability to, and the way in which we, raise additional capital and make distributions.

As a RIC, we generally are required to distribute substantially all of our ordinary income to meet the Annual Distribution Requirement and the Excise Tax Avoidance Requirement (discussed below), which consequently increases the need to raise additional debt and equity capital. Furthermore, as a result of issuing senior securities, we would also be exposed to typical risks associated with leverage, including an increased risk of loss. If we issue preferred stock, the preferred stock would rank “senior” to common stock in our capital structure, preferred shareholders would have separate voting rights on certain matters and might have other rights, preferences, or privileges more favorable than those of our common shareholders, and the issuance of preferred stock could have the effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for holders of our common stock or otherwise be in your best interest.

We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.

For U.S. federal income tax purposes, we are required to include in our taxable income certain amounts that we have not yet received in cash, such as original issue discount, which may arise if we receive warrants in connection with the origination of a loan or possibly in other circumstances, or PIK interest. Such original issue discount or increases in loan balances as a result of contractual PIK arrangements will be included in our taxable income before we receive any corresponding cash payments. We also may be required to include in our taxable income certain other amounts that we will not receive in cash. Since, in certain cases, we may recognize taxable income before or without receiving corresponding cash payments, we may have difficulty meeting the Annual Distribution Requirement necessary to maintain our tax treatment as a RIC. Accordingly, to satisfy our RIC distribution requirements, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities. If we are not able to obtain cash from other sources, we may fail to qualify for tax treatment as a RIC and thus become subject to corporate-level income tax.

We may in the future choose to pay dividends in our own stock, in which case investors may be required to pay tax in excess of the cash they receive.

We may distribute taxable dividends that are payable in part in our stock. In accordance with certain applicable Treasury regulations and published guidance issued by the Internal Revenue Service, a publicly offered RIC may treat a distribution of its own stock as fulfilling the RIC distribution requirements if each shareholder may elect to receive his or her entire distribution in either cash or stock of the RIC, subject to a limitation that the aggregate amount of cash to be distributed to all shareholders must be at least 20% of the aggregate declared distribution. If too many shareholders elect to receive cash, the cash available for distribution must be allocated among the shareholders electing to receive cash (with the balance of the distribution paid in stock). In no event will any shareholder, electing to receive cash, receive less than the lesser of (a) the portion of the distribution such shareholder has elected to receive in cash or (b) an amount equal to his or her entire distribution times the percentage limitation on cash available for distribution. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock. Taxable shareholders receiving such dividends will be required to include the amount of the dividends as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain dividend) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. shareholder may be required to pay tax with respect to such dividends in excess of any cash received. If a U.S. shareholder sells the stock it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our stock at the time of the sale. Furthermore, with respect to non-U.S. shareholders, we may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock. In addition, if a significant number of our shareholders determine to sell shares of our stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of our stock.
RISKS RELATED TO OUR INVESTMENTS GENERALLY

Our investments are very risky and highly speculative.

We invest primarily in senior secured term loans and select equity investments issued by companies, some of which are highly leveraged. The majority of senior secured loans are SBA 7(a) loans and the majority of equity investments are comprised of controlled affiliate equity investments.

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Senior Secured Loans. There is a risk that the collateral securing our loans, in most cases real estate, may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital, and, in some circumstances, our lien could be subordinated to claims of other creditors. In addition, deterioration in a portfolio company’s financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the loan. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan’s terms, or at all, or that we will be able to collect on the loan should we be forced to enforce our remedies. In some cases we may take second lien position on additional business or personal assets to secure further our first lien positions.

Equity Investments. We occasionally invest directly in the equity securities of portfolio companies. The equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

In addition, investing in SMBs involves a number of significant risks, including:

•these companies may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment;

•they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns;

•they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us;

•they generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position;

•they may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity; and

•our executive officers and directors may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies.

An investment strategy focused primarily on smaller privately held companies involves a high degree of risk and presents certain challenges, including the lack of available information about these companies, a dependence on the talents and efforts of only a few key portfolio company personnel and a greater vulnerability to economic downturns.

Our portfolio consists primarily of debt and equity investments in smaller privately-owned companies. Investing in these types of companies involves a number of significant risks. Typically, the debt in which we invest is not initially rated by any rating agency; however, we believe that if such investments were rated, they would be below investment grade. Below investment grade securities, which are often referred to as “high yield” or “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. Compared to larger publicly-owned companies, these small companies may be in a weaker financial position and experience wider variations in their operating results, which may make them more vulnerable to economic downturns. Typically, these companies need more capital to compete; however, their access to capital is limited and their cost of capital is often higher than that of their competitors. Our portfolio companies often face intense competition from larger companies with greater financial, technical and marketing resources and their success typically depends on the managerial talents and efforts of an individual or a small group of persons. Therefore, any loss of its key employees could affect a portfolio company’s ability to compete effectively and harm its financial condition. Further, some of these companies conduct business in regulated industries that are susceptible to regulatory changes. These factors could impair the cash flow of our portfolio companies and result in other events, such as bankruptcy. These events could limit a portfolio company’s ability to repay its obligations to us, which may have an adverse effect on the return on, or the recovery of, our investment in these businesses. Deterioration in a borrower’s financial condition and prospects may be accompanied by deterioration in the value of the loan’s collateral.
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Generally, little public information exists about these companies, and we are required to rely on the ability of our Senior Lending Team and our Executive Committee to obtain adequate information to evaluate the potential returns from investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments. Also, privately held companies frequently have less diverse product lines and smaller market presence than larger competitors. These factors could adversely affect our investment returns as compared to companies investing primarily in the securities of public companies.

We are exposed to risks associated with changes in interest rates.

The majority of our debt investments are based on floating rates, primarily the Prime Rate. General interest rate fluctuations can be expected to have a substantial impact on the interest income we receive on our debt investments. For example, a reduction in interest rates could decrease the value of any investments we hold which earn floating interest rates. Alternatively, an increase in interest rates could decrease the value of any investments we hold which earn fixed interest rates.

General interest rate fluctuations may also have an impact on the value of our stock and our rate of return on invested capital. Because we have borrowed money, our net investment income depends, in part, upon the difference between the rate at which we borrow funds and the rate that our investments yield. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. For example, rising interest rates could also adversely affect our performance if such increases cause our borrowing costs to rise at a rate in excess of the rate that our investments yield, thereby decreasing our net income. Also, an increase in interest rates available to investors could make an investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock.

If general interest rates rise, there is a risk that the borrowers on our debt investments in floating rate loans will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Rising interest rates could also cause borrowers to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on us to provide fixed rate loans to our borrowers, which could adversely affect our net investment income in the future as interest rates continue to fluctuate.

LIBOR is the basic rate of interest used in lending transactions between banks on the London interbank market and is widely used as a reference for setting the interest rate on loans globally. We do hold some floating rate debt investments that are tied to LIBOR.

The United Kingdom’s Financial Conduct Authority (the “FCA”), which regulates LIBOR, announced that it will not compel panel banks to contribute to LIBOR after 2021. It is unclear if at that time LIBOR will cease to exist or if new methods of calculating LIBOR will be established such that it continues to exist after 2021. Central banks and regulators in a number of major jurisdictions (for example, United States, United Kingdom, European Union, Switzerland and Japan) have convened working groups to find, and implement the transition to, suitable replacements for interbank offered rates (“IBORs”). To identify a successor rate for U.S. dollar LIBOR, the Alternative Reference Rates Committee (“ARRC”), a U.S.-based group convened by the U.S. Federal Reserve Board and the Federal Reserve Bank of New York, was formed. The ARRC has identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. In addition, on March 25, 2020, the FCA stated that although the central assumption that firms cannot rely on LIBOR being published after the end of 2021 has not changed, the outbreak of COVID-19 has impacted the timing of many firms’ transition planning, and the FCA will continue to assess the impact of the COVID-19 outbreak on transition timelines and update the marketplace as soon as possible. Although SOFR appears to be the preferred replacement rate for U.S. dollar LIBOR, at this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or other reforms to LIBOR that may be enacted in the United States, United Kingdom or elsewhere or, whether the COVID-19 outbreak will have further effect on LIBOR transition plans. Furthermore, on November 30, 2020, Intercontinental Exchange, Inc. (ICE) announced that the ICE Benchmark Administration Limited (IBA), a wholly-owned subsidiary of ICE and the administrator of LIBOR, will consider extending the LIBOR transition deadline to June 30, 2023. The announcement was supported by the FCA and the U.S. Federal Reserve. Despite the announcement, regulators continue to emphasize the importance of LIBOR transition planning.

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The elimination of LIBOR or any other changes or reforms to the determination or supervision of LIBOR could have an adverse impact on the market value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us or on our overall financial condition or results of operations. If LIBOR ceases to exist, we may need to renegotiate the credit agreements extending beyond 2021 with our portfolio companies that utilize LIBOR as a factor in determining the interest rate, in order to replace LIBOR with the new standard that is established, which may have an adverse effect on our overall financial condition or results of operations. Following the replacement of LIBOR, some or all of these credit agreements may bear interest at a lower interest rate, which could have an adverse impact on the value of our investments in these portfolio companies and, as a result on our results of operations.

Our investments in leveraged portfolio companies may be risky, and you could lose all or part of your investment.

Investment in leveraged companies involves a number of significant risks. Leveraged companies in which we invest may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that we hold. Such developments may be accompanied by deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees that we may have obtained in connection with our investment. Smaller leveraged companies also may have less predictable operating results and may require substantial additional capital to support their operations, finance their expansion or maintain their competitive position.

Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.

Our portfolio companies may have, or may be permitted to incur, other debt that ranks equally with, or in some cases senior to, the debt in which we invest. By their terms, such debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution. After repaying such senior creditors, such portfolio company may not have sufficient remaining assets to repay its obligation to us. In the case of debt ranking equally with debt instruments in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

Second priority liens on collateral securing loans that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.

Certain loans that we make are secured by a second priority security interest in the same collateral pledged by a portfolio company to secure senior first lien debt owed by the portfolio company to commercial banks or other traditional lenders. Often the senior lender has procured covenants from the portfolio company prohibiting the incurrence of additional secured debt without the senior lender’s consent. Prior to and as a condition of permitting the portfolio company to borrow money from us secured by the same collateral pledged to the senior lender, the senior lender will require assurances that it will control the disposition of any collateral in the event of bankruptcy or other default. In many such cases, the senior lender will require us to enter into an “intercreditor agreement” prior to permitting the portfolio company to borrow from us. Typically the intercreditor agreements we will be requested to expressly subordinate our debt instruments to those held by the senior lender and further provide that the senior lender shall control: (1) the commencement of foreclosure or other proceedings to liquidate and collect on the collateral; (2) the nature, timing and conduct of foreclosure or other collection proceedings; (3) the amendment of any collateral document; (4) the release of the security interests in respect of any collateral; and (5) the waiver of defaults under any security agreement. Because of the control we may cede to senior lenders under intercreditor agreements we may enter, we may be unable to realize the proceeds of any collateral securing some of our loans.

If we make subordinated investments, the obligors or the portfolio companies may not generate sufficient cash flow to service their debt obligations to us.

We may make subordinated investments that rank below other obligations of the obligor in right of payment. Subordinated investments are subject to greater risk of default than senior obligations as a result of adverse changes in the financial condition of the obligor or economic conditions in general. If we make a subordinated investment in a portfolio company, the portfolio company may be highly leveraged, and its relatively high debt-to-equity ratio may create increased risks that its operations might not generate sufficient cash flow to service all of its debt obligations.

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The disposition of our investments may result in contingent liabilities.

We currently expect that substantially all of our investments will involve loans and private securities. In connection with the disposition of an investment in loans and private securities, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to potential liabilities. These arrangements may result in contingent liabilities that ultimately result in funding obligations that we must satisfy through our return of distributions previously made to us.

There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.

Even though we may have structured certain of our investments as secured loans, if one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, and based upon principles of equitable subordination as defined by existing case law, a bankruptcy court could subordinate all or a portion of our claim to that of other creditors and transfer any lien securing such subordinated claim to the bankruptcy estate. The principles of equitable subordination defined by case law have generally indicated that a claim may be subordinated only if its holder is guilty of misconduct or where the senior loan is re-characterized as an equity investment and the senior lender has actually provided significant managerial assistance to the bankrupt debtor. We may also be subject to lender liability claims for actions taken by us with respect to a borrower’s business or instances where we exercise control over the borrower. It is possible that we could become subject to a lender’s liability claim, including as a result of actions taken in rendering significant managerial assistance or actions to compel and collect payments from the borrower outside the ordinary course of business.

The lack of liquidity in our investments may adversely affect our business.

We generally invest in companies whose securities are not publicly traded, and whose securities will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities. There is no established trading market for the securities in which we invest. The illiquidity of these investments may make it difficult for us to sell these investments when desired. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments. As a result, we do not expect to achieve liquidity in our investments in the near-term. Further, we may face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we have material non-public information regarding such portfolio company.

Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments, in order to: (1) increase or maintain in whole or in part our equity ownership percentage; (2) exercise warrants, options or convertible securities that were acquired in the original or a subsequent financing; or (3) attempt to preserve or enhance the value of our investment. We may elect not to make follow-on investments or otherwise lack sufficient funds to make those investments. We will have the discretion to make any follow-on investments, subject to the availability of capital resources. The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we do not want to increase our concentration of risk, we prefer other opportunities, we are subject to BDC requirements that would prevent such follow-on investments, or the follow-on investment would affect our qualification as a RIC.

Our portfolio may lack diversification among portfolio companies which may subject us to a risk of significant loss if one or more of these companies default on its obligations under any of its debt instruments.

Our portfolio holds a limited number of controlled affiliate portfolio companies. Beyond the asset diversification requirements associated with our qualification as a RIC under the Code, we do not have fixed guidelines for diversification, and our investments may be concentrated in relatively few companies. As our portfolio is less diversified than the portfolios of some larger funds, we are more susceptible to failure if a single loan fails. Similarly, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment.

We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we may invest a significant portion of our assets in a relatively small number of issuers, which subjects us to a risk of significant loss if any of these
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issuers defaults on its obligations under any of its debt instruments or as a result of a downturn in the particular industry.

We are classified as a non-diversified investment company within the meaning of the 1940 Act, and therefore we may invest a significant portion of our assets in a relatively small number of issuers in a limited number of industries. As of December 31, 2020, our three largest investments, NMS, NTS and NBL equaled approximately 13%, 4% and 5%, respectively, of the fair value of our total assets. Beyond the asset diversification requirements associated with our qualification as a RIC, we do not have fixed guidelines for diversification, and while we are not targeting any specific industries, relatively few industries may become significantly represented among our investments. To the extent that we assume large positions in the securities of a small number of issuers, our net asset value may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer, changes in fair value over time or a downturn in any particular industry. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company.

Our portfolio may be concentrated in a limited number of industries, which may subject us to a risk of significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated.

Our portfolio may be concentrated in a limited number of industries. A downturn in any particular industry in which we are invested could significantly impact the aggregate returns we realize. If an industry in which we have significant investments suffers from adverse business or economic conditions, as these industries have to varying degrees, a material portion of our investment portfolio could be affected adversely, which, in turn, could adversely affect our financial position and results of operations.

Because we may not hold controlling equity interests in certain of our portfolio companies, we may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.

We do not currently hold controlling equity positions in the majority of our portfolio companies where our investments are in the form of debt, particularly SBA loans. As a result, we are subject to the risk that a portfolio company may make business decisions with which we disagree, and that the management and/or shareholders of a portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity of the debt and equity investments that we typically hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company and may therefore suffer a decrease in the value of our investments.

Defaults by our portfolio companies will harm our operating results.

A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. Any extension or restructuring of our loans could adversely affect our cash flows. In addition, if one of our portfolio companies were to go bankrupt, even though we may have structured our interest as senior debt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might recharacterize our debt holding and subordinate all or a portion of our claim to that of other creditors. If any of these occur, it could materially and adversely affect our operating results and cash flows.

If we and our portfolio companies are unable to protect our intellectual property rights, our business and prospects could be harmed, and if we and our portfolio companies are required to devote significant resources to protecting their intellectual property rights, the value of our investment could be reduced.

The proprietary software essential to our business and that of our controlled portfolio companies is owned by us and made available to them for their use. Our future success and competitive position will depend in part upon our ability to maintain and protect proprietary technology used in our products and services. We will rely, in part, on patent, trade secret and trademark law to protect that technology, but competitors may misappropriate our intellectual property, and disputes as to ownership of intellectual property may arise. We may, from time to time, be required to institute litigation to enforce the patents, copyrights or other intellectual property rights, protect trade secrets, determine the validity and scope of the proprietary rights of others or defend against claims of infringement. Such litigation could result in substantial costs and diversion of resources.

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Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.

We will be subject to the risk that the investments we make in our portfolio companies may be repaid prior to maturity; most of our SBA loans do not carry prepayment penalties. When this occurs, we will generally reinvest these proceeds in temporary investments or repay outstanding debt, depending on future investment in new portfolio companies. Temporary investments will typically have substantially lower yields than the debt being prepaid and we could experience significant delays in reinvesting these amounts. Any future investment in a new portfolio company may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elect to prepay amounts owed to us. Additionally, prepayments could negatively impact our return on equity, which could result in a decline in the market price of our securities.

We may not realize gains from our equity investments.

Certain investments that we may make in the future include warrants or other equity securities. Investments in equity securities involve a number of significant risks, including the risk of further dilution as a result of additional issuances, inability to access additional capital and failure to pay current distributions. Investments in preferred securities involve special risks, such as the risk of deferred distributions, credit risk, illiquidity and limited voting rights. In addition, we may from time to time make non-control, equity investments in portfolio companies. Our goal is ultimately to realize gains upon our disposition of such equity interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

We also may be unable to realize any value if a portfolio company does not have a liquidity event, such as a sale of the business, recapitalization or public offering, which would allow us to sell the underlying equity interests. We will often seek puts or similar rights to give us the right to sell our equity securities back to the portfolio company issuer. We may be unable to exercise these puts rights for the consideration provided in our investment documents if the issuer is in financial distress.

An increase in non-accrual assets would reduce our income and increase our expenses.

If our level of non-accrual assets in our SBA lending business rises in the future, it could adversely affect our investment income and earnings. Non-accrual assets are primarily loans on which borrowers are not making their required payments. Non-accrual assets also include loans that have been restructured to permit the borrower to have smaller payments and real estate that has been acquired through foreclosure of unpaid loans. To the extent that our financial assets are non-accrual, we will have less cash available for lending and other activities.

If the assets securing the loans that we make decrease in value, then we may lack sufficient collateral to cover losses.

To attempt to mitigate credit risks, we will typically take a security interest in the available assets of our portfolio companies. There is no assurance that we will obtain or properly perfect our liens. There is a risk that the collateral securing our loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of a portfolio company to raise additional capital. In some circumstances, our lien could be subordinated to claims of other creditors. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan’s terms, or that we will be able to collect on the loan should we be forced to enforce our remedies.

In addition, because we may invest in technology-related companies, a substantial portion of the assets securing our investment may be in the form of intellectual property, if any, inventory and equipment and, to a lesser extent, cash and accounts receivable. Intellectual property, if any, that is securing our loan could lose value if, among other things, the company’s rights to the intellectual property are challenged or if the company’s license to the intellectual property is revoked or expires, the technology fails to achieve its intended results or a new technology makes the intellectual property functionally obsolete. Inventory may not be adequate to secure our loan if our valuation of the inventory at the time that we made the loan was not accurate or if there is a reduction in the demand for the inventory.

Similarly, any equipment securing our loan may not provide us with the anticipated security if there are changes in technology or advances in new equipment that render the particular equipment obsolete or of limited value, or if the company fails to adequately maintain or repair the equipment. Any one or more of the preceding factors could materially impair our ability to recover principal in a foreclosure.

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The Company is a Guarantor on a number of credit facilities entered into by certain of its subsidiaries and controlled portfolio companies

As discussed further herein, the Company is a guarantor on credit facilities entered into by NSBF, NBL, NMS and NBC with various lenders. If any of these borrowers default on these lines of credit, we would be required to make payments under the guarantees, which could have a material adverse effect on our financial condition and results of operations.

We may expose ourselves to risks if we engage in hedging transactions.

If we engage in hedging transactions, we may expose ourselves to certain risks associated with such transactions. We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in market interest rates. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions increase. It may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against interest rate fluctuations affecting the value of securities in our portfolio.

Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.

In November 2020, the SEC adopted new rules regarding the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations. BDCs that use derivatives would be subject to a value-at-risk leverage limit, certain other derivatives risk management program and testing requirements and requirements related to board reporting. These new requirements would apply unless the BDC qualified as a “limited derivatives user,” as defined in the SEC’s adopted rules. A BDC that enters into reverse repurchase agreements or similar financing transactions would need to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions could either (i) comply with the asset coverage requirements of the Section 18 of the 1940 Act when engaging in reverse repurchase agreements or (ii) choose to treat such agreements as derivative transactions under the adopted rule. Under the adopted rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. If the BDC cannot meet this test, it is required to treat unfunded commitments as a derivatives transaction subject to the requirements of the rule. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.
RISKS RELATED TO OUR CONTROLLED PORTFOLIO COMPANIES - NEWTEK MERCHANT SOLUTIONS (NMS)

We could be adversely affected if either of NMS’ two bank sponsorships is terminated.

Because NMS is not a bank, it is unable to belong to and directly access the Visa® and MasterCard® bankcard associations. The Visa® and MasterCard® operating regulations require NMS to be sponsored by a bank in order to process bankcard transactions. A bank sponsorship is an agreement under which a financial institution that has a membership with MasterCard®, Visa® or American Express sponsors an independent sales organization, like NMS, that markets credit card processing services to merchants who accept credit cards as a form of payment, gains access to the Visa®, MasterCard®, and American Express networks. NMS is currently sponsored by two banks. If either of the sponsorships is terminated, and NMS is not able to secure or transfer the respective merchant portfolio to a new bank sponsor or sponsors, the business, financial condition, results of operations and cash flows of the electronic payment processing business could be materially adversely affected. If both the sponsorships are terminated and NMS is unable to secure a bank sponsor for the merchant portfolios, it will not be able to process bankcard transactions for the affected portfolios. Consequently, the loss of both of NMS’ sponsorships would have a material adverse effect on our business. Furthermore, NMS’ agreements with sponsoring banks gives the sponsoring banks substantial discretion in approving certain elements of its business practices, including its solicitation, application and qualification procedures for merchants, the terms of their agreements with merchants, the processing fees that they charge, their customer service levels and its use of independent sales organizations and independent sales agents. We cannot guarantee that
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NMS’ sponsoring banks’ actions under these agreements would not be detrimental to us.

Other service providers, some of whom are NMS’ competitors, are necessary for the conduct of NMS’ business. The termination by service providers of these arrangements with NMS or their failure to perform these services efficiently and effectively may adversely affect NMS’ relationships with the merchants whose accounts it serves and may cause those merchants to terminate their processing agreements with NMS.

If NMS or its processors or bank sponsors fail to adhere to the standards of the Visa® and MasterCard® bankcard associations, its registrations with these associations could be terminated and it could be required to stop providing payment processing services for Visa® and MasterCard®.

Substantially all of the transactions NMS processes involve Visa® or MasterCard®. If NMS, its bank sponsors or its processors fail to comply with the applicable requirements of the Visa® and MasterCard® bankcard associations, Visa® or MasterCard® could suspend or terminate its registration. The termination of NMS’ registration or any changes in the Visa® or MasterCard® rules that would impair its registration could require it to stop providing payment processing services, which would have a material adverse effect on its business and could be detrimental to us.

On occasion, NMS experiences increases in interchange and sponsorship fees. If it cannot pass along these increases to its merchants, its profit margins will be reduced.

NMS pays interchange fees or assessments to bankcard associations for each transaction it processes using their credit, debit and gift cards. From time to time, the bankcard associations increase the interchange fees that they charge processors and the sponsoring banks, which generally pass on such increases to NMS. From time to time, the sponsoring banks increase their fees as well. If NMS is not able to pass these fee increases along to merchants through corresponding increases in its processing fees, its profit margins in this line of business will be reduced.

Unauthorized disclosure of merchant or cardholder data, whether through breach of our computer systems or otherwise, could expose us to liability and business losses.

Through NMS, we collect and store sensitive data about merchants and cardholders, and we maintain a database of cardholder data relating to specific transactions, including payment, card numbers and cardholder addresses, in order to process the transactions and for fraud prevention and other internal processes. If anyone penetrates our network security or otherwise misappropriates sensitive merchant or cardholder data, we could be subject to liability or business interruption. While we subject these systems to periodic independent testing and review, we cannot guarantee that our systems will not be penetrated in the future. If a breach of our system occurs, we may be subject to liability, including claims for unauthorized purchases with misappropriated card information, impersonation or other similar fraud claims. Similar risks exist with regard to the storage and transmission of such data by our processors. In the event of any such a breach, we may also be subject to a class action lawsuit. SMBs are less prepared for the complexities of safeguarding cardholder data than their larger counterparts. In the event of noncompliance by a customer of card industry rules, we could face fines from payment card networks. There can be no assurance that we would be able to recover any such fines from such customer.

NMS is liable if its processing merchants refuse or cannot reimburse charge-backs resolved in favor of their customers.

If a billing dispute between a merchant and a cardholder is not ultimately resolved in favor of the merchant, the disputed transaction is “charged back” to the merchant’s bank and credited to the account of the cardholder. If NMS or its processing banks are unable to collect the charge-back from the merchant’s account, or if the merchant refuses or is financially unable due to bankruptcy or other reasons to reimburse the merchant’s bank for the charge-back, NMS must bear the loss for the amount of the refund paid to the cardholder’s bank. Most of NMS’ merchants deliver products or services when purchased, so a contingent liability for charge-backs is unlikely to arise, and credits are issued on returned items. However, some of its merchants do not provide services until sometime after a purchase, which increases the potential for contingent liability and future charge-backs. NMS and the sponsoring bank can require that merchants maintain cash reserves under its control to cover charge-back liabilities but such reserves may not be sufficient to cover the liability or may not even be available to them in the event of a bankruptcy or other legal action.

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NMS has potential liability for customer or merchant fraud.

Credit card fraud occurs when a merchant’s customer uses a stolen card (or a stolen card number in a card-not-present transaction) to purchase merchandise or services. In a traditional card-present transaction, if the merchant swipes the card, receives authorization for the transaction from the card issuing bank and verifies the signature on the back of the card against the paper receipt signed by the customer, the card issuing bank remains liable for any loss. In a fraudulent card-not-present transaction, even if the merchant receives authorization for the transaction, the merchant is liable for any loss arising from the transaction. Many NMS customers are small and transact a substantial percentage of their sales over the Internet or by telephone or mail orders. Because their sales are card-not-present transactions, these merchants are more vulnerable to customer fraud than larger merchants, and NMS could experience charge-backs arising from cardholder fraud more frequently with these merchants.

Merchant fraud occurs when a merchant, rather than a customer, knowingly uses a stolen or counterfeit card or card number to record a false sales transaction or intentionally fails to deliver the merchandise or services sold in an otherwise valid transaction. Anytime a merchant is unable to satisfy a charge-back, NMS is ultimately responsible for that charge-back unless it has required that a cash reserve be established. We cannot assure that the systems and procedures NMS has established to detect and reduce the impact of merchant fraud are or will be effective. Failure to effectively manage risk and prevent fraud could increase NMS charge-back liability and adversely affect its results of operations.

NMS payment processing systems may fail due to factors beyond its control, which could interrupt its business or cause it to lose business and likely increase costs.

NMS depends on the uninterrupted operations of our computer network systems, software and our processors’ data centers. Defects in these systems or damage to them due to factors beyond its control could cause severe disruption to NMS’ business and other material adverse effects on its payment processing businesses.

The electronic payment processing business is undergoing very rapid technological changes which may make it difficult or impossible for NMS to compete effectively.

The introduction of new technologies, primarily mobile payment capabilities, and the entry into the payment processing market of new competitors, Apple, Inc., for example, could dramatically change the competitive environment and require significant changes and costs for NMS to remain competitive. There is no assurance that NMS will have the capability to stay competitive with such changes.

NMS and others in the payment processing industry have come under increasing pressures from various regulatory agencies seeking to use the leverage of the payment processing business to limit or modify the practices of merchants which could lead to increased costs.

Various agencies, particularly the Federal Trade Commission (“FTC”), have within the past few years attempted to pressure merchants to discontinue or modify various sales or other practices. As a part of the payment processing industry, processors such as NMS could experience pressure and/or litigation aimed at restricting access to credit card sales by such merchants. These efforts could cause an increase in the cost to NMS of doing business or otherwise make its business less profitable and may subject NMS to assess penalties for not taking actions deemed sufficiently aggressive to limit such practices. As a result of a litigation brought by the FTC in October 2012, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices.

Increased regulatory focus on the payments industry may result in costly new compliance burdens on NMS’ clients and on NMS itself, leading to increased costs and decreased payments volume and revenues.

Regulation of the payments industry has increased significantly in recent years. Complying with these and other regulations increases costs and can reduce revenue opportunities. Similarly, the impact of such regulations on clients may reduce the volume of payments processed. Moreover, such regulations can limit the types of products and services that are offered. Any of these occurrences can materially and adversely affect NMS’ business, prospects for future growth, financial condition and results of operations.

Examples include:

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•Data Protection and Information Security. Aspects of NMS’ operations and business are subject to privacy and data protection regulation. NMS’ financial institution clients are subject to similar requirements under the guidelines issued by the federal banking agencies. In addition, many individual states have enacted legislation requiring consumer notification in the event of a security breach.

•Anti-Money Laundering and Anti-Terrorism Financing. The U.S.A. PATRIOT Act requires NMS to maintain an anti-money laundering program. Sanctions imposed by the U.S. Treasury Office of Foreign Assets Control, or OFAC, restrict NMS from dealing with certain parties considered to be connected with money laundering, terrorism or narcotics. NMS has controls in place designed to ensure OFAC compliance, but if those controls should fail, it could be subject to penalties, reputational damage and loss of business.

•Money Transfer Regulations. As NMS expands its product offerings, it may become subject to money transfer regulations, increasing regulatory oversight and costs of compliance.

•Formal Investigation. If NMS is suspected of violating government statutes, such as the Federal Trade Commission Act or the Telemarketing and Consumer Fraud and Abuse Prevention Act, governmental agencies may formally investigate NMS. As a result of such a formal investigation, criminal or civil charges could be filed against NMS and it could be required to pay significant fines or penalties in connection with such investigation or other governmental investigations. Any criminal or civil charges by a governmental agency, including any fines or penalties, could materially harm NMS’ business, results of operations, financial position and cash flows. Currently, NMS is operating under an order for injunctive relief it voluntarily entered into with the Federal Trade Commission.
RISKS RELATED TO OUR CONTROLLED PORTFOLIO COMPANIES - NEWTEK TECHNOLOGY SOLUTIONS (NTS)

NTS operates in a highly competitive industry in which technological change can be rapid.

The information technology business and its related technology involve a broad range of rapidly changing technologies. NTS equipment and the technologies on which it is based may not remain competitive over time, and others may develop superior technologies that render its products non-competitive, without significant additional capital expenditures. Some of NTS’ competitors are significantly larger and have substantially greater market presence as well as greater financial, technical, operational, marketing and other resources and experience than NTS. In the event that such a competitor expends significant sales and marketing resources in one or several markets, NTS may not be able to compete successfully in such markets. We believe that competition will continue to increase, placing downward pressure on prices. Such pressure could adversely affect NTS gross margins if it is not able to reduce its costs commensurate with such price reductions. There can be no assurances that NTS will remain competitive.

NTS’ technology solutions business depends on the efficient and uninterrupted operation of its computer and communications hardware systems and infrastructure.

Despite precautions taken by NTS against possible failure of its systems, interruptions could result from natural disasters, power loss, the inability to acquire fuel for its backup generators, telecommunications failure, terrorist attacks and similar events. NTS also leases telecommunications lines from local, regional and national carriers whose service may be interrupted. NTS’ business, financial condition and results of operations could be harmed by any damage or failure that interrupts or delays its operations. There can be no assurance that NTS’ insurance will cover all of the losses or compensate NTS for the possible loss of clients occurring during any period that NTS is unable to provide service.

NTS’ inability to maintain the integrity of its infrastructure and the privacy of confidential information would materially affect its business.

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The NTS infrastructure is potentially vulnerable to physical or electronic break-ins, viruses or similar problems. If its security measures are circumvented, it could jeopardize the security of confidential information stored on NTS’ systems, misappropriate proprietary information or cause interruptions in NTS’ operations. We may be required to make significant additional investments and efforts to protect against or remedy security breaches. Security breaches that result in access to confidential information could damage our reputation and expose us to a risk of loss or liability. The security services that NTS offers in connection with customers’ networks cannot assure complete protection from computer viruses, break-ins and other disruptive problems. The occurrence of these problems may result in claims against NTS or us or liability on our part. These claims, regardless of their ultimate outcome, could result in costly litigation and could harm our business and reputation and impair NTS’ ability to attract and retain customers.

NTS could be adversely affected by information security breaches or cyber security attacks.

NTS’ web and cloud services involve the storage and transmission of our customers’, employees’, and portfolio companies’ proprietary information. NTS’ business relies on its digital technologies, computer and email systems, software, and networks to conduct its operations. NTS’ technologies, systems and networks may become the target of criminal cyber-attacks or information security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss or destruction of confidential, proprietary and other information of NTS or third parties with whom NTS deals, or otherwise disrupt our or our customers’ or other third parties’ business operations. It is critical to NTS’ business strategy that its facilities and infrastructure remain secure and are perceived by the marketplace to be secure. Although NTS believes it employs appropriate security technologies, NTS cannot guarantee that the security technologies (including data encryption processes, intrusion detection systems) it employs or, the comprehensive risk assessments it conducts, or its other internal control procedures will assure the security of its customers’ data. If NTS’ security measures are breached as a result of third-party action, employee error or otherwise, and as a result, its customers’ data becomes available to unauthorized parties, NTS and our other portfolio companies could incur liability and its reputation would be damaged, which could lead to the loss of current and potential customers. In addition, NTS will be required to expend significant capital and other resources to detect, remedy, protect against or alleviate breaches of its network and security, and it may not be able to remedy these problems in a timely manner, or at all. Because techniques used by outsiders to obtain unauthorized network access or to sabotage systems change frequently and generally are not recognized until launched against a target, NTS may be unable to anticipate these techniques or implement adequate preventative measures. For example, in early 2018 following an unauthorized third party misappropriating three of NTS’ domain names, NTS’ management and forensic investigators determined that attackers compromised a portion of its shared webhosting system, and may have acquired certain customer information limited to its shared webhosting customers, and/or gained access to certain of its shared webhosting servers. In response, NTS has taken a range of steps designed to further secure its systems, enhance its security protections, enhance access controls, and prevent future unauthorized activity. For more information on risks relating to cybersecurity, see “Risks Related to Cybersecurity.”

NTS’ business depends on Microsoft Corporation and others for the licenses to use software as well as other intellectual property in the managed technology solutions business.

NTS’ managed technology business is built on technological platforms relying on the Microsoft Windows® products and other intellectual property that NTS currently licenses. As a result, if NTS is unable to continue to have the benefit of those licensing arrangements or if the products upon which its platform is built become obsolete, its business could be materially and adversely affected.
RISKS RELATED TO OUR CONTROLLED PORTFOLIO COMPANIES - NEWTEK INSURANCE AGENCY (NIA)

NIA depends on third parties, particularly property and casualty insurance companies, to supply the products marketed by its agents.

NIA contracts with property and casualty insurance companies typically provide that the contracts can be terminated by the supplier without cause. NIA’s inability to enter into satisfactory arrangements with these suppliers or the loss of these relationships for any reason would adversely affect the results of its insurance business. Also, NIA’s inability to obtain these products at competitive prices could make it difficult for it to compete with larger and better capitalized providers of such insurance services.

If NIA fails to comply with government regulations, its insurance agency business would be adversely affected.

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NIA insurance agency business is subject to comprehensive regulation in the various states in which it conducts business. NIA’s success will depend in part upon its ability to satisfy these regulations and to obtain and maintain all required licenses and permits. NIA’s failure to comply with any statutes and regulations could have a material adverse effect on it. Furthermore, the adoption of additional statutes and regulations, changes in the interpretation and enforcement of current statutes and regulations could have a material adverse effect on it.

NIA does not have any control over the commissions it earns on the sale of insurance products which are based on premiums and commission rates set by insurers and the conditions prevalent in the insurance market.

NIA earns commissions on the sale of insurance products. Commission rates and premiums can change based on the prevailing economic and competitive factors that affect insurance underwriters. In addition, the insurance industry has been characterized by periods of intense price competition due to excessive underwriting capacity and periods of favorable premium levels due to shortages of capacity. We cannot predict the timing or extent of future changes in commission rates or premiums or the effect any of these changes will have on the operations of NIA.
RISKS RELATED TO OUR CONTROLLED PORTFOLIO COMPANIES - NEWTEK PAYROLL AND BENEFIT SOLUTIONS (NPS)

Unauthorized disclosure of employee data, whether through a cyber-security breach of our computer systems or otherwise, could expose NPS to liability and business losses.

NPS collects and stores sensitive data about individuals in order to process the transactions and for other internal processes. If anyone penetrates its network security or otherwise misappropriates sensitive individual data, NPS could be subject to liability or business interruption. NPS is subject to laws and rules issued by different agencies concerning safeguarding and maintaining the confidentiality of this information. Its activities have been, and will continue to be, subject to an increasing risk of cyber-attacks, the nature of which is continually evolving. Cyber-security risks include unauthorized access to privileged and sensitive customer information, including passwords and account information of NPS’ customers. While it subjects its data systems to periodic independent testing and review, NPS cannot guarantee that its systems will not be penetrated in the future. Experienced computer programmers and hackers may be able to penetrate NPS’ network security, and misappropriate or compromise our confidential information, create system disruptions, or cause shutdowns. As a result, NPS’ customers’ information may be lost, disclosed, accessed or taken without its customers’ consent. If a breach of NPS’ system occurs, it may be subject to liability, including claims for impersonation or other similar fraud claims. In the event of any such breach, NPS may also be subject to a class action lawsuit. Any significant violations of data privacy could result in the loss of business, litigation and regulatory investigations and penalties that could damage NPS’ reputation, and the growth of its business could be adversely affected. For more information on risks relating to cybersecurity, see “Risks Related to Cybersecurity.”

NPS is subject to risks surrounding Automated Clearing House (“ACH”) payments.

Credit risk in ACH payments arises when a party to a contract fails to deposit funds required to settle the contract. This can occur if a client of NPS suffers losses, enters into bankruptcy or defrauds NPS. In such an event, NPS could bear the financial burden of settling the customer’s contract.

NPS’ systems may be subject to disruptions that could adversely affect its business and reputation.

NPS’ payroll business relies heavily on its payroll, financial, accounting and other data processing systems. If any of these systems or any of the vendors which supply them fails to operate properly or becomes disabled even for a brief period of time, NPS could suffer financial loss, a disruption of its business, liability to clients, regulatory intervention or damage to its reputation. NPS has disaster recovery plans in place to protect its businesses against natural disasters, security breaches, military or terrorist actions, power or communication failures or similar events. Despite NPS’ preparations, its disaster recovery plans may not be successful in preventing the loss of client data, service interruptions, and disruptions to its operations or damage to its important facilities.

If NPS fails to adapt its technology to meet client needs and preferences, the demand for its services may diminish.

NPS operates in industries that are subject to rapid technological advances and changing client needs and preferences. In order to remain competitive and responsive to client demands, NPS continually upgrades, enhances and expands its existing solutions and services. If NPS fails to respond successfully to technological challenges, the demand for its services may diminish.

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NPS could incur unreimbursed costs or damages due to delays in processing inherent in the banking system.

NPS generally determines the availability of customer (employer) funds prior to making payments to employees or taxing authorities, and such employer funds are generally transferred in to its accounts prior to making payments out. Due to the structure of the banking system however, there are times when NPS may make payroll or tax payments and not immediately receive the funds to do so from the employer. There can be no assurance that the procedures NPS has in place to prevent these occurrences or mitigate the damages will be sufficient to prevent loss to its business. In addition, NPS could incur unreimbursed costs or damages due to delays in processing customer payrolls or payroll taxes in a timely manner.
RISKS RELATED TO OUR CONTROLLED PORTFOLIO COMPANIES - NEWTEK BUSINESS CREDIT SOLUTIONS (NBC)

An unexpected level of defaults in NBC’s accounts receivables or inventory portfolios would reduce its income and increase its expenses.

If NBC’s level of non-accrual assets in its receivable financing or inventory financing business rises in the future, it could adversely affect its revenue, earnings and cash flow. Non-accrual assets primarily consist of receivables for which the customer has not made timely payment. In certain situations, NBC may restructure the receivable to permit such a customer to have smaller payments over a longer period of time. Such a restructuring or non-payment by a receivables or inventory customer will result in lower revenue and less cash available for NBC’ operational activities.

NBC’s reserve for credit losses may not be sufficient to cover unexpected losses.

NBC’s business depends on the behavior of its customers. In addition to its credit practices and procedures, NBC maintains a reserve for credit losses on its accounts receivable and inventory portfolios, which it has judged to be adequate given the receivables it purchases. NBC periodically reviews its reserve for adequacy considering current economic conditions and trends, charge-off experience and levels of non-accrual assets, and adjusts its reserve accordingly. However, because of recent unstable economic conditions, its reserves may prove inadequate, which could have a material adverse effect on its financial condition and results of operations.

NBC depends on outside financing to support its receivables financing and inventory financing business.

NBC’s receivables and inventory financing business depends on outside financing to support its acquisition of receivables. Termination of the credit lines for any reason would have a material adverse effect on its business, including but not limited to, the liquidation of its receivables portfolios to pay down the lines. If funds from such sale were insufficient to completely pay down the line of credit, NBC’s would be responsible for any short fall. We are a guarantor on the Sterling Receivable and Inventory Facility at NBC. Maximum borrowings under the Sterling Receivable and Inventory Facility are $35,000,000. The Sterling Receivable and Inventory Facility matures in August 2022 and automatically renews annually. At December 31, 2020, total principal owed by NBC was $18,411,000.

We have guaranteed NBC’s obligations under this facility. If NBC defaults on this line of credit, we would be required to make payments under the guarantee, which could have a material adverse effect on our financial condition and results of operations.

In addition, if NBC loses this line of credit and NBC is unable to renew or replace this line of credit, it would materially impact the business of NBC and have a material adverse effect on its financial condition and results of operations.

LEGAL PROCEEDINGS - PORTFOLIO COMPANIES

Our portfolio companies may, from time to time, be involved in various legal matters, which may have an adverse effect on their operations and/or financial condition.

From time to time, we may be subject to legal actions as well as various regulatory, governmental and law enforcement inquiries, investigations and subpoenas. In any such claims or actions, demands for substantial monetary damages may be asserted against our portfolio companies and may result in financial liability for us or an adverse effect on our reputation among investors. We may be unable to accurately estimate our portfolio companies’ exposure to litigation risk. In regulatory enforcement matters, claims for disgorgement, the imposition of penalties, and the imposition of other remedial sanctions against our portfolio companies are possible, and may have a material adverse effect on our results of operations.

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As a result of a litigation brought by the FTC in October 2012, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices.
RISKS RELATED TO OUR CAPCO BUSINESS

The Capco programs and the tax credits they provide are created by state legislation and implemented through regulation, and such laws and rules are subject to possible action to repeal or retroactively revise the programs for political, economic or other reasons. Such an attempted repeal or revision would create substantial difficulty for the Capco programs and could, if ultimately successful, cause us material financial harm.

The tax credits associated with the Capco programs and provided to our Capcos’ investors are to be utilized by the investors over a period of time, which is typically ten years. Much can change during such a period and it is possible that one or more states may revise or eliminate the tax credits. Any such revision or repeal could have a material adverse economic impact on our Capcos, either directly or as a result of the Capco’s insurer’s actions. Any such final state action that jeopardizes the tax credits could result in the provider of our Capco insurance assuming partial or full control of the particular Capco in order to minimize its liability under the Capco insurance policies issued to our investors.

Because our Capcos are subject to requirements under state law, a failure of any of them to meet these requirements could subject the Capco and our shareholders to the loss of one or more Capcos.

Despite the fact that we have met all applicable minimum requirements of the Capco programs in which we still participate, each Capco remains subject to state regulation until it has invested 100% of its funds and otherwise remains in full legal compliance. There can be no assurance that we will continue to be able to do so. A major regulatory violation, while not fatal to our Capco business, would materially increase the cost of operating the Capcos.
We know of no other publicly-held company that sponsors and operates Capcos as a part of its business. As such, there are, to our knowledge, no other companies against which investors may compare our Capco business and its operations, results of operations and financial and accounting structures.

In the absence of any meaningful peer group comparisons for our Capco business, investors may have a difficult time understanding and judging the strength of our business. This, in turn, may have a depressing effect on the value of our stock.
RISKS RELATED TO OUR SECURITIES

As of December 31, 2020, our CEO beneficially owns and has shared voting power over approximately 5.3% of our common stock, and may be able to exercise significant influence over the outcome of most shareholder actions.

Because of his ownership of and shared voting power over our stock, Barry Sloane, our Chairman, Chief Executive Officer and President, may be able to exercise significant influence over actions requiring shareholder approval, including the election of directors, the adoption of amendments to the certificate of incorporation, approval of stock incentive plans and approval of major transactions such as a merger or sale of assets. This could delay or prevent a change in control of the Company, deprive our shareholders of an opportunity to receive a premium for their common stock as part of a change in control and have a negative effect on the market price of our common stock.
Our common stock price may be volatile and may decrease substantially.
The trading price of our common stock may fluctuate substantially. The price of our common stock may be higher or lower depending on many factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include, but are not limited to, the following:
•price and volume fluctuations in the overall stock market from time to time;
•investor demand for our stock;
•significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies;
•changes in regulatory policies or tax guidelines with respect to RICs, BDCs, or SBLCs;
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•failure to qualify as a RIC, or the loss of RIC status;
•any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;
•changes, or perceived changes, in the value of our portfolio investments;
•departures of key Company personnel;
•operating performance of companies comparable to us; or
•general economic conditions and trends and other external factors.

In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been brought against that company. Due to the potential volatility of our stock price once a market for our stock is established, we may become the target of securities litigation in the future. Securities litigation could result in substantial costs and divert management’s attention and resources from our business.
Future issuances of our common stock or other securities, including preferred shares, may dilute the per share book value of our common stock or have other adverse consequences to our common shareholders.

Our Board has the authority, without the action or vote of our shareholders, to issue all or part of the approximately 178,030,005 authorized but unissued shares of our common stock. Our business strategy relies upon investments in and acquisitions of businesses using the resources available to us, including our common stock. Additionally, we anticipate granting additional options or restricted stock awards to our employees and directors in the future. Absent exemptive relief, a BDC generally may not issue restricted stock to its directors, officers and employees. In May 2016, the SEC issued an order granting the Company’s request for exemptive relief to allow us to amend our equity compensation plan and make such grants and awards, subject to shareholder approval. We may also issue additional securities, through public or private offerings, in order to raise capital. Future issuances of our common stock will dilute the percentage of ownership interest of current shareholders and could decrease the per share book value of our common stock. In addition, option holders may exercise their options at a time when we would otherwise be able to obtain additional equity capital on more favorable terms. In July 2016, our shareholders approved the amendments to our equity compensation plan, and certain restricted stock awards granted thereunder.

We may also issue additional securities, through public or private offerings, in order to raise capital. Future issuances of our common stock will dilute the percentage of ownership interest of current shareholders and could decrease the per share book value of our common stock. In addition, option holders may exercise their options at a time when we would otherwise be able to obtain additional equity capital on more favorable terms.

Pursuant to our amended and restated charter, our Board is authorized to classify any unissued shares of stock and reclassify any previously classified but unissued shares of stock of any class or series from time to time, into one or more classes or series of stock, including preferred stock. If we issue preferred stock, the preferred stock would rank “senior” to common stock in our capital structure, preferred shareholders would have separate voting rights on certain matters and might have other rights, preferences, or privileges more favorable than those of our common shareholders, and the issuance of preferred stock could have the effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for holders of our common stock or otherwise be in your best interest. We will not generally be able to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then current net asset value per share of our common stock if our Board determines that such sale is in our best interests and in the best interests of our shareholders, and our shareholders approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the market value of such securities (less any distributing commission or discount). If we raise additional funds by issuing more common stock or senior securities convertible into, or exchangeable for, our common stock, then the percentage ownership of our shareholders at that time will decrease, and shareholders may experience dilution.

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Our shareholders may experience dilution upon the repurchase of common shares.

The Company has instituted in the past, and may institute in the future, programs that may allow the Company to repurchase the Company’s outstanding common shares on the open market. Under such programs, purchases generally may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations, which may have a dilutive effect on current shareholders. Most recently, on December 17, 2018, the Company announced that its Board approved a share repurchase program under which the Company was able to repurchase up to 300,000 of the Company’s outstanding common shares on the open market. The program terminated on June 18, 2019, was extended on June 21, 2019 and terminated on December 18, 2019.

Dilution may occur under repurchase programs if the Company repurchases shares of its common stock at prices that are below the Company’s net asset value per share. This may cause a proportionately smaller increase in our shareholders' interest in our earnings and assets and their voting interest in us than the decrease in our assets resulting from such repurchase. As a result of any such dilution, our market price per share may decline. The actual dilutive effect will depend on the number of shares of common stock that could be so repurchased, the price and the timing of any repurchases under any such program.
The authorization and issuance of “blank check” preferred shares could have an anti-takeover effect detrimental to the interests of our shareholders.

Our certificate of incorporation allows our Board to issue preferred shares with rights and preferences set by the Board without further shareholder approval. The issuance of these “blank check” preferred shares could have an anti-takeover effect detrimental to the interests of our shareholders. For example, in the event of a hostile takeover attempt, it may be possible for management and the Board to impede the attempt by issuing the preferred shares, thereby diluting or impairing the voting power of the other outstanding common shares and increasing the potential costs to acquire control of us. Our Board has the right to issue any new shares, including preferred shares, without first offering them to the holders of common shares, as they have no preemptive rights. The Company does not currently intend to issue preferred shares.
Our business and operation could be negatively affected if we become subject to any securities litigation or shareholder activism, which could cause us to incur significant expense, hinder execution of investment strategy and impact our stock price.

In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been brought against that company. Stockholder activism, which could take many forms or arise in a variety of situations, has been increasing in the BDC space recently. While we are currently not subject to any securities litigation or shareholder activism, due to the potential volatility of our stock price and for a variety of other reasons, we may in the future become the target of securities litigation or shareholder activism. Securities litigation and shareholder activism, including potential proxy contests, could result in substantial costs and divert management’s and our board of directors’ attention and resources from our business. Additionally, such securities litigation and shareholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with service providers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees and other expenses related to any securities litigation and activist shareholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any securities litigation and shareholder activism.

Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.

The Maryland General Corporation Law and our charter and bylaws contain provisions that may discourage, delay or make more difficult a change in control of Newtek or the removal of our directors. We are subject to the Maryland Business Combination Act, subject to any applicable requirements of the 1940 Act. Our Board has adopted a resolution exempting from the Business Combination Act any business combination between us and any other person, subject to prior approval of such business combination by our Board, including approval by a majority of our independent directors. If the resolution exempting business combinations is repealed or our Board does not approve a business combination, the Business Combination Act may discourage third parties from trying to acquire control of us and increase the difficulty of consummating such an offer. Our bylaws exempt from the Maryland Control Share Acquisition Act acquisitions of our stock by any person. If we amend our Bylaws to repeal the exemption from the Maryland Control Share Acquisition Act, the Maryland Control Shares Acquisition Act may make it more difficult for a third party to obtain control of us and increase the difficulty of consummating such a transaction.

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The SEC staff has rescinded its position that, under the 1940 Act, an investment company may not avail itself of the Maryland Control Share Act. As a result, we may amend our bylaws to be subject to the Maryland Control Share Acquisition Act only if our Board determines that it would be in our best interest.

We have also adopted measures that may make it difficult for a third party to obtain control of us, including provisions of our charter classifying our Board in three classes serving staggered three-year terms and authorizing our Board to classify or reclassify shares of our stock in one or more classes or series, to cause the issuance of additional shares of our stock, to amend our charter without shareholder approval and to increase or decrease the number of shares of stock that we have authority to issue. These provisions, as well as other provisions of our charter and bylaws, may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our shareholders.

Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock.

All of the common stock held by our executive officers and directors, represents approximately 1,321,000 shares, or approximately 6% of our total outstanding shares as of December 31, 2020. Such shares are generally freely tradable in the public market. Sales of substantial amounts of our common stock, or the availability of such common stock for sale, could adversely affect the prevailing market prices for our common stock. If this occurs and continues, it could impair our ability to raise additional capital through the sale of securities should we desire to do so.

If we issue preferred stock, the net asset value and market value of our common stock will likely become more volatile.

We cannot assure you that the issuance of preferred stock would result in a higher yield or return to the holders of our common stock. The issuance of preferred stock would likely cause the net asset value and market value of the common stock to become more volatile. If the dividend rate on the preferred stock were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of the common stock would be reduced. If the dividend rate on the preferred stock were to exceed the net rate of return on our portfolio, the leverage would result in a lower rate of return to the holders of common stock than if we had not issued preferred stock. Any decline in the net asset value of our investments would be borne entirely by the holders of common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of common stock than if we were not leveraged through the issuance of preferred stock. This greater net asset value decrease would also tend to cause a greater decline in the market price for the common stock. We might be in danger of failing to maintain the required asset coverage of the preferred stock or of losing our ratings, if any, on the preferred stock or, in an extreme case, our current investment income might not be sufficient to meet the dividend requirements on the preferred stock. To counteract such an event, we might need to liquidate investments to fund a redemption of some or all of the preferred stock. In addition, we would pay (and the holders of common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, including higher advisory fees if our total return exceeds the dividend rate on the preferred stock. Holders of preferred stock may have different interests than holders of common stock and may at times have disproportionate influence over our affairs.

Stockholders may incur dilution if we sell shares of our common stock in one or more offerings at prices below the then current net asset value per share of our common stock or issue securities to subscribe to, convert to or purchase shares of our common stock.

The 1940 Act prohibits us from selling shares of our common stock at a price below the current net asset value per share of such stock, with certain exceptions. One such exception is prior shareholder approval of issuances below net asset value provided that our Board makes certain determinations. On July 10, 2020, at our special meeting of shareholders, our shareholders approved a proposal that authorizes us to sell up to 20% of our common stock at a price below the Company’s then-current net asset value per share (during the following 12 months), subject to certain conditions. Any decision to sell shares of our common stock below the then current net asset value per share of our common stock or securities to subscribe to, convert to, or purchase shares of our common stock would be subject to the determination by our Board that such issuance is in our and our shareholders’ best interests.

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If we were to sell shares of our common stock below net asset value per share, such sales would result in an immediate dilution to the net asset value per share. This dilution would occur as a result of the sale of shares at a price below the then current net asset value per share of our common stock and a proportionately greater decrease in a shareholder’s interest in our earnings and assets and voting interest in us than the increase in our assets resulting from such issuance. In addition, if we issue securities to subscribe to, convert to or purchase shares of common stock, the exercise or conversion of such securities would increase the number of outstanding shares of our common stock. Any such exercise would be dilutive on the voting power of existing shareholders, and could be dilutive with regard to dividends and our net asset value, and other economic aspects of the common stock. Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted; however, the example below illustrates the effect of dilution to existing shareholders resulting from the sale of common stock at prices below the net asset value of such shares.

RISKS RELATED TO OUR NOTES

The 2024 Notes, the 2025 Notes and the 2026 Notes together, the “Notes” are unsecured and therefore are effectively subordinated to any secured indebtedness we have outstanding or may incur in the future.

In July 2019 and February 2021, we issued $63,250,000 and $5,000,000 in aggregate principal amount of the 2024 Notes, respectively. In January 2021, we issued $115,000,000 in aggregate principal amount of the 2026 Notes. In November 2020, we issued $5,000,000 in aggregate principal amount of the 2025 Notes and in January 2021 we issued an additional $10,000,000 in aggregate principal amount of the 2025 Notes. The Notes are not secured by any of our assets or any of the assets of our subsidiaries. As a result, the Notes are effectively subordinated to any secured indebtedness we or our subsidiaries have outstanding or may incur in the future (or any indebtedness that is initially unsecured to which we subsequently grant security). In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the existing or future secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the Notes.

The Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.

The Notes are obligations exclusively of the Company and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the Notes and the Notes are not required to be guaranteed by any subsidiaries we may acquire or create in the future. Any assets of our subsidiaries will not be directly available to satisfy the claims of our creditors, including holders of the Notes.

Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors (including trade creditors) and holders of preferred stock, if any, of our subsidiaries will have priority over our equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the Notes) with respect to the assets of such subsidiaries. Even if we are recognized as a creditor of one or more of our subsidiaries, our claims would still be effectively subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. Consequently, the Notes are structurally subordinated to all indebtedness and other liabilities (including trade payables) of any of our subsidiaries and any subsidiaries that we may in the future acquire or establish as financing vehicles or otherwise.

The indenture under which the Notes were issued contains limited protection for holders of the Notes.

The indentures under which the Notes were issued offers limited protection to holders of the Notes. The terms of the indentures and the Notes do not restrict our or any of our subsidiaries’ ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have a material adverse impact on your investment in the Notes. In particular, the terms of the indentures and the Notes do not place any restrictions on our or our subsidiaries’ ability to:

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•issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the Notes and (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the Notes with respect to the assets of our subsidiaries, in each case other than an incurrence of indebtedness or other obligation that would cause a violation of Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act or any successor provisions, but giving effect to any exemptive relief granted to us by the SEC. Currently, these provisions generally prohibit us from making additional borrowings, including through the issuance of additional debt or the sale of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowings;

•pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the Notes, including subordinated indebtedness, in each case other than dividends, purchases, redemptions or payments that would cause a violation of Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, giving effect to (i) any exemptive relief granted to us by the SEC and (ii) no-action relief granted by the SEC to another BDC (or to the Company if it determines to seek such similar no-action or other relief) permitting the BDC to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act in order to maintain the BDC’s status as a RIC under Subchapter M of the Code (these provisions generally prohibit us from declaring any cash dividend or distribution upon any class of our capital stock, or purchasing any such capital stock if our asset coverage, as defined in the 1940 Act, is below 150% at the time of the declaration of the dividend or distribution or the purchase and after deducting the amount of such dividend, distribution or purchase);

•sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);

•enter into transactions with affiliates;

•create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;

•make investments; or

•create restrictions on the payment of dividends or other amounts to us from our subsidiaries.

In addition, the indentures do not require us to offer to purchase the Notes in connection with a change of control, asset sale or any other event. Furthermore, the terms of the indentures and the Notes do not protect holders of the Notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity. Our ability to recapitalize, incur additional debt and take a number of other actions that are not limited by the terms of the Notes may have important consequences for holders of the Notes, including making it more difficult for us to satisfy our obligations with respect to the Notes or negatively affecting the trading value of the Notes.

Other debt we issue or incur in the future could contain more protections for its holders than the indentures and the Notes, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for and trading levels and prices of the Notes.

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If we default on our obligations to pay other indebtedness that we may incur in the future, we may not be able to make payments on the Notes.

In the future, we may enter into agreements to incur additional indebtedness, including a secured credit facility. A default under such agreements to which we may be a party that is not waived by the required lenders or holders, and the remedies sought by the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the Notes and substantially decrease the market value of the Notes. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on such future additional indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing such future additional indebtedness, we could be in default under the terms of the agreements governing such indebtedness. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders of other debt we may incur in the future could elect to terminate their commitments, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders having secured obligations could proceed against the collateral securing the debt. Because any future credit facilities likely will have customary cross-default provisions, if the indebtedness under any future credit facility is accelerated, we may be unable to repay or finance the amounts due.

We may choose to redeem the Notes when prevailing interest rates are relatively low.

On or after August 1, 2021 and February 1, 2022, we may choose to redeem the 2024 Notes and 2026 Notes, respectively, especially if prevailing interest rates are lower than the interest rates on the 2024 Notes or 2026 Notes. In addition, we may choose to redeem the 2025 Notes at any time at our option. If prevailing rates are lower at the time of redemption, holders of the Notes may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the interest rate on the Notes being redeemed. Our redemption right also may adversely impact your ability to sell the Notes as the optional redemption date or period approaches.

On November 21, 2016, the Company announced that its Board approved a repurchase program under which the Company may repurchase up to 10%, or $832,400 in aggregate principal amount, of its 2022 Notes and up to 10%, or $4,025,000 in aggregate principal amount, of its 2021 Notes through open market purchases, including block purchases, in such manner as will comply with the provisions of the 1940 Act and the Exchange Act. The repurchase plan expired on May 21, 2017.

On March 22, 2018, the Company redeemed all $40,250,000 in aggregate principal amount of the 2021 Notes on the redemption date 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.

On August 29, 2019, the Company redeemed all $8,324,000 in aggregate principal amount of the 2022 Notes on the redemption date at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from July 1, 2019, through, but excluding, the redemption date.

On February 22, 2021, the Company redeemed all $57,500,000 in aggregate principal amount of the 2023 Notes on the redemption date at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from December 31, 2020 through, but excluding, the redemption date.

The trading market or market value of our publicly traded debt securities may fluctuate.

The 2024 and 2026 Notes are new issues of debt securities listed on the Nasdaq Global Market under the symbols “NEWTL” and “NEWTZ,” respectively. Although the Notes are listed on Nasdaq, we cannot assure you that a trading market for our publicly issued debt securities will be maintained. In addition to our creditworthiness, many factors may materially adversely affect the trading market for, and market value of, our publicly issued debt securities. These factors include, but are not limited to, the following:
•the time remaining to the maturity of these debt instruments;
•the outstanding principal amount of debt securities with terms identical to these debt securities;
•the ratings assigned by the national statistical rating agencies;
•the general economic environment;
•the supply of debt securities trading in the secondary market, if any;
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•the level, direction and volatility of market interest rates generally; and
•market rates of interest higher or lower than rates borne by the debt securities.

You should be aware that there may be a limited number of buyers should holders of the Notes decide to sell the securities. This too may materially adversely affect the market value of the debt securities of the trading market for the debt securities.

RISKS RELATED TO CYBERSECURITY

We could be adversely affected by information security breaches or cyber security attacks.

Our business operations and our portfolio companies’ business operations rely upon secure information technology systems for data processing, storage and reporting. Despite security and controls design, implementation and updating, such information technology systems could become subject to cyber-attacks. Network, system, application and data breaches could result in operational disruptions or information misappropriation, which could have a material adverse effect on our business, results of operations and financial condition.

In addition, our business operations and our portfolio companies’ business operations involve the storage and transmission of Newtek, portfolio company, customer and employee proprietary information. Our businesses rely on our digital technologies, computer and email systems, software, and networks to conduct operations. Our technologies, systems and networks may become the target of criminal cyber-attacks or information security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss or destruction of confidential, proprietary and other information of us, our portfolio companies, or third parties with whom we and our portfolio companies deal, or otherwise disrupt our or our customers’ or other third parties’ business operations. It is critical to our business strategy that our facilities and infrastructure remain secure and are perceived by the marketplace to be secure. Although we believe we and our IT providers employ appropriate security technologies (including data encryption processes, intrusion detection systems), and conduct comprehensive risk assessments and other internal control procedures to assure the security of our and our customers’ data, we cannot guarantee that these measures will be sufficient for this purpose. If our and our IT provider’s security measures are breached as a result of third-party action, employee error or otherwise, and as a result our or our customers’ data becomes available to unauthorized parties, we could incur liability and our reputation would be damaged, which could lead to the loss of current and potential customers. If we experience any breaches of our network security or sabotage, we might be required to expend significant capital and other resources to detect, remedy, protect against or alleviate these and related problems, and we may not be able to remedy these problems in a timely manner, or at all. Because techniques used by outsiders to obtain unauthorized network access or to sabotage systems change frequently and generally are not recognized until launched against a target, we may be unable to anticipate these techniques or implement adequate preventative measures. For example, in early 2018, an unauthorized third-party misappropriated three of NTS’ domain names. NTS’ management and forensic investigators determined that attackers compromised a portion of NTS’ shared webhosting system, and may have acquired certain customer information limited to its shared webhosting customers, and/or gained access to certain of its shared webhosting servers. In response, NTS has taken a range of steps designed to further secure its systems, enhance its security protections, enhance access controls, and prevent future unauthorized activity.

As cyber threats continue to evolve, we and our portfolio companies may be required to expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate any information security vulnerabilities. Although we have insurance in place that covers such incidents, the cost of a breach or cyber-attack could well exceed any such insurance coverage.

The failure in cyber-security systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning could impair our ability to conduct business effectively.

The occurrence of a disaster, such as a cyber-attack against us or against a third-party that has access to our data or networks, a natural catastrophe, an industrial accident, failure of our disaster recovery systems, or consequential employee error, could have an adverse effect on our ability to communicate or conduct business, negatively impacting our operations and financial condition. This adverse effect can become particularly acute if those events affect our electronic data processing, transmission, storage, and retrieval systems, or impact the availability, integrity, or confidentiality of our data.

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We and our portfolio companies depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety of security measures, our computer systems, networks, and data, like those of other companies, could be subject to cyber-attacks and unauthorized access, use, alteration, or destruction, such as from physical and electronic break-ins or unauthorized tampering. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary, and other information processed, stored in, and transmitted through our computer systems and networks. Such an attack could cause interruptions or malfunctions in our operations, which could result in financial losses, litigation, regulatory penalties, client dissatisfaction or loss, reputational damage, and increased costs associated with mitigation of damages and remediation. If unauthorized parties gain access to such information and technology systems, they may be able to steal, publish, delete or modify private and sensitive information, including nonpublic personal information related to stockholders (and their beneficial owners) and material nonpublic information. The systems we have implemented to manage risks relating to these types of events could prove to be inadequate and, if compromised, could become inoperable for extended periods of time, cease to function properly or fail to adequately secure private information. Breaches such as those involving covertly introduced malware, impersonation of authorized users and industrial or other espionage may not be identified even with sophisticated prevention and detection systems, potentially resulting in further harm and preventing them from being addressed appropriately. The failure of these systems or of disaster recovery plans for any reason could cause significant interruptions in our and our portfolio companies’ operations and result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to stockholders, material nonpublic information and other sensitive information in our possession.

A disaster or a disruption in the infrastructure that supports our business, including a disruption involving electronic communications or other services used by us or third parties with whom we conduct business, or directly affecting our headquarters, could have a material adverse impact on our ability to continue to operate our business without interruption. Our disaster recovery programs may not be sufficient to mitigate the harm that may result from such a disaster or disruption. In addition, insurance and other safeguards might only partially reimburse us for our losses, if at all.

Third parties with which we do business may also be sources of cybersecurity or other technological risk. We outsource certain functions and these relationships allow for the storage and processing of our information, as well as client, counterparty, employee, and borrower information. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure, destruction, or other cybersecurity incident that affects our data, resulting in increased costs and other consequences as described above.

In addition, cybersecurity has become a top priority for regulators around the world, and some jurisdictions have enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal data. If we fail to comply with the relevant laws and regulations, we could suffer financial losses, a disruption of our businesses, liability to investors, regulatory intervention or reputational damage.

We and our service providers are currently impacted by quarantines and similar measures being enacted by governments in response to the global COVID-19 pandemic, which are obstructing the regular functioning of business workforces (including requiring employees to work from external locations and their homes). Policies of extended periods of remote working, whether by us or by our service providers, could strain technology resources, introduce operational risks and otherwise heighten the risks described above. Remote working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts that seek to exploit the COVID-19 pandemic. Accordingly, the risks described above are heightened under current conditions.

We and our portfolio companies are subject to risks associated with “phishing” and other cyber-attack.

Our business and the business of our portfolio companies relies upon secure information technology systems for data processing, storage and reporting. Despite careful security and controls design, implementation and updating, ours and our portfolio companies’ information technology systems could become subject to cyber-attacks. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking”, malicious software coding, social engineering or “phishing” attempts) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of service attacks on websites (i.e., efforts to make network services unavailable to intended users). Our employees have been and expect to continue to be the target of fraudulent calls, emails and other forms of activities. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen information, misappropriation of assets, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships, regulatory fines or penalties, or other adverse effects on our business, financial condition or results of operations. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks related to cyber-attacks.
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Our and our service providers’ increased use of mobile and cloud technologies could heighten the risk of a cyber-attack as well as other operational risks, as certain aspects of the security of such technologies may be complex, unpredictable or beyond their control. Our and other service providers’ reliance on mobile or cloud technology or any failure by mobile technology and cloud service providers to adequately safeguard their systems and prevent cyber-attacks could disrupt their operations and result in misappropriation, corruption or loss of personal, confidential or proprietary information. In addition, there is a risk that encryption and other protective measures against cyber-attacks may be circumvented, particularly to the extent that new computing technologies increase the speed and computing power available.

Additionally, remote working environments may be less secure and more susceptible to cyber-attacks, including phishing and social engineering attempts that seek to exploit the COVID-19 pandemic. Accordingly, the risks associated with cyber-attacks are heightened under current conditions.
GENERAL RISK FACTORS

We may experience fluctuations in our quarterly and annual results.

We may experience fluctuations in our quarterly and annual operating results due to a number of factors, including our ability or inability to make investments in companies that meet our investment criteria, the interest rate payable on the debt securities we acquire, the default rate of such securities, the level of portfolio dividend and fee income, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

There is uncertainty surrounding potential legal, regulatory and policy changes by new presidential administrations in the United States that may directly affect financial institutions and the global economy.

As a result of the November 2020 elections in the United States, the Democratic Party gained control of both the Presidency and Senate from the Republican Party. Therefore, changes in federal policy, including tax policies, and at regulatory agencies are expected to occur over time through policy and personnel changes, which may lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. The nature, timing and economic and political effects of potential changes to the current legal and regulatory framework affecting financial institutions remain highly uncertain. Uncertainty surrounding future changes may adversely affect our operating environment and therefore our business, financial condition, results of operations and growth prospects.

Certain historical data regarding our business properties, results of operations, financial condition and liquidity does not reflect the impact of the COVID-19 pandemic and related containment measures and therefore does not purport to be representative of our future performance.

The information included in this Annual Report and our other reports filed with the SEC includes information regarding our business, properties, results of operations, financial condition and liquidity as of dates and for periods before the impact of COVID-19 and related containment measures (including quarantines and government orders requiring the closure of certain businesses, limiting travel, requiring that individuals stay at home or shelter in place and closing borders. This historical information therefore does not reflect the adverse impacts of the COVID-19 pandemic and the related containment measures. Accordingly, investors are cautioned not to unduly rely on historical information regarding our businesses, properties, results of operations, financial condition or liquidity, as that data does not reflect the adverse impact of COVID-19 and therefore does not purport to be representative of the future results of operations, financial condition, liquidity or other financial or operating results of us, our properties or our business.

Government intervention in the credit markets could adversely affect our business.

The central banks and, in particular, the U.S. Federal Reserve, have taken unprecedented steps since the financial crises of 2008-2009 and the COVID-19 global pandemic. It is impossible to predict if, how, and to what extent the United States and other governments would further intervene in the credit markets. Such intervention is often prompted by politically sensitive issues involving family homes, student loans, real estate speculation, credit card receivables, pandemics, etc., and could, as a result, be contrary to what we would predict from an “economically rational” perspective.

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Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.

As a result of the 2020 U.S. election, the Democratic Party currently controls the executive and legislative branches of government. Significant changes to U.S. trade policy may occur as a result of the administration change, including the United States re-entering, withdrawing from or renegotiate various trade agreements or other actions that would change current trade policies of the United States. We cannot predict which, if any, of these actions will be taken or, if taken, their effect on the financial stability of the United States. Such actions could have a significant adverse effect on our business, financial condition and results of operations.

Terrorist attacks, acts of war, global health emergencies, or natural disasters may affect any market for our securities, impact the businesses in which we invest and harm our business, operating results and financial condition.

Terrorist acts, acts of war, global health emergencies or natural disasters may disrupt our operations, as well as the operations of the businesses in which we invest. Such acts have created, and continue to create, economic and political uncertainties and have contributed to global economic instability. Future terrorist activities, military or security operations, global health emergencies or natural disasters could further weaken the domestic/global economies and create additional uncertainties, which may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results and financial condition. Losses from terrorist attacks, global health emergencies and natural disasters are generally uninsurable.

We are highly dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our securities and our ability to make distributions to our shareholders.

Our business is highly dependent on our communications and information systems. Certain of these systems are provided to us by third-party service providers. Any failure or interruption of such systems, including as a result of the termination of an agreement with any such third party service provider, could cause delays or other problems in our activities. This, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our securities and our ability to make distributions to our shareholders.

We are subject to risks related to corporate social responsibility.
Our business faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as environmental stewardship, corporate governance and transparency and considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. Additionally, new regulatory initiatives related to ESG could adversely affect our business.
The effect of global climate change may impact the operations of our portfolio companies.

There may be evidence of global climate change. Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies’ financial condition, through decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions.

In December 2015 the United Nations, of which the U.S. is a member, adopted a climate accord (the "Paris Agreement") with the long-term goal of limiting global warming and the short-term goal of significantly reducing greenhouse gas emissions. On November 4, 2016, the past administration announced that the U.S. would cease participation in the Paris Agreement with the withdrawal taking effect on November 4, 2020. However, on January 20, 2021, President Joseph R. Biden signed an executive order to rejoin the Paris Agreement. As a result, some of our portfolio companies may become subject to new or strengthened regulations or legislation, which could increase their operating costs and/or decrease their revenues.

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ITEM 1B. UNRESOLVED STAFF COMMENTS.
None.

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Table of Contents
ITEM 2. PROPERTIES.
We conduct our principal business activities in facilities leased from unrelated parties at market rates. Our headquarters are located in Boca Raton, Florida. Our operating subsidiaries have properties which are material to the conduct of their business as noted below. In addition, our Capcos maintain offices in each of the states in which they operate.
Below is a list of our leased offices and space as of December 31, 2020 which are material to the conduct of our business:
LocationLease expirationPurposeApproximate square feet
4800 T Rex Avenue
Boca Raton, FL 33431		April 2026Corporate headquarters and NSBF lending operations 7,800 
1981 Marcus Avenue
Lake Success, NY 11042		April 2027Lending operations, corporate operations, NY Capco offices and certain controlled portfolio companies’ offices36,000 
1985 Marcus Avenue
Lake Success, NY 11042		April 2027Lending operations and certain controlled portfolio companies’ offices7,300 
4 Park Plaza
Irvine, CA 92614		February 2021NSBF lending operations 3,300 
14 East Washington Street
Orlando, FL 32801		August 2022NSBF lending operations and certain controlled portfolio companies’ offices1,700 
We elected not to renew the lease in Irvine, California upon its expiration in February 2021. We believe that our leased facilities are adequate to meet our current needs.

ITEM 3. 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. For legal proceedings involving controlled portfolio companies, refer to Part I, “Item 1A. Risk Factors” of this Annual Report on Form 10-K.

As a result of a litigation brought by the Federal Trade Commission (the “FTC”) in October 2012, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

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PART II

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
Price Range of Common Stock
Our common stock is traded on the Nasdaq Global Market under the symbol “NEWT.” High and low prices for the common stock over the previous two years are set forth below, based on the highest and lowest intraday sales price per share during that period.
Price Range
NAV (1)
Premium of High Sales Price to NAV (2)
Premium of Low Sales Price to NAV (2)
HighLow
2019
First Quarter$20.74$17.23$15.3135%13%
Second Quarter$23.83$19.70$15.3355%29%
Third Quarter$23.99$20.21$15.4156%31%
Fourth Quarter$23.73$20.75$15.7051%32%
2020
First Quarter$23.09$7.59$15.0054%(49)%
Second Quarter$18.84$9.03$15.6620%(42)%
Third Quarter$20.50$16.73$15.1335%11%
Fourth Quarter$19.82$16.24$15.4528%5%
(1) Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low sales prices. The values reflect net asset value per share and are based on outstanding shares at the end of each period.
(2)Calculated as the respective high or low sales price divided by net asset value and subtracting 1.
The last reported price for our common stock on March 26, 2021 was $26.86 per share.
Shares of BDCs may trade at a market price that is less than the value of the net assets attributable to those shares. The possibility that our shares of common stock will trade at a discount from net asset value or at premiums that are unsustainable over the long term are separate and distinct from the risk that our net asset value will decrease. It is not possible to predict whether our shares will trade at, above, or below net asset value. Since our conversion to a BDC, our shares of common stock have traded at prices both less than and exceeding our NAV per share.
Holders
As of March 26, 2021, there were approximately 89 holders of record of our common stock.
Fees and Expenses

The following table is intended to assist stockholders in understanding the costs and expenses that stockholders will bear directly or indirectly. We caution you that many of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this Annual Report contains a reference to fees or expenses paid by “you,” “us” or “Newtek,” or that “we” will pay fees or expenses, the Company will pay such fees and expenses out of its net assets and, consequently, stockholders will indirectly bear such fees or expenses as an investor in Newtek Business Services Corp. However stockholders will not be required to deliver any money or otherwise bear personal liability or responsibility for such fees or expenses.
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Stockholder transaction expenses:
Sales load (as a percentage of offering price)1
— %
Offering expenses borne by the Company (as a percentage of offering price)2
— %
Dividend reinvestment plan fees3
$15.00 
Total stockholder transaction expenses (as a percentage of offering price)4
— %
Annual expenses (as a percentage of net assets attributable to common stock)5:
Operating expenses6
12.45 %
Interest payments on borrowed funds7
5.27 %
Other expenses8
0.02 %
Acquired funds fees and expenses9
— %
Total annual expenses10
17.74 %
(1) In the event that the securities applicable to a prospectus relates to shares that are sold to or through underwriters, a corresponding prospectus supplement will disclose the applicable sales load and the example will be updated accordingly.
(2) A prospectus supplement corresponding to each offering will disclose the applicable estimated amounts of offering expenses of the offering and offering expenses borne by the Company as a percentage of the offering price.
(3) The expenses of the dividend reinvestment plan are included in “other expenses.” The plan administrator’s fees will be paid by the Company. There will be no brokerage charges or other charges to stockholders who participate in the plan except that, if a participant elects by written notice to the plan administrator to have the plan administrator sell part or all of the shares held by the plan administrator in the participant’s account and remit the proceeds to the participant, the plan administrator is authorized to deduct a $15.00 transaction fee plus a $0.10 per share brokerage commission from the proceeds.
(4) Total stockholder transaction expenses may include sales load and will be disclosed in a future prospectus supplement, if any.
(5) The annualized expenses are based on the Company’s expenses and net asset value for the year ended December 31, 2020 and as of December 31, 2020.
(6)  “Operating expenses” represents an estimate of the Company’s annual operating expense. The Company does not have an investment advisor. We are internally managed by our executive officers under the supervision of our Board. As a result, we do not pay investment advisory fees. Instead we pay the operating costs associated with employing investment management professionals.
(7) The Company may borrow funds from time to time to make investments to the extent that the economic situation is conducive to doing so. “Interest Payments on Borrowed Funds” represents estimated interest and fee payments on borrowed funds by estimating our annualized interest, fees and other debt-related expenses incurred for the year ended December 31, 2020, including our bank notes payable, 2024 Notes, 2023 Notes, 2025 Notes, Notes payable - related party and securitization notes payable.
(8)  “Other expenses” consist of estimated transfer agent expenses related to our dividend reinvestment plan.
(9)  We have no current intention to invest in the securities of other investment companies. However, we are permitted to make such investments in limited circumstances under the 1940 Act. If we were to make such investments, we would incur fees and our stockholders would pay two levels of fees. As we have no current expectation of making any such investments, any estimate of the amount of such fees would be highly speculative.
(10) The holders of shares of our common stock indirectly bear the cost associated with our annual expenses.
Example

The following example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set forth in the table above.
1 Year3 Years5 Years10 Years
A stockholder would pay the following expenses on a $1,000 investment, assuming a 5% annual return$186 $587 $1,030 $2,343 

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The example and the expenses in the tables above should not be considered a representation of our future expenses, and actual expenses may be greater or less than those shown. While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. Further, while the example assumes reinvestment of all dividends and distributions at net asset value, participants in our dividend reinvestment plan will receive a number of shares of our common stock, generally determined by dividing the total dollar amount of the dividend payable to a participant by the market price per share of our common stock at the close of trading on the dividend payment date, which may be at, above or below net asset value.

Sales of Unregistered Securities

We issue shares of common stock that are not subject to the registration requirements of the Securities Act in connection with the DRIP. During the years ended December 31, 2020, 2019, and 2018 we issued 50,900, 54,200, and 61,000 shares of common stock, respectively, valued at $810,000, $1,127,000, and $1,099,000, respectively to shareholders in connection with the DRIP.

We also issue shares of common stock that are not subject to the registration requirements of the Securities Act in connection with dividends on unvested restricted stock awards. During the years ended December 31, 2020, 2019, and 2018 we issued an additional 12,400, 12,200, and 11,200 shares, respectively, valued at $228,000, $267,000, and $211,000, respectively, related to dividends on unvested restricted stock awards.

During the year ended December 31, 2018, in connection with our investment in Mobil Money, we issued 10,966 shares of restricted common stock.
 
Distributions

In order to be subject to tax as a RIC, we must timely distribute to our shareholders, in respect of each taxable year, dividends for U.S. federal income tax purposes of an amount generally at least equal to the Annual Distribution Requirement. Upon satisfying this requirement in respect of a taxable year, we generally will not be subject to corporate-level U.S. federal income taxes on any income we distribute to our shareholders as dividends for U.S. federal income tax purposes.

However, as a RIC we will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income and gains unless we make distributions treated as dividends for U.S. federal income tax purposes in a timely manner to our shareholders in respect of each calendar year of an amount at least equal to the Excise Tax Avoidance Requirement. We will not be subject to this excise tax on any amount on which we incurred U.S. federal corporate income tax (such as the tax imposed on a RIC’s retained net capital gains).

Depending on the level of taxable income earned in a taxable year, we may choose to carry over taxable income in excess of current taxable year distributions treated as dividends for U.S. federal income tax purposes from such taxable income into the next taxable year and incur a 4% U.S. federal excise tax on such taxable income, as required. The maximum amount of excess taxable income that may be carried over for distribution in the next taxable year under the Code is the total amount of distributions treated as dividends for U.S. federal income tax purposes paid in the following taxable year, subject to certain declaration and payment guidelines. To the extent we choose to carry over taxable income into the next taxable year, distributions declared and paid by us in a taxable year may differ from our taxable income for that taxable year as such distributions may include the distribution of current taxable year taxable income, the distribution of prior taxable year taxable income carried over into and distributed in the current taxable year, or returns of capital.

We can offer no assurance that we will achieve results that will permit the payment of any cash distributions and, if we issue senior securities, we will be prohibited from making distributions if doing so causes us to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of our borrowings. Our ability to make distributions will be limited by the asset coverage requirements under the 1940 Act. See “Item 1. Business— Regulation.”

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The following table summarizes our dividend declarations and distributions through December 31, 2020:
Record DatePayment DateDistribution Declared
March 30, 2015April 13, 2015$0.39 
June 29, 2015July 15, 2015$0.47 
October 22, 2015November 3, 2015$0.50 
November 18, 2015(1)
December 31, 2015$2.69 
January 7, 2016January 19, 2016$0.40 
March 22, 2016March 31, 2016$0.35 
June 20, 2016June 30, 2016$0.35 
September 20, 2016September 30, 2016$0.43 
December 15, 2016December 30, 2016$0.40 
March 20, 2017March 31, 2017$0.36 
May 31, 2017June 30, 2017$0.40 
September 22, 2017September 29, 2017$0.44 
December 18, 2017December 28, 2017$0.44 
March 15, 2019March 29, 2019$0.40 
June 14, 2019June 28, 2019$0.46 
September 20, 2019September 30, 2019$0.58 
December 16, 2019December 30, 2019$0.71 
March 18, 2020March 31, 2020$0.44 
July 15, 2020July 31, 2020$0.56 
September 21, 2020September 30, 2020$0.58 
December 18, 2020December 30, 2020$0.47 
$11.82 
(1) The Special dividend was declared as a result of the Company’s RIC election for tax year 2015 and represents the distribution of 100% of the Company’s accumulated earnings and profits through December 31, 2014. Pursuant to applicable Treasury Regulation and IRS guidance, 27% of the dividend was paid in cash and 73% was paid in newly issued shares of our common stock.

Our Board maintains a variable distribution policy with the objective of distributing four quarterly distributions in an amount that approximates 90 - 100% of our estimated annual taxable income for a particular taxable year. In addition, at the end of our taxable year, our Board may choose to pay an additional special distribution, or fifth distribution, so that we may distribute approximately all of our annual taxable income in the taxable year in which it was earned, or may elect to maintain the option to spill over our excess taxable income into the following taxable year as part of any future distribution payments.

Distributions in excess of our current and accumulated earnings and profits would generally be treated first as a return of capital to the extent of a shareholder’s tax basis in our shares, and any distributions paid in excess of a shareholder’s tax basis in our shares would generally be treated as a capital gain. The determination of the tax attributes of our distributions is made annually as of the end of our taxable year and is generally based upon our taxable income for the full taxable year and distributions paid for the full taxable year. Of the distributions declared during the years ended December 31, 2020 and 2019, 100% were distributions derived from our current and accumulated earnings and profits and capital gains, see NOTE 17—INCOME TAXES. There can be no certainty to shareholders that this determination is representative of the tax attributes of the 2021 distributions that we anticipate would be made to shareholders.

We maintain an “opt-out” dividend reinvestment plan for our common shareholders. As a result, if we declare a distribution, cash distributions will be automatically reinvested in additional shares of our common stock unless the shareholder specifically “opts out” of the dividend reinvestment plan and chooses to receive cash distributions. During the years ended December 31, 2020 and 2019, we issued 50,900 and 54,200 shares, respectively, of common stock to shareholders in connection with the DRIP.
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The Company has a stock-based compensation plan as discussed in NOTE 11—STOCK BASED COMPENSATION. Securities authorized for issuance under equity compensation plans as of December 31, 2020:
Plan Category(a)
Number of securities to be issued upon exercise of outstanding options, warrants and rights		(b)
Weighted-average exercise price of outstanding options, warrants and rights		(c)
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Equity compensation plans approved by security holdersNoneNone2,776,845 shares
Equity compensation plans not approved by security holdersNoneNoneNone

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Stock Performance Graph 

The following graph compares the return on our common stock with that of the Standard & Poor’s 500 Stock Index, the NASDAQ Composite Index, the Russell 2000, and S&P Small Cap 600 for the period from December 31, 2015 through December 31, 2020. The graph assumes that, on January 1, 2016, a person invested $100 in each of our common stock, the Nasdaq Composite, S&P 500 Index, Russell 2000 and S&P Small Cap 600. The graph measures total shareholder return, which takes into account both changes in stock price and dividends. It assumes that dividends paid are invested in like securities.
https://cdn.kscope.io/b09cd15e43bfb2ea942c93cc1c1c7bcf-chart-d3c25fca0b634a838a21a.jpg
Senior Securities

Information about our senior securities is shown in the following table as of the end of each fiscal year for the past ten years. The information as of December 31, 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012, and 2011 has been derived from Newtek Business Services Corp. and Subsidiaries’, and Newtek Business Services, Inc. and Subsidiaries’, consolidated financial statements, which have been audited by independent registered public accounting firms. Information as of December 31, 2020, 2019, 2018, 2017, 2016, 2015, 2014, and 2013 was audited by RSM US LLP and information as of December 31, 2012, and 2011 was audited by our previous independent registered public accounting firm. RSM US LLP’s report on the senior securities table as of December 31, 2020 is attached as an exhibit to this Annual Report.
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Class and Year (1)
Total Amount Outstanding Exclusive of Treasury Securities (2)
(in thousands)
Asset Coverage Ratio Per Unit (3)
Involuntary Liquidation Preference Per Unit (4)
Average Market Value Per Unit (5)
Securitization Trust
December 31, 2020$221,752 $3,595 $— $ N/A
2019276,637 2,754 — N/A
2018220,137 2,839 — N/A
2017165,432 3,018 — N/A
2016120,945 3,184 — N/A
201591,745 3,692 — N/A
201479,520 3,634 — N/A
201360,140 2,966 — N/A
201222,039 5,933 — N/A
201126,368 3,758 — N/A
Bank Notes Payable
December 31, 202086,339 9,234 — N/A
201930,000 25,392 — N/A
201834,700 18,010 — N/A
2017— — — N/A
20165,100 75,512 — N/A
201529,100 11,641 — N/A
201443,023 6,716 — N/A
201341,218 4,327 — N/A
201239,823 3,284 — N/A
201113,565 7,305 — N/A
Notes Payable Related Parties
December 31, 202024,090 33,096 — N/A
201912,163 62,633 — N/A
201816,840 37,111 — N/A
20177,001 71,324 — N/A
20161,400 275,081 — N/A
20155,647 59,990 — N/A
2014— — — N/A
2013— — — N/A
2012— — — N/A
2011— — — N/A
Notes due 2025
December 31, 20205,000 159,457 — N/A
Notes due 2024
December 31, 202063,250 12,605 — 963 
201963,250 12,044 — 1,009 
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Notes due 2023 (6)
December 31, 202057,500 13,866 — 983 
201957,500 13,248 — 1,027 
201857,500 10,869 1,023 
Notes due 2022 (7)
December 31, 2020— — — N/A
2019— — — N/A
20188,324 75,078 — 968 
20178,324 59,988 — 1,018 
20168,324 46,265 — 969 
20158,324 40,697 — 1,025 
2014— — — N/A
2013— — — N/A
2012— — — N/A
2011— — — N/A
Notes due 2021 (8)
December 31, 2020— — — N/A
2019— — — N/A
2018— — — N/A
201740,250 12,406 — 1,019 
201640,250 9,568 — 972 
2015— — — N/A
2014— — — N/A
2013— — — N/A
2012— — — N/A
2011— — — N/A
(1) The Company issued $115 million aggregate principal amount of the 2026 Notes in January 2021 and $5 million of the additional 2024 Notes in February 2021, which is not reflected in this table.
(2) Total amount of each class of senior securities outstanding at the end of the period presented.
(3) Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.
(4) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(5) Not applicable for senior securities that are not registered for public trading. The average market values per unit for our 2024 Notes, 2023 Notes, 2022 Notes, and for our 2021 Notes are based on the average daily prices of such notes and are expressed per $1,000 of indebtedness.
(6) The Company redeemed all $57,500,000 in aggregate principal amount of the 2023 Notes on February 22, 2021.
(7) The Company redeemed all $8,324,000 in aggregate principal amount of the 2022 Notes on August 29, 2019.
(8) The Company redeemed all $40,250,000 in aggregate principal amount of the 2021 Notes on March 23, 2018.


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ITEM 6. SELECTED FINANCIAL DATA.
The following selected statements of operations and balance sheet data have been derived from the audited financial statements for each of the five years ended December 31, 2020. The Consolidated Financial Statements for each of the five years ended December 31, 2020 have been audited by RSM US LLP. The selected financial data set forth below should be read in conjunction with, and is qualified by reference to, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our Consolidated Financial Statements, including the Notes thereto, available at www.sec.gov.
20202019201820172016
Statement of Operations Data:
Investment income$92,201 $59,295 $49,515 $38,914 $30,965 
Expenses$60,216 $64,914 $57,003 $46,795 $40,225 
Net investment loss$31,985 $(5,619)$(7,488)$(7,881)$(9,260)
Net increase in net assets resulting from operations$33,619 $41,135 $35,678 $38,976 $27,305 
Net realized and unrealized gains (losses)$1,634 $46,754 $43,166 $46,857 $36,565 
Per Share Data:
Net investment loss$1.51 $(0.29)$(0.40)$(0.45)$(0.64)
Net increase in net assets resulting from operations$1.59 $2.13 $1.91 $2.25 $1.88 
Dividends declared$2.05 $2.15 $1.80 $1.64 $1.53 
Balance Sheet Data (at end of period):
Investments, at fair value$671,188 $659,044 $541,096 $456,689 $345,224 
Total assets$840,979 $797,411 $653,341 $519,611 $401,450 
Total debt$451,782 $431,928 $331,630 $216,252 $171,242 
Total liabilities$501,626 $475,185 $365,896 $241,282 $192,356 
Total net assets$339,353 $322,226 $287,445 $278,329 $209,094 
Common shares outstanding at end of period21,970 20,530 18,919 18,457 14,624 
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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Introduction and Certain Cautionary Statements
The following discussion and analysis of our financial condition and results of operations is intended to assist in the understanding and assessment of significant changes and trends related to the results of operations and financial position of the Company together with its subsidiaries. This discussion and analysis should be read in conjunction with the consolidated financial statements and the accompanying notes.
The statements in this Annual Report may contain forward-looking statements relating to such matters as anticipated future financial performance, business prospects, legislative developments and similar matters. We note that a variety of factors could cause our actual results to differ materially from the anticipated results expressed in the forward-looking statements such as intensified competition and/or operating problems in our operating business projects and their impact on revenues and profit margins or additional factors as described under “Risk Factors” above.

Executive Overview

We are a leading national non-bank lender and own and control certain portfolio companies under the Newtek® brand (our “controlled portfolio companies,” as defined below) that provide a wide range of business and financial solutions to SMBs. Newtek's and its portfolio companies’ business and financial solutions include: Business Lending, including origination of SBA 7(a), SBA 504, and nonconforming (non SBA) conventional loans, as well as PPP loans in the second and third quarters of 2020, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), Technology Consulting, eCommerce, Accounts Receivable and Inventory Financing, 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 United States. 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 suited for our needs than, the system popularized by Salesforce.com. We believe that this technology and business model distinguishes us from our competitors.
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 DC Partners, LLC
Wilshire Holdings I, Inc.
Wilshire Louisiana BIDCO, LLC
Wilshire Louisiana Partners II, LLC
Wilshire Louisiana Partners III, LLC
Wilshire Louisiana Partners IV, LLC
Wilshire New York Advisers II, LLC
Wilshire New York Partners III, LLC
Wilshire Partners, LLC
Exponential Business Development Co., Inc.
Newtek Commercial Lending, Inc.
Newtek LSP Holdco, LLC
Newtek Business Services Holdco 1, Inc.
Newtek Business Services Holdco 2, Inc.
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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.

We are an internally-managed, closed-end, non-diversified investment company that has elected to be regulated as a BDC under the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a RIC under the Code beginning with our 2015 tax year. As a BDC and a RIC, we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code. As a result, previously consolidated subsidiaries are now recorded as investments in controlled portfolio companies, at fair value. NSBF is a consolidated subsidiary and originates loans under the SBA's 7(a) loan program. 

Our common shares are currently listed on the Nasdaq Global Market under the symbol “NEWT”.

NSBF, a nationally licensed SBA lender under the federal Section 7(a) loan program, has been granted PLP status and originates, sells and services SBA 7(a) loans and is authorized to place SBA guarantees on loans without seeking prior SBA review and approval. Being a national lender with PLP status allows NSBF to expedite the origination of loans since NSBF is not required to present applications to the SBA for concurrent review and approval. The loss of PLP status would adversely impact our marketing efforts and ultimately our loan origination volume which would negatively impact our results of operations.

As a BDC, our investment objective is to generate both current income and capital appreciation primarily through loans originated by our business finance ecosystem and our equity investments in certain portfolio companies that we control.

We target our debt investments, which are principally made through our business finance ecosystem under the SBA 7(a) program, to produce a coupon rate of prime plus 2.25% to 2.75% which enables us to generate rapid sales of guaranteed portions of SBA 7(a) loans in the secondary market. We typically structure our debt investments with the maximum seniority and collateral along with personal guarantees from portfolio company owners, in many cases collateralized by other assets including real estate. In 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 what we believe are strong protections, including default penalties, information rights and, in some cases, board observation rights and affirmative, negative and financial covenants. Debt investments in portfolio companies, including the controlled portfolio companies, have historically and are expected to continue to comprise the majority of our overall investments in number and dollar volume.

While the vast majority of our investments have been structured as debt, we have in the past and expect in the future to make selective equity investments primarily as either strategic investments to enhance the integrated operating platform or, to a lesser degree, under the Capco programs. For investments in our controlled portfolio companies, we focus more on tailoring them to the long term growth needs of the companies than to return. Our objectives with these companies is to foster the development of the businesses as a part of the integrated operational platform of serving the SMB market, so we may reduce the burden on these companies to enable them to grow faster than they would otherwise and as another means of supporting their development.

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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. We may enter into new joint venture partnerships to create additional third-party capital to originate loans. 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.

On March 27, 2020, the CARES Act was signed into law in response to the COVID-19 pandemic and established the PPP. Specifically, the CARES Act included $349 billion to establish the PPP that expanded the existing SBA Section 7(a) loan program until June 30, 2020 to provide 100% federally-backed loans to eligible businesses. Subsequently, on April 3, 2020, the SBA, in conjunction with the U.S. Department of Treasury (the “Treasury”), adopted the PPP interim final rule (the “Regulations”) to implement the PPP and effectuate the expansion of the Section 7(a) loan program. The Regulations established additional rules and requirements of the PPP, including loan forgiveness, and were amended from time to time to provide additional guidance and clarifications. Congress approved additional funding for the PPP of approximately $320 billion on April 24, 2020. As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company’s Executive Committee and Lending Team temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans beginning in March 2020. During the year ended December 31, 2020, NSBF funded approximately 10,500 PPP loans totaling $1.19 billion. On July 4, 2020, a bill was passed to re-open the application window for the PPP until August 8, 2020. The first round of PPP closed on August 8, 2020. See “Recent Developments - PPP Additional Rounds.” We continue to monitor legislative, regulatory, and supervisory developments related to the PPP, but there can be no assurance that the PPP will be further reauthorized, or that NSBF will be qualified to participate in any further reauthorization.

COVID-19 Developments

In March 2020, the outbreak of COVID-19 was recognized as a pandemic by the World Health Organization. Shortly thereafter, the President of the United States declared a National Emergency throughout the United States attributable to such outbreak. The outbreak has become increasingly widespread in the United States, including in the markets in which the Company operates. In accordance with guidance from various state and local governments, the majority of the Company’s employees continue to work remotely, which has not impacted our ability to maintain operations, including financial reporting systems, internal control over financial reporting and disclosure controls and procedures.

We have and continue to assess the impact of COVID-19 on our portfolio companies. We cannot predict the full impact of the COVID-19 pandemic, including its duration in the United States and worldwide, the effectiveness of governmental responses designed to mitigate the strain to businesses and the economy, and the magnitude of the economic impact of the outbreak. The COVID-19 pandemic and preventative measures taken to contain or mitigate its spread have caused, and are continuing to cause, business shutdowns, cancellations of events and travel, significant reductions in demand for certain goods and services, reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both globally and in the United States. Such effects will likely continue for the duration of the pandemic, which is uncertain, and for some period thereafter.

While several countries, as well as certain states, counties and cities in the United States, have relaxed initial public health restrictions with a view to partially or fully reopening their economies, many cities world-wide have since experienced a surge in the reported number of cases, hospitalizations and deaths related to the COVID-19 pandemic. These increases have led to the re-introduction of restrictions and business shutdowns in certain states, counties and cities in the United States and globally and could continue to lead to the re-introduction of such restrictions and business shutdowns elsewhere. Additionally, as of late December 2020, travelers from the United States were not allowed to visit Canada, Australia, or the majority of countries in Europe, Asia, Africa, and South America. These continued travel restrictions may prolong the global economic downturn. In addition, although the Federal Food and Drug Administration authorized vaccines for emergency use starting in December 2020, it remains unclear how quickly the vaccine will be distributed nationwide and globally or when “herd immunity” will be achieved and the restrictions that were imposed to slow the spread of the virus will be lifted entirely. The delay in distributing the vaccines could lead people to continue to self-isolate and not participate in the economy at pre-pandemic levels for a prolonged period of time. Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global
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economics may continue to experience a recession, and we anticipate our business and operations could be materially adversely affected by a prolonged recession in the U.S. and other major markets. Some economists and major investment banks have expressed concern that the continued spread of the virus globally could lead to a world-wide economic downturn.

As such, we are unable to predict the duration of any business and supply-chain disruptions, the extent to which COVID-19 will negatively affect our and our portfolio companies’ operating results or the impact that such disruptions may have on our results of operations and financial condition. Though the magnitude of the impact remains to be seen, we expect our portfolio companies to potentially be negatively impacted. We believe that certain negative impacts to our SBA 7(a) borrowers may have been muted, in part, due to provisions of the CARES Act that provided for six months of principal, interest and fees to be paid by the SBA directly to NSBF beginning in April 2020. With the end of the SBA’s payment of principal, interest and fees on behalf of our SBA 7(a) borrowers, we may see increases in loan delinquencies and borrowers requesting loan deferments. A deferment is the postponement of scheduled loan payments of principal and/or interest to a later date. Generally, the amount deferred should not exceed six cumulative monthly payments or 20% of the original amount of loan, whichever is less. In addition, due to the COVID-19 pandemic, we have experienced and may continue to experience a decline in SBA 7(a) loan originations and gains on sale from guaranteed portions of SBA 7(a) loans.

Moreover, COVID-19 has adversely impacted and is likely to further adversely impact our operations and the operations of our borrowers, customers, portfolio companies and business partners. For example, as a result of the significant uncertainty due to COVID-19 we could experience declining values of other financial assets and other negative impacts on our financial position, including possible constraints on liquidity and capital, as well as higher costs of capital. A number of factors impacting us or our portfolio companies, borrowers, customers or business partners could materially adversely affect our business, results of operations, and financial condition, including but not limited to:

•increases in loan delinquencies, losses and charge-offs;
•increases in borrowers seeking and being granted deferments of principal and interest payments, which could negatively impact cash flow from net interest and servicing payments normally available to the Company, during the deferment period;
•collateral for loans, including real estate, may decline in value, which could cause loan losses to increase;
•demand for our, and our portfolio companies’, business products and solutions may decline, making it difficult to grow or maintain our assets and income;
•net worth and liquidity of the guarantors on our loans may decline, which could cause loan losses to increase;
•our risk management policies and practices may be negatively impacted by among, other things, changes in the SBA 7(a) Program, including changes to SBA Loan Program Requirements;
•cyber risk has increased as criminals have sought to take advantage of the changes of business practices necessitated by COVID-19.

We are continuing to assess what additional adverse financial and operational consequences may result from the global spread of COVID-19 and the associated economic turbulence, however, the extent of such consequences remains uncertain as of the filing of this Form 10-K as we do not believe there have been comparable recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have, and the ultimate impact of the outbreak is highly uncertain and subject to change.

Revenues

We generate revenue in the form of interest, dividend, servicing and other fee income on debt and equity investments. Our debt investments typically have terms of 10 to 25 years and bear interest at prime plus a margin. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We receive servicing income related to the guaranteed portions of SBA investments which we originate and sell into the secondary market. These recurring fees are earned daily and recorded when earned. In addition, we may generate revenue in the form of packaging, prepayment, legal and late fees. We record such fees related to loans as other income. Dividends are recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income is recorded at the time dividends are declared. Distributions of earnings from portfolio companies are evaluated to determine if the distribution is income, return of capital or realized gain. In addition, under the PPP that began in the second quarter of 2020, the SBA reimburses the Company for originating loans and such SBA reimbursements are included as interest income on PPP loans. Income earned in connection with the PPP should not be viewed as recurring. The first round of PPP closed on August 8, 2020. Congress enacted the Economic Aid Act on December 27, 2020, which provides funding for PPP loans through March 31, 2021. See “Recent Developments - PPP Additional Rounds.”
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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 consolidated statements of operations.

Expenses

Our primary operating expenses are salaries and benefits, interest expense, origination and servicing and other general and administrative costs, such as professional fees, marketing, referral fees, servicing costs and rent. Since we are an internally-managed BDC with no outside adviser or management company, the BDC incurs all the related costs to operate the Company.
Guarantees
The Company is a guarantor on the Sterling Receivable and Inventory Facility at NBC. Maximum borrowings under the Sterling Receivable and Inventory Facility are $35,000,000. The Sterling Receivable and Inventory Facility matures in August 2022 and automatically renews annually. At December 31, 2020, total principal owed by NBC was $18,411,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At December 31, 2020, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the NBL Facility. Maximum borrowings under the NBL Facility are $75,000,000 with an accordion feature to increase maximum borrowings to $150,000,000. The lenders’ commitments terminate in November 2022, with all amounts due under the NBL Facility maturing in November 2023. At December 31, 2020, total principal owed by NBL was $44,216,000. At December 31, 2020, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the Webster Facility, a term loan facility between NMS with Webster Bank with an aggregate principal amount up to $50,000,000. The Webster Facility matures in November 2023. At December 31, 2020, total principal outstanding was $36,375,000. At December 31, 2020, the Company determined that it is not probable that payments would be required to be made under the guarantee.

Newtek Conventional Lending, LLC (NCL)

We established a 50/50 joint venture between Newtek Commercial Lending, Inc., a wholly-owned subsidiary of Newtek, and Conventional Lending TCP Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (Nasdaq:TCPC). NCL provides non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. Refer to NOTE 3—INVESTMENTS for selected financial information and a schedule of investments of NCL as of December 31, 2020.

Unfunded Commitments

At December 31, 2020, the Company had $3,263,000 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 December 31, 2020, NCL had $568,000 of unfunded commitments in connection with partial funding of certain of its non-conforming conventional commercial and industrial term loan investments. NCL will fund 50% of the total unfunded commitments. NCL will fund these commitments from the same sources it uses to fund its other investment commitments.

Loan Portfolio Asset Quality and Composition
The following tables set forth distributions of the cost basis of the Company’s SBA 7(a) loan portfolio at December 31, 2020 and December 31, 2019, respectively, in thousands. The tables include loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at December 31, 2020 and December 31, 2019 is $16,931,000 and $11,307,000, respectively.
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Distribution by Business Type
As of December 31, 2020
Business Type# of Loans BalanceAverage Balance% of Balance
Existing Business1,850 $342,636 $185 81.5 %
Business Acquisition275 56,797 207 13.5 %
Start-Up Business222 20,965 96 5.0 %
Total2,347 $420,398 $179 100.0 %
As of December 31, 2019
Business Type# of LoansBalanceAverage Balance% of Balance
Existing Business1,892 $349,320 $185 81.3 %
Business Acquisition273 58,155 207 13.5 %
Start-Up Business230 22,221 96 5.2 %
Total2,395 $429,696 $179 100.0 %
Distribution by Borrower Credit Score
December 31, 2020
Credit Score# of Loans BalanceAverage Balance% of Balance
500 to 55019 $4,038 $213 1.0 %
551 to 60061 16,435 269 3.9 %
601 to 650316 64,564 204 15.4 %
651 to 700704 119,077 169 28.3 %
701 to 750717 125,217 175 29.8 %
751 to 800462 82,507 179 19.6 %
801 to 85065 8,451 130 2.0 %
Not available3 109 36 — %
Total2,347 $420,398 $179 100.0 %
December 31, 2019
Credit Score# of LoansBalanceAverage Balance% of Balance
500 to 55020 $4,315 $216 1.0 %
551 to 60066 18,296 277 4.3 %
601 to 650344 69,265 201 16.1 %
651 to 700749 126,797 169 29.5 %
701 to 750709 124,725 176 29.0 %
751 to 800439 77,646 177 18.1 %
801 to 85065 8,528 131 2.0 %
Not available3 124 41 — %
Total2,395 $429,696 $179 100.0 %
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Distribution by Primary Collateral Type
December 31, 2020
Collateral Type# of Loans BalanceAverage Balance% of Balance
Commercial Real Estate933 $218,958 $235 52.1 %
Machinery and Equipment403 78,356 194 18.6 %
Accts Receivable and Inventory259 44,270 171 10.5 %
Residential Real Estate500 39,406 79 9.4 %
Other89 30,653 344 7.3 %
Unsecured124 5,421 44 1.3 %
Furniture and Fixtures25 1,695 68 0.4 %
Liquid Assets14 1,639 117 0.4 %
Total2,347 $420,398 $179 100.0 %
December 31, 2019
Collateral Type# of LoansBalanceAverage Balance% of Balance
Commercial Real Estate962 $225,434 $234 52.5 %
Machinery and Equipment420 82,725 197 19.3 %
Residential Real Estate507 41,713 82 9.7 %
Accounts Receivable and Inventory255 39,380 154 9.2 %
Other105 32,380 308 7.5 %
Unsecured104 4,362 42 1.0 %
Furniture and Fixtures28 2,674 96 0.6 %
Liquid Assets14 1,026 73 0.2 %
Total2,395 $429,696 $179 100.0 %
Distribution by Days Delinquent
December 31, 2020
Delinquency Status# of Loans BalanceAverage Balance% of Balance
Accrual
     Current2,071 $340,756 $165 81.1 %
     31 to 60 days62 12,679 205 3.0 %
     61 to 90 days— — — — %
     91 days or greater32 11,520 360 2.7 %
Non-accrual182 55,443 305 13.2 %
Total2,347 $420,398 $179 100.0 %
December 31, 2019
Delinquency Status# of LoansBalanceAverage Balance% of Balance
Accrual
     Current2,086 $338,919 $162 78.8 %
     31 to 60 days48 14,459 301 3.4 %
     61 to 90 days— — — — %
     91 days or greater48 17,233 359 4.0 %
Non-accrual213 59,085 277 13.8 %
Total2,395 $429,696 $179 100.0 %

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Results of Operations for the year ended December 31, 2020 and 2019

Set forth below is a comparison of the results of operations for the years ended December 31, 2020 and 2019. For a comparison of the results of operations for the years ended December 31, 2019 and 2018, see the Company's Form 10-K for the year ended December 31, 2019, as filed with the SEC on March 16, 2020.

Comparison of the year ended December 31, 2020 and 2019
Investment Income
(in thousands)Year Ended December 31, 2020Year Ended December 31, 2019Change
Investment income:
Interest income - PPP loans$37,743 $— $37,743 
Interest income - SBA 7(a) loans26,652 29,492 (2,840)
Interest income - non-control investments403 — 403 
Dividend income13,556 14,398 (842)
Servicing income11,154 10,078 1,076 
Other income2,693 5,328 (2,635)
Total investment income$92,201 $59,296 $32,905 
Interest Income
The Company began earning interest income from PPP loans in the second quarter of 2020 under the CARES Act, which allowed NSBF, as an SBA 7(a) lender, to originate loans under the newly-established PPP. Under the PPP, current SBA 7(a) lenders were automatically approved to extend 100% federally guaranteed PPP loans to certain small businesses. During the year ended December 31, 2020, NSBF originated $1.19 billion of PPP loans resulting in $37,743,000 of fees generated. Pursuant to the PPP, the interest rate on PPP loans is capped at 1.0%. In addition, the SBA will reimburse a lender authorized to make a PPP loan at a rate, based on the balance of the financing outstanding at the time of disbursement of the PPP loan, of: (i) 5% for PPP loans of not more than $350,000; (ii) 3% for loans of more than $350,000 and less than $2,000,000; and (iii) 1% for loans of not less than $2,000,000. Such SBA reimbursements are included in Interest Income - PPP Loans. Income earned in connection with the PPP should not be viewed as recurring. The first round of PPP closed on August 8, 2020. Congress enacted the Economic Aid Act on December 27, 2020, which provides funding for PPP loans through March 31, 2021. See “Recent Developments - PPP Additional Rounds.”
The decrease in interest income from SBA 7(a) loans was attributable to the decrease in the average Prime Rate in effect on our portfolio from 5.38% to 3.63% over the twelve month period. The decrease was partially offset by $451,000 of interest income relating to the full payoff of a loan in non-accrual status during the second quarter of 2020, as well as the average outstanding accrual portfolio of SBA non-affiliate investments increasing to $363,907,000 from $339,128,000 for the year ended December 31, 2020 and 2019, respectively. The increase in the average outstanding accrual portfolio resulted from the origination of new SBA non-affiliate investments period over period.
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Dividend Income

Dividend income was earned from the following portfolio companies for the year ended December 31, 2020 and 2019:
(in thousands)Year Ended December 31, 2020Year Ended December 31, 2019Change
Newtek Merchant Solutions, LLC (NMS)$9,450 $11,490 $(2,040)
International Professional Marketing, Inc.350 900 (550)
SIDCO, LLC825 700 125 
Mobil Money, LLC— 375 (375)
Newtek Conventional Lending, LLC1,227 822 405 
Newtek Business Lending, LLC1,600 — 1,600 
EMCAP Loan Holdings, LLC104 111 (7)
Total dividend income$13,556 $14,398 $(842)
Dividend income is dependent on portfolio company earnings. Current year dividend income may not be indicative of future period dividend income, particularly in light of the COVID-19 pandemic. See “COVID-19 Developments.”
The decrease in dividend income was driven by dividend income related to our payment processing portfolio company, NMS, decreasing $2,040,000 period over period due to COVID-19 pandemic-related lower processing volumes. The decrease was offset by $1,600,000 of dividend income from NCL for year ended December 31, 2020, which stemmed from NCL’s achievement of profitability in 2020 and positive net income for the year.
NSBF Servicing Portfolio and Related Servicing Income
The following table represents the NSBF originated servicing portfolio and servicing income earned for the year ended December 31, 2020 and 2019:
(in thousands):Year Ended December 31, 2020Year Ended December 31, 2019 Change
Total NSBF originated servicing portfolio$1,704,160 $1,770,864 $(66,704)
Total average NSBF originated portfolio earning servicing income
$1,109,155 $1,031,260 $77,895 
Total servicing income earned$11,154 $10,078 $1,076 
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 $77,895,000 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 decrease was
related to an decrease in legal, prepayment and packaging fees earned as a result of the lower volume of SBA 7(a) loans originated of $196,752,000 compared to $517,692,000 for the year ended December 31, 2020 and 2019, respectively. As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans beginning in March 2020 through the conclusion of round one of the PPP during 2020.
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Expenses:
(in thousands)Year Ended
December 31, 2020		Year Ended
December 31, 2019		Change
Salaries and benefits$14,211 $14,305 $(94)
Interest17,877 20,422 (2,545)
Depreciation and amortization402 501 (99)
Professional fees3,718 3,807 (89)
Origination and loan processing8,431 9,215 (784)
Origination and loan processing - related party9,855 9,944 (89)
Change in fair value of contingent consideration liabilities54 42 12 
Other general and administrative costs5,668 6,427 (759)
Total expenses$60,216 $64,914 $(4,698)

Interest Expense
The following is a summary of interest expense by facility for the year ended December 31, 2020 and 2019:
(in thousands)Year Ended December 31, 2020Year Ended December 31, 2019Change
Notes payable - Securitization Trusts$7,853 $11,148 $(3,295)
Bank notes payable1,436 2,122 (686)
Notes due 2022— 469 (469)
Notes due 20234,064 4,065 (1)
Notes due 20244,057 1,701 2,356 
Notes due 202537 — 37 
Notes payable - related parties430 911 (481)
Other— 6 (6)
Total interest expense$17,877 $20,422 $(2,545)

The decrease in interest expense period over period is primarily related to the decrease from Notes payable - Securitization Trusts, Bank notes payable, and Notes payable - related parties. Interest on Notes payable - Securitization Trusts decreased as a result of declining interest rates and principal balances year over year. The decreases in interest expense from Bank notes payable and Notes payable - related parties were related to a decrease in the average outstanding balance and interest rates period over period. The decrease in interest expense related to our redemption of the 2022 Notes was offset by an additional $2,356,000 of interest from the issuance of $63,250,000 of 2024 Notes and $37,000 of interest from the issuance of $5,000,000 2025 Notes.

Origination and Loan Processing

The decrease in Origination and Loan Processing expenses was attributed to a decrease in SBA 7(a) loan fundings.
Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains from SBA non-affiliate investments for the year ended December 31, 2020 and 2019 were $11,368,000 and $47,816,000, respectively, which included realized losses of $8,367,000 and $3,924,000, respectively.

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Net Realized Gains on SBA Non-Affiliate Investments
 Year Ended
 December 31, 2020December 31, 2019
# of Debt Investments$ Amount
(in thousands)		# of Debt Investments$ Amount
(in thousands)
SBA non-affiliate investments originated239 $196,752 659 $517,692 
SBA guaranteed non-affiliate investments sold225 $153,662 633 $394,248 
Realized gains recognized on sale of SBA guaranteed non-affiliate investments— $19,735 — $51,740 
Average sale price as a percent of principal balance1
— 110.78 %— 111.16 %
(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.

As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company’s Executive Committee and Lending Team temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans beginning in March 2020, resulting in a lower volume of SBA 7(a) loans for the year ended December 31, 2020 compared to 2019.

Net Unrealized Appreciation (Depreciation) on Investments
(in thousands)Year Ended December 31, 2020Year Ended December 31, 2019Change
Net unrealized depreciation on SBA guaranteed non-affiliate investments$(795)$(225)$(570)
Net unrealized depreciation on SBA unguaranteed non-affiliate investments(176)(6,291)6,115 
Net unrealized (depreciation) appreciation on controlled investments(8,237)11,211 (19,448)
Change in deferred taxes999 (3,164)4,163 
Total net unrealized (depreciation) appreciation on investments$(8,209)$1,531 $(9,740)

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.

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Net Unrealized Appreciation (Depreciation) on Controlled Investments

Unrealized appreciation (depreciation) was derived from the following portfolio companies for the year ended December 31, 2020 and 2019:
(in thousands)Year Ended December 31, 2020Year Ended December 31, 2019Change
Newtek Merchant Solutions, LLC (NMS)$(9,750)$5,000 $(14,750)
Newtek Technology Solutions, Inc. (NTS)1
10,200 500 9,700 
CDS Business Services, Inc. (6,660)(2,000)(4,660)
International Professional Marketing, Inc.1
— 850 (850)
SIDCO, LLC1
— (1,170)1,170 
PMTWorks Payroll, LLC (150)(622)472 
banc-serv Partners, LLC (BSP)— (286)286 
Small Business Lending, LLC — 6,002 (6,002)
Newtek Insurance Agency, LLC(65)— (65)
Newtek Conventional Lending, LLC(827)1,853 (2,680)
Titanium Asset Management LLC265 (316)581 
Mobil Money, LLC(1,250)— (1,250)
Total net unrealized (depreciation) appreciation on controlled investments$(8,237)$10,441 $(18,678)
(1) On January 1, 2021, IPM and SIDCO became subsidiaries of NTS and as a result, the year ended December 31, 2020 valuation of NTS and related unrealized appreciation represents that of the combined entity.

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 year ended December 31, 2020 and 2019, we recognized a provision for deferred taxes of $999,000 and $3,164,000 related to the net unrealized appreciation of controlled portfolio company investments, respectively.

Liquidity and Capital Resources
Overview

Our liquidity and capital resources are derived from our Capital One Facility, Notes payable - related parties, 2023 Notes, 2024 Notes, securitization transactions and cash flows from operations, including investment sales and repayments, and income earned. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our borrowings and the proceeds from the turnover of our portfolio and from public and private offerings of securities to finance our investment objectives. We may raise additional equity or debt capital through both registered offerings off a shelf registration, including “at-the-market”, or ATM, and private offerings of securities. As of December 31, 2020, our asset coverage was 174% based on $457,931,000 of aggregate principal amount of senior securities outstanding. On July 26, 2018, our shareholders approved the application of the modified asset coverage requirement as set forth in Section 61(a)(2) of the 1940 Act. As a result, our minimum required asset coverage ratio decreased from 200% to 150%, effective July 27, 2018.

Public Offerings

ATM Program

The 2017 ATM Equity Distribution Agreement provided that we may offer and sell up to 4,400,000 shares of common stock from time to time through the placement agents. From inception through July 8, 2019, we sold 1,618,375 shares of our common stock at a weighted average price of $18.07 per share. Proceeds, net of offering costs and expenses were $28,466,000. On July 8, 2019, the Company gave notice to terminate the 2017 ATM Equity Distribution Agreement, with such termination effective as of July 9, 2019.
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On July 10, 2019, the Company entered into the 2019 ATM Equity Distribution Agreement. The 2019 ATM Equity Distribution Agreement provided that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. From inception through June 24, 2020, we sold 1,716,517 shares of our common stock at a weighted average price of $21.88 per share. Proceeds, net of offering costs and expenses were $37,554,000. On June 24, 2020, the Company terminated the 2019 ATM Equity Distribution Agreement. The Company paid the ATM placement agents $758,000 in compensation.

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.

On June 25, 2020, the Company entered into the 2020 ATM Equity Distribution Agreement. The 2020 ATM Equity Distribution Agreement provides that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. From inception through December 31, 2020, we sold 1,022,579 shares of our common stock at a weighted average price of $17.95 per share. Proceeds, net of offering costs and expenses were $18,334,000. The company paid the placement agents $374,000 in compensation during the year ended December 31, 2020. As of December 31, 2020, there were 1,977,421 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement.

Debt Offerings

On November 27, 2020, the Company and Trustee entered into the Fifth Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the issuance, offer and sale of $5 million aggregate principal amount of its 2025 Notes. The offering was consummated pursuant to the terms of a purchase agreement (the "Purchase Agreement") among the Company and an accredited investor. The Purchase Agreement provided for the 2025 Notes to be issued to the purchaser in a private placement in reliance on Section 4(a)(2) of the Securities Act. The net proceeds from the sale of the Notes were approximately $4.8 million, after deducting structuring fees and estimated offering expenses, each payable by the Company. The 2025 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 2025 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 Company exercised its option to issue up to $10 million of additional 2025 Notes to the purchaser, and issued $10 million in additional 2025 Notes to the purchaser in an exempt offering in January 2021. See Note 19 - Subsequent Events in the accompanying notes to the consolidated financial statements.

In July 2019, the Company and the Trustee entered into the Fourth Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $55,000,000 aggregate principal amount of 5.75% Notes due 2024. The Company granted an overallotment option of up to $8,250,000 in aggregate principal amount of the 2024 Notes. The sale of the 2024 Notes generated proceeds of approximately $53,186,000, net of underwriter's fees and expenses. In July 2019 the underwriters exercised their option to purchase $8,250,000 in aggregate principal amount of 2024 Notes for an additional $8,003,000 in net proceeds. The 2024 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 2024 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 2024 Notes will mature on August 1, 2024 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 August 1, 2021, 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 2024 Notes bear interest at a rate of 5.75% per year payable quarterly on February 1, May 1, August 1, and November 1 of each year, commencing on November 1, 2019, and trade on the Nasdaq Global Market under the trading symbol “NEWTL.” At December 31, 2020, the Company was in compliance with all covenants related to the 2024 Notes.

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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 were scheduled to mature on March 1, 2023 and could 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 Company redeemed the 2023 Notes in February 2021. See NOTE 19—SUBSEQUENT EVENTS in the accompanying notes to the consolidated financial statements

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.

On August 29, 2019, the Company redeemed all $8,324,000 in aggregate principal amount of the 2022 Notes on the redemption date of August 29, 2019 at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from July 1, 2019, through, but excluding, the redemption date.

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The Base Indenture, and each supplemental indenture thereto, contains certain covenants including covenants requiring the Company to comply with (regardless of whether it is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a) of the 1940 Act (or any successor provisions), to comply with (regardless of whether it is subject to) the restrictions on dividends, distributions and purchase of capital stock set forth in Section 18(a)(1)(B) of the 1940 Act as modified by Section 61(a) of the 1940 Act and to provide financial information to the holders of the 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 each supplemental indenture thereto. 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 Notes may declare such Notes immediately due and payable upon the occurrence of any event of default after expiration of any applicable grace period. At December 31, 2020, the Company was in compliance with all covenants related to the Notes.

Capital One Facilities
In May 2017, NSBF amended its Capital One facility to increase the facility from $50,000,000 to $100,000,000 and reduce the interest rate. The facility was amended again in June 2018 and the portion of the facility collateralized by the government guaranteed portion of SBA 7(a) loans, was reduced to Prime minus 0.75% (previously Prime minus 0.25%). The interest rate on the portion of the facility, collateralized by the non-guaranteed portion of SBA 7(a) loans, was reduced to Prime plus 0.25% (previously Prime plus 0.75%). The facility provides for a 55% advance rate on the non-guaranteed portions of the SBA 7(a) loans NSBF originates, and a 90% advance rate on the guaranteed portions of SBA 7(a) loans NSBF originates. In addition, the amendment extended the date on which the facility will convert to a term loan from May 16, 2017 to May 11, 2020 and extended the maturity date of the facility to May 11, 2022. In June 2019, the facility was increased from $100,000,000 to $150,000,000. In April 2020, Capital One advised NSBF that it was establishing a reserve against the non-guaranteed borrowing base, which reserve effectively reduced the advance rate on the non-guaranteed portions of the SBA 7(a) loans NSBF originates by 50%. On May 7, 2020, NSBF amended its existing line of credit with Capital One to, among other things, extend the maturity date on which the credit facility will convert into a term loan for a period of three years to May 7, 2023, with the term loan maturing on May 7, 2025.

At December 31, 2020, there was $33,839,000 and $52,500,000 outstanding under the unguaranteed and guaranteed lines of credit, respectively. At December 31, 2020, we were in full compliance with all applicable loan covenants.
Notes Payable - Related Parties

In June 2015, the Company entered into the Related Party RLOC with certain controlled portfolio companies. Maximum borrowings under the Related Party RLOC were $38,000,000. In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50,000,000. The outstanding balance had an interest rate equal to 1 month LIBOR (with a floor of 0.50%) plus 6.0% or at a rate equal to the greater of the Prime Rate or 3.5% plus 5.0%. In November 2018, the Related Party RLOC was amended to reduce the interest rate to the lesser of 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%.

At December 31, 2020, the Related Party RLOC interest rate was 2.74%. The Related Party RLOC has a maturity date of November 8, 2023. Outstanding borrowings due to NMS at December 31, 2020 were $24,090,000.

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 Consolidated Statements of Assets and Liabilities.

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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 an average rate of 1 month LIBOR plus 3.0% and 4.25%, respectively. Generally, in the event that the one-month LIBOR or Prime Rate becomes unavailable or otherwise unpublished, NSBF will select as a replacement a comparable alternative index over which it has no direct control and which is readily verifiable, in accordance with the terms of the 2016-1 securitization transaction documents.

In December 2017, NSBF completed its eighth securitization which resulted in the transfer of $76,188,000 of unguaranteed portions of SBA loans to the 2017-1 Trust. The 2017-1 Trust in turn issued securitization notes for the par amount of $75,426,000, consisting of $58,111,000 Class A notes and $17,315,000 of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is February 2043. The Class A and Class B notes bear interest at a rate of 1 month LIBOR plus 2.0% and 3.0%, respectively. Generally, in the event that the one-month LIBOR or Prime Rate becomes unavailable or otherwise unpublished, NSBF will select as a replacement a comparable alternative index over which it has no direct control and which is readily verifiable, in accordance with the terms of the 2017-1 securitization transaction documents.

In October 2018, the 2013-1 Trust was terminated as a result of NSBF purchasing the 2013-1 Trust assets, with the 2013-1 Trust’s noteholders receiving the redemption price. Certain of the 2013-1 Trust’s assets were subsequently transferred to the 2018-1 Trust.

In November 2018, NSBF completed its ninth securitization which resulted in the transfer of $108,551,000 of unguaranteed portions of SBA loans to the 2018-1 Trust. The 2018-1 Trust in turn issued securitization notes for the par amount of $108,551,000, consisting of $82,876,000 Class A notes and $25,675,000 of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is February 2044. Generally, in the event that the one-month LIBOR or Prime Rate becomes unavailable or otherwise unpublished, NSBF will select as a replacement a comparable alternative index over which it has no direct control and which is readily verifiable, in accordance with the terms of the 2018-1 securitization transaction documents.

In March 2019, the 2010-1 Trust was terminated as a result of NSBF purchasing the 2010-1 Trust assets, with the 2010-1 Trust’s noteholders receiving the redemption price. 

In July 2019, the 2014-1 Trust was terminated as a result of NSBF purchasing the 2014-1 Trust assets, with the 2014-1 Trust’s noteholders receiving the redemption price.

In October 2019, NSBF completed its tenth securitization which resulted in the transfer of $118,920,000 of unguaranteed portions of SBA loans to the 2019-1 Trust, The 2019-1 Trust in turn issued securitization notes for the par amount of $118,920,000, consisting of $93,540,000 of Class A notes and $25,380,000 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 December 2044. The Class A and Class B notes bear interest at an average rate of LIBOR plus 1.83% across both classes. Generally, in the event that the one-month LIBOR or Prime Rate becomes unavailable or otherwise unpublished, NSBF will select as a replacement a comparable alternative in accordance with the terms of the 2019-1 securitization transaction documents.

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PPP Loan Participations

Beginning in April 2020, NSBF engaged in the origination of PPP loans. This first round of PPP closed on August 8, 2020. During the duration of the first round of PPP during 2020, NSBF funded approximately 10,570 PPP loans totaling $1.19 billion. To facilitate NSBF’s involvement as a lender in the PPP, during the second quarter of 2020, NSBF entered into PPP loan participation agreements where NSBF originated PPP loans and sold 90% participating interests to UBS Bank USA (“UBS”), Stifel Bank (“Stifel”), Morgan Stanley Bank, N.A. (“Morgan Stanley”), and Amalgamated Bank (“Amalgamated”), collectively, the “Participants.” The participations were sold at par due to the short term maturity of the loans. NSBF and the Participants share proportionally in all interest and principal payments made on the loans. Subsequently, UBS, Stifel and Amalgamated amended their participation agreements with NSBF to allow the banks purchase up to 100% participation interests in certain of the PPP loans originated by NSBF. In connection with the amendments, UBS, Stifel, and Amalgamated purchased the remaining 10% participation interests in their participation loans, bringing their participation interests to 100%, while Morgan Stanley continues to hold 90% participation interests as of December 31, 2020. In total, during 2020, NSBF sold participations in $1.19 billion of PPP loans and continues to hold the PPP loan notes and the PPP loan documents in order to service the loans. The servicing liability in connection with the PPP loans was deemed immaterial. PPP loan origination fees are recognized as interest income on sale of PPP loan participations.

A transfer of financial assets must meet the sale criteria under the accounting rules in ASC Topic 860, Transfers and Servicing, in order to be considered a sale instead of a secured borrowing. The Company determined that the sale criteria are met and the Participants’ interests in the PPP loans are not held on the Company’s consolidated balance sheets. As stated in the PPP loan participation agreements, the intention of the parties is for the participation agreements to be absolute and true sales and not secured borrowings. In accordance with the terms of the PPP loan participation agreements and SBA regulations and guidance, NSBF, as the originating lender, retains all servicing rights and is the party responsible to the SBA with respect to all servicing actions, including requests for advance purchases and loan forgiveness, and will be the party eligible for the guarantee purchase of the PPP loan. For the 100% participations, the entire financial asset is considered to have been sold since a 100% ownership interest in the underlying asset’s cash flows has been sold to a third party and only the servicing rights remain with NSBF. For the 90% participations, the transfers met all the conditions of a participating interest as defined by ASC 860 to potentially qualify for sale accounting including (i) there is a proportionate ownership interest in an entire financial asset, (ii) all cash flows are divided proportionately among the participants, (iii) the parties’ rights are parri passu, and (iv) no party has the right to pledge or exchange the entire PPP loan unless all participating interest holders agree. The Company obtained true sale opinions and concluded that legal isolation is met under ASC 860-10-45-5a. As required under ASC 860 for sale accounting, the Company does not have an option or obligation to reacquire the assets, except for standard representations and warranties, such as in the event of fraud, gross negligence, or willful misconduct on the part of the Company, or failure to meet the ongoing contractual obligations to service the PPP loans. Owners of participations in PPP loans also have credit protection in the form of a 100% irrevocable government guarantee.

Congress enacted the Economic Aid Act on December 27, 2020, which, among other things, provides funding for PPP loans through March 31, 2021. See “Recent Developments - PPP Additional Rounds.” We continue to monitor legislative, regulatory, and supervisory developments related to the PPP, but there can be no assurance that the PPP will be further reauthorized, or that NSBF will be qualified to participate in any further reauthorization.

Cash Flows and Liquidity
As of December 31, 2020, the Company’s unused sources of liquidity consisted of $2,765,000 available through the Capital One facility; $6,217,000 available through notes payable with related parties; and $2,073,000 in unrestricted cash.

Restricted cash of $49,352,000 as of December 31, 2020 is primarily held by NSBF. The majority, or $48,600,000 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.

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The Company generated and used cash as follows:
(in thousands)Year Ended December 31, 2020Year Ended December 31, 2019
Net cash provided by (used in) operating activities$17,763 $(88,957)
Net cash used in investing activities(10)(126)
Net cash provided by (used in) financing activities465 90,940 
Net increase (decrease) in cash and restricted cash18,218 1,857 
Cash and restricted cash, beginning of period33,207 31,350 
Cash and restricted cash, end of period$51,425 $33,207 
During the year ended December 31, 2020, operating activities provided cash of $17,763,000, consisting primarily of (i) $1,356,710,000 of proceeds from the sale of SBA 7(a) guaranteed loan investments, (ii) $61,976,000 of principal payments received from SBA non-affiliate investments and (iii) $19,221,000 in return of investment from controlled investments.
These increases were offset by (i) $1,389,763,000 of SBA 7(a) and PPP loan investments funded and (ii) $51,437,000 of investments in controlled portfolio companies, including $4,957,000 in NCL and $40,285,000 in NBL.
Net cash used in financing activities was $465,000 consisting primarily of (i) $54,885,000 of principal payments related to securitization notes payable and (ii) $42,583,000 of dividend payments.
These uses were offset by (i) $25,571,000 of net proceeds from the sale of common shares under the 2019 ATM Equity Distribution Agreement and 2020 ATM Equity Distribution Agreement, (ii) $56,339,000 of net borrowings under our bank notes payable, and (iii) net borrowings under the Related Party RLOC of $11,927,000.
Contractual Obligations
The following table represents the Company’s obligations and commitments as of December 31, 2020:
(in thousands)Payments due by period
Contractual ObligationsTotal20212022202320242025Thereafter
Bank notes payable $86,339 $— $— $86,339 $— $— $— 
Securitization notes payable1
221,752 — — — — — 221,752 
Notes due 20231
57,500 — — 57,500 — — — 
Notes due 20241
63,250 — — — 63,250 — — 
Notes due 20251
5,000 — — — — 5,000 — 
Notes payable - related parties 24,090 — — 24,090 — — — 
Employment agreements403 403 — — — — — 
Operating leases10,132 1,604 1,576 1,619 1,663 1,708 1,962 
Totals$468,466 $2,007 $1,576 $169,548 $64,913 $6,708 $223,714 
(1) Amounts represent principal only and are not shown net of unamortized debt issuance costs. See NOTE 8—BORROWINGS.
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.
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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 2Observable 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 3Unobservable 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.

Rule 2a-5 under the 1940 Act was recently adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. We are evaluating the impact of adopting Rule 2a-5 on the consolidated financial statements and intend to comply with the new rule's requirements on or before the compliance date in September 2022.
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Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of certain portfolio investments without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process.

When determining fair value of Level 3 debt and equity investments, the Company may take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary methods for determining enterprise value include a discounted cash flow analysis and a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA or revenue. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value.
In addition, for certain debt investments, the Company may base its valuation on quotes provided by an independent third party broker. 

For certain investments, the Company generally calculates the fair value of the investment primarily based on the NAV of the entity and adjusts the fair value for other factors that would affect the fair value of the investment. The Company uses this valuation approach for its investment in NCL.

Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company may realize significantly less than the value at which such investment had previously been recorded. 

The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

Changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. We determine the fair value of each individual investment and record changes in fair value as unrealized appreciation or depreciation. Our investment portfolio is carried on the consolidated statements of assets and liabilities at fair value with any adjustments to fair value recognized as "Net unrealized appreciation (depreciation)" on the consolidated statements of operations until the investment is realized, usually upon exit, resulting in any gain or loss being recognized as a "Net realized gains (losses)."

Our Board has the final responsibility for overseeing, reviewing and approving, in good faith, our determination of the fair value for our investment portfolio and our valuation procedures, consistent with 1940 Act requirements. We believe our investment portfolio as of December 31, 2020 and December 31, 2019 approximates fair value as of those dates based on the markets in which we operate and other conditions in existence on those reporting dates.

Valuation of Servicing Assets

The Company accounts for servicing assets in accordance with ASC 860-50 Transfers and Servicing - Servicing Assets and Liabilities. Servicing assets are measured at fair value at each reporting date and the Company reports changes in the fair value of servicing assets in earnings in the period in which the changes occur. The valuation model for servicing assets incorporates assumptions including, but not limited to, servicing costs, discount rate, prepayment rate, and default rate. Considerable judgement is required to estimate the fair value of servicing assets and as such these assets are classified as Level 3 in our fair value hierarchy.
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Income Recognition
Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on management’s designation of non-accrual status. Interest receivable is analyzed regularly and may be reserved against when deemed uncollectible. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection.
In addition, under the PPP that began in the second quarter of 2020, the SBA reimburses the Company for originating loans. Such SBA reimbursements are included as interest income on PPP loans. Such fees are accounted for under ASC-310 Receivables and deferred until the loan is sold to one of our PPP Participants. Income earned in connection with the PPP should not be viewed as recurring. The first round of PPP closed on August 8, 2020. Congress enacted the Economic Aid Act on December 27, 2020, which provides for, among other things, funding for PPP loans through March 31, 2021. See “Recent Developments - PPP Additional Rounds.”

We receive servicing income related to the guaranteed portions of SBA loan investments which we sell into the secondary market. These recurring fees are earned and recorded daily. Servicing income is earned for the full term of the loan or until the loan is repaid.

We receive a variety of fees from borrowers in the ordinary course of conducting our business, including packaging fees, legal fees, late fees and prepayment fees. All other income is recorded when earned.
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 a portfolio companies are evaluated to determine if the distribution is income, return of capital or realized gain.
Income Taxes

Deferred tax assets and liabilities are computed based upon the differences between the financial statement and income tax basis of assets and liabilities using the enacted tax rates in effect for the year in which those temporary differences are expected to be realized or settled. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized.

The Company’s U.S. federal and state income tax returns prior to fiscal year 2015 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.

The Company has elected to be treated as a RIC under the Code beginning with the 2015 tax year and operates in a manner so as to continue to qualify for the tax treatment applicable to RICs. The RIC tax return includes Newtek Business Services Corp. and NSBF, a single member LLC disregarded for tax purposes. None of the Company’s other subsidiaries are included in the RIC tax return. The Company will evaluate and record any deferred tax assets and liabilities of the subsidiaries that are not included in the RIC tax return. In order to maintain its RIC tax treatment, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least 90% of investment company taxable income, as defined by the Code, for each tax year. The Company intends to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to any income that is distributed to its stockholders as dividends.

Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the years ended December 31, 2020 and 2019, no U.S. federal excise taxes were due.

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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 $11,406,000 and $12,405,000 at December 31, 2020 and December 31, 2019, respectively, and are recorded as deferred tax liabilities on the 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 consolidated statements of operations.

New Accounting Standards

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,(“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts and transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective upon issuance of ASU 2020-04 for contract modifications on a prospective basis. While the Company is currently assessing the impact of ASU 2020-04, the Company does not expect the adoption to have a material impact on its consolidated financial statements.

In May 2020, the SEC adopted amendments to the financial disclosure requirements in Regulation S-X including the significance tests in the “significant subsidiary” definition in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 to improve their application and to assist registrants in making more meaningful determinations of whether a subsidiary or an acquired or disposed business is significant. In addition, to address the unique attributes of investment companies and business development companies, the SEC updated the significance tests in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 by (i) revising the investment test to compare the registrant’s investments in and advances to the acquired or disposed business to the registrant’s aggregate worldwide market value if available; (ii) revising the income test by adding a revenue component; (iii) expanding the use of pro forma financial information in measuring significance; and (iv) conforming, to the extent applicable, the significance threshold and tests for disposed businesses to those used for acquired businesses. The amendment became effective January 1, 2021; however, voluntary compliance with the final amendments will be permitted in advance of the effective date. No significant changes to our significant subsidiaries are expected.

In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables–Nonrefundable Fees and Other Costs, (“ASU 2020-08”). This ASU clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. All entities should apply ASU 2020-08 on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company does not expect the adoption to have a material impact on its consolidated financial statements since the Company does not have any convertible debt.

In November 2020, the SEC published Release No. IC-34084 Use of Derivatives by Registered Investment Companies and Business Development Companies and adopted rules amending Rule 18f-4 and Rule 6c-11. Under the newly adopted rules, BDCs that use derivatives will be subject to a value-at-risk leverage limit, a derivatives risk management program and testing requirements and requirements related to board reporting. These new requirements will apply unless the BDC qualifies as a “limited derivatives user,” as defined under the adopted rules. Under the new rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Compliance is required by August 19, 2022. The Company does not expect the adoption to have a material impact on its consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 815), (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU 2019-12 also improves the consistent application of, and simplifies, GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption was permitted. The Company does not expect the adoption of ASU 2019-12 to have a material impact on its consolidated financial statements.

Rule 2a-5 under the 1940 Act was recently adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. We are evaluating the impact of adopting Rule 2a-5 on the consolidated financial statements and intend to comply with the new rule's requirements on or before the compliance date in September 2022.

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Off Balance Sheet Arrangements
There were no off balance sheet arrangements as of December 31, 2020.
Recent Developments

Common Stock

From January 1, 2021 through March 26, 2021 the Company sold 430,470 shares of its common stock at a weighted average price of $20.93 per share under the 2020 ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $9,011,000. As of March 26, 2021, there were 1,546,951 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement.
Issuance of Notes due 2025

On January 6, 2021 the Company completed an offering of $10 million aggregate principal amount of its 6.85% notes due 2025. The offering was consummated pursuant to the terms of a purchase agreement dated November 27, 2020 among the Company and an accredited investor by a placement notice delivered to the purchaser prior to March 31, 2021. The purchase agreement provides for the Notes to be issued to the Purchaser in a private placement. The net proceeds from the sale of the Notes were approximately $9.7 million, after deducting structuring fees and estimated offering expenses, each payable by the Company. The Company used the net proceeds from the sale of the Notes to fund investments in debt and equity in accordance with its investment objectives and strategies. Under the Purchase Agreement, the Company may, by mutual agreement of the parties, issue up to $15 million in aggregate principal amount of additional Notes by placement notice delivered to the Purchaser after March 31, 2021 and before November 30, 2022.

Issuance of Notes due 2026 and Redemption of Notes due 2023

On January 22, 2021, the Company closed a public offering of $115,000,000 in aggregate principal amount of its 2026 Notes, including $15,000,000 in aggregate principal amount sold pursuant to a fully-exercised overallotment option. The 2026 Notes will mature on February 1, 2026 and may be redeemed in whole or in part at any time or from time to time at Newtek’s option on or after February 1, 2022. The 2026 Notes bear interest at a rate of 5.50% per year payable quarterly on February 1, May 1, August 1 and November 1, of each year, beginning May 1, 2021. Total net proceeds received after deducting underwriters’ discount and expenses was $11,287,500. The 2026 Notes are listed on the Nasdaq Global Market under the trading symbol “NEWTZ.” A portion of the proceeds were used to redeem the outstanding 2023 Notes, which occurred on February 22, 2021.

Issuance of Additional Notes due 2024

On February 16, 2021, the Company issued an additional $5,000,000 in aggregate principal amount of its 2024 Notes. The Notes are treated as a single series with the existing 2024 Notes and have the same terms as the 2024 Notes outstanding prior to February 16, 2021. The Notes will have the same CUSIP number and will be fungible and rank equally with the Existing Notes. Upon issuance of the Notes, the outstanding aggregate principal amount of the Company’s 5.75% Notes due 2024 increased to $68,250,000.

Dividends

On February 23, 2021, the Company declared a first quarter 2021 cash dividend of $0.50 per share, which is payable on March 31, 2021 to shareholders of record as of March 22, 2021.

PPP Additional Rounds

On December 27, 2020, the Economic Aid Act was enacted by Congress in order to provide additional assistance to the hardest-hit small businesses, nonprofits, and venues that are struggling to recover from the impact of the COVID-19 pandemic. The Economic Aid Act provides funding for PPP loans through March 31, 2021 and a second round of forgivable loans through the PPP for small businesses and nonprofits experiencing significant revenue losses, made programmatic improvements to PPP, funds grants to shuttered venues, and enacted emergency enhancements to other SBA lending programs. This assistance will provide small business owners with the capital they need to survive the pandemic and includes critical resources for the smallest businesses. The Economic Aid Act also provides additional subsidies to certain existing SBA 7(a) borrowers. Specifically, under the Economic Aid Act, the SBA will pay an additional three months of payments of principal, interest, and fees on existing performing SBA 7(a) loans approved prior to March 27, 2020, capped at $9,000 per borrower per month and new SBA
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7(a) borrowers with loans approved from February 1, 2020 through September 30, 2021, will receive 5 months of payments of principal, interest, and fees, capped at $9,000 per month. Beginning in January 2021, NSBF began offering PPP Second Draw Loans to eligible business. Eligibility for PPP Second Draw loans is limited to small businesses that have no more than 300 employees and demonstrate at least a 25 percent reduction in gross revenues between comparable quarters in 2019 and 2020. PPP Second Draw loans have a maximum loan size of 2.5X average monthly payroll costs, up to $2 million. In addition, small businesses assigned to the industry NAICS code 72 (Accommodation and Food Services) can receive PPP Second Draw loans equal to 3.5X average monthly payroll costs in order to helps these businesses combat onerous State and local restrictions. Borrowers are eligible to receive full loan forgiveness if they spend at least 60 percent of their PPP Second Draw loan on payroll costs over a time period of their choosing between 8 weeks and 24 weeks. In addition, NSBF is also offering PPP loans (first draw loans) through March 31, 2021. For PPP loans made on or after December 27, 2020, SBA will pay lenders fees based on the balance of the financing outstanding at the time of disbursement of the loan, for processing PPP loans in the following amounts: (i) for loans of not more than $50,000, an amount equal to the lesser of fifty (50) percent or $2,500; (ii) five (5) percent for loans of more than $50,000 and not more than $350,000; (iii) three (3) percent for loans of more than $350,000 and less than $2,000,000; and (iv) one (1) percent for loans of at least $2,000,000.

As of the date of this filing, the PPP Extension Act of 2021 has been passed by Congress and the Senate and is pending signature by the President of the United States. The bill would extend the deadline to submit PPP applications from March 31, 2021 to May 31, 2021.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Uncertainty with respect to the economic effects of the COVID-19 pandemic has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks, including those listed below.
We consider the principal types of risk in our investing activities to be fluctuations in interest rates and loan portfolio valuations and the availability of the secondary market for our SBA loans. Risk management systems and procedures are designed to identify and analyze our risks, to set appropriate policies and limits and to continually monitor these risks and limits by means of reliable administrative and information systems and other policies and programs.
NSBF primarily lends at an interest rate of prime, which resets on a quarterly basis, plus a fixed margin. The Capital One revolver lines are on a prime plus or minus a fixed factor basis and the securitization notes are at prime or 1 month LIBOR, plus a fixed margin, whichever is less. As a result, the Company believes it has matched its cost of funds to its interest income in its financing activities. However, because of the differential between the amount lent and the smaller amount financed a significant change in market interest rates will have a material effect on our income. In periods of sharply rising interest rates, our cost of funds will increase at a slower rate than the interest income earned on the loans we have originated; this should improve our net investment income, holding all other factors constant. However, a reduction in interest rates will result in the Company experiencing a reduction in investment income; that is, its interest income will decline more quickly than interest expense resulting in a net reduction of benefit to investment income.

NSBF depends on the availability of secondary market purchasers for the guaranteed portions of SBA loans and the premium received on such sales to support its lending operations. Sale prices for guaranteed portions of SBA 7(a) loans could be negatively impacted by market conditions, in particular a higher interest rate environment, which typically lead to higher prepayments during the period, resulting in lower sale prices in the secondary market. A reduction in the price of guaranteed SBA 7(a) loans could negatively impact our business.
We do not have significant exposure to changing interest rates on invested cash (includes cash and cash equivalents and restricted cash) which was approximately $51,425,000 at December 31, 2020. 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. As of December 31, 2020, cash deposits in excess of insured amounts totaled approximately $27,815,000.

ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
Our consolidated financial statements and related notes begin on Page F-1, which are included in this Annual Report on Form 10-K.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
None.

ITEM 9A. CONTROLS AND PROCEDURES.

(a) Evaluation of Disclosure Controls and Procedures.

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As of December 31, 2020 (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 Exchange 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.

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(b) Management’s Report on Internal Control over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting, and for performing an assessment of the effectiveness of internal control over financial reporting as of December 31, 2020. Internal control over financial reporting is a process designed 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. The Company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Management performed an assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2020 based upon criteria in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on our assessment, management determined that the Company’s internal control over financial reporting was effective as of December 31, 2020 based on the criteria in Internal Control — Integrated Framework (2013) issued by COSO.

(c) Changes in Internal Control over Financial Reporting.

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934) that occurred during our most recently completed fiscal quarter, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION.

None.

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.
The information required by Item 10 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2021 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission not later than 120 days following the end of our fiscal year.
ITEM 11. EXECUTIVE COMPENSATION
The information required by Item 11 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2021 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission not later than 120 days following the end of our fiscal year.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The information required by Item 12 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2021 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission not later than 120 days following the end of our fiscal year.
ITEM 13. CERTAIN RELATIONSHIPS, RELATED PARTY TRANSACTIONS AND DIRECTOR INDEPENDENCE
The information required by Item 13 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2021 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission not later than 120 days following the end of our fiscal year.

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Table of Contents
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
The information required by Item 14 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2021 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission not later than 120 days following the end of our fiscal year.
PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
(a)(1)    Financial Statements.
(a)(2)    The following financial statement schedule is filed herewith:
No other financial statement schedules are filed herewith because (1) such schedules are not required or (2) the information has been presented in the aforementioned financial statements.
(a)(3)    Exhibits.
    The following exhibits are filed herewith or are incorporated by reference to exhibits previously filed with the Securities and Exchange Commission.

NumberDescription
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Table of Contents
126
Table of Contents
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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: March 29, 2021By:
/S/    BARRY SLOANE        
Barry Sloane
Chief Executive Officer, President and Chairman of the Board
(Principal Executive Officer)
Date: March 29, 2021By:
/S/    NICHOLAS LEGER       
Nicholas Leger
Chief Accounting Officer
(Principal Financial Officer and Principal Accounting Officer)


In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
SignatureTitleDate
/S/    BARRY SLOANE
Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer)March 29, 2021
Barry Sloane
/S/    NICHOLAS LEGER
Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer)March 29, 2021
Nicholas Leger
/S/    RICHARD SALUTEDirectorMarch 29, 2021
Richard Salute
/S/    SALVATORE MULIADirectorMarch 29, 2021
Salvatore Mulia
/S/    GREGORY ZINKDirectorMarch 29, 2021
Gregory Zink
/S/    PETER DOWNSDirectorMarch 29, 2021
Peter Downs

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
 PAGE NO.
Report of Independent Registered Public Accounting Firm
F-1
Consolidated Statements of Assets and Liabilities as of December 31, 2020 and 2019
F-3
Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018
F-4
Consolidated Statements of Changes in Net Assets for the years ended December 31, 2020, 2019 and 2018
F-5
Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018
F-6
Consolidated Schedules of Investments as of December 31, 2020 and 2019
F-7
Notes to Consolidated Financial Statements
F-290
















129
See accompanying notes to consolidated financial statements.

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders
Newtek Business Services Corp. and Subsidiaries


Opinion on the Financial Statements
We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of Newtek Business Services Corp. and Subsidiaries (the Company) as of December 31, 2020 and 2019, and the related consolidated statements of operations, changes in net assets and cash flows for each of the three years in the period ended December 31, 2020, and the related notes to the consolidated financial statements and the financial statement schedule of the Company listed in the accompanying index appearing under Item 15(a)(2) (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America, and in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of SBA unguaranteed and guaranteed non-affiliate investments as of December 31, 2020 and 2019, by correspondence with the borrowers or by other appropriate auditing procedures where replies from the borrowers were not received and with respect to controlled and non-controlled investments, by tracing to purchase agreements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which they relate.

Valuation of investments
As described in Notes 2, 3, 4 and 6 to the consolidated financial statements, the Company’s investments consist of privately held debt and equity instruments that lack observable market prices. All of Company’s investments are measured at fair value using unobservable inputs and assumptions, and as such the Company’s investments as of December 31, 2020 are classified as level 3 within the fair value hierarchy as described in Note 6. Determining the fair value of the Level 3 investments requires management to make significant judgments about the valuation methodologies (e.g. market approach vs. income approach) and inputs and assumptions used in the fair value calculation, including, but not limited to, revenue and EBITDA multiples, market yields, discounts for lack of marketability, underlying cash flows, and the impact of economic conditions brought about by the COVID-19 pandemic. As of December 31, 2020, total Level 3 investments had a fair value of $633.34 million.
We identified the valuation of investments as a critical audit matter because of the judgments necessary for management to select and apply valuation techniques and assumptions, the high degree of auditor judgment involved, and the extensive audit effort involved in testing the valuations. Our audit procedures related to the valuation of the Company’s investments included the following, among others:

Controlled and non-controlled investments

•We obtained an understanding of and evaluated the methods and significant assumptions management used to value the Company’s investment portfolio.
F-1

•We performed an evaluation of certain valuation inputs (e.g. portfolio company revenue and EBITDA) used in the Company’s December 31, 2019 valuations by comparing those key inputs used in the prior year valuation to portfolio company 2019 audited financial statements and/or schedules prepared by the portfolio company for a sample of investments.
•We tested the completeness and accuracy of information used in the valuations through inspection of portfolio company financial statements and/or schedules prepared by the portfolio company.
•We obtained management’s valuation analyses and considered the qualitative considerations made in determining each valuation, including, but not limited to, understanding portfolio company outlook, underlying cash flows, macroeconomic factors, liquidity and leverage characteristics, and other factors. We then compared this information to the valuation calculation in assessing the reasonableness of the fair value calculations.
•With the assistance of our valuation specialists, we evaluated the reasonableness of the methods and assumptions used by management, including the validity of observable market data used in the valuation (e.g. comparable guideline public company multiples) as well as market yields (including discounts for lack of marketability). For certain investments, with the assistance of our valuation specialists, we developed a range of independent enterprise value estimates and evaluated against the enterprise values determined by management. Additionally, we considered the external specialist report engaged by management in valuing the Company’s certain privately held investments.

SBA unguaranteed non-affiliate investments – performing loans and non-performing loans

•We obtained an understanding of and evaluated the methods and assumptions management uses to value the SBA unguaranteed non-affiliate investments performing and non-performing loans.
•We tested the completeness and accuracy of information used in the valuations by agreeing the total amount in the schedules to the trial balance.
•With the assistance of our valuation specialists, we evaluated the reasonableness of the methods and assumptions used by management in the valuation of performing loans (discount rate, default rate, prepayment rate, cost of servicing, etc.) and performed a recalculation for a sample of loans to ensure validity of the valuation model.
•With the assistance of our valuation specialist, we evaluated the reasonableness of the methods and assumptions used by management in the valuation of non-performing loans (prepayment rate, probability of default, time to liquidate and recovery rate).

Valuation of Servicing assets
As described in Notes 2, 5 and 6 to the consolidated financial statements, Servicing assets are measured at fair value. Company’s servicing assets are measured at fair value using unobservable inputs and assumptions, and as such the Company’s servicing assets as of December 31, 2020 are classified as level 3 within the fair value hierarchy as described in Note 2. Determining the fair value of the Level 3 servicing assets requires management to make significant judgments about the valuation methodologies and inputs and assumptions used in the fair value calculation, including, but not limited to, servicing costs, default rate, prepayment rate, and the impact of economic conditions brought about by the COVID-19 pandemic. As of December 31, 2020, total Level 3 servicing assets had a fair value of $26.06 million.
We identified the valuation of servicing assets as a critical audit matter because of the judgments necessary for management to select and apply valuation techniques and assumptions, the high degree of auditor judgment involved, and the extensive audit effort involved in testing the valuations. Our audit procedures related to the valuation of the servicing assets included the following, among others:

•We obtained an understanding of and evaluated the methods and assumptions management uses to value the servicing assets.
•We tested the completeness and accuracy of information used in the valuations by agreeing the total principal balance of the loans sold in the schedules to the loan subledger.
•With the assistance of externally engaged valuation specialist, developed an independent estimate of fair value for servicing assets as of December 31, 2020.
•We evaluated the significant assumptions (e.g. discount rate, prepayment rate, default rate and cost of service) used by externally engaged valuation specialist for reasonableness.



/s/ RSM US LLP

We have served as the Company's auditor since 2013.

New York, New York
March 29, 2021
 




F-2

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In Thousands, except for Per Share Data)
December 31, 2020December 31, 2019
ASSETS
Investments, at fair value
SBA unguaranteed non-affiliate investments (cost of $420,400 and $429,697, respectively; includes $312,649 and $364,063, respectively, related to securitization trusts)$407,748 $417,223 
SBA guaranteed non-affiliate investments (cost of $16,964 and $23,345, respectively)17,822 25,004 
Controlled investments (cost of $138,891 and $107,300, respectively)239,171 215,817 
Non-control investments (cost of $6,447 and $1,000, respectively)6,447 1,000 
Total investments at fair value671,188 659,044 
Cash2,073 1,762 
Restricted cash49,352 31,445 
Broker receivable52,730 51,173 
Due from related parties6,112 2,972 
Servicing assets, at fair value26,061 24,411 
Right of use assets6,933 7,990 
Other assets26,530 18,614 
Total assets$840,979 $797,411 
LIABILITIES AND NET ASSETS
Liabilities:
Bank notes payable$86,339 $30,000 
Notes due 2023 (par: $57,500 as of December 31, 2020 and December 31, 2019, Note 8)56,505 56,035 
Notes due 2024 (par: $63,250 as of December 31, 2020 and December 31, 2019, Note 8)61,774 61,354 
Notes due 2025 (par: $5,000 and $0 as of December 31, 2020 and 2019, Note 8)4,735 — 
Notes payable - Securitization trusts (par: $221,752 and $276,637 as of December 31, 2020 and December 31, 2019, Note 8)218,339 272,376 
Notes payable - related parties24,090 12,163 
Due to related parties2,133 131 
Lease liabilities8,697 9,897 
Deferred tax liabilities11,406 12,405 
Accounts payable, accrued expenses and other liabilities27,608 20,824 
Total liabilities501,626 475,185 
Commitment and contingencies (Note 9)
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, 21,970 and 20,530 issued and outstanding, respectively)439 411 
Additional paid-in capital316,629 289,963 
Accumulated undistributed earnings22,285 31,852 
Total net assets339,353 322,226 
Total liabilities and net assets$840,979 $797,411 
Net asset value per common share$15.45 $15.70 
F-3
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, except for Per Share Data)
Year ended December 31,
202020192018
Investment income
From non-affiliate investments:
Interest income - PPP loans$37,743 $— $— 
Interest income - SBA 7(a) loans24,719 28,467 23,067 
Servicing income11,154 10,078 8,552 
Other income2,693 5,328 4,526 
Total investment income from non-affiliate investments76,309 43,873 36,145 
From non-control investments:
Interest income403 — — 
Dividend income104 111 65 
Total investment income from non-control investments507 111 65 
From controlled investments:
Interest income1,933 1,024 740 
Dividend income13,452 14,287 12,565 
Total investment income from controlled investments15,385 15,311 13,305 
Total investment income92,201 59,295 49,515 
Expenses:
Salaries and benefits14,211 14,305 21,082 
Interest17,877 20,422 16,066 
Depreciation and amortization402 501 484 
Professional fees3,718 3,807 3,094 
Origination and loan processing8,431 9,215 8,362 
Origination and loan processing - related party9,855 9,944 — 
Change in fair value of contingent consideration liabilities54 42 (51)
Loss on extinguishment of debt— 251 1,059 
Other general and administrative costs5,668 6,427 6,907 
Total expenses60,216 64,914 57,003 
Net investment income (loss)31,985 (5,619)(7,488)
Net realized and unrealized gains (losses):
Net realized gain on non-affiliate investments - SBA 7(a) loans11,368 47,816 42,845 
Net realized gain on non-affiliate investments - conventional loan— — 278 
Net realized gain on controlled investments— 2,585 52 
Net unrealized depreciation on SBA guaranteed non-affiliate investments(795)(225)(766)
Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments(176)(6,291)3,471 
Net unrealized appreciation (depreciation) on controlled investments(8,237)11,211 4,048 
Change in deferred taxes999 (3,164)(1,077)
Net unrealized depreciation on servicing assets(1,525)(5,178)(5,685)
Net realized and unrealized gains$1,634 $46,754 $43,166 
Net increase in net assets resulting from operations$33,619 $41,135 $35,678 
Net increase in net assets resulting from operations per share$1.59 $2.13 $1.91 
Net investment income (loss) per share$1.51 $(0.29)$(0.40)
Dividends and distributions declared per common share$2.05 $2.15 $1.80 
Weighted average number of shares outstanding21,146 19,326 18,714 
F-4
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(In Thousands)
Year Ended December 31,
202020192018
Increase in net assets:
Net investment income (loss)$31,985 $(5,619)$(7,488)
Net realized gain on investments11,368 50,401 43,175 
Net unrealized (depreciation) appreciation on investments(9,734)(3,646)(9)
Net increase in net assets resulting from operations33,619 41,136 35,678 
Distributions to common stockholders(43,393)(41,895)(33,533)
Capital share transactions:
Issuance of common stock under dividend reinvestment plan810 1,126 1,099 
Stock-based compensation expense567 636 585 
Issuance of common stock in connection with investment in Mobil Money, LLC— — 200 
Purchase of vested stock for employee payroll tax withholding(48)(92)(109)
Issuance of common stock, net of offering costs25,572 33,740 5,196 
Net increase in net assets from capital share transactions26,901 35,410 6,971 
Impact of ASC 842 adoption— 130 — 
Total increase in net assets17,127 34,781 9,116 
Net assets at beginning of period322,226 287,445 278,329 
Net assets at end of period$339,353 $322,226 $287,445 
Common shares outstanding at end of period21,970 20,530 18,919 
Capital share activity:
Shares issued under dividend reinvestment plan51 54 61 
Shares issued in connection with sales of common stock1,382 1,545 291 
Shares issued in connection with investment in Mobil Money, LLC— — 11 
Purchase of vested stock for employee payroll tax withholding(3)(4)(6)
Restricted shares issued under Equity Incentive Plan, net of forfeitures10 17 105 
Net increase in capital activity1,440 1,612 462 
F-5
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Year Ended December 31,
202020192018
Cash flows from operating activities:
Net increase in net assets resulting from operations$33,619 $41,135 $35,678 
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Net unrealized depreciation (appreciation) on controlled investments8,237 (11,211)(4,048)
Net unrealized depreciation (appreciation) on non-affiliate investments971 6,515 (2,706)
Net unrealized depreciation on servicing assets1,525 5,178 5,685 
Net realized (gains) losses on controlled investments— (2,585)(52)
Net realized gains on non-affiliate investments(8,193)(47,816)(43,122)
Allowance for doubtful accounts— 33 537 
Change in fair value of contingent consideration liabilities54 42 (51)
Loss on extinguishment of debt— 251 1,059 
Amortization of deferred financing costs1,893 1,961 1,871 
Deferred income taxes(999)3,164 1,077 
Depreciation and amortization402 501 484 
Purchase of loans(6,804)(10,438)(1,206)
Purchase of loans from affiliate(15,296)— — 
Funding of guaranteed non-affiliate SBA loans(1,340,939)(387,479)(356,075)
Funding of unguaranteed non-affiliate SBA loans(48,824)(130,214)(113,101)
Funding of controlled investments(51,437)(39,650)(38,077)
Funding of non-control/affiliate investment— — (1,000)
Funding of non-control/non-affiliate investment— — (5,700)
Proceeds from sale of non-affiliate SBA loans1,356,710 445,988 406,066 
Proceeds from sale of controlled investment— — 2,502 
Proceeds from sale of non-control/non-affiliate investment— — 5,978 
Principal received on SBA non-affiliate investments61,976 47,171 42,505 
Principal received from controlled investments625 2,429 14,011 
Principal received from non-control investments9,849 — — 
Distributions received from investments in excess of basis— 2,585 — 
Return of investment from controlled investments19,221 4,200 8,785 
Other, net1,342 (282)995 
Changes in operating assets and liabilities:
Investment in money market funds— 9 — 
Broker receivable(1,557)(8,557)(34,078)
Due to/from related parties(1,138)351 (1,511)
Other assets(6,884)(2,013)410 
Accounts payable, accrued expenses and other liabilities6,587 (2,093)7,162 
Capitalized servicing asset(3,175)(8,229)(7,686)
Other, net(2)97 (58)
Net cash provided by (used in) operating activities17,763 (88,957)(73,666)
Cash flows from investing activities:
Purchase of fixed assets(10)(126)(627)
Cash flows from financing activities:
Net borrowings on bank notes payable56,339 (4,700)34,700 
Proceeds from common shares sold, net of offering costs25,571 33,740 5,196 
Net (repayments) proceeds under related party line of credit11,927 (4,678)9,839 
Proceeds from Notes due 2023— — 57,500 
F-6
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Year Ended December 31,
202020192018
Proceeds from Notes due 2024— 63,250 — 
Proceeds from Notes due 20255,000 — 
Redemption of Notes due 2021— — (40,250)
Redemption of Notes due 2022— (8,324)— 
Payments on Notes Payable - Securitization Trusts(54,885)(62,507)(53,938)
Issuance of Notes Payable - Securitization Trusts— 118,920 108,551 
Dividends paid(42,583)(40,769)(32,433)
Additions to deferred financing costs(856)(3,899)(3,951)
Purchase of vested stock for employee payroll tax withholding(48)(93)(109)
Net cash provided by financing activities465 90,940 85,105 
Net increase in cash and restricted cash18,218 1,857 10,812 
Cash and restricted cash—beginning of period (Note 2)33,207 31,350 20,538 
Cash and restricted cash—end of period (Note 2)$51,425 $33,207 $31,350 
Non-cash operating, investing and financing activities:
Foreclosed real estate acquired$1,588 $2,540 $2,367 
Issuance of common shares in connection with investment in Mobil Money, LLC$— $— $200 
Issuance of common shares under dividend reinvestment plan$810 $1,126 $1,099 
            


F-7
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
M2 Lumber LLC(#)110 Brick House Rd, Laurens, SC 29360Wood Product ManufacturingTerm LoanPrime plus 2.75%12/31/2030$11.3 $11.3 $10.3 — %
Inter-Insurance Agency Services, Ltd. and Universal Casualty Risk Ret(#)380 N Broadway, Jericho, NY 11753Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%12/31/2030691.5 691.5 583.2 0.17 %
LV Nails & SPA, LLC(#)10050 S Eastern Ave, Henderson, NV 89052Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/31/203067.5 67.5 56.9 0.02 %
TNJ Products, Inc.(#)4912 N Lincoln Ave, Ste 101, Chicago, IL 60625Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%12/31/2030215.0 215.0 187.3 0.06 %
LEILA ZAMIRI, DDS, INC.(#)5828 Cherry Ave., Long Beach, CA 90805Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/31/203075.0 75.0 76.2 0.02 %
Moran Tax & Accounting LLC(#)128 N Franklin St, Brazil, IN 47834Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/31/204518.0 18.0 19.3 0.01 %
Tissue Plus LLC F/K/A Soft Touch Tissue &Paper, LLC(#)491 Hammond St, Bangor, ME 4401Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%12/31/2045350.0 350.0 393.9 0.12 %
Seven C's Manufacturing, Inc(#)3895 Corsair St, Reno, NV 89502Miscellaneous ManufacturingTerm LoanPrime plus 2.75%12/31/2030550.0 550.0 508.1 0.15 %
The Spot Bar & Restaurant LLC(#)10540 State Rte 195, Killeen, TX 76542Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/31/204587.5 87.5 91.1 0.03 %
Hawthorne Food Company dba Eastern Standard Provis(#)117 Beaver St, Waltham, MA 2452Food ManufacturingTerm LoanPrime plus 2.75%12/31/2030875.0 875.0 739.1 0.22 %
Leila Zamiri, DDS, Inc(#)5828 Cherry Ave, Long Beach, CA 90805Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/31/2045156.3 156.3 175.9 0.05 %
Performance Online, Inc(#)1550 Melissa Ct, Corona, CA 92879Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%12/30/2030262.5 262.5 222.1 0.07 %
George Family Cremation and Burial LLC(#)1260 W Mission Ave, Escondido, CA 92029Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/30/2031102.3 102.3 91.6 0.03 %
Lightstat Inc.(#)22 W West Hill Rd, Barkhamsted, CT 6063Miscellaneous ManufacturingTerm LoanPrime plus 2.75%12/30/2030375.0 375.0 370.8 0.11 %
Eppy's Tool & Equipment Warehouse, Inc(#)809 East 42nd St, Brooklyn, NY 11210Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%12/30/2030261.0 261.0 220.2 0.06 %
Trident E&P, LLC(#)320 Circle of Progress, Pottstown, PA 19464Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/30/20301,250.0 1,250.0 1,131.4 0.33 %
NDRS Construction Inc.dba Disaster(#)18730 Cortez Blvd, Brooksville, FL 34601Construction of BuildingsTerm LoanPrime plus 2.75%12/30/203087.5 87.5 74.1 0.02 %
Shlama Two LLC dba Village Park Daycare(#)7440 Broadway, Merrillville, IN 46410Social AssistanceTerm LoanPrime plus 2.75%12/30/2045250.0 250.0 267.5 0.08 %
Educare Early Intervention, Corporation(#)4557 S Calumet Ave, Chicago, IL 60653Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/30/203058.8 58.8 49.5 0.01 %
Bourque Sales and Service Inc.(#)9160 Linwood Ave, Shevport, LA 71106Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%12/30/2045143.0 143.0 160.9 0.05 %
Vacation Link of Florida, Inc., Island Vacation and Cruises, Inc(#)501 N Wymore Rd, Winter Park, FL 32789Administrative and Support ServicesTerm LoanPrime plus 2.75%12/30/2030400.0 400.0 419.5 0.12 %
Petroleum Equipment & Services, Inc.(#)5631 Silverado Way, Anchorage, AK 99518Rental and Leasing ServicesTerm LoanPrime plus 2.75%12/30/2030421.3 421.3 361.2 0.11 %
United Security Specialists, Inc.(#)275 Saratoga Ave. Ste 200, Santa Clara, CA 95050Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/30/2030116.5 116.5 98.3 0.03 %
F-8
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Bourque Sales and Service Inc(#)9160 Linwood Ave, Shreveport, LA 71106Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%12/30/2045145.8 145.8 164.0 0.05 %
Center of New England Primary Care Inc(#)775 Center of New New England Blvd, Coventry, RI 2816Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/30/2045421.8 421.8 474.8 0.14 %
Perfect Game Incorporated(#)850 Twixt Town Rd NE, Cedar Rapids, IA 52402Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/30/20301,250.0 1,250.0 1,161.9 0.34 %
Real Estate Personnel, Inc., Tara Matta and Sara Pierce(#)1758 Emerson St, Denver, CO 80218Administrative and Support ServicesTerm LoanPrime plus 2.75%12/30/20301,000.0 1,000.0 843.5 0.25 %
Center of New England Primary Care Inc, North Providence Urgent Care(#)775 Centre of New England Blvd, Coventry, RI 2816Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/30/2045454.7 454.7 511.7 0.15 %
SDI Black 011, LLC(#)1091 YONKERS AVE, YONKERS, NY 10704Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%12/30/20301,000.0 1,000.0 858.4 0.25 %
Bojax Auto Collision Inc(#)4706 Fernlee Ave., Royal Oak, MI 48073Repair and MaintenanceTerm LoanPrime plus 2.75%12/29/2045343.8 343.8 348.9 0.10 %
Khangri Sourcing Inc.(#)6021 129th. Ave SE, Bellevue, WA 98006Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%12/29/2030187.5 187.5 157.9 0.05 %
Litchy Electric L.L.C.(#)4495 W Hacienda Ave, #2, Las Vegas, NV 89118Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/29/2030100.0 100.0 86.0 0.03 %
The Mattress Center "LLC"(#)960 Los Vallecitos Blvd, San Marcos, CA 92069Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%12/29/203022.5 22.5 18.9 0.01 %
E R Kilpatrick, LLC dba Jefferson Street True Value(#)212 Greenwood St, La Grande, OR 97850Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%12/28/2030143.8 143.8 126.0 0.04 %
Sondra Gayle Insurance Agency Inc.(#)2107 Veterans Memorial Blvd, Metaire, LA 70002Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%12/24/20307.5 7.5 7.4 — %
Pittman Holdings LLC DBA Maple Bourbon(#)1116 E Main St, Richmond, VA 23219Food Services and Drinking PlacesTerm LoanPrime plus 6.5%12/23/203012.5 12.5 12.3 — %
Title2Land,LLC(#)11851 Wentling Ave, Baton Rouge, LA 70816Real EstateTerm LoanPrime plus 2.75%12/23/2045112.5 112.5 126.5 0.04 %
Spectrum Dynamics, Inc dba Clean Water Works(#)27727 Dalton Bluff Court, Katy, TX 77494Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%12/23/203012.5 12.5 12.3 — %
Summerfield Farm, Inc(#)24 Baker Rd, Pittstown, NJ 8867Support Activities for Agriculture and ForestryTerm LoanPrime plus 2.75%12/23/204558.8 58.8 66.1 0.02 %
SLCP Transport, LLC(#)111 Brentwood Drive, College Station, TX 77840Repair and MaintenanceTerm LoanPrime plus 2.75%12/23/203061.1 61.1 53.3 0.02 %
Terry A. Humphreys dba Tiki Torch Liquors(#)101 Dallas St., Talihima, OK 74571Food and Beverage Stores Term LoanPrime plus 6.5%12/23/203012.5 12.5 12.3 — %
NetLevel5 LLC dba Moutain Air Duct(#)4724 Poleplant Drive, Colorado Springs, CO 80918Administrative and Support ServicesTerm LoanPrime plus 2.75%12/23/203016.2 16.2 14.1 — %
KCL Business Service Inc.(#)1042 San Fernando Rd., San Fernando, CA 91340Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 6.5%12/23/203012.5 12.5 12.3 — %
Southeastern Esthetics Institute, LLC and Pura Medical Spa, Corp, LLC(#)1644 Main St Ste 1, Columbia, SC 29201Educational ServicesTerm LoanPrime plus 2.75%12/23/2030581.3 581.3 515.6 0.15 %
UBIF 86 CO dba UBREAKIFIX(#)1539 Town Center Drive, Lakeland, FL 33803Repair and MaintenanceTerm LoanPrime plus 2.75%12/23/203057.3 57.3 48.2 0.01 %
F-9
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Chris' Angels Cleaning Service LLC(#)2090 Dunwoody Club Drive, Sandy Springs, GA 30350Administrative and Support ServicesTerm LoanPrime plus 6.5%12/23/203012.5 12.5 12.3 — %
ASIL Ventures, LLC(#)444 N Michigan Ave, Ste 1200, Chicago, IL 60611Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 6.5%12/22/20304.3 4.3 4.2 — %
US Dedicated LLC(#)13410 SE 26th Cir, Vancouver, WA 98683Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/22/2030218.8 218.8 184.1 0.05 %
Price Educational Services, LLC dba Manthnasium of South OKC(#)10740 S May Ave, Oklahoma City, OK 73170Educational ServicesTerm LoanPrime plus 2.75%12/21/20308.4 8.4 7.4 — %
Lynch Mining LLC(#)7262 West Hunt Hwy, Queen Creek, AZ 85142Mining (except Oil and Gas)Term LoanPrime plus 2.75%12/21/2045364.5 364.5 383.0 0.11 %
N.W.F.F., Inc.(#)687 E. Central Ave, Sutherlin, OR 97479Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/21/204543.8 43.8 47.9 0.01 %
N.W.F.F., Inc. and Environmental Contracting Solutions, Inc.(#)687 E Central Ave, Sutherlin, OR 97479Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/21/2030775.0 775.0 684.4 0.20 %
Tahzoo LLC(#)1015 7th St NW, Washington, DC 20001Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/18/2030775.0 775.0 653.9 0.19 %
REST Enterprises Inc dba Upstyled Properties(#)1440 W Taylor St Unit 595, Chicago, IL 60607Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/18/203015.0 15.0 15.7 — %
Allied Molded Products, LLC, Clancy 15 LLC, and Crusader 5088, LLC(#)1145 13th Ave East, Palmetto, FL 34221Miscellaneous ManufacturingTerm LoanPrime plus 2.75%12/18/2030204.3 204.3 171.9 0.05 %
Code 3 Apps LLC.(#)843 Tempted Ways Dr, Longmont, CO 80504Publishing Industries (except Internet)Term LoanPrime plus 2.75%12/18/20307.5 7.5 6.3 — %
Katie Cox & Co. LLC(#)6605 Longshore ST, Ste 240, Dublin, OH 43017Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/18/20307.5 7.5 6.3 — %
RJL Texas International Corporation(#)17401 Triton,, Schertz, TX 78154Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%12/18/2030275.0 275.0 247.7 0.07 %
Neeld Rentals Inc dba Mills True Value Hardware(#)205 Clinton Blvd, Clinton, MS 39056Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%12/18/203012.0 12.0 10.1 — %
AccountPics, LLC(#)903 S WW White Rd, San Antonio, TX 78220Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/18/204580.0 80.0 87.6 0.03 %
Yu Chun Chic Naeng Myun Restaurant Inc.(#)1159 Kapiolani Blvd, Honolulu, HI 96814Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/18/203015.0 15.0 12.6 — %
Giant Development Inc and Crabtree Development Corp(#)509 Pylon Dr, Ste 110, Raleigh, NC 27606Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/18/20301,250.0 1,250.0 1,101.2 0.32 %
Pumpkin Patch Child Care and Early Education Center, LLC(#)310 Grove Beach Rd N, Westbrook, CT 6498Social AssistanceTerm LoanPrime plus 2.75%12/18/2045115.0 115.0 123.0 0.04 %
Yinlink International Inc(#)2 Corporate Drive, Suiite A, East Windsor, NJ 8512Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%12/18/2030125.0 125.0 113.7 0.03 %
R. LInda D. Herrera and Edgar E Herrera dba Integral Delivery(#)3100 Delaware Ave, Des Moines, IA 50313Truck TransportationTerm LoanPrime plus 2.75%12/18/2045225.0 225.0 241.4 0.07 %
Horne Chiropractic Center, P.A(#)3820 Mountain Rd, Stes B & C, Pasadena, MD 21122Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/18/2030100.0 100.0 84.2 0.02 %
F-10
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Last Touch LLC(#)927 E 10th St, Fairmont, MN 56031Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%12/18/204551.8 51.8 58.2 0.02 %
Splashlight Photographic & Digital Studios LLC ,Splashlight Technologies(#)75 Varick St, 3rd Floor, New York, NY 10013Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/18/20301,250.0 1,250.0 1,060.4 0.31 %
People United of Louisiana LLC(#)1401 Hudson Lane, Monroe, LA 71201Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/18/2030150.0 150.0 132.8 0.04 %
Flower City Customs Inc.(#)1805 Tebor Rd, Unit 4, Webster, NY 14580Repair and MaintenanceTerm LoanPrime plus 2.75%12/17/203010.5 10.5 8.8 — %
Anthony Connelly Holdings LLC(#)7260 Dean Martin Drive, Ste 800, Las Vegas, NV 89118Nonstore Retailers Term LoanPrime plus 2.75%12/17/2030250.0 250.0 210.4 0.06 %
Carolina Roofing Siding Painting LLC(#)204 Depot St, Camponbello, SC 29322Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/17/204515.0 15.0 15.8 — %
Savannah Area Language & Culture Exchange, LLC(#)6 Dovetail Crossing, Savannah, GA 31419Educational ServicesTerm LoanPrime plus 6.5%12/16/203012.5 12.5 12.3 — %
David M. Benson LLC(#)1422 Euclid Ave, Cleveland, OH 44115Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%12/16/203012.5 12.5 12.3 — %
Signature Graphic LLC(#)14425 N 79th St, Ste B, Scottsdale, AZ 85260Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/16/203085.0 85.0 71.6 0.02 %
McFarlin, LLP(#)4 Park Plz Ste 1025, Irvine, CA 92614Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/16/2030175.0 175.0 147.3 0.04 %
Highstar Travel Group, LLC(#)2869 Wilshire Drive, Ste 204, Orlando, FL 32835Administrative and Support ServicesTerm LoanPrime plus 2.75%12/16/203022.5 22.5 18.9 0.01 %
Vege Investments, LLC dba Sunoco Homestead(#)26400 SW 177th Ave, Homestead, FL 33031Gasoline Stations Term LoanPrime plus 6.5%12/16/203012.5 12.5 12.3 — %
Last Minute Effects Inc.(#)1016 Hamline Place, Burbank, CA 91504Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%12/15/203015.0 15.0 13.0 — %
Droplette Marketing Co(#)6481 Orangethorpe Ave. Ste. 12, Buena Park, CA 90620Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/14/20306.8 6.8 6.1 — %
Vector Utilities LLC(#)8501 San Gabriel Drive, Laredo, TX 78045Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/14/2030375.0 375.0 358.5 0.11 %
Efficient, Fast & Good Cleaning Services Inc(#)2444 NW 177th Terrace, Miami Gardens, FL 33056Administrative and Support ServicesTerm LoanPrime plus 2.75%12/14/20307.5 7.5 6.6 — %
Corple Enterprisees Inc(#)17887 US Hwy 380 West, Ponder, TX 76259Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%12/14/203062.5 62.5 53.0 0.02 %
Accommodating Financial & Tax Services, LLC(#)1642 Ralston Circle, Toledo, OH 43623Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/14/204542.3 42.3 46.5 0.01 %
Aeromax Industries Inc(#)1310 Ranchers Legacy Trail, Fort Worth, TX 76126Transportation Equipment ManufacturingTerm LoanPrime plus 2.75%12/14/2030175.0 175.0 147.3 0.04 %
Jamali LLC dba Saahten(#)2741 Raceway Fairfield West, Pensacola, FL 32505Food Services and Drinking PlacesTerm LoanPrime plus 6.5%12/11/203012.5 12.5 12.3 — %
TJ Pant LLC and Tailored Cartage LLC(#)25993 US 12, Sturgis, MI 49091Truck TransportationTerm LoanPrime plus 2.75%12/11/203086.3 86.3 84.1 0.02 %
Premium Marketing Co. Inc. dba Vera Moore Cosmetics(#)4 Shadow Lane, Woodbury, NY 11797Health and Personal Care StoresTerm LoanPrime plus 2.75%12/11/203022.5 22.5 19.4 0.01 %
F-11
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Shattered Prism LLC(#)3333 Broadway, New York, NY 10031Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%12/11/20307.5 7.5 7.9 — %
Donald W. Harris dba Bowman Creek Mini Storage(#)1625 US-59 N, Linden, TX 75563Warehousing and StorageTerm LoanPrime plus 6.5%12/11/203012.5 12.5 12.3 — %
LTD Broadband, LLC(#)69 Teahouse St, Las Vegas, NV 89138TelecommunicationsTerm LoanPrime plus 2.75%12/10/20301,250.0 1,250.0 1,138.4 0.34 %
Just In Time Refrigeration LLC(#)6400 EDNA TAYLOR PKWY, MONONA, WI 53716Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/10/2045233.0 233.0 239.9 0.07 %
Inner Beauty Salon and Suite LLC(#)825 Beecher St SW, Atlanta, GA 30310Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/10/204565.0 65.0 73.1 0.02 %
M-Den, Inc(#)315 S. Main St, Ann Arbor, MI 48104Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%12/10/20301,150.0 1,150.0 1,106.1 0.33 %
LBR Partners LLC dba Techy(#)16430 Good Hearth Blouvard, Clermont, FL 34711Repair and MaintenanceTerm LoanPrime plus 2.75%12/9/203045.0 45.0 38.0 0.01 %
HWH Unlimited, Inc.(#)43386 Business Park Drive, Temecula, CA 92590Real EstateTerm LoanPrime plus 2.75%12/9/203075.0 75.0 78.5 0.02 %
Zebra House Coffee, LLC(#)1001 S El Camino Real, San Clemente, CA 92672Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/9/203045.0 45.0 37.9 0.01 %
Tortuga Backpacks LLC(#)340 South Lemon Ave, 7616, Walnut, CA 91789Nonstore Retailers Term LoanPrime plus 2.75%12/8/203050.0 50.0 42.1 0.01 %
CashLine Solutions, LLC(#)467741 E 1050 Rd, Sallisaw, OK 74955Administrative and Support ServicesTerm LoanPrime plus 2.75%12/7/203012.0 12.0 10.1 — %
Northeast Coverages Inc. and Southeast Coverages Inc.(#)910 Franklin Ave, Ste 210, Garden City, NY 11530Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%12/7/2030170.0 170.0 178.0 0.05 %
Travel with Love, LLC dba Style & The Storyteller(#)8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%12/4/20305.0 5.0 4.9 — %
Robert F. Johnson, Jr., dba R. Johnson Craftsmanship(#)346 Spring Garden Rd, Milford, NJ 8848Specialty Trade ContractorsTerm LoanPrime plus 6.5%12/4/203010.0 10.0 9.8 — %
Paradise RV Sales and Rentals LLC(#)7960 Dorchester Rd, North Charleston, SC 29418Rental and Leasing ServicesTerm LoanPrime plus 2.75%12/4/20306.9 6.9 5.8 — %
Combs Creative LLC(#)157 Antler Ridge Circle,, Nashville, TN 37214Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 6.5%12/4/20305.5 5.5 5.4 — %
Perez Law Office, PLLC(#)80 N McClintock Dr, Chandler,, AZ 85226Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/4/204567.5 67.5 75.9 0.02 %
Indecon Builders Inc(#)1382 Valencia Ave, Ste N, Tustin, CA 92780Construction of BuildingsTerm LoanPrime plus 2.75%12/4/203050.0 50.0 42.1 0.01 %
Pacific Contours Corp(#)5340 E Hunter Ave, Anaheim, CA 92807Transportation Equipment ManufacturingTerm LoanPrime plus 2.75%12/4/2030975.0 975.0 988.5 0.29 %
SME Business Services LLC(#)930 Chesaco Ave, Rosedale, MD 21237Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/3/203022.5 22.5 18.9 0.01 %
Tina D. Coker DBA Diane's Accounting Service(#)119 E Haywood St, England, AR 72046Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%12/3/203012.5 12.5 12.3 — %
Moxie Marketing, LLC(#)51 Lee Dr, Palm Coast, FL 32137Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/3/2030125.0 125.0 105.2 0.03 %
F-12
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Staffhink Limited dba Owl Drone Services(#)4283 Deerfield Hills Rd, Colorado Springs, CO 80916Data Processing, Hosting, and Related ServicesTerm LoanPrime plus 2.75%12/3/20305.3 5.3 4.9 — %
American Retail Properties, Inc.(#)125 Main St 2nd Floor, Reading, MA 1867Real EstateTerm LoanPrime plus 2.75%11/30/203022.5 22.5 19.0 0.01 %
Jonathan J Klaczik LLC dba Veterans Fence Company(#)7417 Dover Lane, Parma, OH 44130Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/27/203022.5 22.5 20.2 0.01 %
Segreti Law Office, A Professional Corporation(#)350 10th Ave,Ste 1000, San Diego, CA 92101Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/27/203018.8 18.8 15.9 — %
Hartley S Johnson & Son, Inc. dba Mark T. Wendell Tea(#)14a Craig Rd, Acton, MA 1720Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%11/27/203040.0 40.0 34.0 0.01 %
LIAISON STAINLESS INC(#)630 James Lee Dr NW, Suwanee, GA 30024Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%11/25/203075.0 75.0 63.1 0.02 %
The Alder SmokeHouse LLC(#)1055 Virginia Ave, North Bend, OR 97459Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/25/203011.3 11.3 11.8 — %
Flex Beauty Labs, LLC(#)7512 Dr. Phillip Blvd, Orlando, FL 32819Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 6.5%11/24/203012.5 12.5 12.3 — %
Ellis Apex LLC dba Inage360 Marietta(#)2060 Franklin Way SE, Ste 150, Marietta, GA 30067Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%11/24/203092.3 92.3 78.1 0.02 %
Next Level Detailing, LLC(#)3235 Odeon Way, Ste 201-203, Acworth, GA 30102Repair and MaintenanceTerm LoanPrime plus 2.75%11/24/20307.5 7.5 6.3 — %
Dearly LOved Counseling, L.L.C(#)14052 N Dale Mabry Hwy, Ste 215, Tampa, FL 33618Social AssistanceTerm LoanPrime plus 6.5%11/24/203012.5 12.5 12.3 — %
Kendra Leigh Boyer, CPA(#)5068 Dupont Court E, Santa Rosa, CA 95409Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%11/20/203012.5 12.5 12.3 — %
Craniologie, LLC(#)225 Wall St, Ste 102A, Vail, CO 81657General Merchandise Stores Term LoanPrime plus 6.5%11/20/203012.5 12.5 12.3 — %
Thompson Enterprises of Florida LLC dba TCBY FROZEN YOGURT(#)14543 SW 5th St, Pembroke Pines, FL 33027Food and Beverage Stores Term LoanPrime plus 2.75%11/20/203014.7 14.7 12.4 — %
Prosperity Tool, Inc(#)2006 National Guard Drive, Plant City, FL 33563Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%11/19/2045300.0 300.0 335.4 0.10 %
Green Farm Inc dba Farmers Outlet(#)1018 W SR 424 Ste 100, Longwood, FL 32750Food and Beverage Stores Term LoanPrime plus 6.5%11/19/203012.5 12.5 12.3 — %
The Number Masters(#)3325 Highland St, Grove City, OH 43123Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/18/203017.4 17.4 14.6 — %
Italian Heritage Tile and Stone Inc(#)4725 Morgan Territory Rd, Clayton, CA 94517Specialty Trade ContractorsTerm LoanPrime plus 2.75%11/18/203078.8 78.8 66.3 0.02 %
T.S.I.-VA, LLC and Alpha Business Services Inc.(#)2525 Pointe Center Court, Ste 200, Dumfries, VA 22026Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/17/2030109.5 109.5 92.2 0.03 %
Master Printing and Signs Corp & Artishirt Co.(#)386 Squire Rd, Revere, MA 2151Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%11/10/2045200.9 200.9 218.5 0.06 %
Modutech Marine Inc(#)2218 Marine View Drive, Tacoma, WA 98422Transportation Equipment ManufacturingTerm LoanPrime plus 2.75%11/9/2030400.0 400.0 418.9 0.12 %
Paws For Health of Florida LLC(#)4588 Ashton Rd, Sarasota, FL 34233Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%11/5/203057.5 57.5 48.5 0.01 %
F-13
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Protek Pest Control Inc, Protek Nurseries LLC & Protek Irrigation LLC(#)8712 60th Terrace South, Lake Worth, FL 33467Administrative and Support ServicesTerm LoanPrime plus 2.75%11/4/203052.5 52.5 46.1 0.01 %
GoodGuyS Enterprises Inc dba Goodguys;Good Guy Enterprises;Good Guys(#)1071 Serpentine Lane, Pleasanton, CA 94566Administrative and Support ServicesTerm LoanPrime plus 2.75%11/4/2030500.0 500.0 523.6 0.15 %
Supersonic Cleaning Services Inc(#)36 Seitz Terrace, Arlington, NY 12603Administrative and Support ServicesTerm LoanPrime plus 2.75%10/29/203038.5 38.5 33.0 0.01 %
Third Day Lubes, Inc.(#)450 GA- 53, Calhoun, GA 30701Repair and MaintenanceTerm LoanPrime plus 2.75%10/28/203022.4 22.4 23.4 0.01 %
Marcus Horn dba Versatile Styles and Cuts(#)2018 24th Ave, Meridian, MS 39301Personal and Laundry ServicesTerm LoanPrime plus 2.75%10/15/204510.5 10.5 11.2 — %
RYAN & CONLON, LLP(#)2 Wall St, Apt 710, New York, NY 10005Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%10/14/2030521.8 521.8 439.2 0.13 %
Shades of U, Inc. dba Diva by Cindy(#)15212 Hanover Pike, Upperco, MD 21155Health and Personal Care StoresTerm LoanPrime plus 2.75%10/9/204589.9 89.9 96.4 0.03 %
Snow Lodge, LLC(#)115 County Rd 725, Sweeny, TX 77480AccommodationTerm LoanPrime plus 2.75%10/8/204549.9 49.9 55.1 0.02 %
VIP Lawn Care Services LLC dba VIP Services(#)3875 Fay Blvd, Cocoa, FL 32927Administrative and Support ServicesTerm LoanPrime plus 2.75%10/8/203018.9 18.9 16.1 — %
KTF Consulting Corp(#)2471 N Geneva Terrace, Chicago, IL 60614Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%10/6/203074.5 74.5 78.1 0.02 %
The Hall at the Yard LLC dba The Hall on the Yard(#)1412 Alden Rd, Orlando, FL 32803Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/2/2031253.9 253.9 218.2 0.06 %
Hazleton Oil & Environmental, Inc(#)300 Tamaqua St, Hazleton, PA 18201Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%9/25/20451,081.9 1,081.9 1,203.3 0.35 %
South Park Hardware, LLC(#)16074 South Park Ave, South Holland, IL 60473Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%9/25/204573.8 73.8 83.0 0.02 %
7PSolutions, LLC(#)136 North Van Buren St, Nashville, IN 47448Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%9/25/203049.4 49.4 41.8 0.01 %
Babys on Broadway LLC(#)47 East Broadway, Little Falls, MN 56345Clothing and Clothing Accessories Stores Term LoanPrime plus 2.75%9/25/203074.1 74.1 63.8 0.02 %
Blakeslee Arpaia Chapman, Inc and Chapman Construction Services, LLC(#)200 North Branford Rd, Branford, CT 6405Construction of BuildingsTerm LoanPrime plus 2.75%9/24/2030370.4 370.4 358.2 0.11 %
Resolve Tech Solutions Inc(#)15851 Dallas Pkwy, Ste 1103, Addison, TX 75001Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/24/2030741.0 741.0 674.5 0.20 %
 BulkMore LLC(#)12741 Ocean Gateway, Ocean City, MD 21842Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%11/18/2030149.1 149.1 130.2 0.04 %
Mister Dexters LTD dba Shuga's(#)702 S. Cascade Ave, Colorado Springs, CO 80903Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/28/204557.3 57.3 60.9 0.02 %
Mister Dexters LTD dba Shuga's(#)702 S Cascade Ave, Colorado Springs, CO 80903Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/28/2030180.4 180.4 151.6 0.04 %
Heriz Gallery Inc dba Pineville Rug Gallery(#)312 Main St, Pineville, NC 28134Textile Product MillsTerm LoanPrime plus 2.75%4/6/204598.6 98.6 105.8 0.03 %
Alliance Heating & Air Conditioning, Inc.(#)10 Brookfield Ave, Bridgeport, CT 6610Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/6/2030726.1 726.1 607.0 0.18 %
F-14
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Terry and Tammy Jacobsen, Inc dba Appliance Recycling(#)10105 Airport Way, Snohomish, WA 98296Electronics and Appliance StoresTerm LoanPrime plus 2.75%4/3/2030325.1 325.1 270.4 0.08 %
Terry & Tammy Jacobsen, Inc.dba Appliance Recycling Outlet(#)10105 Airport Way, Snohomish, WA 98296Electronics and Appliance StoresTerm LoanPrime plus 2.75%4/3/2045839.8 839.8 863.0 0.25 %
Profit Stewards, LLC(#)458 Schuylkill Rd, Phoenixville, PA 19460Repair and MaintenanceTerm LoanPrime plus 2.75%4/2/203041.7 41.7 35.7 0.01 %
AOC Key Solutions, Inc(#)14420 Albemarle Point Place, Ste 200, Chantilly, VA 20151Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%4/2/2030722.5 722.5 670.3 0.20 %
Caplan Home Care, LLC(#)6029 Berkshire Lane, Dallas, TX 75225Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%4/1/2045868.5 868.5 906.8 0.27 %
JS Randhawa, Inc. dba Deli Delicious 34, SK Randhawa Inc. HSR Inc(#)570 W Olive Ave,, Merced, CA 95348Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/31/203095.0 95.0 85.5 0.03 %
Montana Custom Log Homes, Inc.(#)2036 US Hwy 93 North, Victor, MT 59875Wood Product ManufacturingTerm LoanPrime plus 2.75%3/31/2045361.8 361.8 397.7 0.12 %
Blackwater Diving LLC(#)112 Forrest Rd, Morgan City, LA 70380Support Activities for MiningTerm LoanPrime plus 2.75%3/30/2030352.0 352.0 311.0 0.09 %
Suburban Transmission of Northern Illinois, Inc.(#)1714 E Oakton St, Des Plaines, IL 60018Repair and MaintenanceTerm LoanPrime plus 2.75%3/27/2045148.2 148.2 163.7 0.05 %
Tomco Inc. dba Rental City dba Tomco Equiptment Sales(#)6470 State St, Saginaw, MI 48603Rental and Leasing ServicesTerm LoanPrime plus 2.75%3/27/203021.4 21.4 17.7 0.01 %
Dunaway and Hart, Inc(#)575 Harkrider St, Conway, AR 72032Real EstateTerm LoanPrime plus 2.75%3/26/203047.5 47.5 39.4 0.01 %
Supermarket Source, Inc(#)2741 West 76th St, Hialeah, FL 33016Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%3/24/2030201.9 201.9 209.7 0.06 %
Kris-Leigh Catered Living at Severna Park,LLC(#)831 Richie Hwy, Severna Park, MD 21146Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%3/20/2030504.3 504.3 523.9 0.15 %
Patoruzu Inc dba Sharkey's Cuts for Kids(#)18121 Tuckerton Rd, Ste 130, Cypress, TX 77433Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/20/203012.9 12.9 10.8 — %
Firefly Developement LLC dba Firefly Earthworks(#)4810 Vicksburg St, Dallas, TX 75207Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/19/2045294.9 294.9 299.1 0.09 %
Coffeestamp LLC(#)2511 S Jefferson Ave, St. Louis, MO 63104Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/17/20304.3 4.3 3.9 — %
Mid Ohio Hospitality, LLC dba Bucks Bar and Grill(#)192 E Main St, Mansfield, OH 44904Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/17/2045226.5 226.5 252.9 0.07 %
Forest Scientific Corporation(#)668 Elm St, Tionesta, PA 16353Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%3/17/203071.2 71.2 74.0 0.02 %
Kanga Lean, Inc. dba F45 Training Trinity(#)3139 Little Rd Space A-5, Trinity, FL 34655Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/16/203055.0 55.0 48.0 0.01 %
Integrated Equipment Inc; Intergrated Elastomers Inc(#)5701 Brittmoore Rd, Houston, TX 77041Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%3/13/20451,238.7 1,238.7 1,383.1 0.41 %
Stretch of NW Georgia, LLC dba Stretch Zone(#)1430 Towne Lake Parkway, Ste 26100, Woodstock, GA 30189Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/13/203014.0 14.0 11.6 — %
Signet Media dba Signet Media inc.(#)630 S 1st St, San Jose, CA 95113Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/13/2030327.5 327.5 340.2 0.10 %
F-15
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Astoria-Pacific Inc(#)15130 SE 82nd Dr, Clackamas, OR 97015Computer and Electronic Product ManufacturingTerm LoanPrime plus 2.75%3/13/2030118.7 118.7 123.4 0.04 %
Mark Allen Taylor dba Taylor Auction(#)20 & 68 Westfield Rd, Nicholls, GA 31554Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/13/2030132.0 132.0 116.9 0.03 %
Rapid Trucking and(#)4225 W Capitol Ave, West Sacramento, CA 95691Truck TransportationTerm LoanPrime plus 2.75%3/13/2045753.2 753.2 841.1 0.25 %
Native Fields Landscaping LLC and My Two Girls LLC(#)73 Taylor Rd, Wharton, NJ 7885Administrative and Support ServicesTerm LoanPrime plus 2.75%12/13/2045531.3 531.3 547.7 0.16 %
GQ Investments LLC(#)5772 Miami Lakes Drive, Miami Lakes, FL 33014Electrical Equipment, Appliance, and Component ManufacturingTerm LoanPrime plus 2.75%3/12/2030142.5 142.5 118.3 0.03 %
C3 Capital, Inc(#)10010 North Hampton Cove Lane, Indianapolis, IN 46236Nonstore Retailers Term LoanPrime plus 2.75%3/11/2030537.9 537.9 531.4 0.16 %
Quarles Service Systems, Inc.(#)1740 September Ave, Memphis, TN 38116Administrative and Support ServicesTerm LoanPrime plus 2.75%3/10/204595.0 95.0 99.7 0.03 %
Blue Dot Trading Inc(#)3100 NW 72nd Ave, Miami, FL 33122Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%3/10/203053.4 53.4 44.4 0.01 %
The Ugly Mug's Coffee and Tea Inc.(#)1390 Broadway Ste C, Placerville, CA 95667Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/9/203036.2 36.2 30.1 0.01 %
Peter & Suzanne Scott, Inc., Phillip Showen & Bryan Phelan(#)2342 NY- 37, Port Covington, NY 12937Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%3/6/2030133.0 133.0 130.4 0.04 %
KR Enterprises, Inc. dba Carriage Inn(#)1065 Tower Hill Rd, North Kingstown, RI 2852AccommodationTerm LoanPrime plus 2.75%3/6/2045316.1 316.1 328.2 0.10 %
Outcome Driven Innovation dba Spracht; Celltek, ODI, ODI Security(#)974 Commercial St, Palo Alto, CA 94303Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%3/6/2030364.3 364.3 302.4 0.09 %
Advans IT Services, Inc.(#)65 Boston Post Rd W Ste 390, Marlborough, MA 1752Other Information ServicesTerm LoanPrime plus 2.75%3/6/2030118.1 118.1 98.1 0.03 %
Big Brand Management LTD. CO. dba Ivox Media(#)512 E 11th St, Houston, TX 77008Real EstateTerm LoanPrime plus 2.75%3/6/203063.0 63.0 59.4 0.02 %
Minifox Inc. dba Pho Hoa and Jazen Tea(#)10624 South Eastern Ave Stes R & S, Hendersen, NV 89502Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/5/203071.2 71.2 60.2 0.02 %
Jones Roger Sherman Inn, Inc. dba Jones Roger Sherman Inn(#)195 Oenoke Ridge, New Canaan, CT 6840Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/4/203028.8 28.8 29.9 0.01 %
Chet Lemon Enterprises, Inc. dba All American Sports(#)1544 Lane Park Cut off, Tavares, FL 32778Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/3/2031207.3 207.3 216.7 0.06 %
14th State Learning, LLC dba Sylvan Learning, LLC(#)1 Market Pl #10, Essex Junction, VA 5452Educational ServicesTerm LoanPrime plus 2.75%3/2/203048.3 48.3 40.6 0.01 %
LCSM Logistics Inc(#)15735 Spectrum Drive, Addison, TX 75001Couriers and MessengersTerm LoanPrime plus 2.75%2/28/203080.2 80.2 66.6 0.02 %
Toju Bay Inc. dba Fiesta Americana Restaurand and Club(#)1622-1624 N. Mannheim Rd, Stone Park, IL 60165Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/28/2045450.0 450.0 489.2 0.14 %
Custom Garages(#)110 2nd Ave South, Pacheco, CA 94553Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/28/2030131.0 131.0 113.8 0.03 %
F-16
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Breakers Electric, LLC dba Merrill Sports(#)13600 Mustang Drive, Mead, CO 80542Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/27/20309.9 9.9 8.2 — %
Crux Solutions LLC dba Waddell's Riverside Funeral Directors(#)6938 Westover St, Houston, TX 77087Personal and Laundry ServicesTerm LoanPrime plus 2.75%2/27/204579.9 79.9 85.0 0.03 %
GRSC, Inc.(#)1643 NW Dove Ct, Stuart, FL 34994Construction of BuildingsTerm LoanPrime plus 2.75%2/27/203021.2 21.2 19.0 0.01 %
Feras Alshadaida dba Allura Dairy(#)8809 N Grove Ave, Rancho Cucamonga, CA 91730Food and Beverage Stores Term LoanPrime plus 2.75%2/26/203057.1 57.1 49.4 0.01 %
M & L ENTERPRIZES, LLC(#)2401 Wrightsville Ave, Wilmington, NC 28403Food and Beverage Stores Term LoanPrime plus 2.75%2/26/203047.1 47.1 49.0 0.01 %
Abe Chahrour Investment, LLC(#)4001 S Wayne Rd, Wayne, MI 48154Administrative and Support ServicesTerm LoanPrime plus 2.75%2/25/204521.9 21.9 24.4 0.01 %
Bora Enterprises, LLC(#)44255-B Fremont Blvd,, Fremont, CA 94538Truck TransportationTerm LoanPrime plus 2.75%2/21/203012.0 12.0 10.0 — %
Skimino Enterprises LLC(#)197 Ewell Rd, Williamsburg, VA 23188Support Activities for TransportationTerm LoanPrime plus 2.75%2/21/203070.7 70.7 58.8 0.02 %
Bell Oak LLC dba Bell Oak Academy & Paradise Strategics LLC(#)7215 Waelti Drive, Melbourne, FL 32940Social AssistanceTerm LoanPrime plus 2.75%2/21/2045374.1 374.1 376.7 0.11 %
Sherwood Sporthorses Inc.(#)20502 Forestview, Magnolia, TX 77355Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/21/2046205.3 205.3 229.6 0.07 %
Alex Roit Chiropractic, P. C(#)55 Northern Blvd, Ste 103, Great Neck, NY 11021Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%2/19/203018.8 18.8 15.6 — %
Little Feet Academy of Jacksonville, LLC(#)10265 Normandy Blvd, Jacksonville, FL 32221Social AssistanceTerm LoanPrime plus 2.75%2/17/204546.6 46.6 47.8 0.01 %
Romo Medical Equiptment LLC(#)3453 North Panam Expressway, San Antonio, TX 78219Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%2/14/2030471.5 471.5 391.4 0.12 %
All Modes Transportation & Logistics LLC(#)4313 Collingtree Drive, Rockledge, FL 32955Support Activities for TransportationTerm LoanPrime plus 6.5%2/14/203011.9 11.9 11.4 — %
Lesher Transportation and Shipping, LLC(#)116 North Austin St, Oak Grove, MO 64075Truck TransportationTerm LoanPrime plus 2.75%2/13/203013.5 13.5 12.8 — %
Red Rock Government Serviice, LLC(#)45240 Business Court, Sterling, VA 20166Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/13/2030161.7 161.7 149.2 0.04 %
Shaw, Ltd dba Fitness 1440 North Coventry(#)54-58 Glocker Way, Pottstown, PA 19465Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/13/203057.3 57.3 50.3 0.01 %
Damiano Global Corp.(#)333 Birch Hills Dr, Rochester, NY 14622Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/10/203047.1 47.1 39.1 0.01 %
Fortson Janitorial Inc(#)462-482 Chattahoochee St, Cornelia, GA 30531Nonstore Retailers Term LoanPrime plus 2.75%2/5/2045106.0 106.0 118.4 0.03 %
2'N1 Home and lawn LLC dba N1 Home an Lawn LLC(#)1300 Ridenour Blvd, Kennesaw, GA 30152Administrative and Support ServicesTerm LoanPrime plus 6.5%2/3/203011.9 11.9 11.4 — %
A1 Radon Services, LLC(#)9980 Dell Rd, Eden Prairie, MN 55347Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%1/31/203084.1 84.1 69.8 0.02 %
Thisaflycloset, LC(#)12408 Kingsview St, Bowie, MD 20721Clothing and Clothing Accessories Stores Term LoanPrime plus 6.5%1/30/203011.8 11.8 11.3 — %
F-17
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Adorable Home Heath Care LLC(#)6110 W Capitol Drive, Milwaukee, WI 53216Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%1/30/203039.4 39.4 32.7 0.01 %
3 Fat Labs Inc. and Energy Conservation Solution Inc.(#)2001 S County Rd 400 W, Greencastle, IN 46135Rental and Leasing ServicesTerm LoanPrime plus 2.75%1/30/2045277.0 277.0 286.9 0.08 %
AA WST LLC(#)321 White Dogwood Lane, Ocoee, FL 34761Nonstore Retailers Term LoanPrime plus 2.75%1/30/203020.8 20.8 19.1 0.01 %
Daftarnow Inc dba Venture X Parsippany(#)8 Campus Drive. Ste 105, Parsippany, NJ 7054Real EstateTerm LoanPrime plus 2.75%7/30/2030181.8 181.8 151.5 0.04 %
Spinnaker PSL Inc., Spinnaker Subs- N-Shine& Spinnaker Vero Inc(#)6967 Hancock Drive, Port St Lucie, FL 34952Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%1/30/2045312.2 312.2 317.2 0.09 %
Codame Enterprises LLC dba Firehouse Subs(#)1547 Main St, Dunedin, FL 34698Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/29/203099.1 99.1 82.3 0.02 %
Havana Knights LLC(#)65 Lindsey Lane, Havana, FL 32333Specialty Trade ContractorsTerm LoanPrime plus 2.75%1/27/203037.0 37.0 33.3 0.01 %
Amina Financial Solutions LLC dba Expat Tax Solutions(#)1433 Chestnut St, Macon, GA 31201Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/24/203019.7 19.7 16.3 — %
Affinity Integrated Solutions Inc.(#)115 Pomona Drive, Greensboro, NC 27402Administrative and Support ServicesTerm LoanPrime plus 2.75%1/23/2045295.5 295.5 305.8 0.09 %
Affinity Integrated Solutions Inc(#)115 Pomona Drive, Greensboro, NC 27407Administrative and Support ServicesTerm LoanPrime plus 2.75%1/23/2030210.8 210.8 175.0 0.05 %
Align Sports Management, LLC(#)15822 Caminito Cantaras, Del Mar, CA 92014Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%1/22/203021.1 21.1 17.6 0.01 %
Emmalina LLC(#)3602 Rock Bay Drive, Louisville, KY 40245Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/21/20306.2 6.2 5.8 — %
Motorsport Imagery, Inc(#)16362 Cherokee Rd, Brooksville, FL 34601Apparel ManufacturingTerm LoanPrime plus 2.75%1/17/203021.1 21.1 18.8 0.01 %
Lyon Cubs LLC dba Dayton Valley Learning Center(#)357 Dayton Valley Rd, Dayton, NV 89403Social AssistanceTerm LoanPrime plus 2.75%1/16/2045165.3 165.3 171.6 0.05 %
VetMed LLC(#)908 4th Ave, Decatur, AL 35601Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%1/10/203082.0 82.0 68.1 0.02 %
Jordi X Kellogg, M.D.,P.C(#)9200 SE 91st Ave STE 340, Happy Valley, OR 97086Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%1/10/203058.6 58.6 48.6 0.01 %
Luster Custom Homes LLC(#)18801 North Thompson Peak Parkway, Ste 240, Scottsdale, AZ 85255Construction of BuildingsTerm LoanPrime plus 2.75%1/10/203043.3 43.3 36.0 0.01 %
CV Flores LLC dba A All Animal Control(#)2140 E Southlake Blvd L-503, Southlake, TX 76092Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/9/20305.2 5.2 4.5 — %
Global Information Technology, Inc(#)1 Cragwood Rd, Ste 101, South Plainfield, NJ 7080Administrative and Support ServicesTerm LoanPrime plus 2.75%12/31/2029528.3 528.3 438.6 0.13 %
Nick's Country Kitchen, LLC(#)3 Flanders Rd, Bethlehem, CT 6751Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/31/2044282.8 282.8 298.0 0.09 %
Bearwaters Brewing Company(#)101 Park St, Canton, NC 28716Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/31/2044253.3 253.3 273.0 0.08 %
Pecos Entertainment LLC dba State Theater(#)421 South Oak St, Pecos, TX 79772Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%12/31/2029123.6 123.6 128.4 0.04 %
F-18
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Kwik Stop dba Dilpreet Hundai(#)1001 Sacramento Ave, West Sacramento, CA 95605Gasoline Stations Term LoanPrime plus 2.75%12/30/2044238.0 238.0 245.0 0.07 %
Jauchem & Meeh Inc.dba Gregory Meeh Design;Jermy Chernick Design(#)524 Sackett St, Brooklyn, NY 11217Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/30/2029256.0 256.0 239.7 0.07 %
VIP Construction Group Inc.(#)3332 W Mulberry Drive, Mequon, WI 53092Construction of BuildingsTerm LoanPrime plus 2.75%12/30/202958.2 58.2 60.4 0.02 %
Kiddie Garden Child Development Center, LLC(#)2809 W. Atkinson Ave, Milwaukee, WI 53209Social AssistanceTerm LoanPrime plus 2.75%12/30/204442.3 42.3 45.6 0.01 %
Spinnaker Vero Inc.(#)983 12th St, Vero Beach, FL 32960Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%12/30/2044775.8 775.8 779.8 0.23 %
Larry J. Frick dba L & S Trucking(#)157571 E Wausau Ave, Wausau, WI 54403Truck TransportationTerm LoanPrime plus 2.75%12/30/202946.1 46.1 41.4 0.01 %
Home Decor Liquidators, LLC dba Home Decor Outlets;Home Decor Mattress(#)8780 Pershall Rd, Hazelwood, MO 63042Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%12/30/2029930.6 930.6 804.1 0.24 %
Vance Ewing LLC(#)22940 Harlan Ln, St. Robert, MO 65584Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/30/2029104.7 104.7 108.8 0.03 %
Mankamana Holdings, LLc dba Perfect Brow Art, Mankamana Holdings, LLC(#)7302 Kirby Ave, Lubbock, TX 79424Gasoline Stations Term LoanPrime plus 2.75%12/27/2029128.0 128.0 119.5 0.04 %
Irony LLC dba Mulberry’s Garment Care(#)2579 Fairview Ave North, Roseville, MN 55113Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/27/2029977.4 977.4 817.3 0.24 %
QXC Communications, Inc(#)4541 N Dixie Hwy, Boca Raton, FL 33431TelecommunicationsTerm LoanPrime plus 2.75%12/27/2029488.8 488.8 405.0 0.12 %
Tatoo Tony's Under My Skin LLC(#)73 Memorial Parkway, Atlantic Highlands, NJ 7716Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/27/204498.4 98.4 109.8 0.03 %
Pro-Tek Pest Control, Inc, Pro-Tek Nurseries, LLC, Pro-Tek Irrigation(#)8712 60th Terrace South, Lake Worth, FL 33467Administrative and Support ServicesTerm LoanPrime plus 2.75%12/27/2029173.4 173.4 151.7 0.04 %
313 Air Duck LLC dba Jouny Cleaning Services, M & J Restoration Emerge(#)25150 W Warren Ave., Dearborn Heights, MI 48127Administrative and Support ServicesTerm LoanPrime plus 2.75%12/27/2029150.8 150.8 135.0 0.04 %
313 Air Duct LLC Dba Jouny Cleaning Services, M & J Restoration Emerge(#)25150 W Warren Ave., Dearborn Heights, MI 48127Administrative and Support ServicesTerm LoanPrime plus 2.75%12/27/2044245.9 245.9 261.0 0.08 %
American Landscaping Company(#)6151 S St, Anchorage, AK 99518Administrative and Support ServicesTerm LoanPrime plus 2.75%12/27/2029300.4 300.4 290.5 0.09 %
American Landscaping Company and Ground Effects Landscaping, LLC(#)6151 A St, Anchorage, AK 99518Administrative and Support ServicesTerm LoanPrime plus 2.75%12/27/2044636.1 636.1 695.3 0.20 %
Watearth Inc(#)3371 Glendale Blvd Ste 208, Los Angeles, CA 90039Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/27/202943.5 43.5 36.1 0.01 %
Protek Pest Control, Inc. Pro-tek Nurseries LLC, Pro-Tek Irrigation(#)8712 60TH TER South, Lake Worth, FL 33467Administrative and Support ServicesTerm LoanPrime plus 2.75%12/27/2044140.2 140.2 153.4 0.05 %
A Family Member Homecare Group Inc, A Family Member Homecare Holdings(#)11788 Sample Rd, Coral Springs, FL 33065Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/27/2044117.0 117.0 120.9 0.04 %
F-19
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
K&S Hardware LLC dba Gopher Ace(#)1865 Wayzata Blvd, Long Lake, MN 55356Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%12/27/202958.2 58.2 55.9 0.02 %
Icebox Cafe L.C. and Icebox Pantry, LLC(#)219 NE 3rd St, Hallendale Beach, FL 33009Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/26/2030418.5 418.5 366.2 0.11 %
Bhatti LLC 2, Bhatti LLC(#)1451 Coral Ridge Ave, Coralville, IA 52241Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/26/2029105.1 105.1 89.7 0.03 %
Ink! Coffee Company(#)2851 Larimer St, Denver, CO 80205Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/24/2029483.1 483.1 400.3 0.12 %
Synergistic-Designs, LLC(#)493 Wilson Mill Rd, New Wilmington, PA 16142Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/24/20297.0 7.0 5.8 — %
Richwood Enterprises, LLC, Richwood Transport LLC, Richwood Transport(#)2564 Branch St, Middleton, WI 53562Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%12/24/2029328.4 328.4 295.8 0.09 %
Aitheras Aviation Group, LLC and International Aviation Sales, Ltd.(#)2301 N Marginal Rd, Cleveland, OH 44114Air TransportationTerm LoanPrime plus 2.75%12/23/2029491.1 491.1 427.4 0.13 %
Food Civilization Services LLC and 1701 W 15th St LLC(#)512 E 11th St, Houston, TX 77008Real EstateTerm LoanPrime plus 2.75%12/23/2044147.8 147.8 163.7 0.05 %
512 E 11th Street LLC and Big Brand Management Ltd. Co.(#)512 E 11th St, Houston, TX 77008Real EstateTerm LoanPrime plus 2.75%12/23/2044328.8 328.8 356.5 0.11 %
The Lamkin Group LLC and National Championship Enterprises LLC(#)901 Lily Creek Rd, Ste 102, Louisville, KY 40243Rental and Leasing ServicesTerm LoanPrime plus 2.75%12/23/2029622.3 622.3 516.5 0.15 %
Shaddai Aesthetics Inc(#)706 W. 34th St, Austin, TX 78705Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/20/202917.6 17.6 14.6 — %
Romain Tower Inc.(#)215 S Persimmon St, Tomball, TX 77375Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%12/20/2044888.1 888.1 887.2 0.26 %
Chris Farley DVM PA. dba Farley Veterinary Clinic(#)6487 Taft St, Hollywood, FL 33024Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/20/202912.6 12.6 13.0 — %
Freedom Enterprises, Inc(#)2431 14th Ave SE, Watertown, SD 57201Truck TransportationTerm LoanPrime plus 2.75%12/20/2029302.7 302.7 261.9 0.08 %
La Tradicion Cubana Inc(#)9357 S.W. 40th St, Miami, FL 33165Miscellaneous Store RetailersTerm LoanPrime plus 6.5%12/20/202911.8 11.8 11.2 — %
Freedom Enterprises, Inc(#)2431 14th Ave SE, Watertown, SD 57201Truck TransportationTerm LoanPrime plus 2.75%12/20/2044204.7 204.7 220.0 0.06 %
Macon Arts Center LLC(#)4570 Pio Nono Ave, Macon, GA 31206Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/20/2044617.8 617.8 668.6 0.20 %
ACC International LLC(#)200 N Furnace St, Birdsboro, PA 19508Administrative and Support ServicesTerm LoanPrime plus 2.75%12/20/2044317.2 317.2 321.2 0.09 %
MBK IT Services Inc.(#)626 Trailwood Ct., Garland, TX 75043Nonstore Retailers Term LoanPrime plus 2.75%12/19/202920.1 20.1 20.9 0.01 %
Kuros, LLC(#)21221 Baron Lake Drive, Cedaredge, CO 81413AccommodationTerm LoanPrime plus 2.75%11/19/204582.3 82.3 92.1 0.03 %
Kuros, LLC(#)21221 Baron Lake Drive, Cedaredge, CO 81413AccommodationTerm LoanPrime plus 2.75%12/19/2044391.0 391.0 436.1 0.13 %
F-20
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
United Capital Group LLC(#)23022 La Cadena Dr, Laguna Hills, CA 92653Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%12/19/2029299.7 299.7 263.0 0.08 %
GDIM Enterprises Inc dba AAMCO(#)1657 Whiskey Rd., Aiken, SC 29803Repair and MaintenanceTerm LoanPrime plus 2.75%12/19/202918.5 18.5 16.9 — %
Nebulos, LLC(#)5428 Twilight Way, Parker, CO 80134Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/19/202958.2 58.2 54.0 0.02 %
RWBB LLC(#)4120 7th Ave, Kenosha, WI 53140Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/19/202915.6 15.6 14.0 — %
New Casa Technologies, LLC(#)7928 S 70th Lane, Laveen, AZ 85339Truck TransportationTerm LoanPrime plus 2.75%12/19/20297.6 7.6 6.4 — %
Premier Gaming Solutions Inc(#)17 South Grand Ave, Pasadena, CA 91105Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/18/202910.5 10.5 10.9 — %
Skyfall LLC dba EZ Self Storage(#)2705 US Hwy 45 North, Henderson, TN 38340Real EstateTerm LoanPrime plus 2.75%12/18/2044143.9 143.9 160.5 0.05 %
The Burlington Academy of Learning LLC(#)10 Covey Rd, Burlington, CT 6013Social AssistanceTerm LoanPrime plus 2.75%12/18/202947.5 47.5 49.3 0.01 %
Sago Technologies Inc. dba Jak Ecig(#)785 Woodfern Drive, Hampshire, IL 60140Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%12/17/2029218.8 218.8 226.9 0.07 %
HADD Corp(#)364 Rugby Rd, Cedarhurst, NY 11516Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%12/17/202911.8 11.8 11.2 — %
Signco America LP & Sparkle corporation Inc.(#)7938 Wright Rd, Houston, TX 77041Miscellaneous ManufacturingTerm LoanPrime plus 2.75%12/16/20441,229.6 1,229.6 1,371.6 0.40 %
J and K Project Management Consultants LLC(#)350 Mc Donnell St, Lewisville, TX 75057Construction of BuildingsTerm LoanPrime plus 2.75%12/16/2044308.2 308.2 342.1 0.10 %
J and K Project Management Consultants dba A. C. T. Construction(#)350 Mc Donnell St, Lewisville, TX 75057Construction of BuildingsTerm LoanPrime plus 2.75%12/16/2029193.4 193.4 199.8 0.06 %
Farain Saremi dba USA Produce(#)461 G St, Los Banos, CA 93635Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%12/16/2044467.2 467.2 495.0 0.15 %
Dr Steven J Seidel(#)42 Campeau Place, Bergenfield, NJ 7621Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/13/202975.6 75.6 62.8 0.02 %
The Crane Guys, LLC(#)14480 Alondra Blvd, La Mirada, CA 90638Rental and Leasing ServicesTerm LoanPrime plus 2.75%12/13/20291,174.9 1,174.9 1,060.9 0.31 %
Math Enrichment, LLC(#)1009 E Capitol Expressway, San Jose, CA 95121Educational ServicesTerm LoanPrime plus 2.75%12/13/2029187.5 187.5 155.4 0.05 %
Jen Macias LLC dba Duende(#)2301 NW Thurman St, Portland, OR 97210Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/13/20297.5 7.5 6.2 — %
Nulane Entertainment LLC(#)4100 W. Alameda Ave # 300, Burbank, CA 91505Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/13/20297.0 7.0 5.8 — %
Essex Indoor Golf Center LLC(#)23 Saybrook Rd, Essex, CT 6426Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/13/202973.3 73.3 65.9 0.02 %
The Floor Covering Warehouse, Inc(#)112 Orchard St, Stamford, CT 6902Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%12/13/2044236.1 236.1 263.3 0.08 %
WURA LLC dba Dickey's Barbecue Pit(#)4325 E. University Drive, Ste 40, Prosper, TX 75078Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/13/202985.7 85.7 73.6 0.02 %
Belle Properties Northwest, Inc.(#)223 Ave B, Snohomish, WA 98290Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/12/2044129.1 129.1 138.6 0.04 %
F-21
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Abylex, Inc and Worpex LLC(#)7473 Reese Rd #2, Sacramento, CA 95828Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/12/204493.8 93.8 85.7 0.03 %
Joyner5, Inc.dba British Swim School(#)1000 Settlers Landing Court, Wake Forest, NC 27587Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/12/202920.9 20.9 17.4 0.01 %
Stockton TRI Industries, LLC(#)2141 E Anderson St, Stockton, CA 95205Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%12/12/20441,089.6 1,089.6 1,159.9 0.34 %
CCD Construction Services LLC dba Clearwater Outdoor Design, CCD(#)175 W Borgfeld Drive, San Antonio, TX 78260Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/11/2044110.7 110.7 117.0 0.03 %
Professional Plumbing Services of Nela, LLC(#)99 Plum St, West Monroe, LA 71292Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/11/202916.8 16.8 16.2 — %
Vaughn Chiropractic, PLLC dba Catalyst Chiropractic and Rehab(#)10904 Baltimore St NE, Blaine, MN 55449Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/11/202938.6 38.6 32.1 0.01 %
Chambers Funeral Home & Crematorium PA & Riverdale Park Crematory, LLC(#)5801 Cleveland Ave, Riverdale, MD 20737Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/11/2044295.1 295.1 329.2 0.10 %
Ciel Du Mel LLC dba Lala's Creamery(#)134 Petaluma Blvd North, Petalumaca, CA 94952Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/10/202915.4 15.4 13.4 — %
Helping Hands Group Daycare dba Dawn to Dusk Learning and Child Care(#)10 Tremont Rd, Tremont, PA 17981Social AssistanceTerm LoanPrime plus 2.75%12/10/204438.4 38.4 41.0 0.01 %
SLCP Transport, LLC dba Aamco(#)1407 Lomaland Drive, El Paso, TX 79935Repair and MaintenanceTerm LoanPrime plus 2.75%12/10/202958.2 58.2 54.0 0.02 %
Elita 7, LLC and Behavioral Nutrition Inc.(#)16 Marble St, Worchester, MA 1603Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%12/9/2029285.1 285.1 269.5 0.08 %
DB Talak LLC(#)2018 SE 6th Ave, Portland, OR 97214Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/6/2044151.5 151.5 169.0 0.05 %
Scott's Hardware, Inc., dba Medford Inc(#)200 Tuckerton Rd, Medford, NJ 8055Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 6.5%12/6/202911.8 11.8 11.2 — %
Bay Area Metal Fabricarion LLC(#)510 -512 Stone Rd, Benicia, CA 94510Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%12/6/2029127.3 127.3 113.7 0.03 %
The Stout Group LLC(#)10850 NW 138th St, Hialeah Gardens, FL 33018Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%12/6/2029223.4 223.4 198.4 0.06 %
Glen Lamb dba Lambs Tree And Plant Health Care(#)413 Pond Meadow Rd, Westbrook, CT 6498Administrative and Support ServicesTerm LoanPrime plus 2.75%12/6/202917.5 17.5 15.7 — %
Ohanyan LLC dba Nestle Toll House Caf'e By Chip(#)14006 Riverside Drive, Store No. 9270, Sherman Oaks, CA 91423Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/6/202939.5 39.5 35.2 0.01 %
Mazhar Family, Inc dba Edible Arrangements(#)601 Portion Rd, Store #17, Lake Ronkonkoma, NY 11779Nonstore Retailers Term LoanPrime plus 2.75%12/6/202962.8 62.8 52.7 0.02 %
Wolf Pack, LLC(#)939 South 25th East, Ste. 115, Ammon, ID 83406Management of Companies and EnterprisesTerm LoanPrime plus 2.75%3/6/2030211.8 211.8 185.8 0.05 %
Eagle Eye Truck Lines LLC and Eagle Eye Logistics LLC(#)560 56th St SW, Grand Rapids, MI 49548Truck TransportationTerm LoanPrime plus 2.75%12/6/20291,025.4 1,025.4 866.4 0.26 %
F-22
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Natalie Enterprise Inc(#)2500 Grand Ave, Billings, MT 59102Administrative and Support ServicesTerm LoanPrime plus 2.75%12/6/202918.9 18.9 19.6 0.01 %
Used Tire Express 1, Corp(#)437 N. Battlefield, Chesapeake, VA 23320Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%12/5/202980.3 80.3 69.9 0.02 %
Standard Capital Corp(#)2349 Wessington Drive, Virginia Beach, VA 23456Insurance Carriers and Related ActivitiesTerm LoanPrime plus 6.5%12/5/202911.8 11.8 11.3 — %
Clearwater Engineering Inc(#)301 N River St, Derby, KS 67037Transportation Equipment ManufacturingTerm LoanPrime plus 2.75%12/5/2029549.3 549.3 490.3 0.14 %
Hook Line and Schooner Vinings LLC(#)400 West Village Way #3009, Smyrna, GA 30008Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/4/202920.9 20.9 18.9 0.01 %
Soto Injury Law Firm, PA and My Attorney Inc(#)2050 Capital Circle NE Ste B, Tallahassee, FL 32308Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/3/202958.2 58.2 48.3 0.01 %
Mega Sales Detergent Distributor, LLC(#,^)1 Ackerman Ave, Clifton, NJ 7011Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%11/29/202946.2 46.2 38.3 0.01 %
Loading Arms Plus Inc(#)5401 Mitchelldale St, Ste B4, Houston, TX 77092Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/27/202973.3 73.3 62.0 0.02 %
Behind the Scenes Chicago, LLC dba Paramount Events(#)1750 W Lake St, Chicago, IL 60612Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/27/2029431.5 431.5 379.2 0.11 %
American Bio Source, LLC dba Dieselgreen Fuels(#)2522 N Hwy 287, Decatur, TX 76234Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%11/27/202953.7 53.7 55.7 0.02 %
Codorado, Inc. dba Dentalmart(#,^)10 Glorieta Rd, Sante Fe, NM 87508Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%11/27/20299.7 9.7 8.1 — %
Alice's Tea Cup, ATC !! LLC and ATC 111, LLC(#)102 W 73rd St, New York, NY 10023Food ManufacturingTerm LoanPrime plus 2.75%11/27/2029255.9 255.9 216.0 0.06 %
Haversack Holdings LLC(#)7930 W Kenton Circle, Ste 260, Huntersville, NC 28078Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/27/2029115.6 115.6 95.8 0.03 %
Roots'n Shoots, LLC(#)86 Boston Rd, Chelmsford, MA 1824Administrative and Support ServicesTerm LoanPrime plus 2.75%11/27/20299.9 9.9 8.2 — %
Kanti Group Inc, Marina 84 Sport Bar & Grill LLC and Pub 52 Sports(#)2440 Wesr State Rd 84, Fort Lauderdale, FL 33312Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/27/2029142.6 142.6 120.2 0.04 %
Ultra Flow Dispense, LLC(#)820 Prospect Hill Rd, Windsor, CT 6095Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%11/26/202996.8 96.8 81.0 0.02 %
Ford Custom Renovation LLC(#,^)405 Broadway St, Muncy, PA 17756Construction of BuildingsTerm LoanPrime plus 2.75%11/26/20297.6 7.6 6.4 — %
Fullmer's Landscaping, Inc.(#)9547 W Third St, Dayton, OH 45417Administrative and Support ServicesTerm LoanPrime plus 2.75%11/26/2029177.7 177.7 154.8 0.05 %
B.S Carrier LLC and United Truck & Trailer Repair LLC(#)3716 Garman Rd, Salem, VA 24153Truck TransportationTerm LoanPrime plus 2.75%11/25/2029218.5 218.5 210.6 0.06 %
Hurricane Group, Inc.dba Crate Club Group(#)101 San Patricio Ave, Ste 860, Guaynabo, PR 968Other Information ServicesTerm LoanPrime plus 2.75%11/25/202946.6 46.6 38.6 0.01 %
S&C Cookies, Inc(#,^)1969 Jericho Turnpike, East Northport, NY 11731Miscellaneous Store RetailersTerm LoanPrime plus 2.75%11/22/202952.2 52.2 43.4 0.01 %
A&N Design Studios Inc dba Door3 Business Application(#)22 Cortlandt St, New York, NY 10007Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/22/2029113.3 113.3 100.2 0.03 %
Best Choice Meats, Inc,(#,^)12646 S Springfield Ave, Alsip, IL 60803Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%11/22/20441,321.1 1,321.1 1,412.3 0.42 %
F-23
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
ZUMI LLC dba Allstate Insurance(#,^)1537 W 79th St, Chicago, IL 60620Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%11/22/202911.1 11.1 11.4 — %
Cum Laude Enterprises, LLC(#)15218 Penn Hills Lane, Houston, TX 77062Nonstore Retailers Term LoanPrime plus 2.75%11/22/202917.8 17.8 16.5 — %
Peanut Butter & Co Inc(#,^)119 West 57th St, Ste 300, New York, NY 10019Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%11/22/2029173.4 173.4 143.7 0.04 %
Place Vendome Holding Co. Inc.dba R&F Marketing(#)308 Glenwood Rd, Swainsboro, GA 30401Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%11/22/2044427.7 427.7 409.7 0.12 %
Place Vendome Holding Co Inc.dba R&F Marketing(#)610 East Main St, Swainsboro, GA 30401Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%11/22/2029218.8 218.8 202.7 0.06 %
Weeping Willow Kennel Inc(#,^)6041 Hammond School Rd, Salisbury, MD 21804Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/21/20294.2 4.2 4.3 — %
Coral Springs Family Wellness LLC(#)2902 North University Drive, Coral Springs, FL 33065Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/21/2030118.3 118.3 99.1 0.03 %
Semplice Cafe LLC(#,^)209 N Main St, Breckenridge, CO 80424Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/21/202916.6 16.6 14.2 — %
Cobb Roofing LLC(#,^)8101 NW 10th St, Oklahoma City, OK 73127Specialty Trade ContractorsTerm LoanPrime plus 2.75%11/21/202950.7 50.7 42.0 0.01 %
Pen's Electric Company(#)504 Fairfax Ave, Nashville, TN 37212Specialty Trade ContractorsTerm LoanPrime plus 6.5%11/21/202911.9 11.9 11.3 — %
The Rollin' Trapp LLC(#,^)1731 Prevatt Rd, Dothan, AL 36301Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/21/20297.4 7.4 6.7 — %
AMH Construction, Inc.(#,^)30 South Ivey Lane, Orlando, FL 32811Construction of BuildingsTerm LoanPrime plus 2.75%11/20/2044270.2 270.2 290.5 0.09 %
AMH Construction, Inc.(#,^)30 South Ivey Lane, Orlando, FL 32811Construction of BuildingsTerm LoanPrime plus 2.75%11/20/202969.4 69.4 67.1 0.02 %
Cable Management LLC(#,^)290 Pratt St, Meriden, CT 6450Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%11/20/2029127.2 127.2 112.7 0.03 %
AD Learning Group, LLC dba The Learning Experience & AD Learning NH(#,^)181 Shunpike Rd, Cromwell, CT 6416Social AssistanceTerm LoanPrime plus 2.75%11/18/2029128.2 128.2 106.3 0.03 %
Ryan & Selena LLC dba Head of the Class Learning Center(#,^)1836 Kathleen Rd, Lakeland, FL 33805Social AssistanceTerm LoanPrime plus 2.75%11/18/2044439.8 439.8 462.5 0.14 %
Lindsley Excavating LLC(#,^)92 Town Line Rd, Fulton, NY 13069Specialty Trade ContractorsTerm LoanPrime plus 2.75%11/15/2029178.3 178.3 168.2 0.05 %
MToxins Venom Lab LLC(#,^)717 Oregon St, Oshkosh, WI 54902Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/15/204499.9 99.9 102.4 0.03 %
Champions Of Diversity Media Inc dba Champions of Diversity: Politics(#,^)5100 Transamerica Drive, Columbus, OH 43228Administrative and Support ServicesTerm LoanPrime plus 2.75%11/15/204471.3 71.3 77.2 0.02 %
SSH Princeton LLC dba Stumpy's Hatchet House of Princeton(#)745 Alexander Rd, Ste 1-3, Princeton, NJ 8540Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/15/203087.6 87.6 72.7 0.02 %
Winning Sales Plan Inc(#,^)17811 Fairhaven Gateway, Cypress, TX 77433Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/14/202946.2 46.2 48.0 0.01 %
F-24
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Ninth Avenue, LLC(#)Empire Mall, 5000 W Empire Place, Room 916, Sioux Falls, SD 57106Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/14/203059.5 59.5 51.1 0.02 %
Sean McNamara(#)5639 Wood Lane, Allentown, PA 18106Nonstore Retailers Term LoanPrime plus 6.5%11/14/202911.7 11.7 11.1 — %
Rockin Robin Music Lessons LLC(#,^)9029 Hwy 6, Ste 160, Missouri City, TX 77459Educational ServicesTerm LoanPrime plus 2.75%11/14/20298.6 8.6 7.2 — %
The Pinnacle Development Group Inc dba The Goddard School(#)105 Springside Drive, Akron, OH 44333Social AssistanceTerm LoanPrime plus 6.5%11/14/202911.7 11.7 11.1 — %
HH Wireless Connect LLC(#,^)48267 Deer Trail Drive, Canton, MI 48187Electronics and Appliance StoresTerm LoanPrime plus 2.75%11/12/20297.6 7.6 6.3 — %
NJ Floats, Inc(#)327 Route 202/206, Bedminster Township, NJ 7921Computer and Electronic Product ManufacturingTerm LoanPrime plus 2.75%2/12/2046145.7 145.7 163.3 0.05 %
SSD Designs LLC(#,^)486 Vance St, Forest City, NC 28043Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%1/12/2030328.8 328.8 299.7 0.09 %
Adrienne's Gourmet Foods, Imagine Baking, Inc(#,^)1034 Hancock St, Sandusky, OH 44870Food ManufacturingTerm LoanPrime plus 2.75%11/12/2029489.6 489.6 475.4 0.14 %
James Richard Farkas Jr. dba Lil Black Bear Inn(#,^)8072 State Rd 46 East, Nashville, TN 47448AccommodationTerm LoanPrime plus 2.75%11/12/2044107.3 107.3 111.1 0.03 %
Ameen Enterprises, LLC dba Bargain Town(#,^)1111 E Washington St, Stephenville, TX 76401Gasoline Stations Term LoanPrime plus 2.75%11/12/2029115.6 115.6 117.1 0.03 %
Steven French dba French Woodworking(#,^)1101 Horizon Drive Ste 101, Fairfield, CA 94533Specialty Trade ContractorsTerm LoanPrime plus 2.75%11/12/204461.4 61.4 68.5 0.02 %
Adrienne's Gourmet Foods, Imagine Baking Inc(#,^)1034 Hancock St, Sandusky, OH 44870Food ManufacturingTerm LoanPrime plus 2.75%11/12/2044399.1 399.1 445.2 0.13 %
Potomac Nail Spa Corporation(#,^)14901 Potomac Town Place,, Woodbridge, VA 22191Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/12/202949.2 49.2 41.1 0.01 %
Two Roses Salon 1, Inc.dba National Fluid Power Institute and NFPI(#,^)908 S Jefferson St, Amarillo, TX 79101Educational ServicesTerm LoanPrime plus 2.75%11/12/2029365.3 365.3 330.9 0.10 %
Airbar Inc(#,^)5 N Station Plaza, Great Neck, NY 11021Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/8/202920.4 20.4 16.9 — %
Integrated Vascular Services LLC(#,^)1452 Franklin Ave, Salem, OR 44460Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%11/8/202974.0 74.0 61.8 0.02 %
East River Plumbing, LLC(#,^)997 E Loop, Priest River, ID 83856Specialty Trade ContractorsTerm LoanPrime plus 2.75%11/8/204449.1 49.1 52.7 0.02 %
Link Recreational, Inc(#,^)304 Business Hwy 53, Minong, WI 54859Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%11/7/2044386.8 386.8 419.2 0.12 %
Link Recreational, Inc(#,^)304 Business Hwy 53, Minong, WI 54859Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%11/7/2029792.0 792.0 668.5 0.20 %
WE MAKE DIFFERENCES, LLC(#,^)1380 Main St, Waltham, MA 2451Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/7/20295.9 5.9 5.8 — %
Lake Pontchartrain Properties, LLC(#,^)6001-6201 France Rd, New Orleans, LA 70126AccommodationTerm LoanPrime plus 2.75%11/7/20441,133.7 1,133.7 1,264.6 0.37 %
21 Air, LLC, 21 Cargo Inc, JW Aviation LLC, Freighter 27044 LLC(#,^)3650 NW 82 Ave, Doral, FL 33166Air TransportationTerm LoanPrime plus 2.75%11/6/2029961.7 961.7 797.0 0.23 %
F-25
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Sunburst Trout Farm, LLC(#,^)314 Industrial Park Drive, Waynesville, NC 28786Fishing, Hunting and TrappingTerm LoanPrime plus 2.75%10/31/2044228.3 228.3 251.2 0.07 %
C&P Trading and Sales Inc(#,^)950 Peninsula Corporate Circle Ste 3016, Boca Raton, FL 33487Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%10/31/2029230.0 230.0 190.8 0.06 %
11900 Marshfield Station Inc(#,^)11900 S Marshfield Ave, Calumet Park, IL 60827Gasoline Stations Term LoanPrime plus 2.75%10/31/20441,229.9 1,229.9 1,332.6 0.39 %
Guru Kirpa, Inc(#,^)3006 New Castle Ave, New Castle, DE 19720Gasoline Stations Term LoanPrime plus 2.75%10/31/2044191.8 191.8 198.0 0.06 %
Jessie's Radiator and Automotive(#,^)1777 N Ventura Ave, Ventura, CA 93001Repair and MaintenanceTerm LoanPrime plus 2.75%10/31/202914.9 14.9 13.8 — %
Fave Realty, Inc.(#,^)217-84 Hempstead Ave, Jamaica, NY 11429Real EstateTerm LoanPrime plus 2.75%10/31/2044114.8 114.8 128.1 0.04 %
Kerzner Contracting Corp(#,^)1620 Ocean Ave, Bohemia, NY 11716Specialty Trade ContractorsTerm LoanPrime plus 2.75%10/31/2029103.4 103.4 85.8 0.03 %
ABC Sandblasting, LLC(#,^)14029 56th St NW, Williston, ND 58801Specialty Trade ContractorsTerm LoanPrime plus 2.75%10/31/2029226.8 226.8 194.1 0.06 %
Dub Industries LLC(#,^)4112 Veiled Falls Drive, Pflugerville, TX 78660Nonstore Retailers Term LoanPrime plus 2.75%10/31/202965.2 65.2 61.1 0.02 %
The Committed Pig LLC(#,^)28 West Park Place, Morristown, NJ 7090Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/31/2029261.7 261.7 271.5 0.08 %
L& F Gullo Service Corp(#,^)520 Main St, Westbury, NY 11590Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%10/31/2029160.8 160.8 133.3 0.04 %
D & H Construction Services, Inc.(#,^)711 Hospital St, Richmond, VA 23219Construction of BuildingsTerm LoanPrime plus 2.75%10/31/2029128.7 128.7 112.4 0.03 %
Automotive Solutions, LLC(#,^)1910 W. Dupont Rd, Fort Wayne, IN 46818Repair and MaintenanceTerm LoanPrime plus 2.75%10/31/2044292.7 292.7 312.5 0.09 %
Sunburst Trout Farm, LLC(#,^)314 Industrial Park Dr, Waynesville, NC 28786Fishing, Hunting and TrappingTerm LoanPrime plus 2.75%10/31/202962.0 62.0 64.4 0.02 %
Automotive Standard, LLC(#,^)4028 Coldwater Rd, Fort Wayne, IN 46805Repair and MaintenanceTerm LoanPrime plus 2.75%10/31/2044135.3 135.3 145.7 0.04 %
MJ Group, Inc(#,^)26691 Loma Verde, Mission Viejo, CA 92691Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%10/31/202919.6 19.6 16.4 — %
Maine Service Corp(#,^)59-24 55th St, Maspeth, NY 11378Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%10/31/2029114.9 114.9 119.2 0.04 %
Mariscos El Oceano, Inc.(#,^)5960 S Archer Ave, Chicago, IL 60638Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/31/2044123.3 123.3 134.8 0.04 %
BGB Leasing Inc and BGB Leasing Co.(#,^)50 Industrial Park Rd, Princeton, KY 42445Truck TransportationTerm LoanPrime plus 2.75%10/30/20291,066.1 1,066.1 964.2 0.28 %
Paul Wintner dba P & R Props(#,^)23901 Calabasas Rd, Calabasas, CA 91302Miscellaneous Store RetailersTerm LoanPrime plus 2.75%10/30/202951.7 51.7 42.9 0.01 %
Blue Agave & Brothers, LLC dba Blue Apachie Mexican Restaurant(#,^)905 Savoy Rd, Youngsville, LA 70592Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/30/202980.4 80.4 68.0 0.02 %
Lightning Strike Distributing, LLC dba Jedidiah's Jerky & Gourmet Snack(#,^)9912 Arizona Dr, Mohave Valley, AZ 86440Miscellaneous Store RetailersTerm LoanPrime plus 2.75%10/30/202959.7 59.7 50.7 0.01 %
F-26
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
BGB Leasing Co.(#,^)50 Industrial Park Rd, Princeton, KY 42445Truck TransportationTerm LoanPrime plus 2.75%10/30/204488.3 88.3 98.5 0.03 %
Plastic Depot, Inc(#,^)363 East Alondra Blvd, Gardena, CA 90248Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%10/30/2029145.4 145.4 120.7 0.04 %
OWL Inc,(#,^)5300 S Orange Blossom Trail, Orlando, FL 32839Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%10/28/2029198.2 198.2 164.3 0.05 %
Corple Enterprises, Inc(#,^)17887 US-380, Ponder, TX 76259Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%10/28/2029147.2 147.2 145.4 0.04 %
Perisseia Physicians LLC(#,^)1644 Lebanon Rd, Lawrenceville, GA 30043Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%10/28/2044392.5 392.5 402.5 0.12 %
Proximo Consulting Services Inc(#,^)2500 Plaza 5, Jersey City, NJ 7311Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%10/28/202968.9 68.9 57.1 0.02 %
Marnon Vending LLC dba Naturals 2 Go San Antonio(#,^)6713 Biscay Hbr, San Antonio, TX 78249Nonstore Retailers Term LoanPrime plus 2.75%10/28/20297.3 7.3 6.7 — %
Landmark Ventures USA, Inc(#,^)475 Park Ave S, 25th Floor, New York, NY 10016Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%10/25/202996.5 96.5 80.0 0.02 %
iLoka Inc. dba NewCloud Networks(#,^)160 Inverness Drive W, Ste 150, Englewood, CO 80112Computer and Electronic Product ManufacturingTerm LoanPrime plus 2.75%10/25/202991.9 91.9 95.3 0.03 %
Four Ace Electrical Services Corporation(#,^)3723 Far Niente Way, Sacramento, CA 95834Specialty Trade ContractorsTerm LoanPrime plus 2.75%10/25/202911.0 11.0 9.3 — %
Diamond Solutions LLC(#,^)8321 E Gelding Drive, Scottsdale, AZ 85260Machinery ManufacturingTerm LoanPrime plus 2.75%10/25/202911.7 11.7 9.7 — %
Jbang LLC, WM Bang LLC, Bang Investments LLC(#)125 Westchester Ave, White Plains, NY 10601Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/25/202969.6 69.6 68.8 0.02 %
IV Purpose Inc(#)1489 Fulton St, Brooklyn, NY 11216Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/25/202935.4 35.4 31.0 0.01 %
Sultan's Palace L.L.C.(#,^)8125 West Sahara Ave, Ste 300, Las Vegas, NV 89117Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/24/202919.6 19.6 17.2 0.01 %
Fimac Inc dba American Educational Services(#,^)26300 La Alameda, Ste 200, Mission Viejo, CA 92691Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%10/23/202920.7 20.7 17.4 0.01 %
James Clark and Company, Inc.(#)8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%10/22/202911.6 11.6 11.1 — %
Pyle Garage Doors OKC, INC dba Precision Door Service OKC(#,^)8860 S Sunnylane Rd, Oklahoma City, OK 73135Repair and MaintenanceTerm LoanPrime plus 2.75%10/22/202913.5 13.5 11.2 — %
Todd's Car Wash, LLC(#,^)5505 Johnston St, Lafayette, LA 70506Repair and MaintenanceTerm LoanPrime plus 2.75%10/18/2044337.3 337.3 376.2 0.11 %
Roughcut LLC(#,^)41540 National Rd, Belmont, OH 43718Specialty Trade ContractorsTerm LoanPrime plus 2.75%10/17/2029442.5 442.5 459.0 0.14 %
UNIQUE PAVER INSTALLATIONS, INC.(#,^)4930 Mars Hill Rd, Bogart, GA 30622Specialty Trade ContractorsTerm LoanPrime plus 2.75%10/17/202920.8 20.8 18.4 0.01 %
Owens Family and Cosmetic Dentistry PLLC(#,^)403 E College St, Pulaski, TN 38478Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%10/17/2029249.1 249.1 216.3 0.06 %
Pine Mountain Residential LLC(#)10240 Cosmopolitan Circle, Parker, CO 80134Specialty Trade ContractorsTerm LoanPrime plus 6.5%10/16/202911.6 11.6 11.1 — %
F-27
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Powerlift Dumbwaiters, Inc(#)2444 Georgia Slide Rd, Georgetown, CA 95634Machinery ManufacturingTerm LoanPrime plus 6.5%10/16/202911.3 11.3 10.8 — %
The Cow Harbor Beer Company LLC dba Sand City Brewing Co.(#)19 Scudder Ave, Northport, NY 11768Beverage and Tobacco Product ManufacturingTerm LoanPrime plus 2.75%2/11/2031292.7 292.7 257.3 0.08 %
Glenda D Brewer dba Bargain Store(#)107 Tabernacle Church Rd, Candor, NC 27229General Merchandise Stores Term LoanPrime plus 6.5%10/11/202911.6 11.6 11.1 — %
S&D Beauty Spa Inc dba Elite Nails, dba Bella's Nails &dba Onyx Nail(#,^)5604 Slide Rd, Lubbock, TX 79414Personal and Laundry ServicesTerm LoanPrime plus 2.75%10/11/2029145.7 145.7 123.3 0.04 %
Q2 Ventures, LLC(#,^)2805 W Arimo Rd, Arimo, ID 83214Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%10/8/2029163.1 163.1 162.2 0.05 %
Paketo LLC dba West Loop UPS Store(#,^)623 W Lake St, Chicago, IL 60661Couriers and MessengersTerm LoanPrime plus 2.75%10/4/202915.2 15.2 12.9 — %
Heart and Vascular Associates of Tampa, LLC(#,^)17 David Blvd, Tampa, FL 33606Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/30/2044759.1 759.1 765.9 0.23 %
A Child's Dream Educational Center LLC(#,^)4127 NW 34th St, Gainsville, FL 32605Social AssistanceTerm LoanPrime plus 2.75%9/30/2029175.8 175.8 146.4 0.04 %
DG Business Solutions, Inc(#,^)11008 Rene St, Lenexa, KS 66215Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/30/2029209.9 209.9 175.9 0.05 %
A Child's Dream Educational Center LLC(#,^)4127 NW 34th St, Gainesville, FL 32605Social AssistanceTerm LoanPrime plus 2.75%9/30/2044177.3 177.3 189.3 0.06 %
Atlantic Pacific Hospitality Solutions Inc dba North Beach Bistro(#,^)725 Atlantic Blvd, Atlantic Beach, FL 32233Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/30/20298.6 8.6 7.2 — %
SPIRE Manufacturing Solutions LLC(#,^)1440 Newport Rd, Colorado Springs, CO 80916Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/30/2044996.0 996.0 1,111.0 0.33 %
Meldi Maa, Inc dba The River Complex(#,^)74 S Main St, Woonsocket, RI 2895Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/30/2044416.6 416.6 451.1 0.13 %
Joseph P Fusco DDS PC(#,^)77 N Centre Ave, Rockville Centre, NY 11570Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/30/202960.6 60.6 50.3 0.01 %
In Power Motors, LLC, In-Power Motors II LLC, In-Power Motors III LLC(#,^)2301 W. Buckeye Rd, Phoenix, AZ 85009Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%9/30/2044612.4 612.4 630.9 0.19 %
International Protection Group, LLC(#,^)481 8th Ave Ste 1130, New York, NY 10001Administrative and Support ServicesTerm LoanPrime plus 2.75%9/30/202975.3 75.3 73.1 0.02 %
AV Strategy, Inc(#,^)9468 American Eagle Way Ste 100, Orlando, FL 32837Rental and Leasing ServicesTerm LoanPrime plus 2.75%9/30/2029242.6 242.6 219.8 0.06 %
50 Taps, LLC dba Colorado Taproom & Grill(#,^)19539 Hess Rd Ste Ste #101, Parker, CO 80134Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/30/202970.7 70.7 59.6 0.02 %
Crown Waste Corp(#,^)1 Plainview Rd, Bethpage, NY 11714Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%9/30/202945.7 45.7 41.0 0.01 %
Zima Dining Inc. dba Country Kitchen(#,^)1497 N Mt. Vernon Ave, Colton, CA 92324Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/27/202957.5 57.5 59.6 0.02 %
Hoagie Barmichaels Inc(#,^)1101 River Rd, New Windsor, NY 12553Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/27/2044110.7 110.7 110.3 0.03 %
Universe Appliance Repairs Inc.(#,^)3790 Merrick Rd, Seaford, NY 11783Repair and MaintenanceTerm LoanPrime plus 2.75%9/27/2044575.7 575.7 576.6 0.17 %
F-28
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Wagner & Sons Inc(#,^)22365 Alydar Drive, Lexington Park, MO 20653Nonstore Retailers Term LoanPrime plus 2.75%9/27/202917.1 17.1 14.3 — %
Aztec Machine & Repair Inc, Cranrd & Material(#,^)1715 N 1st St, Bloomfield, NM 87413Repair and MaintenanceTerm LoanPrime plus 2.75%9/27/2044698.1 698.1 713.8 0.21 %
Double H Services, LLC, C&T Oil Field Services, LLC and Brian S. Holma(#,^)3721 North 162nd St, Garber, OK 73701Support Activities for MiningTerm LoanPrime plus 2.75%9/27/2029956.2 956.2 866.3 0.26 %
Titan Laser Screed Concrete Services, LLC(#,^)8908 Wildlife Lane, Sanford, FL 32771Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/27/202945.6 45.6 39.3 0.01 %
Zmetra Clearspan Structures LLC(#,^)2 Old Worcester Rd, Webster, MA 1571Miscellaneous ManufacturingTerm LoanPrime plus 2.75%9/27/2044428.7 428.7 478.2 0.14 %
Universe Appliance Repairs Inc.(#,^)3790 Merrick Rd, Seaford, NY 11783Repair and MaintenanceTerm LoanPrime plus 2.75%9/27/2029604.8 604.8 537.9 0.16 %
Cherry and Candlewood Inc dba Aamco(#,^)3029 South St, Long beach, CA 90805Repair and MaintenanceTerm LoanPrime plus 2.75%9/27/2044424.0 424.0 473.0 0.14 %
Stiegelbauer Associates Inc.(#,^)63 Flushing Ave Unit 342, Brooklyn, NY 11205Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/27/2029182.8 182.8 152.0 0.04 %
Santa Fe Flooring LLC(#,^)3711 Paseo Del Norte NE, Albuquerque, NM 87113Furniture and Related Product ManufacturingTerm LoanPrime plus 2.75%9/26/2029462.5 462.5 402.3 0.12 %
Adam's Construction & General Contracting LLC(#,^)7808 N Custer Rd, Freesoil, MI 49411Construction of BuildingsTerm LoanPrime plus 2.75%9/26/202963.8 63.8 55.7 0.02 %
Anderson's Outdoor Adventures, LLC(#,^)4060 SW County Rd 232, Bell, FL 32619Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/25/202920.5 20.5 20.6 0.01 %
Byler, Wolfe, Lutsch and Kampfer CPAs, Inc(#,^)360 East State St, Salem, OH 44460Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/25/204452.4 52.4 51.4 0.02 %
Quality Machine of Iowa, Inc(#,^)1040 4th Ave, Audubon, IA 50025Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/25/202961.7 61.7 63.9 0.02 %
Luv 2 Play Nor Cal, LLC(#,^)82 Clarksville Rd, Folsom, CA 95682Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/25/2029105.0 105.0 89.3 0.03 %
Flamingo Bowl, Inc(#,^)3301 N 23rd St, McAllen, TX 78501Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/24/2029188.7 188.7 172.5 0.05 %
Unified Utility Services LLC(#,^)206 Frankie Lane, Ladson, SC 29456Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%9/20/2044154.8 154.8 172.5 0.05 %
Standard Real Estate Services LLC(#)500 West Silver Spring Drive, Ste K 200,, Glendale, WI 53217Real EstateTerm LoanPrime plus 6.5%9/19/202911.6 11.6 11.0 — %
Payne's Enviromental Service, LLC dba Bamaco(#,^)5617 Causeway Blvd, Tampa, FL 33619Administrative and Support ServicesTerm LoanPrime plus 2.75%9/18/2044511.5 511.5 522.7 0.15 %
Host Marketing, LLC(#)206 Bell Lane, Ste B, West Monroe, LA 71291Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%9/18/202911.6 11.6 11.0 — %
Vancole Investments, Inc. dba Smoothie King #913 &;Dream Development(#,^)876 Virginia Ave, Hapeville, GA 30354Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/17/202911.0 11.0 9.1 — %
Win Health Institute, LLC(#,^)711 E Valley Rd, Basalt, CO 81621Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/17/20296.8 6.8 6.0 — %
Natalie Hart LLC dba Lady of Luxury &dba Country Sugar Events(#)1702 Fawn Gate St, San Antonio, TX 78248Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/17/202952.8 52.8 49.0 0.01 %
F-29
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Game Station, Inc.(#,^)2917 1st Ave SE, Cedar Rapids, IA 52402Rental and Leasing ServicesTerm LoanPrime plus 2.75%9/16/202918.5 18.5 16.9 — %
Bay Bowl Inc dba Shasta Lanes(#,^)11093 Black Marble Way, Redding, CA 96003Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/13/2044526.7 526.7 586.9 0.17 %
The Steel Method LLC dba Sneeze It(#,^)250 Passaic Ave Ste 200, Fairfield, NJ 7004Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/12/2029154.0 154.0 128.1 0.04 %
Oak Park Social LLC(#)14691 W 11 Mile Rd, Oak Park, MI 48237Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/12/2045133.5 133.5 137.4 0.04 %
New Flow Plumbing and Rooter Inc.(#,^)6718 Katherin Ave, Van Nuys, CA 91405Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/12/202943.6 43.6 36.6 0.01 %
ACSS CPA, LLC(#,^)1016 S Texas Blvd, Weslaco, TX 78599Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/12/204439.2 39.2 41.1 0.01 %
Prime Precision Machining, LLC(#,^)845 Mandoline Ave, Madison Heights, MI 48071Real EstateTerm LoanPrime plus 2.75%9/11/2044267.9 267.9 278.8 0.08 %
Prime Precision Machining, LLC(#,^)845 Mandoline Ave, Madison Heights, MI 48071Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/11/2029200.8 200.8 176.4 0.05 %
Family Insight, P.C.(#,^)3433 Brambleton Ave, Ste 104A, Roanoke, VA 24018Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/11/2029226.6 226.6 226.5 0.07 %
Miami Squeeze Inc dba Miami Squeeze, LLC(#,^)18315 W. Dixie Hwy, North Miami Beach, FL 33160Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/11/2029105.4 105.4 94.2 0.03 %
Covert Recordings LLC(#,^)31-65 138th St Apartment 3K, Flushing, NY 11354Rental and Leasing ServicesTerm LoanPrime plus 2.75%9/11/202910.8 10.8 10.9 — %
Body on Cue Health and Fitness LLC(#,^)129 A Orpha Drive, Middlebury, IN 46840Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/6/202941.1 41.1 34.8 0.01 %
Eco Electric LLC(#,^)5380 Cameron St, Las Vegas, NV 89118Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/5/202960.7 60.7 50.3 0.01 %
Philly Games Inc.dba Queen & Rock Game Cafe(#,^)607-609 S 2nd St, Philadelphia, PA 19147Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/5/202957.0 57.0 47.5 0.01 %
SVT Masonry Limited Liability Company(#,^)1208 Houghton Lane, Bennington, VT 5201Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/5/202963.5 63.5 62.5 0.02 %
Thawk LLC(#,^)1110 Willow Glen Drive, Yuba City, CA 95991Administrative and Support ServicesTerm LoanPrime plus 2.75%8/30/20297.5 7.5 6.2 — %
No Push Backs, LLC(#)2223 Dungan Ave, Bensalem, PA 19020Personal and Laundry ServicesTerm LoanPrime plus 6.5%8/30/202911.2 11.2 10.6 — %
Dog House Sportfishing Charters Inc(#)83413 Overseas Hwy, Islamorada, FL 33036Scenic and Sightseeing TransportationTerm LoanPrime plus 6.5%8/30/202911.5 11.5 10.9 — %
3C Consumer Network & Designs LLC(#,^)7676 Hillmont St, Ste 109, Houston, TX 77040Real EstateTerm LoanPrime plus 2.75%8/29/202913.6 13.6 11.9 — %
Double Scoop Ice Cream, LLC(#,^)2970 Stonecrest Pass, Lithonia, GA 30038Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/29/204494.7 94.7 98.9 0.03 %
Camror LTD dba Jersey Mike's(#,^)5946 Meijer Drive, Cincinnati, OH 45150Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/29/203081.5 81.5 84.6 0.02 %
The BMF Media Group LLC(#,^)50 West 23rd St, 7th floor, New York, NY 10010Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/29/2029340.6 340.6 281.8 0.08 %
Crown Heights Bunch O Bagels & More Inc & 361 Bagel Holding LLC(#,^)361 Troy Ave, Brooklyn, NY 11213Food and Beverage Stores Term LoanPrime plus 2.75%8/29/202936.3 36.3 37.6 0.01 %
F-30
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Esquire Mini Mart LLC & Morgan Store Building LLC(#,^)12595 S Somerton Ave, Yuma, AZ 85365Food and Beverage Stores Term LoanPrime plus 2.75%8/29/202946.5 46.5 44.2 0.01 %
Groton Bowling Center and Entertainment Inc(#,^)27 Kings Hwy, Groton, CT 6340Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%8/29/2044930.1 930.1 979.4 0.29 %
HRS2, LLC(#,^)5410 Pipers Creek Court, Sugar Land, TX 77479Nonstore Retailers Term LoanPrime plus 2.75%8/28/2029209.9 209.9 203.5 0.06 %
DB Talak LLC(#,^)2018 SE 6th Ave, Portland, OR 97214Specialty Trade ContractorsTerm LoanPrime plus 2.75%8/28/202980.1 80.1 82.9 0.02 %
Khari E. J. Myers dba Khari Imagery & 190 Minerva LLC(#,^)190 Minerva St, Tonawanda, NY 14150Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/28/204458.8 58.8 65.5 0.02 %
Linsey Schwertdfeger,, Inc.(#,^)740 Dennery Rd, San Diego, CA 92154Repair and MaintenanceTerm LoanPrime plus 2.75%8/28/202964.3 64.3 54.5 0.02 %
Blue Eagle Transport Inc.,Golden Eagle Tran and Green Eagle Transport(#,^)377 Boston Post Rd, Milford, CT 6460Couriers and MessengersTerm LoanPrime plus 2.75%8/28/2029416.9 416.9 365.3 0.11 %
The Hometown Welcome Program, Inc & Fredric Anthony Gushwa(#,^)107 S Nottawa St, Sturgis, MI 49091Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/27/202988.4 88.4 80.1 0.02 %
Maryland Urgent Care, Inc.(#,^)9831 Greenbelt Rd Ste 208 (Unit H-2), Lanham, MD 20706Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%8/27/204445.1 45.1 48.3 0.01 %
ADA Internacional Inc(#,^)10891 La Reina Rd, Ste 100, Delray Beach, FL 33446Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%8/26/202920.4 20.4 16.9 — %
Crystal S. Prado dba Crystal Clear Accounting(#)34099 Tuscan Creek Way, Temecula, CA 92592Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%8/26/20292.9 2.9 2.8 — %
The Pet Stop, LLC(#,^)106 South Washington St, Pleasantville, IA 50225Personal and Laundry ServicesTerm LoanPrime plus 2.75%8/23/20296.8 6.8 5.8 — %
Elite Motors LLC(#,^)1046-1050 Orange Ave, West Haven, CT 6516Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%8/23/202979.4 79.4 82.2 0.02 %
PJT Logistics, Inc.(#,^)2-4 Commerce Way, Auburn, NY 13021Truck TransportationTerm LoanPrime plus 2.75%8/23/202945.3 45.3 47.0 0.01 %
JLT Foods, LLC(#,^)3294 Long Meadow Court, West Bloomfield Township, MI 48324Food ManufacturingTerm LoanPrime plus 2.75%8/23/202919.5 19.5 16.2 — %
SRJ construction Corp(#,^)8358 W Oakland Park Blvd. #203E, Sunrise, FL 33351Specialty Trade ContractorsTerm LoanPrime plus 2.75%8/23/202910.4 10.4 8.9 — %
MS Integrated Psychotherapy & Counseling, LLC(#,^)1157 Main St, Clifton, NJ 7011Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%8/22/202967.3 67.3 61.3 0.02 %
The Roux Southern Kitchen, LLC(#,^)252 FM 3162, Sandia, TX 78383Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/22/202916.5 16.5 17.0 — %
MB Nursery LLC dba The Garden Center(#,^)15562 HWY-South, Whitehouse, TX 75791Administrative and Support ServicesTerm LoanPrime plus 2.75%8/21/202984.0 84.0 87.0 0.03 %
Metro R Services Inc. and Metal & Roof Supplies, Inc.(#,^)20 Universal Place, Carlstadt, NJ 7072Repair and MaintenanceTerm LoanPrime plus 2.75%8/21/2029175.7 175.7 166.9 0.05 %
Auto Unique LLC(#,^)305 W Main St, Mayo, FL 32066Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%8/20/204412.0 12.0 13.4 — %
F-31
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
William Martinez dba Bad Ass Coffee of Hawaii(#)14101 Main St, Ste 4101, Hesperia, CA 92345Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/20/202920.8 20.8 17.7 0.01 %
Signature Rooms, Inc.(#,^)2066 Route 112, Medford, NY 11763Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%8/19/2029153.0 153.0 158.5 0.05 %
Accent Home Services LLC dba Benjamin Franklin Plumbing of Kansas City(#,^)7748 Troost Ave, Kansas City, MO 64131Specialty Trade ContractorsTerm LoanPrime plus 2.75%8/15/2029102.0 102.0 95.0 0.03 %
AJN Innovations LLC dba Burgerim(#)6704 Main St, Miami Lakes, FL 33014Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/15/2031109.8 109.8 93.0 0.03 %
American Healthy Vending, Inc(#,^)5951 NW 151 St, Hialeah, FL 33014Nonstore Retailers Term LoanPrime plus 2.75%8/15/202996.4 96.4 85.5 0.03 %
Accelerate Educational Solutions, LLC dba Tutor My Success(#,^)135 Clove Branch Rd, Hopewell Junction, NY 12533Educational ServicesTerm LoanPrime plus 2.75%8/14/202915.6 15.6 13.0 — %
Ranson Excavating, Inc(#,^)8343 Kaula Drive, Fair Oaks, CA 95628Specialty Trade ContractorsTerm LoanPrime plus 2.75%8/13/202913.6 13.6 11.2 — %
KM Electrical Services, Inc(#,^)4348 Waialae Ave Unit 315, HONOLULU, HI 96816Specialty Trade ContractorsTerm LoanPrime plus 2.75%8/12/202970.3 70.3 58.4 0.02 %
Love Playing LLC(#)2200 Eastridge Loop, San Jose, CA 95122Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/9/2030165.4 165.4 145.5 0.04 %
Elixir Enterprises, LLC dba Guilford Renee's(#,^)637 Boston Post Rd, Guilford, CT 6437Food and Beverage Stores Term LoanPrime plus 2.75%8/8/202917.7 17.7 14.7 — %
A & S Services LLC dba Kona Ice of Troy(#)3888 Lightner Rd, Vandalia, OH 45377Food Services and Drinking PlacesTerm LoanPrime plus 6.5%8/7/202911.5 11.5 10.9 — %
Accord Law, APC(#,^)82555 Grass Flat Lane, Indio, CA 92203Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/2/20296.8 6.8 5.6 — %
Leader Engineering-Fabrication, Inc.(#,^)695 Independence DrIive, Napoleon, OH 43545Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%8/2/2029113.5 113.5 117.6 0.03 %
Billy Auto Inc(#,^)632 N Broadway, Amityville, NY 11701Repair and MaintenanceTerm LoanPrime plus 2.75%7/31/2044317.7 317.7 320.1 0.09 %
East Coast Flight Services, Inc and Aviation Consulting Enterprise(#,^)27603 Parkway Rd, Easton, MD 21601Air TransportationTerm LoanPrime plus 2.75%7/31/2029518.1 518.1 454.8 0.13 %
Genecco Produce, Inc. & Leo Genecco & Sons, Inc.(#,^)1850 Rochester Rd, Canadaigua, NY 14424Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%7/31/2029707.5 707.5 667.4 0.20 %
Joseph Centonze dba Off Kilter Kilts(#,^)27720 Ave Scott, Santa Clarita, CA 91355Clothing and Clothing Accessories Stores Term LoanPrime plus 2.75%7/31/20294.7 4.7 3.9 — %
St. Francis Home Health Inc(#,^)5246 SW 8th St 103B, Coral Gables, FL 33134Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%7/31/202967.6 67.6 55.9 0.02 %
Humd, LLC dba La Rosa Chicken and Grill(#)3111 N. University Drive, Coral Springs, FL 33065Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/31/2030128.3 128.3 111.3 0.03 %
Gray Rock Quarry, LLC and William E Dailey III(#,^)54 West Milton Rd, Milton, VT 5468Mining (except Oil and Gas)Term LoanPrime plus 2.75%7/31/2044440.6 440.6 410.9 0.12 %
La Mount Group LLC(#,^)3111 Princeton Rd, Hamilton, OH 45011Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/31/2029229.8 229.8 190.1 0.06 %
Living Spring Home Health Inc.(#,^)18350 Kedzie Ave Ste 204, Homewood, IL 60430Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%7/31/2029121.7 121.7 110.5 0.03 %
F-32
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Canyon Lake Kids Academy, LLC(#,^)130 Charter Oak Drive, Canyon Lake, TX 78133Social AssistanceTerm LoanPrime plus 2.75%7/31/204496.0 96.0 101.8 0.03 %
Quick and Quality Services dba Bella Roma Pasta & Pizza & Farshad(#,^)28940 Golden Lantern, Laguna Niguel, CA 92677Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/31/202910.3 10.3 9.2 — %
Dant A Sandras, D.D.S. LLC(#,^)13373 Hwy 3235, Larose, LA 70373Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%7/30/2029197.1 197.1 169.1 0.05 %
Jbelis Stop N' Go, LLC dba Planet Smoothie(#,^)2565 E 17th St, Ammons, ID 83406Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/30/202917.7 17.7 14.9 — %
Platt & Associates, LLC dba Flag Staff Apparel, Platt & Associates, LL(#,^)288 North Industrial Park Drive, Liberty, MS 39645Apparel ManufacturingTerm LoanPrime plus 2.75%7/30/204455.0 55.0 60.1 0.02 %
Grad Street LLC(#)2437 Corinth Ave Apt 130, Los Angeles, CA 90064Nonstore Retailers Term LoanPrime plus 6.5%7/30/20297.3 7.3 6.9 — %
Aeromax Industries, Inc, HITM, Inc and TMCB LLC(#,^)9027 Canoga Ave, Canoga Park, CA 91301Transportation Equipment ManufacturingTerm LoanPrime plus 2.75%7/30/2044770.8 770.8 775.2 0.23 %
Micheal Birch and Tracy M. Pierce(#,^)E 2947 H-44, Traunik, MI 49891Gasoline Stations Term LoanPrime plus 2.75%7/29/204453.1 53.1 57.3 0.02 %
Moore Chiropractic Center, P.A.(#,^)936 Roosevelt Trail Unit 1 & 2, Windham, ME 4062Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%7/26/20298.2 8.2 8.3 — %
Sou's LLC(#,^)739 NE MLK Blvd, Portland, OR 97221Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/26/20295.4 5.4 4.9 — %
Power Associates Inc.(#,^)2766 West Good CT, Boise, ID 83702Real EstateTerm LoanPrime plus 2.75%7/26/202913.5 13.5 11.2 — %
Dan Dahlin Inc.(#,^)16465 MN-65, Ham Lake, MN 55304Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%7/26/2044399.7 399.7 445.4 0.13 %
Franklin Care Pharmacy Incorporated(#,^)520 N Franklintown Rd, Baltimore, MD 21223Health and Personal Care StoresTerm LoanPrime plus 2.75%7/25/202948.9 48.9 50.6 0.01 %
A&W ALF, LLC dba A & W Assisted Living Facility(#,^)6600 Liberty Rd, Gwynn Oak, MD 21207Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%7/24/204498.1 98.1 107.3 0.03 %
Hardrock Alpha Enterprises, LLC(#,^)5101 Stine Rd, Bakersfield, CA 93313Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%7/19/202914.2 14.2 12.1 — %
700 Services Inc.dba 700 Credit Repair(#,^)1201 N Goliad St, Rockwall, TX 75087Credit Intermediation and Related ActivitiesTerm LoanPrime plus 2.75%7/19/20296.8 6.8 5.6 — %
Lawrence Adeyemo & Co LLC(#)209-34 112 Ave, Queens Village, NY 11429Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%7/19/20299.2 9.2 8.7 — %
Ameritube, LLC(#,^)1000 North Hwy 77, Hillsboro, TX 76645Primary Metal ManufacturingTerm LoanPrime plus 2.75%7/18/2029108.9 108.9 112.8 0.03 %
JDM2 Water Station LLC(#,^)125 Chestnut Hill Drive, York, PA 17408Nonstore Retailers Term LoanPrime plus 2.75%7/18/2029188.5 188.5 173.7 0.05 %
Bonfire Hot Yoga LLC(#,^)3665 SW Hall Blvd, Beaverton, OR 97005Educational ServicesTerm LoanPrime plus 2.75%7/18/20297.4 7.4 6.3 — %
Baton Rouge Cargo Services Inc(#,^)6013 McRaven Rd, Jackson, MS 39209Support Activities for TransportationTerm LoanPrime plus 2.75%7/17/2044286.4 286.4 296.9 0.09 %
The Bean Coffee Co. LLC(#)112 South Main St, Spring Hill, KS 66083Food Services and Drinking PlacesTerm LoanPrime plus 6.5%7/17/202911.5 11.5 10.8 — %
Garage Floor Coating of MN.com,LLC(#,^)6701 West 23rd St, St. Louis Park, MN 55426Specialty Trade ContractorsTerm LoanPrime plus 2.75%7/16/2044976.1 976.1 992.6 0.29 %
F-33
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Bouquet Canyon Kennels(#,^)29973 Bouquet Canyon Rd, Santa Clarita, CA 91390Personal and Laundry ServicesTerm LoanPrime plus 2.75%7/16/2044294.5 294.5 294.8 0.09 %
Adam Family Bowl Inc(#,^)1504 Chestnut St, Mishawaka, IN 46545Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%7/16/2044130.0 130.0 137.9 0.04 %
Beacon Metal Fabricators, Inc.(#,^)5425-D Hamilton Ave, Cleveland, OH 44114Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%7/12/202963.1 63.1 58.8 0.02 %
Last Touch, LLC(#,^)1612 Jackson St, Spirit Lake, IA 51360Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%7/11/204499.4 99.4 101.6 0.03 %
D DeGregoria LLC dba The UPS Store 4235 Massapequa(#,^)4940 Merrick Rd, Massapequa Park, NY 11762Couriers and MessengersTerm LoanPrime plus 2.75%7/10/202971.4 71.4 60.8 0.02 %
Menskha Inc(#)88 High St, Mountclair, NJ 7042Ambulatory Health Care ServicesTerm LoanPrime plus 6.5%7/10/202911.5 11.5 10.8 — %
Nash-Delphia LLC(#,^)2135 Gallatin Pike N, Store 4, Madison, TN 37115Clothing and Clothing Accessories Stores Term LoanPrime plus 2.75%7/2/202913.4 13.4 12.2 — %
Advance Transit LLC(#,^)574-614 Tonnelle Ave, Jersey City, NJ 7307Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%6/28/2044746.0 746.0 827.9 0.24 %
Anderson Companies LLC(#,^)3015 S White Horse Pike, Hammonton, NJ 8037Administrative and Support ServicesTerm LoanPrime plus 2.75%6/28/2044203.1 203.1 222.7 0.07 %
Port Huron Ophthalmology, PLLC dba Black River Optical(#,^)1033 River St, Port Huron, MI 48060Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/28/202913.4 13.4 12.2 — %
Kim Howard Corp dba NPN Machine Tools(#,^)9130 Wayfarer Ln, Houston, TX 77075Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%6/28/2029197.2 197.2 206.7 0.06 %
Jian Yang and Kanger House LLC(#,^)48 Horse Hill Rd, Cedar Knolls, NJ 7927Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%6/27/2029107.5 107.5 97.9 0.03 %
Nevada Recycling and Salvage LTD, AMCB LLC(#,^)1085 Telegraph St, Reno, NV 89502Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%6/28/20441,222.1 1,222.1 1,308.9 0.39 %
Sundown Audio, LLC(#,^)514 West 21St St, Newton, NC 28658Computer and Electronic Product ManufacturingTerm LoanPrime plus 2.75%6/28/2044887.4 887.4 955.0 0.28 %
Balboa Fashion LLC(#,^)1016 S. Towne Ave, Unit 123, Los Angeles, CA 90021Apparel ManufacturingTerm LoanPrime plus 2.75%6/28/20296.7 6.7 6.1 — %
Baobab Asset Management LLC(#,^)2 Greenwich Office Park, Ste 260, Greenwich, CT 6831Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%6/28/202945.8 45.8 41.5 0.01 %
Southern Specialties Transportation LLC(#,^)116 Toledo Drive, Lafayette, LA 70506Truck TransportationTerm LoanPrime plus 2.75%6/28/2029131.0 131.0 134.3 0.04 %
Richmond Street Partners, LLC(#,^)200 E Chestnut St, Chicago, IL 60611Clothing and Clothing Accessories Stores Term LoanPrime plus 2.75%6/28/202987.4 87.4 79.9 0.02 %
Crestview Ridge Farms LLC(#,^)1172 Co Rd 956, Ashland, OH 44805Crop ProductionTerm LoanPrime plus 2.75%6/28/2044526.0 526.0 579.3 0.17 %
K & K Restaurant LLC(#,^)6607 S Central Ave, Phoenix, AZ 85042Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/28/2044131.8 131.8 148.2 0.04 %
Big Picture Group LLC(#,^)935 N La Jolla, Los Angeles, CA 90046Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/28/2029137.2 137.2 124.6 0.04 %
5161 LLC(#,^)1478 E Mountain Drive, Santa Barbara, CA 93108Nonstore Retailers Term LoanPrime plus 2.75%6/28/2029566.7 566.7 584.4 0.17 %
Upul's Travel Service & Tours Inc(#,^)654 Shoppers Lane, Covina, CA 91723Administrative and Support ServicesTerm LoanPrime plus 2.75%6/28/2029251.7 251.7 228.6 0.07 %
F-34
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Upul's Travel Service & Tours Inc(#,^)654 Shopping Lane, Covina, CA 91723Administrative and Support ServicesTerm LoanPrime plus 2.75%6/28/2044343.5 343.5 358.5 0.11 %
Good News Cafe, LLC(#,^)694 Main St South, Woodbury, CT 6798Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/28/2044244.1 244.1 262.6 0.08 %
NJ Floats Inc(#,^)66 Twin Oaks Rd, Bridgewater, NJ 8807Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/28/2044172.6 172.6 197.2 0.06 %
Ailky Corporation & Wyspen(#,^)352 Bedford St, Lakeville, MA 2347Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%6/27/202943.6 43.6 39.6 0.01 %
Pawfection Pet Services LLC(#,^)177 W Cottonwood Ln, Ste 12, Casa Grande, AZ 85122Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/27/20299.4 9.4 8.6 — %
Boucherie US Inc(#,^)251 Little Falls Drive, Wilmington, DE 19807Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/27/20291,077.8 1,077.8 978.7 0.29 %
Tim's Truck Capital & Auto Sales, Inc(#,^)904 Suncook Valley Hwy, Epsom, NH 3234Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%6/27/2029190.2 190.2 199.3 0.06 %
S & T Hardware Inc(#,^)2300 Nooseneck Hill, Coventry, RI 2816Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%6/27/2044196.7 196.7 224.8 0.07 %
Moon Landscaping, Inc, Moon Group, Inc moon Nursery, Inc, Moon Site(#,^)145 Moon Rd, Chesapeake City, MD 21915Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%6/27/20291,128.4 1,128.4 1,125.1 0.33 %
Shooter's Gun Club, LLC(#)2429 Iowa St Stes B, C and D, Lawrence, KS 66046Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%4/27/2030174.0 174.0 162.2 0.05 %
BB Services, LLC(#,^)580 39 Rd, Palisade, CO 81526Truck TransportationTerm LoanPrime plus 2.75%6/27/2029103.7 103.7 96.7 0.03 %
Crescent Event Productions, Inc(#,^)1327 Wood Branch Drive, Charlotte, NC 28273Administrative and Support ServicesTerm LoanPrime plus 2.75%6/27/2029313.3 313.3 292.6 0.09 %
Selective Automotive & Accessories Group, Inc(#,^)2221 Pelham Parkway, Pelham, AL 35124Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%6/26/2029223.7 223.7 214.7 0.06 %
Tekoa Enterpises, Inc(#,^)1033 Cannon Bridge Rd, Cordova, SC 29039Truck TransportationTerm LoanPrime plus 2.75%6/26/202951.7 51.7 49.0 0.01 %
Soft Touch Tissue & Paper LLC(#,^)1491 Hammond St, Bangor, ME 4401Paper ManufacturingTerm LoanPrime plus 2.75%6/26/2044229.9 229.9 262.6 0.08 %
RWBB Enterprises, LLC(#,^)4120 7th Ave, Kenosha, WI 53140Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/26/204474.3 74.3 82.7 0.02 %
Lynx Inspection Technologies LLC(#,^)8101 Miller Rd 2, Houston, TX 77049Support Activities for MiningTerm LoanPrime plus 2.75%6/26/2044564.1 564.1 644.5 0.19 %
JFK Transportation Inc(#,^)4 Mechanic St, Natick, MA 1760Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%6/26/202993.0 93.0 87.3 0.03 %
Child Care Ventures LLC dba Childcare Adventures ELC(#,^)3542 Glendale Ave, Toledo, OH 43614Social AssistanceTerm LoanPrime plus 2.75%6/26/2044144.0 144.0 152.3 0.04 %
All-City Towing LLC, Jeffrey James Piller(#,^)1213 W Mallory Ave, Milwaukee, WI 53221Support Activities for TransportationTerm LoanPrime plus 2.75%6/26/2029362.3 362.3 356.3 0.10 %
Soft Touch Tissue & Paper LLC(#)1491 Hammond, Bangor, MA 4401Paper ManufacturingTerm LoanPrime plus 2.75%12/26/2029104.9 104.9 110.3 0.03 %
Paradise Towing & Recovery Inc(#,^)1115 S Homer Blvd, Sanford, NC 27330Repair and MaintenanceTerm LoanPrime plus 2.75%6/25/202995.1 95.1 94.2 0.03 %
F-35
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Vanchoc Transport Inc(#,^)137 3rd St, Brooklyn, NY 11231Rental and Leasing ServicesTerm LoanPrime plus 2.75%6/25/202939.0 39.0 37.6 0.01 %
Spartan Technology Solutions, Inc(#,^)125 Venture Blvd, Spartanburg, SC 29306Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/25/2044477.0 477.0 511.3 0.15 %
Worldwide Capital Management Inc.(#,^)6 Venture Ste 305, Irvine, CA 92618Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/25/2029129.8 129.8 117.9 0.03 %
Professional Tire Limited Liability Company(#,^)6655 Country Rd 32, Norwich, NY 13815Repair and MaintenanceTerm LoanPrime plus 2.75%6/25/2044136.2 136.2 147.8 0.04 %
567 Logistics, LLC(#,^)1924 Ruffin Mill Rd, Colonial Heights, VA 23834Support Activities for TransportationTerm LoanPrime plus 2.75%6/25/202944.7 44.7 42.1 0.01 %
Paradise Towing & Recovery Inc(#,^)1115 S. Horner Blvd, Sanford, NC 27330Repair and MaintenanceTerm LoanPrime plus 2.75%6/25/204471.7 71.7 81.8 0.02 %
Krsto, LLC dba Italian Butter Breadsticks(#,^)34683 Nova Dr, Clinton Twp, MI 48035Food ManufacturingTerm LoanPrime plus 2.75%6/24/2044186.3 186.3 205.5 0.06 %
Sweets By Karla LLC(#,^)3273 South John Young Parkway, Kissimmee, FL 34746Food ManufacturingTerm LoanPrime plus 2.75%6/24/202911.5 11.5 10.4 — %
Scissor Kids Inc(#,^)63 Hebron Ave, Ste F, Glastonbury, CT 6033Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/24/202914.5 14.5 13.3 — %
Peninsula Self Defense LLC(#,^)2766 Bay Rd, Redwood City, CA 94063Educational ServicesTerm LoanPrime plus 2.75%6/21/20294.7 4.7 4.4 — %
Small Batch Creations Inc. dba The Office Bar & Grill(#,^)295 E WASHINGTON AVE, SUNNYVALE, CA 94086Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/21/202954.3 54.3 49.4 0.01 %
Port Diesel L.L.C.(#)3212 Alex Trask Drive, Castle Hayne, NC 28429Repair and MaintenanceTerm LoanPrime plus 6.5%6/21/202911.4 11.4 11.8 — %
LuLuBelle's Mountain Banana Bread LLC(#)1063 Carousel Rd, Lake Arrowhead, CA 92352Food ManufacturingTerm LoanPrime plus 2.75%12/21/2045250.0 250.0 272.6 0.08 %
William Rose Inc(#,^)1 Grace Cove Rd, New Shoreham, RI 2807Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/21/204485.4 85.4 85.9 0.03 %
Campuscuts LLC(#)930 Robtrice Ct, Edmond, OK 73430Personal and Laundry ServicesTerm LoanPrime plus 6.5%6/21/20296.8 6.8 7.1 — %
Central Texas Hygiene, LLC.(#,^)10201 McKalla Place, Austin, TX 78758Administrative and Support ServicesTerm LoanPrime plus 2.75%6/20/202977.5 77.5 70.4 0.02 %
International Institute for Learning Inc.(#,^)110 E 59th St ,31st floor, New York, NY 10022Educational ServicesTerm LoanPrime plus 2.75%6/19/2029268.5 268.5 243.8 0.07 %
Beck's Pub & Grill LLC(#,^)N6630 WI-49, Weyauwega, WI 54983Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/19/204468.4 68.4 76.0 0.02 %
Zion Motors Inc(#,^)6949 Wall Triana Hwy, Madison, AL 35757Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%6/19/204459.3 59.3 64.2 0.02 %
Bader Furniture Company Inc.(#,^)704 N Liberty St, Shamokin, PA 17872Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%6/19/20296.7 6.7 7.0 — %
Bonadi Inc. dba Polished Salon(#)9858 W Sample Rd, Coral Springs, FL 33065Personal and Laundry ServicesTerm LoanPrime plus 6.5%6/17/202911.4 11.4 11.8 — %
American Demolition, Inc(#,^)401 N Kuner Rd, Brighton, CO 80601Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/17/2029174.0 174.0 182.4 0.05 %
JLM Consulting LP(#,^)3981 E Dunrobin Dr., Springfield, MO 65809Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/17/202917.7 17.7 16.1 — %
F-36
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Comarco Quality Pork Products Inc, Comarco Pork Products of FL LLC(#,^)501 Jackson St, Camden, NJ 8104Food ManufacturingTerm LoanPrime plus 2.75%6/14/2029277.7 277.7 267.5 0.08 %
Kego 2 LLC dba Jon Smith Subs 80025(#,^)2001 W. Southlake Blvd Ste 143, Southlake, TX 76092Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/14/202998.4 98.4 91.8 0.03 %
A & S Services LLC dba Kona Ice of Troy(#,^)3888 Lightner Rd, Vandalia, OH 45377Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/14/204443.9 43.9 48.7 0.01 %
Law Office of Paula Padilla PLLC(#)2211 E Highland Ave Ste 130, Phoenix, AZ 85016Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%6/13/20294.6 4.6 4.7 — %
Picon Motors LLC dba The New Young's Motors(#,^)199-211 Central Ave, Orange, NJ 7080Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%6/12/2029213.8 213.8 217.3 0.06 %
GT Performance Plus Inc(#,^)4210 College St, Beaumont, TX 77707Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%6/11/204496.8 96.8 107.5 0.03 %
Ivesters Transportation, Inc(#,^)4299 South 2675 West, Roy, UT 84067Truck TransportationTerm LoanPrime plus 2.75%6/11/2029223.5 223.5 208.7 0.06 %
GT Performance Plus Inc(#,^)4210 College St, Beaumont, TX 77707Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%6/11/202968.2 68.2 62.7 0.02 %
Independent Transport, LLC dba Independent Water(#,^)3739 E Ridgeway Rd, Orange, CA 92867Nonstore Retailers Term LoanPrime plus 2.75%6/10/2029182.8 182.8 177.9 0.05 %
Archer Cleaners Inc(#)1514 W. 33rd St, Chicago, IL 60608Personal and Laundry ServicesTerm LoanPrime plus 6.5%6/10/202911.4 11.4 11.8 — %
J&A Elliott Company(#,^)1118 Thornberry Dr, Clarksville, TN 37043Nonstore Retailers Term LoanPrime plus 2.75%6/7/20299.4 9.4 9.8 — %
Neely Motorsports, Inc dba Earl's Store #1;Earl's Performance Plumbing(#,^)15825-15827 Hawthorne Blve, Lawndale, CA 90260Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%6/7/2044236.4 236.4 260.0 0.08 %
Throop Family Holding Inc dba Klamath Basin Metals and Supply(#,^)7130 Crater Lake Hwy, White City, OR 97503Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%6/7/202935.8 35.8 34.1 0.01 %
Johnny's Boy LLC(#,^)127 East King St, Martinsburg, WV 25401Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/7/204499.4 99.4 108.6 0.03 %
Allison K. Chipak dba Still Photography(#)195 Terrace Place, Apt. 2, Brooklyn, NY 11218Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%6/6/202911.4 11.4 11.8 — %
Skin Beauty Bar Inc(#,^)749 8th St, Washington, DC 20003Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/6/20294.7 4.7 4.3 — %
Jamestown Quick Stop LLC(#,^)3097 24th Ave, Hudsonville, MI 49426Food and Beverage Stores Term LoanPrime plus 2.75%6/5/204468.2 68.2 73.7 0.02 %
Preferred Manufacturing Services Inc(#,^)4261 Business Drive, Cameron Park, CA 95682Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%6/5/2029425.1 425.1 445.4 0.13 %
Oasis Senior Advisors Franchise Systems, LLC(#,^)24870 Burnt Pine Drive, Bonita Springs, FL 34134Lessors of Nonfinancial Intangible Assets (except Copyrighted Works)Term LoanPrime plus 2.75%6/4/2029272.5 272.5 281.6 0.08 %
Evoke Growth Advisory LLC(#,^)2600 Brookwood Way Drive, Unit 311, Rolling Meadows, IL 60008Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/3/20296.7 6.7 6.1 — %
G.S.A.T. Restoration Inc. dba Paul Davis Restoration & Remodeling(#,^)1450 Oakbrook Dr, Norcross, GA 30093Specialty Trade ContractorsTerm LoanPrime plus 2.75%5/31/2029104.5 104.5 97.0 0.03 %
F-37
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
V & M Transportation LLC(#,^)1307 27th St Apt B, North Bergen, NJ 7047Truck TransportationTerm LoanPrime plus 2.75%5/31/202911.7 11.7 10.6 — %
Martin Inventory Management, LLC(#,^)304 1/2 Main St, Edgefield, SC 29824Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%5/31/202944.4 44.4 46.2 0.01 %
Morey Publishing LLC(#,^)575 Underhill Blvd, Ste 216, Syosset, NY 11791Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%5/31/202955.6 55.6 50.8 0.01 %
SSD Designs, LLC(#,^)486 Vance St, Forest City, NC 28043Chemical ManufacturingTerm LoanPrime plus 2.75%5/30/2044415.8 415.8 470.4 0.14 %
Aspen Welding LLC(#,^)28803 US-6, Rifle, CO 81650Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%5/30/2044399.4 399.4 439.0 0.13 %
Inside & Out Maintenance LLC(#,^)1698 SW Pancoast St, Port St Lucie, FL 34987Administrative and Support ServicesTerm LoanPrime plus 2.75%5/30/202989.0 89.0 81.3 0.02 %
AGR, Inc(#,^)2-255555 Kaumualii Hwy, Kalaheo, HI 96741Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/29/2044770.8 770.8 868.4 0.26 %
Brooklyn Breakfast Shop LLC(#,^)7707 S IH 35 Frontage Rd #730, Austin, TX 78744Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/29/20294.4 4.4 4.2 — %
Canela Media Inc(#,^)2715 Palomino Circle, La Jolla, CA 92037Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%5/29/2029105.6 105.6 99.2 0.03 %
PD Financial LLC(#,^)364 Parsippany Rd, Unit 7-B, Parsippany, NJ 7054Credit Intermediation and Related ActivitiesTerm LoanPrime plus 2.75%5/28/204435.7 35.7 40.4 0.01 %
SV Enterprise LLC dba Haagen-Dazs(#,^)1885 Briargate Pkwy, Space D-413, Colorado Springs, CO 80920Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/24/202982.5 82.5 75.1 0.02 %
MCM Design LLC(#)5926 Vinings Vintage Way, Mableton, GA 30126Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%5/23/20298.8 8.8 9.1 — %
Top Notch Roofing, Inc(#,^)46 Cherry St, Milton, VT 5468Specialty Trade ContractorsTerm LoanPrime plus 2.75%5/23/2029109.3 109.3 101.9 0.03 %
2820 US HWY 98 N LLC dba Total Package Car Wash(#)2820 US Hwy 98 N, Lakeland, FL 33805Repair and MaintenanceTerm LoanPrime plus 2.75%5/23/2029118.6 118.6 123.2 0.04 %
McGuckin & Pyle Inc(#,^)120 Corporate Ln, New Bern, NC 28562Machinery ManufacturingTerm LoanPrime plus 2.75%5/23/2044301.1 301.1 331.1 0.10 %
Clowers Trucking By Faith LLC(#)705 E Brookwood PL, Valdosta, GA 31601Truck TransportationTerm LoanPrime plus 6.5%5/23/202911.2 11.2 11.6 — %
Gratitude Training, LLC(#,^)1901 N Federal Hwy, Ste 212, Pompano Beach, FL 33062Administrative and Support ServicesTerm LoanPrime plus 2.75%5/22/202968.2 68.2 62.0 0.02 %
ES&A, INC., A LAW CORPORATION(#,^)1003 Bishop St, Honolulu, HI 96813Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%5/22/2029100.0 100.0 91.5 0.03 %
Bloomquist Communications Inc. dba FastSigns(#,^)131 East Trinity Place, Decatur, GA 30030Miscellaneous ManufacturingTerm LoanPrime plus 2.75%5/22/202913.3 13.3 12.3 — %
Anchor Up Fitness and Nutrition, LLC(#,^)2464 US-29, Pensacola, FL 32505Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%5/21/202918.0 18.0 17.4 0.01 %
Kappa Investments LLC dba Buddy's Home Furnishings(#,^)365 Lowe's Drive, Ste H, Danville, VA 24540Rental and Leasing ServicesTerm LoanPrime plus 2.75%5/17/2029385.6 385.6 351.4 0.10 %
Covalent Holding LLC(#,^)18 West Chestnut St,Unit 2F, Chicago, IL 60610Nonstore Retailers Term LoanPrime plus 2.75%5/17/2029219.8 219.8 214.8 0.06 %
BD Branson Victorian LLC dba Branson Surrey Inn(#,^)430 a/k/a 450 South Hwy 165, Branson, MO 65616AccommodationTerm LoanPrime plus 2.75%5/17/2029227.0 227.0 237.8 0.07 %
F-38
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
CJNR LLC dba Chenney Bear Cafe, Elma Lodge & Suites, Parkhurst Motel(#,^)208 East Main St, Elma, WA 98541AccommodationTerm LoanPrime plus 2.75%5/16/202916.7 16.7 17.5 0.01 %
Cut To The Chase 502 LLC(#,^)6903 Lakegreen Ct, Louisville, KY 40291Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/16/20293.0 3.0 2.9 — %
AMP Trucking Inc(#,^)1030 Gettysburg Ave, Clovis, CA 93161Truck TransportationTerm LoanPrime plus 2.75%5/16/2029231.9 231.9 210.6 0.06 %
Two Pie Lovers LLC dba Pizza Outpost(#,^)302 E. Millitary Hwy U1122, Brackettville, TX 78832Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/10/204442.7 42.7 47.5 0.01 %
The Lobster Pot Inc(#,^)119 Hope St, Bristol, RI 2809Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/10/2044360.6 360.6 401.9 0.12 %
Aloha To Go LLC(#,^)5903 Seminole Blvd, Seminole, FL 33772Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/9/202913.8 13.8 12.6 — %
Crystal D. Walls dba Crystal's Cleaning Service(#)26 Cooper Rd, Byhalia, MS 38611Administrative and Support ServicesTerm LoanPrime plus 6.5%5/9/20299.1 9.1 9.4 — %
Blue Country Firearms LLC(#,^)221 N Main St, Kingsfisher, OK 73750Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%5/8/204420.5 20.5 21.7 0.01 %
NYM Solutions Inc.dba NYM Solutions, Inc(#)12150 SW 128th St CT Ste 209, Miami, FL 33186Insurance Carriers and Related ActivitiesTerm LoanPrime plus 6.5%5/6/202911.3 11.3 11.7 — %
Folklore Music Exchange LLC(#,^)617 Tennessee Ave, Charleston, WV 25302Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%5/6/20294.6 4.6 4.1 — %
EPIFAB,LLC(#,^)1341 Brooks St Unit D, Ontario, CA 91762Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%5/3/202918.9 18.9 18.0 0.01 %
Global Enterprises LLC dba Verdi Pizza(#,^)3111 S Valley View Blvd, Las Vegas, NV 89102Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/3/202918.5 18.5 16.8 — %
Life View Prenatal Imagery, LLC(#,^)312 79th Ave North, Myrtle Beach, SC 29572Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%5/3/20295.4 5.4 5.1 — %
Mark Garvin dba Tipsy Canyon Winery(#,^)150 Upper Joe Creek Rd, Manson, WA 98831Beverage and Tobacco Product ManufacturingTerm LoanPrime plus 2.75%5/3/2044103.6 103.6 118.2 0.03 %
Art Amore Studios, LLC(#,^)6507 Jester Blvd, Ste #107, Austin, TX 78750Educational ServicesTerm LoanPrime plus 2.75%5/3/20294.9 4.9 4.5 — %
Modern Trousseau, LLC(#,^)125 Bradley Rd, Woodbridge, CT 6525Clothing and Clothing Accessories Stores Term LoanPrime plus 2.75%5/1/2029277.8 277.8 279.9 0.08 %
DeVega Juice Co, - East Cobb, LLC dba Clean Juice Johnson Ferry(#,^)1205 Johnson Ferry Rd Ste 124, Marietta, GA 30068Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/30/202957.0 57.0 58.0 0.02 %
Midlothian Hardware, Inc dba Grills True Value(#,^)475 West 147th St, Midlothian, IL 60445Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%4/29/202935.3 35.3 37.0 0.01 %
Sona USA, Inc(#,^)15280 NW 79th Ct Ste 109, Miami Lakes, FL 33016TelecommunicationsTerm LoanPrime plus 2.75%4/26/2029145.7 145.7 139.1 0.04 %
Pellegrin Marine Transportation, LLC(#,^)117 Country Village Drive, Raceland, LA 70394Support Activities for TransportationTerm LoanPrime plus 2.75%4/26/2029116.8 116.8 111.0 0.03 %
ASM Partners LLC(#,^)1619 Roberts Drive SE, Mableton, GA 30126Nonstore Retailers Term LoanPrime plus 2.75%4/26/2029215.6 215.6 209.7 0.06 %
Jones Roger Sherman Inn, Inc.(#,^)195 Oenoke Ridge, New Canaan, CT 6840Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/25/2029132.1 132.1 138.5 0.04 %
F-39
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
La Dolce Vita LLC.(#,^)196 N. Holiday Rd, Miramar Beach, FL 32550Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%4/25/2044459.1 459.1 514.8 0.15 %
La Dolce Vita, LLC, La Dolce Vita Watersports LLC, LDV Golf Cart(#,^)196 N. Holiday Rd, Miramar Beach, FL 32550Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%4/25/2029441.5 441.5 419.4 0.12 %
Quality Living Medical Alert, LLC(#,^)1882 Capital Circle NE, Ste 104, Tallahassee, FL 32308Social AssistanceTerm LoanPrime plus 2.75%4/24/202948.6 48.6 47.1 0.01 %
ER & DC McPherson Holdings, LLC(#,^)6957 W Broward Blvd., Plantation, FL 33317Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/19/202942.9 42.9 39.4 0.01 %
All My Best Inc.(#,^)4320 Anthony Court Stes 1,2,3, Rocklin, CA 95677Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%4/19/202955.3 55.3 51.8 0.02 %
2Choice2Friends dba 2 N 1 Salad Bar and Grill(#)901 W Braker Lane, Austin, TX 78758Food Services and Drinking PlacesTerm LoanPrime plus 6.5%4/17/202911.3 11.3 11.7 — %
Modern Demo & Services LLC(#,^)10161 W Park Run Drive, Las Vegas, NV 89145Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/17/2029110.4 110.4 101.4 0.03 %
Expert Building Services LLC(#,^)74 Roosevelt St, Pequannock Township, NJ 7440Administrative and Support ServicesTerm LoanPrime plus 2.75%4/17/202918.0 18.0 16.4 — %
Bottles on Broadway, LLC(#,^)1083 North Broadway, North Massapequa, NY 11758Food and Beverage Stores Term LoanPrime plus 2.75%4/17/2029113.7 113.7 104.8 0.03 %
Rello, Inc. dba ID Salon(#)8063 Jericho Turnpike, Woodbury, NY 11797Personal and Laundry ServicesTerm LoanPrime plus 6.5%4/17/20295.4 5.4 5.6 — %
Cormac Enterprises, Inc(#,^)1205 38th Ave North, Myrtle Beach, SC 29577Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%4/16/202919.9 19.9 18.3 0.01 %
Pranamji Inc dba Ohara's Beverage Spot(#,^)2300 Levit Rd, Lorain, OH 44052Food and Beverage Stores Term LoanPrime plus 2.75%4/16/204446.0 46.0 49.6 0.01 %
Bill Berger LLC(#,^)8728 Tireman Ave, Detroit, MI 48204Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%4/12/20297.9 7.9 7.2 — %
Samco Food Corp dba C-Town Supermarket(#,^)1761 Nostrand Ave, Brooklyn, NY 11226Food and Beverage Stores Term LoanPrime plus 2.75%4/12/202988.3 88.3 80.2 0.02 %
P. Moss Enterprises, LLC dba Garage Experts-Mid Atlantic(#,^)3563 South River Terrace, Edgewater, MD 21037Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/12/202938.8 38.8 36.3 0.01 %
Gilpin Enterprises, LLC dba Jon Smith Subs(#,^)17790 State Rd 54, Lutz, FL 33458Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/12/202970.2 70.2 65.3 0.02 %
Southern Gulf Construction, Inc.(#,^)367 Pine Island Rd, North Fort Myers, FL 33903Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/12/202998.2 98.2 97.8 0.03 %
J.T. ONeill Company, LLC(#,^)19972 Willowin Farm Lane, Purceville, VA 20132Real EstateTerm LoanPrime plus 2.75%4/12/20298.6 8.6 7.8 — %
Maxiflex LLC(#,^)512 Verret St, New Orleans, LA 70114Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%4/11/202955.2 55.2 57.8 0.02 %
VRGE Strategies LLC(#,^)1155 15th St NW, Washington, DC 20005Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%4/10/202987.5 87.5 79.5 0.02 %
Georgetown Milling Co, LLC(#,^)9001 Wentworth Springs Rd, Georgetown, CA 95634Wood Product ManufacturingTerm LoanPrime plus 2.75%4/9/202911.3 11.3 10.6 — %
FRAJOVI Urban Air, LLC dba Urban Air Trampoline& Adventure Park(#,^)1256 Indian Head Rd, Toms River, NJ 8755Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%1/8/2030535.0 535.0 553.9 0.16 %
F-40
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Bose and Avinder, Inc.and Carmel and Preet Inc(#,^)28201 Date Palm Drive, Cathedral City, CA 92234Gasoline Stations Term LoanPrime plus 2.75%4/5/202952.0 52.0 54.4 0.02 %
Marnon Enterprise LLC(#,^)6713 Biscay Hbr, San Antonio, TX 78249Administrative and Support ServicesTerm LoanPrime plus 2.75%4/5/20294.2 4.2 3.8 — %
Ren Investment Group Inc dba True Positon Manufacturing(#,^)40 Sandra Drive, South Windsor, CT 6074Machinery ManufacturingTerm LoanPrime plus 2.75%3/29/2029702.9 702.9 647.6 0.19 %
J Brothers Enterprises, LLC(#,^)1101 NW 12TH Ave, Ava, MO 65608Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%3/29/2044627.6 627.6 666.5 0.20 %
La Favorita Radio Network(#,^)4043 Geer Rd, Hughson, CA 95326Broadcasting (except Internet)Term LoanPrime plus 2.75%3/29/2029329.3 329.3 307.8 0.09 %
Royalty Freight Inc.(#,^)3728 W McKinley Ave, Fresno, CA 93772Truck TransportationTerm LoanPrime plus 2.75%3/29/2029375.1 375.1 361.1 0.11 %
Key HR Associates, Inc dba Parents Choice for Kids(#,^)3150 West Park Drive, Burnsville, MN 55306Social AssistanceTerm LoanPrime plus 2.75%3/29/2044443.8 443.8 475.8 0.14 %
Hamsons Inc.(#,^)4900 Hopyard Rd, Pleasanton, CA 94588Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%3/29/2029164.4 164.4 149.0 0.04 %
EJ & James Transport LLC(#,^)3100 Drewsky Lane Unit 108, Fort Mills, SC 29715Truck TransportationTerm LoanPrime plus 2.75%3/29/20298.3 8.3 8.0 — %
Bhatti LLC dba Auntie Ann's & Bhatti LLC 1(#,^)7219 Silver Mist Ave, North Chesterfield, VA 23237Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/29/2029145.0 145.0 131.5 0.04 %
Reliable Power Group Inc. dba Batteries + bulbs Pensacola(#,^)6895 N. 9th Ave Ste B, Pensacola, FL 32504Repair and MaintenanceTerm LoanPrime plus 2.75%3/29/202987.7 87.7 79.7 0.02 %
Bright Freight Solution, LLC(#,^)1112 N Main St, Manteca, CA 95336Truck TransportationTerm LoanPrime plus 2.75%3/29/20291,039.9 1,039.9 985.5 0.29 %
Pizzaplex L3C(#,^)4458 West Vernor Hwy, Detroit, MI 48209Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/29/202939.2 39.2 36.2 0.01 %
Raven's Place LLC(#,^)13031 S Western Ave, Blue Island, IL 60406Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/29/2044672.4 672.4 727.6 0.21 %
Bayco Enterprises, Inc(#,^)128 Cowesett Ave, West Warwick, RI 2893Gasoline Stations Term LoanPrime plus 2.75%3/29/2044193.4 193.4 220.7 0.07 %
Stillwater Ventures, LLC(#,^)8272 W. Sunset Blvd, Los Angeles, CA 90048Nonstore Retailers Term LoanPrime plus 2.75%3/29/2029339.8 339.8 333.1 0.10 %
NuBe Business Group LLC(#,^)2140 44th St SE, Ste 201, Grand Rapids, MI 49508Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/29/204439.9 39.9 45.5 0.01 %
Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery(#,^)229 Medical Park Rd, Ste 310, Mooresville, NC 28117Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/29/2044820.8 820.8 873.3 0.26 %
Felipe Antonio Del Valle M.D. P.A.(#,^)7190 SW 87th Ave Ste 203, Miami, FL 33173Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/29/202913.2 13.2 11.9 — %
StillBasi Holdings, Inc. dba Buxton Auto Transport(#,^)9371 Jackson Rd, Sacramento, CA 95826Truck TransportationTerm LoanPrime plus 2.75%3/29/2029267.2 267.2 252.2 0.07 %
Knoxville Room Service(#,^)10670 Parkside Drive, Knoxville, TN 37922Food and Beverage Stores Term LoanPrime plus 2.75%3/29/20295.9 5.9 5.5 — %
Outtasight Careers, LLC dba Gecko Hospitality(#,^)109 W Fern St, Tampa, FL 33604Administrative and Support ServicesTerm LoanPrime plus 2.75%3/29/202945.6 45.6 41.3 0.01 %
F-41
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Peak Performance Associates LLC dba Nova Hypnosis and Wellnes(#,^)10420 Hunter View Rd, Vienna, VA 22181Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/29/202952.6 52.6 47.7 0.01 %
Complete Care IT LLC(#,^)4801 South University Drive Ste 125, Davie, FL 33328Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/29/202946.0 46.0 41.8 0.01 %
Turtle Shirts, LLC(#,^)10241 Metro Pkwy# 108, Ft Myers, FL 33966Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%3/29/202947.6 47.6 43.9 0.01 %
Skaggs RV Outlet ,LLC(#,^)301 Commerce Drive, Elizabethtown, KY 42701Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%3/28/2029218.9 218.9 229.0 0.07 %
Cleland Pharmacy LLC(#,^)202 S First St, Wakeeney, KS 67672Health and Personal Care StoresTerm LoanPrime plus 2.75%3/28/202919.7 19.7 20.6 0.01 %
J.C. Pallet Company, Inc.(#,^)18427 New Kent Hwy, Barhamsville, VA 23011Wood Product ManufacturingTerm LoanPrime plus 2.75%3/28/2029394.6 394.6 389.2 0.11 %
Planet X Tobacco & Gift, LLC(#,^)900 West Northern Lights Blvd, Anchorage, AK 99503Miscellaneous Store RetailersTerm LoanPrime plus 2.75%3/28/2044175.8 175.8 200.6 0.06 %
GS Bath Inc(#,^)5335 E. Kaviland Ave, Fresno, CA 93725Truck TransportationTerm LoanPrime plus 2.75%3/28/2029274.2 274.2 262.5 0.08 %
Four Seasons Laser Center Inc.(#,^)4720 NW 2nd Ave Unit D104 and Unit D-105, Boca Raton, FL 33498Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/28/202912.9 12.9 12.9 — %
Custom Vinyl Products LLC(#,^)260 Enterprise Drive, Newport News, VA 23603Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%3/28/2044985.2 985.2 1,075.1 0.32 %
Cocomo Joe's LLC(#,^)3949 New Rd, Youngstown, OH 44515Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/28/20293.0 3.0 2.9 — %
PA Sobol Partners LLC dba Sobal(#,^)206 Rohrerstown Rd, Lancaster, PA 17603Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/28/202945.1 45.1 42.1 0.01 %
Cinco Fit LLC dba Cinco Fit(#,^)23010 Highland Knolls Blvd, Ste G, Katy, TX 77494Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/27/2029144.7 144.7 131.1 0.04 %
Ocean Trans LLC and Dehal Trucking LLC(#,^)1415 W Anderson St, Stockton, CA 95206Truck TransportationTerm LoanPrime plus 2.75%3/27/202965.9 65.9 68.9 0.02 %
Danielle Vance LPC, LLC dba Danielle Vance MA, LPC(#,^)2543 Eliot St, Denver, CO 80211Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/27/20295.0 5.0 4.5 — %
DC AG, LLC dba Big B Sales(#,^)674 LA- 8, Sicily Island, LA 71368Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%3/27/2044572.0 572.0 615.5 0.18 %
Heritage Hills Athletics 1, LLC and Heritage Hills Athletics 1, LLC(#,^)2880 Carol Rd, East York, PA 17402Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/26/20441,220.5 1,220.5 1,327.9 0.39 %
District 5 Boutique LLC(#,^)317 N Farview Ave, Paramus, NJ 7652Nonstore Retailers Term LoanPrime plus 2.75%3/26/2029109.6 109.6 99.3 0.03 %
Gary Krause dba Gary Krause Landscaping & Design(#,^)489 Hamilton Rd, Jacksonville, OR 97530Administrative and Support ServicesTerm LoanPrime plus 2.75%3/22/20295.3 5.3 5.1 — %
Virginia Industrial Plastics, Inc.(#,^)2454 N East Side Hwy,, Elkton, VA 22827Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%3/22/2044290.0 290.0 330.5 0.10 %
Skyways, LTD(#,^)350 15th St NW, Huron, SD 57350Support Activities for TransportationTerm LoanPrime plus 2.75%3/22/2029740.7 740.7 676.2 0.20 %
F-42
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
J & C May Properties, LLC(#,^)315 Sylamore Ave, Mountain View, AR 72560Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%3/22/20441,103.2 1,103.2 1,140.7 0.34 %
Virginia Industrial Plastics, Inc.(#,^)2454 North East Side Hwy, Elkton, VA 22827Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%3/22/2029243.0 243.0 254.2 0.07 %
Dependable Lawn Care, Inc.(#,^)2320 138TH ST, Blue Island, IL 60406Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/21/2029467.2 467.2 443.6 0.13 %
Dependable Lawn Care, Inc.(#,^)2320 138th St, Blue Island, IL 60406Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/21/2044186.3 186.3 210.0 0.06 %
Pitman Holding LLC(#,^)1116 E Main St, Richmond, VA 23219Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/21/20296.6 6.6 6.2 — %
American Trails Transport, LLC(#,^)8704 Grand Ave, Billings, MT 59106Truck TransportationTerm LoanPrime plus 2.75%3/21/202948.1 48.1 45.8 0.01 %
Michigan Neurosurgical Institute P.C.(#,^)9400 South Saginaw St, Unit 1, Grand Blanc, MI 48439Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/20/2029158.9 158.9 144.6 0.04 %
Mega Trucking LLC and Olyimpian Industries LLC(#,^)5979 NW 151st St, Miami Lakes, FL 33014Truck TransportationTerm LoanPrime plus 2.75%3/20/2029351.0 351.0 340.9 0.10 %
Sound Manufacturing Inc(#,^)1 Williams Lane, Old Saybrook, CT 6475Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%3/20/202943.8 43.8 39.7 0.01 %
Michigan Neurosurgical Institute, P.C.,,Optical Spine,LLC, MNI Great(#,^)9400 South Saginaw St, Unit 1, Grand Blanc, MI 48439Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/20/2044345.4 345.4 369.6 0.11 %
Marvellous Print & Ship LLC(#,^)605 W Main St, Oxford, KS 67119Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%3/19/20293.0 3.0 2.7 — %
Frontline Selling LLC(#,^)6505 Shiloh Rd,Units 300,310 and 320, Alpharetta, GA 30005Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/19/2029274.0 274.0 286.6 0.08 %
Game Station, Inc.(#,^)2917 1st Ave SE, Cedar Rapids, IA 52402Rental and Leasing ServicesTerm LoanPrime plus 2.75%3/19/2029230.2 230.2 218.9 0.06 %
B & W Towing LLC(#,^)701 Addison Rd, Painted Post, NY 14870Support Activities for TransportationTerm LoanPrime plus 2.75%3/15/202950.4 50.4 52.7 0.02 %
Panetcarne Inc.dba Jersey Mike's Subs Greenfield(#,^)23077 Greenfield Rd, Southfield, MI 48075Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/15/202981.7 81.7 75.5 0.02 %
Vanchoc Transport Inc(#,^)137 3rd St, Brooklyn, NY 11231Rental and Leasing ServicesTerm LoanPrime plus 2.75%3/15/202976.7 76.7 69.5 0.02 %
Stepping Stones Children's Academy LLC(#,^)1655 E Warm Springs Rd, Las Vegas, NV 89119Social AssistanceTerm LoanPrime plus 2.75%3/15/2044364.9 364.9 400.2 0.12 %
Screening Services Group, LLC(#,^)8670 Wilshire Blvd, Beverly Hills, CA 90211Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%3/14/2029250.7 250.7 232.5 0.07 %
Space Express, LLC(#,^)2775 Burris Rd, Davie, FL 33314Truck TransportationTerm LoanPrime plus 2.75%3/12/2029126.6 126.6 117.3 0.03 %
Mill Creek Early Childhood Program LLC(#,^)510 South Batavia Ave, Batavia, IL 60510Social AssistanceTerm LoanPrime plus 2.75%8/11/202955.8 55.8 50.7 0.01 %
Alpine Remediation, Inc, T & M Holdings, LLC(#,^)14252 W 44th Ave Unit F, Golden, CO 80403Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/8/202976.8 76.8 74.0 0.02 %
Kalloren Provel LLC(#,^)6919 Oak Ridge Commerce Way, Austell, GA 30168Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%3/8/2044274.0 274.0 300.7 0.09 %
F-43
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Precise Air Systems, Inc(#,^)5467 W San Fernando Rd, Los Angeles, CA 90039Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/8/2029231.0 231.0 211.8 0.06 %
D & S Village Hardware LLC dba Cedar Mountain Country Store & Samantha(#,^)76 Ranch Rd a/k/a 3695 Movie Ranch Rd, Duck Creek, UT 84762Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%3/8/2044196.2 196.2 218.4 0.06 %
Wildflour Bakery & Cafe LLC(#,^)5137 Clareton Dr Ste 100,110 & 120, Agoura Hills, CA 91301Food ManufacturingTerm LoanPrime plus 2.75%3/8/202976.8 76.8 69.6 0.02 %
SG Welch Inc dba Sparks Auto Service(#,^)19138 Molalla Ave, Oregon City, OR 97045Repair and MaintenanceTerm LoanPrime plus 2.75%3/8/202954.9 54.9 50.6 0.01 %
Seeds of Knowledge Creative Learning Center LLC(#,^)15101 West McNichols Rd, Detroit, MI 48235Social AssistanceTerm LoanPrime plus 2.75%3/7/204421.9 21.9 24.3 0.01 %
Doble Rentals, L.L.C , Doble Rentals 2, LLC, Doble Rentals 3, LLC(#,^)487 Elizabeth Lake Rd, Waterford, MI 48328Rental and Leasing ServicesTerm LoanPrime plus 2.75%3/4/2029138.1 138.1 125.2 0.04 %
NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC(#,^)20 Silver Fox Lane, Sussex, NJ 7461Food ManufacturingTerm LoanPrime plus 2.75%2/28/202944.0 44.0 43.6 0.01 %
Wooter Apparel, Inc(#,^)727 Page Ave., Staten Island, NY 10307Nonstore Retailers Term LoanPrime plus 2.75%2/28/202943.5 43.5 40.1 0.01 %
Monkey Bones LLC(#,^)3361 Dayton Xenia Rd, Beavercreek, OH 45432Personal and Laundry ServicesTerm LoanPrime plus 2.75%2/28/204419.0 19.0 21.6 0.01 %
Woodard Electric Services, Inc.(#,^)1600 Carter Cove Rd, Hayesville, NC 28904Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/28/202918.8 18.8 17.3 0.01 %
Shah Medical Center SC & Heeena Shyamani(#,^)484 Summit St, Elgin, IL 60120HospitalsTerm LoanPrime plus 2.75%2/28/2044246.6 246.6 255.5 0.08 %
Matrix Z LLC(#)800 SW 21st Terrace, Ft Lauderdale, FL 33312Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 6.5%2/27/202911.1 11.1 11.5 — %
Merdad Dentistry PLLC dba Easy Dental Care(#,^)7522 Old Linton Hall Rd, Gainesville, VA 20155Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%2/26/202913.7 13.7 12.4 — %
Harbor Management Company Inc dba Jamba Juice(#,^)5501 Josh Birmingham Pkwy Concourse A, Charlotte, NC 28208Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/22/2029130.6 130.6 119.6 0.04 %
Mia Restoration Inc dba PuroClean and Puroclean of Morristown NJ(#,^)3633 B Hill Rd, Parsippany, NJ 7054Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%2/21/202935.9 35.9 33.4 0.01 %
Citiline Cafe At Jacobs Plaza, LLC dba Citiline Cafe(#,^)12140 Wickchester Ln STE 130, Houston, TX 77079Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/20/202942.3 42.3 38.4 0.01 %
Bowl 360 Inc.(#,^)98-18 Rockaway Blvd, Ozone Park, NY 11417Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/19/2029141.6 141.6 136.6 0.04 %
Rob Barletta's Hockey School, Inc(#,^)2130 Providence Hwy, Walpole, MA 2081Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%2/19/202994.8 94.8 99.2 0.03 %
Bowl 360 Inc.(#,^)98-18 Rockaway Blvd, Far Rockaway, NY 11417Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/19/2029121.4 121.4 110.5 0.03 %
Outler Transportation Services,LLC(#,^)3775 Carriage Downs CT SW, Snellville, GA 30039Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%2/19/202939.8 39.8 36.6 0.01 %
F-44
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
M & M Burgers Inc dba Checkers(#,^)530 Willis Ave, Bronx, NY 10455Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/15/2029100.8 100.8 93.1 0.03 %
Integris Roofing, Inc(#,^)1174 Yellostone Drive, Lake Arrowhead, CA 92532Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/15/202919.6 19.6 17.8 0.01 %
Tony Herring & Associates, Inc(#,^)211 West Camellia Drive, Slidell, LA 70458Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%2/14/202913.1 13.1 13.7 — %
Gateway Veterinary Services, P.C. dba Liberty Animal Clinic(#,^)9212 Liberty Ave, Ozone Park, NY 11417Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/14/2044134.4 134.4 153.2 0.05 %
Par-Man, Inc. dba Rockstar Tattoo(#,^)450 Fremont St #109 and 113, Las Vegas, NV 89101Health and Personal Care StoresTerm LoanPrime plus 2.75%2/14/202954.5 54.5 49.8 0.01 %
KHSE Parks, Inc.(#,^)600 West Charles St, Matthews, NC 28105Administrative and Support ServicesTerm LoanPrime plus 2.75%2/14/202969.9 69.9 63.4 0.02 %
Precedence Enterprises LLC dba Spartan Junk Removal(#,^)8101 Sandy Spring Rd Ste 250N, Laurel, MD 20707Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%2/8/202913.8 13.8 13.2 — %
Pamletics LLC dba F45(#,^)22015 IH 10 West, San Antonio, TX 78249Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/8/20293.3 3.3 3.2 — %
Shepherd Fitness, LLC dba Workout Anytime Ooltewah(#,^)9408 Apison Pike, Ste 11, Ooltewah, TN 37363Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%5/8/2029147.3 147.3 140.1 0.04 %
EJGR Corp dba Brite Energy Solutions(#,^)87 Main St Upper Level, Hastings-on-Hudson, NY 10706UtilitiesTerm LoanPrime plus 2.75%2/8/202954.4 54.4 49.5 0.01 %
Creative Counseling Nashville PLLC(#,^)4119 Gallatin Pike, Nashville, TN 37216Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%2/7/20291.9 1.9 1.8 — %
RIHAHN INC dba RDBL, INC.(#,^)1397 McGuire Rd, Lamar, AR 72846Forestry and LoggingTerm LoanPrime plus 2.75%2/5/20296.0 6.0 6.3 — %
Hernando Beach Motel Inc.,The Purple Cow House of Pancake Inc(#,^)4291 Shoal Line Blvd, Hernando Beach, FL 34607AccommodationTerm LoanPrime plus 2.75%2/1/202913.1 13.1 13.7 — %
Jesus and Son's Landscape Contractors, LLC(#,^)4371 Durham Court, Denver, CO 80239Administrative and Support ServicesTerm LoanPrime plus 2.75%2/1/202950.1 50.1 46.5 0.01 %
Employer Resource Services LLC dba Data Pool(#,^)500 Research Rd, Richmond, VA 23236Administrative and Support ServicesTerm LoanPrime plus 2.75%1/31/202931.3 31.3 28.4 0.01 %
MYC Motors Inc(#,^)3808 Vegas Drive, Las Vegas, NV 89108Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%1/30/204472.9 72.9 83.0 0.02 %
FNF LLC dba WineStyles(#,^)11109 Old Seward Hwy, Anchorage, AK 99515Food and Beverage Stores Term LoanPrime plus 2.75%1/22/2029214.1 214.1 194.2 0.06 %
IGWT Coffee, LLC dba PJ's Coffee of New Orleans(#,^)414 Union St, Nashville, TN 37219Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/18/202971.4 71.4 64.7 0.02 %
MMC Investors, LLC dba Clean Juice(#,^)2879 W 95th St Ste 195, Naperville, IL 60564Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/18/202976.9 76.9 71.0 0.02 %
Hilco Athletics & Graphics Inc(#,^)55 Green Hill St, West Warwick, RI 2816Apparel ManufacturingTerm LoanPrime plus 2.75%1/16/204466.9 66.9 76.2 0.02 %
Fluid Connections LLC dba BurgerIM(#,^)174 El Cerrito Plaza, El Cerrito, CA 94530Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/11/202954.1 54.1 51.7 0.02 %
CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster(#,^)309 Coronado Drive, Clearwater Beach, FL 33767Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/11/202978.1 78.1 71.7 0.02 %
F-45
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
HSR Tacos LLC dba California Tortilla(#,^)11694 Sudley Manor Drive, Manassas, VA 20109Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/11/202947.2 47.2 42.8 0.01 %
Rashed and Shabila LLC(#,^)14865 Hwy 92, Woodstock, GA 30188Gasoline Stations Term LoanPrime plus 2.75%1/4/202919.5 19.5 18.7 0.01 %
Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC(#,^)215 S Persimmon St,, Tomball, TX 77375Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%12/31/2028210.6 210.6 190.9 0.06 %
The Chop House Inc.(#,^)191 Old Tower Hill Rd., South Kingstown, RI 2879Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/31/2043541.6 541.6 584.0 0.17 %
Capitol Fitness Inc. dba Anytime Fitness Shelby(#,^)49045 Van Dyke Ave, Shelby Charter Township, MI 48317Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/28/202810.1 10.1 9.8 — %
Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institut(#,^)10911 Bonita Beach Rd SE Unit 104 A & 104B, Bonita Springs, FL 34135Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%12/28/204318.2 18.2 20.7 0.01 %
Superior Concepts Acquisition Corp(#,^)1710 Tiles Court, Grand Haven, MI 49417Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/28/2043497.4 497.4 525.1 0.15 %
Nix and Nix Funeral Home North Inc,(#,^)1621 W. Dauphin St, Philadelphia, PA 8065Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/28/2043556.7 556.7 622.4 0.18 %
Superior Concepts Acquisition Corp(#,^)1710 Tiles Ct, Grand Haven, MI 49417Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/28/2028105.5 105.5 99.6 0.03 %
American Rewinding of NC Inc dba MTS(#,^)1825 N Rocky River Rd, Monroe, NC 28110Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%12/28/2028376.5 376.5 356.4 0.11 %
Omega Funeral and Cremation Services,LLC(#,^)9503 Kenwood Rd, Cincinnati, OH 45242Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/28/2043331.9 331.9 359.4 0.11 %
Medworxs Inc.(#,^)6857 Timbers Drive, Evergreen, CO 80439Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/27/20289.0 9.0 8.2 — %
East Breeze LLC dba Historic Springdale Pub and Eatery(#,^)32302 East Historic Columbia River Hwy, Corbett, OR 97019Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/27/2043124.5 124.5 137.8 0.04 %
Fave Realty Inc.(#,^)74 Larkfield Rd, East Northport, NY 11731Real EstateTerm LoanPrime plus 2.75%12/27/2043119.9 119.9 136.7 0.04 %
Green Valley Landscape Management Inc. dba Apopka Mower and Equipment(#,^)2975 W Orange Blossom Trail, Apopka, FL 32712Administrative and Support ServicesTerm LoanPrime plus 2.75%12/27/2043450.7 450.7 483.5 0.14 %
Reservations Unlimited LLC(#)312 W Main St, Red River, NM 87558Real EstateTerm LoanPrime plus 2.75%12/26/2043138.1 138.1 152.9 0.05 %
BD Branson Victorian LLC dba Branson Victorian Inn(#,^)450 South Hwy 165, Branson, MO 65616AccommodationTerm LoanPrime plus 2.75%12/24/2043483.3 483.3 536.9 0.16 %
RM Hawkins LLC(#,^)5141 Topaz Drive, Colorado Springs, CO 80918Nonstore Retailers Term LoanPrime plus 2.75%12/24/2028257.6 257.6 246.2 0.07 %
Timios Enterprises Corp dba Palm Court(#,^)1912 N Arlington Heights Rd., Arlington Heights, IL 60004Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/24/2043688.3 688.3 752.4 0.22 %
LP Industries, Inc and Playground Packages, LLC(#,^)2040 Norwood, Lenoir, NC 28645Miscellaneous ManufacturingTerm LoanPrime plus 2.75%12/21/202883.1 83.1 75.4 0.02 %
D.A.F.S Transport, LLC(#,^)207 S. Teresa St, Monahans, TX 79756Truck TransportationTerm LoanPrime plus 2.75%12/21/2028564.1 564.1 571.3 0.17 %
F-46
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Sesolinc GRP, Inc.(#,^)806 Randy Lowery Rd, Statesboro, GA 30461Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%12/21/2028322.2 322.2 311.3 0.09 %
The Law Office of Jared E. Shapiro, P.A(#,^)7777 Glades Rd, Ste 100, Boca Raton, FL 33434Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/21/20289.7 9.7 8.7 — %
Royalty Freight Inc(#,^)3728 W McKinley Ave, Fresno, CA 93722Truck TransportationTerm LoanPrime plus 2.75%12/21/202883.8 83.8 75.9 0.02 %
Fifth Wheel Truck Stop 001, Inc.(#,^)3767 South Golden State Blvd, Fresno, CA 93725Gasoline Stations Term LoanPrime plus 2.75%12/21/202888.5 88.5 80.1 0.02 %
Burgess and Dudley, Incorporated(#,^)24462 NW 9th Place, Newberry, FL 32669Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/21/2028204.3 204.3 192.4 0.06 %
Diamond Estates LLC(#,^)110 Court St Ste 1, Cromwell, CT 6416Construction of BuildingsTerm LoanPrime plus 2.75%12/21/202864.4 64.4 58.3 0.02 %
Kyle M Walker DDS, PC(#,^)1402 W Park Ave, Orange, TX 77630Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/21/202898.6 98.6 89.2 0.03 %
Baseline Health, LLC & Baseline Health Management, LLC(#,^)1101 Stewart Ave Ste 104, Garden City, NY 11530Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/21/2028102.2 102.2 94.2 0.03 %
Precision Bytes LLC dba Tower Connect(#,^)607 West Magnolia Ave, Fort Worth, TX 76104Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/21/2028112.0 112.0 101.3 0.03 %
Cammarata Associates LLC(#,^)5 Greentree Center, Marlton, NJ 8053Credit Intermediation and Related ActivitiesTerm LoanPrime plus 2.75%12/21/202864.4 64.4 58.3 0.02 %
Accel Compression Inc.,Accel Workover Services Inc dba Mica Tool (#,^)4500 S Country Rd, Odessa, TX 79768Rental and Leasing ServicesTerm LoanPrime plus 2.75%6/21/2044166.2 166.2 189.7 0.06 %
C&D Trucking & Equipment Service, Inc.(#,^)4015 Jennings Rd, Cleveland, OH 44109Repair and MaintenanceTerm LoanPrime plus 2.75%12/21/2043113.6 113.6 129.4 0.04 %
ETS Tree Service Inc and Eastern Tree Service, Inc(#,^)4813 Pinson Valley Parkway, Birmingham, AL 35215Administrative and Support ServicesTerm LoanPrime plus 2.75%12/21/2028197.6 197.6 189.4 0.06 %
Local Liberty Inc dba The Wardsboro Country Store(#,^)23 Main St, Wardsboro, VT 5355Food and Beverage Stores Term LoanPrime plus 2.75%12/20/2043150.7 150.7 166.9 0.05 %
Graff Excavating, Inc(#,^)803 E State St, Toledo, IA 52342Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%12/20/2028168.0 168.0 154.1 0.05 %
Alaska Motor Home Inc(#,^)6633 Brayton Drive, Anchorage, AK 99507Rental and Leasing ServicesTerm LoanPrime plus 2.75%12/20/2028259.0 259.0 250.3 0.07 %
Flashii App, Inc.(#,^)75 E Santa Clara St, San Jose, CA 95113Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/20/202853.7 53.7 56.1 0.02 %
CK Green Partners, LLC dba Reis and Irvy"s Columbus(#,^)5010 Augusta Drive, Westerville, OH 43082Nonstore Retailers Term LoanPrime plus 2.75%3/20/2029167.5 167.5 162.8 0.05 %
Hotel Compete, LLC(#,^)223 W Jackson Blvd, Chicago, IL 60606Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/20/202853.7 53.7 48.6 0.01 %
Healthy and Fresco LLC(#,^)1671 Belle Isle Ave Ste 110- Office C, Mount Pleasant, SC 29464Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/20/202939.6 39.6 37.0 0.01 %
Yellow Fin Marine Services LLC, K Marine XI, LLC K Marine VIII, LLC(#,^)2043 Coteau Rd, Houma, LA 70364Rental and Leasing ServicesTerm LoanPrime plus 2.75%12/20/2028401.9 401.9 417.5 0.12 %
Roots N Shoots, LLC & Yardplus LLC(#,^)86 Boston Rd, Chelmsford, MA 1824Administrative and Support ServicesTerm LoanPrime plus 2.75%12/20/202846.4 46.4 42.8 0.01 %
F-47
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Accent Comfort Services, LLC(#,^)5035 W. W.T. Harris Blvd Ste C, Mecklenburg, NC 28269Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/19/202859.1 59.1 53.9 0.02 %
The Cromer Company(#,^)9800 NW 78th Ave, Hialeah Gardens, FL 33016Miscellaneous Store RetailersTerm LoanPrime plus 2.75%12/19/2028440.2 440.2 399.5 0.12 %
JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo(#,^)316 NW 24th St, Miami, FL 33180Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/19/202964.5 64.5 61.9 0.02 %
Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral chapel ll(#)G-2340 West Carpenter Rd, Flint, MI 48505Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/19/2044410.7 410.7 455.0 0.13 %
Ventures TBD LLC dba The Bottle Tree(#,^)102 Davis St, Belmont, NC 28012Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/14/204395.9 95.9 103.0 0.03 %
Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena(#,^)4477 E 11th Ave, Hialeah, FL 33013Food ManufacturingTerm LoanPrime plus 2.75%12/14/2028272.8 272.8 257.5 0.08 %
Alpha Omega Trucking LLC(#,^)14432-14452 Stateline Rd, Brookings, OR 97415Truck TransportationTerm LoanPrime plus 2.75%12/14/202860.2 60.2 62.9 0.02 %
YBL Restaurant Group LLC dba Tropisueno(#,^)75 Yerba Buena Lane, San Francisco, CA 94103Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/14/2029336.5 336.5 307.3 0.09 %
Healthy Human, LLC(#,^)1007 Johnnie Dodds Blvd., Ste 123, Mount Pleasant, SC 29464Nonstore Retailers Term LoanPrime plus 2.75%12/14/2028107.3 107.3 97.1 0.03 %
Fitness Orlando LLC & Fitness Orlando Oviedo, LLC(#,^)160 Tuskawilla Rd Ste 1214, Winter Springs, FL 32708Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/14/2028236.5 236.5 222.5 0.07 %
Aero Consulting and Engineering Inc(#,^)7941 NW 3rd St, Plantation, FL 33324Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/14/202813.2 13.2 12.0 — %
Peanut Butter & Co., Inc.(#,^)119 West 57th St, Ste 300, New York, NY 10019Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%12/14/2028214.8 214.8 194.4 0.06 %
Alpha Landscape Contractors, Inc(#,^)2823 Fllintstone Rd, Millers, MD 21102Administrative and Support ServicesTerm LoanPrime plus 2.75%1/14/2029286.8 286.8 272.2 0.08 %
Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974(#,^)196-15 Northern Blvd, Flushing, NY 11318Food and Beverage Stores Term LoanPrime plus 2.75%12/14/202813.5 13.5 12.3 — %
L&M Services, LLC(#,^)560 Main St, Milford, UT 84751Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%12/14/2043194.2 194.2 211.9 0.06 %
Sound Contracting LLC(#,^)148 Holmgren Place, Girdwood, AK 99587Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%12/14/2043191.5 191.5 207.4 0.06 %
Sound Contracting LLC(#,^)148 Holmgren Place, Girdwood, AK 99587Construction of BuildingsTerm LoanPrime plus 2.75%12/14/202835.9 35.9 34.5 0.01 %
Stony Creek Wellness Group, LLC(#,^)264 Church St, Guilford, CT 6437Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/14/204395.9 95.9 106.3 0.03 %
The Miller Center for Esthetic Excellence,(#,^)22 Old Short Hills Rd,, Livingston, NJ 7039Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/13/2043378.2 378.2 391.2 0.12 %
OC Helicopters LLC(#,^)19711 Campus Drive Ste 260, Santa Ana, CA 92707Air TransportationTerm LoanPrime plus 2.75%12/13/202877.1 77.1 80.5 0.02 %
F-48
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Plan B Burger LLC(#,^)484 Farmington Ave, Hartford, CT 6105Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/13/2029903.4 903.4 854.1 0.25 %
Burton Realty Co., Inc dba Anchor Realty, Northeast(#,^)2200 Michener St, Ste 12, Philadelphia, PA 19115Real EstateTerm LoanPrime plus 2.75%12/13/2028260.4 260.4 235.6 0.07 %
D for Dream LLC dba Blo Blow Dry Bar Inc(#,^)460 East 3rd Ave, New York, NY 10016Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/13/202966.7 66.7 60.6 0.02 %
Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash(#,^)2 Center Rd,, Old Saybrook, CT 6475Repair and MaintenanceTerm LoanPrime plus 2.75%12/13/2043948.9 948.9 1,014.3 0.30 %
Tier1 Solutions LLC(#,^)1000 Essington Rd, Ste 111, Joliet, IL 60435Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/12/20298.8 8.8 8.0 — %
Mateo Enterprise Inc dba El Milagro Market(#,^)575 Panama Lane, Bakersfield, CA 93307Food and Beverage Stores Term LoanPrime plus 2.75%12/12/2043116.5 116.5 125.2 0.04 %
Behind The Scenes Chicago, LLC dba Paramount Events(#,^)1750 W Lake St, Chicago, IL 60612Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/12/2029221.4 221.4 221.7 0.07 %
Ashwood Food Services Inc. dba Jake Rooney's(#,^)119 Brooks Rd, Harwich Port, MA 2646Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/12/2043208.8 208.8 233.4 0.07 %
Airstrike Firefighters LLC(#,^)18115 62nd Ave NE, Kenmore, WA 98028Support Activities for Agriculture and ForestryTerm LoanPrime plus 2.75%12/12/20281,074.1 1,074.1 1,047.9 0.31 %
Mateo Enterprise Inc dba El Milagro Market(#,^)575 Panama Lane, Bakerfield, CA 93307Food and Beverage Stores Term LoanPrime plus 2.75%1/12/202951.6 51.6 46.8 0.01 %
Ashwood Food Services, Incorporated dba Jake Rooney's(#,^)119 Brooks Rd, Harwich Port, MA 2646Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/12/202958.1 58.1 55.0 0.02 %
EMES Supply, LLC(#,^)35622 Vine St, EastLake, OH 44095General Merchandise Stores Term LoanPrime plus 2.75%1/11/2029107.4 107.4 99.4 0.03 %
White Wilson & Associates LLC(#,^)16238 Louis Ave., South Holland, IL 60473Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/11/204341.3 41.3 44.3 0.01 %
B&B Bodega of Delray LLC(#,^)190 NE 2nd Ave, Delray Beach, FL 33444Food and Beverage Stores Term LoanPrime plus 2.75%1/11/202913.0 13.0 11.8 — %
Googlyoogly, LLC dba Bi-Rite Supermarket(#,^)10867 W Jefferson Ave, River Rouge, MI 46218Food and Beverage Stores Term LoanPrime plus 2.75%12/11/2043197.1 197.1 211.9 0.06 %
Hilltop Wine Shop, Inc dba Hiltop Wine Shop(#,^)7505 Highland Rd, White Lake, MI 48383Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/11/2043124.3 124.3 135.5 0.04 %
Duck's Nuts Inc dba Pet Place Market(#,^)212 Bendigo Blvd. N, North Bend, WA 98045Miscellaneous Store RetailersTerm LoanPrime plus 2.75%1/11/202937.3 37.3 35.9 0.01 %
TFE Resources ,LTD(#,^)11 Easter Court Ste G, Owings Mills, MD 21117UtilitiesTerm LoanPrime plus 2.75%1/11/2029514.1 514.1 479.5 0.14 %
Oregon Medical Training Private Career School Inc.(#,^)1126 Gateway Loop, Ste 108, Springfield, OR 97702Educational ServicesTerm LoanPrime plus 2.75%1/11/202934.4 34.4 31.2 0.01 %
ZLM Services LLC(#,^)51343 Oro Rd, Shelby Township, MI 33444Administrative and Support ServicesTerm LoanPrime plus 2.75%1/10/202934.4 34.4 31.2 0.01 %
Team Henry, LLC dba Kelly Automotive of Deltona(#,^)1290 Doyle Rd, Deltona, FL 32725Repair and MaintenanceTerm LoanPrime plus 2.75%12/10/2043379.9 379.9 407.1 0.12 %
Food Service Industry Consultants Inc.(#,^)1465 Kelly Johnson Blvd, Colorado Springs, CO 80920Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/7/202962.0 62.0 56.4 0.02 %
CET Inc(#,^)4709 N El Capitan Ave. Ste 205, Fresno, CA 93722Truck TransportationTerm LoanPrime plus 2.75%1/6/20291,057.3 1,057.3 993.2 0.29 %
F-49
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Metro R Services Inc. and Metal & Roof Supplies Inc.(#,^)20 Universal Place, Carlstadt, NJ 7072Specialty Trade ContractorsTerm LoanPrime plus 2.75%1/6/2029178.5 178.5 186.7 0.06 %
Unique Home Solutions Inc. and Unique Home Solutions of Ohio(#,^)5550 Progress Rd, Indianapolis, IN 46241Construction of BuildingsTerm LoanPrime plus 2.75%1/5/2029218.6 218.6 228.6 0.07 %
Consulting Solutions, Inc and Mark Luciani(#,^)3000 N Federal Hwy, Ste 1, Fort Lauderdale, FL 33306Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/5/202950.4 50.4 45.7 0.01 %
Little West LLC, 340 Group LLC, Retail West LLc, Andrew W Walker(#,^)342 South La Brea Ave, Los Angeles, CA 90036Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/5/202977.1 77.1 70.6 0.02 %
Levine Daycare Inc dba Kids R Kids(#,^)415 Woodbury Rd, Orlando, FL 32828Social AssistanceTerm LoanPrime plus 2.75%1/5/2029232.3 232.3 221.4 0.07 %
The Altitude Group LLC(#,^)949 A Clint Moore Rd, Boca Raton, FL 33487Specialty Trade ContractorsTerm LoanPrime plus 2.75%1/4/2029122.5 122.5 111.6 0.03 %
Access Staffing, LLC(#,^)360 Lexington Ave 8th Floor, New York, NY 10017Administrative and Support ServicesTerm LoanPrime plus 2.75%1/4/2029167.1 167.1 151.5 0.04 %
York Concrete Corp(#,^)1 Plumb CT., Huntington Station, NY 11746Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/3/2043194.2 194.2 219.5 0.06 %
Swantown Inn and Spa, LLC(#,^)1431 11th Ave SE, Olympia, WA 98501AccommodationTerm LoanPrime plus 2.75%1/3/202911.6 11.6 12.1 — %
Hernando Beach Motel LLC,The Purple Cow House o APancake AInc.(#,^)4291 Shoal Line Blvd, Hernando Beach, FL 34607AccommodationTerm LoanPrime plus 2.75%11/30/2043218.2 218.2 248.4 0.07 %
Water Station Holdings LLC(#,^)1104 N Keystone Ave, Indianapolis, IN 46201Nonstore Retailers Term LoanPrime plus 2.75%12/30/2028592.1 592.1 578.2 0.17 %
Cabrera's Auto Services LLC(#,^)2206 N Central Ave, Chicago, IL 60639Repair and MaintenanceTerm LoanPrime plus 2.75%11/30/204378.7 78.7 86.5 0.03 %
Microplex Co, Third Market LLC(#,^)244 Spokane Ave, Whitefish, MT 59937Food and Beverage Stores Term LoanPrime plus 2.75%12/30/2028140.9 140.9 127.7 0.04 %
Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors(#,^)13762 W State Rd 84, Davie, FL 33325Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%12/30/2028106.8 106.8 108.1 0.03 %
Tammy's Place LLC(#,^)235 North Mosby Ave, Littleton, NC 27850Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/30/2044426.6 426.6 483.9 0.14 %
JJB Production LLC(#,^)458 N 7th St, Newark, NJ 7107Administrative and Support ServicesTerm LoanPrime plus 2.75%12/29/20286.3 6.3 5.7 — %
Albert M Quashie, DDS, PC(#,^)3331 Toledo Terrace Ste 308, Hyattsville, MD 20782Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/29/202874.8 74.8 73.1 0.02 %
Albert M. Quashie, DDS, PC(#,^)3331 Toledo Terrace Ste 308, Hyattsville, MD 20782Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%11/29/204363.1 63.1 68.3 0.02 %
Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up (#,^)3626 CR 203, Liverpool, TX 77577Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%11/28/2043419.9 419.9 477.9 0.14 %
Extreme Granite Corp(#,^)251 NW 1st St, Deerfield Beach, FL 33441Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/28/2043181.9 181.9 204.5 0.06 %
True Love Christian Academy LLC(#,^)466 E Raines Rd, Memphis, TN 38109Social AssistanceTerm LoanPrime plus 2.75%12/28/204340.7 40.7 45.9 0.01 %
F-50
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Level Up Gaming, Inc(#,^)1132 Creighton Rd, Pensacola, FL 32504Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%11/28/204387.3 87.3 92.6 0.03 %
BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC(#,^)12930 Worldgate Drive, Herndon, VA 20170Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/21/20281,109.5 1,109.5 1,158.1 0.34 %
Best Global Alternative North, LLC(#,^)69 Lewis Ave, Atlantic Beach, NY 11509Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%12/21/202875.0 75.0 67.8 0.02 %
M.A.W. Enterprises LLC dbaY-Not Pizza(#,^)45 E Main St, New Palestine, IN 46163Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/21/202819.2 19.2 18.4 0.01 %
Thames Aquatic Club, LLC(#,^)14 Iron St, Ledyard, CT 6339Educational ServicesTerm LoanPrime plus 2.75%10/21/202939.6 39.6 41.7 0.01 %
On Call Electrical of Georgia LLC(#,^)2120 Plaster Bridge Rd NE, Atlanta, GA 30324Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/20/2043644.4 644.4 695.7 0.21 %
Commonwealth Warehouse Inc(#,^)11013 Kenwood Rd., Cincinnati, OH 45242Warehousing and StorageTerm LoanPrime plus 2.75%12/20/2028361.7 361.7 350.1 0.10 %
K & A Automotive Inc(#,^)2070 Nooseneck Hill Rd, Coventry, RI 2816Gasoline Stations Term LoanPrime plus 2.75%11/19/2043118.5 118.5 132.5 0.04 %
High Desert Transport, Inc.(#,^)2015 Woodspring Terrace, Henderson, NV 89012Truck TransportationTerm LoanPrime plus 2.75%12/19/202866.5 66.5 62.2 0.02 %
Saunders Management LLC dba Northern Light Espresso Bar and Cafe(#,^)536 Spruce St, Scranton, PA 18503Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/16/202834.6 34.6 36.1 0.01 %
Cali Fit Meals(#,^)3450 East Orangethrope Ave, Anaheim, CA 92806Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/16/202853.4 53.4 48.5 0.01 %
Cocomo Joe's LLC(#,^)3949 New Rd, Youngstown, OH 44515Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/16/20280.6 0.6 0.5 — %
Beau & HB Inc dba Beau's Billiard, Bowling & Arcade(#,^)100 Village Rd, Port Lavaca, TX 77979Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/16/202937.6 37.6 38.1 0.01 %
Beau & HB Inc dba Beau's Billard, Bowling & Arcade(#,^)100 Village RD, Port Lavaca, TX 77979Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/16/204368.4 68.4 74.5 0.02 %
Allegro Assisted Living Services of Texas LLC(#,^)3400 Remington Dr, Plano, TX 75023Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%11/15/204358.9 58.9 67.0 0.02 %
Schafer Fisheries Inc.(#,^)21985 Waller Rd, Fulton, IL 61252Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%11/14/202843.7 43.7 45.6 0.01 %
US Dedicated LLC(#,^)13410 SE 26th Circle, Vancouver, WA 98683Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/9/2028374.3 374.3 344.2 0.10 %
Salon Femi LLC(#,^)1107 BRd St, Bloomfield, NJ 7003Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/9/20286.4 6.4 6.3 — %
McNeill Stokes(#,^)5372 Whitehall Pl SE, Mableton, GA 30126Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/8/20285.8 5.8 5.2 — %
Vancole Investments, Inc. dba Smoothie King #913(#,^)876 Virginia Ave, Hapeville, GA 30354Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/7/2044406.1 406.1 436.5 0.13 %
Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC(#,^)460 Park Ave, Floor 16, New York, NY 10022Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%12/1/2028277.6 277.6 251.1 0.07 %
Modutech Marine Inc(#,^)2218 Marine View Drive, Tacoma, WA 98422Transportation Equipment ManufacturingTerm LoanPrime plus 2.75%12/1/2028320.5 320.5 334.6 0.10 %
F-51
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Steele Security, LLC dba Signal 88 Security of San Antonio(#,^)11230 West Ave, Ste 2210, San Antonio, TX 78213Administrative and Support ServicesTerm LoanPrime plus 2.75%10/31/202894.2 94.2 86.2 0.03 %
Abington Caregivers, LLC(#,^)7804 Montgomery Ave Unit 3-6, Elkins Park, PA 19027Social AssistanceTerm LoanPrime plus 2.75%11/30/2043121.9 121.9 134.3 0.04 %
C.A.T.I. Armor, LLC(#,^)435 Packard Hwy, Charlotte, MI 48813Apparel ManufacturingTerm LoanPrime plus 2.75%10/30/2043203.9 203.9 220.7 0.07 %
Organic Juice Bar Wexford LLC dba The OJB "The Organic Juice Bar"(#,^) 1500 Village Run Rd, Wexford, PA 15090Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/30/202970.0 70.0 64.6 0.02 %
UK, LLC dba Pita Pit(#,^)20038 West Valley HWY, Kent, WA 98032Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/30/202953.2 53.2 49.4 0.01 %
Ohio Gold & Pawn LLC, Our New Building LLC and Corey Fischer(#,^)3970 Everhard Rd, NW, Canton, OH 44709Miscellaneous Store RetailersTerm LoanPrime plus 2.75%10/26/2028124.8 124.8 130.3 0.04 %
The Face Place, LLC dba Classic Aesthetics(#,^)4268 Cahaba Heights CT Ste 115, Vestavia, AL 35243Personal and Laundry ServicesTerm LoanPrime plus 2.75%10/25/20288.5 8.5 7.7 — %
Bellas Sports Pub, Inc dba Brewmasters Tavern(#,^)1152 Main St, Coventry, RI 2816Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/24/204367.2 67.2 76.1 0.02 %
Shovels and Whiskey LLC(#,^)446 SE Washington St, Hillsboro, OR 97123Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%10/16/204374.2 74.2 82.8 0.02 %
Hackstaff Restaurants LLC(#,^)248 W 1st. St Ste 201, Reno, NV 89501Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/15/2029141.9 141.9 131.1 0.04 %
TA Coleman, LLC dba Tom's Truck Shop(#,^)2101 Route 610, Woodbine, NJ 8270Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/12/20285.0 5.0 4.8 — %
Cater To You Agency, LLC, dba Cater To You(#,^)1319 Sherrick Rd SE, Canton, OH 44707Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%10/11/204321.8 21.8 23.7 0.01 %
Faydon, Inc(#,^)1905 W Baker St, Ste A, Plant City, FL 33567Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%10/10/202863.7 63.7 66.5 0.02 %
MB Click It Photography, LLC(#,^)100 Manchester Ranch Place, Aynor, SC 29511Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%10/10/204337.1 37.1 41.2 0.01 %
Wellfleet Consulting Inc.(#,^)2275 Research Blvd Ste # 500, Rockville, MD 20850Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%10/9/202812.7 12.7 11.5 — %
Apps Inc and Market Share Inc.(#,^)80 Main St, Old Saybrook, CT 6475TelecommunicationsTerm LoanPrime plus 2.75%10/5/202875.8 75.8 68.6 0.02 %
Moore Care LLC(#,^)8550 United Plaza Blvd., Baton Rouge, LA 79809Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%10/4/202844.0 44.0 39.8 0.01 %
JAM Media Solutions LLC(#,^)11 Netherwood Terrace, East Orange, NJ 7017Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/28/2028768.2 768.2 714.2 0.21 %
Throop Family Holdings, Inc(#,^)7130 Crater Lake, White City, OR 97603Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%9/28/2043621.5 621.5 672.2 0.20 %
A-1 Van Sevices, Inc.(#,^)154 Sandy Creek Rd, Verona, PA 15147Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%9/28/202890.7 90.7 90.4 0.03 %
SwabCo Inc.(#,^)2341 East Ellis St, Leveland, TX 79336Support Activities for MiningTerm LoanPrime plus 2.75%9/28/2043908.2 908.2 991.4 0.29 %
Rami Technology USA, LLC(#,^)10400 NW 33rd St, Miami, FL 33172Computer and Electronic Product ManufacturingTerm LoanPrime plus 2.75%9/28/2028151.2 151.2 137.9 0.04 %
F-52
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Burd Brothers Inc.(#,^)4005 Borman Drive, Batavia, OH 45103Truck TransportationTerm LoanPrime plus 2.75%9/28/2028450.5 450.5 441.7 0.13 %
La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge(#,^)4646 SE 11th Place, Cape Coral, FL 33904Food and Beverage Stores Term LoanPrime plus 2.75%9/28/2043320.1 320.1 353.8 0.10 %
Blackwater Diving, LLC(#,^)112 Forrest Rd, Morgan City, LA 70380Support Activities for MiningTerm LoanPrime plus 2.75%9/27/2028670.7 670.7 622.2 0.18 %
Quality Electric & Data(#,^)85 Franklin Rd Unit 9B, Dover, NJ 7801Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/27/202883.8 83.8 82.4 0.02 %
Blue Seven, LLC(#,^)11111 San Jose Blvd, Ste 70, Jacksonville, FL 32223Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%1/27/202950.9 50.9 48.0 0.01 %
Quality Electric & Data Inc.(#,^)85 Franklin RD Unit 9B, Dover, NJ 7801Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/27/2043125.3 125.3 134.0 0.04 %
Action Barricade Company, LLC and Barricade Holding LLC(#,^)1802 N 27th Ave, Phoenix, AZ 85009Rental and Leasing ServicesTerm LoanPrime plus 2.75%9/27/2028259.0 259.0 255.6 0.08 %
LG Law Center, Inc(#,^)15452 Amar Rd, La Puente, CA 91744Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/27/202812.6 12.6 11.7 — %
TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc.,Tag-A(#,^)777 South Flagler Drive Ste 800W, West Palm Beach, FL 33401Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%9/27/2028104.8 104.8 101.3 0.03 %
Catherine Brandon, PSY.D., Inc dba Kenneth A Deluca, PH.D., & Assoc(#,^)35888 Center Ridge Rd, Ste 5 & 6, North Ridgeville, OH 44039Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/27/202899.3 99.3 90.2 0.03 %
US Shipping Trans Inc, Esteem Trucking Inc(#,^)16102 Sweetwater Court, Lathrop, CA 95330Truck TransportationTerm LoanPrime plus 2.75%9/26/2028706.6 706.6 709.3 0.21 %
Dentistry By Design, P.C(#,^)315 Walt Whitman Rd Ste 204-205, South Huntington, NY 11746Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/26/202812.6 12.6 11.7 — %
Ace Auto Recovery, Inc.(#,^)1209 North Lane Ave, Jacksonville, FL 32254Administrative and Support ServicesTerm LoanPrime plus 2.75%9/26/2043154.1 154.1 170.2 0.05 %
LTS School, Inc.(#,^)3731 NW 9th Ave, Deerfield Beach, FL 33064Educational ServicesTerm LoanPrime plus 2.75%9/26/204397.7 97.7 111.2 0.03 %
Above and Beyond Preschool LLC(#,^)672-678 Camellia Drive, Royal Palm Beach, FL 33411Social AssistanceTerm LoanPrime plus 2.75%9/26/2043533.8 533.8 593.3 0.17 %
Newsome Mobile Notary LLC(#,^)8153 12th Ave SW, Seattle, WA 98106Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/25/20284.4 4.4 4.0 — %
Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes(#,^)7219 Silver Mist Ave, North Chesterfield, VA 23237Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/25/2028105.1 105.1 98.3 0.03 %
Phillip Ramos Upholstery Inc.(#,^)3835 Elm St, Denver, CO 80207Repair and MaintenanceTerm LoanPrime plus 2.75%9/24/202813.0 13.0 11.7 — %
 D & D Optics Inc dba Sterling Optical(#,^)1487 East LaSalle Drive, Bismark, ND 58503Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/21/202845.4 45.4 41.7 0.01 %
DC Lofty, LLC,(#,^)301 I St NW, Washington, DC 20001AccommodationTerm LoanPrime plus 2.75%9/21/202818.9 18.9 17.2 0.01 %
Southern Services and Equipment, Inc(#,^)321 Bayou Rd, Saint Bernard, LA 70085Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/21/2028357.3 357.3 349.3 0.10 %
F-53
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Southern Services and Equipment, Inc.(#,^)321 Bayou Rd, Saint Bernard, LA 70085Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/21/2043202.3 202.3 214.8 0.06 %
MillClem Corporation & Monticello Corporation(#,^)16660 Oak St, Dillwyn, VA 22936Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%9/21/2043319.6 319.6 363.3 0.11 %
The Garden Club, LLC(#,^)125 South DuBuque St, Iowa City, IA 52240Miscellaneous Store RetailersTerm LoanPrime plus 2.75%9/21/20285.7 5.7 5.1 — %
Tables and Bars Services, Inc and Tables and Bars Rentals, LLC(#,^)5051 Peachtree Corners Circle Ste #200, Norcross, GA 30092Administrative and Support ServicesTerm LoanPrime plus 2.75%9/20/202815.5 15.5 14.8 — %
Watearth Inc(#,^)445 South Figuerora Ste 3128, Los Angeles, CA 90071Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/19/202818.9 18.9 17.1 0.01 %
Lewis River Golf Course, Inc.(#,^)3209 Lewis River Rd, Woodland, WA 98674Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/19/2043482.4 482.4 548.5 0.16 %
Super Station Inc(#,^)8855 N Country Rd 25A, Pique, OH 45356Gasoline Stations Term LoanPrime plus 2.75%9/19/2043202.1 202.1 229.8 0.07 %
Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Consal(#,^)35000 Pacific Hwy, Federal Way, WA 98003Truck TransportationTerm LoanPrime plus 2.75%9/19/2028406.5 406.5 367.2 0.11 %
C3 Capital, Inc(#,^)10010 N. Hampton Cove Lane, Indianapolis, IN 46236Nonstore Retailers Term LoanPrime plus 2.75%9/19/2028535.8 535.8 533.0 0.16 %
M&P RV LLC dba M&P RV(#,^)10 Century Lane, Dillsburg, PA 17019Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%9/19/2043105.4 105.4 119.8 0.04 %
DB Talak LLC(#,^)2018 SE 6th Ave, Portland, OR 97214Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/18/2043147.2 147.2 160.4 0.05 %
E & G Enterprises LLC dba Comfort Keepers(#,^)220 Middle St, Franklin, VA 23851Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/18/20285.0 5.0 4.6 — %
Pastel de Feira LLC dba Original Pastel De Feira(#,^)4244 Pine Ridge CT, Weston, FL 33331Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/17/20285.1 5.1 4.9 — %
Glendale Grill Inc, Roddy Cameron, Jr & John K Symasko(#,^)65 Glendale St, Easthampton, MA 1027Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/17/2043168.9 168.9 184.9 0.05 %
Culmination Motorsports, Inc.(#,^)160 W 91st Ave, Unit B, Anchorage, AK 99515Repair and MaintenanceTerm LoanPrime plus 2.75%9/17/2043539.9 539.9 611.7 0.18 %
L&M Equipment, Inc(#,^)Mile 2.5 Alaska Peninsula Hwy, Naknek, AK 99633Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/14/20431,206.1 1,206.1 1,330.7 0.39 %
J & C Garcia LLC(#,^)26 BRd St, Alexander City, AL 35010Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/14/202862.0 62.0 57.3 0.02 %
Baby's on Broadway LLC(#,^)47 East Broadway, Little Falls, MN 56345Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%9/14/202841.9 41.9 40.4 0.01 %
Rihahn Inc. dba RDBL, Inc(#,^)1397 McGuire Rd, Lamar, AR 72846Forestry and LoggingTerm LoanPrime plus 2.75%9/14/2028117.4 117.4 112.7 0.03 %
QBS, LLC dba Sterling Optical Exton(#,^)211 W Lincoln Hwy, Exton, PA 19341Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/14/202868.1 68.1 62.1 0.02 %
Innovim LLC(#,^)6401 Golden Triangle Drive Ste 200, Greenbelt, MD 20770Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/14/202895.4 95.4 86.2 0.03 %
Innovative Network Solutions Inc(#,^)31567 West 10 Mile Rd, Farmington Hills, MI 48336Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/13/2028105.1 105.1 97.6 0.03 %
F-54
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Underground Productions LLC dba 31 Escape(#,^)1731 Decatur Hwy, Fultandale, AL 35068Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/13/204395.4 95.4 108.4 0.03 %
Rancho Paving, Inc(#,^)339 Cypress Lane, El Cajon, CA 92020Repair and MaintenanceTerm LoanPrime plus 2.75%9/10/2028157.2 157.2 159.0 0.05 %
Pool Guard of LA(#,^)10866 Washington Blvd, Apartment #24, Culver City, CA 90232Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/7/202818.8 18.8 17.1 0.01 %
MurlinComputerCompany LLC dba Murlin Computer,(#,^)1014 Thompson Blvd Ste 38B, Sedalia, MO 65301Repair and MaintenanceTerm LoanPrime plus 2.75%9/7/202813.1 13.1 12.1 — %
Pelican Executives Suites, LLC(#,^)2200 Colorado Ave Sutie 131, Santa Monica, CA 90404Administrative and Support ServicesTerm LoanPrime plus 2.75%9/7/2028268.9 268.9 242.8 0.07 %
NY Tent, LLC dba Tent Company of New York LLC, NY Tent Parent LLC(#,^)140141 Lakeland Ave, Bohemia, NY 11716Rental and Leasing ServicesTerm LoanPrime plus 2.75%9/7/2028270.2 270.2 263.6 0.08 %
Dr. G's Urgent Care LLC(#,^)1425 S Congress Ave, Delray Beach, FL 33445Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/7/202818.8 18.8 17.0 0.01 %
Asheville Spine and Nerve Institute PC(#,^)190 Broadway St Ste 205, Asheville, NC 28801Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/7/204387.2 87.2 98.7 0.03 %
Trolley Express Philly, Inc dba Shuttlebee &Honeybee Transportation(#,^)3401 Market St Ste 200, Philadelphia, PA 19104Support Activities for TransportationTerm LoanPrime plus 2.75%9/6/20287.6 7.6 7.3 — %
Living Centers Inc. dba Veranda House Senior Living(#,^)5129 E 5th St, Katy, TX 77493Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%8/31/2043406.4 406.4 462.0 0.14 %
LACCRB LLC dba PostNet(#,^)3250 Retail Dr Ste 120, Carson City, NV 89706Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%11/30/202812.7 12.7 11.7 — %
XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports World(#,^)825 Courtland St., Orlando, FL 32804Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%8/30/2043433.5 433.5 492.9 0.15 %
Stat Constructor L.P(#,^)9573 US Hwy 220, Stoneville, NC 27048Specialty Trade ContractorsTerm LoanPrime plus 2.75%8/30/202888.1 88.1 91.8 0.03 %
ARVAmethod LLC(#,^)516 N Ogden Ave # 150, Chicago, IL 60642Personal and Laundry ServicesTerm LoanPrime plus 2.75%8/29/20282.0 2.0 1.8 — %
Greenfield Hill Wines & Spirits, LLC(#,^)65 Hillside Rd, Fairfield, CT 6824Food and Beverage Stores Term LoanPrime plus 2.75%8/29/202876.5 76.5 69.8 0.02 %
Extreme Engineering, Inc.(#,^)598 Oliver Dr, Troy, MI 48084Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/29/2028103.9 103.9 94.7 0.03 %
Kotyark LLC dba Gibsonton Motel(#,^)11545 US Hwy 41S, Gibsonton, FL 33534AccommodationTerm LoanPrime plus 2.75%8/29/204379.5 79.5 90.4 0.03 %
Graphish Studio, Inc.(#,^)231 Main St, Stamford, CT 6901Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/28/20286.2 6.2 5.6 — %
JFK Transportation Inc(#,^)4 Mechanic St, Natick, MA 1760Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%8/28/2028129.3 129.3 119.0 0.04 %
Atlas Geo-Constructors LLC(#,^)3466 Thomasville Rd Winston, Winston-Salem, NC 27107Specialty Trade ContractorsTerm LoanPrime plus 2.75%8/24/202862.9 62.9 64.0 0.02 %
Montana Life Group, LLC(#,^)8 N 9th Ave, Bozeman, MT 59715Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%8/24/20286.2 6.2 5.6 — %
F-55
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Finn & Emma LLC(#,^)1275 Bloomfield Ave Building 5 Unit 28B, Fairfield, NJ 7004Clothing and Clothing Accessories Stores Term LoanPrime plus 2.75%8/24/2028101.7 101.7 91.9 0.03 %
Wearware Inc dba FlyWire Cameras(#,^)2204 Blackmoor Park Lane, Lexington, KY 40509Computer and Electronic Product ManufacturingTerm LoanPrime plus 2.75%8/24/202818.7 18.7 17.2 0.01 %
Zash LLC dba Papa Murphy's take 'N' Bake Pizza(#,^)2303 White Bear Ave, Maplewood, MN 55025Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/23/202835.1 35.1 33.4 0.01 %
Buffalo Biodiesel Inc.(#,^)225 Sawyer Ave, Tonawanda, NY 14150Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%8/21/20281,053.1 1,053.1 1,066.9 0.31 %
 Ginekis Enterprises, Inc dba Locanda Veneta(#,^)8638 W Third St, Los Angeles, CA 90048Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/20/202872.0 72.0 65.4 0.02 %
Geo Tek Alaska, Inc(#,^)2756 Commercial Drive, Anchorage, AK 99501Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/17/2044123.4 123.4 135.7 0.04 %
ATI Jet, Inc.(#,^)7007 Boeing Drive, El Paso, TX 79925Air TransportationTerm LoanPrime plus 2.75%8/16/2028169.6 169.6 167.2 0.05 %
Lewins Law, P.C.(#,^)7920 Belt Line Rd Ste 650, Dallas, TX 75254Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/16/202815.0 15.0 13.5 — %
GS Bath Inc(#,^)5335 E Kaviland Ave, Fresno, CA 93725Truck TransportationTerm LoanPrime plus 2.75%8/15/2028478.2 478.2 485.1 0.14 %
Pamletics LLC dba F45(#,^)22015 IH 10 West, San Antonio, TX 78257Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%11/14/202836.7 36.7 34.8 0.01 %
L.A. Insurance Agency GA 10 LLC(#,^)6655 Tara Blvd. Ste 401, Jonesboro, GA 30236Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%8/10/20289.4 9.4 8.4 — %
Crystal Shores Inc. dba Shorewood Laundromat(#,^)700 West Jefferson St, Shorewood, IL 60404Personal and Laundry ServicesTerm LoanPrime plus 2.75%8/9/202818.6 18.6 17.5 0.01 %
Palanuk & Associates, Inc.dba Wolfpk(#,^)28110 SE Fern Drive, Boring, OR 97009Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/8/202885.2 85.2 77.6 0.02 %
CJNR, LLC(#,^)208 East Main St, Elma, WA 98541AccommodationTerm LoanPrime plus 2.75%8/7/2043117.3 117.3 133.4 0.04 %
Mercedes Cab Company, Inc(#,^)35 Alden St, Province Town, MA 2657Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%8/7/2028108.1 108.1 100.8 0.03 %
Ron's Pool and Spa Services LLC(#,^)1419 NE 30th St., Pompano, FL 33064Personal and Laundry ServicesTerm LoanPrime plus 2.75%8/3/20283.1 3.1 2.8 — %
Alma Jacobsen,ODD Family Eye Care & Contact Lens LLC(#,^)1700 Nottingham Way Ste 12A, Hamilton, NJ 8619Health and Personal Care StoresTerm LoanPrime plus 2.75%8/3/202850.1 50.1 45.9 0.01 %
20th Century Lanes, Inc dba West Seattle Bowl(#,^)4505 39 Ave SW, Seattle, WA 98116Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%8/3/202896.0 96.0 96.1 0.03 %
Millwork Unlimited, Incorporated(#,^)8264 Pine Cay Rd, Wellington, FL 33414Wholesale Electronic Markets and Agents and BrokersTerm LoanPrime plus 2.75%8/2/20286.2 6.2 5.6 — %
Accel Compression Inc., Accel Workover Services, Inc(#,^)4500 S Country Rd, Odessa, TX 79765Rental and Leasing ServicesTerm LoanPrime plus 2.75%8/1/2043289.6 289.6 312.5 0.09 %
Accel Compression Inc., Accel Workover Services Inc. dba Mica Tool (#,^)4500 S. Country Rd 1310, Odessa, TX 79765Rental and Leasing ServicesTerm LoanPrime plus 2.75%8/1/2028388.8 388.8 386.4 0.11 %
Samy Optical LLC dba Site for Sore Eyes(#,^)1350 Travis Blvd Ste 1507A, Fairfield, CA 94533Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%8/1/202888.6 88.6 80.1 0.02 %
F-56
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
CSL Services Inc(#,^)7905 Browning Rd, Ste.312,314,316, Pennsauken, NJ 8109Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%7/27/2028451.8 451.8 432.3 0.13 %
Nunez Enterprises Corporation dba La Casa(#,^)3330 Piedmont RD NE, Atlanta, GA 30305Miscellaneous Store RetailersTerm LoanPrime plus 2.75%7/26/20286.3 6.3 5.7 — %
Relevant Elephant ,LLC(#,^)ON320 Woodvale St, Winfield, IL 60190Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%7/25/20284.9 4.9 4.4 — %
TR Nails, LLC dba Simple Nails(#,^)158 Great Rd, Bedford, MA 1730Personal and Laundry ServicesTerm LoanPrime plus 2.75%7/20/202852.0 52.0 46.9 0.01 %
ZA Trucking LLC(#,^)5945 York Way, East Lansing, MI 48823Truck TransportationTerm LoanPrime plus 2.75%7/17/20288.5 8.5 8.2 — %
674 Club LLC(#,^)674 N Orleans, Chicago, IL 60654Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/17/2043253.2 253.2 287.9 0.08 %
Mother's Cantina LLC dba Mother's Cantina(#,^)2810 Philadephia Ave Unit #10, Ocean City, MD 21842Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/13/202856.7 56.7 52.1 0.02 %
Smart-tel Communications LLC(#,^)9720 W. Colfax Ave Ste 100, Lakewood, CO 80215Administrative and Support ServicesTerm LoanPrime plus 2.75%7/13/202817.4 17.4 18.2 0.01 %
HQTRONICS LLC(#,^)10135 South Roberts Rd Ste 209, Palos Hills, IL 60465Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%7/13/202851.6 51.6 46.6 0.01 %
Smoove Move Productions, LLC dba Smoove Move Productions(#,^)3932 North 16th St, Omaha, NE 68110Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%7/12/20288.9 8.9 9.2 — %
Talent Logistix, LLC, Pinpoint Staffing LLC & ITC 2.0 LLC(#,^)6350 Shadeland Ave, Indianpolis, IN 46220Administrative and Support ServicesTerm LoanPrime plus 2.75%7/3/202851.6 51.6 48.2 0.01 %
Vital Inspection Professionals, Inc. dba VIP(#,^)180 Airpark Industrial Rd, Alabaster, AL 35007Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%7/3/2028256.8 256.8 254.2 0.07 %
US Cargo Express, LLC(#,^)4735 22 Mile Rd, Utica, MI 48317Support Activities for TransportationTerm LoanPrime plus 2.75%7/2/204381.5 81.5 94.9 0.03 %
Bio-Haz Solutions, Inc(#,^)23 Tonolli Rd, Nesquehoning, PA 18240Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%3/29/2029217.3 217.3 226.2 0.07 %
Bio-Haz Solutions, Inc.(#,^)23 Tonoli Rd, Nesquehoning, PA 18240Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%5/29/2044358.2 358.2 399.3 0.12 %
M J Losito Electrical Contractor's, Inc(#,^)98 Wooster St, Bethel, CT 6801Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/29/202818.8 18.8 18.8 0.01 %
Corptek Solutions LLC(#,^)2363 N. Hwy # 287 Ste # 111, Mansfield, TX 76063Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/28/202838.9 38.9 37.9 0.01 %
Critter Cabana, LLC dba Critter Cabana(#,^)516 East Main St, Newberg, OR 97132Miscellaneous Store RetailersTerm LoanPrime plus 2.75%6/28/202856.9 56.9 55.5 0.02 %
National Dredging Services of North Florida, Inc.(#,^)1537 Northwest Main Blvd., Lake City, FL 32055Repair and MaintenanceTerm LoanPrime plus 2.75%6/27/204327.6 27.6 32.1 0.01 %
National Dredging Services of North Florida, Inc.(#,^)1537 Northwest Main Blvd., Lake City, FL 32055Repair and MaintenanceTerm LoanPrime plus 2.75%6/27/202843.5 43.5 45.8 0.01 %
Julie Cooper-Bierman dba Forever Shopper(#,^)7435 Piute Creek Dr, Corona, CA 92881Nonstore Retailers Term LoanPrime plus 2.75%6/27/202813.1 13.1 12.8 — %
Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery(#,^)299 Utica Ave, Brooklyn, NY 11203Food ManufacturingTerm LoanPrime plus 2.75%6/27/2043341.7 341.7 392.8 0.12 %
F-57
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
InUSA Ventures, Inc(#,^)508 Hyacinthus Court, San Ramon, CA 94582Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%6/27/202840.9 40.9 39.9 0.01 %
Nick's Country Kitchen, LLC(#,^)3 Flanders RD, Building #1, Bethlehem, CT 6751Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/27/202818.4 18.4 18.1 0.01 %
Bengals, Inc. dba Royal Liquor Mart(#,^)3714 E State St, Rockford, IL 61108Food and Beverage Stores Term LoanPrime plus 2.75%6/26/2043102.1 102.1 115.8 0.03 %
Peter Thomas Roth Labs LLC, & June Jacobs Labs, LLC,(#,^)460 Park Ave, Floor 16, New York, NY 10022Health and Personal Care StoresTerm LoanPrime plus 2.75%6/26/2028757.1 757.1 750.0 0.22 %
Sun Pools, Inc(#,^)130 Holiday LN, Albany, KY 42602Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%6/25/2043294.0 294.0 323.5 0.10 %
Sun Pools, Inc dba Sun Fiberglass Pools(#,^)130 Holiday Lane, Albany, KY 42602Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%6/25/2028639.6 639.6 635.8 0.19 %
DPF Filters Inc.(#,^)2832 Golden State Blvd., Madera, CA 93637Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%6/25/202856.3 56.3 55.6 0.02 %
Martha Beauty Supply And Braiding, Inc.(#,^)538 E Boughton Rd, Bolingbrook, IL 60440Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/22/2043134.1 134.1 155.9 0.05 %
Sushi Prime, LLC and Vasilia Investments(#,^)32 SE 2nd Ave, Delray Beach, FL 33444Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/22/2028224.9 224.9 226.0 0.07 %
Mr. Lube, Inc(#,^)721 E Westpoint Drive., Wasilla, AK 99654Repair and MaintenanceTerm LoanPrime plus 2.75%6/22/2043654.6 654.6 734.9 0.22 %
Mr. Lube, Inc.(#,^)721 E. West Point Drive, Wasilla, AK 99654Repair and MaintenanceTerm LoanPrime plus 2.75%6/22/2028516.8 516.8 526.1 0.16 %
The Desert House Assisted Living ,LLC dba The Desert House Assisted (#,^)11055 E Grove St, Mesa, AZ 85208Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%6/22/204375.6 75.6 86.8 0.03 %
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC(#,^)300 Harold Dow Hwy, Eliot, ME 3903Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%6/21/2028116.6 116.6 120.0 0.04 %
Independent Life LLC(#,^)4955 S Durango Drive, Ste124, Las Vegas, NV 89113Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/21/2028100.7 100.7 98.2 0.03 %
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC(#,^)300 Harold Dow Hwy, Elliot, ME 3903Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%6/21/2043233.9 233.9 264.7 0.08 %
Mid America Motorworks, Inc and Yager Holdings L.P(#,^)2900 North 3rd St, Effingham, IL 62401Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%6/19/2043273.3 273.3 317.7 0.09 %
Colovic Hackettstown Dairy LLC(#,^)22 Route 57, Hackettstown, NJ 7840Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/19/2043264.0 264.0 306.6 0.09 %
Jones Roger Sherman Inn, Inc.(#,^)195 Oenoke Ridge, New Canaan, CT 6840Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/19/2028369.0 369.0 388.5 0.11 %
Allen Theatre and Back Stage Cafe LLC(#,^)36 East. Main St, Annville, PA 17003Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%6/18/2043121.1 121.1 139.6 0.04 %
Schumacker Recreation, LLC(#,^)5325 S University Drive, Davie, FL 33328Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/18/2028122.9 122.9 129.5 0.04 %
Softrol Systems Inc dba Softrol Systems(#,^)1100 Northpoint Pkwy SE, Acworth, GA 30102Computer and Electronic Product ManufacturingTerm LoanPrime plus 2.75%6/15/2028721.6 721.6 709.0 0.21 %
F-58
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Northway Exit 29 Campground, Inc dba Adirondacks Jellystone Parks (#,^)4035 Blue Ridge Rd, North Hudson, NY 12855AccommodationTerm LoanPrime plus 2.75%6/15/2043207.8 207.8 241.5 0.07 %
Oil Palace Inc.(#,^)10408 Hwy 64 East, Tyler, TX 75707Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%9/15/2043139.5 139.5 162.4 0.05 %
Venzix Ventures Inc. dba Venzix(#,^)750 Legend Oak Drive, Fountain, CO 80817Nonstore Retailers Term LoanPrime plus 2.75%6/15/202810.8 10.8 11.1 — %
Dianne Williams and Louis Williams dba Sweetlips Store(#,^)3870 Sweet Lips Rd, Henderson, TN 38340Food and Beverage Stores Term LoanPrime plus 2.75%6/15/204344.4 44.4 50.9 0.01 %
Tele Tax Express Inc(#,^)166 Getty Ave, Paterson, NJ 7503Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/14/202818.4 18.4 19.0 0.01 %
Team Sandy Blanton Realty, Inc(#,^)1225 West Gregory St, Pensacola, FL 32502Real EstateTerm LoanPrime plus 2.75%6/14/204393.1 93.1 104.2 0.03 %
E & J Sims Co. LLC(#,^)28 BRd St, Bloomfield, NJ 7003Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/14/202840.9 40.9 40.6 0.01 %
Mastiff Studios LLC(#,^)2919 West Colorado Ave, Colorado Springs, CO 80904Educational ServicesTerm LoanPrime plus 2.75%6/13/204341.1 41.1 47.6 0.01 %
Ciasom LLC dba Mosaic(#,^)1040-1042 Richard Ave, Santa Clara, CA 95050Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/11/2028147.3 147.3 144.1 0.04 %
Beyond Grooming LLC and Michelle McWatters(#,^)1200 Old Martindale Rd, San Marcos, TX 78666Miscellaneous Store RetailersTerm LoanPrime plus 2.75%6/8/204341.3 41.3 47.8 0.01 %
Camp K-9 Pet Resort & Spa, Inc.(#,^)18501 Le Claire Ave, Tinley Park, IL 60478Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/8/20286.8 6.8 6.6 — %
Skyways LTD,Jet 60 LLC,Mendean Jonath, Inc,Jet AOG, Inc & Jonathan Men(#,^)426 15th St NW, Huron, SD 57350Support Activities for TransportationTerm LoanPrime plus 2.75%6/8/2043365.3 365.3 411.3 0.12 %
Icebox Cafe, L.C. and Icebox Cafe at Doral,LLC(#,^)1855 Purdy Ave, Miami Beach, FL 33139Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/8/2028665.1 665.1 655.4 0.19 %
Applied Behavioral Consulting, Inc(#,^)422 Blooming Grove Tpke, New Windsor, NY 12553Social AssistanceTerm LoanPrime plus 2.75%6/7/204348.0 48.0 55.5 0.02 %
H S Corporation dba Lake Anna Lodge(#,^)5152 Courthouse Rd, Spotsylvania, VA 22551AccommodationTerm LoanPrime plus 2.75%6/7/2043126.1 126.1 146.6 0.04 %
Anurag, LLC dba Oakwood Package Store(#,^)191-195 Oakwood Ave, West Hartford, CT 6107Food and Beverage Stores Term LoanPrime plus 2.75%6/6/2043132.7 132.7 149.4 0.04 %
Hardway Inc and A F C Leasing, Inc(#,^)12533 S. 73rd East Place, Bixby, OK 74008Rental and Leasing ServicesTerm LoanPrime plus 2.75%6/6/2028246.8 246.8 240.6 0.07 %
Sowells Consulting Engineers, LLC(#,^)13430 Northwest Freeway #260, Houston, TX 77040Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/6/202818.4 18.4 18.0 0.01 %
Funtime ,LLC dba Indoor Playgrounds International(#,^)13200 West Foxfire Drive Ste 144, Surprise, AZ 85378Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%6/5/2028211.2 211.2 206.0 0.06 %
SSD Designs LLC(#,^)10840 Bay Hill Club Drive, Charlotte, NC 28277Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%6/5/202861.4 61.4 60.2 0.02 %
Mastrocinque Restaurant Management Company LLC dba Santionii's (#,^)3535 Hwy 17 Unit 14 &15, Fleming Island, FL 32003Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/1/202851.3 51.3 53.5 0.02 %
F-59
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
BTD Feed & Nutrition, LLC dba Thomaston Feed Cheshire(#,^)943 South Main St, Cheshire, CT 6410Miscellaneous Store RetailersTerm LoanPrime plus 2.75%6/1/202839.4 39.4 38.4 0.01 %
Awan Business Management Group LLC, Awan Sign Company LLC(#,^)14429 South Wallin Drive, Plainfield, IL 60544Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%5/31/2043264.8 264.8 303.2 0.09 %
Seraj Wireless, LLC(#,^)132 Madison Ave, Albany, NY 12202Electronics and Appliance StoresTerm LoanPrime plus 2.75%5/31/2028101.5 101.5 106.8 0.03 %
Eagle Aggregate Transportation, LLC(#,^)4401 N I-35 Ste #113, Denton, TX 76207Truck TransportationTerm LoanPrime plus 2.75%5/30/202872.9 72.9 72.9 0.02 %
Crowley Ventures, LLC(#,^)665 Worthington Rd, Westerville, OH 43082Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/29/202860.6 60.6 59.6 0.02 %
Iloka, Inc dba New Cloud Networks(#,^)160 Inverness Drive. W Ste 150, Englewood, CO 80112Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%5/25/2028202.9 202.9 204.3 0.06 %
Adow Pools LLC(#,^)393 Glenbrook Rd, Stamford, CT 6906Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/25/2028141.9 141.9 140.2 0.04 %
Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze(#,^)3 Williams Ave, Mystic, CT 6355AccommodationTerm LoanPrime plus 2.75%5/25/20431,245.1 1,245.1 1,447.4 0.43 %
Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery(#,^)59 West Main St, Broadalbin, NY 12025AccommodationTerm LoanPrime plus 2.75%10/25/2043195.5 195.5 228.0 0.07 %
Dream Spa LLC and Dream Spa Greenwich LLC(#,^)1220 Post Rd East, Westport, CT 6880Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/25/202883.5 83.5 81.9 0.02 %
Starship, LLC dba Tint World Smyrna(#,^)2274 S Atlanta Rd SE, Smyrna, GA 30080Repair and MaintenanceTerm LoanPrime plus 2.75%5/25/204394.5 94.5 109.1 0.03 %
DMA Equipment LLC(#,^)700 Lee St, Elk Grove Village, IL 60007Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%5/24/2043251.5 251.5 284.2 0.08 %
Chem-Flotronics, Inc.(#,^)195 Paterson Ave, Little Falls, NJ 7424Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 2.75%5/22/202881.2 81.2 80.1 0.02 %
Yakov Levy M.D., P.C.(#,^)70-31 108th St, Forest Hills, NY 11375Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%5/18/202827.4 27.4 26.9 0.01 %
Mark A Espinoza, DDS PLLC dba Central Dental Care(#,^)9315 N Central Ave, Phoenix, AZ 85020Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%5/18/202851.0 51.0 49.8 0.01 %
On Stage Enterprises LLC, On Stage Theaters Branson, LLC, On Stage (#,^)4570 W Post Rd Ste #100, Las Vegas, NV 89118Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%5/17/2028205.2 205.2 200.0 0.06 %
JVLS LLC dba Vaccines 2 Go(#,^)4060 Johns Creek Parkway, Ste H,, Suwanee, GA 30024Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%5/17/20286.9 6.9 6.7 — %
Joshua One Limited Liability Company dba Genesis Personal Fitness(#,^)28 North State St Unit 100, Newtown, PA 18940Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%5/16/2043308.0 308.0 346.7 0.10 %
Clore Construction LLC(#,^)21220 FM 1420, Harlingen, TX 78550Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%5/16/2028121.5 121.5 122.1 0.04 %
James T. Hendel dba Autotexx Mobile Auto Repair(#,^)5857 Hwy101 North, Rockmart, GA 30153Repair and MaintenanceTerm LoanPrime plus 2.75%5/15/20286.1 6.1 6.4 — %
F-60
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Fireplace Outlet Inc(#,^)8216 Main St, Williamsville, NY 14221Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%5/15/202814.8 14.8 15.5 — %
Galore Salon & Extension Lounge Inc dba Pretty Chic Hair & Lashes(#,^)5714 Edmondson Pike Ste 24, Nashville, TN 37211Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/14/20283.7 3.7 3.6 — %
Circle and Square, Inc dba Stamford Kumon(#,^)50 Forest St Ste 902, Stamford, CT 6901Educational ServicesTerm LoanPrime plus 2.75%5/11/202835.4 35.4 34.6 0.01 %
Bote Virginia Beach, Inc. dba Bote Virginia Beach(#,^)1080 Nimmo Pkwy, Ste 104, Virginia Beach, VA 23454Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%5/11/20289.1 9.1 8.9 — %
Daniel Woodward, DC PLLC dba Doc's Body Shop(#,^)3084 N Goliad St, Ste 114, Rockwall, TX 75087Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%5/11/202828.4 28.4 27.6 0.01 %
Adhara, LLC(#,^)18123 E Appleway Ave, Spokane Valley, WA 99016Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/11/204341.9 41.9 47.8 0.01 %
Baby Gentry's Childcare & Learning Academy(#,^)4203 Shenandoah Drive, Dayton, OH 45417Social AssistanceTerm LoanPrime plus 2.75%5/10/20289.1 9.1 8.9 — %
Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer(#,^)310 Arlington Ave Unit 329, Charlotte, NC 28203Educational ServicesTerm LoanPrime plus 2.75%5/9/2043696.7 696.7 809.9 0.24 %
Schmaltz Operations LLC dba Companion Camp(#,^)3408 Castle Rock Farm Rd, Pittsboro, NC 27312Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/7/202848.7 48.7 49.8 0.01 %
Container Shipping, LLC(#,^)533 Nova Rd Ste 213B, Ormond Beach, FL 32174Support Activities for TransportationTerm LoanPrime plus 2.75%5/4/202840.6 40.6 39.6 0.01 %
Wilbur Standford Jr Trucking and Excavating, LLC(#,^)7505 North Chases Lake Rd, Watson, NY 13343Specialty Trade ContractorsTerm LoanPrime plus 2.75%5/3/2028194.8 194.8 201.2 0.06 %
Olmsted LLC and 626 Van LLC dba Maison Yaki(#,^)659 Vanderbilt Ave, Brooklyn, NY 11238Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/1/2029202.0 202.0 200.9 0.06 %
Metropolitan Solutions Inc.(#,^)1420 Chestnut St, Portsmouth, VA 23704Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%4/30/2043169.8 169.8 187.0 0.06 %
Brenden Kehren Development LLC(#,^)14689 Gemara Rd, Sparta, WI 54656Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%4/30/20282.4 2.4 2.4 — %
Sunlinc Inc(#,^)170 Canterbury Court, East Windsor, NJ 8520Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%4/30/20287.8 7.8 7.7 — %
Corona Dance, LLC dba Huracan Dance Studio(#,^)480 West Main St, Stamford, CT 6902Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%4/30/20289.6 9.6 9.4 — %
Saltamontes Tire Company, LLC(#,^)1955 Boston Ave, Brodgeport, CT 6604Repair and MaintenanceTerm LoanPrime plus 2.75%4/30/204398.2 98.2 112.2 0.03 %
Rory James Contracting LLC(#,^)33 Bennett Place, Amityville, NY 11701Construction of BuildingsTerm LoanPrime plus 2.75%4/27/202812.9 12.9 12.6 — %
Kastoria Inc. dba Bantam Pizza(#,^)768 Bantam Rd, Bantam, CT 6750Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/27/202812.1 12.1 11.8 — %
Suraj Enterprises, Inc.(#,^)11720 W. Airport Rd, Meadows Place, TX 77477Food and Beverage Stores Term LoanPrime plus 2.75%4/27/2028251.1 251.1 255.0 0.08 %
Little Angels Daycare and Learning Center LLC(#,^)4551 Summit Blvd, West Palm Beach, FL 33415Social AssistanceTerm LoanPrime plus 2.75%4/27/2043153.9 153.9 179.0 0.05 %
RWT Corporation dba Welding Works(#,^)32 New Rd, Madison, CT 6443Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%4/26/2028343.5 343.5 344.8 0.10 %
F-61
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Pledge 4 Hope LLC(#,^)53 Bayberry Loop South, Purvis, MS 39475Data Processing, Hosting, and Related ServicesTerm LoanPrime plus 2.75%4/26/202812.1 12.1 11.8 — %
LMH Optics LLC dba Sterling Optical(#,^)1272 Smallwood Dr West, Waldorf, MD 20603Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%4/26/202840.2 40.2 39.3 0.01 %
K&S Hardware LLC(#,^)1865 W Wayzata Blvd, Long Lake, MN 55356Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%4/26/202818.1 18.1 17.7 0.01 %
Matrix Z, LLC(#,^)800 SW 21st Terrace, Ft Lauderdale, FL 33312Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 2.75%4/26/202865.3 65.3 67.8 0.02 %
RWT Corporation dba Welding Works(#,^)32 New Rd, Madison, CT 6443Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%4/26/2043204.0 204.0 225.2 0.07 %
Joe & Sons Service, Inc(#,^)855 Atwood Ave, Cranston, RI 2920Repair and MaintenanceTerm LoanPrime plus 2.75%4/24/202884.2 84.2 88.7 0.03 %
Just for Boats LLC(#,^)459 Dupre Rd, McClellanville, SC 29458Repair and MaintenanceTerm LoanPrime plus 2.75%4/20/204316.8 16.8 19.5 0.01 %
Spitnale's Garage LLC(#,^)3761 Mahoning Ave, Youngstown, OH 44515Repair and MaintenanceTerm LoanPrime plus 2.75%4/20/204357.8 57.8 65.7 0.02 %
Rosemarie Products Company LLC(#,^)5400 Crooked Tree Drive, Mason, OH 45040Health and Personal Care StoresTerm LoanPrime plus 2.75%4/18/202812.1 12.1 11.8 — %
Means Enterprises LLC(#,^)4150 Legacy Drive N Ste # 412, Frisco, TX 75034Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%4/18/20285.7 5.7 5.5 — %
James L Shoemaker APCC(#,^)221 W Judge Perez Drive, Chalmette, LA 70043Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%4/18/202812.9 12.9 12.6 — %
Veterinary Preventive Care, LLC(#,^)945 Riverview Ct, Xenia, OH 45385Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%4/18/202837.7 37.7 37.5 0.01 %
A New Dawn Psychotherapy Associates, LLC(#,^)308 E BRd St, Bethlehem, PA 18018Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%4/18/204383.8 83.8 94.2 0.03 %
Southern HVAC LLC(#,^)119 Ouachita 212, Camden, AZ 71701Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/17/204321.6 21.6 24.1 0.01 %
Southern Oaks Athletic Club, LLC(#,^)15253 Shenandoah Ave, BATON ROUGE, LA 70817Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%4/17/2043351.2 351.2 405.2 0.12 %
Southern HVAC LLC(#,^)119 Ouachita 212, Camden, AR 71701Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/17/202831.8 31.8 32.4 0.01 %
Patricia A. Freeman & Samuel C. Freeman dba Teenas Pizza(#,^)35 E Main St, Pekin, IN 47165Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/13/204340.2 40.2 45.9 0.01 %
Precision Components Group Inc(#,^)190 Doty Circle, West Springfield, MA 1089Miscellaneous ManufacturingTerm LoanPrime plus 2.75%4/11/202818.1 18.1 18.5 0.01 %
Sexy Nails Center LLC(#,^)57 Passaic St, Garfield, NJ 7026Personal and Laundry ServicesTerm LoanPrime plus 2.75%4/10/2043194.0 194.0 224.3 0.07 %
Mark Baker(#,^)1653 Evalie Dr, Fairfield, OH 45014Truck TransportationTerm LoanPrime plus 2.75%4/9/20287.9 7.9 7.8 — %
Innovation Transport LLC(#,^)1 International Blvd, Ste 400, Mahwah, NJ 7495Truck TransportationTerm LoanPrime plus 2.75%4/6/202841.2 41.2 42.2 0.01 %
Newsome Mobile Notary LLC(#,^)8153 12th Ave SW, Seattle, WA 98106Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%4/5/20284.2 4.2 4.1 — %
Shree Lakshminarayyn Grocery Stores LLC(#,^)3307 Charles St, Rockford, IL 61108Gasoline Stations Term LoanPrime plus 2.75%4/5/2043114.9 114.9 131.6 0.04 %
F-62
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Bean City Bar and Grill LLC(#,^)N 2505 Bean City Rd, New London, WI 54961Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/4/204371.6 71.6 83.2 0.02 %
B&C Texas Leasing Inc.,M & W Hot Oill, Inc(#,^)8124 Sprague Rd, Odessa, TX 79764Truck TransportationTerm LoanPrime plus 2.75%3/30/2043259.7 259.7 291.8 0.09 %
Master Roofing and Siding Inc.(#,^)25 Robert Pitt Dr Ste 213, Monsey, NY 10952Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/30/2028211.5 211.5 205.8 0.06 %
Fifth Wheel Truck Stop 001(#,^)3767 S Golden State Blvd, Fresno, CA 93725Gasoline Stations Term LoanPrime plus 2.75%3/30/20431,094.4 1,094.4 1,221.9 0.36 %
Michael S Brown Physical Therapy, P.C(#,^)300 Hempstead Tpke Ste. 3 & 4, Hempstead, NY 11552Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/30/202878.0 78.0 75.9 0.02 %
Alaska Industrial Paint LLC(#,^)229 Whitney Rd, Unit B, Anchorage, AK 99501Repair and MaintenanceTerm LoanPrime plus 2.75%3/30/202899.6 99.6 103.8 0.03 %
Romancing the Stone(#,^)140 Centre of New England Blvd, Coventry, RI 2816Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/30/2043333.7 333.7 378.6 0.11 %
America's Little Leaders Academy, Inc(#,^)2570 NW 152nd Terrace, Opa-Locka, FL 33054Social AssistanceTerm LoanPrime plus 2.75%3/30/204321.5 21.5 24.7 0.01 %
Payne's Environmental Services LLC(#,^)5617 Causeway Blvd, Tampa, FL 33619Administrative and Support ServicesTerm LoanPrime plus 2.75%3/30/2028180.9 180.9 183.8 0.05 %
Technical Ordnance Solutions,LLC(#,^)9950 Business Circle, Ste 13, Naples, FL 34112Fabricated Metal Product ManufacturingTerm Loan7.75%3/30/20281,060.0 1,060.0 946.7 0.28 %
GQ Investments,LLC(#,^)5772 Miami Lakes Drive East, Miami, FL 33014Electrical Equipment, Appliance, and Component ManufacturingTerm LoanPrime plus 2.75%3/30/2028168.0 168.0 165.5 0.05 %
Alaska Industrial Paint LLC(#,^)229 Whitney Rd Unit B, Anchorage, AK 99501Repair and MaintenanceTerm LoanPrime plus 2.75%3/30/2043213.3 213.3 243.8 0.07 %
B&C Texas Leasing Inc and M&W Hot Oil, Inc.(#,^)8124 Sprague Rd, Odessa, TX 73764Truck TransportationTerm LoanPrime plus 2.75%3/30/2028780.9 780.9 796.9 0.23 %
Kaz Wellness, LLC dba Grounded Wellness Center(#,^)104 Clover Court, Bartlett, IL 60103Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/29/202812.7 12.7 12.7 — %
Lou & Choo Enterprises Inc.(#,^)2101 West Hunting Park Ave, Philadelphia, PA 19140Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/28/2044104.0 104.0 117.3 0.03 %
Cartwright Termite & Pest Control Inc. and Cartwright Termite &Pest Co(#,^)1376 Broadway, El Cajon, CA 92021Administrative and Support ServicesTerm LoanPrime plus 2.75%3/28/2028178.2 178.2 180.7 0.05 %
Clancy 15 LLC and Allied Molded Products LLC(#,^)1145 13th Ave East, Palmetto, FL 34221Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%3/28/2043207.0 207.0 232.1 0.07 %
Corning Lumber Company Inc & Frank R Close & Son Inc dba True Valley(#,^)111 E. Laurel St, Willows, CA 95988Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%3/28/202869.8 69.8 73.4 0.02 %
Montage Mountain Resorts, LP(#,^)1000 Montage Mountain Rd, Scranton, PA 18505Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/28/20431,195.6 1,195.6 1,389.8 0.41 %
Clancy 15 LLC and Allied Molded Products LLC(#,^)1145 13th Ave East, Palmetto, FL 34221Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%3/28/2028126.3 126.3 128.3 0.04 %
K.C. Communications, Inc.(#,^)2715 Saturn St, Brea, CA 92821TelecommunicationsTerm LoanPrime plus 2.75%3/27/202849.9 49.9 52.4 0.02 %
Towing Professionals of Arizona Inc dba Shamrock Towing & All Valley(#,^)2801 W Osborn Rd, Phoenix, AZ 85017Support Activities for TransportationTerm LoanPrime plus 2.75%3/26/2043515.3 515.3 568.0 0.17 %
F-63
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Cable Management, LLC(#,^)200 Pratt St, Meriden, CT 6450Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%3/23/202864.1 64.1 66.1 0.02 %
Aque Investment Group LLC(#,^)3838 N. Sam Houston Parkway E, Houston, TX 77032Real EstateTerm LoanPrime plus 2.75%3/23/2028211.9 211.9 222.7 0.07 %
Shweiki Media Inc dba Study Breaks Magazine(#,^)4954 Space Center Drive, San Antonio, TX 78218Publishing Industries (except Internet)Term LoanPrime plus 2.75%3/23/202859.9 59.9 62.9 0.02 %
Denton BioFuels LLC and Amercian BioSource, LLC(#,^)624 W. University Drive.#359, Denton, TX 76201Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%3/23/202872.5 72.5 73.1 0.02 %
All Regional Recyclers of Wood LLC dba ARROW(#,^)104 Wooster St, Bethal, CT 6801Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%3/23/2028104.7 104.7 106.7 0.03 %
Sunshine Tents and Event Rentals LLC(#,^)2322 SW 58th Terrace, West Park, FL 33023Rental and Leasing ServicesTerm LoanPrime plus 2.75%3/23/202849.5 49.5 52.0 0.02 %
Kajun Martial Arts LLC(#,^)36546 Mission St, Prairieville, LA 70769Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/23/202818.0 18.0 17.7 0.01 %
Sofasco, Inc(#,^)182 Garber Lane, Winchester, VA 22602Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%3/23/204395.6 95.6 106.8 0.03 %
New York Label & Box Corp(#,^)50 Oval Drive, Islandia, NY 11749Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%3/23/20431,197.8 1,197.8 1,362.0 0.40 %
GeoTek Alaska, Inc(#,^)2756 Commercial Drive, Anchorage, AK 99501Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/21/2043813.0 813.0 925.8 0.27 %
Rexco Foods LLC dba Papa John's(#,^)18640 Fm 1488 Ste C, Magnolia, TX 77354Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/20/202833.9 33.9 33.0 0.01 %
RTSP Union LLC(#,^)2438 Route 22 East, Union, NJ 7083Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%9/20/20281,009.2 1,009.2 1,019.4 0.30 %
Cest Chic Concepts, LLC dba Salon Cest Chic(#,^)15231 Hall Station Rd Unit 104, Bowie, MD 20721Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/19/20289.0 9.0 8.9 — %
Camerabots Media, LLC(#,^)4501 Ford Ave Ste 207, Alexandria, VA 22302Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%3/16/202812.0 12.0 11.8 — %
Petroleum Equipment & Services, Inc(#,^)5631 Silverado Way Unit G, Anchorage, AK 99518Support Activities for MiningTerm LoanPrime plus 2.75%3/16/2028199.8 199.8 210.0 0.06 %
Rojenco II,Inc.(#,^)4357 Shore Drive, Virginia Beach, VA 23455Repair and MaintenanceTerm LoanPrime plus 2.75%9/15/204373.8 73.8 84.7 0.02 %
Bear Bones, Inc.(#,^)43 Libson St, Lewiston, ME 4240Beverage and Tobacco Product ManufacturingTerm LoanPrime plus 2.75%3/15/204321.5 21.5 24.8 0.01 %
CTD Operations Inc(#,^)219 Saint Nazaire Rd STE G, Broussard, LA 70518Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/15/202853.3 53.3 52.6 0.02 %
Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe(#,^)2217 Richmond Rd, Williamsburg, VA 23188Repair and MaintenanceTerm LoanPrime plus 2.75%3/15/2043496.4 496.4 568.5 0.17 %
Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe(#,^)2217 Richmond Rd, Williamsburg, VA 23188Repair and MaintenanceTerm LoanPrime plus 2.75%9/15/204373.8 73.8 84.7 0.02 %
Rojenco II, Inc.(#,^)4357 Shore Drive, Virginia Beach, VA 23455Repair and MaintenanceTerm LoanPrime plus 2.75%3/15/2043384.9 384.9 440.8 0.13 %
F-64
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Summit Insights Group LLC(#,^)19 Briant Parkway, Summit, NJ 7901Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%3/14/202836.2 36.2 35.2 0.01 %
Dante Ultimate Cleaning Service LLC(#,^)16969 River Park Dr, Covington, LA 70345Administrative and Support ServicesTerm LoanPrime plus 2.75%3/9/20288.1 8.1 8.2 — %
SRG Waterfront LLC(#,^)88 District Square SW, Washington, DC 20005Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/9/2028232.0 232.0 227.6 0.07 %
2b Mom Inc dba Mom's the Word Maternity(#,^)3150 18th St, Ste 435, San Francisco, CA 94110Clothing and Clothing Accessories Stores Term LoanPrime plus 2.75%3/9/202826.2 26.2 25.5 0.01 %
Treft Systems Inc(#,^)1050 Kings Hwy North Ste #107, Cherry HIll, NJ 8034Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/8/202812.0 12.0 11.7 — %
Unpainted Arizona, LLC dba Westside Bowl(#,^)2617 Mahoning Ave, Youngstown, OH 44509Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%8/7/2043100.3 100.3 113.9 0.03 %
Espinoza & Salinas Group Ltd dba Credit 360 Consulting(#,^)17806 IH 10Ste 300, SAN ANTONIO, TX 78257Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/2/20283.9 3.9 3.9 — %
Stepping Stones Childrens Academy(#,^)720 Rancho Del Norte Drive, Las Vegas, NV 89031Social AssistanceTerm LoanPrime plus 2.75%3/2/2043243.4 243.4 279.9 0.08 %
BC Bishop Enterprises LLC dba 9Round Pooler(#,^)105-107 Grand Central Blvd, Pooler, GA 31322Educational ServicesTerm LoanPrime plus 2.75%3/2/20286.7 6.7 6.6 — %
Connie Engelbrecht(#,^)20640 Raven Drive, Eagle River, AK 99577Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 2.75%2/28/20282.4 2.4 2.3 — %
The Law Offices of Samuel R Miller LLC(#,^)7405 Lake Worth Rd, Lake Worth, FL 33467Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/28/2043113.6 113.6 131.9 0.04 %
Merciful Heavenly Homes, LLC(#,^)401 Dillar's Mill Rd, Tyner, NC 27980Nursing and Residential Care FacilitiesTerm Loan8%2/28/204362.9 62.9 58.9 0.02 %
Urban Fitness Group LLC dba Crunch Fitness Group LLC(#,^)2800 S IH-35, Ste 220, Round Rock, TX 78681Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/28/2028177.2 177.2 186.2 0.05 %
Carey Collision Repairs Inc.(#,^)295 D Bucheimer Rd, Fredrick, MD 21701Repair and MaintenanceTerm LoanPrime plus 2.75%2/27/202859.3 59.3 58.6 0.02 %
Betty's Catering Corp, Betty's Decoration & Wedding Center Inc.(#,^)94-33 Corona Ave, Corona, NY 11373Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/26/2043340.0 340.0 394.7 0.12 %
Carries Cakes and Catering, Inc dba Carrie's Cakes and Confections(#,^)4308 Holland Rd, Virginia Beach, VA 23452Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/23/20283.8 3.8 3.7 — %
Jackpine Technologies Corporation(#,^)1 Mill & Main Pl., Ste 330, Maynard, MA 1754Publishing Industries (except Internet)Term LoanPrime plus 2.75%2/22/202829.3 29.3 30.8 0.01 %
Crossfit iQ LLC(#,^)346 Pike Rd, Bay 8 & 9, West Palm Beach, FL 33411Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/21/202833.6 33.6 33.2 0.01 %
Wellfleet Consulting Inc.(#,^)2275 Research Blvd Ste 500, Rockville, MD 20850Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/21/202811.9 11.9 11.5 — %
New View Media Group LLC(#,^)1 Old Wolfe Rd Ste 205, Budd Lake, NJ 7828Publishing Industries (except Internet)Term LoanPrime plus 2.75%2/16/202865.3 65.3 68.6 0.02 %
Town & Country Transportation Co.(#,^)191-193 Arch St, New Britain, CT 6051Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%2/16/202852.3 52.3 54.9 0.02 %
F-65
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Lulinjett LLC dba All American Printing & Design(#,^)4621 Bayshore Rd, Fort Myers, FL 33917Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%2/14/2043101.5 101.5 117.9 0.03 %
Margab Inc dba Smoothie King(#,^)14200 SW 8th St Unit #102, Miami, FL 33184Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/13/202810.1 10.1 10.0 — %
JumboMarkets, Inc.(#,^)15500 SW Trail Drive, Indiantown, FL 34956Food and Beverage Stores Term LoanPrime plus 2.75%2/13/2028164.2 164.2 163.0 0.05 %
Tony Herring & Associates, Inc.(#,^)211 West Camellia Drive, Slidell, LA 70458Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%2/9/20286.5 6.5 6.9 — %
Start "UP "Dreams, Inc dba SDC Concrete and Start"UP" Dream Construct(#,^)30521 134th St SE, Sultan, WA 98294Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/9/202858.9 58.9 59.2 0.02 %
Quality Machine of Iowa, Inc(#,^)1040 4th Ave, Audubon, IA 50025Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%2/9/20281,107.1 1,107.1 1,127.0 0.33 %
Apps Inc., Market Share, and Singular Leaseholdings LLC(#,^)800 Village Walk #159, Guilford, CT 6437TelecommunicationsTerm LoanPrime plus 2.75%2/8/2028413.6 413.6 402.4 0.12 %
De La Vega LLC dba De La Vega Deland and De La Vega Oviedo(#,^)128 North Woodland Blvd, Deland, FL 32720Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/7/202864.1 64.1 63.7 0.02 %
Macrotech Integrated Management Solutions dba Extreme Lawn Care(#,^)2425 Durrance LN, Ormond Beach, FL 32174Repair and MaintenanceTerm LoanPrime plus 2.75%2/5/20289.5 9.5 10.0 — %
Midlothian Hardware Inc dba Grills True Value(#,^)4751 West 147th St, Midlothian, IL 60445Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%2/2/202811.9 11.9 12.5 — %
Chace Building Supply of CT Inc.,(#,^)90 Route 171, Woodstock, CT 6281Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%1/31/2043286.1 286.1 332.1 0.10 %
USA General Investment LLC dba Braniff Paint and Body Shop(#,^)2290 NW 21st Terrace, Miami, FL 33142Repair and MaintenanceTerm LoanPrime plus 2.75%1/31/202811.8 11.8 11.6 — %
Rocco'sLandscaping LLC(#,^)151 Kitts Lane, Newington, CT 6111Administrative and Support ServicesTerm LoanPrime plus 2.75%1/31/204371.5 71.5 83.0 0.02 %
WydeBodi, LLC dba Wyde Bodi Auto Tags(#,^)706 North 37th St, Philadelphia, PA 19104Support Activities for TransportationTerm LoanPrime plus 2.75%1/30/204345.3 45.3 51.8 0.02 %
New Phaze Packaging Inc(#,^)9533 Irondale Ave, Los Angeles, CA 91311Paper ManufacturingTerm LoanPrime plus 2.75%1/26/2043914.6 914.6 1,061.0 0.31 %
Concrete Services LLC and James Ward(#,^)24 County Rd 901, Jemison, AL 35085Specialty Trade ContractorsTerm LoanPrime plus 2.75%1/25/202878.4 78.4 78.9 0.02 %
Parati USA Inc(#,^)1018 Wilt Ave, Ridgefield, NJ 7657Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%1/25/202813.3 13.3 12.9 — %
Flair Interiors, Inc dba Giant Don's Flooring America(#,^)7725 Old Seward Hwy, Anchorage, AK 99502Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%1/24/2028107.8 107.8 113.3 0.03 %
Tier1 Solutions LLC(#,^)1000 Essington Rd, Juliet, IL 60435Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/23/20285.9 5.9 5.8 — %
Friend Contractors, LLC(#,^)1950 Mill Bay Rd, Kodiak, AK 99615Construction of BuildingsTerm LoanPrime plus 2.75%1/19/2043221.7 221.7 251.7 0.07 %
Weeping Willow Kennels, Inc.(#,^)6041 Hammond School Rd, Salisbury,, MD 21804Personal and Laundry ServicesTerm LoanPrime plus 2.75%1/19/20288.2 8.2 8.6 — %
F-66
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Lavish Specs Inc(#,^)262 Glen St, Glen Cove, NY 11542Machinery ManufacturingTerm LoanPrime plus 2.75%1/19/20285.9 5.9 5.7 — %
MedWorxs Inc.(#,^)6857 Timbers Dr., Evergreen, CO 80439Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/18/202861.7 61.7 60.1 0.02 %
Lou & Choo Enterprises Inc dba Lou & Choo Lounge(#,^)2101,2103 & 2105 West Hunting Park Ave, Philadelphia, PA 19140Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/18/2043109.8 109.8 124.2 0.04 %
Specialized Dairy Processors LLC and Nathaly Zapata(#,^)2200 N Commerce Parkway, Weston, FL 33326Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/16/202851.0 51.0 49.6 0.01 %
Work of Heart Inc dba Little Nest Portraits(#)1000 Merdian Blvd, Ste 112, Franklin, TN 37067Professional, Scientific, and Technical ServicesTerm Loan7.5%1/10/20285.0 5.0 4.4 — %
Human Resource Time Manager LLC(#,^)2737 Humphrey St, East Elmhurst, NY 11369Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/8/202812.1 12.1 12.7 — %
Sandfree Systems LLC(#,^)116 Cricket Ave Ste B, Ardmore, PA 19003Specialty Trade ContractorsTerm LoanPrime plus 2.75%1/5/20285.9 5.9 6.2 — %
Crad Holding LLC dba Neighborhood Laundry of Bloomfield(#,^)60 Dodd St, Bloomfield, NJ 7003Personal and Laundry ServicesTerm LoanPrime plus 2.75%1/5/202849.0 49.0 47.9 0.01 %
Social Link LLC(#,^)41Peabody St, Nashville, TN 37210Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/29/20278.7 8.7 8.5 — %
Farec, Inc(#)30250 W Nine Mile Rd, Farmington, MI 48336Amusement, Gambling, and Recreation IndustriesTerm Loan7.5%12/29/2042242.4 242.4 223.0 0.07 %
Morrocco Method, Inc(#,^)800 Farroll Rd, Grover Beach, CA 93433Chemical ManufacturingTerm LoanPrime plus 2.75%12/27/2042692.8 692.8 796.1 0.23 %
Salida Family Chiropractic-PPLC dba Salida Sport and Spine(#,^)203 G St, Salida, CO 81201Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/22/20279.3 9.3 9.1 — %
O'Rourke's Diner, LLC(#,^)728 Main St, Middleton, CT 6457Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/22/20273.0 3.0 3.1 — %
Medical Plaza of Boro Park PC(#,^)1266 51St 1st Floor, Brooklyn, NY 11219Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/22/202729.7 29.7 28.8 0.01 %
Anderson Farms Inc(#)271 West Hwy 30, Burley, ID 83318Truck TransportationTerm Loan7.5%12/22/20274,214.0 4,214.0 3,770.6 1.11 %
Landmark Ventures USA Inc(#,^)475 Park Ave South 25th Floor, New York, NY 10016Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%12/22/202748.6 48.6 47.2 0.01 %
Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood (#,^)12351 Gateway Park Place, Draper, UT 84020Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/22/2027604.8 604.8 591.8 0.17 %
Muckamuck Trucks, Inc.(#,^)510 S Spring St, Ukiah, CA 95482Truck TransportationTerm LoanPrime plus 2.75%12/22/202710.7 10.7 10.9 — %
CT Auto Spa LLC(#,^)39 Albany Turnpike, West Simsbury, CT 6092Repair and MaintenanceTerm LoanPrime plus 2.75%12/21/2027167.2 167.2 175.4 0.05 %
DHD Enterprise LLC dba Edible Arrangements #1699(#,^)828 Washington Ave, Miami Beach, FL 33139Miscellaneous Store RetailersTerm LoanPrime plus 2.75%12/21/202717.8 17.8 17.7 0.01 %
Blue Lagoon Resort, LLC dba Hill View Cottages(#,^)3670 Lake Shore Drive, Lake George, NY 12845AccommodationTerm LoanPrime plus 2.75%12/21/2042179.3 179.3 207.8 0.06 %
F-67
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
DBMS Consulting, Inc.(#,^)164 West 83rd St- Units CF1 and CF2, New York, NY 10024Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/20/202758.3 58.3 59.5 0.02 %
Best Quality Home Care LLC(#,^)317 S Berry St, Centralia, WA 98531Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%12/19/20275.2 5.2 5.0 — %
Auto Excellance of Fort Myers Inc.(#,^)3105 Fowler St, Fort Myers, FL 33901Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%12/19/2042101.1 101.1 117.2 0.03 %
Ocean Trans LLC & Dehal Trucking LLC(#,^)1415 W. Anderson St, Stockton, CA 95206Truck TransportationTerm LoanPrime plus 2.75%12/15/2042595.7 595.7 661.8 0.20 %
JMD Aviation Holdings, LLC(#,^)8050 North West 90th St, Medley, FL 33166Rental and Leasing ServicesTerm LoanPrime plus 2.75%12/15/2027399.8 399.8 419.3 0.12 %
Capital Containers LLC(#,^)7610 Auburn Blvd #4B, Citrus Heights, CA 95610Truck TransportationTerm LoanPrime plus 2.75%12/15/202711.8 11.8 11.7 — %
Peanut Butter & Co., Inc(#,^)119 West 57th St, Ste 300, New York, NY 10019Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%12/15/2027174.8 174.8 169.8 0.05 %
1-0 Granny's Helpful Hands, LLC(#,^)705 East Lake St, Minneapolis, MN 55407Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%12/15/202717.5 17.5 17.1 0.01 %
Legion Bowl, Inc & Legion Pub Inc(#,^)661 Park St, Cranston, RI 2910Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/15/2042318.4 318.4 369.1 0.11 %
LP Industries Inc. dba Childforms(#,^)2040 Norwood St. SW, Lenoir, NC 28645Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%12/14/202760.3 60.3 62.0 0.02 %
Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc.(#,^)34 35th St, Brooklyn, NY 11232Food ManufacturingTerm LoanPrime plus 2.75%12/14/202777.2 77.2 80.2 0.02 %
Beale Street Blues Company Inc.dba B.B. King's Club-Memphis(#,^)149 Monroe Ave, Memphis, TN 38103Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/14/2027782.9 782.9 763.8 0.23 %
Barcade Holdings, LLC ,Barcade LLC,& Barcade New Haven LLC(#,^)148 West 24th St, New York, NY 10011Management of Companies and EnterprisesTerm LoanPrime plus 2.75%12/14/202746.3 46.3 45.4 0.01 %
Royalty Freight Inc(#,^)3728 W Mckinley Ave, Fresno, CA 93722Truck TransportationTerm LoanPrime plus 2.75%12/14/2027518.2 518.2 503.2 0.15 %
Atlas Geo-Constructors, LLC(#,^)3466 Thomasville Rd, Winston Salem, NC 27107Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/14/2027238.6 238.6 244.7 0.07 %
KR Calvert & Co, LLC(#,^)113 Seaboard Lane #C-270, Franklin, TN 37067Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%12/14/2027406.8 406.8 395.9 0.12 %
AADJ Empire Inc and AADJ Galaxy Inc.(#,^)1599 Post Rd, Warwick, RI 2888Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/14/2042172.5 172.5 193.5 0.06 %
Heung Kyun Im(#,^)6235 Conlan Bay Drive, Houston, TX 77041Nonstore Retailers Term LoanPrime plus 2.75%12/14/202712.0 12.0 11.7 — %
Hardway Inc & AFC Leasing Inc(#,^)12533 S. 73rd E. Place, Bixby, OK 74008Rental and Leasing ServicesTerm LoanPrime plus 2.75%12/13/2027720.9 720.9 700.0 0.21 %
Nichols Fire and Security LLC(#,^)1906 Vanderhorn Drive, Memphis, TN 38134Administrative and Support ServicesTerm LoanPrime plus 2.75%12/13/204283.3 83.3 94.3 0.03 %
LPB LPB Property Management Inc dba Wilderness View Cabins & Ellijay (#,^)498 Wilderness View, Chatsworth, GA 30705Real EstateTerm LoanPrime plus 2.75%12/12/204295.1 95.1 110.3 0.03 %
F-68
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC(#,^)1120 Wren School Rd, Piedmont, SC 29673Gasoline Stations Term LoanPrime plus 2.75%12/12/202738.7 38.7 37.6 0.01 %
Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation(#,^)3031 Patrick St, Kissimmee, FL 34741Air TransportationTerm Loan8.25%12/12/2027430.9 430.9 383.4 0.11 %
Clore Construction LLC(#,^)21220 FM 1420, Harlingen, TX 78550Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%12/12/2027358.5 358.5 366.1 0.11 %
A-1 Van Services Inc(#,^)154 Sandy Creek Rd, Verona, PA 15147Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%12/12/2027575.1 575.1 589.3 0.17 %
Big Picture Group LLC(#,^)935 N La Jolla, Los Angeles, CA 90046Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/12/2027299.7 299.7 298.0 0.09 %
Clear Sound Communications, Inc(#,^)680 Old Medford Ave, Medford, NY 11763Administrative and Support ServicesTerm LoanPrime plus 2.75%12/8/20272.9 2.9 2.8 — %
AV Strategy Inc(#,^)9468 American Eagle Way Ste 100, Orlando, FL 32837Rental and Leasing ServicesTerm LoanPrime plus 2.75%12/8/2027353.8 353.8 356.7 0.11 %
JVLS LLC dba Vaccines 2 Go(#,^)4060 Johns Creek Parkway, Ste H, Suwanee, GA 30024Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/7/202712.0 12.0 11.6 — %
Kim Howard Corp dba NPN Machine Tools(#,^)9130 Wayfarer Lane, Houston, TX 77075Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%12/7/2042562.5 562.5 651.5 0.19 %
IHC Hardware Inc.(#,^)614 BRd St, Story City, IA 50248Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%12/6/204295.7 95.7 106.6 0.03 %
ODS Inc(#,^)626 N Delsea Drive, Glassboro, NJ 8028Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/6/202738.1 38.1 38.3 0.01 %
Healthcare Interventions, Inc dba Brightstar Healthcare (#,^)5300 W. Atlantic Ave. Ste 501, Delray Beach, FL 33484Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/4/202711.7 11.7 11.3 — %
Oil Palace, Inc.(#,^)10408 Hwy 64 East, Tyler, TX 75707Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%12/4/2042945.4 945.4 1,095.9 0.32 %
Linda Jean Howard Riley dba The Rusty Bolt(#,^)22345 W. Rt 66, Seligman, AZ 86337Miscellaneous Store RetailersTerm LoanPrime plus 2.75%12/1/204220.0 20.0 23.2 0.01 %
Salud Bar & Grill LLC(#,^)1413 Bushwick Ave, Brooklyn, NY 11207Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/1/202743.7 43.7 42.6 0.01 %
Utara LLC(#,^)214 Pine St, Sandpoint, ID 83864Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/1/202718.1 18.1 18.1 0.01 %
Square1 Partners, LLC(#,^)1088 Greenbriar Lane, Northbrook, IL 60062Publishing Industries (except Internet)Term LoanPrime plus 2.75%12/1/202748.4 48.4 47.0 0.01 %
WTI Distribution Inc(#,^)5491 E Francis St, Ontario, CA 91761Support Activities for TransportationTerm LoanPrime plus 2.75%11/30/202730.8 30.8 31.3 0.01 %
Fortress Verve Inc, Maurice R. Margules and Antonie C. Reinhard(#,^)1 Jackson St, Troy, NY 12180Miscellaneous Store RetailersTerm LoanPrime plus 2.75%11/30/202780.8 80.8 84.8 0.02 %
Skin Beauty Bar Inc. and Tameka J. Mathis(#,^)749 8th St SE 2nd Floor, Washington, DC 20003Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/30/20276.9 6.9 6.8 — %
J. Venture Holdings, LLC(#,^)2285 St. Andrews Ave, Zachary, LA 70791Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/30/20279.6 9.6 10.1 — %
F-69
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Our Playhouse Preschool, LLC(#,^)3501 NC Hwy 54 W, Chapel hill, NC 27516Social AssistanceTerm LoanPrime plus 2.75%11/29/2042223.1 223.1 258.6 0.08 %
OPH Lexington, Inc(#,^)235 Walton Ave, Lexington, KY 40502Social AssistanceTerm LoanPrime plus 2.75%11/29/2042181.5 181.5 210.4 0.06 %
Beacon Brewing LLC and C' Sons, LLC(#,^)700 Lincoln St, Lagrange, GA 30204Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/27/2042120.6 120.6 139.8 0.04 %
JMD Corporation dba Dart's True Value(#,^)121 South Main St, Payette, ID 83661Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%11/22/202714.4 14.4 14.6 — %
Webtez Inc dba Mod Vans(#,^)1673 Donlon St, Ste 202, Ventura, CA 93003Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%11/22/202753.9 53.9 52.5 0.02 %
Step Up Academy of the Arts, LLC(#,^)2258A Wigwam Parkway, Henderson, NV 89074Educational ServicesTerm LoanPrime plus 2.75%11/22/202712.1 12.1 11.8 — %
Grumpy's Restaurant Company, LLC(#,^)834 Kingsley Ave, Orange Park, FL 32073Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/21/202754.7 54.7 53.2 0.02 %
PB Market LLC dba Pure Barre(#,^)164-C Market St, Charleston, SC 29401Educational ServicesTerm LoanPrime plus 2.75%11/21/202783.5 83.5 81.2 0.02 %
Cali Fit Meals(#,^)3450 East Orangethrope Ave, Anaheim, CA 92806Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/21/202717.3 17.3 17.6 0.01 %
B Lam LLC(#,^)9419 Kenwood Rd, Cincinnati, OH 45242Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/20/2042172.3 172.3 197.8 0.06 %
Maya Motel, LLC dba Town House Motel(#,^)1701 Washington Ave, Waco, TX 76701AccommodationTerm LoanPrime plus 2.75%11/17/204254.3 54.3 62.9 0.02 %
Southern Specialty Contractor, LLC & Ronald David Holbrook Jr.(#,^)1990 Flippen Rd, Stockbridge, GA 30281Specialty Trade ContractorsTerm LoanPrime plus 2.75%11/17/202740.8 40.8 39.9 0.01 %
SSI Refrigerated Express Inc. and Robert M Stallone(#,^)1001 E. Cooley Drive Ste 102, Colton, CA 92324Truck TransportationTerm LoanPrime plus 2.75%11/17/202748.4 48.4 47.7 0.01 %
H & H Hotshot Services, Inc.(#,^)5455 N. 51st Ave Ste 30, Glendale, AZ 85301Couriers and MessengersTerm LoanPrime plus 2.75%11/16/202753.9 53.9 53.7 0.02 %
J R Wholesale Tires & Auto Center, LLC(#,^)822 Cameron Lane, Lugoff, SC 29078Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%11/15/204212.8 12.8 14.9 — %
Auto Rx LLC,J&P Auto Repair Inc(#,^)91 & 95 Woodbury Rd, Hicksville, NY 11801Repair and MaintenanceTerm LoanPrime plus 2.75%11/15/2042186.5 186.5 216.0 0.06 %
Marcaco LLC(#,^)124 Lincoln Ave, Colonie, NY 12205Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 2.75%11/15/2042498.6 498.6 578.0 0.17 %
Paramount Dance Studios Inc. and Homestead Dance Supply(#,^)112 N Krome Ave, Homestead, FL 33030Educational ServicesTerm LoanPrime plus 2.75%10/14/2043448.5 448.5 512.8 0.15 %
Wing King at the Gardens LLC(#,^)4235 South Fort Apache Rd, Ste 250, Las Vegas, NV 89147Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/10/20277.5 7.5 7.3 — %
Hofgard & Co, Inc dba Hofgard Benefits and James Marsh(#,^)400 S. McCaslin Blvd, Ste 201, Louisville, CO 80027Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%11/8/202711.5 11.5 11.2 — %
His Loving Hands Christian Academy, Inc.(#,^)15020 Harrison St, Miami, FL 33176Social AssistanceTerm LoanPrime plus 2.75%11/6/204287.2 87.2 100.1 0.03 %
S & S Auto Body Shop Inc.(#,^)5001 W. Clay St, Richmond, VA 23230Repair and MaintenanceTerm LoanPrime plus 2.75%11/3/2042146.6 146.6 170.0 0.05 %
F-70
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Sterling Campbell Insurance Agency, Inc(#,^)36359 North Gantzel Rd Ste 102, San Tan Valley, AZ 85140Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%11/3/20275.8 5.8 5.6 — %
Top Quality Dent Service LLC(#,^)1541 Vapor Trail, Colorado Springs, CO 80905Repair and MaintenanceTerm LoanPrime plus 2.75%11/2/20274.6 4.6 4.5 — %
 Edge Studios Inc Radiant Yoga LLC(#,^)448 Howe Ave, Sacramento, CA 95825Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%11/1/202752.4 52.4 51.5 0.02 %
Rachael Reel dba Rachel Reel Insurance Age(#,^)208 Bank St, Lenoir, TN 37771Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%10/31/20275.7 5.7 5.6 — %
Berza TLG,LLC dba The Little Gym of Lake Charles(#,^)1301 E McNeese St, Ste 201, Lake Charles, LA 70607Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%10/31/202732.4 32.4 31.8 0.01 %
Die Hard Used Car Sales(#,^)1668 West Grand Ave, Phoenix, AZ 85007Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%10/30/204253.6 53.6 62.1 0.02 %
The Five Lakes LLC(#,^)13705 Holmes Rd, Kansas City, MO 64154Educational ServicesTerm LoanPrime plus 2.75%10/30/2042450.7 450.7 522.5 0.15 %
Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle(#,^)377 Boston Post Rd Unit B, Milford, CT 6460Couriers and MessengersTerm LoanPrime plus 2.75%10/27/202729.2 29.2 28.8 0.01 %
Sage Oil LLC(#,^)8913 Egyptian Ave, Las Vegas, NV 89143Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%10/27/20277.6 7.6 7.5 — %
Ashore Ventures Inc dba PuroClean Professional Restoration(#,^)909 SE Everett Mall Way Ste A-140, Everett, WA 98208Repair and MaintenanceTerm LoanPrime plus 2.75%10/27/202711.1 11.1 11.0 — %
Suzie LLC dba Tony D's Restaurant(#,^)92 Huntington St, New London, CT 6320Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/25/204283.0 83.0 95.8 0.03 %
Grand Blanc Lanes, Inc.(#,^)5301 S. Saginaw Rd, Flint, MI 48507Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%10/25/202711.4 11.4 12.0 — %
Schafer Fisheries Inc(#,^)21985 Waller Rd, Fulton, IL 61252Food ManufacturingTerm LoanPrime plus 2.75%10/25/202727.4 27.4 28.7 0.01 %
Island Refrigeration & AC Inc(#,^)3201 Flagler Ave, Unit 510 & 511, Key West, FL 33040Specialty Trade ContractorsTerm LoanPrime plus 2.75%10/18/2042125.7 125.7 143.3 0.04 %
Looky Enterprises, LLC(#,^)1175 Surlington Ave, Ste 101, Leland, NC 28451Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/18/202750.7 50.7 50.0 0.01 %
Blueridge Armor LLC(#,^)1495 Hwy 74-A Bypass, Ste 150192, Spindale, NC 28160Miscellaneous ManufacturingTerm LoanPrime plus 2.75%10/17/20276.3 6.3 6.4 — %
H and K Dry Cleaning LLC ,Quintero Shopping Center LLC,Aqua Laundry(#,^)1227 Burnside Ave, East Hartford, CT 6108Electronics and Appliance StoresTerm Loan7.5%10/17/204261.3 61.3 57.4 0.02 %
Cortez Landscaping, LLC(#,^)4 Powder Rd, Norwalk, CT 6854Administrative and Support ServicesTerm LoanPrime plus 2.75%10/13/202714.6 14.6 14.7 — %
On Call Services LLC(#,^)15060 281St Ave NW, Zimmerman, MN 55398Construction of BuildingsTerm LoanPrime plus 2.75%10/13/202713.7 13.7 14.4 — %
Pro Anderson, LLC(#,^)1092 Hampton Inn Way, Ste 400, Jacksonville, NC 28546Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%10/11/202741.2 41.2 40.4 0.01 %
Sandbox Ventures LLC(#,^)1857 A Elmdale Ave, Glenview, IL 60026Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%10/11/202715.4 15.4 15.8 — %
Eye Optique Inc.(#,^)10800 Alpharetta Hwy, Ste 220, Roswell, GA 30076Health and Personal Care StoresTerm LoanPrime plus 2.75%10/5/202711.4 11.4 11.1 — %
F-71
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Ains Holding Company LLC(#,^)121 Fulton St, New York, NY 10038Management of Companies and EnterprisesTerm LoanPrime plus 2.75%10/2/202769.2 69.2 68.2 0.02 %
Becky Lou Corp dba Rent A Center(#,^)3578 Route 611, Ste 210, Bartonsville, PA 18321Rental and Leasing ServicesTerm LoanPrime plus 2.75%10/2/202769.3 69.3 69.8 0.02 %
Dan Cline Transport Inc.(#,^)501 State Drive, Mount Vernon, MO 65712Truck TransportationTerm LoanPrime plus 2.75%9/29/2030823.9 823.9 829.2 0.24 %
Harco Metal Products Inc(#,^)7895 East Acoma Drive Ste 102, Scottsdale, AZ 85260Primary Metal ManufacturingTerm LoanPrime plus 2.75%9/29/2042466.7 466.7 518.0 0.15 %
Chicago American Manufacturing LLC, Dockside Steel ProcessingLLC(#,^)4500 W 47th St, Chicago, IL 60632Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/29/20421,174.4 1,174.4 1,339.6 0.39 %
Sashshel Corporation(#,^)676 Franklin Blvd, Somerset, NJ 8873Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/29/2042201.4 201.4 233.5 0.07 %
Miechella Suzette Decker(#,^)3515 Main St, Exmore, VA 23350Miscellaneous Store RetailersTerm LoanPrime plus 2.75%9/29/204293.9 93.9 108.8 0.03 %
Threads of Time LLC(#,^)207 S Buchanan St, Danville, IL 61832Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%9/29/2042130.3 130.3 147.3 0.04 %
Rhode Island Tennis Management LLC(#,^)636 Centerville Rd, Warwick, RI 2886Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/28/2042524.0 524.0 591.7 0.17 %
National Media Services, Inc(#,^)5091 Lexington Blvd, Fort Meyers, FL 33919Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/28/202714.2 14.2 13.7 — %
Pets A Go Go LLC(#,^)589 North State Rd, Briarcliff Manor, NY 10510Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/28/2042188.1 188.1 215.5 0.06 %
Rhode Island Tennis Management LLC(#,^)636 Centerville Rd, Warwick, RI 2886Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/28/2042364.9 364.9 412.0 0.12 %
Nicholson Lumber Co Inc.(#,^)377 Main St, Nicholson, PA 18446Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%9/28/2030178.9 178.9 189.8 0.06 %
Complete Care IT LLC(#,^)4801 South University Drive, Ste 125, Davie, FL 33328Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/27/202711.1 11.1 10.8 — %
Technologist Inc(#,^)3120 Farview Drive, Ste 610, Falls Church, VA 22042Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%9/27/2027187.1 187.1 195.8 0.06 %
Inspirations Food Design, Inc(#,^)1338 Memorial Ave, West Springfield, MA 1089Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/26/2042443.3 443.3 503.8 0.15 %
JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn(#,^)4864 Arthur Kill Rd Units 102,103,104 & 105, Staten Island, NY 10309Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/22/202716.9 16.9 16.5 — %
KB Waterjet Cutting LLC(#,^)4330 Parker Lane, Addis, LA 70710Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/22/20277.7 7.7 7.7 — %
Sallee Pro-Custom Fabrication Shop LLC(#,^)8865 North County Rd 600 W, Scipio, IN 47273Repair and MaintenanceTerm LoanPrime plus 2.75%9/21/20276.8 6.8 7.1 — %
Insight Diagnostic Technologist Services(#,^)2030 Forest Ave, Ste 110, San Jose, CA 95128Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/20/2027245.5 245.5 243.3 0.07 %
F-72
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Commonwealth Diagnostics International, Inc(#,^)39 Norman St a/k/a 1 Holyoke Square, Salem, MA 1970Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/20/2027982.5 982.5 1,028.4 0.30 %
NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York(#,^)1401 Lakeland Ave, Bohemia, NY 11716Rental and Leasing ServicesTerm LoanPrime plus 2.75%9/20/2027776.8 776.8 799.3 0.24 %
Imagine By Carleen, Inc.(#,^)1404 Del Prado Blvd. South, Units 100 & 105, Cape Coral, FL 33904Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/20/20275.7 5.7 5.9 — %
CR Park Incorporated dba Define Body and Mind(#,^)49 W. Allandale Ave, Allendale, NJ 7401Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/20/202750.3 50.3 50.3 0.01 %
Denek Contracting Inc and Denek Leasing LLC(#,^)451 E. Wilson Ave, Pontiac, MI 48341Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/20/2042198.7 198.7 230.0 0.07 %
Montessori Community School(#,^)123 South Navarra Drive, Scotts Valley, CA 95066Social AssistanceTerm LoanPrime plus 2.75%9/20/2042259.1 259.1 293.9 0.09 %
Sound Manufacturing, Inc. & Monster Power Equipment, Inc.(#,^)51 Donnelley Rd, Old Saybrook, CT 6475Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/20/2027150.4 150.4 154.1 0.05 %
CIS BIG DOG, LLC(#,^)8920 US HWY, 62 WEST, Cynthiana, KY 41031Administrative and Support ServicesTerm LoanPrime plus 2.75%9/19/202749.5 49.5 51.8 0.02 %
Stone's Construction and Remodeling, LLC(#,^)5210 Kaylin Drive, Akron, OH 44319Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/19/20274.0 4.0 3.8 — %
Party By Design Inc.(#,^)61 Strafello Drive, Avon, MA 2322Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/18/20421,142.2 1,142.2 1,284.8 0.38 %
Li Family Spokane LLC(#,^)21 E. Lincoln Rd, Spokane, WA 99208Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/15/2042364.3 364.3 418.0 0.12 %
Clinton Food Market LLC(#,^)196 East Main St, Clinton, CT 6413Gasoline Stations Term LoanPrime plus 2.75%9/15/2042242.3 242.3 274.4 0.08 %
Tarleton & Family Landscaping, LLC(#,^)125 E Center St, Midland Park, NJ 7432Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/15/202762.9 62.9 62.2 0.02 %
Alaska Motor Home Inc(#,^)6633 Brayton Dr, Anchorage, AK 99507Rental and Leasing ServicesTerm LoanPrime plus 2.75%9/13/2027251.6 251.6 243.9 0.07 %
Fox Valley Rentals & Investments, LLC(#,^)2906 E. Newberry St, Appleton, WI 54915Food Services and Drinking PlacesTerm LoanPrime plus 3.75%9/13/20275.7 5.7 6.1 — %
Nails By Mercede LLC(#,^)2994 and 2996 Edgewater Drive, Orlando, FL 32804Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/13/202710.8 10.8 10.9 — %
Town & Country Transportation Co. and Popco, LLC.(#,^)191 Arch St, New Britain, CT 6051Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%9/12/2042159.8 159.8 185.0 0.05 %
Rajbai Maa Inc. dba Nara Lounge(#,^)244-252 Atwells Ave, Providence, RI 2903Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/12/2042369.1 369.1 411.5 0.12 %
Morgan Lynn Kerstetter dba Catherine School of Dance(#,^)315 Mill St 3rd Floor, Danville, PA 17821Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%9/11/20275.7 5.7 5.9 — %
Health & Performance Center, LLC(#,^)1862 Craigshire Rd, Saint Louis, MO 63146Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/11/202715.4 15.4 14.9 — %
Foxtail, LLC and Tottly New Services Corp(#,^)1481 Highland Ave, Cheshire, CT 6410Social AssistanceTerm LoanPrime plus 2.75%9/8/2042275.9 275.9 312.7 0.09 %
F-73
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Echelon Planning Group, LLC dba Echelon Financial Services and Echelon(#,^)5 Greenleaf Drive, Unit 201, Portsmouth, NH 3801Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%9/8/20275.7 5.7 5.9 — %
Crazy Beatz Productions LLC(#,^)20014 NE 138th St, Kearney, MO 64060Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 3.75%9/7/20274.1 4.1 4.1 — %
South Fulton Landscape & Nursery, Inc.(#,^)3415 Enon Rd, College Park, GA 30349Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%9/7/204294.8 94.8 109.7 0.03 %
Dreaming Big Learning Center Inc(#,^)3301 W Oak St, Kissimmee, FL 34741Social AssistanceTerm LoanPrime plus 2.75%9/5/2042359.9 359.9 407.2 0.12 %
Big Coop's Trucking LLC(#,^)3066 Misty Creek Drive., Swartz, MI 48473Truck TransportationTerm LoanPrime plus 2.75%9/1/202775.5 75.5 77.0 0.02 %
Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Tran(#,^)377 Boston Post Rd, Milford, CT 6460Couriers and MessengersTerm LoanPrime plus 2.75%8/31/2027293.3 293.3 289.1 0.09 %
Parlay Disributors LLC(#,^)20 Medford Ave, Ste 104, Patchogue, NY 11772Educational ServicesTerm LoanPrime plus 2.75%8/25/202783.2 83.2 81.4 0.02 %
Lake County Tow LLC(#,^)15409 Country Rd 565A, Clermont, FL 34711Support Activities for TransportationTerm LoanPrime plus 2.75%8/25/204282.8 82.8 93.5 0.03 %
InUSA Ventures Inc dba InUSA Services(#,^)3015 San Pablo Ave, Ste 511, Berkeley, CA 94702Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%8/24/202718.7 18.7 18.1 0.01 %
Genuine Ventures LLC and Seaweed Ventures LLC(#,^)432 S Franklin St, Juneau, AK 99801Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/24/2030469.9 469.9 484.4 0.14 %
Delicias de Minas Restaurant, LLC(#,^)168-170 McWhorter St, Newark, NJ 7105Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/22/2027151.9 151.9 158.9 0.05 %
Damiano Global Corp(#,^)333 Birch Hills Drive, Rochester, NY 14622Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/21/202716.8 16.8 17.2 0.01 %
L&V Auto Sales, Inc.(#,^)1504 West Franklin Blvd., Gastonia, NC 28052Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%8/21/202713.5 13.5 14.1 — %
Tier1 Solutions LLC(#,^)1000 Essington Rd Ste. 109 & 111, Joliet, IL 60435Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/18/202714.0 14.0 13.9 — %
Tony Herring & Associates, Inc(#,^)211 West Camellia Drive, Slidell, LA 70458Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%8/17/20275.6 5.6 5.4 — %
Chester's World Enterprise LLC(#,^)140 W Alameda Drive, Ste 104, Tempe, AZ 85282Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%8/16/202716.9 16.9 16.8 — %
D'Amato & Sons Construction, Inc.(#,^)117 Oak St, Amityville, NY 11701Specialty Trade ContractorsTerm LoanPrime plus 2.75%8/11/20276.2 6.2 6.2 — %
L & J Corporate Services Inc(#,^)866 NW 110th Ave, Coral Springs, FL 33071Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/4/20274.7 4.7 4.6 — %
HMG Strategy LLC,(#,^)191 Post Rd W., Westport, CT 6880Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/2/202735.5 35.5 34.4 0.01 %
Royal Blue Investments, Inc. and Cleland Pharmacy LLC(#,^)202 S. 1st St, Wakeeny, KS 67672Health and Personal Care StoresTerm LoanPrime plus 2.75%7/31/204250.0 50.0 57.6 0.02 %
Sharon G McMillen, MA Psychologist, Inc.(#,^)216 West Main St, Kingwood, WV 26537Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%7/28/202713.8 13.8 13.4 — %
Work of Heart Inc dba Little Nest Portraits(#,^)1000 Merdian Blvd, Ste 112, Franklin, TN 37067Professional, Scientific, and Technical ServicesTerm Loan7.5%7/28/202743.5 43.5 38.8 0.01 %
F-74
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
HQTRONIC LLC(#,^)10135 S. Roberts Rd, Ste. 209, Palos Hills, IL 60465Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%7/27/202716.7 16.7 16.2 — %
Oberon IT, Inc.(#,^)1404 W. Walnut Hill Lane, Irving, TX 75038Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%7/26/2027162.1 162.1 162.8 0.05 %
Gilles Peress Studio LLC(#,^)76 Lafayette Ave, Brooklyn, NY 11217Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%7/25/202746.0 46.0 44.5 0.01 %
Obok LLC(#,^)2720 S. Havana St., Unit H, Aurora, CO 80014Food ManufacturingTerm LoanPrime plus 2.75%7/21/20278.9 8.9 9.0 — %
Lil Tots' Learning Center LLC(#,^)3042 S 78th St, Tampa, FL 33619Social AssistanceTerm LoanPrime plus 2.75%7/21/204228.3 28.3 32.8 0.01 %
Ocean Trans LLC(#,^)1415 W Andersonr Way, Stockton, CA 95206Truck TransportationTerm LoanPrime plus 2.75%7/21/202729.1 29.1 28.2 0.01 %
Matrix Z LLC(#,^)800 SW 21st Terrace, Fort Lauderdale, FL 33312Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 3.75%7/19/20275.8 5.8 6.2 — %
Aitheras Aviation Group, LLC , Aitheras Aviation Group, LLC(#,^)2301 N Marginal Rd, Cleveland, OH 44114Air TransportationTerm LoanPrime plus 2.75%7/18/2027611.0 611.0 594.5 0.18 %
Wildflour Bakery & Cafe, LLC(#,^)5137 Clareton Drive, Ste 100,110 & 120, Agoura Hills, CA 91301Food ManufacturingTerm LoanPrime plus 2.75%7/17/202716.7 16.7 17.4 0.01 %
Koep Companies dba Pipestone True value(#,^)207 East Main St, Pipestone, MN 56164Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%7/14/2042308.3 308.3 345.2 0.10 %
McCord Holdings, Inc. dba Fast Signs 176101(#,^)7640 N. Wickham Rd, Melbourne, FL 32940Administrative and Support ServicesTerm LoanPrime plus 2.75%7/7/202713.9 13.9 13.7 — %
Thrifty Market Inc dba Thrifty Foods(#,^)702 10th St, Wheatland, WY 82201Food and Beverage Stores Term LoanPrime plus 2.75%7/6/202779.6 79.6 79.2 0.02 %
Hamilton & Associates Real Estate and Investments Firm LLC(#,^)11776 West Sample Rd, Coral Springs, FL 33065Real EstateTerm LoanPrime plus 2.75%6/30/204251.0 51.0 59.4 0.02 %
The Country House Restaurant, LLC and Pelton Real Estate, LLC(#,^)677 US Route 7, Pittsford, VT 5763Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/30/204248.1 48.1 56.3 0.02 %
J&M Civil Construction Services LLC(#,^)1221 County Rd 4371, Decatur, TX 76234Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/30/202772.5 72.5 73.4 0.02 %
J. T. O'Neill Company, L.L.C(#,^)19972 Willowin Farm Lane, Purcellville, VA 20132Real EstateTerm LoanPrime plus 2.75%6/30/202711.0 11.0 11.2 — %
New Chicago Wholesale Bakery Inc.(#,^)795 Touhy Ave, Elk Grove Village, IL 60007Food ManufacturingTerm LoanPrime plus 2.75%6/30/202711.3 11.3 11.8 — %
Oakhill Farms, LLC(#,^)15 Carl St, Johnston, RI 2919Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/29/203081.8 81.8 88.2 0.03 %
Best Bees Company(#,^)839 Albany St, Boston, MA 2119Animal Production and AquacultureTerm LoanPrime plus 2.75%6/29/202716.5 16.5 16.7 — %
Stiegelbauer Associates Inc.(#,^)63 Flushing Ave, Unit 101, Building 280, Brooklyn, NY 11205Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/29/2027226.2 226.2 238.0 0.07 %
Intellixion LLC(#,^)7447 Egan Dr, Ste 110 A, Savage, MN 55378Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/29/20272.7 2.7 2.8 — %
F-75
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Malhame & Company Publishers & Importers Inc.(#,^)180 Orville Rd, Bohemia, NY 11780Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%6/29/202768.4 68.4 69.4 0.02 %
Greensboro Plastic Surgical Associates, PA(#,^)2716 Henry St, Greensboro, NC 27405Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/29/2042545.4 545.4 632.9 0.19 %
Ocean Trans LLC and Dehal Trucking LLC(#,^)760 W. Charter Way, Stockton, CA 95206Truck TransportationTerm LoanPrime plus 2.75%6/29/2027452.3 452.3 458.3 0.14 %
Foxhop Fitness, LLC(#,^)4211 NW Federal Hwy, Jensen Beach, FL 34957Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/28/202766.8 66.8 67.9 0.02 %
Old Dominion Transportation Group, Inc.(#,^)1308 Devils Reach Rd, Woodbridge, VA 22192Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%6/28/2027765.1 765.1 780.7 0.23 %
Akal Express Inc. dba Truck Trailer Service Stop(#,^)2901 I 40 West, Vega, TX 79092Repair and MaintenanceTerm LoanPrime plus 2.75%6/28/204226.4 26.4 31.1 0.01 %
Citibin, Inc.(#,^)254 36th St, Ste B519, Brooklyn, NY 11232Furniture and Related Product ManufacturingTerm LoanPrime plus 2.75%6/27/202791.7 91.7 92.9 0.03 %
Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC(#,^)211 East 25th St, Norfolk, VA 23504Transportation Equipment ManufacturingTerm LoanPrime plus 2.75%6/27/2030201.0 201.0 216.5 0.06 %
Four Seasons Laser Center Inc.(#,^)4720 NW 2nd Ave Unit D-104 and Unit D-105, Boca Raton, FL 33498Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/26/2042211.4 211.4 245.1 0.07 %
Ains Holding Company, LLC(#,^)122 West 26th St, New York, NY 10011Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/26/2027841.7 841.7 858.7 0.25 %
Northern Industries, LLC(#,^)W 5585 Dehart Drive, Tomahawk, WI 54484Miscellaneous ManufacturingTerm LoanPrime plus 2.75%6/23/204254.4 54.4 63.8 0.02 %
Vella Construction Enterprises, Inc. dba Vella Construction(#,^)318 28th Ave, San Mateo, CA 94403Construction of BuildingsTerm LoanPrime plus 2.75%6/23/202716.5 16.5 16.7 — %
Birches Group, LLC(#,^)228 East 45th St. 12th FL South, New York, NY 10017Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/22/202736.7 36.7 37.2 0.01 %
Scarlet Spartan Inc.dba FastSigns of Brighton(#,^)533 W. Grand River Ave, Brighton, MI 48116Administrative and Support ServicesTerm LoanPrime plus 2.75%6/19/202716.0 16.0 16.5 — %
Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC(#,^)11535 Carmel Commons Blvd. Ste 200, Charlotte, NC 28226Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/16/2042377.5 377.5 434.3 0.13 %
All Regional Recyclers of Wood LLC dba ARROW,Superior Carting,LLC(#,^)104 Wooster St, Bethel, CT 6801Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%6/15/2042292.7 292.7 338.8 0.10 %
JAM Media Solutions, LLC(#,^)4744 Tackawanna St, Philadelphia, PA 19124Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/15/202724.5 24.5 24.8 0.01 %
ESA 365 Corp and Lucathor Realty LLC(#,^)2420 Grand Ave, Baldwin, NY 11520Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/14/204221.2 21.2 24.7 0.01 %
Hull's Kitchen, LLC and HK Too, LLC(#,^)19 Hull Shore Dr, Hull, MA 2045Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/14/204291.3 91.3 107.1 0.03 %
Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero(#,^)577 Main Ave, Paterson, NJ 7055Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/14/204287.2 87.2 101.9 0.03 %
Susan Hughes dba Aloha Junction B and B(#,^)19-4037 Olapalapa Rd, Volcano, HI 96785AccommodationTerm LoanPrime plus 2.75%6/14/204258.9 58.9 69.1 0.02 %
F-76
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Refoleen Inc dba Spice and Tea Exchange(#,^)849 E Commerce St Ste 121, San Antonio, TX 78205Food and Beverage Stores Term LoanPrime plus 2.75%6/8/20272.6 2.6 2.6 — %
Skydive California, LLC(#,^)25001 S Kasson Rd, Tracy, CA 95301Educational ServicesTerm LoanPrime plus 2.75%6/2/202740.3 40.3 42.4 0.01 %
SCW, LLC dba Arthur Murray Dance Studio(#,^)2383 Old Dixwell Ave, Hamden, CT 6518Educational ServicesTerm LoanPrime plus 2.75%6/2/2042137.6 137.6 159.7 0.05 %
Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder(#,^)246 East Belt Blvd, Richmond, VA 23224Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%6/1/204243.0 43.0 50.1 0.01 %
Sage Oil LLC(#,^)8913 Egyptian Ave, Las Vegas, NV 89143Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%5/31/202716.3 16.3 16.6 — %
Ricnet III, Inc. dba Edible Arrangements(#,^)716 Foxcroft Ave, Martinsburg, WV 25401Food and Beverage Stores Term LoanPrime plus 2.75%5/31/202710.9 10.9 11.1 — %
Funtime, LLC and Universal Entertainment Group LLC(#,^)13200 W. Foxfire Dr #144, Surprise, AZ 85387Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%5/31/202750.0 50.0 50.9 0.01 %
Haroon Baig,Inc.dba US1 Petrol(#,^)1280-1290 Dixwell Ave, Hamden, CT 6514Gasoline Stations Term LoanPrime plus 2.75%5/31/2042248.4 248.4 291.4 0.09 %
Chet Lemon Enterprises LLC dba All American Sports(#,^)1544 Lane Park Cutoff, Tavares, FL 32778Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%5/26/2042746.7 746.7 876.1 0.26 %
Eagle Wood Works LLC(#,^)1448 Horsehead Rd, Lugoff, SC 29078Furniture and Related Product ManufacturingTerm LoanPrime plus 2.75%5/26/20278.7 8.7 9.0 — %
Hurricane Group, Inc.(#,^)312 West Fourth St, Carson City, NV 89703Other Information ServicesTerm LoanPrime plus 2.75%5/26/202755.1 55.1 55.8 0.02 %
Swantown Inn & Spa LLC(#,^)1431 11th Ave SE, Olympia, WI 98501AccommodationTerm LoanPrime plus 2.75%5/26/2042119.6 119.6 140.2 0.04 %
Beyond Waves A Unique Salon LLC and Lori Ann Carlson(#,^)2290 Foxon Rd Route 80, North Branford, CT 6471Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/25/20279.1 9.1 9.2 — %
Jung Design Inc.(#,^)10857 Pine Bluff Drive, Fisher, IN 46037Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%5/25/20276.5 6.5 6.6 — %
Abdul Naushad MD PC dba Advanced Pain Centers(#,^)2865 James Blvd, Poplar Bluff, MO 63901Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%5/25/2042372.3 372.3 434.9 0.13 %
Locavore LLC dba Paloma Restaurant(#,^)401 S. Guadalupe St, Santa Fe, NM 87501Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/25/202736.3 36.3 37.2 0.01 %
Innovim, LLC(#,^)6401 Golden Triangle Drive Ste 200, Greenbelt, MD 20770Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%5/24/2027219.9 219.9 222.8 0.07 %
Prestige Construction of Florida, LLC(#,^)1404 Yorktown St Ste E, Deland, FL 34944Construction of BuildingsTerm LoanPrime plus 2.75%5/23/2042317.0 317.0 365.7 0.11 %
Hayden Trucking LLC(#,^)11540 Eagle Vista Drive, Fort Worth, TX 76179Truck TransportationTerm LoanPrime plus 2.75%5/19/202799.9 99.9 105.2 0.03 %
Tres K Deli,Grocery,Fruit and Meat Inc.(#,^)125 West Tremont Ave, Bronx, NY 10453Food and Beverage Stores Term LoanPrime plus 2.75%5/19/20276.0 6.0 6.2 — %
 Iron Men Home Repair, Inc. and Ironmen House Lifting Inc.(#,^)132 North Wellwood Ave, Lindenhurst, NY 11757Specialty Trade ContractorsTerm LoanPrime plus 2.75%5/19/2042548.0 548.0 637.5 0.19 %
Waterford Plumbing Co, Inc.(#,^)2425 W. Cuyler Ave, Chicago, IL 60618Specialty Trade ContractorsTerm LoanPrime plus 2.75%5/18/202736.3 36.3 37.0 0.01 %
F-77
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Mr. B's Bicycles & Mopeds, Inc.(#,^)1870 S. 4th Ave, Yuma, AZ 85364Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%5/18/2042138.1 138.1 160.4 0.05 %
Bay Car Wash LLC(#,^)952 South Commercial St and West Magnolia, Aransas Pass, TX 78336Repair and MaintenanceTerm LoanPrime plus 2.75%5/18/2042113.9 113.9 132.5 0.04 %
Computech Computers Inc.(#,^)40-24 76th St, Office #2B, Elmhurst, NY 11373Educational ServicesTerm LoanPrime plus 2.75%5/17/202736.3 36.3 36.8 0.01 %
5 Stars Learning Center Inc(#,^)14 Paine Ave, Irvington, NJ 7111Social AssistanceTerm LoanPrime plus 2.75%5/16/204258.1 58.1 67.5 0.02 %
Arco Electrical Contractors Inc. dba Arco Construction Group(#,^)22-24 South Seventh St, Elizabeth, NJ 7202Specialty Trade ContractorsTerm LoanPrime plus 2.75%5/16/2027262.0 262.0 270.7 0.08 %
Sanderson Distribution Inc.(#,^)100 Daniel Drive, Alamo, CA 94507Truck TransportationTerm LoanPrime plus 2.75%5/12/20277.6 7.6 7.7 — %
B G F Bobby Q's Inc(#,^)447 N. Main St, Freeport, NY 11520Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/11/20275.4 5.4 5.7 — %
Estelle Finkel Educational Associates,LLC(#,^)125 West Mount Pleasant Ave, Livingston, NJ 7039Educational ServicesTerm LoanPrime plus 2.75%5/11/202788.6 88.6 89.8 0.03 %
Labmates,LLC(#,^)141 Watertown Rd, Thomaston, CT 6787Miscellaneous Store RetailersTerm LoanPrime plus 2.75%5/10/202772.6 72.6 75.9 0.02 %
NHS, LLC(#,^)212 N Douglas Ave, Ellsworth, KS 67439Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%5/9/202764.3 64.3 66.0 0.02 %
NHS, LLC(#,^)212 N Douglas Ave, Ellsworth, KS 67439Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%5/9/204220.6 20.6 23.6 0.01 %
Innovation Transport, LLC(#,^)1 International Blvd, Mahwah, NJ 7495Truck TransportationTerm LoanPrime plus 2.75%5/9/202756.8 56.8 59.4 0.02 %
Benchmark Building, Inc.(#,^)1439 Stargazer Terrace, Sanford, FL 32771Construction of BuildingsTerm LoanPrime plus 2.75%5/5/202716.3 16.3 16.6 — %
Cable Management LLC(#,^)290 Pratt St, Meriden, CT 6450Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%5/3/202741.6 41.6 43.3 0.01 %
Fine Arts Center of Easley, Inc. dba Midtown Music(#,^)117 S. Pendleton St, Easley, SC 29640Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%5/2/2042112.5 112.5 132.0 0.04 %
Love and Glory Learning Center, Inc.(#,^)4911 N. 42nd St., Tampa, FL 33610Social AssistanceTerm LoanPrime plus 2.75%4/28/204273.3 73.3 84.9 0.03 %
Sneads Ferry Foods, Inc. dba DQ Grill & Chill(#,^)920 Hwy 210, Sneads Ferry, NC 28460Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/27/2042611.4 611.4 707.7 0.21 %
JMA Inc. dba Primecut and Mezzo; Primecut at Marquee(#,^)393 Charles St, Providence, RI 2904Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/27/2042208.3 208.3 244.4 0.07 %
Resident Research, LLC(#,^)4400 Morris Park Drive Ste M, Charlotte, NC 28277Other Information ServicesTerm LoanPrime plus 2.75%4/24/202763.5 63.5 64.3 0.02 %
Getting Even LLC dba The Zoo Health Club(#,^)377 South Willow St, Ste B 2-1, Manchester, NH 3103Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%4/21/20275.4 5.4 5.5 — %
Ralph's Hair Salon, Inc.(#,^)175 NW 14th St, Homestead, FL 33030Personal and Laundry ServicesTerm LoanPrime plus 2.75%4/21/204247.0 47.0 54.7 0.02 %
F-78
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Condron Brothers LLC DBA Luv 2 Play(#,^)4790 La Sierra Ave, Riverside, CA 92505Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%4/19/202785.9 85.9 88.4 0.03 %
Butternuts Beer and Ale LLC(#,^)4021 Hwy 51, Garrattsville, NY 13342Beverage and Tobacco Product ManufacturingTerm LoanPrime plus 2.75%4/12/202753.1 53.1 55.8 0.02 %
The Altitude Group, LLC and Core Home Security, LLC(#,^)949 Clint Moore Rd, Unit 949A, Boca Raton, FL 33487Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/31/202731.7 31.7 32.1 0.01 %
Bear Trail Lodge LLC(#,^)Mile 1 Bear Trail Rd, King Salmon, AK 99613Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/31/2042519.4 519.4 608.9 0.18 %
Citizens Lanes, LLC(#,^)5100 Goodson Connector Rd, Union City, GA 30291Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%3/31/2042607.2 607.2 568.7 0.17 %
Applied Integrated Technologies, Inc.(#,^)7120 Samuel Morse Drive #150, Columbia, MD 21046Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/31/202789.1 89.1 90.1 0.03 %
Landmark Ventures USA, Inc.(#,^)475 Park Ave South 25th Floor, New York, NY 10016Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%3/31/2027133.6 133.6 135.1 0.04 %
Golden Hen Inc. dba Cafe(#,^)468 W. Cheltenham Ave, Philadelphia, PA 19126Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/31/202746.1 46.1 46.8 0.01 %
KWG Industries LLC dba Peterson & Marsh Metal Industries(#,^)330 Roycefield Rd Unit B, Hillsborough, NJ 8844Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%3/30/202721.4 21.4 22.4 0.01 %
Sea Smoke Barbeque, Corp and Danwen LLC(#,^)20 Island Farm Rd, Oak Bluffs, MA 2557Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/30/2042222.3 222.3 258.6 0.08 %
Schafer Fisheries Inc.(#,^)21985 Waller Rd, Fulton, IL 61252Food ManufacturingTerm LoanPrime plus 2.75%3/30/2042233.9 233.9 274.5 0.08 %
Discount Price, LLC dba Robert's Market(#,^)2 Hill Rd, Franklin, NH 3235Gasoline Stations Term LoanPrime plus 2.75%3/29/2042193.9 193.9 226.1 0.07 %
Douglas K. Soderblom . dba Loma Linda Optometry(#,^)25815 Barton Rdad, Unit C104, Loma Linda, CA 92354Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/29/202771.2 71.2 73.1 0.02 %
Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham(#,^)1221 Kentucky Mills Drive, Louisville, KY 40299AccommodationTerm LoanPrime plus 2.75%3/29/2042993.0 993.0 1,165.0 0.34 %
H and H Hotshot Services, Inc. dba AA Hotshot & Logistics(#,^)5455 N 51st St, # 30, Glendale, AZ 85301Couriers and MessengersTerm LoanPrime plus 2.75%3/29/203078.5 78.5 81.4 0.02 %
New England Country Day School, Inc. and Thomas D. Walker(#,^)27 Kenosia Ave, Danbury, CT 6810Social AssistanceTerm LoanPrime plus 2.75%3/28/2042356.3 356.3 414.0 0.12 %
American Pharmaceutical Innovation Company, LLC(#,^)1425 Centre Circle, Downers Grove, IL 60515Chemical ManufacturingTerm LoanPrime plus 2.75%3/28/20275.0 5.0 5.1 — %
Pecos Entertainment LLC dba State Theater and Pecos Inn LLC dba Econo(#,^)421 S. Oak St, Pecos, TX 79772Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%3/27/2042388.0 388.0 454.5 0.13 %
Heil & Hornik LLC dba Elysium Tennis(#,^)7637 C. Commerce Place, Plain City, OH 43064Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/27/2042873.1 873.1 1,012.3 0.30 %
Color Graphic Press, Inc.(#,^)42 Main St, Nyack, NY 10960Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%3/23/202785.5 85.5 89.8 0.03 %
F-79
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
JBK Truck Trailer and Bus Inc.(#,^)8669 South State Rd 67, Camby, IN 46113Repair and MaintenanceTerm LoanPrime plus 2.75%3/23/204283.6 83.6 96.9 0.03 %
Denton Bio Fuels LLC and American Bio Source LLC(#,^)624 W. University Dr. Ste 359, TX, TX 76201Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%3/23/202743.3 43.3 44.6 0.01 %
Executive Fitness & Nutrition Inc.(#,^)8610 Roosevelt Ave Ste 2, Jackson Heights, NY 11372Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/23/202714.3 14.3 15.1 — %
Baton Rouge Cargo Services Inc. and 6507 Westport, LLC(#,^)6507 Westport Ave, Shreveport, LA 71129Truck TransportationTerm LoanPrime plus 2.75%3/22/2042605.5 605.5 706.6 0.21 %
Vehicle Safety Supply LLC(#,^)707 Femimore Rd, Mamaroneck, NY 10543Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%3/21/202716.0 16.0 16.2 — %
The Purple Cow House of Pancake Inc(#,^)6 & 10 Skowhegan Rd, Fairfield, ME 4937Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/16/2042150.9 150.9 176.8 0.05 %
Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. T.C. of(#,^)5880 US Hwy6, Portage, IN 46368Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/16/2027220.6 220.6 231.7 0.07 %
1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa M(#,^)6510 North Broadway, Saint Louis, MO 63147Truck TransportationTerm LoanPrime plus 2.75%3/13/2027468.9 468.9 474.1 0.14 %
Dwayne Bernard Tate(#,^)1238 Woodcliff Court SW, Lilburn, GA 30047Truck TransportationTerm LoanPrime plus 2.75%3/10/20277.5 7.5 7.7 — %
Elegant Occasions, LLC dba E Productions(#,^)3650 Coral Ridge Drive Units 103-104, Coral Springs, FL 33065Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/10/2042555.1 555.1 644.3 0.19 %
Anthony LLC dba Star of Woodward Market(#,^)5730 Woodward Ave, Detroit, MI 48202Food and Beverage Stores Term LoanPrime plus 2.75%3/9/2042108.4 108.4 127.0 0.04 %
Allegro Assisted Living Of Texas(#,^)3400 Remington Drive, Plano, TX 75023Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%3/6/202768.4 68.4 71.8 0.02 %
Podium Auto Sales Inc and RRS Property, LLC(#,^)246 S. Dixie Hwy, Pompano Beach, FL 33060Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%3/3/204285.3 85.3 98.9 0.03 %
SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express(#,^)1001 E. Cooley Drive Ste 102, Colton, CA 92324Truck TransportationTerm LoanPrime plus 2.75%2/28/2027166.3 166.3 168.2 0.05 %
Weeping Willow Kennels, Inc and Aileen N Black(#,^)6041 Hammond School Rd, Salisbury, MD 21804Personal and Laundry ServicesTerm LoanPrime plus 2.75%2/28/2042131.4 131.4 153.1 0.05 %
Getting Even LLC dba The Zoo Health Club(#,^)377 South Willow St Unit B2-1, Manchester, NH 3103Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/28/202767.9 67.9 69.5 0.02 %
Total Document Solutions Inc and,TDS Services, LLC(#,^)2515 North Shiloh Drive, Fayetteville, AR 72704Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%2/27/2030249.2 249.2 262.5 0.08 %
McNally Enterprises Inc.(#,^)1010 N. Grove St, Anaheim, CA 92806Administrative and Support ServicesTerm LoanPrime plus 2.75%2/27/202745.4 45.4 46.4 0.01 %
Teracore Inc.(#,^)3300 Holcomb Bridge Rd, Ste 226, Norcross, GA 30092Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/27/2027115.4 115.4 116.7 0.03 %
B & J Bicycle Shop Inc.(#,^)1620 E. Sample Rd, Pompano Beach, FL 33064Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%2/24/20274.4 4.4 4.6 — %
TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant(#,^)2235 S. Power Rd Ste 118, Mesa, AZ 85209Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/24/202753.0 53.0 55.5 0.02 %
F-80
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
3W Enterprises LLC(#,^)2727 Industrial Parkway, Elkhart, IN 46516Textile Product MillsTerm LoanPrime plus 2.75%2/24/204260.9 60.9 71.1 0.02 %
Ameritube, LLC and Ravone Properties, LLC(#,^)1000 North State. Hwy 77, Hillsboro, TX 76645Primary Metal ManufacturingTerm LoanPrime plus 2.75%2/14/2042173.1 173.1 202.8 0.06 %
Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC(#,^)2808 Court St, Port Allen, LA 70767Truck TransportationTerm LoanPrime plus 2.75%2/10/2042232.6 232.6 271.5 0.08 %
Sushiya Inc.(#,^)72 S. Main St, Hanover, NH 3755Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/10/202713.2 13.2 13.5 — %
Maximo Canot dba Wash and Dry Laundrymat(#,^)34 Morningside Ave, Yonkers, NY 10703Personal and Laundry ServicesTerm LoanPrime plus 2.75%2/10/2042129.2 129.2 150.9 0.04 %
Marvic Enterprises Inc dba Jordan's Liquor(#,^)199 Taunton Ave, East Providence, RI 2914Food and Beverage Stores Term LoanPrime plus 2.75%2/10/2042205.6 205.6 239.5 0.07 %
Harrison Logging Company LLC(#,^)255 Ray Crain Rd, Indian Mound, TN 37079Forestry and LoggingTerm LoanPrime plus 2.75%2/9/202774.9 74.9 77.0 0.02 %
8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C.(#,^)174-176 Mountain Ave, Springfield, NJ 7081Repair and MaintenanceTerm LoanPrime plus 2.75%2/7/2042307.8 307.8 355.7 0.10 %
DBMS Consulting, Inc.(#,^)164 West 83rd St. Units CF1 and CF2, New York, NY 10024Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/1/2042173.8 173.8 200.9 0.06 %
Chidlren's House Learning, Inc and Tarps Investment Group(#,^)720 Wilbraham Rd, Springfield, MA 1109Social AssistanceTerm LoanPrime plus 2.75%1/31/2042301.1 301.1 349.5 0.10 %
Brandco, LLC(#,^)2151 Consulate Drive Ste 21, Orlando, FL 32837Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/31/202730.5 30.5 30.8 0.01 %
Fave Realty Inc.(#,^)1875 Grand Ave, Baldwin, NY 11510Real EstateTerm LoanPrime plus 2.75%1/30/204251.1 51.1 59.4 0.02 %
SRC Publishing LLC(#,^)8690 Waterford Bend St, Las Vegas, NV 89123Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%1/27/202715.7 15.7 15.9 — %
Fox Valley Rentals & Investments LLC and Brian M Tomaszewski(#,^)2906 E. Newberry St., Appleton, WI 54915Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/20/204239.8 39.8 46.1 0.01 %
Jolibe LLC and Jolibe Atelier LLC(#,^)357 w 36th #401, New York, NY 10018Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/18/20277.3 7.3 7.5 — %
Eickmann Management Group LLC dba Jimmy Johns of Dundee(#,^)568 Techumseh St, Dundee, MI 48131Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/17/202769.5 69.5 73.0 0.02 %
Fullbro Trust dba Menemsha Blues(#,^)2 Basin Rd, Chilmark, MA 2535Miscellaneous Store RetailersTerm LoanPrime plus 2.75%1/13/202715.7 15.7 16.5 — %
Echelon Enterprises, Inc(#,^)16701 E. Iliff Ave, Aurora, CO 80013Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%1/10/202734.1 34.1 35.8 0.01 %
Metropolitan Solutions Group Inc.(#,^)1420 Chestnut St, Portsmouth, VA 23704Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/19/2041257.0 257.0 295.1 0.09 %
Means Enterprises LLC dba FastFrame Frisco(#,^)4112-4150 Legacy Drive/5729 Leabanon Rd Unit 412, Frisco, TX 75034Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%12/16/202614.4 14.4 14.6 — %
F-81
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Soon Im. Chin dba Stan C-Store(#,^)4014 E Stan Schlueter Loop, Killeen, TX 76542Gasoline Stations Term LoanPrime plus 2.75%12/15/2041198.6 198.6 231.8 0.07 %
Sempco, Inc.(#,^)51 -55 Lake St Unit #2-6, Nashua, NH 3060Miscellaneous ManufacturingTerm LoanPrime plus 2.75%12/15/204139.2 39.2 45.9 0.01 %
New Chicago Wholesale Bakery, Inc.(#,^)795 Touhy Ave, Elk Grove Village, IL 60007Food ManufacturingTerm LoanPrime plus 2.75%12/15/2041426.1 426.1 492.2 0.15 %
Techni-Pro Institute LLC(#,^)414 NW 35th St, Boca Raton, FL 33431Educational ServicesTerm LoanPrime plus 2.75%12/15/2026130.8 130.8 133.1 0.04 %
Elita 7, LLC(#,^)16 Marble St, Worcester, MA 1603Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%12/15/2041669.9 669.9 779.3 0.23 %
HMG Strategy, LLC(#,^)191 Post Rd West, Westport, CT 6880Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/14/202632.6 32.6 32.9 0.01 %
Trison Enterprises Inc.dba Lee's Automotive(#,^)13281 Aurora Ave N, Seattle, WA 98311Repair and MaintenanceTerm LoanPrime plus 2.75%12/14/2041380.8 380.8 442.2 0.13 %
AGG Management Team LLC dba Chevron(#,^)2615 S Dixie Hwy, West Palm Beach, FL 33401Gasoline Stations Term LoanPrime plus 2.75%12/14/2041267.8 267.8 313.2 0.09 %
Roast Beef Levittown LLC dba Arby's(#,^)2080 Hempstead Turnpike, East Meadow, NY 11554Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/13/2026146.3 146.3 153.3 0.05 %
Success Advertising Inc. dba Success Communivstion Gr(#,^)26 Eastmans Rd, Parsippany, NJ 7054Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/13/2041435.9 435.9 509.1 0.15 %
Wayfarer Bicycle LLC(#,^)118-120 Ocean Ave, New London, CT 6320Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%12/13/204186.4 86.4 99.5 0.03 %
Mack Team Enterprises Inc.dba The UPS Store #6815(#,^)38200 Ave of the States, Fort Gordon, GA 30905Couriers and MessengersTerm LoanPrime plus 2.75%12/9/202614.1 14.1 14.4 — %
Recycling Revolution,LLC(#,^)4190 Collins Rd, Unadilla, GA 31091Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%12/9/204185.3 85.3 98.7 0.03 %
eCommerce Direct, LLC(#,^)3440 Gannett Ave, Des Moines, IA 50321Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/9/2026534.4 534.4 546.0 0.16 %
New Life Hospital LLC(#,^)17400 Red Oak Drive, Houston, TX 77090HospitalsTerm LoanPrime plus 2.75%12/8/20411,139.8 1,139.8 1,333.1 0.39 %
Imagine By Carleen Inc.(#,^)1404 Del Prado Blvd. Units 100 & 105, Cape Coral, FL 33990Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/8/204149.1 49.1 56.9 0.02 %
Hanson's Greeks LLC(#,^)8132 N. 87th Place, Ste A, Scottsdale, AZ 85258Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/8/20267.7 7.7 8.1 — %
Noso Development LLC(#,^)4 Walker Way, Albany, NY 12205Construction of BuildingsTerm LoanPrime plus 2.75%12/1/202653.5 53.5 54.0 0.02 %
Quick Ship, LLC(#,^)448 W. 19th St, Houston, TX 77008Couriers and MessengersTerm LoanPrime plus 2.75%11/30/20267.2 7.2 7.2 — %
Imaginarium Foods LLC,(#,^)751 N. Cable Rd, Lima, OH 45805Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/28/2042349.1 349.1 406.5 0.12 %
RD Management, LLC(#,^)2302 N. Kings Hwy, Myrtle Beach, SC 29572Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/30/2026145.7 145.7 147.6 0.04 %
Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence,LLC(#,^)1 Pebble Wood Lane, Palm Coast, FL 32164Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%11/30/204163.4 63.4 74.2 0.02 %
F-82
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Usman Jalil, LLC dba Food Mart(#,^)147 N Washington St, Plainville, CT 6062Gasoline Stations Term LoanPrime plus 2.75%11/29/2041217.9 217.9 250.7 0.07 %
Access Staffing, LLC(#,^)360 Lexington Ave 8th Floor, New York, NY 10017Administrative and Support ServicesTerm LoanPrime plus 2.75%11/29/2026841.0 841.0 848.6 0.25 %
CRK Mens, LLC dba Spiff for Men(#,^)750 Third Ave, New York, NY 10017Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/23/202671.1 71.1 72.2 0.02 %
WPN Recycling Company LLC(#,^)5101 Andard Ave, Baltimore, MD 21226Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%11/23/202615.3 15.3 16.1 — %
Hafa Adai Signs and Graphics LLC dba Fastsigns of Auburn(#,^)1835 Auburn Way N Ste B, Auburn, WA 98002Administrative and Support ServicesTerm LoanPrime plus 2.75%11/23/202640.9 40.9 41.4 0.01 %
Bouquet Restaurant LLC(#,^)519 Main St, Covington, KY 41011Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/22/204190.6 90.6 105.9 0.03 %
JBK Truck Trailer and Bus Inc.(#,^)8669 S. State Rd 67, Camby, IN 46113Repair and MaintenanceTerm LoanPrime plus 2.75%11/22/2041388.2 388.2 449.9 0.13 %
6E Technologies LLC(#,^)11001 West 120th Ave, Ste 400, Broomfield, CO 80020Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/22/2026105.4 105.4 109.1 0.03 %
Broms Asset Management LLC(#,^)215 East 79th St Apt 9E, New York, NY 10075Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%11/22/202684.8 84.8 85.6 0.03 %
Skaggs RV Outlet LLC(#,^)301 Commerce Drive, Elizabethtown, KY 42701Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%11/21/202668.2 68.2 71.4 0.02 %
Catherine Christine Morin dba Purr-Fect Pets(#,^)1915 North Austin Ave, Georgetown, TX 78626Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/17/202612.8 12.8 12.9 — %
Stratmar Systems Inc dba Stratmar Retail Services(#,^)109 Willett Ave, Port Chester, NY 10573Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/16/202646.8 46.8 49.0 0.01 %
Hoosier Health Plus, LLC(#,^)520 East 8th St, Anderson, IN 46012Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%11/15/202663.1 63.1 66.1 0.02 %
Hackensack Steel Corporation and Luzerne Ironworks Inc(#,^)300 Sly St, Swoyersville, PA 18709Specialty Trade ContractorsTerm LoanPrime plus 2.75%11/10/2026176.0 176.0 184.4 0.05 %
Dyer Properties, LLC and Bayview Pharmacy, Inc.(#,^)3844 Post Rd, Warwick, RI 2886Health and Personal Care StoresTerm LoanPrime plus 2.75%11/9/2041224.3 224.3 259.1 0.08 %
MIK LLC dba Firehouse Subs(#,^)17250 Royalton Rd, Strongsville, OH 44136Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/9/2026151.9 151.9 153.8 0.05 %
Fine Line Interiors, Inc.(#,^)2530 SW 30th Ave, Hallandale Beach, FL 33009Repair and MaintenanceTerm LoanPrime plus 2.75%11/4/204160.3 60.3 70.5 0.02 %
131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero(#,^)13215 Miles Ave, Cleveland, OH 44105Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/3/2041111.5 111.5 130.0 0.04 %
Veracruz Shabo, LLC Waterfalls Quick Lube LLC(#,^)1325 BRd St, Central Falls, RI 2863Repair and MaintenanceTerm LoanPrime plus 2.75%11/1/2041110.8 110.8 128.9 0.04 %
Glocecol LLC(#,^)10302 NW South River Drive, Bay #18, Miami, FL 33178Administrative and Support ServicesTerm LoanPrime plus 2.75%11/1/202651.1 51.1 53.5 0.02 %
Bloomquist Communications Inc.(#,^)131 East Trinity Place, Decatur, GA 30030Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%10/31/202640.4 40.4 40.8 0.01 %
F-83
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Moolchan Enterprises LLC dba Staying Green(#,^)2650 S.W. 154 Ave, Davie, FL 33331Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%10/31/20267.4 7.4 7.7 — %
Woodstock Enterprises Corp dba True Scent Candle Co(#,^)191 2nd Ave, Warwick, RI 2888Miscellaneous ManufacturingTerm LoanPrime plus 2.75%10/31/204182.6 82.6 95.2 0.03 %
Elite Structures Inc(#,^)401 Old Quitman Rd, Abel, GA 31620Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%10/27/2029176.7 176.7 188.8 0.06 %
Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC(#,^)200 North Branford Rd, Branford, CT 6405Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%10/24/2026286.4 286.4 300.1 0.09 %
Worldwide Estate, Inc. dba Washington Heights Manor(#,^)10620 W. Greenwood Terrace, Milwaukee, WI 53224Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%10/21/2041208.9 208.9 244.4 0.07 %
Gold Wind Logistics LLC(#,^)2830 Beech Daly Rd, Inkster, MI 48141Truck TransportationTerm LoanPrime plus 2.75%10/20/2041162.9 162.9 190.5 0.06 %
Speaker City, Inc. dba Rollin Thunder(#,^)246 East Belt Blvd, Richmond, VA 23224Electronics and Appliance StoresTerm LoanPrime plus 2.75%10/14/2041116.4 116.4 135.4 0.04 %
Maine Service Corp(#,^)59-22 55th St, Maspeth, NY 11378Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%10/13/2026110.7 110.7 115.7 0.03 %
Justin Partlow(#,^)100 Independence Place, Ste 414, Tyler, TX 75703Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%10/13/202613.1 13.1 13.3 — %
Reliable Recovery Services LLC(#,^)2401 West Mcdowell Rd, Phoenix, AZ 85009Support Activities for TransportationTerm LoanPrime plus 2.75%10/7/202675.8 75.8 78.0 0.02 %
Wyspen Corporation dba Charlestown Ace(#,^)5 Austin St, Charlestown, MA 2129Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%10/3/202624.3 24.3 24.5 0.01 %
Ailky Corporation(#,^)352 Beford St, Lakeville, MA 2347Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%10/3/2026159.6 159.6 162.4 0.05 %
JJA Transportation Management Inc.(#,^)15 Church St, Upland, PA 19015Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%9/30/202633.6 33.6 33.9 0.01 %
Seaway LLC and Reklaw LLC dba Allure Lounge(#,^)415 -417 Halsey Drive, Newark, NJ 7102Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/30/2041127.4 127.4 149.0 0.04 %
Beadon Inc(#,^)2601 Old Ocean City Rd, Salisbury, MD 21804Food and Beverage Stores Term LoanPrime plus 2.75%9/28/202614.9 14.9 15.6 — %
CNC Precision Machine, Inc.(#,^)18360 Industrial Circle, Burton, OH 44021Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/28/20411,188.7 1,188.7 1,376.8 0.41 %
Reynolds Fence & Guardrail Inc.(#,^)9320 Machado Drive, Indian Trail, NC 28079Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%9/27/2026418.4 418.4 435.8 0.13 %
Kyle M Walker DDS, PC(#,^)1402 West Park Ave, Orange, TX 77630Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/27/2026157.1 157.1 159.5 0.05 %
Luv 2 Play Nor Cal, LLC dba Luv 2 Play(#,^)82 Clarksville Rd, Folsom, CA 95630Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/27/202636.2 36.2 36.9 0.01 %
TPFC,LLC dbaThe Picture Frame Company(#,^)5957 Glenway Ave, Cincinnati, OH 45238Miscellaneous Store RetailersTerm LoanPrime plus 2.75%9/26/204154.5 54.5 63.2 0.02 %
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch(#,^)24201 North Hwy 1, Fort Bragg, CA 95437Support Activities for Agriculture and ForestryTerm LoanPrime plus 2.75%9/26/20266.0 6.0 6.3 — %
PeopleBest Inc.(#,^)19442 Mesa Drive, Villa Park, CA 92861Administrative and Support ServicesTerm LoanPrime plus 2.75%9/26/202610.0 10.0 10.0 — %
F-84
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Cuppiecakes LLC(#,^)313 S Main St, McGregor, TX 76557Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/21/204120.9 20.9 24.1 0.01 %
Wrecking Crew Media LLC(#,^)229 Commercial Ave, Pittsburgh, PA 15212Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%9/21/202633.2 33.2 33.5 0.01 %
Consulting Solutions Inc. and Mark Luciani(#,^)3000 N Federal Hwy 1-1A, Fort Lauderdale, FL 33306Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/20/202616.2 16.2 16.8 — %
Benoit's Towing and Recovery LLC(#,^)301 Tabor Rd, Swanton, VT 5488Support Activities for TransportationTerm LoanPrime plus 2.75%9/20/20265.6 5.6 5.7 — %
Marquis Cattle Company(#,^)805 US Hwy 87, Belt, MT 59412Animal Production and AquacultureTerm LoanPrime plus 2.75%9/13/202633.5 33.5 35.1 0.01 %
Metropet Dog Center, Inc(#,^)2057 West Shore Rd, Warwick, RI 2889Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/13/2041101.3 101.3 117.6 0.03 %
Animal Intrusion Prevention Systems Holding Company, LLC dba Critter C(#,^)1362-1366 W. Carrier Parkway, Grand Prairie, TX 75050Administrative and Support ServicesTerm LoanPrime plus 2.75%8/30/202689.8 89.8 91.1 0.03 %
Raem Corporation dba Dryclean Express(#,^)557 West Whitney Rd, Fairport, NY 14450Personal and Laundry ServicesTerm LoanPrime plus 2.75%8/29/204167.1 67.1 78.3 0.02 %
Warren Dale Warrington dba Custom Paint and Body(#,^)705 S Market Ave, Fort Pierce, FL 34982Repair and MaintenanceTerm LoanPrime plus 2.75%8/26/204193.7 93.7 108.9 0.03 %
Albert Basse Associates Inc(#,^)175 Campanelli Parkway, Stoughton, MA 2072Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%8/25/202640.6 40.6 42.4 0.01 %
Rosmel Pools Inc(#,^)9300 NW 25th St Ste 103, Miami, FL 33172Repair and MaintenanceTerm LoanPrime plus 2.75%8/25/202614.8 14.8 15.0 — %
Avery Management Inc. dba Whetstone Upholstery(#,^)1122 N Bloulevard, Richmond, VA 23230Repair and MaintenanceTerm LoanPrime plus 2.75%8/25/20266.7 6.7 6.7 — %
TR Companies LLC dba Liberty Rental 4 U(#,^)410 N Church Rd, Liberty, MO 64068Rental and Leasing ServicesTerm LoanPrime plus 2.75%8/25/202632.6 32.6 32.8 0.01 %
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC(#,^)726-740 South Fleming St, Sebastian, FL 32958Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/24/2041492.0 492.0 574.4 0.17 %
Luv 2 Play Temecula, LLC(#,^)26469 Ynez Rd, Temecula, CA 92591Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%8/15/202640.9 40.9 41.1 0.01 %
Grayson O Company(#,^)6509 Newell Ave, Kannapolis, NC 28082Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%8/10/2041578.2 578.2 675.1 0.20 %
Paul Belanger dba Paul Belanger Landscaping(#,^)2595 Military Ave, Los Angeles, CA 90064Administrative and Support ServicesTerm LoanPrime plus 2.75%8/9/20269.8 9.8 9.9 — %
The Hungry Rhino LLC(#,^)47 South Main St, Windsor Locks, CT 6096Real EstateTerm LoanPrime plus 2.75%7/29/204170.4 70.4 81.5 0.02 %
Little Tree Huggers Child Care LLC(#,^)38620 9 Mile Rd, Farmington Hills, MI 48335Social AssistanceTerm LoanPrime plus 2.75%7/29/2041129.3 129.3 150.9 0.04 %
303 Tower Drive LLC(#,^)303 Tower Drive, Ste A, Middletown, NY 10941Repair and MaintenanceTerm LoanPrime plus 2.75%7/29/2041369.5 369.5 430.3 0.13 %
USA General Investment LLC dba Braniff Paint and Body Shop(#,^)2290 NW 21st Terrace, Miami, FL 33142Repair and MaintenanceTerm LoanPrime plus 2.75%7/29/202614.6 14.6 14.8 — %
676 Club LP dba The Green Door Tavern/The Drifter(#,^)676 and 678 North Orleans ST, Chicago, IL 60654Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/28/2041622.6 622.6 726.2 0.21 %
F-85
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Apple Tree NC Inc dba Williams Farm & Garden Center(#,^)1309 Old Cherry Point Rd, New Bern, NC 28560Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%7/28/2041319.9 319.9 369.1 0.11 %
Intrepid Trinity LLC(#,^)680 Douglas Ave, Providence, RI 2908Nonstore Retailers Term LoanPrime plus 2.75%7/28/204157.7 57.7 67.0 0.02 %
EPEC Juice LLC dba Jamba Juice(#,^)810 Ninth St, Ste 128, Durham, NC 27705Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/27/202654.2 54.2 54.5 0.02 %
Pinco Pizza LLC dba Jet's Pizza(#,^)10845 N. Tatum Blvd Ste A 100, Phoenix, AZ 85028Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/27/202647.7 47.7 49.9 0.01 %
JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar(#,^)1 West Main St, Patchogue, NY 11772Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/27/202682.1 82.1 82.7 0.02 %
Robert G Larson State Farm Insurance(#,^)7922 Jamaica Ave, Woodhaven, NY 11421Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%7/22/202614.6 14.6 14.7 — %
My Sainath Inc dba Motel 6(#,^)1008 E Crest Drive, Waco, TX 76705AccommodationTerm LoanPrime plus 2.75%7/22/2041282.9 282.9 329.6 0.10 %
Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Sho(#,^)1502 Hwy 157, Mansfield, TX 76063Miscellaneous Store RetailersTerm LoanPrime plus 2.75%7/18/202610.2 10.2 10.3 — %
Franklin Firm LLC dba Luv 2 Play(#,^)1310 East Stan Schleuter Loop, Killeen, TX 76542Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%7/15/2041149.5 149.5 173.6 0.05 %
RM Hawkins LLC dba Pure Water Tech West(#,^)5140 Topaz Drive, Colorado Springs, CO 80918Nonstore Retailers Term LoanPrime plus 2.75%7/7/202632.3 32.3 33.7 0.01 %
Nevey's LLC dba Stark Food III(#,^)6315 W. Fond Du Lac Ave, Milwaukee, WI 53218Food and Beverage Stores Term LoanPrime plus 2.75%6/30/2041271.8 271.8 320.9 0.09 %
Corning Lumber Company Inc and Frank R Close and Son Inc dba Close Pai(#,^)1314 Sixth St, Orland, CA 95963Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%6/30/2029147.5 147.5 159.1 0.05 %
VMA Technologies LLC(#,^)120 South Serenata Drive Unit 332, Ponte Vedra Beach, FL 32082Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/30/202614.3 14.3 14.8 — %
P L H Pharmaco Inc dba Farmacia San Jose(#,^)149 48th St, Union City, NJ 7087Health and Personal Care StoresTerm LoanPrime plus 2.75%6/30/2026106.7 106.7 111.9 0.03 %
Martin Inventory Management LLC(#,^)304 1/2 Main St, Edgefield, SC 29824Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%6/30/202615.8 15.8 16.6 — %
Desert Tacos LLC(#,^)245 East Bell Rd Ste A-2, Phoenix, AZ 85022Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/30/202664.9 64.9 67.9 0.02 %
WGI, LLC dba Williams Grant Inn(#,^)154 High St, Bristol, RI 2809AccommodationTerm LoanPrime plus 2.75%6/29/2041113.3 113.3 133.6 0.04 %
O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc(#,^)626 Delsea Drive N, Glassboro, NJ 8028Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/29/202689.8 89.8 93.0 0.03 %
KWG Industries, LLC dba Peterson & Marsh Metal Industries(#,^)330 Roycefield Rd, Unit B, Hillsborough, NJ 8844Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%6/29/2041280.6 280.6 331.0 0.10 %
JumboMarkets Inc dba Rines Jumbomarkets(#,^)15500 SW Trail Drive, Indiantown, FL 34956Food and Beverage Stores Term LoanPrime plus 2.75%6/24/202632.0 32.0 33.0 0.01 %
F-86
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Island Time Investments, LLC dba Swantown Inn Bed & Breakfast(#,^)1431 11th Ave SE, Olympia, WA 98501AccommodationTerm LoanPrime plus 2.75%6/24/204193.3 93.3 110.0 0.03 %
Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy(#,^)27 Main St, Monroe, CT 6468Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/23/2041459.2 459.2 538.4 0.16 %
Visual Advantage LLC dba Signs Now Perryberg(#,^)23248 Dunbridge Rd, Perrysburg, OH 43443Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/23/204184.1 84.1 98.8 0.03 %
Long Island Comedy LLC dba Governors and New York Comedy, LLC(#,^)90 A Division Ave, Levittown, NY 11756Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/23/2041173.5 173.5 204.0 0.06 %
Bagelicious, LLC(#,^)945 S Main St, Cheshire, CT 6410Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/17/202634.9 34.9 36.1 0.01 %
Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Tr(#,^)377 Boston Post Rd, Milford, CT 6460Couriers and MessengersTerm LoanPrime plus 2.75%6/16/2026352.9 352.9 364.1 0.11 %
NKJ Lusby Donuts LLC(#,^)174 Village Center Drive, Lusby, MD 20657Food and Beverage Stores Term LoanPrime plus 2.75%6/16/202614.4 14.4 14.9 — %
Jai-Alexia Consulting, Inc.(#,^)14660 Paddock Drive, Wellington, FL 33414Couriers and MessengersTerm LoanPrime plus 2.75%6/15/20267.6 7.6 7.8 — %
Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares(#,^)1137 West St, Southington, CT 6489Social AssistanceTerm LoanPrime plus 2%6/15/2041470.9 470.9 521.8 0.15 %
Luv 2 Play AZ LLC(#,^)15495 Bell Rd, Surprise, AZ 85374Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/10/202641.9 41.9 43.9 0.01 %
Refoleen Inc dba Spice and Tea Exchange(#,^)849 East Commerce St, Ste 121, San Antonio, TX 78205Food and Beverage Stores Term LoanPrime plus 2.75%6/10/202655.4 55.4 57.1 0.02 %
Larry H. Patterson and Rainbow Movers, Inc(#,^)2325 Hollers Ave, Bronx, NY 10475Truck TransportationTerm LoanPrime plus 2.75%6/6/202614.4 14.4 14.9 — %
Solvit Inc and Solvit North Inc(#,^)65 Farmington Valley Drive, Plainville, CT 6062Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/3/2026158.5 158.5 164.6 0.05 %
AP5 LLC dba Krauser's Food Store(#,^)5 Pond Point Rd, Milford, CT 6460Food and Beverage Stores Term LoanPrime plus 2.75%6/2/2041178.5 178.5 210.6 0.06 %
ATI Jet Inc(#,^)7007 Boeing Drive, El Paso, TX 79925Air TransportationTerm LoanPrime plus 2.75%5/31/2026370.7 370.7 384.6 0.11 %
Angelo Faia dba AVF Construction(#,^)55 Arbour Lane, Sewell, NJ 8080Construction of BuildingsTerm LoanPrime plus 2.75%5/27/204191.5 91.5 107.6 0.03 %
Premier Athletic Center of Ohio, Inc(#,^)8957 Kingsridge Drive, Centerville, OH 45459Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%5/27/202655.3 55.3 58.0 0.02 %
Jack Frost Firewood Inc. and David Dubinsky(#,^)3168 Holland Rd, Virginia Beach, VA 23453Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%5/26/2041189.7 189.7 222.8 0.07 %
Southwest Division Inc(#,^)2103 NE 3rd Terrace, Cape Coral, FL 33909Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%5/26/20265.2 5.2 5.4 — %
International Kitchen Supply LLC(#,^)3466 North Hwy 11, West Union, SC 29696Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%5/25/2026119.9 119.9 124.6 0.04 %
Groth Lumber Co. Inc. dba True Value(#,^)6747 Pacific Ave, Wright, MN 55798Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%5/25/202614.2 14.2 14.9 — %
F-87
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Island Life Graphics Inc dba FASTSIGNS #576(#,^)1925 S 14th St No. 7, Amelia Island, FL 32034Miscellaneous ManufacturingTerm LoanPrime plus 2.75%5/24/202614.2 14.2 14.7 — %
Powerspec Inc(#,^)1 Linsley Place, Metuchen, NJ 8840Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%5/24/202655.0 55.0 56.8 0.02 %
Horseshoe Barbecue, LLC(#,^)6555, 6565, 6575 N. Sandario Rd, Tucson, AZ 85743Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/23/20296.8 6.8 7.3 — %
Pro Auto Repair LLC(#,^)204 F St SW, Quincy, WA 98848Repair and MaintenanceTerm LoanPrime plus 2.75%5/20/20264.6 4.6 4.9 — %
National Air Cargo Holdings Inc(#,^)5955 TG Lee Blvd., Ste 500, Orlando, FL 32822Air TransportationTerm LoanPrime plus 2.75%5/20/202671.5 71.5 75.0 0.02 %
Elderfriend Inc dba Granny Nannies dba GN Live Scan(#,^)1499 W. Palmetto Park Rd., Ste #115, Boca Raton, FL 33486Social AssistanceTerm LoanPrime plus 2.75%5/20/20268.1 8.1 8.3 — %
Dedicated Incorporated(#,^)2916 North 39th St, Phoenix, AZ 85019Administrative and Support ServicesTerm LoanPrime plus 2.75%5/18/204142.8 42.8 50.3 0.01 %
J&A Laundromat Inc.(#,^)225 East Park Ave, Long Beach, NY 11561Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/18/202642.7 42.7 44.2 0.01 %
HBA LLC dba Palmetto Twist-Vista(#,^)1225-1229 Lincoln St, Columbia, SC 29201Repair and MaintenanceTerm LoanPrime plus 2.75%5/18/202612.3 12.3 12.7 — %
FJN Catering Inc(#,^)106 Main St, Mineola, NY 11951Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/13/2041243.1 243.1 286.7 0.08 %
Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano(#,^)11 Kirby Rd, Cromwell, CT 6419Social AssistanceTerm LoanPrime plus 2.75%5/12/2041121.9 121.9 143.2 0.04 %
Sabir Inc. dba Bear Diner(#,^)603 Pulaski Hwy, Bear, DE 19701Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/11/2041113.8 113.8 134.1 0.04 %
Keller, Fishback & Jackson LLP(#,^)28720 Canwood St, Agoura Hills, CA 91301Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%4/29/202680.8 80.8 84.8 0.02 %
Loriet LLC(#,^)5001 Vivienda Way, Sarasota, FL 34235Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%4/29/20264.7 4.7 4.8 — %
Hard Exercise Works Winter Park LLC(#,^)11551 University Blvd, Ste. 4C Building 1, Orlando, FL 32817Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%4/29/202625.4 25.4 26.2 0.01 %
Marc S. Rosenberg P.C. dba Mammuth and Rosenberg(#,^)401 East City Ave Ste 122, Bala Cynwyd, PA 19004Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%4/29/202614.0 14.0 14.5 — %
Warner Home Comfort, LLC dba Smith Piping(#,^)1571 Canton Rd., NW, Carrollton, OH 44615Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/29/204175.7 75.7 89.0 0.03 %
Alpha Omega Trucking LLC(#,^)14432-52 State Line Rd, Brookings, OR 97415Truck TransportationTerm LoanPrime plus 2.75%4/29/2041161.2 161.2 190.2 0.06 %
May-Craft Fiberglass Products Inc(#,^)96 Hillsboro Rd, Four Oaks, NC 27524Transportation Equipment ManufacturingTerm LoanPrime plus 2.75%4/29/2041227.2 227.2 267.9 0.08 %
Empowerschool LLC and Empower Autism Academy, LLC(#,^)1250 South A. W. Grimes Rd, Round Rock, TX 78665Social AssistanceTerm LoanPrime plus 2.75%4/29/2041139.4 139.4 164.4 0.05 %
Pecos Inn LLC dba Econo Lodge(#,^)2207 W Third St, Pecos, TX 79772AccommodationTerm LoanPrime plus 2.75%4/28/2041621.9 621.9 732.8 0.22 %
Costume World Inc(#,^)950 South Federal Hwy, Deerfield Beach, FL 33441Clothing and Clothing Accessories Stores Term LoanPrime plus 2.75%4/28/20411,153.3 1,153.3 1,360.3 0.40 %
F-88
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Accent Comfort Services, LLC(#,^)5035-C West W. T. Harris Blvd, Charlotte, NC 28269Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/26/202656.2 56.2 58.0 0.02 %
Automotive Core Recycling, LLC and 828 Old Colony Road, LLC(#,^)27-29 Cooper St, Meriden, CT 6053Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%4/22/2041229.5 229.5 268.6 0.08 %
AAA Mill Direct, Inc. dba Carpet Mill Outlets(#,^)1 North Armistead Ave, Hampton, VA 23669Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%4/21/20264.9 4.9 5.2 — %
Sushiya Inc(#,^)72 South Main St, Hanover, NH 3755Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/12/202654.7 54.7 56.7 0.02 %
Waterfalls Quick Lube LLC and Veracruz Shabo LLC(#,^)1325 BRd St, Central Falls, RI 2863Repair and MaintenanceTerm LoanPrime plus 2.75%4/6/2041249.9 249.9 294.3 0.09 %
KNS Early Learning Academy LLC(#,^)57 Merritt St SE, Marietta, GA 30060Social AssistanceTerm LoanPrime plus 2.75%4/6/204146.9 46.9 55.0 0.02 %
Christian Soderquist dba Soderquist Plumbing and Heating LLC(#,^)7 Oak Drive, Sandy Hook, CT 6482Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/31/204152.0 52.0 61.3 0.02 %
Vehicle Safety Supply LLC(#,^)15 East 72nd St, Ste 14-H, New York, NY 10021Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%3/31/202613.9 13.9 14.3 — %
Dana A. Farley dba Independent Cabinets(#,^)5805 NE Minder Rd, Poulsbo, WA 98370Furniture and Related Product ManufacturingTerm LoanPrime plus 2.75%3/31/204159.5 59.5 70.2 0.02 %
Cameo Carter, MD A Professional Corporation dba The Garden Pediatric G(#,^)101 East Redlands Blvd., Ste 106, Redlands, CA 92373Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/31/202646.2 46.2 47.6 0.01 %
Men of Steel Enterprises LLC and Vogelbacher Properties LLC(#,^)2039 US Route 130, Burlington, NJ 8016Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%3/31/2041360.4 360.4 421.4 0.12 %
MTS Car Service LLC(#,^)9 Gibson Court Apt# 1, Norwalk, CT 6854Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%3/30/20266.5 6.5 6.7 — %
Beale Street Blues Company-West Palm Beach, LLC dba Lafayette’s-West P(#,^)550 Rosemary Ave, Ste 236, West Palm Beach, FL 33410Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%3/30/202657.8 57.8 59.7 0.02 %
Tom Sawyer Country Restaurant LLC and AM 3208 LLC(#,^)3208 Forest Hills Blvd, Palm Springs, FL 33406Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/30/2041236.1 236.1 278.4 0.08 %
Wyldewood Cellars, Inc.(#,^)951 East 119th St, Mulvane, KS 67120Beverage and Tobacco Product ManufacturingTerm LoanPrime plus 2.75%3/30/2041960.1 960.1 1,124.2 0.33 %
NOSO Development, LLC(#,^)4 Walker Way, Albany, NY 12205Construction of BuildingsTerm LoanPrime plus 2.75%3/30/2026120.2 120.2 123.8 0.04 %
Gordon Rogers and Heidi Rogers dba Stone House Motor Inn(#,^)162 Danielson Pike, Foster, RI 2825AccommodationTerm LoanPrime plus 2.75%3/30/202614.0 14.0 14.7 — %
Barrocas Gym LLC dba Snap Fitness(#,^)260 West Main St, Avon, CT 6001Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/29/202611.6 11.6 12.1 — %
Marathon Engineering Corporation(#,^)5615 2nd St W, Lehigh Acres, FL 33971Miscellaneous ManufacturingTerm LoanPrime plus 2.75%3/28/204141.2 41.2 48.5 0.01 %
PHCDC1 LLC dba Quarter + Glory and Public House Collective, Corp.(#,^)2017 14th St NW, Washington, DC 20009Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/28/202631.6 31.6 32.8 0.01 %
F-89
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Revolution Physical Therapy LLC dba Apex Network Physical Therapy(#,^)2705 Dougherty Ferry Rd Ste 104, St. Louis, MO 63122Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/25/202614.0 14.0 14.5 — %
International Construction Inc(#,^)53955 Gratiot Ave, Chesterfield, MI 48051Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%3/24/204143.5 43.5 51.0 0.02 %
ActKnowledge, Inc(#,^)365 5th Ave, New York, NY 10016Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/24/202677.0 77.0 80.6 0.02 %
Precious Care LLC and Precious Care Management LLC(#,^)186-06 Union Turnpike, Fresh Meadows, NY 11364Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/21/2026342.2 342.2 352.6 0.10 %
Taylors Zinn Enterprises Inc dba Eons Auto Care Inc(#,^)330 West Harden St, Graham, NC 27253Repair and MaintenanceTerm LoanPrime plus 2.75%3/18/204174.0 74.0 87.1 0.03 %
Kekoa Enterprises Inc dba Signarama Sandy(#,^)8942 South 700 East, Sandy, UT 84070Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/18/202630.5 30.5 31.4 0.01 %
Brian T Rice dba BD Logging(#,^)800 3rd St Apt B, St Marys, WV 26170Forestry and LoggingTerm LoanPrime plus 2.75%3/17/20261.1 1.1 1.2 — %
R & D Enterprises Inc dba My Pool Man(#,^)291 North Texas Ave., Orlando, FL 32805Administrative and Support ServicesTerm LoanPrime plus 2.75%3/15/202630.8 30.8 31.7 0.01 %
HEWZ, LLC dba Hard Exercise Works(#,^)5684 West Sample Rd, Coral Springs, FL 33071Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/14/202613.8 13.8 14.2 — %
Mustafa Inc and Raouf Properties LLC(#,^)3538 Pin Oak Dr, San Antonio, TX 78229Food and Beverage Stores Term LoanPrime plus 2.75%3/14/204168.5 68.5 80.6 0.02 %
Dupre Capital LLC dba Fastsigns(#,^)215 Quartermaster Court, Jeffersonville, IN 47130Miscellaneous ManufacturingTerm LoanPrime plus 2.75%3/11/202636.0 36.0 37.0 0.01 %
ABCs & 123s Infant and Child Care Center LP(#,^)13419 Hwy 290E., Bldg 5, Manor, TX 78653Social AssistanceTerm LoanPrime plus 2.75%3/11/20266.9 6.9 7.1 — %
Step Up Academy of the Arts LLC(#,^)2558 Wigwam Pkwy Ste A, Henderson, NV 89074Educational ServicesTerm LoanPrime plus 2.75%3/9/20264.9 4.9 5.1 — %
Faith Summit Supply Inc dba Summit Supply and Summit True Value(#,^)8584 US Business Hwy 277, Haskell, TX 79521Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%3/9/202613.9 13.9 14.4 — %
Swerve Salon LLC(#,^)1419 N Wells St, Chicago, IL 60610Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/8/202648.7 48.7 50.1 0.01 %
J & W Hardwood Flooring Inc(#,^)14967 Madison St, Brighton, CO 80602Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/7/20264.6 4.6 4.8 — %
Labmates LLC and POV Holdings LLC(#,^)141 Watertown Rd, Thomaston, CT 6787Miscellaneous Store RetailersTerm LoanPrime plus 2.75%3/4/2041100.1 100.1 117.8 0.03 %
Hueston and Company CPA LLC(#,^)8792 East State Rd 70, Ste B, Bradenton, FL 34202Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/4/20265.0 5.0 5.2 — %
Almost Home Daycare LLC(#,^)35 Copps Hill Rd, Ridgefield, CT 6877Social AssistanceTerm LoanPrime plus 2.75%3/3/202634.5 34.5 36.1 0.01 %
The River Beas, LLC dba Subway and Punam Singh(#,^)5516 Baltimore Ave, Hyattsville, MD 20781Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/28/2041124.2 124.2 146.2 0.04 %
Consulting Solutions, Inc. and Mark Luciani(#,^)3000 N Federal Hwy, STE 1, Fort Lauderdale, FL 33306Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/28/20267.5 7.5 7.8 — %
Living Essentials HVAC Corp(#,^)42 West St, Apt 24, Randolph, MA 2368Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/28/20269.1 9.1 9.4 — %
F-90
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Powerpits CS1, LLC dba Pita Pit(#,^)2008 S Texas Ave, College Station, TX 77840Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/28/20261.4 1.4 1.5 — %
Drug Detection Laboratories, Inc. and Minh Tran(#,^)9700 Business Park Drive, Sacramento, CA 95827Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%2/28/202612.0 12.0 12.4 — %
Aaradhya LLC dba Market Square Laundry(#,^)7727 Crittenden St, Philadelphia, PA 19118Personal and Laundry ServicesTerm LoanPrime plus 2.75%2/23/202647.1 47.1 48.5 0.01 %
Blackstones Hairdressing LLC(#,^)2 Ave of the Americas, New York, NY 10013Personal and Laundry ServicesTerm LoanPrime plus 2.75%2/23/202631.8 31.8 32.8 0.01 %
R & K Contracting Inc(#,^)3605 NW 31st Ave, Fort Lauderdale, FL 33309Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/18/20269.6 9.6 10.1 — %
Jersey Shore Marina & Boat Sales, Inc.(#,^)841 Route 70 East, Brick, NJ 8724Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/12/2041572.4 572.4 674.0 0.20 %
Ei3 Corporation(#,^)136 Summit Ave, Montvale, NJ 7645Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/12/2026198.7 198.7 207.9 0.06 %
Gilmore Heights Dental Holdings, LTD and Chas Rob LLC(#,^)2250 Warrensville Center Rd, University Heights, OH 44118Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%2/12/2029227.3 227.3 242.4 0.07 %
B for Blonde, LLC dba Blo Blow Dry Bar(#,^)142 East 49th St, New York, NY 10017Personal and Laundry ServicesTerm LoanPrime plus 2.75%2/12/202639.7 39.7 40.9 0.01 %
Base USA, Inc.(#,^)2215 NW 2nd Ave, Miami, FL 33127Clothing and Clothing Accessories Stores Term LoanPrime plus 2.75%2/2/202630.4 30.4 31.8 0.01 %
Zouk Ltd dba Palma(#,^)28 Cornelia St, New York, NY 10014Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/29/202613.5 13.5 14.1 — %
SuzyQue's LLC dba SuzyQue's(#,^)34 South Valley Rd, West Orange, NJ 7052Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/28/202613.4 13.4 14.0 — %
Wildflour Bakery & Cafe LLC(#,^)5137 Clareton Dr., Ste 100, Agoura Hills, CA 91301Social AssistanceTerm LoanPrime plus 2.75%1/28/202637.5 37.5 39.3 0.01 %
Tammy Lavertue(#,^)24 Wakefield St, Rochester, NH 3867Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%1/28/20266.7 6.7 7.0 — %
Gendron Funeral and Cremation Services, Inc.(#,^)135 North Lime Ave, Sarasota, FL 34237Personal and Laundry ServicesTerm LoanPrime plus 2.75%1/11/2041102.8 102.8 121.0 0.04 %
Dolarian Realty LLC and OV's Restaurant Inc(#,^)34 Old Colony Ave, East Taunton, MA 2718Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/5/204161.8 61.8 72.8 0.02 %
Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt(#,^)1196 Inverness Lane, Stow, OH 44224Food and Beverage Stores Term LoanPrime plus 2.75%12/29/202566.6 66.6 68.7 0.02 %
MCF Forte LLC(#,^)1245 W Baseline Rd Unit 105, Mesa, AZ 85202Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/29/202511.1 11.1 11.4 — %
Panditos LLC dba White Lotus Home(#,^)431 Raritan Ave, Highland Park, NJ 8904Miscellaneous ManufacturingTerm LoanPrime plus 2.75%12/28/20259.4 9.4 9.7 — %
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc(#,^)24201 North Hwy 1, Fort Bragg, CA 95437Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/23/204093.3 93.3 109.4 0.03 %
800 on the Trax LLC and Matrix Z LLC(#,^)800 SW 21st Terrace, Fort Lauderdale, FL 33312Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 2.75%12/23/2040228.7 228.7 268.0 0.08 %
F-91
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Premier Athletic Center of Ohio Inc. and Gates Investments and Wade Ga(#,^)8957 Kingsridge Drive, Centerville, OH 45459Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/22/2028635.3 635.3 681.1 0.20 %
Joyce Outdoor Advertising Chicago LLC(#,^)2443 West 16th St, Chicago, IL 60608Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/22/2040274.3 274.3 321.4 0.09 %
Hattingh Incorporated dba Prosthetic Care Facility(#,^)4415 Woodridge Pkwy, Ste 180, Leesburg, VA 20176Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/21/202510.6 10.6 11.0 — %
Trip Consultants U.S.A. Inc.(#,^)311 85th St, Brooklyn, NY 11209Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/18/202598.4 98.4 101.0 0.03 %
Accent Tag and Label Inc(#,^)2201 Rittenhouse St, Des Moines, IA 50321Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%12/18/2040603.3 603.3 707.4 0.21 %
Labmates LLC(#,^)141 Watertown Rd, Thomaston, CT 6787Miscellaneous Store RetailersTerm LoanPrime plus 2.75%12/18/2040147.9 147.9 173.8 0.05 %
Sourceco Limited Liability Company(#,^)17 Palmer Ave, West Long Branch, NJ 7764Merchant Wholesalers, Nondurable Goods Term Loan6.5%12/17/202524.5 24.5 23.7 0.01 %
Moments to Remember USA LLC dba Retain Loyalty(#,^)1250 Sanders Ave SW, Massillon, OH 44646Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/16/202551.3 51.3 53.3 0.02 %
New York Home Health Care Equipment, LLC(#,^)30 Hopper St, Westbury, NY 11590Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/16/2025610.4 610.4 637.0 0.19 %
Swalm Street LLC and New York Home Health Care Equipment LLC(#,^)30 Hopper St, Westbury, NY 11590Ambulatory Health Care ServicesTerm Loan7.5%12/16/2040363.0 363.0 340.4 0.10 %
Abitino's JFK LLC dba Abitino's(#,^)Terminal 8 JFK ExpressWay Airport, Jamaica, NY 11430Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/16/202246.3 46.3 46.5 0.01 %
JAG Unit 1, LLC(#,^)1 West Main St, Patchogue, NY 11772Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/16/2025150.1 150.1 154.1 0.05 %
DC Enterprises Ltd. dba Lakeview True Value(#,^)318 North F St, Lakeview, OR 97630Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%12/14/202513.3 13.3 13.9 — %
Basista Family Limited Partnership and UPE, Inc.(#,^)3401 Brecksville Rd, Richfield, OH 44286Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%12/14/2040311.6 311.6 365.3 0.11 %
Cares, Inc dba Dumpling Grounds Day Care Center(#,^)4508 Blakiston St, Philadelphia, PA 19136Social AssistanceTerm LoanPrime plus 2.75%12/10/20254.4 4.4 4.6 — %
Custom Exteriors, Inc.(#,^)2142 Rheem Drive, Ste E, Pleasanton, CA 94588Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/9/202559.2 59.2 61.1 0.02 %
Sushiya, Inc.(#,^)72-74 South Main St, Hanover, NH 3755Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/8/202564.3 64.3 66.5 0.02 %
LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC(#,^)880 Lowcountry Blvd, Mount Pleasant, SC 29464Repair and MaintenanceTerm LoanPrime plus 2.75%12/4/2040457.4 457.4 536.9 0.16 %
Japp Business Inc dba Pick and Eat and Japp Drink Corp.(#,^)4179 Broadway, New York, NY 10033Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/30/202575.7 75.7 78.3 0.02 %
DWeb Studio, Inc.(#,^)10800 E. Bethany Drive, Ste 275, Aurora, CO 80014Educational ServicesTerm LoanPrime plus 2.75%11/25/20256.6 6.6 6.7 — %
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC(#,^)726-740 South Fleming St, Sebastian, FL 32958Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%11/23/2040738.3 738.3 692.8 0.20 %
F-92
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy(#,^)3105 107th Ave, Doral, FL 33178Health and Personal Care StoresTerm LoanPrime plus 2.75%11/20/202552.5 52.5 54.1 0.02 %
S.B.B. Enterprises Inc dba Williamston Hardware(#,^)139 S Putnam St, Williamston, MI 48895Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%11/19/204098.5 98.5 114.9 0.03 %
Key Pix Productions Inc. dba Air Bud Entertainment(#,^)22525 Pacific Coast Hwy, Malibu, CA 90265Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%11/18/2040499.7 499.7 587.4 0.17 %
Green Life Lawnscapes LLC dba Green Life Lawn Care(#,^)1820 NE Jensen Beach Blvd, Jensen Beach, FL 34957Administrative and Support ServicesTerm LoanPrime plus 2.75%11/6/202580.1 80.1 83.6 0.02 %
JumboMarkets Inc dba Rines Jumbomarkets(#,^)15500 SW Trail Drive, Indiantown, FL 34956Food and Beverage Stores Term LoanPrime plus 2.75%11/4/2025178.6 178.6 186.4 0.05 %
Financial Network Recovery Inc(#,^)250 E Easy St Ste 1, Simi Valley, CA 93065Administrative and Support ServicesTerm LoanPrime plus 2.75%10/26/202523.0 23.0 23.6 0.01 %
ADMO Inc dba Mid States Equipment(#,^)16180 Westwoods Business Park, Ellisville, MO 63021Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%10/8/202512.9 12.9 13.3 — %
SCJEN Management Inc dba Bowl of Heaven(#,^)43958 Pacific Common Blvd, Fremont, CA 94538Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/30/202540.8 40.8 41.9 0.01 %
Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas Cit(#,^)7748 Troost Ave, Kansas City, MO 64131Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/30/202846.7 46.7 50.1 0.01 %
Binky's Vapes LLC(#,^)10539 Greenbelt Rd Ste 102, Lanham, MD 20706Miscellaneous Store RetailersTerm LoanPrime plus 2.75%9/30/202512.7 12.7 13.1 — %
Barub Realty LLC and Barub LLC dba Woodlawn Cabinets(#,^)1838 Adee Ave, Baychester, NY 10469Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%9/30/2040129.1 129.1 151.8 0.04 %
R.H. Hummer Jr., Inc.(#,^)2141 P Ave, Williamsburg, IA 52361Truck TransportationTerm LoanPrime plus 2.75%9/30/2025230.8 230.8 240.9 0.07 %
RIM Investments LLC and RIM Architects LLC(#,^)645 G St Ste 400, Anchorage, AK 99501Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/28/2040360.7 360.7 422.4 0.12 %
Greensward of Marco Inc.(#,^)54 Marco Lake Drive, Marco Island, FL 34146Administrative and Support ServicesTerm LoanPrime plus 2.75%9/28/204079.6 79.6 93.3 0.03 %
Sandlot Ventures LLC and Sandbox Ventures LLC(#,^)1857A Elmdale Ave, Glenview, IL 60025Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/25/2040413.0 413.0 482.0 0.14 %
Prestigious LifeCare for Seniors LLC(#,^)5701 North Pine Island Rd, Tamarac, FL 33321Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/25/20255.6 5.6 5.8 — %
Daniel W. Stark dba Mountain Valley Lodge and RV Park(#,^)223 Hwy 80, Rodeo, NM 88056AccommodationTerm LoanPrime plus 2.75%9/25/204012.2 12.2 14.3 — %
St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn(#,^)10 West Orvis St, Massena, NY 13662AccommodationTerm LoanPrime plus 2.75%9/24/2040565.1 565.1 661.5 0.19 %
Finish Strong Inc dba FASTSIGNS St Peters(#,^)98 North Hillview Drive, St Peters, MO 63376Miscellaneous ManufacturingTerm LoanPrime plus 2.75%9/23/202528.3 28.3 29.0 0.01 %
Sound Manufacturing Inc(#,^)51 Donnelley Rd, Old Saybrook, CT 6475Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/21/202528.1 28.1 29.0 0.01 %
IIoka Inc dba New Cloud Networks(#,^)160 Inverness Drive W Ste 150, Englewood, CO 80112Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/21/2025378.5 378.5 387.8 0.11 %
F-93
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Vanderhoof LLC dba Soxfords(#,^)11 Sellecks Walk, Pound Ridge, NY 10576Apparel ManufacturingTerm LoanPrime plus 2.75%9/18/20258.6 8.6 8.8 — %
MiJoy Inc dba Imo's Pizza(#,^)215 South Kirkwood Rd, Kirkwood, MO 63122Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/18/20254.7 4.7 4.8 — %
Naeem Khan LTD(#,^)260 West 36h St, New York, NY 10018Apparel ManufacturingTerm LoanPrime plus 2.75%9/17/202570.8 70.8 72.6 0.02 %
FirstVitals Health and Wellness Inc(#,^)1288 Ala Moana Blvd Ste 27E, Honolulu, HI 96814Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%9/15/202587.6 87.6 89.7 0.03 %
Almost Home Daycare LLC(#,^)35 Copps Hill Rd, Ridgefield, CT 6877Social AssistanceTerm LoanPrime plus 2.75%9/11/20256.4 6.4 6.7 — %
Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc(#,^)170 Main St, North Kingstown, RI 2852Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%9/8/2040126.7 126.7 148.7 0.04 %
Empower Autism Academy(#,^)1250 South A. W. Grimes Rd, Round Rock, TX 78665Social AssistanceTerm LoanPrime plus 2.75%9/4/2040619.3 619.3 726.8 0.21 %
Elite Institute LLC dba Huntington Learning Center(#,^)13526 Village Park Drive Ste 214, Orlando, FL 32837Educational ServicesTerm LoanPrime plus 2.75%8/28/20258.5 8.5 8.7 — %
3000 CSI Property LLC and Consulting Solutions Inc(#,^)3000 N Federal Hwy, Ste 1, Fort Lauderdale, FL 33306Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/20/2040127.8 127.8 149.9 0.04 %
God Be Glorified Inc dba GBG Inc(#,^)40 West. 162nd St, South Holland, IL 60473Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%8/20/202529.6 29.6 30.3 0.01 %
GDP Gourmet LLC dba Joe and John's Pizza Restaurant(#,^)136 New Jersey Ave, Absecon, NJ 8201Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/19/2040130.9 130.9 153.1 0.05 %
Gold Jet Corp.(#,^)2472 Broadway, New York, NY 10025Couriers and MessengersTerm LoanPrime plus 2.75%8/14/202539.9 39.9 41.3 0.01 %
SKJ Inc dba Subway(#,^)401 S Woodlawn Ave, Bloomington, IN 47401Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/13/202548.4 48.4 49.7 0.01 %
LP Industries Inc dba Childforms(#,^)110 Charleston Drive, Mooresville, NC 28117Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%7/29/202572.3 72.3 75.2 0.02 %
Beale Street Blues Company-West Palm Beach LLC dba Lafayette's-West Pa(#,^)550 Rosemary Ave, Ste 236, West Palm Beach, FL 33401Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%7/24/202536.4 36.4 37.5 0.01 %
Free Ion Advisors LLC(#,^)322 Evandale Rd, Scarsdale, NY 10583Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%7/21/202535.3 35.3 36.2 0.01 %
Murrayville Donuts, Inc dba Dunkin' Donuts(#,^)2304 N College Rd, Wilmington, NC 28405Food and Beverage Stores Term LoanPrime plus 2.75%7/15/2040330.7 330.7 385.9 0.11 %
Union 2 LLC dba The Standard(#,^)1520 Broadway, Fort Myers, FL 33901Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/10/202561.1 61.1 63.4 0.02 %
Jonathan E Nichols and Nichols Fire and Security LLC(#,^)1906 Vanderhorn Drive, Memphis, TN 38134Administrative and Support ServicesTerm LoanPrime plus 2.75%6/30/202540.6 40.6 42.2 0.01 %
Thrifty Market, Inc. dba Thrifty Foods(#,^)702 10th St, Wheatland, WY 82201Food and Beverage Stores Term LoanPrime plus 2.75%6/30/2030210.1 210.1 228.6 0.07 %
Summit Beverage Group LLC(#,^)211 Washington Ave, Marion, VA 24354Beverage and Tobacco Product ManufacturingTerm LoanPrime plus 2.75%8/29/2030219.4 219.4 238.9 0.07 %
SofRep, Inc dba Force 12 Media(#,^)930 Tahoe Blvd Ste 802-543, Incline Village, NV 89451Other Information ServicesTerm LoanPrime plus 2.75%6/26/202535.7 35.7 37.0 0.01 %
F-94
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
TJU-DGT Inc dba The Lorenz Cafe(#,^)714-718 Lorenz Ave, Pittsburgh, PA 15220Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/26/202914.8 14.8 16.0 — %
Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling(#,^)13886 Campo Rd, Jamul, CA 91935Gasoline Stations Term LoanPrime plus 2.75%6/26/2040341.3 341.3 401.7 0.12 %
CEM Autobody LLC dba Dawn's Autobody(#,^)7 Division St, Keyport, NJ 7735Repair and MaintenanceTerm LoanPrime plus 2.75%6/26/2040121.7 121.7 143.2 0.04 %
E & G Enterprises LLC dba Comfort Keepers(#,^)220 Middle St, Franklin, VA 23851Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/26/202512.1 12.1 12.6 — %
Ohs Auto Body, Inc. dba Ohs Body Shop(#,^)3560 Hwy 93 South, Kalispell, MT 59901Repair and MaintenanceTerm Loan7.22%6/25/20401,097.8 1,097.8 1,029.7 0.30 %
Wolf Enviro Interests, LLC and Enviromax Services Inc(#,^)18002 Mueschke Rd, Cypress, TX 77433Administrative and Support ServicesTerm LoanPrime plus 2.75%6/25/2040221.6 221.6 260.3 0.08 %
Evinger PA One, Inc. dba Postal Annex, Falcon(#,^)7661 McLaughlin Rd, Falcon, CO 80831Miscellaneous Store RetailersTerm LoanPrime plus 2.75%6/24/202512.2 12.2 12.6 — %
RJI Services, Inc.(#,^)353 E Angeleno Ste G, Burbank, CA 91502Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/23/202512.0 12.0 12.4 — %
Real Help LLC dba Real Help Decorative Concrete(#,^)2221 Broadway St, Buffalo, NY 14212Administrative and Support ServicesTerm LoanPrime plus 2.75%6/22/202528.7 28.7 29.9 0.01 %
PM Cassidy Enterprises, Inc. dba Junk King(#,^)960 Matley Lane, Ste 20 & 21, Bldg B, Reno, NV 89502Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%6/19/20256.8 6.8 7.1 — %
KRN Logistics, LLC and Newsome Trucking, Inc(#)2262 Hwy 53 W, Jasper, GA 30143Truck TransportationTerm LoanPrime plus 2.75%6/19/2025279.4 279.4 290.6 0.09 %
Inverted Healthcare Staffing of Florida LLC dba Interim Healthcare Tra(#,^)111 N Pompano Beach Blvd., Pompano Beach, FL 33062Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/18/202525.2 25.2 26.1 0.01 %
AM PM Properties, LLC and AM PM Willington, LLC(#,^)1308 Stafford Rd, Storrs Mansfield, CT 6268Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/17/204078.0 78.0 91.8 0.03 %
Mirage Plastering Inc and Mpire LLC and Mpire II LLC(#,^)1802 W Grant Rd Ste 114, Tucson, AZ 85745Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/12/2040124.6 124.6 146.2 0.04 %
Eldredge Tavern LLC dba Gonyea's Tavern(#,^)150 Main St, Pascoag, RI 2859Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/8/204050.8 50.8 59.8 0.02 %
ViAr Visual Communications, Inc. dba Fastsigns 281701(#,^)4721 University Way NE, Seattle, WA 98105Miscellaneous ManufacturingTerm LoanPrime plus 2.75%6/5/202533.5 33.5 34.8 0.01 %
Video Vault & Tanning LLC and Mosaic Salon LLC(#)W7003 Parkview Dr, Ste A & B, Greenville, WI 54942Rental and Leasing ServicesTerm LoanPrime plus 2.75%6/4/204060.5 60.5 71.3 0.02 %
Medworxs LLC(#,^)10901 W. Toller Drive, Littleton, CO 80127Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/3/202567.6 67.6 70.1 0.02 %
XCESSIVE THROTTLE, INC dba Jake's Roadhouse(#,^)5980 Lamar St, Arvada, CO 80003Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/29/20254.4 4.4 4.5 — %
Villela CPA PL(#,^)777 Brickell Ave, Ste 500, Miami, FL 33131Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%5/27/20254.8 4.8 5.0 — %
Douglas Posey and Sally Watkinson dba Audrey's Farmhouse(#,^)2188 Brunswyck Rd, Wallkill, NY 12589AccommodationTerm LoanPrime plus 2.75%5/20/2040156.1 156.1 183.8 0.05 %
15 McArdle LLC and No Other Impressions Inc(#,^)15 McArdle St, Rochester, NY 14611Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%5/15/2040165.1 165.1 194.3 0.06 %
F-95
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Guard Dogs MFS LLC(#,^)9460 Mistwater Close, Roswell, GA 30076Repair and MaintenanceTerm LoanPrime plus 2.75%5/8/202533.1 33.1 34.3 0.01 %
South Park Properties LLC and Midlothian Hardware LLC(#,^)4751 147th St, Midlothian, IL 60445Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%5/6/204042.8 42.8 50.4 0.01 %
Matthew Taylor and Landon Farm LLC(#,^)6103 N Church St, Greensboro, NC 27455Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/4/204090.1 90.1 105.7 0.03 %
Cares Inc dba Dumpling Grounds Day Care Center(#,^)4508 Blakiston St, Philadelphia, PA 19136Social AssistanceTerm LoanPrime plus 2.75%5/1/204072.6 72.6 85.5 0.03 %
Diamond Solutions LLC(#,^)7655 E Gelding Drive, Ste B2, Scottsdale, AZ 85260Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%4/21/202510.1 10.1 10.5 — %
Giacchino Maritime Consultants Inc(#,^)5219 Tamiami Court, Cape Coral, FL 33904Personal and Laundry ServicesTerm LoanPrime plus 2.75%4/17/202511.8 11.8 12.2 — %
Sound Coaching Inc(#,^)4749 Main St Ste 3, Bridgeport, CT 6606Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%4/14/202523.3 23.3 24.1 0.01 %
Faramarz Nikourazm dba Car Clinic Center(#,^)10707 Shady Trail, Dallas, TX 75220Repair and MaintenanceTerm LoanPrime plus 2.75%4/3/204065.7 65.7 77.3 0.02 %
Copper Beech Financial Group LLC(#,^)1223 North Church St, Moorestown, NJ 8057Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%3/30/202564.3 64.3 66.8 0.02 %
Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes and Trac(#,^)40 Buzzard Ridge Rd, Sequim, WA 98382AccommodationTerm LoanPrime plus 2.75%3/27/2040269.2 269.2 316.6 0.09 %
Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC(#,^)5600 N. River Rd #925, Rosemont, IL 60018Real EstateTerm LoanPrime plus 2.75%3/27/2025637.4 637.4 658.8 0.19 %
Shellhorn and Hill Inc dba Total Fleet Service(#,^)501 South Market St, Wilmington, DE 19801Nonstore Retailers Term LoanPrime plus 2.75%3/27/2040924.3 924.3 1,084.1 0.32 %
Shorr Enterprises Inc dba New Design Furniture Manufacturers(#,^)3033 NW 28 St, Lauderdale Lakes, FL 33311Furniture and Related Product ManufacturingTerm LoanPrime plus 2.75%3/27/202554.9 54.9 57.0 0.02 %
Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC(#,^)800 James Ave, Scranton, PA 18510Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/26/204048.2 48.2 56.7 0.02 %
Zero-In Media Inc(#,^)1123 Broadway Ste 704, New York, NY 10010Data Processing, Hosting, and Related ServicesTerm LoanPrime plus 2.75%3/25/202511.6 11.6 12.0 — %
Loriet LLC(#,^)5001 Vivienda Way, Sarasota, FL 34235Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%3/24/20256.2 6.2 6.4 — %
Shelton Incorporated dba Mrs. Winners(#,^)4509 N. Henry Blvd., Stockbridge, GA 30281Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/20/2040100.4 100.4 118.0 0.03 %
Jaymie Hazard dba Indigo Hair Studio and Day Spa(#,^)2016 Warwick Ave, Warwick, RI 2889Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/20/204038.4 38.4 45.1 0.01 %
R & R Security and Investigations Inc dba Pardners Lake Buchanan(#,^)15615 State Route 29, Buchanan Dam, TX 78609Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/19/204076.1 76.1 89.5 0.03 %
MMS Realty, LLC and Molecular MS Diagnostics LLC(#,^)1224 Greenwich Ave, Warwick, RI 2886Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/18/2040143.4 143.4 168.4 0.05 %
F-96
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Royal Crest Motors LLC(#,^)769 Amesbury Rd, Haverhill, MA 1830Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%3/16/204081.4 81.4 95.6 0.03 %
Luigi's on Main LLC and Luigi's Main Street Pizza Inc(#,^)491 Montauk Hwy, Eastport, NY 11941Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/4/20255.8 5.8 6.0 — %
Baystate Firearms and Training, LLC(#)215 Newbury St, Peabody, MA 1960Educational ServicesTerm LoanPrime plus 2.75%2/27/202530.3 30.3 31.4 0.01 %
Pace Motor Lines, Inc.(#,^)1425 Honeyspot Rd Extension, Stratford, CT 6615Truck TransportationTerm LoanPrime plus 2.75%2/26/202533.1 33.1 34.4 0.01 %
Kingseal LLC dba Desoto Health and Rehab Center(#,^)475 Nursing Home Drive, Arcadia, FL 34266Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%2/26/20401,137.8 1,137.8 1,338.1 0.39 %
Nelson Financial Services LLC(#,^)20015 N 83rd Place, Scottsdale, AZ 85255Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/24/20256.3 6.3 6.5 — %
Kiddie Steps 4 You Inc.(#,^)1700 West 63rd St., Chicago, IL 60636Social AssistanceTerm LoanPrime plus 2.75%2/19/204055.1 55.1 64.7 0.02 %
Triangle Trash LLC dba Bin There Dump That(#,^)188 Northbend Drive, Youngsville, NC 27596Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%2/18/202537.6 37.6 39.0 0.01 %
Dean 1021 LLC dba Pure Pita(#,^)106 Central Ave, Westfield, NJ 7090Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/29/202544.4 44.4 46.0 0.01 %
Limameno LLC dba Sal's Italian Ristorante(#,^)861 Yamato Rd, Bay #2, Boca Raton, FL 33431Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/23/202541.4 41.4 42.8 0.01 %
Palmabak Inc dba Mami Nora's(#,^)4614 Capital Blvd, Raleigh, NC 27604Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/22/20252.1 2.1 2.2 — %
Jung Design Inc(#,^)10857 Pine Bluff Drive, Fishers, IN 46037Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/20/20221.6 1.6 1.6 — %
Grand Blanc Lanes, Inc. and H, H and H, LLC(#,^)5301 S Saginaw Rd, Flint, MI 48507Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/31/2039117.8 117.8 138.5 0.04 %
First Prevention and Dialysis Center, LLC(#)17940 NW 27th Ave, Miami Gardens, FL 33056Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/30/2024133.9 133.9 138.7 0.04 %
Bowlerama Inc(#,^)3031 New Castle Ave, New Castle, DE 19720Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/24/20391,072.3 1,072.3 1,258.8 0.37 %
The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast(#,^)114-115 Medical Center Ave, Sebring, FL 33870Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/23/2039473.3 473.3 554.2 0.16 %
Thermoplastic Services Inc and Paragon Plastic Sheet, Inc(#,^)1700 W 4th St, Dequincy, LA 70633Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%12/23/2039443.1 443.1 520.1 0.15 %
Beale Street Blues Company-West Palm Beach, LLC dba Lafayette Music Ha(#,^)550 South Rosemary Ave Ste 236, West Palm Beach, FL 33401Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%12/22/202491.6 91.6 94.7 0.03 %
MM and M Management Inc dba Pizza Artista(#,^)5409 Johnston St, Lafayette, LA 70503Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/19/202524.1 24.1 24.9 0.01 %
B.S. Ventures LLC dba Dink's Market(#,^)48649 Hwy 58, Oakridge, OR 97463Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%12/19/203947.6 47.6 55.9 0.02 %
The Jewelers Inc. dba The Jewelers of Las Vegas(#,^)2400 Western Ave, Las Vegas, NV 89102Clothing and Clothing Accessories Stores Term LoanPrime plus 2.75%12/19/2024605.3 605.3 624.5 0.18 %
Will Zac Management LLC dba Papa John's(#)2410 West Jefferson St, Ste B, Joliet, IL 60435Food Services and Drinking PlacesTerm Loan6.25%12/19/202463.3 63.3 62.1 0.02 %
F-97
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
B & W Towing, LLC and Boychucks Fuel LLC(#,^)701 Addison Rd, Painted Post, NY 14870Repair and MaintenanceTerm LoanPrime plus 2.75%12/17/2039140.8 140.8 165.0 0.05 %
Kemmer LLC and Apples Tree Top Liquors LLC(#)1300 S Jackson St, Salem, IN 47167Food and Beverage Stores Term LoanPrime plus 2.75%12/4/2039122.2 122.2 143.2 0.04 %
Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman(#,^)988 Hemlock St, Cannon Beach, OR 97110Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/25/2039105.0 105.0 123.2 0.04 %
Legacy Estate Planning Inc dba American Casket Enterprises(#,^)2176 Route 119 North, Greensburg, PA 15601Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/21/202420.1 20.1 20.8 0.01 %
DC Real LLC and DC Enterprises LTD dba Lakeview True Value(#,^)318 North F St, Lakeview, OR 97630Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%11/20/2039106.0 106.0 124.4 0.04 %
Heartland American Properties LLC and Skaggs RV Outlet LLC(#,^)301 Commerce Drive, Elizabethtown, KY 42701Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%10/31/2039422.3 422.3 495.4 0.15 %
DNT Storage and Properties LLC(#,^)38 Old National Pike, West Alexander, PA 15376Real EstateTerm LoanPrime plus 2.75%10/10/203989.7 89.7 105.3 0.03 %
Sound Manufacturing Inc(#,^)51 Donnelley Rd, Old Saybrook, CT 6475Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%10/10/202486.9 86.9 89.9 0.03 %
Doctors Express Management of Central Texas LLC(#,^)3614 SW HK Dodgen Loop, Ste F, Temple, TX 76504Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%10/8/20243.0 3.0 3.2 — %
Smith Spinal Care Center P.C. and James C. Smith(#,^)1103 Russell Parkway, Warner Robins, GA 31088Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%10/8/203925.4 25.4 29.8 0.01 %
Michael Rey Jr. and Lynn J. Williams and GIG Petcare dba Hickory(#,^)900 Alpine Rd, Bridgeville, PA 15017Personal and Laundry ServicesTerm LoanPrime plus 2.75%10/3/2039108.5 108.5 127.4 0.04 %
Sumad LLC dba BrightStar Care of Encinitas(#,^)680 Fletcher Pkwy, Ste 206, El Cajon, CA 92020Administrative and Support ServicesTerm LoanPrime plus 2.75%10/2/202425.0 25.0 25.9 0.01 %
Roccos LLC and Sullo Pantalone Inc dba Rocco's(#,^)79 Beach Rd Units B13 and B14, Vineyard Haven, MA 2568Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/30/2039225.0 225.0 263.7 0.08 %
Gordon E Rogers dba Stonehouse Motor Inn(#,^)162 Danielson Pike, Foster, RI 2825AccommodationTerm LoanPrime plus 2.75%9/26/203950.6 50.6 59.3 0.02 %
Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out(#,^)308 Kennedy St NW, Washington, DC 20011Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/23/202412.0 12.0 12.4 — %
Ryan Crick and Pamela J. Crick and Crick Enterprises Inc(#,^)3390 W. Andrew Johnson Hwy, Greeneville, TN 37743Repair and MaintenanceTerm LoanPrime plus 2.75%9/17/2039128.1 128.1 150.1 0.04 %
Modern Leather Goods Repair Shop Inc(#,^)2 West 32nd St, Ste 401, New York, NY 10001Repair and MaintenanceTerm LoanPrime plus 2.75%9/17/202426.1 26.1 26.9 0.01 %
Animal Intrusion Prevention Systems Holding Company, LLC(#,^)3330 N Beach St, Fort Worth, TX 76111Administrative and Support ServicesTerm LoanPrime plus 2.75%9/15/2024140.9 140.9 145.4 0.04 %
Tavern Properties LLC and Wildwood Tavern LLC(#,^)6480 West Touhy Ave, Niles, IL 60714Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/15/2039376.9 376.9 441.4 0.13 %
F-98
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Indy East Smiles Youth Dentistry LLC dba Prime Smile East(#,^)5430 E. Washington St, Indianapolis, IN 46219Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/11/2024290.8 290.8 299.3 0.09 %
B&P Diners LLC dba Engine House Restaurant(#,^)71 Lafayette St,, Salem, MA 1970Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/10/202436.9 36.9 38.0 0.01 %
Lamjam LLC Goldsmith Lambros Inc(#)7137 Little River Turnpike, Annandale, VA 22003Clothing and Clothing Accessories Stores Term LoanPrime plus 2.75%8/27/202457.7 57.7 59.6 0.02 %
Atlas Auto Body Inc dba Atlas Auto Sales(#,^)20 Providence St, West Warwick, RI 2893Repair and MaintenanceTerm LoanPrime plus 2.75%8/22/203945.2 45.2 53.0 0.02 %
Alpha Preparatory Academy LLC(#,^)4462 Mink Livsey Rd, Snellville, GA 30039Social AssistanceTerm LoanPrime plus 2.75%8/15/2039128.0 128.0 150.0 0.04 %
Katie Senior Care LLC dba Home Instead Senior Care(#,^)222E Eufaula St Ste 220, Norman, OK 73069Social AssistanceTerm LoanPrime plus 2.75%8/15/202448.2 48.2 49.6 0.01 %
Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook(#,^)10463 Hamer Rd, Georgetown, OH 45121Motor Vehicle and Parts DealersTerm Loan6%8/8/2039121.6 121.6 114.5 0.03 %
Almost Home Property LLC and Almost Home Daycare LLC(#,^)35 Copps Hill Rd, Ridgefield, CT 6877Social AssistanceTerm LoanPrime plus 2.75%8/7/2039659.5 659.5 772.7 0.23 %
iFood, Inc. dba Steak N Shake(#,^)5900 Duraleigh Rd, Raleigh, NC 27612Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/31/2024174.7 174.7 180.4 0.05 %
575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST(#,^)575 Columbus Ave, New Haven, CT 6519Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/30/203917.8 17.8 20.9 0.01 %
Honeyspot Investors LLP and Pace Motor Lines Inc(#,^)1425 Honeyspot Rd Extension, Stratford, CT 6615Truck TransportationTerm LoanPrime plus 2.75%7/24/2039131.1 131.1 153.7 0.05 %
Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC(#,^)15 Stonebridge, Cranston, RI 2921Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/17/203985.7 85.7 100.4 0.03 %
AMG Holding, LLC and Stetson Automotive, Inc(#,^)309 Route 9, Waretown, NJ 8758Repair and MaintenanceTerm LoanPrime plus 2.75%6/30/2039179.8 179.8 211.2 0.06 %
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP(#,^)4920 Lincoln Ave Route 53, Lisle, IL 60532Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/30/202443.0 43.0 44.4 0.01 %
iFood, Inc. dba Steak N Shake(#,^)2840 E Millbrook Rd, Raleigh, NC 27604Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/30/2039550.6 550.6 646.4 0.19 %
Honeyspot Investors LLP and Pace Motor Lines Inc(#,^)1425 Honeyspot Rd Extension, Stratford, CT 6615Truck TransportationTerm LoanPrime plus 2.75%6/30/2039764.5 764.5 898.4 0.26 %
Zinger Hardware and General Merchant Inc(#)4001 North Lamar Blvd Ste 300, Austin, TX 78756Building Material and Garden Equipment and Supplies Dealers Term Loan7.25%6/26/202435.7 35.7 35.1 0.01 %
Nikobella Properties LLC and JPO Inc dba Village Car Wash(#)1372 South US Route 12, Fox Lake, IL 60020Repair and MaintenanceTerm LoanPrime plus 2.75%6/25/2039444.1 444.1 520.7 0.15 %
Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Val(#,^)1313 West Park St #1, Livingston, MT 59047Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%6/20/2039203.9 203.9 239.1 0.07 %
F-99
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Sico & Walsh Insurance Agency Inc and The AMS Trust(#)106 Concord Ave, Belmont, MA 2478Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%6/6/203980.9 80.9 94.9 0.03 %
Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel(#,^)15637 St Clair Ave, Cleveland, OH 44110Food and Beverage Stores Term LoanPrime plus 2.75%6/3/20247.2 7.2 7.4 — %
Long Island Barber Institute Inc(#,^)266 Greenwich St, Hempstead, NY 11550Educational ServicesTerm LoanPrime plus 2.75%6/2/203948.5 48.5 56.8 0.02 %
Pocono Coated Products, LLC(#,^)100 Sweetree St, Cherryville, NC 28021Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%5/30/20249.6 9.6 9.9 — %
Jonesboro Health Food Center LLC(#,^)1321 Stone St, Jonesboro, AR 72401Health and Personal Care StoresTerm LoanPrime plus 2.75%5/27/202426.9 26.9 27.7 0.01 %
The River Beas LLC and Punam Singh(#,^)11704 Centurion Way, Potomac, MD 20854Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/8/203978.7 78.7 92.2 0.03 %
AS Boyals LLC dba Towne Liquors(#,^)117 South BRd St, Woodbury City, NJ 8096Food and Beverage Stores Term LoanPrime plus 2.75%4/29/203994.6 94.6 111.0 0.03 %
Gerami Realty, LC Sherrill Universal City Corral, LP dba Golden(#,^)2301 Pat Booker Rd, Universal City, TX 78148Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/23/202748.7 48.7 51.7 0.02 %
Complete Body & Paint, Inc.(#,^)32220 Michigan Ave, Wayne, MI 48184Repair and MaintenanceTerm LoanPrime plus 2.75%4/23/203918.1 18.1 21.2 0.01 %
Island Wide Realty LLC and Long Island Partners, Inc. dba Realty Execu(#,^)201-203-205 West Merrick Rd, Valley Stream, NY 11580Real EstateTerm LoanPrime plus 2.75%4/22/203990.1 90.1 105.7 0.03 %
Wilshire Media Systems Inc(#,^)2649 Townsgate Rd. Ste 500, Westlake Village, CA 91361Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/17/202475.8 75.8 78.2 0.02 %
1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC(#,^)1899 State Route 35, South Amboy, NJ 8879Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/9/203997.4 97.4 114.3 0.03 %
Little People's Village II LLC and Iliopoulos Realty LLC(#,^)6522 Haverford Ave, Philadelphia, PA 19151Social AssistanceTerm LoanPrime plus 2.75%3/31/203980.3 80.3 94.1 0.03 %
Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle(#,^)16701 E. Iliff Ave, Aurora, CO 80013Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%3/31/2039389.4 389.4 456.7 0.13 %
Kemmer, LLC and Pitts Package Store, Inc.(#,^)201 S. Main St, Salem, IN 47167Food and Beverage Stores Term LoanPrime plus 2.75%3/31/2039101.5 101.5 118.9 0.04 %
Little People's Village II LLC and Iliopoulos Realty LLC(#,^)6522 Haverford Ave, Philadelphia, PA 19151Social AssistanceTerm LoanPrime plus 2.75%3/31/203988.5 88.5 103.8 0.03 %
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC(#,^)4401 N I-35 #113, Denton, TX 76207Truck TransportationTerm LoanPrime plus 2.75%3/31/2024305.8 305.8 314.9 0.09 %
636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co(#)636 South Center St, New Washington, OH 44854Primary Metal ManufacturingTerm LoanPrime plus 2.75%3/20/203968.1 68.1 79.8 0.02 %
F-100
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Cormac Enterprises and Wyoming Valley Beverage Incorporated(#,^)63 S Wyoming Ave, Edwardsville, PA 18704Food and Beverage Stores Term LoanPrime plus 2.75%3/20/203996.0 96.0 112.4 0.03 %
Kinisi, Inc. dba The River North UPS Store(#,^)301 West Grand Ave, Chicago, IL 60654Administrative and Support ServicesTerm LoanPrime plus 2.75%3/18/20243.2 3.2 3.3 — %
R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern(#,^)3111 and 3135 Delsea Drive, Franklinville, NJ 8322Food and Beverage Stores Term LoanPrime plus 2.75%2/28/2039361.3 361.3 422.9 0.12 %
Summit Beverage Group LLC(#,^)211 Washington Ave, Marion, VA 24354Beverage and Tobacco Product ManufacturingTerm LoanPrime plus 2.75%2/28/2024139.3 139.3 143.5 0.04 %
Faith Memorial Chapel LLC(#,^)600 9th Ave North, Bessemer, AL 35020Personal and Laundry ServicesTerm LoanPrime plus 2.75%2/28/2039185.3 185.3 216.9 0.06 %
952 Boston Post Road Realty, LLC and HNA LLC dba Styles International(#,^)952 Boston Post Rd, Milford, CT 6460Personal and Laundry ServicesTerm LoanPrime plus 2.75%2/28/2039179.0 179.0 209.5 0.06 %
96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki(#,^)96 Mill St, Berlin, CT 6037Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/12/2039122.0 122.0 142.9 0.04 %
JWB Industries, Inc. dba Carteret Die Casting(#,^)74 Veronica Ave, Somerset, NJ 8875Primary Metal ManufacturingTerm LoanPrime plus 2.75%2/11/2024111.2 111.2 114.5 0.03 %
986 Dixwell Avenue Holding Company, LLC and Mughali Foods, LLC(#,^)986 Dixwell Ave, Hamden, CT 6510Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/7/203986.1 86.1 100.8 0.03 %
Sarah Sibadan dba Sibadan Agency(#,^)102-05 101st Ave, Ozone Park, NY 11416Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%1/27/2039111.6 111.6 130.7 0.04 %
Icore Enterprises Inc dba Air Flow Filters Inc(#,^)151 W 24th St, Hialeah, FL 33010Miscellaneous ManufacturingTerm LoanPrime plus 2.75%1/15/20248.4 8.4 8.7 — %
Nutmeg North Associates LLC Steeltech Building Products Inc(#,^)636 Nutmeg Rd North, South Windsor, CT 6074Construction of BuildingsTerm LoanPrime plus 2.75%12/31/2038788.2 788.2 922.3 0.27 %
Amboy Woodbridge Realty LLC and United Premium Foods LLC(#)One Amboy Ave, Woodbridge, NJ 7095Food ManufacturingTerm Loan6%6/14/20241,813.7 1,813.7 1,782.3 0.53 %
KK International Trading Corporation(#,^)219 Lafayette Drive, Syosset, NY 11791Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%12/23/2028124.8 124.8 134.4 0.04 %
Kurtis Sniezek dba Wolfe's Foreign Auto(#,^)712 5th St, New Brighton, PA 15066Repair and MaintenanceTerm LoanPrime plus 2.75%12/20/203876.5 76.5 89.4 0.03 %
TAK Properties LLC and Kinderland Inc(#,^)1157 Commerce Ave, Longview, WA 98632Social AssistanceTerm LoanPrime plus 2.75%12/18/2038348.5 348.5 407.1 0.12 %
920 CHR Realty LLC V. Garofalo Carting Inc(#,^)920 Crooked Hill, Brentwood, NY 11717Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%12/10/2038359.7 359.7 420.3 0.12 %
DKB Transport Corp(#,^)555 Water Works Rd, Old Bridge, NJ 8857Truck TransportationTerm LoanPrime plus 2.75%12/5/2038119.5 119.5 139.6 0.04 %
Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle(#,^)1455 S Richland Creek Rd, Sugar HIll, GA 30518Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/3/203889.5 89.5 104.5 0.03 %
Spectrum Development LLC and Solvit Inc & Solvit North, Inc(#,^)65 Farmington Valley Drive, Plainville, CT 6062Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/2/2023142.1 142.1 145.9 0.04 %
F-101
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
BVIP Limousine Service LTD(#,^)887 W Liberty, Medina, OH 44256Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%11/27/203865.8 65.8 76.8 0.02 %
AcuCall LLC(#,^)824 U.S Hwy 1, Ste 335, North Palm Beach, FL 33408Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/21/20235.8 5.8 6.0 — %
Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL(#,^)3039-3043 Hedley, Springfield, IL 62704Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%11/18/202316.7 16.7 17.1 0.01 %
Polpo Realty, LLC Polpo Restaurant, LLC (#,^)554 Old Post Rd #3, Greenwich, CT 6830Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/6/203854.8 54.8 64.0 0.02 %
Mid-Land Sheet Metal Inc(#,^)125 E Fesler St, Santa Maria, CA 93454Specialty Trade ContractorsTerm LoanPrime plus 2.75%10/31/2038117.8 117.8 137.6 0.04 %
1 North Restaurant Corp dba 1 North Steakhouse(#,^)322 W. Montauk Hwy, Hampton Bays, NY 11946Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/31/2038180.2 180.2 210.6 0.06 %
Master CNC Inc & Master Properties LLC(#,^)11825 29 Mile Rd, Washington, MI 48095Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%10/31/2038511.0 511.0 596.7 0.18 %
Janice B. McShan and The Metropolitan Day School, LLC(#,^)2817 Lomb Ave, Birmingham, AL 35208Social AssistanceTerm LoanPrime plus 2.75%10/31/202315.6 15.6 16.0 — %
Greenbrier Technical Services, Inc(#,^)407 E. Edgar Ave, Ronceverte, WV 24970Repair and MaintenanceTerm LoanPrime plus 2.75%10/24/202344.7 44.7 45.9 0.01 %
Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd(#,^)77 Mill Rd, Freeport, NY 11520Specialty Trade ContractorsTerm LoanPrime plus 2.75%10/24/2038126.9 126.9 148.3 0.04 %
Discount Wheel and Tire of Broken Bow Inc(#,^)1202 S Park Drive, Broken Bow, OK 74728Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%9/30/2038191.0 191.0 223.1 0.07 %
Lenoir Business Partners LLC LP Industries, Inc dba Childforms(#,^)2040 Norwood, Lenoir, NC 28645Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%9/30/2038254.0 254.0 296.8 0.09 %
LP Industries, Inc dba Childforms(#,^)110 Charleston Drive, Ste 105-107, Morresville, NC 28117Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%9/30/2038103.5 103.5 121.0 0.04 %
Cencon Properties LLC and Central Connecticut Warehousing Company, In(#,^)37 Commons Court, Waterbury, CT 6704Warehousing and StorageTerm LoanPrime plus 2.75%9/30/2038294.6 294.6 344.2 0.10 %
Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC(#,^)12150 Annapolis Rd, Ste 301, Glenn Dale, MD 20769Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/27/2038286.0 286.0 334.2 0.10 %
Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Ho(#,^)17 Pearl St, Mystic, CT 6355Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/26/203885.4 85.4 99.6 0.03 %
Eastside Soccer Dome, Inc .(#,^)11919 S Ave O, Chicago, IL 60617Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/26/2038395.9 395.9 461.8 0.14 %
Southeast Chicago Soccer, Inc.(#,^)10232 S Ave N, Chicago, IL 60617Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/26/203843.7 43.7 51.0 0.02 %
Kiddie Steps 4 You Inc.(#,^)1700 West 63rd St., Chicago, IL 60636Social AssistanceTerm LoanPrime plus 2.75%9/25/203877.5 77.5 90.4 0.03 %
Diamond Memorials Incorporated(#,^)800 BRd St, Clifton, NJ 7013Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/25/20230.9 0.9 1.0 — %
F-102
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Faith Memorial Chapel LLC(#,^)600 9th Ave North, Bessemer, AL 35020Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/20/2038228.9 228.9 266.9 0.08 %
Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta(#,^)11585 Jones Bridge Rd, Ste 4G, Johns Creek, GA 30022Educational ServicesTerm LoanPrime plus 2.75%9/20/202316.3 16.3 16.7 — %
Maynard Enterprises Inc dba Fastsigns of Texarkana(#,^)3735 Mall Drive, Texarkana, TX 75501Miscellaneous Store RetailersTerm LoanPrime plus 2.75%9/18/20235.7 5.7 5.8 — %
Grafio Inc dba Omega Learning Center-Acworth(#,^)5330 Brookstone Drive, Ste 320, Acworth, GA 30101Educational ServicesTerm LoanPrime plus 2.75%9/13/202358.1 58.1 59.5 0.02 %
The Berlerro Group, LLC dba Sky Zone(#,^)111 Rodeo Drive, Edgewood, NY 11717Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/12/2023162.7 162.7 166.7 0.05 %
Sound Manufacturing Inc(#,^)51 Donnelley Rd, Old Saybrook, CT 6475Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/12/202834.9 34.9 37.5 0.01 %
Prospect Kids Academy Inc(#,^)532 St Johns Place, Brooklyn, NY 11238Educational ServicesTerm LoanPrime plus 2.75%9/11/2038106.1 106.1 123.7 0.04 %
B for Brunette dba Blo(#,^)50 Glen Cove Rd, Greenvale, NY 11548Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/10/202320.5 20.5 21.0 0.01 %
Schmaltz Holdings, LLC and Schmaltz Operations, LLC dba Companio(#,^)3408 Castle Rock Farm Rd, Pittsboro, NC 27312Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/4/2038190.2 190.2 221.7 0.07 %
ACI Northwest Inc.(#,^)6600 N Government Way, Coeur D Alene, ID 83815Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%8/30/2023183.9 183.9 188.5 0.06 %
Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis(#,^)15150 Evans St, Gulfport, MS 39503Social AssistanceTerm LoanPrime plus 2.75%8/30/202314.7 14.7 15.1 — %
IlOKA Inc dba Microtech Tel and NewCloud Networks(#,^)160 Inverness Dr W Ste 100, Englewood, CO 80112Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/30/2023221.3 221.3 226.7 0.07 %
Ramard Inc and Advanced Health Sciences Inc(#,^)4561 Ironworks Pike, Ste 161, Lexington, KY 40511Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%8/28/202363.9 63.9 65.4 0.02 %
RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins(#,^)1815 De Paul St, Colorado Springs, CO 80909Nonstore Retailers Term LoanPrime plus 2.75%8/26/202327.2 27.2 27.9 0.01 %
JSIL LLC dba Blackstones Hairdressing(#,^)19 East 7th St, New York, NY 10003Personal and Laundry ServicesTerm LoanPrime plus 2.75%8/16/20236.6 6.6 6.7 — %
Caribbean Concepts, Inc. dba Quick Bleach(#,^)120 East 56th St, St.#730, New York, NY 10022Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%8/12/20237.6 7.6 7.8 — %
Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC(#,^)38 Carmen Lane, Monroe, CT 6468Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%7/24/20233.9 3.9 4.0 — %
Harbor Ventilation Inc and Estes Investment, LLC(#,^)509 East Park St., Livingston, MT 59047Specialty Trade ContractorsTerm LoanPrime plus 2.75%7/19/20382.0 2.0 2.3 — %
Angkor Restaurant Inc(#,^)10 Traverse St, Providence, RI 2903Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/19/203879.0 79.0 92.1 0.03 %
Tri County Heating and Cooling Inc.(#,^)509 East Park St., Livingston, MT 59047Specialty Trade ContractorsTerm LoanPrime plus 2.75%7/19/202329.0 29.0 29.7 0.01 %
Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC(#,^)1 Poppy Ave, Neptune, NJ 7753Truck TransportationTerm LoanPrime plus 2.75%7/17/202317.8 17.8 18.2 0.01 %
F-103
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat(#,^)411 Sharp St, Millville, NJ 8332Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/28/203882.4 82.4 96.2 0.03 %
Maxiflex LLC(#,^)512 Verret St, New Orleans, LA 70114Miscellaneous ManufacturingTerm LoanPrime plus 2.75%6/28/202314.3 14.3 14.7 — %
2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc.(#,^)2141 P Ave, Williamsburg, IA 52361Truck TransportationTerm LoanPrime plus 2.75%6/19/2026352.6 352.6 371.3 0.11 %
Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services(#,^)200 North Branford Rd, Branford, CT 6405Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%6/18/2028546.5 546.5 586.2 0.17 %
KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc(#,^)24 Elm St, Montpelier, VT 5602Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%6/14/2023110.4 110.4 112.9 0.03 %
Elite Structures Inc(#,^)401 Old Quitman Rd, Adel, GA 31620Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%6/12/2038735.7 735.7 857.2 0.25 %
Absolute Desire LLC and Mark H. Szierer Sophisticated Smile(#,^)85 Reaville Ave, Flemington, NJ 8822Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/5/2038159.4 159.4 185.7 0.05 %
Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD and(#,^)4640 Monticello Ave, Ste 8A, Williamsburg, VA 23188Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%5/28/202319.3 19.3 19.8 0.01 %
Ryan D. Thornton and Thornton & Associates LLC(#,^)800 Bethel St, Ste 200, Honolulu, HI 96813Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%5/24/202315.6 15.6 15.9 — %
Peanut Butter & Co., Inc.(#,^)250 West 54th St, New York, NY 10019Food ManufacturingTerm LoanPrime plus 2.75%4/30/202330.0 30.0 30.7 0.01 %
1258 Hartford TPKE, LLC and Phelps and Sons, Inc(#,^)1258 Hartford Turnpike, Vernon, CT 6066Miscellaneous Store RetailersTerm LoanPrime plus 2.75%3/29/2038104.7 104.7 122.0 0.04 %
Xela Pack, Inc. and Aliseo and Catherine Gentile(#,^)8300 Boettner Rd, Saline, MI 48176Paper ManufacturingTerm LoanPrime plus 2.75%3/27/2028174.5 174.5 186.7 0.06 %
A & M Commerce, Inc. dba Cranberry Sunoco(#,^)398 Baltimore Blvd, Westminster, MD 21157Gasoline Stations Term LoanPrime plus 2.75%3/27/2038273.4 273.4 318.0 0.09 %
American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center(#,^)3937 Sherman Ave, Saint Joseph, MO 64506Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/25/2038455.5 455.5 529.7 0.16 %
Michael A.and HeatherR. Welsch dba Art & FrameEtc.(#,^)2819 West T C Jester Blvd., Houston, TX 77018Miscellaneous Store RetailersTerm LoanPrime plus 2.75%3/22/203856.7 56.7 66.0 0.02 %
Truth Technologies Inc dba Truth Technologies Inc.(#,^)2341 Cheshire Lane, Naples, FL 34109Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/21/202325.2 25.2 25.7 0.01 %
Sound Manufacturing, Inc. and Monster Power Equipment Inc.(#,^)51 Donnelley Rd, Old Saybrook, CT 6475Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%3/15/2023140.6 140.6 143.5 0.04 %
Bakhtar Group LLC dba Malmaison(#,^)3401 K St NW, Washington, DC 20007Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/28/202327.0 27.0 27.5 0.01 %
Osceola River Mill, LLC Ironman Machine, Inc.(#,^)27 Hungerford St, Pittsfield, MA 1201Machinery ManufacturingTerm LoanPrime plus 2.75%2/20/203872.3 72.3 84.0 0.02 %
Retain Loyalty LLC(#,^)1250 Sanders Ave SW, Massillon, OH 44647Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%2/15/203893.7 93.7 109.0 0.03 %
F-104
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Sherill Universal City dba Golden Corral LP(#,^)2301 Pat Booker Rd, Universal City, TX 78148Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/28/2038372.8 372.8 433.6 0.13 %
Macho LLC Madelaine Chocolate Novelties Inc dba The Madelai(#,^)96-03 Beach Channel Drive, Rockaway Beach, NY 11693Food ManufacturingTerm LoanPrime plus 2.75%12/31/2037418.9 418.9 487.3 0.14 %
Babie Bunnie Enterprises Inc dba Triangle Mothercare(#,^)8516 Swarthmore Drive, Raleigh, NC 27615Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/28/202724.8 24.8 26.4 0.01 %
Polpo Realty LLC & Polpo Restaurant LLC dba Polpo Restauran(#,^)554 Old Post Rd #3, Greenwich, CT 6830Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/27/2037442.4 442.4 513.6 0.15 %
Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC(#,^)38 Carmen Lane, Monroe, CT 6468Support Activities for Agriculture and ForestryTerm LoanPrime plus 2.75%11/28/2037190.2 190.2 220.8 0.07 %
D&L Rescources, Inc. dba The UPS Store(#,^)8958 W State Rd # 84, Davie, FL 33324Miscellaneous Store RetailersTerm LoanPrime plus 2.75%11/27/20222.5 2.5 2.5 — %
Richmond Hill Mini Market, LLC(#,^)101 Richmond Hill Ave, Stamford, CT 6902Food and Beverage Stores Term LoanPrime plus 2.75%11/27/2037153.8 153.8 178.5 0.05 %
DRV Enterprise, Inc. dba Cici's Pizza # 339(#,^)5771 East Fowler Ave, Temple Terrace, FL 33617Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/26/202215.2 15.2 15.5 — %
U & A Food and Fuel, Inc. dba Express Gas & Food Mart(#,^)1345 Wampanoag Trail, East Providence, RI 2915Gasoline Stations Term LoanPrime plus 2.75%11/21/203780.0 80.0 92.9 0.03 %
R & J Petroleum LLC Manar USA, Inc.(#,^)305 Quincy Shore Drive, Quincy, MA 2107Gasoline Stations Term LoanPrime plus 2.75%11/20/2037149.6 149.6 173.7 0.05 %
St Judes Physical Therapy P.C.(#,^)7712 Fourth Ave, Brooklyn, NY 11209Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%11/19/20225.2 5.2 5.3 — %
Hi-Def Imaging, Inc. dba SpeedPro Imaging(#,^)3580 Progress Drive, Unit Q, Bensalem, PA 19020Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%11/9/20225.6 5.6 5.7 — %
Reidville Hydraulics Mfg Inc dba Summit(#,^)175 Industrial Lane, Torrington, CT 6790Machinery ManufacturingTerm LoanPrime plus 2.75%11/2/2037219.0 219.0 254.1 0.07 %
University Park Retreat, LLC dba Massage Heights(#,^)5275 University Parkway # 110, Bradenton, FL 34201Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/27/202220.0 20.0 20.3 0.01 %
O'Rourkes Diner LLC dba O'Rourke's Diner(#,^)728 Main St, Middletown, CT 6457Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/19/203754.6 54.6 63.3 0.02 %
AJK Enterprise LLC dba AJK Enterprise LLC(#)1901 Naylor Rd, SE, Washington, DC 20020Truck TransportationTerm LoanPrime plus 2.75%8/27/20223.5 3.5 3.6 — %
Suncoast Aluminum Furniture, Inc(#,^)6291 Thomas Rd, Fort Myers, FL 33912Furniture and Related Product ManufacturingTerm LoanPrime plus 2.75%8/17/2037297.3 297.3 344.5 0.10 %
Hofgard & Co., Inc. dba HofgardBenefits(#,^)400 S McCaslin Blvd Ste 201, Louisville, CO 80027Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%7/27/202222.6 22.6 23.0 0.01 %
Central Tire, Inc. dba Cooper Tire & Auto Services(#,^)1111 S Tillotson Ave, Muncie, IN 47304Repair and MaintenanceTerm LoanPrime plus 2.75%6/29/2037236.1 236.1 273.7 0.08 %
KIND-ER-ZZ Inc dba Kidville(#,^)30 Maple St, Summit, NJ 7901Educational ServicesTerm LoanPrime plus 2.75%6/15/20229.9 9.9 10.1 — %
Graphish Studio, Inc. and Scott Fishoff(#,^)231 Main St, Stanford, CT 6901Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/14/20223.9 3.9 4.0 — %
ALF, LLC Mulit-Service Eagle Tires(#,^)1985 B St, Colorado Springs, CO 80906Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%5/31/203751.3 51.3 59.3 0.02 %
F-105
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Tracey Vita-Morris dba Tracey Vita's School of Dance(#,^)4181 9th Ave West, Bradenton, FL 34025Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%5/10/20224.3 4.3 4.3 — %
Tanner Optical, Inc. dba Murphy Eye Care(#,^)305 Shirley Ave, Douglas, GA 31533Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%4/27/20221.4 1.4 1.5 — %
Access Staffing, LLC(#,^)360 Lexington Ave, 8th Floor, New York, NY 10017Administrative and Support ServicesTerm LoanPrime plus 2.75%3/30/202238.5 38.5 39.0 0.01 %
Manuel P. Barrera and Accura Electrical Contractor, Inc.(#,^)6187 NW 167th St Unit H3, Miami, FL 33015Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/23/202860.2 60.2 64.4 0.02 %
Shweiki Media, Inc. dba Study Breaks Magazine(#,^)4954 Space Center Drive, San Antonio, TX 78218Publishing Industries (except Internet)Term LoanPrime plus 2.75%3/22/2027660.6 660.6 700.6 0.21 %
ATI Jet, Inc.(#)7007 Boeing Drive, El Paso, TX 79925Air TransportationTerm LoanPrime plus 2.75%12/28/2026292.3 292.3 309.3 0.09 %
J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company(#,^)2900 South 20th St, Philadelphia, PA 19145Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%12/22/2036136.4 136.4 157.3 0.05 %
K's Salon, LLC d/b/a K's Salon(#,^)162 West 84th St, New York, NY 10024Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/20/202110.1 10.1 10.2 — %
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc(#)325 N. Milwaukee Ave, Ste G1, Wheeling, IL 60090Publishing Industries (except Internet)Term LoanPrime plus 2.75%10/26/202111.8 11.8 11.9 — %
28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma(#,^)28-28 1/2 Cornelia St, New York, NY 10014Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/25/20212.4 2.4 2.4 — %
39581 Garfield, LLC and Tricounty Neurological Associates, P.C.(#,^)39581 Garfield Rd, Clinton Township, MI 48038Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/30/203621.9 21.9 25.2 0.01 %
Robert E. Caves, Sr. and American Plank dba Caves Enterprises(#,^)40515 Pumpkin Center Rd, Hammond, LA 70403Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%9/30/202140.1 40.1 40.4 0.01 %
39581 Garfield, LLC and Tri County Neurological Associates, P.C.(#,^)39581 Garfield Rd, Clinton Township, MI 48038Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/30/203664.3 64.3 74.1 0.02 %
Michael S. Decker & Janet Decker dba The Hen House Cafe(#)401 Caribou St, Simla, CO 80835Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/30/203613.0 13.0 14.9 — %
Valiev Ballet Academy, Inc(#,^)635 - 637 Londonderry Lane, Denton, TX 76205Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%8/12/203633.7 33.7 38.7 0.01 %
LaHoBa, LLC d/b/a Papa John's(#,^)3001 Pontchartrain Drive, Slidell, LA 70458Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/3/203661.1 61.1 70.3 0.02 %
Lavertue Properties LLP dba Lavertue Properties(#,^)24 Wakefield St, Rochester, NH 13867Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%6/29/203635.4 35.4 40.7 0.01 %
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP(#,^)4920 Lincoln Ave Route 53, Lisle, IL 60532Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/29/2036277.3 277.3 319.1 0.09 %
Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co.(#,^)1790 Broadway Ste 716, New York, NY 10019Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%6/3/20213.1 3.1 3.1 — %
F-106
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Profile Performance, Inc. and Eidak Real Estate, L.L.C.(#,^)44600 Michigan Ave, Canton, MI 48188Repair and MaintenanceTerm LoanPrime plus 2.75%4/20/203699.7 99.7 114.5 0.03 %
Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store(#,^)2267 Fernberg Trail, Ely, MN 55731Nonstore Retailers Term LoanPrime plus 2.75%4/18/2036112.5 112.5 129.2 0.04 %
Michael S. Korfe dba North Valley Auto Repair(#,^)7516 B 2nd St, NW, Albuquerque, NM 87107Repair and MaintenanceTerm LoanPrime plus 2.75%3/24/203612.1 12.1 13.8 — %
Actknowledge, Inc dba Actknowledge(#,^)365 Fifth Ave, New York, NY 10016Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/21/20212.1 2.1 2.1 — %
SuzyQue’s LLC dba Suzy Que’s(#,^)34 South Valley Rd, West Orange, NJ 7052Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/11/203647.5 47.5 54.5 0.02 %
Little People’s Village, LLC dba Little People’s Village(#,^)904 North 66th St, Philadelphia, PA 19151Social AssistanceTerm LoanPrime plus 2.75%1/31/203624.1 24.1 27.6 0.01 %
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc.(#,^)64-68 North Central Ave, Valley Stream, NY 11580Support Activities for TransportationTerm LoanPrime plus 2.75%1/28/203687.9 87.9 100.8 0.03 %
Lodin Medical Imaging, LLC dba Watson Imaging Center(#,^)3915 Watson Rd, St. Louis, MO 63109Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/1/20201.2 1.2 — — %
Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center(#,^)2879 Limekiln Pike, Glenside, PA 19038Repair and MaintenanceTerm LoanPrime plus 2.75%11/30/203526.2 26.2 30.0 0.01 %
Elan Realty, LLC and Albert Basse Asociates, Inc.(#,^)175 Campanelli Park Way, Stroughton, MA 2072Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%9/30/2035173.4 173.4 198.4 0.06 %
Newsome Trucking Inc and Kevin Newsome(#,^)2262 HWY 53W, Jasper, GA 30143Truck TransportationTerm LoanPrime plus 2.75%9/2/2035187.6 187.6 214.1 0.06 %
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery(#,^)2320 2nd St, Albuquerque, NM 87107Repair and MaintenanceTerm LoanPrime plus 2.75%9/2/203538.1 38.1 43.5 0.01 %
I-90 RV & Auto Supercenter(#,^)4505 South I-90 Service Rd, Rapid City, SD 57703Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%6/29/203556.5 56.5 64.5 0.02 %
Tanner Optical Inc. dba Murphy Eye Care(#,^)305 Shirley Ave, Douglas, GA 31533Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/22/203568.9 68.9 78.5 0.02 %
Lahoba,LLC dba Papa John's Pizza(#,^)620 W. Judge Perez Drive, Chalmette, LA 70163Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/30/203431.6 31.6 35.9 0.01 %
Animal Intrusion Prevention Systems Holding Company, LLC(#,^)3330 North Beach St, Haltom City, TX 76111Administrative and Support ServicesTerm LoanPrime plus 2.75%3/29/202416.9 16.9 17.4 0.01 %
KMC RE, LLC & B&B Kennels(#,^)6004 City Park Rd, Austin, TX 78730Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/19/203443.0 43.0 48.8 0.01 %
ROVER REPAIRS(#,^)301 MACDADE BLVD, COLLINGDALE, PA 19023Repair and MaintenanceTerm LoanPrime plus 2.5%11/28/202942.0 42.0 45.2 0.01 %
The Alba Financial Group, Inc.(#,^)1420 Spring Hill Rd, McLain, VA 22102Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm Loan6%3/10/20211.2 1.2 1.2 — %
D & D's Divine Beauty School of Esther, LLC(#,^)5524 Germantown Ave, Philadelphia, PA 19144Educational ServicesTerm Loan6%8/1/203141.2 41.2 39.6 0.01 %
F-107
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Bliss Coffee and Wine Bar, LLC(#)1402-A Handlir Drive, Bel Air, MD 21015Food Services and Drinking PlacesTerm Loan6%11/30/202261.8 61.8 61.0 0.02 %
Connect Litigation Technology, Inc.(#,^)1101 Ivy Hill Rd, #4, Philadelphia, PA 19150Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2%10/18/202517.0 17.0 17.5 0.01 %
1911 East Main Street Holdings, Corp(#,^)1911 East Main St, Endicott, NY 13760Repair and MaintenanceTerm LoanPrime plus 2.75%5/18/20329.5 9.5 10.5 — %
Water Works Laundromat, LLC(#)968-970 Bergen St, Newark, NJ 7104Personal and Laundry ServicesTerm LoanPrime plus 2.25%9/7/2027126.0 126.0 132.1 0.04 %
Dave Kris, and MDK Ram Corp.(#,^)15 Elm Park, Groveland, MA 1930Food and Beverage Stores Term LoanPrime plus 2.75%2/5/202619.2 19.2 20.1 0.01 %
Head To Toe Personalized Pampering, Inc.(#,^)2331 North State Rd 7, Lauderhill, FL 33313Personal and Laundry ServicesTerm LoanPrime plus 2.75%1/27/20317.2 7.2 8.0 — %
Christopher F. Bohon & Pamela D. Bohon(#,^)11600 County Rd 71, Lexington, AL 35648Social AssistanceTerm LoanPrime plus 2.75%10/28/20262.2 2.2 2.3 — %
Mogas Limited(#,^)47 Chestnut St, Elmer, NJ 8318Gasoline Stations Term LoanPrime plus 2.75%5/31/203053.0 53.0 57.9 0.02 %
Moonlight Multi Media Production, Inc.(#,^)2700 West Cypress Creek Rd, Fort Lauderdale, FL 33309Other Information ServicesTerm Loan5.3%2/1/20251.0 1.0 1.0 — %
David M. Goens dba Superior Auto Paint & Body, Inc.(#)1912 Manhattan Ave, Harvey, LA 70058Repair and MaintenanceTerm Loan6%8/26/20249.4 9.4 9.2 — %
McCallister Venture Group, LLC and Maw's Vittles, Inc.(#,^)511 South BRd St, Brooksville, FL 34601Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/30/20299.0 9.0 9.8 — %
Whirlwind Car Wash, Inc.(#)1370 Le Anne Marie Circle, Columbus, OH 43026Repair and MaintenanceTerm LoanPrime plus 2%4/9/202911.8 11.8 12.4 — %
Shuttle Car Wash, Inc. dba Shuttle Car Wash(#,^)745 Cheney Hwy, Ttitusville, FL 32780Repair and MaintenanceTerm LoanPrime plus 2.25%11/10/202812.6 12.6 13.4 — %
Min Hui Lin(#,^)1916 BRd St, Lanett, AL 36863Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/30/202812.7 12.7 13.6 — %
Auto Sales, Inc.(#,^)1925 State St, Hamden, CT 6417Motor Vehicle and Parts DealersTerm Loan6%8/17/20233.5 3.5 3.4 — %
Ralph Werner dba Werner Transmission Inc(#,^)259 East Central Ave, Bangor, PA 18013Gasoline Stations Term LoanPrime plus 2.75%12/29/20210.5 0.5 0.5 — %
Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC(#,^)3118 Bayshore Ave, Brigantine, NJ 8203Amusement, Gambling, and Recreation IndustriesTerm Loan6%9/14/202323.1 23.1 22.8 0.01 %
OrthoQuest, P.C.(#,^)2336 Wisteria Drive, Ste 430, Snellville, GA 30078Ambulatory Health Care ServicesTerm LoanPrime plus 2%3/12/20220.8 0.8 0.8 — %
Track Side Collision & Tire, Inc.(#,^)98-16 160 Ave, Ozone Park, NY 11414Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%6/16/20253.0 3.0 3.1 — %
Deesha Corporation, Inc. dba Best Inn & Suites(#,^)9225 Parkway East, Birmingham, AL 35206AccommodationTerm LoanPrime plus 2.25%2/14/202515.7 15.7 16.2 — %
Randall D. & Patricia D. Casaburi dba Pat's Pizzazz(#,^)386 Winsted Rd, Torrington, CT 6790Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%3/13/20232.9 2.9 3.0 — %
Gain Laxmi, Inc. dba Super 8 Motel(#,^)14341 U.S. Hwy 431 South, Gunterville, AL 35976AccommodationTerm LoanPrime plus 2.25%5/31/20238.6 8.6 8.8 — %
F-108
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)
Naseeb Corporation(#,^)1696 North BRd St, Meriden, CT 6450AccommodationTerm LoanPrime plus 2.25%3/31/202415.0 15.0 15.4 — %
Stillwell Ave Prep School(#,^)1990 Stillwell Ave, Brooklyn, NY 11214Social AssistanceTerm LoanPrime plus 2.75%1/14/20232.5 2.5 2.6 — %
Alyssa Corp dba Knights Inn(#,^)1105 Columbus Parkway, Opelika, AL 36801AccommodationTerm LoanPrime plus 2.25%9/30/202329.1 29.1 29.7 0.01 %
Bhailal Patel dba New Falls Motel(#,^)201 Lincoln Hwy, Fairless Hills, PA 19030AccommodationTerm LoanPrime plus 2.75%3/27/20231.0 1.0 1.0 — %
Pegasus Automotive, Inc.(#,^)3981 Hylan Blvd, Staten Island, NY 10308Gasoline Stations Term LoanPrime plus 2.75%12/23/20223.0 3.0 3.1 — %
P. Agrino, Inc. dba Andover Diner(#,^)193 Main St, Andover, NJ 7860Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/18/20210.1 0.1 0.1 — %
Total SBA Unguaranteed Accrual Investments$364,957.1 $364,957.1 $378,329.4 111.49 %
F-109
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)
200 North 8th Street Associates LLC and Enchanted Acres Fa200 North 8th St, Reading, PA 19601Term Loan6.25%5/4/2028$445.6 $445.6 $311.8 0.09 %
15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs(*,#,^)3 Expressway Plaza, Ste 221, Roslyn Heights, NY 11577Fabricated Metal Product ManufacturingTerm LoanPrime plus 0%12/16/202144.8 44.8 43.3 0.01 %
Pioneer Windows Manufacturing Corp, Pioneer Windows(*,#,^)3 Expressway Plaza, Suuite 221, Roslyn Heights, NY 11577Fabricated Metal Product ManufacturingTerm LoanPrime plus 0%11/21/202280.7 80.7 78.1 0.02 %
2 Cool Beans LLC dba Menchies's Frozen Yogurt(*,#,^)11331 Thienes Ave, South El Monte, CA 91733Food Services and Drinking PlacesTerm LoanPrime plus 0%8/11/202654.1 54.1 53.0 0.02 %
3SIXO Motorsports LLC dba 3SIXO Motorsports Shop(*,#,^)217 W Main St, Centralia, WA 98531Motor Vehicle and Parts DealersTerm Loan7.75%1/6/202994.6 94.6 59.6 0.02 %
6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc(*,#)6 Price Ave, Norwalk, CT 6840Administrative and Support ServicesTerm Loan8%9/24/2039237.3 237.3 192.6 0.06 %
Acton Hardware LLC and Mark Allgood & Jamie Allgood(*,#,^)31814 Crown Valley Rd, Acton, CA 93510Building Material and Garden Equipment and Supplies Dealers Term Loan8%3/24/2041117.1 117.1 37.9 0.01 %
Advance Case Parts RE Holdings LLC and Advance Case Parts Inc(*,#)12485-12489 NW 44th St, Coral Springs, FL 33071Repair and MaintenanceTerm Loan7.75%3/31/2040318.3 318.3 131.4 0.04 %
Albas Bar & Grill LLC(*,#,^)221 Self Main St, Homer City, PA 15748Food Services and Drinking PlacesTerm LoanPrime plus 0%10/13/204243.9 43.9 17.1 0.01 %
Alive Design, LLC(*,#)234 Middle St, Middletown, CT 6457Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/13/202711.4 11.4 9.7 0.00 %
All About Kids and Families Medical Center, Inc.(*,#,^)12086 FT Caroline Rd, Ste. 102,103,401,402,403, 501,502, Jacksonville, FL 32225Ambulatory Health Care ServicesTerm Loan8.25%1/13/2029364.9 364.9 262.9 0.08 %
All Printing Solutions, Inc. dba Pryntcomm(*,#,^)303 E. Sioux Ave., Pierre, SD 57501Printing and Related Support ActivitiesTerm Loan7.75%6/27/2041491.8 491.8 81.7 0.02 %
Allied Welding Inc.(*,#,^)1820 N. Santa Fe Ave, Chillicothe, IL 61523Fabricated Metal Product ManufacturingTerm Loan8.25%12/15/2041713.5 713.5 713.5 0.21 %
Amboy Group, LLC dba Tommy Moloney's(*,#)1 Amboy Ave, Woodbridge, NJ 7095Food ManufacturingTerm Loan6%6/14/20241,458.1 1,458.1 1,458.1 0.43 %
Anglin Cultured Stone Products LLC(*,#,^)877 Salem Church Rd, Newark, DE 19702Construction of BuildingsTerm Loan8.25%12/27/2042630.5 630.5 324.4 0.10 %
Anglin Cultured Stone Products LLC dba Anglin Construction(*,#)877 Salem Church Rd, Newark, DE 19702Specialty Trade ContractorsTerm Loan8.25%6/30/2025193.3 193.3 185.2 0.05 %
Arclay ,LLC(*,#,^)49 Geyser Rd Ste 100, Saratoga Springs, NY 12866Nonmetallic Mineral Product ManufacturingTerm Loan8%5/5/2030137.1 137.1 30.1 0.01 %
Arrow Freight Inc(*,#,^)1000 Jorie Blvd Ste 250, Oak Brook, IL 60523Truck TransportationTerm Loan8.25%3/30/2028653.0 653.0 — 0.00 %
Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud(*,#)2646 South Rd, Poughkeepsie, NY 12601Gasoline Stations Term Loan7.75%9/26/202415.7 15.7 15.2 0.00 %
AWA Fabrication & Construction, L.L.C.(*,#)811 Country Rd #99, Headland, AL 36345Fabricated Metal Product ManufacturingTerm Loan6%4/30/202534.4 34.4 2.5 0.00 %
F-110
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)
B&B Fitness and Barbell, Inc. dba Elevations Health Club(*,#)Route 611 North, Scotrun, PA 18355Amusement, Gambling, and Recreation IndustriesTerm Loan6%6/22/20351,385.8 1,385.8 334.3 0.10 %
B4 Fitness LLC dba The Zoo Health Club(*,#,^)4 Beehive Dr, Epping, NH 3042Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%9/23/202659.8 59.8 31.6 0.01 %
Baker Sales, Inc. d/b/a Baker Sales, Inc.(*,#)60207 Camp Villere Rd, Slidell, LA 70460Nonstore Retailers Term Loan6%3/29/2036177.4 177.4 62.1 0.02 %
Band Sawn Lumber,LLC and Nathan Ryan Adams(*,#,^)1873 State Hwy 29, Johnstown, NY 12095Wood Product ManufacturingTerm Loan7.75%5/15/2042110.8 110.8 33.5 0.01 %
Fieldstone Quick Stop LLC Barber Investments LLC Thadius M B(*,#)190 Route 3, South China, ME 4358Gasoline Stations Term Loan6%9/30/2038400.4 400.4 33.2 0.01 %
Bear Creek Entertainment LLC dba The Woods at Bear Creek(*,#,^)3510 Bear Creek Rd, Franklinville, NY 14737AccommodationTerm LoanPrime plus 2.75%8/12/20411,608.1 1,608.1 742.4 0.22 %
Bear Creek Entertainment, LLC dba The Woods at Bear Creek(*,#)3510 Bear Creek Rd, Franklinville, NY 14737AccommodationTerm Loan7.25%12/30/202485.4 85.4 82.7 0.02 %
Bebos Inc dba Pizza Hut & Sunoco(*,#)2003 West 5th St, Clifton, TX 76634Gasoline Stations Term Loan7.75%3/28/2028214.1 214.1 29.8 0.01 %
Benevolent International Inc(*,#,^)2781 Saturn St Ste F, Brea, CA 82821Administrative and Support ServicesTerm Loan6%4/26/202971.6 71.6 68.6 0.02 %
Bev's Sweets LLC(*,#,^)3778 Hwy 254, Cleveland, GA 30528Administrative and Support ServicesTerm LoanPrime plus 0%9/30/2044210.5 210.5 201.6 0.06 %
Bone Bar & Grill LLC(*,#)3547 &3551 Philipsburg Bigler Hwy, West Decatur, PA 16878Food Services and Drinking PlacesTerm Loan7%6/30/204273.4 73.4 62.6 0.02 %
Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc.(*,#)201 Highland Ave, East Syracuse, NY 13057Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%3/13/2039201.2 201.2 148.4 0.04 %
BQRS, Inc. DBA Gresham Meineke Car Care Center(*,#,^)18081 SE Division St, Portland, OR 97236Repair and MaintenanceTerm Loan8.25%6/30/202753.9 53.9 47.8 0.01 %
Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps(*,#)690 South Creek Rd, West Chester, PA 19382Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%3/30/2031145.7 145.7 144.1 0.04 %
Calhoun Satellite Communications, Inc.(*,#)1914 Tigertail Blvd, Dania Beach, FL 33004TelecommunicationsTerm Loan7%12/2/202637.2 37.2 24.0 0.01 %
Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC(*,#)310 25th Ave N. St Ste. 201, Nashville, TN 37203Ambulatory Health Care ServicesTerm Loan7.75%5/15/2025556.4 556.4 55.7 0.02 %
Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation(*,#)320 Fair St, Kutztown, PA 19530Transit and Ground Passenger TransportationTerm Loan7.5%9/30/2027366.2 366.2 354.6 0.10 %
CD Game Exchange Inc.(*,#,^)3719 N Mississippi, Portland, OR 97227Merchant Wholesalers, Durable Goods Term Loan8.25%9/28/202610.4 10.4 10.2 0.00 %
Central Medical Clinic, PLLC- Clinica Central(*,#)393 North Dunlap St Ste LL26, LL34, LL38, St Paul, MN 55104Ambulatory Health Care ServicesTerm Loan8.25%6/7/2029171.9 171.9 166.4 0.05 %
Chickamauga Properties, Inc., MSW Enterprises, LLP(*,#)214 Sutherland Way, Rocky Face, GA 30740Amusement, Gambling, and Recreation IndustriesTerm Loan6.25%12/22/203559.0 59.0 56.5 0.02 %
F-111
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)
Children First Home Health Care Inc(*,#,^)1220 Broadcasting Rd Ste 202, Wyomissing, PA 19610Ambulatory Health Care ServicesTerm Loan7.5%12/27/2028282.4 282.4 51.7 0.02 %
CK Heating and Cooling LLC(*,#,^)10017 Pebble Beach Drive, St. Louis, MO 63114Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/12/202918.5 18.5 1.3 0.00 %
Clark Realty LLC(*,#,^)4 Walker Way, Albany, NY 12205Real EstateTerm Loan8%8/29/204173.3 73.3 37.1 0.01 %
Clearwater Transportation LTD dba Thrifty Car Rental,(*,#,^)8790 Crownhill Blvd, San Antonio, TX 78209Rental and Leasing ServicesTerm Loan8.25%11/29/2027153.7 153.7 17.5 0.01 %
CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC(*,#,^)717 Titus Ave, Rochester, NY 14617Food Services and Drinking PlacesTerm Loan8.25%11/20/2040158.0 158.0 60.2 0.02 %
Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck (*,#)6900 Whitmore Lake Rd, Whitmore Lake, MI 48189Repair and MaintenanceTerm Loan6.75%9/26/2039553.3 553.3 450.0 0.13 %
Conference Services International ETC LLC(*,#,^)4802 West Van Buren St, Phoenix, AZ 85007Administrative and Support ServicesTerm Loan8%8/14/2028597.0 597.0 408.2 0.12 %
Custom Software, Inc. a Colorado Corporation dba M-33 Access(*,#)380 E. Borden Rd, Rose City, MI 48654Professional, Scientific, and Technical ServicesTerm Loan6.25%6/17/2021210.6 210.6 112.7 0.03 %
CZAR Industries, Inc.(*,#,^)1424 Heath Ave, Ewing, NJ 8638Machinery ManufacturingTerm Loan8.25%12/19/2027141.3 141.3 45.1 0.01 %
D&G Capital LLC dba Miami Grill 277(*,#,^)2521 North Federal Hwy, Unit C, Boca Raton, FL 33431Food Services and Drinking PlacesTerm Loan6.5%12/16/202544.1 44.1 20.8 0.01 %
Darian L Hampton DDS PA and Darian L. Hampton(*,#)3610 N Josey Lane Ste 104, Carrollton, TX 75007Ambulatory Health Care ServicesTerm Loan8.25%12/20/2028292.6 292.6 3.2 0.00 %
David D. Sullivan dba DMS Construction(*,#,^)6400 Charwood Place, Bakersfield, CA 93306Specialty Trade ContractorsTerm LoanPrime plus 0%8/9/202811.5 11.5 4.3 0.00 %
Destination Hope, Inc, TrilogyTreatment & Wellness Center, Inc(*,#)6555 NW 9th Ave, Fort Lauderdale, FL 33309Ambulatory Health Care ServicesTerm LoanPrime plus 0%12/30/2029345.6 345.6 338.2 0.10 %
Destination Hope, Inc. and The Academy for Addiction Professionals(*,#)6555 NW 9th Ave, Fort Lauderdale, FL 33309Ambulatory Health Care ServicesTerm Loan6%12/30/2044371.2 371.2 363.3 0.11 %
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown(*,#,^)2685 US Hwy 41, Calhoun, GA 30701Support Activities for TransportationTerm Loan5.25%12/28/20351,316.8 1,316.8 522.2 0.15 %
Douglas Printy Motorsports, Inc. dba Blackburn Trike(*,#)1410 Medina Rd, Medina, OH 44256Motor Vehicle and Parts DealersTerm Loan8.25%3/9/204074.2 74.2 3.2 0.00 %
Doxa Deo Inc dba Luv 2 Play(*,#,^)1600 Village Market Blvd, Leesburg, VA 20175Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%2/28/202681.3 81.3 79.5 0.02 %
Dr. Richard Rolle JR, PLLC dba Rolle Oral & Facial Surgery PLLC(*,#,^)1515 Shopton Rd, Charlotte, NC 28217Ambulatory Health Care ServicesTerm Loan7.5%9/29/2042243.0 243.0 211.2 0.06 %
Driven Warehouse/Distribution LLC(*,#)271 East North Ave, Glendale, IL 60139Truck TransportationTerm Loan8%12/22/2027726.2 726.2 371.6 0.11 %
DTM Parts Supply Inc.(*,#)31 Sageman St, Mount Vernon, NY 10550Merchant Wholesalers, Durable Goods Term Loan7%6/2/202542.6 42.6 42.6 0.01 %
F-112
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)
DuCharme Realty LLC and DuCharme Enterprises LLC dba Specialty(*,#)1717 Hwy 200, Noxon, MT 59853Wood Product ManufacturingTerm Loan8%2/2/2040163.2 163.2 47.5 0.01 %
Dynamic Dental Corporation(*,#,^)3760 NW 126th Ave, Coral Springs, FL 33065Merchant Wholesalers, Durable Goods Term Loan7.5%5/31/202960.4 60.4 22.2 0.01 %
E & I Holdings, LP & PA Farm Products, LLC(*,#)1095 Mt Airy Rd, Stevens, PA 17578Food ManufacturingTerm Loan6%4/30/20304,705.2 4,705.2 3,746.2 1.10 %
E.S.F.P. LLC dba Volusia Van and Storage(*,#,^)1203 N US 1, Ormond Beach, FL 32174Truck TransportationTerm LoanPrime plus 0%11/11/202554.4 54.4 46.6 0.01 %
Earth First Recycling LLC(*,#,^)400 Island Park Rd, Easton, PA 18040Merchant Wholesalers, Durable Goods Term Loan8%12/6/202772.8 72.8 72.0 0.02 %
Earth First Recycling, LLC and 191 Clark Road, LLC(*,#,^)400 Island Park Rd, Easton, PA 18040Merchant Wholesalers, Durable Goods Term Loan8%6/5/2027338.0 338.0 334.4 0.10 %
Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels(*,#,^)11949 Borden Ave, San Fernando, CA 91340Specialty Trade ContractorsTerm Loan8.25%12/31/202243.9 43.9 43.0 0.01 %
Ericon, Inc.(*,#,^)740 Davenport Ave, Fremont, NE 68025Gasoline Stations Term Loan8.25%12/1/2041705.6 705.6 652.0 0.19 %
ERT Group Inc and Curt's Tools Inspection Inc(*,#,^)5229 142nd Dr. NW, Williston, ND 58801Support Activities for MiningTerm LoanPrime plus 2.75%3/18/2041932.4 932.4 902.7 0.27 %
Europlast Ltd(*,#)100 Industrial Lane, Endeavor, WI 53930Plastics and Rubber Products ManufacturingTerm Loan6%9/26/2022312.9 312.9 44.0 0.01 %
Evergreen Pallet LLC and Evergreen Recycle LLC(*,#,^)302 W 53rd St N., Wichita, KS 67204Wood Product ManufacturingTerm Loan7.25%3/16/2026898.3 898.3 409.0 0.12 %
Evernook Valley Milk LLC(*,#,^)7448 Emmerson Rd, Everson, WA 98247Animal Production and AquacultureTerm Loan7.5%8/31/2042637.5 637.5 446.8 0.13 %
Excel RP Inc(*,#,^)6531 Park Ave, Allen Park, MI 48101Machinery ManufacturingTerm Loan8.25%8/30/202366.8 66.8 64.7 0.02 %
Excel RP Inc(*,#,^)6531 Park Ave, Allen Park, MI 48101Machinery ManufacturingTerm Loan8.25%3/25/202695.2 95.2 25.7 0.01 %
Excel RP, Inc./Kevin and Joann Foley(*,#)6531 Park Ave, Allen Park, MI 48101Machinery ManufacturingTerm Loan8.25%7/8/202832.4 32.4 31.4 0.01 %
Florida Apnea Diagnostics LLC(*,#,^)2664 Cypress Ridge Blvd Ste. 101 & 102 A, Wesley Chapel, FL 33544Ambulatory Health Care ServicesTerm Loan8.25%10/20/2027143.4 143.4 62.7 0.02 %
Frontier Sand LLC(*,#,^)305 Country Hwy AA, New Auburn, WI 54757Mining (except Oil and Gas)Term Loan8.25%11/30/2027463.6 463.6 319.8 0.09 %
Galaforo Construction and Companies LLC(*,#,^)1770 Stumpf Blvd, Terrytown, LA 70056Construction of BuildingsTerm Loan7.5%12/15/204212.1 12.1 11.1 0.00 %
GEM2K, LLC dba Precision Precast Group(*,#,^)4150 E Magnolia St, Phoenix, AZ 85034Miscellaneous ManufacturingTerm Loan8.25%5/19/2027140.4 140.4 23.8 0.01 %
Grand Manor Realty, Inc. & Kevin LaRoe(*,#)318 S. Halsted St, Chicago, IL 60661Real EstateTerm Loan6%2/20/202319.0 19.0 18.2 0.01 %
Graphics,Type and Color Enterprises Inc dba Clubflyers.com(*,#,^)2300 NW 7th Ave, Miami, FL 33127Printing and Related Support ActivitiesTerm Loan8.25%9/28/2041821.5 821.5 795.3 0.23 %
H.M.C, Incorporated(*,#,^)7190 Oakland Mills Rd Ste 10, Columbia, MD 21046Furniture and Related Product ManufacturingTerm Loan8.25%7/3/2028183.8 183.8 177.9 0.05 %
F-113
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)
Hagerstown Muffler, Inc. and JMS Muffler, Inc(*,#)1390 Dual Hwy, Hagerstown, MD 21740Repair and MaintenanceTerm Loan8%9/24/204058.6 58.6 37.0 0.01 %
Harrelson Materials Management,Inc(*,#)1101 Russell Rd, Shreveport, LA 71107Waste Management and Remediation ServicesTerm Loan6%6/24/2021465.2 465.2 4.7 0.00 %
HDD Solutions, LLC(*,#)6550 Progress Parkway, Cedar Hill, MO 63016Heavy and Civil Engineering ConstructionTerm Loan8.25%12/31/2028552.8 552.8 336.6 0.10 %
HG Ventures, Inc. dba Diamond Head Trucking(*,#,^)100 Phoenix Drive, Finleyville, PA 15332Truck TransportationTerm Loan7.5%6/29/2030807.7 807.7 47.1 0.01 %
Home Again Restaurant LLC(*,#)9524 Camp Lake Rd, Salem, WI 53168Food Services and Drinking PlacesTerm Loan6.25%6/30/20400.4 0.4 0.4 0.00 %
Insight Vision Care, PC, CRMOD Lubbock, P.C., Vielm Vision Eyecare Inc(*,#,^)4899 Griggs Rd, Houston, TX 77021Ambulatory Health Care ServicesTerm Loan7.75%12/27/20431,084.6 1,084.6 222.9 0.07 %
J&K Fitness, LLC dba Physiques Womens Fitness Center(*,#)2505 Verot School Rd, Lafayette, LA 70508Amusement, Gambling, and Recreation IndustriesTerm Loan8%6/8/203614.6 14.6 9.2 0.00 %
J Olson Enterprises LLC and Olson Trucking Direct, Inc.(*,#)311 Ryan St, Holmen, WI 54636Truck TransportationTerm Loan6%6/28/2025628.4 628.4 40.6 0.01 %
J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value(*,#,^)640 Dubois St, Du Bois, PA 15801Building Material and Garden Equipment and Supplies Dealers Term Loan6%11/10/2026161.6 161.6 121.9 0.04 %
J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value(*,#,^)640 Dubois St, Dubois, PA 15801Building Material and Garden Equipment and Supplies Dealers Term Loan6%11/10/2041438.5 438.5 419.0 0.12 %
Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill(*,#,^)24480 W 10 Mile RD, Southfield, MI 48033Food Services and Drinking PlacesTerm Loan6%1/4/202934.8 34.8 22.5 0.01 %
JN Thompson Ent,Inc.(*,#,^)400 5th Ave S Ste 100, Naples, FL 34102Construction of BuildingsTerm Loan7.75%12/7/2028329.7 329.7 39.8 0.01 %
JNP Delivery Inc(*,#,^)4500 North Providence # 7, Appleton, WI 54913Couriers and MessengersTerm LoanPrime plus 0%11/7/202747.5 47.5 46.4 0.01 %
JP Dhillon's Foods LLC(*,#,^)840 El Paseo de Saratoga, San Jose, CA 95130Food Services and Drinking PlacesTerm LoanPrime plus 0%6/1/202986.5 86.5 1.3 0.00 %
K Soles Corp dba Max Collections(*,#,^)3208 Oakcliff Industrial St, Doraville, GA 30340Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 0%3/16/202614.4 14.4 1.5 0.00 %
Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto(*,#)200 West Adams St, Cochranton, PA 16314Motor Vehicle and Parts DealersTerm Loan6.25%10/29/203911.1 11.1 2.5 0.00 %
Kids at Heart,LLC dba Monster Mini Golf(*,#,^)10 Newbury St, Danvers, MA 1923Amusement, Gambling, and Recreation IndustriesTerm Loan6.75%9/22/202618.8 18.8 14.7 0.00 %
Kidtastic LLC dba The Little Gym of Audubon(*,#,^)2850 Audubon Drive, Audubon, PA 19403Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%7/27/202644.9 44.9 16.4 0.00 %
Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle, New York Bagle(*,#)10287 Okeechobee Blvd #13, Royal Palm Beach, FL 33411Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/23/202917.8 17.8 17.1 0.01 %
Kostekos Inc dba New York Style Pizza(*,#)10 South King St, Gloucester, NJ 8030Food Services and Drinking PlacesTerm Loan8%2/6/204061.9 61.9 28.1 0.01 %
LA Diner Inc dba Loukas L A Diner(*,#)3205 Route 22 East, Branchburg, NJ 8876Food Services and Drinking PlacesTerm Loan7.25%9/28/203792.8 92.8 67.0 0.02 %
F-114
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)
LAN Doctors Inc(*,#)14 Pierson Court, Mahwah, NJ 7430Professional, Scientific, and Technical ServicesTerm Loan8.25%8/28/202559.8 59.8 58.5 0.02 %
LAN Doctors Inc(*,#,^)14 Pierson Court, Mahwah, NJ 7430Professional, Scientific, and Technical ServicesTerm Loan8.25%3/16/202643.4 43.4 36.3 0.01 %
Legacy Roof Contractors LLC(*,#,^)32091 Broken Branch Circle, Spanish Fort, AL 36527Specialty Trade ContractorsTerm Loan6%2/28/2044294.0 294.0 170.8 0.05 %
Lilo Holdings LLC(*,#,^)1000 Roosevelt Ave., Cartaret, NJ 7008Food Services and Drinking PlacesTerm Loan6%12/5/202611.6 11.6 3.7 0.00 %
Linqserv Inc.(*,#,^)1555 Lyell Ave, Rochester, NY 14606Transit and Ground Passenger TransportationTerm Loan7.5%11/9/2027264.0 264.0 22.2 0.01 %
Lowgap Grocery & Grill LLC(*,#,^)8773 West Pine St, Lowgap, NC 27024General Merchandise Stores Term Loan7.25%3/24/204148.0 48.0 20.3 0.01 %
M & H Pine Straw Inc and Harris L. Maloy(*,#)526 Perry House Rd, Fitzgerald, GA 31750Merchant Wholesalers, Nondurable Goods Term Loan7.5%3/21/2023197.4 197.4 59.4 0.02 %
M & H Pine Straw, Inc and Harris L. Maloy(*,#)526 Perry House Rd, Fitzgerald, GA 31750Support Activities for Agriculture and ForestryTerm Loan6%4/30/202044.6 44.6 43.6 0.01 %
M & H Pine Straw, Inc.and Harris Maloy(*,#)526 Perry House Rd, Fitzgerald, GA 31750Merchant Wholesalers, Nondurable Goods Term Loan7.5%7/10/202027.4 27.4 26.8 0.01 %
M & H Pinestraw, Inc. and Harris L. Maloy(*,#)526 Perry House Rd, Fitzgerald, GA 31750Merchant Wholesalers, Nondurable Goods Term Loan7.5%12/15/2021133.8 133.8 49.5 0.01 %
Magill Truck Line LLC and Jeff J. Ralls(*,#,^)211 West 53rd St N., Park City, KS 67204Truck TransportationTerm Loan7.25%3/11/2029183.5 183.5 82.7 0.02 %
Mariam Diner Inc dba Country Kitchen Restaurant(*,#,^)17393 Main St, Hesperia, CA 92345Food Services and Drinking PlacesTerm Loan8%3/18/202642.8 42.8 16.5 0.00 %
Marlin Lighting LLC(*,#,^)7207 B Lockport Pl, Lorton, VA 22079Specialty Trade ContractorsTerm Loan6%12/19/202890.9 90.9 89.0 0.03 %
Matchless Transportation LLC dba First Class Limo(*,#)31525 Aurora Rd # 5, Solon, OH 44139Transit and Ground Passenger TransportationTerm Loan6.25%5/31/2020119.2 119.2 12.4 0.00 %
MB Xpress Inc(*,#,^)159 D'Arcy Parkway, Lathrop, CA 95330Truck TransportationTerm Loan8.25%9/19/20281,110.1 1,110.1 — 0.00 %
Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad(*,#,^)780 S Peace Haven Rd, Winston Salem, NC 27103Electrical Equipment, Appliance, and Component ManufacturingTerm Loan7%11/25/202510.5 10.5 10.2 0.00 %
MIT LLC(*,#,^)11 North Peach ST., Medford, OR 97504Publishing Industries (except Internet)Term LoanPrime plus 2.75%3/31/204284.9 84.9 63.2 0.02 %
Mojo Brands Media, LLC(*,#)3260 University Blvd., Ste 100, Winter Park, FL 32792Broadcasting (except Internet)Term Loan6%8/28/2023725.0 725.0 114.0 0.03 %
Morris Glass and Construction Inc(*,#)40058 Hwy 30, Astoria, OR 97103Specialty Trade ContractorsTerm Loan15%10/1/2023365.9 365.9 188.5 0.06 %
MTV Bowl, Inc. dba Legend Lanes(*,#)4190 State Rd, Cuyahoga Falls, OH 44223Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%6/30/2036189.6 189.6 126.7 0.04 %
Murf & Sons LLC(*,#,^)3821 Pleasant Hill Rd, Store #B-107, Kissimmee, FL 34746Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/16/2027129.3 129.3 126.6 0.04 %
N Transport LLC(*,#,^)5348 W Brown Ave, Fresno, CA 93722Truck TransportationTerm Loan8%11/20/2027385.5 385.5 79.8 0.02 %
N Transport LLC(*,#,^)294 N. Fruit Ave, Fresno, CA 93706Truck TransportationTerm Loan8.25%11/20/2042175.3 175.3 143.3 0.04 %
F-115
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)
Nando LLC dba Tall Timbers Banquet and Conference Center(*,#,^)13831 National Rd SW, Reynoldsburg, OH 43068Food Services and Drinking PlacesTerm Loan6%4/20/202812.7 12.7 12.4 0.00 %
Neville Galvanizing, Inc(*,#)2983 Grand Ave, Pittsburgh, PA 15225Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%12/15/2042235.7 235.7 — 0.00 %
North Country Transport, LLC(*,#,^)10 LaCrosse St, Ste 14, Hudson Falls, NY 12839Transit and Ground Passenger TransportationTerm Loan6%2/6/20234.9 4.9 4.8 0.00 %
Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC(*,#,^)2520 Pennsylvania Ave, Ogden, UT 84401Truck TransportationTerm Loan8.25%6/20/2028513.2 513.2 53.3 0.02 %
P & M Entertainment, LLC dba Luv 2 Play(*,#,^)35 Lafayette Rd Ste #8, North Hampton, NH 3862Amusement, Gambling, and Recreation IndustriesTerm Loan6%5/10/202896.1 96.1 76.1 0.02 %
Panther Ironworks and Rigging Solutions LLC(*,#,^)1028 Washburn Switch Rd, Shelby, NC 28150Specialty Trade ContractorsTerm Loan6%11/10/2026112.7 112.7 75.4 0.02 %
Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Globa(*,#)412 and 500 Main St, La Marque, TX 77568Heavy and Civil Engineering ConstructionTerm Loan7%9/28/2026570.7 570.7 3.1 0.00 %
Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Serv(*,#,^)412 and 500 Main St, La Marque, TX 77568Heavy and Civil Engineering ConstructionTerm Loan7%9/28/2041110.1 110.1 48.7 0.01 %
Peter K Lee MD, PC dba Atlanta Primary Care(*,#,^)211 Roberson Mill Rd, Milledgeville, GA 31061Ambulatory Health Care ServicesTerm Loan8.25%9/13/2043859.6 859.6 823.3 0.24 %
Peter K Lee MD, PC dba Atlanta Primary Care LLC(*,#,^)5 Ashford Way, Hawkinsville, GA 31061Ambulatory Health Care ServicesTerm Loan8.25%9/13/2028381.0 381.0 364.9 0.11 %
Play4Fun dba Luv 2 Play(*,#,^)13722 Jamboree Rd, Irvine, CA 92602Amusement, Gambling, and Recreation IndustriesTerm Loan7.5%3/7/2028148.1 148.1 88.9 0.03 %
PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc., T(*,#,^)2040 Dowdy Ferry, Dallas, TX 75218Specialty Trade ContractorsTerm Loan8.25%12/19/2038494.7 494.7 473.8 0.14 %
Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand and(*,#,^)13851 S State HWY 34, Scurry, TX 75158Specialty Trade ContractorsTerm Loan8.25%10/28/2025479.9 479.9 314.0 0.09 %
Providence Management Environmental, LLC, Tindol Energy Group, LLC(*,#,^)6570 W Hwy 67, Cleburne, TX 76033Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%6/19/2029255.9 255.9 245.1 0.07 %
PS Camping Inc.(*,#,^)43595 US Hwy 50, Canon City, CO 81212AccommodationTerm Loan8.25%12/1/202718.2 18.2 17.4 0.01 %
PS Camping, Inc. dba Prospectors RV Resort(*,#,^)43659&43595 US Hwy 50, Canon City, CO 81212AccommodationTerm Loan8.25%5/19/2042227.3 227.3 217.7 0.06 %
Purely Seed LLC(*,#,^)11515 Lake Lane, Ste 102, Chisago, MN 55013Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 0%2/26/2028101.7 101.7 — 0.00 %
Ramjay Inc.(*,#,^)85 S. Bragg St Ste 303, Alexandria, VA 22312Transit and Ground Passenger TransportationTerm Loan8.25%1/13/2027375.6 375.6 81.6 0.02 %
Randall Miller Company, Inc and Boyz Transportation Services, LLC(*,#,^)256 Blackley Rd, Bristole, TN 37620Truck TransportationTerm Loan7.75%7/31/2029772.8 772.8 18.8 0.01 %
Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC(*,#,^)85 SW 5th Ave, Delray Beach, FL 33444Ambulatory Health Care ServicesTerm Loan7.75%12/28/2028112.6 112.6 9.4 0.00 %
F-116
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)
Return to Excellence Inc(*,#,^)176 Country Club Drive, Waynesville, NC 28786Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%1/27/202715.6 15.6 15.3 0.00 %
Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa(*,#)176 Country Club Drive, Waynesville, NC 28786Amusement, Gambling, and Recreation IndustriesTerm Loan8%10/10/20391,154.0 1,154.0 1,129.4 0.33 %
RG Productions LLC(*,#,^)2414 W Battlefield Ste H, Springfield, MO 65807Rental and Leasing ServicesTerm LoanPrime plus 0%3/28/2029139.5 139.5 127.4 0.04 %
Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc.(*,#,^)5245 Bucks Bar Rd, Placerville, CA 95667Beverage and Tobacco Product ManufacturingTerm Loan8.25%1/19/2030230.9 230.9 221.2 0.07 %
Roundhay Partners LLC and Roundhay Farming LLC(*,#,^)6160 Granite Spring Rd, Somerset, CA 95684Crop ProductionTerm Loan8.25%8/8/2042902.1 902.1 781.4 0.23 %
Rich's Food Stores LLC dba Hwy 55 of Wallace(*,#,^)611 East Southerland St, Wallace, NC 28466Food Services and Drinking PlacesTerm Loan8.25%9/14/202699.3 99.3 9.8 0.00 %
Route 130 SCPI Holdings LLC (EPC) Route 130 SCPI Operations LLC (OC) d(*,#)423-429 Route 156, Trenton, NJ 8620Food Services and Drinking PlacesTerm Loan6.25%9/30/2039279.5 279.5 33.5 0.01 %
Sanabi Investment, LLC dba Oscar's Moving and Storage(*,#,^)11421 N W 107th St, #13, Miami, FL 33178Truck TransportationTerm Loan7.5%6/20/202795.9 95.9 14.0 0.00 %
Sand Hill Associates, Ltd. dba Charlie O's Tavern on the Point(*,#,^)2 Sand Hill Cove Rd, Narragansett, RI 2882Food Services and Drinking PlacesTerm Loan8.25%12/27/2041413.0 413.0 197.9 0.06 %
SDA Holdings LLC and Les Cheveux Salon Inc(*,#,^)306 McClanahan St, Roanoke, VA 24014Personal and Laundry ServicesTerm Loan7.5%12/15/2040108.5 108.5 50.5 0.01 %
Select Propane & Fuel Inc. and Select Fuel & Convenience LLC(*,#)3822 State Route 3, Red Bud, IL 62278Merchant Wholesalers, Nondurable Goods Term Loan7.5%2/10/2030524.2 524.2 28.4 0.01 %
Shaffer Automotive Repair, LLC(*,#)1485 North McQueen Rd #1, Gilbert, AZ 85233Repair and MaintenanceTerm Loan7%5/24/2030132.8 132.8 38.7 0.01 %
Shane M. Howell and Buck Hardware and Garden Center, LLC(*,#)1007 Lancaster Pike, Quarryville, PA 17566Building Material and Garden Equipment and Supplies Dealers Term Loan7.5%12/27/2038113.4 113.4 11.5 0.00 %
Shining Star Kids, Inc. dba Brain Balance(*,#,^)17323 Ventura Blvd, Encino, CA 91316Educational ServicesTerm LoanPrime plus 0%1/7/202977.2 77.2 75.6 0.02 %
Smith and Son Plumbing, LLC(*,#,^)15922 Eldorado Parkway, Ste 500-1579, Frisco, TX 75035Specialty Trade ContractorsTerm Loan6%6/10/202976.0 76.0 34.1 0.01 %
Southside BBQ Corp(*,#,^)16032 South Hwy 16, Cherokee, TX 76832Food Services and Drinking PlacesTerm LoanPrime plus 0%1/25/202815.7 15.7 15.4 0.00 %
Sovereign Communications LLC(*,#)26 E 3 Mile Rd,, Sault Sainte Marie, MI 49783Broadcasting (except Internet)Term Loan6.75%2/7/2024627.4 627.4 118.1 0.03 %
Specialty Surgery Center, Inc.(*,#,^)5505 Peachtree Dunwoody Rd Stes 640,645, Atlanta, GA 30342Ambulatory Health Care ServicesTerm LoanPrime plus 0%6/28/20291,158.8 1,158.8 186.1 0.05 %
Street Magic Enterprise LLC dba New Lisbon Travel Mart(*,#,^)1700 East Bridge St, New Lisbon, WI 53950Gasoline Stations Term Loan7.5%11/7/2042419.0 419.0 139.8 0.04 %
Studio Find It Georgia Inc(*,#,^)3399 Peachtree Rd NE, Ste 400, Atlanta, GA 30326Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 0%5/13/202614.8 14.8 5.3 0.00 %
F-117
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)
Suncrest Stone Products LLC(*,#,^)341 County Farm Rd, Ashburn, GA 31714Nonmetallic Mineral Product ManufacturingTerm Loan7.25%8/29/2041608.6 608.6 116.1 0.03 %
Suncrest Stone Products LLC(*,#,^)341 County Farm Rd, Ashburn, GA 31714Nonmetallic Mineral Product ManufacturingTerm Loan7.5%8/29/2026535.4 535.4 129.7 0.04 %
T and B Boots Inc dba Takken's Shoes(*,#)72 South Main St, Templeton, CA 93465Clothing and Clothing Accessories Stores Term Loan7.25%12/7/202695.2 95.2 79.8 0.02 %
Tarver-Henley Inc. and Tar-Hen LLC(*,#,^)2125 College Ave, Jackson, AL 36545Building Material and Garden Equipment and Supplies Dealers Term Loan7.75%6/21/204297.8 97.8 49.7 0.01 %
The Jig, LLC(*,#,^)3115 Camp Phillips Rd, Wausau, WI 54403Food Services and Drinking PlacesTerm Loan8.25%10/24/204225.0 25.0 24.4 0.01 %
The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites(*,#,^)29291 Amerihost Drive, Dowagiac, MI 49047AccommodationTerm Loan8.25%12/5/2041335.1 335.1 328.0 0.10 %
The Woods at Bear Creek LLC and Bear Creek Entertainment LLC dba The(*,#)3510 Bear Creek Rd, Franklinville, NY 14737AccommodationTerm Loan7%9/29/2039489.6 489.6 474.0 0.14 %
TX Superior Communications, LLC(*,#,^)6223 Krempen Ave, San Antonio, TX 78233Specialty Trade ContractorsTerm Loan8%3/19/202885.5 85.5 15.1 0.00 %
United States Plastic Equipment LLC(*,#,^)4447 OH-303, Mantua, OH 44255Merchant Wholesalers, Durable Goods Term Loan8.25%12/13/2028110.5 110.5 26.4 0.01 %
Victorian Restaurant and Tavern, LLC(*,#,^)226 Maple Ave, Cheshire, CT 6410Food Services and Drinking PlacesTerm Loan8.25%2/22/2042104.4 104.4 27.9 0.01 %
Webb Eye Associates, PA(*,#,^)1720 S W W White Rd, San Antonio, TX 78220Ambulatory Health Care ServicesTerm Loan7.25%7/19/202771.2 71.2 33.8 0.01 %
White Hawk Inc.(*,#,^)2101 Dr. Martin Luther King Jr. Blvd, Stockton, CA 95205Truck TransportationTerm Loan8.25%12/15/2026917.5 917.5 99.4 0.03 %
Wilban LLC(*,#,^)454 US Hwy 22, Whitehouse Station, NJ 8889Food Services and Drinking PlacesTerm Loan7.5%3/11/202644.2 44.2 43.7 0.01 %
Wilban LLC(*,#)454 US Hwy 22, Whitehouse Station, NJ 8889Food Services and Drinking PlacesTerm Loan7.25%3/28/2039238.6 238.6 103.5 0.03 %
Zeeba Company, Inc dba Zeeba Rent-A-Van & 5 Star Rent- A-Van(*,#,^)3200 Wilshire Blvd Ste 1000, Los Angeles, CA 90010Transit and Ground Passenger TransportationTerm Loan7.75%9/27/2028638.9 638.9 450.9 0.13 %
Zahmel Restaurant Suppliers Corp dba Cash & Carry;Zahners Hardware;Zan(*,#,^)33-51 11th St, Astoria, NY 11106Merchant Wholesalers, Nondurable Goods Term Loan8.25%4/28/202775.8 75.8 74.2 0.02 %
Total Unguaranteed Non-Accrual SBA Investments55,442.8 55,442.8 $29,418.5 8.67 %
Total Unguaranteed SBA Investments$420,399.9 $420,399.9 $407,747.9 120.15 %

F-118
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)

Lulubelle's Mountain Banana Bread LLC1063 Carousel Rd, Lake Arrowhead, CA 92352Food ManufacturingTerm LoanPrime plus 2.75%12/21/2045$750.0 $750.0 $848.0 0.25 %
Moon Group, Inc.145 Moon Rd, Chesapeake City, MD 21915Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%6/27/20293,385.0 3,385.0 3,634.3 1.07 %
Beau & HB Inc. dba Beau’s Billard, Bowling & Arcade100 Village Rd, Port Lavaca, TX 77979Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/16/2029113.0 113.0 122.0 0.04 %
Hackstaff Restaurants 248 W 1st. St Ste 201, Reno, NV 89501Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/15/2029426.0 426.0 461.0 0.14 %
American Pharmaceutical Innovation Company, LLC1425 Centre Circle, Downers Grove, IL 60515Chemical ManufacturingTerm LoanPrime plus 2.75%3/28/202745.2 45.2 45.2 0.01 %
Matrix Z LLC800 SW 21st Terrace, Ft Lauderdale, FL 33312Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 6.5%2/27/202911.1 11.1 11.1 — %
Rello Inc.8063 Jericho Turnpike, Woodbury, NY 11797Personal and Laundry ServicesTerm LoanPrime plus 6.5%4/17/20295.4 5.4 5.4 — %
2Choice2Friends LLC901 W Braker Lane, Austin, TX 78758Food Services and Drinking PlacesTerm LoanPrime plus 6.5%4/17/202911.3 11.3 11.3 — %
NYM Solutions Inc.12150 SW 128th St CT Ste 209, Miami, FL 33186Insurance Carriers and Related ActivitiesTerm LoanPrime plus 6.5%5/6/202911.3 11.3 11.3 — %
Crystal Cleaning Service 26 Cooper Rd, Byhalia, MS 38611Administrative and Support ServicesTerm LoanPrime plus 6.5%5/9/20299.1 9.1 9.1 — %
Clowers Trucking by Faith LLC705 E Brookwood PL, Valdosta, GA 31601Truck TransportationTerm LoanPrime plus 6.5%5/23/202911.2 11.2 11.2 — %
MCM Design LLC5926 Vinings Vintage Way, Mableton, GA 30126Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%5/23/20298.8 8.8 8.8 — %
Still Photography195 Terrace Place, Apt. 2, Brooklyn, NY 11218Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%6/6/202911.4 11.4 11.4 — %
Archer Cleaners Inc.1514 W. 33rd St, Chicago, IL 60608Personal and Laundry ServicesTerm LoanPrime plus 6.5%6/10/202911.4 11.4 11.4 — %
Law Office of Paula Padilla PLLC2211 E Highland Ave Ste 130, Phoenix, AZ 85016Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%6/13/20294.6 4.6 4.6 — %
Bonadi Inc.9858 W Sample Rd, Coral Springs, FL 33065Personal and Laundry ServicesTerm LoanPrime plus 6.5%6/17/202911.4 11.4 11.4 — %
Campuscuts LLC930 Robtrice Ct, Edmond, OK 73430Personal and Laundry ServicesTerm LoanPrime plus 6.5%6/21/20296.8 6.8 6.8 — %
Port Diesel LLC3212 Alex Trask Drive, Castle Hayne, NC 28429Repair and MaintenanceTerm LoanPrime plus 6.5%6/21/202911.4 11.4 11.4 — %
Menshka Inc.88 High St, Mountclair, NJ 7042Ambulatory Health Care ServicesTerm LoanPrime plus 6.5%7/10/202911.5 11.5 11.5 — %
The Bean Coffee Company, LLC112 South Main St, Spring Hill, KS 66083Food Services and Drinking PlacesTerm LoanPrime plus 6.5%7/17/202911.5 11.5 11.5 — %
Lawrence Adeyemo & Co LLC209-34 112 Ave, Queens Village, NY 11429Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%7/19/20299.2 9.2 9.2 — %
Gradstreet LLC2437 Corinth Ave Apt 130, Los Angeles, CA 90064Nonstore Retailers Term LoanPrime plus 6.5%7/30/20297.3 7.3 7.3 — %
A&S Services LLC3888 Lightner Rd, Vandalia, OH 45377Food Services and Drinking PlacesTerm LoanPrime plus 6.5%8/7/202911.5 11.5 11.5 — %
F-119
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Crystal Clear Accounting34099 Tuscan Creek Way, Temecula, CA 92592Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%8/26/20292.9 2.9 2.9 — %
Doghouse Sport Fishing Charters Inc.83413 Overseas Hwy, Islamorada, FL 33036Scenic and Sightseeing TransportationTerm LoanPrime plus 6.5%8/30/202911.5 11.5 11.5 — %
No Push Back LLC2223 Dungan Ave, Bensalem, PA 19020Personal and Laundry ServicesTerm LoanPrime plus 6.5%8/30/202911.2 11.2 11.2 — %
Softcare247 LLC4191 Naco Perrin Blvd, San Antonio, TX 78217Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%9/11/202911.8 11.8 11.8 — %
Host Marketing LLC206 Bell Lane, Ste B, West Monroe, LA 71291Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%9/18/202911.6 11.6 11.6 — %
Standard Real Estate Services LLC500 West Silver Spring Drive, Ste K 200,, Glendale, WI 53217Real EstateTerm LoanPrime plus 6.5%9/19/202911.6 11.6 11.6 — %
Bargain Store107 Tabernacle Church Rd, Candor, NC 27229General Merchandise Stores Term LoanPrime plus 6.5%10/11/202911.6 11.6 11.6 — %
Powerlift Dumbwaiters Inc.2444 Georgia Slide Rd, Georgetown, CA 95634Machinery ManufacturingTerm LoanPrime plus 6.5%10/16/202911.3 11.3 11.3 — %
Pine Mountain Residential LLC10240 Cosmopolitan Circle, Parker, CO 80134Specialty Trade ContractorsTerm LoanPrime plus 6.5%10/16/202911.6 11.6 11.6 — %
James Clark and Company Inc.8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%10/22/202911.6 11.6 11.6 — %
Deer Valley Sport Shop LLC507 Bamboo Rd, Boone, NC 28607Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 6.5%11/7/202912.0 12.0 12.0 — %
Sean McNamara5639 Wood Lane, Allentown, PA 18106Nonstore Retailers Term LoanPrime plus 6.5%11/14/202911.7 11.7 11.7 — %
The Pinnacle Group105 Springside Drive, Akron, OH 44333Social AssistanceTerm LoanPrime plus 6.5%11/14/202911.7 11.7 11.7 — %
Pen’s Electric Company, Inc504 Fairfax Ave, Nashville, TN 37212Specialty Trade ContractorsTerm LoanPrime plus 6.5%11/21/202911.9 11.9 11.9 — %
Standard Capital Corp. 2349 Wessington Drive, Virginia Beach, VA 23456Insurance Carriers and Related ActivitiesTerm LoanPrime plus 6.5%12/5/202911.8 11.8 11.8 — %
Scott’s Hardware Inc200 Tuckerton Rd, Medford, NJ 8055Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 6.5%12/6/202911.8 11.8 11.8 — %
HADD Corp364 Rugby Rd, Cedarhurst, NY 11516Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%12/17/202911.8 11.8 11.8 — %
La Tradicion Cubana Inc.9357 S.W. 40th St, Miami, FL 33165Miscellaneous Store RetailersTerm LoanPrime plus 6.5%12/20/202911.8 11.8 11.8 — %
This is a Fly Closet LLC  12408 Kingsview St, Bowie, MD 20721Clothing and Clothing Accessories Stores Term LoanPrime plus 6.5%1/30/203011.8 11.8 11.8 — %
2 N 1 Home and Lawn LLC1300 Ridenour Blvd, Kennesaw, GA 30152Administrative and Support ServicesTerm LoanPrime plus 6.5%2/3/203011.9 11.9 11.9 — %
All Modes Transportation and Logistics4313 Collingtree Drive, Rockledge, FL 32955Support Activities for TransportationTerm LoanPrime plus 6.5%2/14/203011.9 11.9 11.9 — %
 Green Farm Inc. 1018 W SR 424 Ste 100, Longwood, FL 32750Food and Beverage Stores Term LoanPrime plus 6.5%11/19/203012.5 12.5 12.5 — %
F-120
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
 Caraniologie LLC 225 Wall St, Ste 102A, Vail, CO 81657General Merchandise Stores Term LoanPrime plus 6.5%11/20/203012.5 12.5 12.5 — %
 Kendra Leigh Boyer CPA 5068 Dupont Court E, Santa Rosa, CA 95409Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%11/20/203012.5 12.5 12.5 — %
 Flex Beauty Labs LLC   7512 Dr. Phillip Blvd, Orlando, FL 32819Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 6.5%11/24/203012.5 12.5 12.5 — %
 Dearly Loved Counseling LLC   14052 N Dale Mabry Hwy, Ste 215, Tampa, FL 33618Social AssistanceTerm LoanPrime plus 6.5%11/24/203012.5 12.5 12.5 — %
Diane's Accounting Service119 E Haywood St, England, AR 72046Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%12/3/203012.5 12.5 12.5 — %
Combs Creative LLC157 Antler Ridge Circle,, Nashville, TN 37214Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 6.5%12/4/20305.5 5.5 5.5 — %
Travel with Love, LLC8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%12/4/20305.0 5.0 5.0 — %
R. JOHNSON CRAFTSMANSHIP346 Spring Garden Rd, Milford, NJ 8848Specialty Trade ContractorsTerm LoanPrime plus 6.5%12/4/203010.0 10.0 10.0 — %
Jamali LLC2741 Raceway Fairfield West, Pensacola, FL 32505Food Services and Drinking PlacesTerm LoanPrime plus 6.5%12/11/203012.5 12.5 12.5 — %
Donald W. Harris1625 US-59 N, Linden, TX 75563Warehousing and StorageTerm LoanPrime plus 6.5%12/11/203012.5 12.5 12.5 — %
David Benson LLC1422 Euclid Ave, Cleveland, OH 44115Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%12/16/203012.5 12.5 12.5 — %
Savannah Area Language & Culture Exchange, LLC6 Dovetail Crossing, Savannah, GA 31419Educational ServicesTerm LoanPrime plus 6.5%12/16/203012.5 12.5 12.5 — %
Vege Investments, LLC26400 SW 177th Ave, Homestead, FL 33031Gasoline Stations Term LoanPrime plus 6.5%12/16/203012.5 12.5 12.5 — %
ASIL Ventures, LLC444 N Michigan Ave, Ste 1200, Chicago, IL 60611Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 6.5%12/22/20304.3 4.3 4.3 — %
SPECTRUM DYNAMICS, INC27727 Dalton Bluff Court, Katy, TX 77494Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%12/23/203012.5 12.5 12.5 — %
Pittman Holdings LLC DBA Maple Bourbon1116 E Main St, Richmond, VA 23219Food Services and Drinking PlacesTerm LoanPrime plus 6.5%12/23/203012.5 12.5 12.5 — %
KCL Business Service Inc1042 San Fernando Rd., San Fernando, CA 91340Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 6.5%12/23/203012.5 12.5 12.5 — %
Chris' Angels Cleanning Service LLC2090 Dunwoody Club Drive, Sandy Springs, GA 30350Administrative and Support ServicesTerm LoanPrime plus 6.5%12/23/203012.5 12.5 12.5 — %
Tiki Torch Liquors101 Dallas St., Talihima, OK 74571Food and Beverage Stores Term LoanPrime plus 6.5%12/23/203012.5 12.5 12.5 — %
AJN Innocations LLC6704 Main St, Miami Lakes, FL 33014Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/15/2031329.5 329.5 365.0 0.11 %
The Cow Harbor Beer Company19 Scudder Ave, Northport, NY 11768Beverage and Tobacco Product ManufacturingTerm LoanPrime plus 2.75%2/11/2031878.2 878.2 972.6 0.29 %
NJ Floats327 Route 202/206, Bedminster Township, NJ 7921Computer and Electronic Product ManufacturingTerm LoanPrime plus 2.75%2/12/2046437.0 437.0 494.9 0.15 %
F-121
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Kuros LLC dba Alexander Lake Lodge21221 Baron Lake Drive, Cedaredge, CO 81413AccommodationTerm LoanPrime plus 2.75%11/19/2045246.8 246.8 279.2 0.08 %
Emmalina LLC3602 Rock Bay Drive, Louisville, KY 40245Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/21/203034.9 34.9 38.5 0.01 %
Sherwood Sporthorses Inc. 20502 Forestview, Magnolia, TX 77355Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/21/2046615.9 615.9 698.3 0.21 %
Chet Lemon Enterprises1544 Lane Park Cut off, Tavares, FL 32778Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/3/2031622.0 622.0 688.9 0.20 %
Jones Roger Shermann Inn Inc.195 Oenoke Ridge, New Canaan, CT 6840Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/4/203086.3 86.3 95.3 0.03 %
The Hall at the Yard1412 Alden Rd, Orlando, FL 32803Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/2/2031761.6 761.6 846.4 0.25 %
Edel Family Management Corp2207 Coney Island Ave, Brooklyn, NY 11223PPPTerm Loan1.0%4/30/202239.2 39.2 39.2 0.01 %
The Rabbi Grafman Endowment Fund for Temple Emanu-El2100 Highland Ave South, Birmingham, AL 35205PPPTerm Loan1.0%4/30/20223.0 3.0 3.0 — %
Surf Cup Sports2037 Park Dale Ln, Encinitas, CA 92024PPPTerm Loan1.0%4/30/202219.0 19.0 19.0 0.01 %
AM House22322 Burton St, Canoga Park, CA 91304PPPTerm Loan1.0%4/30/20227.7 7.7 7.7 — %
Eat Here LLC500 S Main St, Las Vegas, NV 89101PPPTerm Loan1.0%4/30/20224.8 4.8 4.8 — %
Masood A. Rizvi, MD.900 Pompton Ave, Ste B-1, Cedar Grove, NJ 7009PPPTerm Loan1.0%4/30/20223.8 3.8 3.8 — %
Casetabs3333 Michelson Dr, Ste 240, Irvine, CA 92612PPPTerm Loan1.0%4/30/202238.5 38.5 38.5 0.01 %
James D. Paliwoda, A Law Corporation1000 Lakes Dr, Ste 230, West Covina, CA 91790PPPTerm Loan1.0%4/30/202212.3 12.3 12.3 — %
Medical Review Service13400 Marsh Landing, West Palm Beach, FL 33418PPPTerm Loan1.0%4/30/202231.3 31.3 31.3 0.01 %
North Carolina Custom Modulars, LLC1936 US-64, Murphy, NC 27203PPPTerm Loan1.0%4/30/20227.8 7.8 7.8 — %
Thrive TC LLC4888 Town Center Pkwy, Ste 106, Jacksonville, FL 32246PPPTerm Loan1.0%5/4/20225.5 5.5 5.5 — %
Kenco Inc774 Mays Blvd, Ste 10-574, Incline Village, NV 89451PPPTerm Loan1.0%5/4/20222.4 2.4 2.4 — %
Glynwood Center, Inc.362 Glynwood Rd, Cold Spring, NY 10516PPPTerm Loan1.0%5/4/202230.3 30.3 30.3 0.01 %
San Basilio, LLC12305 SW 38th St, Ocala, FL 34481PPPTerm Loan1.0%5/4/20222.5 2.5 2.5 — %
Stephen Binder DDS3900 W Fullerton Ave, Chicago, IL 60647PPPTerm Loan1.0%5/4/20223.0 3.0 3.0 — %
Mto Summerlin10970 Rosemary Park Drive, Ste #100, Las Vegas, NV 89135PPPTerm Loan1.0%5/4/20224.8 4.8 4.8 — %
Asthma & Allergy Medical Care, P.C.68 Nassau Rd, Huntington, NY 11743PPPTerm Loan1.0%5/4/202216.1 16.1 16.1 — %
F-122
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
SK8CLICK INC17062 Westport Dr, Huntington Beach, CA 92649PPPTerm Loan1.0%5/4/20221.9 1.9 1.9 — %
Provino's South, Inc.14485 Hopewell Rd, Alpharetta, GA 30004PPPTerm Loan1.0%5/5/202218.2 18.2 18.2 0.01 %
Kore Surgical Inc26636 Fond Du Lac Rd, Rancho Palos Verdes, CA 90275PPPTerm Loan1.0%5/5/20228.0 8.0 8.0 — %
Buddy's Towing830 Birch St, Daytona Beach, FL 32117PPPTerm Loan1.0%5/5/20224.0 4.0 4.0 — %
EON.AI LLC3401 North Miami Ave, Ste 211, Miami, FL 33127PPPTerm Loan1.0%5/5/20222.5 2.5 2.5 — %
Superior Property Solutions7009 E Country Highlands Dr, Floral City, FL 34436PPPTerm Loan1.0%5/5/20222.5 2.5 2.5 — %
WHO Insurance Agency Inc708 6th Ave SE #A, Decatur, AL 35601PPPTerm Loan1.0%5/5/20220.9 0.9 0.9 — %
Ventum LLC2775 South Hwy 40, Ste 4, Heber City, UT 84032PPPTerm Loan1.0%5/5/20228.1 8.1 8.1 — %
MacLeod and Company3161 Michelson Dr, Irvine, CA 92612PPPTerm Loan1.0%5/5/20227.5 7.5 7.5 — %
Dance Daly Studio, LLC24000 Alicia Parkway, #33, Mission Viejo, CA 92691PPPTerm Loan1.0%5/5/20225.2 5.2 5.2 — %
Julius Schwarz LLC50 Pascack Rd, Hillsdale, NJ 7642PPPTerm Loan1.0%5/5/20224.0 4.0 4.0 — %
West & East Art Group9 N Moore St, New York, NY 10013PPPTerm Loan1.0%5/5/20223.3 3.3 3.3 — %
Soudan Metals Co319 W 40th Pl, Chicago, IL 60609PPPTerm Loan1.0%5/5/202264.3 64.3 64.3 0.02 %
American Showcase Modulars, LLC6281 US-29, Blairs, VA 24527PPPTerm Loan1.0%5/5/20226.7 6.7 6.7 — %
Swirnow Capital Management Corp500 Harborview Drive, Third Floor, Baltimore, MD 21230PPPTerm Loan1.0%5/5/202210.0 10.0 10.0 — %
acaso master fund llc6710 Benjamin Rd, Ste 100, Tampa, FL 33634PPPTerm Loan1.0%5/6/20220.7 0.7 0.7 — %
GMS Racing LLC1980 Festival Plaza Dr, Ste 770, Las Vegas, NV 89135PPPTerm Loan1.0%5/6/2022130.0 130.0 130.0 0.04 %
D Bober LLC dba the Public Private Network445 Hamilton Ave, Ste 1102, White Plains, NY 10601PPPTerm Loan1.0%5/6/20222.8 2.8 2.8 — %
Ntrepid LLC12801 Worldgate Dr, Ste 800, Herndon, VA 20170PPPTerm Loan1.0%5/6/2022720.2 720.2 720.2 0.21 %
South Bay Cable54125 Maranatha Dr, Idyllwild, CA 92549PPPTerm Loan1.0%5/6/202280.4 80.4 80.4 0.02 %
Basic L Corporation dba Action Industries1120 Olympic Dr, Corona, CA 92881PPPTerm Loan1.0%5/7/202243.1 43.1 43.1 0.01 %
Fernway Solutions Inc.34 Tidal Way, San Mateo, CA 94401PPPTerm Loan1.0%5/7/20223.8 3.8 3.8 — %
KJM Medical, LLC3012 Pinehurst Dr., Montgomery, AL 36111PPPTerm Loan1.0%5/7/20221.0 1.0 1.0 — %
F-123
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Nolan Construction10 Fairway Drive, Deerfield Beach, FL 33441PPPTerm Loan1.0%5/7/20222.1 2.1 2.1 — %
Care Values, Inc.1905 Woodstock Rd, Ste 1250, Roswell, GA 30075PPPTerm Loan1.0%5/7/202214.1 14.1 14.1 — %
Fried Chicken Kitchen LLC1750 Market St, San Francisco, CA 94102PPPTerm Loan1.0%5/7/202242.7 42.7 42.7 0.01 %
Playback, Inc.17 Ridge Ave, Natick, MA 1760PPPTerm Loan1.0%5/7/20224.7 4.7 4.7 — %
Conglomerated Hosts, LTD14485 Hopewell Rd, Alpharetta, GA 30004PPPTerm Loan1.0%5/8/202212.7 12.7 12.7 — %
David A Beach, DMD, MS, PA27605 Cashford Circle, Ste 101, Wesley Chapel, FL 33544PPPTerm Loan1.0%5/8/20226.6 6.6 6.6 — %
Fleming Island Dental Care1590 Island Ln, Ste 12, Fleming Island, FL 32003PPPTerm Loan1.0%5/8/20226.9 6.9 6.9 — %
Dominion Glass & Mirror Inc.14707-B Willard Rd, Chantilly, VA 20151PPPTerm Loan1.0%5/8/202220.4 20.4 20.4 0.01 %
Allergy & Asthma Associates of Murray Hill, P.C.35 E 35th St, Ste 202, New York, NY 10016PPPTerm Loan1.0%5/8/202217.1 17.1 17.1 0.01 %
Jeff O. Gonzalez, M.D., P.A.2140 W 68th St, Ste 300, Hialeah, FL 33016PPPTerm Loan1.0%5/11/20222.1 2.1 2.1 — %
J.P. Makhlouf, M.D., F.A.A.P., & Tiziana Anello, M.D., F.A.A.P., P.A. d/b/a Roseland Pediatrics556 Eagle Rock Ave, Ste 106, Roseland, NJ 7068PPPTerm Loan1.0%5/11/202212.8 12.8 12.8 — %
Sweet Dreams480 Mondi Dr, Woodstock, GA 30188PPPTerm Loan1.0%5/11/20225.0 5.0 5.0 — %
Legg's Welding Inc.5871 Clay Hwy, Bickmore, WV 25019PPPTerm Loan1.0%5/11/20229.5 9.5 9.5 — %
Drobu Media1010 Brickell Ave Unit 4105, Miami, FL 33131PPPTerm Loan1.0%5/11/20222.1 2.1 2.1 — %
Urban Clarity13 S Elliott Pl, Brooklyn, NY 11217PPPTerm Loan1.0%5/11/20222.1 2.1 2.1 — %
Scott Zucker P.A.633 S Andrews Ave, #203, Fort Lauderdale, FL 33301PPPTerm Loan1.0%5/11/20221.0 1.0 1.0 — %
Landmark IV Realty Inc.3990 Sheridan St, Ste 105, Hollywood, FL 33021PPPTerm Loan1.0%5/11/20220.9 0.9 0.9 — %
Leader, Leader & Zucker, PLLC633 S Andrews Ave, #201, Fort Lauderdale, FL 33301PPPTerm Loan1.0%5/11/20225.0 5.0 5.0 — %
Therapeutic Equestrian Center Inc115 Stonecrop Lane, Cold Spring, NY 10516PPPTerm Loan1.0%5/11/20226.5 6.5 6.5 — %
Rodney and Bernstein P.A.1925 Brickell Ave, Ste D-207, Miami, FL 33129PPPTerm Loan1.0%5/11/202217.1 17.1 17.1 0.01 %
Tyler Pidgeon Sole Proprietor10200 Sporting Club Drive, Raleigh, NC 27617PPPTerm Loan1.0%5/11/20220.9 0.9 0.9 — %
Altea Group LLC4510 Cheltenham Dr, Bethesda, MD 20814PPPTerm Loan1.0%5/12/20221.2 1.2 1.2 — %
F-124
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Temple Emanu-El2100 Highland Ave, Birmingham, AL 35205PPPTerm Loan1.0%5/12/202228.0 28.0 28.0 0.01 %
American Automotive Aftermarket Inc.50 Dunham Rd, Billerica, MA 1821PPPTerm Loan1.0%5/12/202222.0 22.0 22.0 0.01 %
Stanton Schwartz Design Group LLC346 Congress St, #201, Boston, MA 2210PPPTerm Loan1.0%5/12/20220.6 0.6 0.6 — %
Ernst Architect, PLLC177 W Broadway, 3rd Floor, New York, NY 10013PPPTerm Loan1.0%5/12/202217.6 17.6 17.6 0.01 %
Dental Designs of Fort Myers, LLC3220 Forum Blvd, #104, Fort Myers, FL 33905PPPTerm Loan1.0%5/12/202234.8 34.8 34.8 0.01 %
RX Psychological Services, LLC5300 McNutt Rd, Ste 12, Santa Teresa, NM 88008PPPTerm Loan1.0%5/12/20222.1 2.1 2.1 — %
KKAP El Sereno Laundry, LLC4899 Huntington Drive North, Los Angeles, CA 90032PPPTerm Loan1.0%5/12/20221.8 1.8 1.8 — %
KTF Consulting2471 N Geneva Terrace, Chicago, IL 60614PPPTerm Loan1.0%5/12/20223.3 3.3 3.3 — %
HL Group Inc.16690 Swingley Ridge Rd, Ste 100, Chesterfield, MO 63017PPPTerm Loan1.0%5/13/202216.0 16.0 16.0 — %
Child Welfare League of America Inc.727 15th St NW, Ste 1200, Washington, DC 20005PPPTerm Loan1.0%5/13/202220.0 20.0 20.0 0.01 %
Gray Global Advisors, LLC300 New Jersey Ave NW, 9th Floor, Washington, DC 20001PPPTerm Loan1.0%5/13/20228.1 8.1 8.1 — %
OrtenB Software519 Lori Drive, Benicia, CA 94510PPPTerm Loan1.0%5/13/20220.8 0.8 0.8 — %
Z Valet, Inc.4221 Wilshire blvd, Ste 170-11, Los Angeles, CA 90010PPPTerm Loan1.0%5/13/202233.9 33.9 33.9 0.01 %
Quality Pool Management161 Rombout Rd, Poughkeepsie, NY 12603PPPTerm Loan1.0%5/13/20226.4 6.4 6.4 — %
Weisner Steel Products77 Moraga Way, Ste F, Orinda, CA 94563PPPTerm Loan1.0%5/13/202224.2 24.2 24.2 0.01 %
Myrna Casta1801 Century Park E, Ste 1100, Los Angeles, CA 90067PPPTerm Loan1.0%5/13/20221.8 1.8 1.8 — %
Fairview Ford Sales, Inc.292 N G St, San Bernardino, CA 92410PPPTerm Loan1.0%5/13/2022143.9 143.9 143.9 0.04 %
Deep Ellum Art Co.3200 Commerce St, Dallas, TX 75226PPPTerm Loan1.0%5/14/20228.0 8.0 8.0 — %
Stress Analysis Services, Inc.3920 Ira Rd, Akron, OH 44333PPPTerm Loan1.0%5/14/202219.0 19.0 19.0 0.01 %
Sun Cloud Holdings LLC65 Hemlock Ln, Highland Park, IL 60035PPPTerm Loan1.0%5/14/20220.8 0.8 0.8 — %
Retrotope, Inc.4300 El Camino Real, Ste 201, Los Altos, CA 94022PPPTerm Loan1.0%5/14/202228.3 28.3 28.3 0.01 %
Mastermind Alliance Wealth Solutions Inc.5271 Arnica Way, Santa Rosa, CA 95403PPPTerm Loan1.0%5/14/20220.1 0.1 0.1 — %
F-125
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Ashford AFH15527 Burke Ave N, Shoreline, WA 98133PPPTerm Loan1.0%5/14/202217.3 17.3 17.3 0.01 %
Meredith Ward Fine Art, Inc.44 East 74th St., Ste G, New York, NY 10021PPPTerm Loan1.0%5/14/20223.2 3.2 3.2 — %
Tuckahoe Animal Hospital PLLC20 Depot Square, Tuckahoe, NY 10707PPPTerm Loan1.0%5/14/202214.0 14.0 14.0 — %
Melbourne United Laser Vision1478 Highland Ave, Ste A, Melbourne, FL 32935PPPTerm Loan1.0%5/14/20227.6 7.6 7.6 — %
Martin Medical Group4422 N 75th St, Unit 4012, Scottsdale, AZ 85251PPPTerm Loan1.0%5/14/20221.7 1.7 1.7 — %
Dalva Bros Inc.53 E 77th St, New York, NY 10075PPPTerm Loan1.0%5/14/20228.5 8.5 8.5 — %
D. R. Horne & Company117 Mercer St, Princeton, NJ 8540PPPTerm Loan1.0%5/14/20224.1 4.1 4.1 — %
Uniglobal Pension Planning, Inc.4114 Legato Rd, Ste 300, Fairfax, VA 22033PPPTerm Loan1.0%5/15/202214.4 14.4 14.4 — %
Dominic Orfitelli, LLC7101 Elizabeth Dr, McLean, VA 22101PPPTerm Loan1.0%5/15/20223.1 3.1 3.1 — %
James Hundshamer CPA223 S Glendora Ave, Glendora, CA 91741PPPTerm Loan1.0%5/15/20227.0 7.0 7.0 — %
Grossman LLP745 5th Ave, Ste 500, New York, NY 10151PPPTerm Loan1.0%5/15/20227.1 7.1 7.1 — %
Temecula Hot Yoga, LLC DBA Hot Yoga Healthy You31773 Temecula Pkwy, Temecula, CA 92592PPPTerm Loan1.0%5/15/20221.7 1.7 1.7 — %
Alpine Metal Products, Inc.2000 St John St, Easton, PA 18042PPPTerm Loan1.0%5/15/202225.0 25.0 25.0 0.01 %
Ranco Construction LLC2 Coleman Ct, Southampton, NJ 8088PPPTerm Loan1.0%5/15/202252.9 52.9 52.9 0.02 %
Rumi K. Lakha D.O., Inc.7136 Pacific Blvd, Ste 225, Huntington Park, CA 90255PPPTerm Loan1.0%5/15/202221.7 21.7 21.7 0.01 %
Chatham Pathology and Associates5353 Reynolds St, Savannah, GA 31405PPPTerm Loan1.0%5/15/202216.8 16.8 16.8 — %
Kevin C. McWilliams225 W 35th St 14th Floor, New York, NY 10001PPPTerm Loan1.0%5/15/20223.0 3.0 3.0 — %
Timothy G Greco, MD A Prof Corp1260 Crestview Drive, Fullerton, CA 92833PPPTerm Loan1.0%5/15/20223.4 3.4 3.4 — %
F T Brooks Inc.1206 Powhatan St, Alexandria, VA 22314PPPTerm Loan1.0%5/15/20222.1 2.1 2.1 — %
3 Options Consulting2215 Palmer Pl, Tustin, CA 92782PPPTerm Loan1.0%5/15/20224.9 4.9 4.9 — %
Marti E. Peck PhD3990 Old Town Ave, Ste B100, San Diego, CA 92110PPPTerm Loan1.0%5/15/20222.3 2.3 2.3 — %
Brookhollow Management Company151 Kalmus Drive, F-1, Costa Mesa, CA 92626PPPTerm Loan1.0%5/15/202230.6 30.6 30.6 0.01 %
Mayer Fayes18800 NE 29th Ave., Apt 114, Aventura, FL 33180PPPTerm Loan1.0%5/15/20220.6 0.6 0.6 — %
Richard C. Watts, Inc.1602 E 4th St, Santa Ana, CA 92701PPPTerm Loan1.0%5/18/20226.1 6.1 6.1 — %
F-126
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Paradise Shutters Inc4353 Canton CT, Gulf Breeze, FL 32563PPPTerm Loan1.0%5/18/20222.4 2.4 2.4 — %
M&A Services320 East 53rd St, New York, NY 10022PPPTerm Loan1.0%5/18/202212.6 12.6 12.6 — %
BEACHES JET SET PETS INC949 12th Ave South, Jacksonville Beach, FL 32250PPPTerm Loan1.0%5/18/20229.5 9.5 9.5 — %
Hotel Cheval, LLC1021 Pine St, Paso Robles, CA 93446PPPTerm Loan1.0%5/18/202217.5 17.5 17.5 0.01 %
Kohcoon LLC4060 Woodridge Rd, Miami, FL 33133PPPTerm Loan1.0%5/18/20222.9 2.9 2.9 — %
Leader & Leader P.A.633 S Andrews Ave, #201, Fort Lauderdale, FL 33301PPPTerm Loan1.0%5/18/20222.3 2.3 2.3 — %
Michael J Scherb DMD PA2143 South Us Hwy 1, Jupiter, FL 33477PPPTerm Loan1.0%5/18/202214.2 14.2 14.2 — %
McGee Media LLC156 Katonah Ave., Ste #202, Katonah, NY 10536PPPTerm Loan1.0%5/18/2022106.0 106.0 106.0 0.03 %
te Neues Publishing Company LP350 7th Ave, Ste 301, New York, NY 10001PPPTerm Loan1.0%5/18/202212.1 12.1 12.1 — %
South City Construction1111 Rancho Conejo Blvd, #205, Newbury Park, CA 91320PPPTerm Loan1.0%5/18/202224.0 24.0 24.0 0.01 %
Elixir Corporation305 Shawnee North Drive, Ste 250, Suwanee, GA 30024PPPTerm Loan1.0%5/18/202211.3 11.3 11.3 — %
Olivenhain Capital Partners3521 Fortuna Ranch Rd, Encinitas, CA 92024PPPTerm Loan1.0%5/18/20225.4 5.4 5.4 — %
Roselle-Stacy, Inc.204 Sinclair Pl, Westfield, NJ 7090PPPTerm Loan1.0%5/18/20221.3 1.3 1.3 — %
Lisa Stransky Real Estate LLC10000 Falls Rd, Ste 300, Potomac, MD 20854PPPTerm Loan1.0%5/18/20224.7 4.7 4.7 — %
JLR Realty Inc119 Circle Dr, Manhasset, NY 11030PPPTerm Loan1.0%5/18/20223.1 3.1 3.1 — %
Aldene Industrial Park204 Sinclair Pl, Westfield, NJ 7090PPPTerm Loan1.0%5/18/20222.2 2.2 2.2 — %
Yu-Song Yen DDS5222 Balboa Ave, Ste 71, San Diego, CA 92117PPPTerm Loan1.0%5/18/20223.3 3.3 3.3 — %
Wheelhouse Life Science Advisors927 Regalo Way, San Ramon, CA 94583PPPTerm Loan1.0%5/18/202211.6 11.6 11.6 — %
Keldon Paper Company5960 Boxford Ave, Commerce, CA 90040PPPTerm Loan1.0%5/19/202211.9 11.9 11.9 — %
Mark E Goldberg, esq.130 North Main St, Port Chester, NY 10573PPPTerm Loan1.0%5/19/20222.1 2.1 2.1 — %
John Woody Inc.754 Harrison St, Jacksonville, FL 32220PPPTerm Loan1.0%5/19/202227.6 27.6 27.6 0.01 %
Chophouse 1311362 San Jose Blvd, Ste 1, Jacksonville, FL 32223PPPTerm Loan1.0%5/19/202220.4 20.4 20.4 0.01 %
F-127
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Shorstein & Shorstein PA8265 Bayberry Rd, Jacksonville, FL 32256PPPTerm Loan1.0%5/19/202242.3 42.3 42.3 0.01 %
Doctors Medical Center of Walton County, PA21 W Main Ave, Defuniak Springs, FL 32435PPPTerm Loan1.0%5/19/202221.9 21.9 21.9 0.01 %
Stephen Wang & Associates950 3rd Ave, New York, NY 10022PPPTerm Loan1.0%5/19/202212.5 12.5 12.5 — %
Mecca Resources Inc3033 Riviera Dr, Ste 101, Naples, FL 34103PPPTerm Loan1.0%5/19/20226.3 6.3 6.3 — %
Susan Surell26 Diamond Crest Ct, Baltimore, MD 21209PPPTerm Loan1.0%5/19/20221.0 1.0 1.0 — %
SHAWN KASSMAN ESQ., P.C.110 Carleton Ave, Central Islip, NY 11722PPPTerm Loan1.0%5/19/20221.8 1.8 1.8 — %
Sybil Hill1479 Mossy Branch Way, Mt Pleasant, SC 29464PPPTerm Loan1.0%5/19/20220.8 0.8 0.8 — %
Felica Zwebner Design LLC115 W 29th St, New York, NY 10001PPPTerm Loan1.0%5/19/20220.8 0.8 0.8 — %
Robert Giarrusso9 Sabine Lane, Hardyston, NJ 7416PPPTerm Loan1.0%5/19/20220.6 0.6 0.6 — %
Susan Iannelli26 Court St, Ste 1805, Brooklyn, NY 11242PPPTerm Loan1.0%5/19/20221.0 1.0 1.0 — %
Sharrets, Paley, Carter & Blauvelt, PC75 BRd St, New York, NY 10004PPPTerm Loan1.0%5/19/202213.8 13.8 13.8 — %
CCG Advisors817 W Peachtree St, Ste 205, Atlanta, GA 30308PPPTerm Loan1.0%5/19/202221.5 21.5 21.5 0.01 %
The Croft Offshore, LLC1030 Bayside Ln, Weston, FL 33326PPPTerm Loan1.0%5/19/20221.3 1.3 1.3 — %
ABRAHAM J DANIEL18851 NE 29th Ave, #700, Aventura, FL 33180PPPTerm Loan1.0%5/19/20222.1 2.1 2.1 — %
Sodales Partners LLC11 Random Farms Circle, Chappaqua, NY 10514PPPTerm Loan1.0%5/19/20221.5 1.5 1.5 — %
Mark Allen & Company, LLC450 W 17th St, Unit 738, New York, NY 10011PPPTerm Loan1.0%5/19/20222.2 2.2 2.2 — %
Susan Giarrusso9 Sabine Ln, Franklin, NJ 7416PPPTerm Loan1.0%5/19/20220.3 0.3 0.3 — %
SA Legends Lacrosse LLC1011 Rancho Conejo Blvd, Newbury Park, CA 91320PPPTerm Loan1.0%5/19/202210.1 10.1 10.1 — %
Laura Billon1286 El Mercado Way,, Unit C, Oceanside, CA 92057PPPTerm Loan1.0%5/19/20220.1 0.1 0.1 — %
Serge Loobkoff215 S Santa Fe Ave, Ste 15, Los Angeles, CA 90012PPPTerm Loan1.0%5/19/20220.2 0.2 0.2 — %
Florida Premier Cardiology LLC11195 Jog Rd, Ste 6, Boynton Beach, FL 33437PPPTerm Loan1.0%5/19/20228.0 8.0 8.0 — %
Specialty Coverage Insurance Agency (SPCIA)1 Water St, 2nd Floor, Mystic, CT 6355PPPTerm Loan1.0%5/20/20223.2 3.2 3.2 — %
Gregory A. Ebenfeld PA11011 Sheridan St, Ste 113, Hollywood, FL 33026PPPTerm Loan1.0%5/20/20222.2 2.2 2.2 — %
F-128
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Caveonix7777 Leesburg Pike, Ste 303 South, Falls Church, VA 22043PPPTerm Loan1.0%5/20/202231.0 31.0 31.0 0.01 %
Seamus Henchy and Associates145 Hudson St, New York, NY 10013PPPTerm Loan1.0%5/20/202210.0 10.0 10.0 — %
Drink Here LLC6410 S DURANGO DR, Ste 100, Las Vegas, NV 89113PPPTerm Loan1.0%5/20/20224.6 4.6 4.6 — %
Sunren International, LLC1141 Orange Ave, Monrovia, CA 91016PPPTerm Loan1.0%5/20/20224.2 4.2 4.2 — %
Melanie L Kemmerer, DMD, PLLC110 SW Suwannee Ave, Branford, FL 32008PPPTerm Loan1.0%5/20/20222.9 2.9 2.9 — %
Sierra Music Publications, Inc.2711 N Idaho Rd, Liberty Lake, WA 99019PPPTerm Loan1.0%5/20/20221.6 1.6 1.6 — %
AllianceRad LLC425 N Ocean Blvd, Unit 4, Boca Raton, FL 33432PPPTerm Loan1.0%5/20/20222.1 2.1 2.1 — %
Testicular Cancer Commons5415 SW 149th Ave, Beaverton, OR 97007PPPTerm Loan1.0%5/20/20221.0 1.0 1.0 — %
Krista Saloom7210 Corporate Ct, Frederick, MD 21703PPPTerm Loan1.0%5/20/20221.3 1.3 1.3 — %
GARDEN LTC LLC10 EVANS DRIVE, BROOKVILLE, NY 11545PPPTerm Loan1.0%5/20/20221.3 1.3 1.3 — %
DIXIE CONTRACT CARPET INC7523 PHILIPS Hwy, Jacksonville, FL 32256PPPTerm Loan1.0%5/20/202242.9 42.9 42.9 0.01 %
KKAP Reseda Laundry LLC18300 Vanowen St, Unit #5, Reseda, CA 91335PPPTerm Loan1.0%5/20/20220.4 0.4 0.4 — %
RTP Corp.2832 Center Port Cir, Pompano Beach, FL 33064PPPTerm Loan1.0%5/20/202239.2 39.2 39.2 0.01 %
KKAP Van Nuys Laundry, LLC16105 Victory Blvd, Unit 9I, Van Nuys, CA 91406PPPTerm Loan1.0%5/20/20220.8 0.8 0.8 — %
Brandy Cox, Inc11818 Cupworth Ct, Huntersville, NC 28078PPPTerm Loan1.0%5/20/20220.8 0.8 0.8 — %
Steven R Wynn Othidonics1901 Westcliff Drive, Ste #1, Newport Beach, CA 92660PPPTerm Loan1.0%5/20/20222.5 2.5 2.5 — %
Mark E Haddad MD IncPO Box 791507, Paia, HI 96779PPPTerm Loan1.0%5/20/20221.5 1.5 1.5 — %
The Duncraggen Realty Corp708 W 192nd St, Ste 1K, New York, NY 10040PPPTerm Loan1.0%5/20/20220.8 0.8 0.8 — %
Direct Resources Group1520 4th Ave, Ste 500, Seattle, WA 98101PPPTerm Loan1.0%5/21/202231.3 31.3 31.3 0.01 %
Patricia Margolin551 Spring Valley Rd, Paramus, NJ 7652PPPTerm Loan1.0%5/21/20220.9 0.9 0.9 — %
Herion Productions LLC95 Thomas Rd, Valatie, NY 12184PPPTerm Loan1.0%5/21/20221.2 1.2 1.2 — %
Fernando Suarez Physical Therapy, PLLC72-15 Grand Ave, Maspeth, NY 11378PPPTerm Loan1.0%5/21/20223.7 3.7 3.7 — %
Gwendolyn Luce4065 Laguna Way, Palo Alto, CA 94306PPPTerm Loan1.0%5/21/20220.8 0.8 0.8 — %
F-129
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Hamilton Technology Services14115 West 59th Place, Arvada, CO 80004PPPTerm Loan1.0%5/21/202215.3 15.3 15.3 — %
Routable AI Inc32 Chester St, Apt 7, Somerville, MA 2144PPPTerm Loan1.0%5/21/20223.2 3.2 3.2 — %
Michelle Euler1709 Forest Bend Lane, Keller, TX 76248PPPTerm Loan1.0%5/21/20221.2 1.2 1.2 — %
Lisa R. Drake PC3325 Piedmont Rd NE, Unit 3002, Atlanta, GA 30305PPPTerm Loan1.0%5/21/20222.3 2.3 2.3 — %
KKAP ELA Laundry, LLC3845 East 3rd St, Los Angeles, CA 90063PPPTerm Loan1.0%5/21/20221.8 1.8 1.8 — %
North Carolina Baptist Foundation, Inc.201 Convention Drive, Cary, NC 27511PPPTerm Loan1.0%5/21/202227.6 27.6 27.6 0.01 %
Taylor SF Inc333 Bush St, Ste 3705, San Francisco, CA 94104PPPTerm Loan1.0%5/21/20221.3 1.3 1.3 — %
Carrie Risatti307 Montana Ave, #201, Santa Monica, CA 90403PPPTerm Loan1.0%5/21/20221.7 1.7 1.7 — %
Todd Goodman Productions LLC DBA LA Light Photography1112 Montana Ave, #381, Santa Monica, CA 90403PPPTerm Loan1.0%5/21/20221.8 1.8 1.8 — %
INNERCONX641 Ranch Rd, Weston, FL 33326PPPTerm Loan1.0%5/21/20227.7 7.7 7.7 — %
Ultracare of Manhattan Ltd800 Second Ave, Ste 905, New York, NY 10017PPPTerm Loan1.0%5/21/202290.0 90.0 90.0 0.03 %
Frank Betz Associates, Inc.12045 Hwy 92, Woodstock, GA 30188PPPTerm Loan1.0%5/21/202220.9 20.9 20.9 0.01 %
Lemon Tree Entertainment, LLC130 E 94th ST, 9D, New York, NY 10128PPPTerm Loan1.0%5/21/20221.9 1.9 1.9 — %
Hoops 4 Health875 Heather Ln, Winnetka, IL 60093PPPTerm Loan1.0%5/21/20223.4 3.4 3.4 — %
Psychiatry Associates PC1736 Oxmoor Rd, Ste 103, Birmingham, AL 35209PPPTerm Loan1.0%5/21/20225.0 5.0 5.0 — %
YourHQ1592 Union St, #505, San Francisco, CA 94123PPPTerm Loan1.0%5/22/20221.4 1.4 1.4 — %
EAM Partners L.P.3131 Maple Ave, Ste 13B, Dallas, TX 75201PPPTerm Loan1.0%5/22/20223.2 3.2 3.2 — %
S & L Paper Corporation3500 Hampton Rd, Oceanside, NY 11572PPPTerm Loan1.0%5/22/202212.9 12.9 12.9 — %
Javalin Group LLC9735 Rod Rd, Johns Creek, GA 30022PPPTerm Loan1.0%5/22/20221.3 1.3 1.3 — %
A & L Films, Inc.16105 Meadowcrest Rd, Sherman Oaks, CA 91403PPPTerm Loan1.0%5/22/20222.3 2.3 2.3 — %
Inner Pieces171 Vidal Blvd, Decatur, GA 30030PPPTerm Loan1.0%5/22/20220.4 0.4 0.4 — %
Maselan & Jones, P.C.One International Place, 8th Floor, Boston, MA 2110PPPTerm Loan1.0%5/22/20229.4 9.4 9.4 — %
Utility Consulting Group LLC23679 Calabasas Rd, #263, Calabasas, CA 91302PPPTerm Loan1.0%5/22/202253.0 53.0 53.0 0.02 %
F-130
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Platinum Marketing120 Windermere Drive, Blue Bell, PA 19422PPPTerm Loan1.0%5/22/20223.6 3.6 3.6 — %
Fybr LLC640 Cepi Dr, Ste C, Chesterfield, MO 63005PPPTerm Loan1.0%5/22/202227.3 27.3 27.3 0.01 %
Schlemmer Farms LLC6167 State Line Rd., Convoy, oh 45832PPPTerm Loan1.0%5/22/20223.0 3.0 3.0 — %
Black Hawk IncPO BOX 476, BRISTOL, IN 46507PPPTerm Loan1.0%5/22/202214.4 14.4 14.4 — %
Steeplechase Amusement Inc11540 Clover Ave, Los Angeles, CA 90066PPPTerm Loan1.0%5/22/20224.2 4.2 4.2 — %
Four Paws Animal Hospital PC199 Broadway, Amityville, NY 11701PPPTerm Loan1.0%5/22/20224.4 4.4 4.4 — %
L Corp2190 Talmadge St, Los Angeles, CA 90027PPPTerm Loan1.0%5/22/20223.3 3.3 3.3 — %
JK Belz & Associates Inc10580 N McCarran Blvd, #115-222, Reno, NV 89503PPPTerm Loan1.0%5/22/20224.8 4.8 4.8 — %
South Florida Imaging Consultants LLC10754 Versailles Blvd, Wellington, FL 33449PPPTerm Loan1.0%5/22/20224.4 4.4 4.4 — %
Stoker Construction Inc56471 29 PALMS Hwy, YUCCA VALLEY, CA 92284PPPTerm Loan1.0%5/22/202214.5 14.5 14.5 — %
JB Press LLC82 Flamingo Rd, Roslyn, NY 11576PPPTerm Loan1.0%5/22/20221.4 1.4 1.4 — %
BanzaiFly Inc3861 Reklaw Drive, Studio City, CA 91604PPPTerm Loan1.0%5/22/20222.0 2.0 2.0 — %
Anders Environmental LLC1315 Hartford Dr, Boulder, CO 80305PPPTerm Loan1.0%5/22/20224.0 4.0 4.0 — %
P3s Corp21526 Privada Avila, San Antonio, TX 78257PPPTerm Loan1.0%5/22/202260.8 60.8 60.8 0.02 %
Youth Tennis San Diego Foundation4490 W Point Loma Blvd, San Diego, CA 92107PPPTerm Loan1.0%5/22/20220.7 0.7 0.7 — %
Jewish Community Foundation of the West2130 21st St, Sacramento, CA 95818PPPTerm Loan1.0%5/22/20221.2 1.2 1.2 — %
Cinema Vehicles12580 Saticoy St, North Hollywood, CA 91605PPPTerm Loan1.0%5/22/202259.0 59.0 59.0 0.02 %
Provino's Italian Restaurant, Inc.14485 Hopewell Rd, Alpharetta, GA 30004PPPTerm Loan1.0%5/26/202225.8 25.8 25.8 0.01 %
Bethany L. LaFlam9 Acacia Tree Ln, Irvine, CA 92612PPPTerm Loan1.0%5/26/20221.7 1.7 1.7 — %
Easy Content Media LLC706 Van Nest Drive, Martinsville, NJ 8836PPPTerm Loan1.0%5/26/20225.8 5.8 5.8 — %
Bar-Z Anderson LTD Co1408 Wathen Ave, Austin, TX 78703PPPTerm Loan1.0%5/26/20225.0 5.0 5.0 — %
The Desai Foundation209 Burlington Rd, Ste 217, Bedford, MA 1730PPPTerm Loan1.0%5/26/20225.3 5.3 5.3 — %
JM Robson LPCCS4807 Rockside Rd, Ste 300, Independence, OH 44131PPPTerm Loan1.0%5/26/20220.8 0.8 0.8 — %
F-131
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Improving Communications105 Haven Ave, Port Washington, NY 11050PPPTerm Loan1.0%5/26/20222.1 2.1 2.1 — %
Kenneth R. Hughes3620 Mt Diablo Blvd, Ste 203, Lafayette, CA 94549PPPTerm Loan1.0%5/26/20222.1 2.1 2.1 — %
Drosihn Construction, Inc.749 Atherton Ave, Novato, CA 94945PPPTerm Loan1.0%5/26/20222.6 2.6 2.6 — %
163rd Avenue Investors, LLC1435 163rd Ave, San Leandro, CA 94578PPPTerm Loan1.0%5/26/20222.9 2.9 2.9 — %
2875 Sedgwick Owners Corp708 W 192nd St, Ste 1K, New York, NY 10040PPPTerm Loan1.0%5/26/20221.3 1.3 1.3 — %
KN Artist Management, LLC3924 Poppyseed Place, Calabasas, CA 91302PPPTerm Loan1.0%5/26/20222.1 2.1 2.1 — %
Hunstiger Inc9120 Rock Pond Way, Colorado Springs, CO 80924PPPTerm Loan1.0%5/26/20223.3 3.3 3.3 — %
Larry Lawrence Realty, Inc.PO Box 2365, Olympic Valley, CA 96146PPPTerm Loan1.0%5/26/20224.7 4.7 4.7 — %
Quickway Metal Fabricators9 Murran Rd, P.O. Box 1378, Monticello, NY 12701PPPTerm Loan1.0%5/26/20225.9 5.9 5.9 — %
DANGOLD, INC.138-43 78th Rd, Flushing, NY 11367PPPTerm Loan1.0%5/26/20221.0 1.0 1.0 — %
TK Food Concepts LLC107 North 3rd St, Ste 3D, Brooklyn, NY 11249PPPTerm Loan1.0%5/26/202215.4 15.4 15.4 — %
Jennifer Leigh Cobb303 Port Royal Way, Pensacola, FL 32502PPPTerm Loan1.0%5/26/20220.2 0.2 0.2 — %
44678 Valley Center LLC1417 Antigua Way, Newport Beach, CA 92660PPPTerm Loan1.0%5/26/20223.0 3.0 3.0 — %
Jennie Kwon Designs643 S Olive St, Los Angeles, CA 90014PPPTerm Loan1.0%5/26/20225.4 5.4 5.4 — %
Pacific CCI, Inc880 W 1st St, #520, Los Angeles, CA 90012PPPTerm Loan1.0%5/27/202236.4 36.4 36.4 0.01 %
Onchip Systems1953 O'Toole Way, San Jose, CA 95131PPPTerm Loan1.0%5/27/202212.8 12.8 12.8 — %
J Partners LLC4885 Rebel Trail, Atlanta, GA 30327PPPTerm Loan1.0%5/27/20222.1 2.1 2.1 — %
Craig Iwai848 S Myrtle Ave, Monrovia, CA 91016PPPTerm Loan1.0%5/27/20223.6 3.6 3.6 — %
Scalini's, Inc.14485 Hopewell Rd, Alpharetta, GA 30004PPPTerm Loan1.0%5/27/202217.7 17.7 17.7 0.01 %
Phillip Thomas Inc210 E 68th St, Ste 9G, New York, NY 10065PPPTerm Loan1.0%5/27/20228.4 8.4 8.4 — %
X-Pest100 N Hill Dr, #40, Brisbane, CA 94005PPPTerm Loan1.0%5/27/20225.0 5.0 5.0 — %
Evalyn Mosser Bookkeeping and Consulting2436 N Federal Hwy, Ste 474, Lighthouse Point, FL 33064PPPTerm Loan1.0%5/27/20221.4 1.4 1.4 — %
Hauser Family Foundation10617 Charleston Drive, Vero Beach, FL 32963PPPTerm Loan1.0%5/27/20221.3 1.3 1.3 — %
F-132
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Paige Management LLC254 Corsair Ave, Lauderdale-By-The-Sea, FL 33308PPPTerm Loan1.0%5/27/20221.1 1.1 1.1 — %
AC Diel17 Eton Ct, South Barrington, IL 60010PPPTerm Loan1.0%5/27/20221.0 1.0 1.0 — %
Robert Frantz MD, Inc1730 San Ysidro Dr, Beverly Hills, CA 90210PPPTerm Loan1.0%5/27/20222.1 2.1 2.1 — %
Sports Academy Integrated Sports Medicine, LLC1011 Rancho Conejo Blvd, Newbury Park, CA 91320PPPTerm Loan1.0%5/27/202231.4 31.4 31.4 0.01 %
Jasmine Greenhow4848 E Cactus Rd, Ste 505-473, Scottsdale, AZ 85254PPPTerm Loan1.0%5/27/20220.7 0.7 0.7 — %
Butterfly Sunrise Corp2261 Market St, #418, San Francisco, CA 94114PPPTerm Loan1.0%5/27/20221.3 1.3 1.3 — %
Aqua Flies LLCPO Box 2216, Sebastopol, CA 95473PPPTerm Loan1.0%5/27/20221.0 1.0 1.0 — %
Bent Tail, Inc.824 Brooks Ave, Venice, CA 90291PPPTerm Loan1.0%5/27/20222.1 2.1 2.1 — %
Actors and Others for Animals11523 Burbank Blvd, North Hollywood, CA 91601PPPTerm Loan1.0%5/27/20225.6 5.6 5.6 — %
Cabrillo Capital Group, Inc.15404 Highland Valley Rd, Escondido, CA 92025PPPTerm Loan1.0%5/27/20224.2 4.2 4.2 — %
Julie Evans Realtor4 Hopscotch Ln, Savannah, GA 31411PPPTerm Loan1.0%5/27/20221.7 1.7 1.7 — %
PlayWorks Counseling, LLC4420 NE St Johns Rd, Ste D, Vancouver, WA 98661PPPTerm Loan1.0%5/27/20220.6 0.6 0.6 — %
AMAN PC181 Westfield Ave, Clark, NJ 7066PPPTerm Loan1.0%5/27/20229.9 9.9 9.9 — %
Joped, Inc.1411 SE Indian St, Stuart, FL 34997PPPTerm Loan1.0%5/27/202214.4 14.4 14.4 — %
Marguarite Clark Public Relations2 New Chardon, Laguna Niguel, CA 92677PPPTerm Loan1.0%5/27/20223.4 3.4 3.4 — %
Jenius Solutions2772 Lansdowne Ln SE, Atlanta, GA 30339PPPTerm Loan1.0%5/27/20221.0 1.0 1.0 — %
Frenchy's1460 3rd St S, Jacksonville Beach, FL 32250PPPTerm Loan1.0%5/28/20228.6 8.6 8.6 — %
Hoaka Property Company LLCPO Box 670, Kailua Kona, HI 96745PPPTerm Loan1.0%5/28/202240.0 40.0 40.0 0.01 %
Fourth Church1270 Silverado St, La Jolla, CA 92037PPPTerm Loan1.0%5/28/20223.6 3.6 3.6 — %
Daniel I Richman, MD429 E 75th St, 6th Floor, New York, NY 10021PPPTerm Loan1.0%5/28/202216.8 16.8 16.8 — %
SANDLER SEARCH ASSOCIATES, LLC132 E 35th St, Apt 5E, New York, NY 10016PPPTerm Loan1.0%5/28/20228.7 8.7 8.7 — %
Yoga Connection of Pembroke Pines, Inc12592 Pines Blvd, #103, Pembroke Pines, FL 33027PPPTerm Loan1.0%5/28/20222.3 2.3 2.3 — %
Studio U+A, LLC231 W 29th St, Ste 1402, New York, NY 10001PPPTerm Loan1.0%5/28/20221.6 1.6 1.6 — %
F-133
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Studio LBV6562 San Vicente Blvd, Los Angeles, CA 90048PPPTerm Loan1.0%5/28/20221.7 1.7 1.7 — %
Naissan O Wesley, MD, Inc - A Medical Corporation9201 W Sunset Blvd, Ste 602, Los Angeles, CA 90069PPPTerm Loan1.0%5/28/202212.3 12.3 12.3 — %
richard noren llc2101 Waukegan Rd, Ste 110, Bannockburn, IL 60015PPPTerm Loan1.0%5/28/20222.8 2.8 2.8 — %
Tinny Corporation100 Bradley St, Middletown, CT 6457PPPTerm Loan1.0%5/28/202250.2 50.2 50.2 0.01 %
PPJ2 Carsha Dr, Natick, MA 1760PPPTerm Loan1.0%5/28/202233.6 33.6 33.6 0.01 %
Dr. Tom Gallant DDS8906 Colesville Rd, Silver Spring, MD 20910PPPTerm Loan1.0%5/28/20221.0 1.0 1.0 — %
MLN Partners LLC550 S Ocean Blvd, Boca Raton, FL 33432PPPTerm Loan1.0%5/28/20224.2 4.2 4.2 — %
Tucker Investment Group, LLC5010 Parkway Calabasas, Ste 105, Calabasas, CA 91302PPPTerm Loan1.0%5/28/20223.4 3.4 3.4 — %
CHANCELLOR CONSULTING GROUP, INC749 Atherton Ave, Novato, CA 94945PPPTerm Loan1.0%5/28/20224.2 4.2 4.2 — %
Emeco805 W Elm Ave, Hanover, PA 17331PPPTerm Loan1.0%5/28/202250.7 50.7 50.7 0.01 %
Sports Academy Venture Lab, Inc.1011 Rancho Conejo Blvd, Newbury Park, CA 91320PPPTerm Loan1.0%5/28/202211.2 11.2 11.2 — %
George Chien12898 Woodmont Dr, Saratoga, CA 95070PPPTerm Loan1.0%5/28/20222.6 2.6 2.6 — %
Law Office of Debrah B. Rosenthal, APC120 Eucalyptus Ln, Costa Mesa, CA 92627PPPTerm Loan1.0%5/28/20222.7 2.7 2.7 — %
Mamba and Mamacita Sports Foundation1011 Rancho Conejo Blvd, Newbury Park, CA 91320PPPTerm Loan1.0%5/28/20223.3 3.3 3.3 — %
TMCG Marketing Inc. dba The Marcom Group1655 N Main St, #390, Walnut Creek, CA 94596PPPTerm Loan1.0%5/28/20225.5 5.5 5.5 — %
TrueCustomerSuccess LLC921 N Idaho St, San Mateo, CA 94401PPPTerm Loan1.0%5/28/20220.7 0.7 0.7 — %
Tectonics Enterprises Inc56471 29 PALMS Hwy, YUCCA VALLEY, CA 92284PPPTerm Loan1.0%5/28/20227.5 7.5 7.5 — %
Julia Obadiah, PC6370 SW Borland, Ste 200, Tualatin, OR 97062PPPTerm Loan1.0%5/28/20223.1 3.1 3.1 — %
Jaron Presant, Inc.752 Juanita Ave, Santa Barbara, CA 93109PPPTerm Loan1.0%5/28/20222.0 2.0 2.0 — %
Pig Will Productions, Inc.1957 N Bronson Ave, Los Angeles, CA 90068PPPTerm Loan1.0%5/29/20221.3 1.3 1.3 — %
Construction Details, LLC5412 Planting Field Lane, Flowery Branch, GA 30542PPPTerm Loan1.0%5/29/20222.1 2.1 2.1 — %
Dawn Coleman-Hyman2505 E 7 st, Long Beach, CA 90804PPPTerm Loan1.0%5/29/20221.2 1.2 1.2 — %
Benjamin Leshin, M.D. P.C.1267 Willis St, Redding, CA 96001PPPTerm Loan1.0%5/29/20222.1 2.1 2.1 — %
F-134
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Don Dietrich Inc.240 Main St, Nyack, NY 10960PPPTerm Loan1.0%5/29/20223.3 3.3 3.3 — %
Shalik, Morris & Company, LLC80 Crossways Park Dr W, Woodbury, NY 11797PPPTerm Loan1.0%5/29/2022108.3 108.3 108.3 0.03 %
Strategic Code Solutions LLC182 Summer St, Box 355, Kingston, MA 2364PPPTerm Loan1.0%5/29/20221.7 1.7 1.7 — %
Elizabeth W. Shull2600 Wamath Drive, Charlotte, NC 28210PPPTerm Loan1.0%5/29/20221.7 1.7 1.7 — %
MANHATTAN RETINA & EYE CONSULTANTS67 E 78th St, Unit 1c, New York, NY 10075PPPTerm Loan1.0%5/29/20222.8 2.8 2.8 — %
TPR Ent. LTD644 Fayette Ave, Mamaroneck, NY 10543PPPTerm Loan1.0%5/29/20226.0 6.0 6.0 — %
Michael E. Cindrich, Attorney At Law225 Broadway, Ste 2100, San Diego, CA 92101PPPTerm Loan1.0%5/29/20225.0 5.0 5.0 — %
HCMA Consultants, Inc.1802 Harper Rd, Ste 102, Beckley, WV 25801PPPTerm Loan1.0%5/29/202214.5 14.5 14.5 — %
Electric Sales Associates, Inc2121 N Commerce Pkwy, Weston, FL 33326PPPTerm Loan1.0%5/29/202220.0 20.0 20.0 0.01 %
Derco Construction, Inc.1771 Blount Rd, #509, Pompano Beach, FL 33069PPPTerm Loan1.0%5/29/20225.3 5.3 5.3 — %
Brink Design LLC1088 Longley Ave NW, Atlanta, GA 30318PPPTerm Loan1.0%5/29/20222.9 2.9 2.9 — %
7D Surgical USA Inc.2711 Centerville Rd, Ste 400, Wilmington, DE 19808PPPTerm Loan1.0%5/29/202225.2 25.2 25.2 0.01 %
BY BABBA Inc6 St Johns Ln, New York, NY 10013PPPTerm Loan1.0%5/29/20226.9 6.9 6.9 — %
Joseph W Robb DDS Inc A Dental Corp56 Penny Lane, Ste A, Watsonville, CA 95076PPPTerm Loan1.0%5/29/20229.5 9.5 9.5 — %
Stix,LLC7805 NW Beacon Square Blvd, Ste 201, Boca Raton, FL 33487PPPTerm Loan1.0%5/29/20223.3 3.3 3.3 — %
LB Eatery, LLC1781 Village Ln N, Wantagh, NY 11793PPPTerm Loan1.0%5/29/20223.9 3.9 3.9 — %
DRAWINGROOM LLC73 Milland Dr, Mill Valley, CA 94941PPPTerm Loan1.0%5/29/20222.1 2.1 2.1 — %
NOVA Fisheries, Inc.2532 Yale Ave. E, Seattle, WA 98102PPPTerm Loan1.0%5/29/20223.1 3.1 3.1 — %
POTOMAC GLEN DAY SCHOOL9908 S Glen Rd, Potomac, MD 20854PPPTerm Loan1.0%5/29/202213.9 13.9 13.9 — %
SLS Partners Inc6844 Spyglass Ln, Rancho Santa Fe, CA 92067PPPTerm Loan1.0%5/29/20222.7 2.7 2.7 — %
Steve Kupfer Consulting290 6th Ave, Brooklyn, NY 11215PPPTerm Loan1.0%5/29/20222.1 2.1 2.1 — %
Dreyfus Advisors, LLC448 Springer Rd., Fairfield, CT 6824PPPTerm Loan1.0%5/29/20222.1 2.1 2.1 — %
Hawk Management LLC2305 W Horizon Ridge Pkwy, #2024, Henderson, NV 89052PPPTerm Loan1.0%5/29/202218.9 18.9 18.9 0.01 %
F-135
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Lenat & Partners, Inc.1633 Old Bayshore Hwy, Ste 220, Burlingame, CA 94010PPPTerm Loan1.0%5/29/20221.5 1.5 1.5 — %
Knock Out Productions Inc.21425 Dumetz Rd, Woodland Hills, CA 91364PPPTerm Loan1.0%5/29/20222.3 2.3 2.3 — %
Southside Cleaning Service, Inc.2969 Riverwood Terrace, Birmingham, AL 35242PPPTerm Loan1.0%5/29/20220.6 0.6 0.6 — %
DELUCA MASONRY CONSTRUCTION LLC4 Stone Cir, Norwood, MA 2062PPPTerm Loan1.0%5/29/20223.4 3.4 3.4 — %
Atlanta Consulting Engineers, Inc.500 Sun Valley Drive, Unit G2, Roswell, GA 30076PPPTerm Loan1.0%5/29/20229.3 9.3 9.3 — %
Sirockman Management LLC1600 Northside Dr NW, Ste 100, Atlanta, GA 30318PPPTerm Loan1.0%5/29/20222.1 2.1 2.1 — %
Nicholas Thaler PHD2950 S Bentley Ave, Unit 10, Los Angeles, CA 90064PPPTerm Loan1.0%5/29/20222.2 2.2 2.2 — %
Atlas Compensation Partners , LLC.2200 Anna Mae Drive, Coraopolis, PA 15108PPPTerm Loan1.0%5/29/20221.0 1.0 1.0 — %
Scelsi & Associates LLC76 E Euclid Ave, Haddonfield, NJ 8033PPPTerm Loan1.0%5/29/20229.9 9.9 9.9 — %
Headhunter Inc3380 SW 11th AVE, FT LAUDERDALE, FL 33315PPPTerm Loan1.0%5/29/202278.2 78.2 78.2 0.02 %
Hi Point, LLC10798 LONESOME DOVE TRAIL, Waxahachie, TX 77808PPPTerm Loan1.0%5/29/20222.8 2.8 2.8 — %
Construction Solutions and Services LLC7698 Hoffy Cir, Lake Worth, FL 33467PPPTerm Loan1.0%5/29/20221.1 1.1 1.1 — %
Curtis A Mellon, ReMax Anchor, MLS Detectives Group3941 Tamiami Trail, Ste 3121, Punta Gorda, FL 33950PPPTerm Loan1.0%5/29/20224.1 4.1 4.1 — %
Vicarious Music LLC70 Berry St, Ste 2C, Brooklyn, NY 11249PPPTerm Loan1.0%5/29/20220.6 0.6 0.6 — %
Raidah Hudson Dentistry4374 S Laburnum Ave, Richmond, VA 23231PPPTerm Loan1.0%5/29/20222.5 2.5 2.5 — %
Clifton Triplett90 S Tranquil Path, Spring, TX 77380PPPTerm Loan1.0%5/29/20223.7 3.7 3.7 — %
Benton Oil & Gas LLC2700 Post Oak Blvd, #2700, Houston, TX 77056PPPTerm Loan1.0%5/29/20220.6 0.6 0.6 — %
TLM Equities LLC8 Saddle Ridge Rd, Old Westbury, NY 11568PPPTerm Loan1.0%5/29/20222.0 2.0 2.0 — %
Xtreme Acro and Cheer Inc.14702 Southlawn Ln, Rockville, MD 20850PPPTerm Loan1.0%5/29/20225.0 5.0 5.0 — %
Jeffrey Bayer CPA, P.C.240 Kent Ave, Brooklyn, NY 11249PPPTerm Loan1.0%5/29/20222.2 2.2 2.2 — %
Josefa  F Simkin266 Green Valley Rd, Freedom, CA 95019PPPTerm Loan1.0%5/29/20221.2 1.2 1.2 — %
Calgo Mfg Inc9930 Research Drive, Ste 100, Irvine, CA 92618PPPTerm Loan1.0%5/29/20222.0 2.0 2.0 — %
Haley Glazer Geriatric Care Management, LLC40 Bradway Ave, Ewing Township, NJ 8618PPPTerm Loan1.0%6/1/20223.3 3.3 3.3 — %
F-136
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Snipers Lacrosse Inc1024 W Heritage Club Cir, Delray Beach, FL 33483PPPTerm Loan1.0%6/1/20222.6 2.6 2.6 — %
Makena Tech Solutions, Inc232 N Lone Hill Ave, Glendora, CA 91741PPPTerm Loan1.0%6/1/20223.9 3.9 3.9 — %
Michael A Friedman, MD2675 N Decatur Rd, Decatur, GA 30033PPPTerm Loan1.0%6/1/20221.7 1.7 1.7 — %
Kevin A. Swersey Wine Consultant, Inc.612 Pondside Dr, White Plains, NY 10607PPPTerm Loan1.0%6/1/20220.2 0.2 0.2 — %
Clozd2801 N Thanksgiving Way, Ste 190, Lehi, UT 84043PPPTerm Loan1.0%6/1/202210.6 10.6 10.6 — %
Triple Aught Foundation24052 Watergap Rd, Hiko, NV 89017PPPTerm Loan1.0%6/1/20226.7 6.7 6.7 — %
Bonsecours Productions Inc.420 Riverside Drive, New York, NY 10025PPPTerm Loan1.0%6/1/20221.2 1.2 1.2 — %
Tova1 Corp21 S Hope Chapel Rd, Jackson Township, NJ 8527PPPTerm Loan1.0%6/1/20228.4 8.4 8.4 — %
Exclusive 30A Rentals, LLC20 Mark Twain lane, Inlet Beach, FL 32461PPPTerm Loan1.0%6/1/20228.7 8.7 8.7 — %
Eric Fischl3724 24th St, #113, Long Island City, NY 11101PPPTerm Loan1.0%6/1/20221.9 1.9 1.9 — %
Senior Resouces Guide LLCPO Box 6027, Denver, CO 80206PPPTerm Loan1.0%6/1/20222.7 2.7 2.7 — %
Lori B. Birndorf, D.O., A Medical Corporation12139 Riverside Drive, Valley Village, CA 91607PPPTerm Loan1.0%6/1/20223.0 3.0 3.0 — %
James E. Schad260 Hampton Farms Ct NE, Marietta, GA 30068PPPTerm Loan1.0%6/1/20222.1 2.1 2.1 — %
VCSC11627 Versailles Lakes Ln, Houston, TX 77082PPPTerm Loan1.0%6/1/20222.4 2.4 2.4 — %
MRV Associates19 Fox Meadow Rd, Scarsdale, NY 10583PPPTerm Loan1.0%6/1/20222.1 2.1 2.1 — %
Welles & Montgomery LLC770 Wildwood Rd NE, Atlanta, GA 30324PPPTerm Loan1.0%6/1/20220.7 0.7 0.7 — %
Lubin & Meyer, PC100 City Hall Plaza, Boston, MA 2108PPPTerm Loan1.0%6/1/202263.0 63.0 63.0 0.02 %
Broomstick Productions Inc10866 Wilshire Blvd, 10th Floor, Los Angeles, CA 90024PPPTerm Loan1.0%6/1/20222.1 2.1 2.1 — %
LAUREL RACQUET AND HEALTH CLUB INC204 Fort Meade Rd, Laurel, MD 20707PPPTerm Loan1.0%6/1/20225.3 5.3 5.3 — %
Special Events Staffing1015 N Lake Ave, Ste 205, Pasadena, CA 91104PPPTerm Loan1.0%6/1/202254.6 54.6 54.6 0.02 %
BOWIE RACQUET AND FITNESS CLUB, INC100 White Marsh Park Dr, Bowie, MD 20715PPPTerm Loan1.0%6/1/202228.1 28.1 28.1 0.01 %
Tiny Transformations222 N Henry St, Apt 2, Brooklyn, NY 11222PPPTerm Loan1.0%6/1/20220.5 0.5 0.5 — %
JAM Marketing, Inc.736 Broadway, 4th Floor, New York, NY 10003PPPTerm Loan1.0%6/1/20221.1 1.1 1.1 — %
F-137
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Schroeder Arts Consulting LLC35 W 90th St, Ste 9F, New York, NY 10024PPPTerm Loan1.0%6/1/20222.1 2.1 2.1 — %
CATHY FRANKLIN124 EAST 92ND St, NEW YORK, NY 10128PPPTerm Loan1.0%6/1/20222.1 2.1 2.1 — %
R.E. Hazard Contracting Company401 B St, Ste 2400, San Diego, CA 92101PPPTerm Loan1.0%6/1/20226.3 6.3 6.3 — %
Sterling Creek Energy LLC308 N Colorado St, Ste 200, Midland, TX 79701PPPTerm Loan1.0%6/1/20221.6 1.6 1.6 — %
J. B. GOOD RESOURCES, LLC257 Abercorn Circle, Chapel Hill, NC 27516PPPTerm Loan1.0%6/1/20221.1 1.1 1.1 — %
Bull City Sue228 Pineview Rd, Durham, NC 27707PPPTerm Loan1.0%6/1/20221.0 1.0 1.0 — %
Get Wired Tec, Inc.2192 Lysander Ave, Simi Valley, CA 93065PPPTerm Loan1.0%6/1/20224.0 4.0 4.0 — %
A&J Enterprises, Inc.250 Columbine Unit 503, Denver, CO 80206PPPTerm Loan1.0%6/1/20222.2 2.2 2.2 — %
Steven F. Stratton200 E Randolph St, Chicago, IL 60601PPPTerm Loan1.0%6/1/20222.1 2.1 2.1 — %
Colgate McCallum Advisors Inc5440 Harvest Hill Rd., #253, Dallas, TX 75230PPPTerm Loan1.0%6/1/202214.6 14.6 14.6 — %
Hafner Research Associates LLC12 Quarry Ridge Rd, Sandy Hook, CT 6482PPPTerm Loan1.0%6/1/20221.8 1.8 1.8 — %
JD Digital Documentation408 E. 4th St, Ste 301A, Bridgeport, PA 19405PPPTerm Loan1.0%6/1/20223.6 3.6 3.6 — %
Richard A Stevenson DDS6851 Belfort Oaks Pl, Jacksonville, FL 32216PPPTerm Loan1.0%6/1/20224.2 4.2 4.2 — %
Eco Tekk21136 N Andover Rd, Kildeer, IL 60047PPPTerm Loan1.0%6/1/20224.5 4.5 4.5 — %
Franz Weber, Inc.PO Box 34000, Reno, NV 89533PPPTerm Loan1.0%6/1/20222.2 2.2 2.2 — %
Bailey and Owens Construction2649 Valleydale Rd, Birmingham, AL 35244PPPTerm Loan1.0%6/1/202217.5 17.5 17.5 0.01 %
Levin's Crosstown Supply Corp.1347 Boston Rd, Bronx, NY 10456PPPTerm Loan1.0%6/1/20226.5 6.5 6.5 — %
Egan-Wagner Corporation2929 Two Paths Dr, Woodridge, IL 60517PPPTerm Loan1.0%6/1/20224.4 4.4 4.4 — %
MW Engineering2001 W Alameda Dr, Ste 201, Tempe, AZ 85282PPPTerm Loan1.0%6/1/20226.6 6.6 6.6 — %
New Soho Gallery Inc., DBA Julie Saul Projects1133 Broadway, Ste 733, New York, NY 10010PPPTerm Loan1.0%6/1/20222.1 2.1 2.1 — %
Judy DeCanio171 E 77th St, New York, NY 10075PPPTerm Loan1.0%6/1/20222.0 2.0 2.0 — %
Fedbiz Consulting Inc.47522 Coldspring Pl, Sterling, VA 20165PPPTerm Loan1.0%6/1/20224.3 4.3 4.3 — %
Quad Cities Autism Center Inc2430 6th Ave, Moline, IL 61265PPPTerm Loan1.0%6/1/202214.6 14.6 14.6 — %
The On The Line Company, Inc101 Arch St, Ste 225, Boston, MA 2110PPPTerm Loan1.0%6/1/20229.7 9.7 9.7 — %
F-138
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
FVC Associates Exec.Dev.&Strategy, Inc.97 Aldrich St, Boston, MA 2131PPPTerm Loan1.0%6/1/20222.1 2.1 2.1 — %
Barnhill Chiropractic Clinic5270 Northwest 34th Blvd., Gainesville, FL 32605PPPTerm Loan1.0%6/1/20223.3 3.3 3.3 — %
Guest Associates, Inc.2707 Artie St SW, Bldg 300, Ste 2, Huntsville, AL 35805PPPTerm Loan1.0%6/1/20223.8 3.8 3.8 — %
LG Networks Inc8111 Lyndon B Johnson Fwy, Ste 700, Dallas, TX 75251PPPTerm Loan1.0%6/1/202215.1 15.1 15.1 — %
Steve Solodoff1523 Portola St, Davis, CA 95616PPPTerm Loan1.0%6/1/20222.1 2.1 2.1 — %
Orange Park Travel3657 St Johns Ave, Jacksonville, FL 32205PPPTerm Loan1.0%6/2/20226.3 6.3 6.3 — %
Alessandra Santopietro88 Leonard St, Apt 517, New York, NY 10013PPPTerm Loan1.0%6/2/20221.8 1.8 1.8 — %
Pacific Design Directions, Inc.8171 E Kaiser Blvd, Anaheim, CA 92808PPPTerm Loan1.0%6/2/202244.6 44.6 44.6 0.01 %
Paul T.C. Liu MD Inc.2233 Huntington Dr, San Marino, CA 91108PPPTerm Loan1.0%6/2/20227.5 7.5 7.5 — %
JAB Executive Services11277 Gravitation Dr, Las Vegas, NV 89135PPPTerm Loan1.0%6/2/20222.1 2.1 2.1 — %
Glyphix Studio Inc.6964 Shoup Ave, Canoga Park, CA 91307PPPTerm Loan1.0%6/2/20224.9 4.9 4.9 — %
E & J Frankel Limited612 Pondside Dr, White Plains, NY 10607PPPTerm Loan1.0%6/2/20221.5 1.5 1.5 — %
Trapwire Inc.1818 Library St, Reston, VA 20190PPPTerm Loan1.0%6/2/202224.4 24.4 24.4 0.01 %
Chitra Kumar MD5311 John F. Kennedy Blvd, West New York, NJ 7093PPPTerm Loan1.0%6/2/20222.9 2.9 2.9 — %
Robert M. Worman, P.A1200 S Pine Island Rd, Ste 220, Plantation, FL 33324PPPTerm Loan1.0%6/2/20221.2 1.2 1.2 — %
Innervision Technology Relocation Company3780 Kilroy Airport Way, Ste 200-300, Long Beach, CA 90806PPPTerm Loan1.0%6/2/20227.4 7.4 7.4 — %
Marilyn Ontell Management14 W 17th St, Ste 5S, New York, NY 10011PPPTerm Loan1.0%6/2/20220.3 0.3 0.3 — %
Residential Origination Capital Mortgage Corp.5698 Pirrone Rd, Salida, CA 95368PPPTerm Loan1.0%6/2/20224.5 4.5 4.5 — %
Jessica Weber Design Inc305 7th Ave, New York, NY 10001PPPTerm Loan1.0%6/2/20223.9 3.9 3.9 — %
TK Digital Corporation107 North 3rd St, Ste 3D, Brooklyn, NY 11249PPPTerm Loan1.0%6/2/202210.8 10.8 10.8 — %
Provino's of North Gwinnett, Inc.14485 Hopewell Rd, Alpharetta, GA 30004PPPTerm Loan1.0%6/2/202224.0 24.0 24.0 0.01 %
General Glass3646 23rd Ave S, #105, Lake Worth, FL 33461PPPTerm Loan1.0%6/2/202213.3 13.3 13.3 — %
Zola Electric Labs, Inc.555 De Haro St, San Francisco, CA 94107PPPTerm Loan1.0%6/2/202250.0 50.0 50.0 0.01 %
F-139
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Elena Napolitano MD, LLC58 Summit Ct, Westfield, NJ 7090PPPTerm Loan1.0%6/2/20221.0 1.0 1.0 — %
T-Cubed Ventures, LLC3317 P St NW, Washington, DC 20007PPPTerm Loan1.0%6/2/20220.3 0.3 0.3 — %
St. Jude Emergency Medical Group Inc.9930 Research Dr, Irvine, CA 92618PPPTerm Loan1.0%6/2/202224.5 24.5 24.5 0.01 %
Breiner Psychological Services LLC5825 Glenridge Dr, Bldg 3, Ste 101C, Atlanta, GA 30328PPPTerm Loan1.0%6/2/20221.2 1.2 1.2 — %
Spruce Street TapPO Box 1636, Asheville, NC 28802PPPTerm Loan1.0%6/2/202268.5 68.5 68.5 0.02 %
ICVM Group, INC.PO Box 761, Mattituck, NY 11952PPPTerm Loan1.0%6/2/20227.2 7.2 7.2 — %
Black Orchard Studios, LLC521 Eayrestown Rd, Southampton, NJ 8088PPPTerm Loan1.0%6/2/20221.0 1.0 1.0 — %
Prime Refrigerant Services, LLC511 Gates Creek Rd, Bradenton, FL 34212PPPTerm Loan1.0%6/2/20221.2 1.2 1.2 — %
Swiet411, Inc.247 Maxwell St, Decatur, GA 30030PPPTerm Loan1.0%6/2/20222.5 2.5 2.5 — %
Wavecrest Sales LLC501 NE Wavecrest Way, Boca Raton, FL 33432PPPTerm Loan1.0%6/2/20222.0 2.0 2.0 — %
Alarm Specialist Inc333 Old Tarrytown Rd, White Plains, NY 10603PPPTerm Loan1.0%6/2/202220.0 20.0 20.0 0.01 %
CLG LLC5108 Baroque Cir NE, Atlanta, GA 30342PPPTerm Loan1.0%6/2/20222.1 2.1 2.1 — %
HIGGINS CONSTRUCTION LLC1626 Dunkirk Ln N, Plymouth, MN 55447PPPTerm Loan1.0%6/2/20224.2 4.2 4.2 — %
RBR Associates, LLC11720 Dancliff Trce, Alpharetta, GA 30009PPPTerm Loan1.0%6/2/20222.1 2.1 2.1 — %
Life Without Fear Chiropractic Clinic LLC1925 Justice Drive, Ste 170, Lexington, KY 40509PPPTerm Loan1.0%6/2/20222.5 2.5 2.5 — %
Joseph B. Krauss, DDS3351 El Camino Real, Ste 235, Atherton, CA 94027PPPTerm Loan1.0%6/2/20229.4 9.4 9.4 — %
Flynn Gallagher Associates LLC1980 Festival Plaza Dr, Ste 770, Las Vegas, NV 89135PPPTerm Loan1.0%6/2/202223.2 23.2 23.2 0.01 %
FGR Automation, LLC1800 Sunset Harbor, Unit 1202, Miami Beach, FL 33139PPPTerm Loan1.0%6/3/20227.1 7.1 7.1 — %
Law Offices of Rajiv S Khanna PC5225 N. Wilson Blvd, Arlington, VA 22205PPPTerm Loan1.0%6/3/202231.3 31.3 31.3 0.01 %
Travel Etcetera, Inc.1107 S Fair Oaks Ave, Pasadena, CA 91105PPPTerm Loan1.0%6/3/20220.6 0.6 0.6 — %
Samantha Hundshamer8223 Leucite Ave, Rancho Cucamonga, CA 91730PPPTerm Loan1.0%6/3/20220.8 0.8 0.8 — %
Porretta/Westenhagen Living Trust6454 Van Nuys Blvd, Ste 150, Van Nuys, CA 91401PPPTerm Loan1.0%6/3/20226.9 6.9 6.9 — %
Monument Management Systems LLC2400 Sisson St, Baltimore, MD 21211PPPTerm Loan1.0%6/3/20228.8 8.8 8.8 — %
F-140
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Compass Management Services LLC1711 Parklake Village Dr, Katy, TX 77450PPPTerm Loan1.0%6/3/20221.1 1.1 1.1 — %
El Tigre Productions LLC14 West 17th St, New York, NY 10011PPPTerm Loan1.0%6/3/20221.8 1.8 1.8 — %
UVR Sculpture LLC78 Ingraham St, Brooklyn, NY 11237PPPTerm Loan1.0%6/3/20229.8 9.8 9.8 — %
Solomon Construction Consulting LLC38 Turtle Cove Ln, Huntington, NY 11743PPPTerm Loan1.0%6/3/20220.7 0.7 0.7 — %
Fisher Vista, Inc.119 Marina Ave, Ste A, Aptos, CA 95003PPPTerm Loan1.0%6/3/20223.3 3.3 3.3 — %
New York Construction Associates LLC242 West 36th St, Ste 704, New York, NY 10018PPPTerm Loan1.0%6/3/20229.8 9.8 9.8 — %
Ultimate Sports Medicine3727 Buchanan St., Ste 203, San Francisco, CA 94123PPPTerm Loan1.0%6/3/20222.1 2.1 2.1 — %
Princeton Van Service92 north main St bldg 4, WINDSOR, NJ 8561PPPTerm Loan1.0%6/3/20221.7 1.7 1.7 — %
Crescent Oil and Gas, LLC4925 Greenville Ave, Ste 600, Dallas, TX 75206PPPTerm Loan1.0%6/3/20222.1 2.1 2.1 — %
David H.C. King, M.D., Inc.320 Dardanelli Ln, Ste 23B, Los Gatos, CA 95032PPPTerm Loan1.0%6/3/20223.8 3.8 3.8 — %
Renuart Enterprises Inc. (REI)16950 SW 90th Ave, Palmetto Bay, FL 33157PPPTerm Loan1.0%6/3/20227.3 7.3 7.3 — %
Integrated risk management services, llc225 West 34th St, Ste 905, New York, NY 10122PPPTerm Loan1.0%6/3/20220.6 0.6 0.6 — %
Subterranean Hair263 W 7th St, San Pedro, CA 90731PPPTerm Loan1.0%6/3/20220.9 0.9 0.9 — %
Steven R Bateh, DMD, PA1305 N Orange Ave, #116, Green Cove Springs, FL 32043PPPTerm Loan1.0%6/3/20223.7 3.7 3.7 — %
Apache Behavioral Health Services, Inc.249 W Ponderosa St, Whiteriver, AZ 85941PPPTerm Loan1.0%6/3/2022241.1 241.1 241.1 0.07 %
Saecularia LLC1552 N Cahuenga Blvd, Los Angeles, CA 90028PPPTerm Loan1.0%6/3/20223.8 3.8 3.8 — %
Bennett Elia3304 Cole Ave, Ste 171, Dallas, TX 75204PPPTerm Loan1.0%6/3/20224.2 4.2 4.2 — %
HAssan Medical Pain Relief and Wellness Center. DBA: Hassan Spine and Sports Medicine316 Tennent Rd, Ste 202A, Morganville, NJ 7751PPPTerm Loan1.0%6/3/20221.5 1.5 1.5 — %
Mazco Ventures LLC3410 Montrose Blvd, Houston, TX 77006PPPTerm Loan1.0%6/3/20220.3 0.3 0.3 — %
Parenteau Guidance132 E 35th St, Apt 3J, New York, NY 10016PPPTerm Loan1.0%6/3/20220.9 0.9 0.9 — %
Paul Leitner MD8540 S Sepulveda Blvd, Ste 910, Los Angeles, CA 90045PPPTerm Loan1.0%6/3/20223.9 3.9 3.9 — %
Ryan Berman Advisory, LLC161 Falcon Rd, Guilford, CT 6437PPPTerm Loan1.0%6/3/20222.1 2.1 2.1 — %
F-141
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Linda Lane PR & Marketing280 Edgewood Drive, West Palm Beach, FL 33405PPPTerm Loan1.0%6/3/20221.6 1.6 1.6 — %
Heath Tinsley1595 Sailing Club Rd, Camden, SC 29020PPPTerm Loan1.0%6/3/20220.4 0.4 0.4 — %
Innovative Waste Solutions LLC10300 W Charleston Blvd, Ste 13-B4, Las Vegas, NV 89135PPPTerm Loan1.0%6/3/20220.3 0.3 0.3 — %
over the moon619 Valley Rd, Montclair, NJ 7043PPPTerm Loan1.0%6/3/20223.4 3.4 3.4 — %
Fiber Connect LLC12 Buckingham Lane, Monterey, MA 1245PPPTerm Loan1.0%6/3/20224.7 4.7 4.7 — %
Dr. Stuart Schlisserman, MD211 Quarry Rd, Ste 203 MC5993, Stanford, CA 94304PPPTerm Loan1.0%6/3/20224.5 4.5 4.5 — %
Griffin Land Corp.115 North St, Ste 40, Litchfield, CT 6759PPPTerm Loan1.0%6/4/20222.1 2.1 2.1 — %
Mohlar Hurley Partners608 Santa Monica Blvd, Santa Monica, CA 90401PPPTerm Loan1.0%6/4/20221.8 1.8 1.8 — %
Avlis Partners LLC900 Golf View Ct, Dacula, GA 30019PPPTerm Loan1.0%6/4/20222.6 2.6 2.6 — %
G2 Computers LLC1116 Taylorsville Rd, Washington Crossing, PA 18977PPPTerm Loan1.0%6/4/20222.4 2.4 2.4 — %
Children's Dispensary & Hospital Association812 E Lasalle Ave, South Bend, IN 46617PPPTerm Loan1.0%6/4/20222.2 2.2 2.2 — %
Realign by Randee, Inc.730 Crystal Ct, Weston, FL 33326PPPTerm Loan1.0%6/4/20220.4 0.4 0.4 — %
Breckenridge Technologies, LLC2333 San Ramon Valley Blvd, Ste 460, San Ramon, CA 94583PPPTerm Loan1.0%6/4/20226.9 6.9 6.9 — %
Chris Soukas Furs LLC1050 Point Seaside Dr, Crystal Beach, FL 34681PPPTerm Loan1.0%6/4/20224.2 4.2 4.2 — %
BRAS NW INC317 NW Gilman Blvd, Ste 44, Issaquah, WA 98027PPPTerm Loan1.0%6/4/20221.1 1.1 1.1 — %
Metal Oxide Technologies LLC8807 Emmott Rd, Ste 100, Houston, TX 77040PPPTerm Loan1.0%6/4/202225.2 25.2 25.2 0.01 %
Social Leadia427 Country Ln, Louisville, KY 40207PPPTerm Loan1.0%6/4/20220.6 0.6 0.6 — %
Prime Sales & Marketing, Inc.3211 University Blvd SE, Ste A, Albuquerque, NM 87106PPPTerm Loan1.0%6/4/202224.7 24.7 24.7 0.01 %
Vreeke & Associates845 E Easy St., Ste 101, Simi Valley, CA 93065PPPTerm Loan1.0%6/4/20228.8 8.8 8.8 — %
THE MYOCARDITIS FOUNDATION3518 Echo Mountain Dr, Kingwood, TX 77345PPPTerm Loan1.0%6/4/20222.2 2.2 2.2 — %
Gerald A. Field d/b/a Gerald A. Field, Attorney at Law11 Asylum St, Hartford, CT 6103PPPTerm Loan1.0%6/4/20221.6 1.6 1.6 — %
Lisa Segmiller17211 Bellhaven Walk Ct, Charllote, NC 28277PPPTerm Loan1.0%6/4/20221.2 1.2 1.2 — %
F-142
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
MAYATEX, INC.5015 S IH 35, Georgetown, TX 78626PPPTerm Loan1.0%6/4/20224.7 4.7 4.7 — %
Rock Bottom Productions1125 E Broadway, #249, Glendale, CA 91205PPPTerm Loan1.0%6/4/20221.4 1.4 1.4 — %
Franciscan Poor Clares720 HENRY CLAY AVE, NEW ORLEANS, LA 70118PPPTerm Loan1.0%6/4/20222.0 2.0 2.0 — %
SKYMINA LLC3105 Cedar Rd, Yorktown Heights, NY 10598PPPTerm Loan1.0%6/4/20222.1 2.1 2.1 — %
Guardian Consulting Services, Inc.3333 New Hyde Park Rd, Ste 202, New Hyde Park, NY 11042PPPTerm Loan1.0%6/4/20228.0 8.0 8.0 — %
Kitty and Vibe, Inc126 13th St, 3rd Floor, Brooklyn, NY 11215PPPTerm Loan1.0%6/4/20220.6 0.6 0.6 — %
Oncology and Hematology Associates of Central Jersey PA2177 OAK TREE RD, Ste 104, Edison, NJ 8820PPPTerm Loan1.0%6/4/202212.0 12.0 12.0 — %
Serlin Consulting LLC1445 Gordon Terrace, Deerfield, IL 60015PPPTerm Loan1.0%6/4/20222.1 2.1 2.1 — %
Amanda Thompson Design4676 Dovefield Ln, Kannapolis, NC 28081PPPTerm Loan1.0%6/4/20220.3 0.3 0.3 — %
Cartoon Collections, LLC155 E 44th St, 29th Floor, New York, NY 10017PPPTerm Loan1.0%6/4/20224.4 4.4 4.4 — %
Farrell Remodeling, Inc.148 2nd St, Los Altos, CA 94022PPPTerm Loan1.0%6/4/202215.4 15.4 15.4 — %
Aircel LLC3033 Riviera Dr, Ste 101, Naples, FL 34103PPPTerm Loan1.0%6/4/202235.0 35.0 35.0 0.01 %
Make 3 Architecture1075 Brady Ave NW, Atlanta, GA 30318PPPTerm Loan1.0%6/4/20224.0 4.0 4.0 — %
Edgewater Services Co Ltd225 Greenfield Pkwy, Ste 202, Liverpool, NY 13088PPPTerm Loan1.0%6/4/20223.7 3.7 3.7 — %
Eva Davis4403 Chase Ave, Bethesda, MD 20814PPPTerm Loan1.0%6/4/20222.1 2.1 2.1 — %
Human Capital Management and Performance, LLC.6506 Mebane Oaks Rd, Mebane, NC 27302PPPTerm Loan1.0%6/4/20222.1 2.1 2.1 — %
Robert Spransy CPA257 Abercorn Cir, Chapel Hill, NC 27516PPPTerm Loan1.0%6/4/20221.5 1.5 1.5 — %
Unity Worldwide Ministries Eastern Region800 Blanton Ave, Richmond, VA 23221PPPTerm Loan1.0%6/4/20220.8 0.8 0.8 — %
Melanie S. Francis, LCSW116 W 23rd St., 5th Floor, New York, NY 10011PPPTerm Loan1.0%6/4/20221.6 1.6 1.6 — %
Fry Investment Company4241 N Winfield Scott Plaza, #201, Scottsdale, AZ 85251PPPTerm Loan1.0%6/4/202213.9 13.9 13.9 — %
RAZL LLC45 Coldstream Cir, Lincolnshire, IL 60069PPPTerm Loan1.0%6/4/20222.1 2.1 2.1 — %
New Experience1029 N Peachtree Parkway 268, Peachtree City, GA 30269PPPTerm Loan1.0%6/4/20226.9 6.9 6.9 — %
F-143
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Enhanced Affordable Management Company, LLC4221 Wilshire Blvd, Ste 260, Los Angeles, CA 90010PPPTerm Loan1.0%6/4/202212.0 12.0 12.0 — %
Socorro Corp900 Wilshire Blvd, Ste 2400, Los Angeles, CA 90017PPPTerm Loan1.0%6/4/20222.1 2.1 2.1 — %
Amanda Lopez23411 aliso viejo parkway, Aliso Viejo, CA 92656PPPTerm Loan1.0%6/4/20220.5 0.5 0.5 — %
Brodeur Kazanjian Beauty & Fashion LLC dba Queen Beauty1675 E Morten Ave, #4112, Phoenix, AZ 85020PPPTerm Loan1.0%6/4/20225.9 5.9 5.9 — %
Charm City Cakes2936 Remington Ave, Baltimore, MD 21211PPPTerm Loan1.0%6/4/20225.5 5.5 5.5 — %
James Reinish & Associates, Inc.25 E 73rd St, New York, NY 10021PPPTerm Loan1.0%6/5/20223.4 3.4 3.4 — %
Moody Creek Farms LLC31257 VIA MARIA ELENA, Bonsall, CA 92003PPPTerm Loan1.0%6/5/202235.4 35.4 35.4 0.01 %
YMCA of West San Gabriel Valley401 East Corto St, Alhambra, CA 91801PPPTerm Loan1.0%6/5/202215.7 15.7 15.7 — %
National Postdoctoral Association15800 Crabbs Branch Way, Derwood, MD 20855PPPTerm Loan1.0%6/5/20223.7 3.7 3.7 — %
Laura A. Brevetti575 5th Ave, 14th Floor, New York, NY 10017PPPTerm Loan1.0%6/5/20223.0 3.0 3.0 — %
Superius Securities Group Inc94 Grand Ave, Englewood, NJ 7631PPPTerm Loan1.0%6/5/20224.4 4.4 4.4 — %
CATWALK, LLC fka VITRINE LLC4300 Stevens Creek Blvd, Ste 126, San Jose, CA 95129PPPTerm Loan1.0%6/5/20220.6 0.6 0.6 — %
Michelle Frost Real Estate Sales3113 Roswell Rd, Ste 101, Marietta, GA 30062PPPTerm Loan1.0%6/5/20222.1 2.1 2.1 — %
Nezhat Medical Center P.C.5555 Peachtree Dunwoody Rd, Ste #276, Atlanta, GA 30342PPPTerm Loan1.0%6/5/20228.3 8.3 8.3 — %
MS-IR LLC88 Morningside Ave, Ste 7A, New York, NY 10027PPPTerm Loan1.0%6/5/20222.1 2.1 2.1 — %
Michael S. Blank Realty1870 Baldwin Rd. - Unit 69, Yorktown Heights, NY 10598PPPTerm Loan1.0%6/5/20221.3 1.3 1.3 — %
PDT LLC2812 Rivers Edge Rd, Louisville, KY 40222PPPTerm Loan1.0%6/5/20223.3 3.3 3.3 — %
Hrach Khudatyan MD, Inc134 N Glendale Ave, Glendale, CA 91206PPPTerm Loan1.0%6/5/20223.3 3.3 3.3 — %
Corona Jackson Refrigeration Service, Inc.59-6 Central Ave, Farmingdale, NY 11735PPPTerm Loan1.0%6/5/20222.8 2.8 2.8 — %
Hight Accounting Services LLC3209 E Wood Valley Rd NW, Atlanta, GA 30327PPPTerm Loan1.0%6/5/20220.5 0.5 0.5 — %
Seattle Ventures LLC2215 3rd Ave W, Seattle, WA 98119PPPTerm Loan1.0%6/5/20222.1 2.1 2.1 — %
Nottingham Investment Company LLLP1690 Derby Mesa Loop, Burns, CO 80426PPPTerm Loan1.0%6/5/20222.1 2.1 2.1 — %
F-144
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
CT Business Enterprises14703 Lyon Hill Ln, Huntersville, NC 28078PPPTerm Loan1.0%6/5/20220.5 0.5 0.5 — %
Sherman Law Group, a Professional Law Corporation9454 Wilshire Blvd, Beverly Hills, CA 90212PPPTerm Loan1.0%6/5/20224.2 4.2 4.2 — %
Salon Vivace VA, LLC680 Ingomar Rd, Wexford, PA 15090PPPTerm Loan1.0%6/5/202212.7 12.7 12.7 — %
Statewide Interpreters63 Milland Dr, Mill Valley, CA 94941PPPTerm Loan1.0%6/5/202211.7 11.7 11.7 — %
The Fiedler Companies, Inc.408 E 134th St, Bronx, NY 10454PPPTerm Loan1.0%6/5/20225.9 5.9 5.9 — %
Chris Matheos13726 Leadwell St, Van Nuys, CA 91405PPPTerm Loan1.0%6/5/20220.1 0.1 0.1 — %
Custom Trades Company129 Stonehedge Dr N, Greenwich, CT 6831PPPTerm Loan1.0%6/5/20220.5 0.5 0.5 — %
The JW Agency LLC707 Skokie Blvd, Ste 600, Northbrook, IL 60062PPPTerm Loan1.0%6/5/20223.6 3.6 3.6 — %
Precision Landscape Management Inc3130 Carter Jones Rd, Groveland, FL 34736PPPTerm Loan1.0%6/5/202219.0 19.0 19.0 0.01 %
Stonecrop Gardens Inc81 Stonecrop Ln, Cold Spring, NY 10516PPPTerm Loan1.0%6/5/202216.7 16.7 16.7 — %
Panache639 Pilot House Dr, Newport News, VA 23606PPPTerm Loan1.0%6/5/20227.1 7.1 7.1 — %
Justin W McClung d/b/a The McClung Group55 N Altwood Cir, Spring, TX 77382PPPTerm Loan1.0%6/5/20224.2 4.2 4.2 — %
Door Four LLC508 W 26th St, Ste 11A, New York, NY 10001PPPTerm Loan1.0%6/5/202213.2 13.2 13.2 — %
Grandview Advisors Inc.100 RIVERSIDE LN, Riverside, CT 6878PPPTerm Loan1.0%6/5/20221.5 1.5 1.5 — %
Andrew S. Gaffney Foundation245 South St, Morristown, NJ 7960PPPTerm Loan1.0%6/5/20221.4 1.4 1.4 — %
The Law Offices of Bob Camors1501 The Alameda, Ste 210, San Jose, CA 95126PPPTerm Loan1.0%6/5/20223.2 3.2 3.2 — %
Ash Health Corp316 Tennent Rd, Ste 202A, Morganville, NJ 7751PPPTerm Loan1.0%6/5/20221.7 1.7 1.7 — %
Anne T. Carlon M.D. P.C.425 E 58th St, #39A, New York, NY 10022PPPTerm Loan1.0%6/5/202212.4 12.4 12.4 — %
SDG Engineering PC121 Huntington Rd, Port Washington, NY 11050PPPTerm Loan1.0%6/5/20228.5 8.5 8.5 — %
Active Reading Clinic25 Hillcroft Way, Walnut Creek, CA 94597PPPTerm Loan1.0%6/5/20223.2 3.2 3.2 — %
JD Randall group4422 Sea Harbour Dr, Huntington Beach, CA 92649PPPTerm Loan1.0%6/5/20221.5 1.5 1.5 — %
American Friends of the Israel Museum545 5th Ave, Ste 920, New York, NY 10017PPPTerm Loan1.0%6/5/202213.2 13.2 13.2 — %
STSE - DBA Plaza Auto359 E Western Reserve Rd, Youngstown, OH 44514PPPTerm Loan1.0%6/5/20221.1 1.1 1.1 — %
F-145
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Green Rhino Recycling, LLC2809 Academy Dr SE, Auburn, WA 98092PPPTerm Loan1.0%6/5/20222.2 2.2 2.2 — %
Landmark Technologies LLC4806 S St Andrews Ln, Spokane, WA 99223PPPTerm Loan1.0%6/5/20222.8 2.8 2.8 — %
Jacqueline R. Moroco, D.D.S., M.S., P.A.4600 Linton Blvd, Ste 330, Delray Beach, FL 33445PPPTerm Loan1.0%6/5/202214.3 14.3 14.3 — %
Compacted Recycling Company LLC2809 Academy Dr SE, Auburn, WA 98092PPPTerm Loan1.0%6/5/20221.1 1.1 1.1 — %
LaFlower Construction, Inc.23888 Madison St, Torrance, CA 90505PPPTerm Loan1.0%6/5/20220.1 0.1 0.1 — %
DC Retina Docs PLLC3317 P St NW, Washington, DC 20007PPPTerm Loan1.0%6/5/20220.6 0.6 0.6 — %
Katherine W Luce1220 University Dr, Ste 104, Menlo Park, CA 94025PPPTerm Loan1.0%6/5/20221.3 1.3 1.3 — %
HYPRLABS INC.400 Concar Dr, San Mateo, CA 94402PPPTerm Loan1.0%6/5/202210.4 10.4 10.4 — %
Tmack Property Maintenance LLC14 Knollwood Dr, East Hanover, NJ 7936PPPTerm Loan1.0%6/5/20221.6 1.6 1.6 — %
Sea-Est Incorporated1741 W Beaver St, Jacksonville, FL 32209PPPTerm Loan1.0%6/8/202225.6 25.6 25.6 0.01 %
Gwinnett Cemeteries, LLC103 Crestview Church Rd, Warner Robins, GA 31088PPPTerm Loan1.0%6/8/202216.5 16.5 16.5 — %
Clint Dewey155 E 31st St, Apt 4S, New York, NY 10016PPPTerm Loan1.0%6/8/20222.1 2.1 2.1 — %
KP Auto Repair LLC12917 Percheron Ln, Oak Hill, VA 20171PPPTerm Loan1.0%6/8/20221.3 1.3 1.3 — %
Michael S Chlopak1 Claridge Drive, Apt PH 14, Verona, NJ 7044PPPTerm Loan1.0%6/8/20221.4 1.4 1.4 — %
Morgan Blakeley LLC255 Saint Paul St, Apt #220, Denver, CO 80206PPPTerm Loan1.0%6/8/20220.7 0.7 0.7 — %
Frank Nicholson Inc.360 Massachusetts Ave, Acton, MA 1720PPPTerm Loan1.0%6/8/20228.6 8.6 8.6 — %
John Merrick3209 Centenary Ave, Dallas, TX 75225PPPTerm Loan1.0%6/8/20222.0 2.0 2.0 — %
Music Center Inc. dba Haight Ashbury Music Center; dba Gelb Music722 El Camino Real, Redwood City, CA 94063PPPTerm Loan1.0%6/8/20229.5 9.5 9.5 — %
Korhan Beba17 Oak Hill Rd, Branchburg, NJ 8853PPPTerm Loan1.0%6/8/20220.5 0.5 0.5 — %
Grenville Owners Corp.225 Bennett Ave, Ste 1K, New York, NY 10040PPPTerm Loan1.0%6/8/20223.2 3.2 3.2 — %
Camfed U.S.A. Foundation466 Geary St, Ste 400, San Francisco, CA 94102PPPTerm Loan1.0%6/8/202218.2 18.2 18.2 0.01 %
National Roofing1237 Circle Ave, Forest Park, IL 60130PPPTerm Loan1.0%6/8/202252.5 52.5 52.5 0.02 %
Dental Designs of Naples5048 Tamiami Trail N, Naples, FL 34103PPPTerm Loan1.0%6/9/202221.1 21.1 21.1 0.01 %
F-146
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Ronald A. Williams Ltd5540 Falmouth St Ste 303, Richmond, VA 23230PPPTerm Loan1.0%6/9/20223.8 3.8 3.8 — %
National Foundation for Infectious Diseases (NFID)7201 Wisconsin Ave, Ste 750, Bethesda, MD 20814PPPTerm Loan1.0%6/9/20229.9 9.9 9.9 — %
The Junior League of Pensacola, Florida, Incorporated2016 W. Garden St., Pensacola, FL 32502PPPTerm Loan1.0%6/9/20220.5 0.5 0.5 — %
David Dee Fine Arts1374 E Arlington Drive, Salt Lake City, UT 84108PPPTerm Loan1.0%6/9/20220.6 0.6 0.6 — %
HERBERT CHARLES SCHWAT1940 Biltmore St NW, Apt 32, Washington, DC 20009PPPTerm Loan1.0%6/9/20222.1 2.1 2.1 — %
ATL Advisory LLC76 Bellefair Rd, Rye Brook, NY 10573PPPTerm Loan1.0%6/9/20222.1 2.1 2.1 — %
Kushnika, Inc.14766 Live Oak Ln, Saratoga, CA 95070PPPTerm Loan1.0%6/9/20220.7 0.7 0.7 — %
Gabriella New York, LLC155 Wooster St., Unit 3W, New York, NY 10012PPPTerm Loan1.0%6/9/20223.1 3.1 3.1 — %
Luxury Destinations151 Melius Rd, Warren, CT 6754PPPTerm Loan1.0%6/9/20221.6 1.6 1.6 — %
G&A Rehab, Inc3333 Skypark Drive, Ste 220, Torrance, CA 90505PPPTerm Loan1.0%6/9/202215.8 15.8 15.8 — %
CCR Investment Group dba Equity Finance Group2271 W. Malvern ave, Ste 424, Fullerton, CA 92833PPPTerm Loan1.0%6/9/20225.1 5.1 5.1 — %
OCC installations12102 Manley St, Garden Grove, CA 92845PPPTerm Loan1.0%6/9/20220.7 0.7 0.7 — %
Charm City Cakes West8302 Melrose Ave, Los Angeles, CA 90069PPPTerm Loan1.0%6/9/20226.6 6.6 6.6 — %
Cape fear kickboxing inc7122 Market St, Ste 120, Wilmington, NC 28411PPPTerm Loan1.0%6/9/20224.9 4.9 4.9 — %
Solstice Adventure, LLC1521 Alton Rd, #802, Miami Beach, FL 33139PPPTerm Loan1.0%6/9/20220.9 0.9 0.9 — %
Standard Wedding Band Co Inc951 Franklin Ave, Garden City, NY 11530PPPTerm Loan1.0%6/10/20223.5 3.5 3.5 — %
Michigan Braille Transcribing Fund3500 N. Elm, Jackson, MI 49201PPPTerm Loan1.0%6/10/20224.7 4.7 4.7 — %
Joy DiNapoli154 Beach Ave, Larchmont, NY 10538PPPTerm Loan1.0%6/10/20221.0 1.0 1.0 — %
PJH Partners LLC455 East Paces Ferry Rd NE, Ste 214, Atlanta, GA 30305PPPTerm Loan1.0%6/10/20220.9 0.9 0.9 — %
Christine Yi111 E 30th St, Ste 8B, New York, NY 10016PPPTerm Loan1.0%6/10/20220.8 0.8 0.8 — %
Intrepid7 Quail Ridge Rd S, Rolling Hills, CA 90274PPPTerm Loan1.0%6/10/20226.9 6.9 6.9 — %
J3 Consulting, LLC1 Mountain Oaks Park, Glendale, CA 91214PPPTerm Loan1.0%6/10/20222.1 2.1 2.1 — %
Don Marshall CPA Inc3427 S Walker Ave, San Pedro, CA 90731PPPTerm Loan1.0%6/10/20221.0 1.0 1.0 — %
F-147
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Cassidy Holdings, LLC7712 Hillside Dr, La Jolla, CA 92037PPPTerm Loan1.0%6/10/20221.2 1.2 1.2 — %
AUREUS CAPITAL LLC216 E Sheridan Pl, Lake Bluff, IL 60044PPPTerm Loan1.0%6/10/20221.3 1.3 1.3 — %
Timothy F. Lester8 Forest Dr, Westport, CT 6880PPPTerm Loan1.0%6/10/20220.5 0.5 0.5 — %
Hamilton Hill LLC905 W Main St, Durham, NC 27701PPPTerm Loan1.0%6/10/20224.3 4.3 4.3 — %
Rain Wine National Corp2608 SW River Shore Dr, Port St. Lucie, FL 34984PPPTerm Loan1.0%6/10/20222.1 2.1 2.1 — %
Mora Investment Management9 W Star Island Dr, Miami Beach, FL 33139PPPTerm Loan1.0%6/10/20221.2 1.2 1.2 — %
Mark Friedman210 W 101st St, Ste 5E, New York, NY 10025PPPTerm Loan1.0%6/10/20222.1 2.1 2.1 — %
Grunberger Diamonds Incorporated98 Cutter Mill Rd, Great Neck Plaza, NY 11021PPPTerm Loan1.0%6/10/20228.4 8.4 8.4 — %
Examoto LLC125 Booth Ln, Haverford, PA 19041PPPTerm Loan1.0%6/10/20225.3 5.3 5.3 — %
Michael Slayton General Contracting, Inc232 N Lonehill Ave, Glendora, CA 91741PPPTerm Loan1.0%6/11/20221.2 1.2 1.2 — %
Joseph Haraszti2810 East Del Mar Blvd, Ste 8A, Pasadena, CA 91107PPPTerm Loan1.0%6/11/20222.9 2.9 2.9 — %
Statement Lawn and Landscape, Inc.19520 W 95th St, Lenexa, KS 66220PPPTerm Loan1.0%6/11/20221.1 1.1 1.1 — %
Alexis D. Bodenheimer205 East 92nd St, Apt 27A, New York, NY 10128PPPTerm Loan1.0%7/2/20222.1 2.1 2.1 — %
Augusta Grant Travel1428 Hemingway Place, Naples, FL 34103PPPTerm Loan1.0%7/9/20220.7 0.7 0.7 — %
NEUMENTUM, INC.250 Colorado Ave, Palo Alto, CA 94301PPPTerm Loan1.0%7/9/20224.9 4.9 4.9 — %
Paige Hoholik LLC210 St Paul St, Denver, CO 80206PPPTerm Loan1.0%7/15/20222.1 2.1 2.1 — %
Birdie Golf Ball Company208 Margate Ct, Margate, FL 33063PPPTerm Loan1.0%7/15/20220.9 0.9 0.9 — %
Rachel Dack Counseling LLC6917 Arlington Rd, #222, Bethesda, MD 20814PPPTerm Loan1.0%7/15/20221.3 1.3 1.3 — %
Law Office of Swati P Mantione, P.C.12 Thadford St, East Northport, NY 11731PPPTerm Loan1.0%7/15/20222.1 2.1 2.1 — %
Amanda Reynal Interiors1417 Walnut St, Ste D, Des Moines, IA 50309PPPTerm Loan1.0%7/15/20221.8 1.8 1.8 — %
Clark A Miller Sales LTD1205 Tuscany Ct, Alpharetta, GA 30004PPPTerm Loan1.0%7/15/20220.6 0.6 0.6 — %
Lucy McRae1340 E 6th St, Los Angeles, CA 90021PPPTerm Loan1.0%7/15/20221.7 1.7 1.7 — %
The Great Escape Room Tampa LLC300 E Madison St, #301, Tampa, FL 33602PPPTerm Loan1.0%7/15/20224.7 4.7 4.7 — %
F-148
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
Woodrow Orlando LLC DBA The Great Escape Room Orlando525 Woodstead Ct, Longwood, FL 32779PPPTerm Loan1.0%7/15/20222.0 2.0 2.0 — %
Mary Jane Marchisotto dba MJM Advisory, LLC245 E 87th St, Apt 9F, New York, NY 10128PPPTerm Loan1.0%7/15/20220.6 0.6 0.6 — %
Copperfield Investment & Development Company1721 Crystal Ann Ave, Las Vegas, NV 89106PPPTerm Loan1.0%7/15/20221.2 1.2 1.2 — %
Score OKC18509 N Meridian Ave, Edmond, OK 73012PPPTerm Loan1.0%7/15/20223.0 3.0 3.0 — %
Lead Tek Plating27555 SW Boones Ferry Rd, Wilsonville, OR 97070PPPTerm Loan1.0%7/15/202220.0 20.0 20.0 0.01 %
Dan Counts & Associates, Inc.1780 Prescott Ave, Monterey, CA 93940PPPTerm Loan1.0%7/15/20221.1 1.1 1.1 — %
Diamondback Golf Course, LLC500 Harborview Drive, Third Floor, Baltimore, MD 21230PPPTerm Loan1.0%7/15/20227.6 7.6 7.6 — %
Josh Madonick Physical Therapy86 Eucalyptus Rd, Petaluma, CA 94952PPPTerm Loan1.0%7/15/20220.3 0.3 0.3 — %
RHBerman Consulting161 Falcon Rd, Guilford, CT 6437PPPTerm Loan1.0%7/15/20222.1 2.1 2.1 — %
MPYRE HOLDING CO1723 23rd Ave, San Francisco, CA 94122PPPTerm Loan1.0%7/15/20221.7 1.7 1.7 — %
NICK A. DEFILIPPIS, PHD, PC990 Hammond Dr, Ste 575, Sandy Springs, GA 30328PPPTerm Loan1.0%7/15/20221.6 1.6 1.6 — %
Orloff Eye Group, Inc.1 Plume Grass Way, Westhampton, NY 11977PPPTerm Loan1.0%7/15/20224.8 4.8 4.8 — %
Protestant Episcopal Church In The Diocese of California2791 Driscoll Rd, Fremont, CA 94539PPPTerm Loan1.0%7/15/20222.5 2.5 2.5 — %
The Great Escape Room New York LLC1150 University Ave Bldg 5, Ste 12A, Rochester, NY 14607PPPTerm Loan1.0%7/15/20222.2 2.2 2.2 — %
K.S.M Enterprises Inc. DBA Michaels Shell2589 N Lakewood Blvd, Long Beach, CA 90815PPPTerm Loan1.0%7/15/20224.0 4.0 4.0 — %
Bobbie Baron Inc.1633 Broadway, New York, NY 10019PPPTerm Loan1.0%7/15/20222.1 2.1 2.1 — %
DEAFLINK INC57 Ludlow Ln, Palisades, NY 10964PPPTerm Loan1.0%7/15/20221.3 1.3 1.3 — %
Joseph L. Lester, M.D., P.C.2201 Evans Drive, Opelika, AL 36801PPPTerm Loan1.0%7/15/20225.5 5.5 5.5 — %
Weber Brands, LLC50 Pine Hill Rd, Great Neck, NY 11020PPPTerm Loan1.0%7/15/20222.1 2.1 2.1 — %
Robert M. Tudisco, Esq.90 Stebbins Ave, Eastchester, NY 10709PPPTerm Loan1.0%7/15/20221.4 1.4 1.4 — %
Propel A Charter Management Group Inc5200 Irwindale Ave, Irwindale, CA 91706PPPTerm Loan1.0%7/15/202229.8 29.8 29.8 0.01 %
Sunburst Decorative Rock, Inc282 Live Oak Ave, Irwindale, CA 91706PPPTerm Loan1.0%7/15/202218.3 18.3 18.3 0.01 %
Nancy R. Reinish336 Central Park West, New York, NY 10025PPPTerm Loan1.0%7/15/20222.1 2.1 2.1 — %
F-149
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
The Great Escape Room Chicago160 E Grand Ave, #400, Chicago, IL 60611PPPTerm Loan1.0%7/15/20223.9 3.9 3.9 — %
Daydream Reels LLC3615 N Kenilworth St, Arlington, VA 22207PPPTerm Loan1.0%7/15/20221.3 1.3 1.3 — %
C Sensei Group LLC1730 S Federal Hwy, Ste 280, Delray Beach, FL 33483PPPTerm Loan1.0%7/15/20222.1 2.1 2.1 — %
Dockum Research Lab, Inc844 E Mariposa St, Altadena, CA 91001PPPTerm Loan1.0%7/15/20226.4 6.4 6.4 — %
306 Hollywood LLC14 West 17th St, New York, NY 10011PPPTerm Loan1.0%7/15/20221.2 1.2 1.2 — %
Irvine Optometry17585 Harvard Ave,, Ste E, Irvine, CA 92614PPPTerm Loan1.0%7/15/20224.5 4.5 4.5 — %
Double H Farms, LLC15050 Golden Point Ln, Wellington, FL 33414PPPTerm Loan1.0%7/15/202212.9 12.9 12.9 — %
The Nashville Dermatology And Skin Cancer Clinic, P.C.2222 State St, Ste A, Nashville, TN 37203PPPTerm Loan1.0%7/15/20224.4 4.4 4.4 — %
Harper Road Treatment Center1802 Harper Rd, Ste 202, Beckley, WV 25801PPPTerm Loan1.0%7/15/20222.6 2.6 2.6 — %
Sense Education, Inc.1 W 85th St, New York, NY 10024PPPTerm Loan1.0%7/15/202212.0 12.0 12.0 — %
PR Realty Management LLC2207 Coney Island Ave, Brooklyn, NY 11223PPPTerm Loan1.0%7/15/202219.2 19.2 19.2 0.01 %
Roadtrip Productions IncOne Penn Plaza, Ste 3500, New York, NY 10119PPPTerm Loan1.0%7/15/20222.1 2.1 2.1 — %
Hirezi & Hirezi, D.M.D., P.A.4495 Baymeadows Rd, Jacksonville, FL 32217PPPTerm Loan1.0%7/15/20227.4 7.4 7.4 — %
NTR Partners Administration LLC11726 San Vicente Blvd, Ste 290, Los Angeles, CA 90049PPPTerm Loan1.0%7/15/20223.5 3.5 3.5 — %
Bartman Bros.11777 San Vicente Blvd, Ste 600, Los Angeles, CA 90049PPPTerm Loan1.0%7/15/20225.8 5.8 5.8 — %
Kleopatra Productions, Inc.4230 Gardendale, Ste 101, San Antonio, TX 78229PPPTerm Loan1.0%7/15/20222.1 2.1 2.1 — %
PHILIP F. STOTTS4985 Stonehaven Dr., Yorba Linda, CA 92887PPPTerm Loan1.0%7/15/20222.1 2.1 2.1 — %
Rajan Shah MD PA1060 BRd St, Newark, NJ 7102PPPTerm Loan1.0%7/15/20224.1 4.1 4.1 — %
Surco Products, Inc.14001 S Main St, Los Angeles, CA 90061PPPTerm Loan1.0%7/15/20227.5 7.5 7.5 — %
Joel Diaz Training Camp, LLC.40795 Adriatico Ct, Indio, CA 92203PPPTerm Loan1.0%7/15/20221.4 1.4 1.4 — %
John J. McMahon80 Main St, West Orange, NJ 7052PPPTerm Loan1.0%7/15/20222.1 2.1 2.1 — %
Auto Trim Design of Northeastern New York Inc83 Ellison St, Milton, VT 5468PPPTerm Loan1.0%7/15/20227.0 7.0 7.0 — %
Steven Robert Justman aka Steven Justman54 Banksville Rd, North Castle, NY 10504PPPTerm Loan1.0%7/15/20222.0 2.0 2.0 — %
F-150
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)
J. Li Brand LTD63 Roebling St, #6L, Brooklyn, NY 11211PPPTerm Loan1.0%7/15/20223.5 3.5 3.5 — %
John Berry Turbidy1501 Silver King Dr, Aspen, CO 81611PPPTerm Loan1.0%7/15/20222.1 2.1 2.1 — %
Hanson & Schwam Public Relations LLC9350 Wilshire Blvd, #315, Beverly Hills, CA 90212PPPTerm Loan1.0%7/15/20220.8 0.8 0.8 — %
Debra L. Holt233 NW 36th St, Miami, FL 33127PPPTerm Loan1.0%7/15/20222.1 2.1 2.1 — %
Kenneth Baer16 Millstone Dr, East Windsor, NJ 8512PPPTerm Loan1.0%7/15/20220.5 0.5 0.5 — %
Model Partner, LLC19 William Close Ct, Warwick, NY 10990PPPTerm Loan1.0%7/15/20222.1 2.1 2.1 — %
ARJ Medical LLC2827 Frontier Trail, Atlanta, GA 30341PPPTerm Loan1.0%7/15/20221.0 1.0 1.0 — %
David Raksin1010 16th St, #543, San Francisco, CA 94107PPPTerm Loan1.0%7/15/20222.1 2.1 2.1 — %
Constance Scharff8584 Blue Grouse Way, Blaine, WA 98230PPPTerm Loan1.0%7/15/20220.7 0.7 0.7 — %
Mazza Real Estate, LLC402 Page St, Cary, NC 27511PPPTerm Loan1.0%7/15/20220.8 0.8 0.8 — %
JP Davis Farms10100 Suzanne Dr, River Ridge, LA 70123PPPTerm Loan1.0%7/15/20221.2 1.2 1.2 — %
Total SBA Guaranteed Accrual Investments$15,888.9 $15,888.9 $16,747.1 4.94 %


F-151
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Non-Accrual Investments (4b)
MIT LLC(*)11 North Peach ST., Medford, OR 97504Publishing Industries (except Internet)Term LoanPrime plus 2.75%3/31/2042254.7 254.7 254.7 0.08 %
Neville Galvanizing, Inc(*)2983 Grand Ave, Pittsburgh, PA 15225Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%12/15/2042707.1 707.1 707.1 0.21 %
Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle, New York Bagle,N(*)10287 Okeechobee Blvd #13, Royal Palm Beach, FL 33411Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/23/2029101.0 101.0 101.0 0.03 %
Chavero's Auto(*)1364 E Palma Vista Drive, Palmview, TX 78572Motor Vehicle and Parts DealersTerm LoanPrime plus 6.5%10/11/202912.5 12.5 12.5 — %
Total SBA Guaranteed Non-Accrual Investments$1,075.3 $1,075.3 $1,075.3 0.32 %
Total SBA Guaranteed Investments$16,964.2 $16,964.2 $17,822.4 5.25 %
Total SBA Unguaranteed and Guaranteed Investments$437,364.1 $437,364.1 $425,570.3 125.41 %
F-152
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
Controlled Investments (5) (22)
Advanced Cyber Security Systems, LLC(*,#) (6) (21)3880 Veterans Memorial Hwy. Suite 201, Bohemia, NY 11716Data processing, Hosting, and Related Services50% Membership Interest—%— — — — — %
Term Loan3%Dec 2014381.0 381.0 — — %
Automated Merchant Services, Inc.(*,#) (7) (21)12230 Forest Hill Blvd., Wellington, FL 33414Data processing, Hosting, and Related Services100% Common Stock—%— — — — — %
CDS Business Services, Inc.(*,#) (8)1985 Marcus Ave., Lake Success, NY 11042Securities, Commodity Contracts, and Other Financial Investments and Related Activities100% Common Stock—%— — 4,428.0 — — %
Line of Credit10%Dec 20219,560.0 9,560.0 5,900.0 1.74 %
Newtek Technology Solutions, Inc.(*,#) (25)1904 W. Parkside Lane Phoenix, AZ 85027Data processing, Hosting, and Related Services100% Common Stock—%— — 19,503.7 29,999.7 8.84 %
Line of Credit10%Nov 202810,821.0 10,821.0 10,821.0 3.19 %
Line of CreditPrime plus 0.5%April 2021750.0 750.0 750.0 0.22 %
Line of CreditPrime plus 0.5%July 2022100.0 225.0 225.0 0.07 %
Newtek Insurance Agency, LLC(*,#) (13)1981 Marcus Ave., Lake Success, NY 11042Insurance Carriers and Related Activities100% Membership Interest—%— — 135.0 2,150.0 0.63 %
PMTWorks Payroll, LLC(*,#) (9)1981 Marcus Ave., Lake Success, NY 11042Data processing, Hosting, and Related Services100% Membership Interest—%— — 1,878.1 — — %
Term Loan10%Oct 2021435.0 435.0 — — %
Term Loan10%May 2022750.0 750.0 — — %
Term Loan12%May 2022500.0 500.0 — — %
Term Loan10%July 20221,000.0 1,000.0 — — %
Small Business Lending, LLC(*,#) (12)1981 Marcus Ave., Lake Success, NY 11042Securities, Commodity Contracts, and Other Financial Investments and Related Activities100% Membership Interest—%— — 598.0 9,650.4 2.84 %
Term Loan10%June 2021400.0 400.0 400.0 0.12 %
ADR Partners, LLC dba banc-serv Partners, LLC(*,#) (26)8777 Purdue Rd, Indianapolis, IN 46268Securities, Commodity Contracts, and Other Financial Investments and Related Activities100% Membership Interest—%— — 7,085.2 — — %
Newtek Merchant Solutions, LLC(#) (11)1981 Marcus Ave., Lake Success, NY 11042Data processing, Hosting, and Related Services100% Membership Interest—%— — 16,438.0 111,500.0 32.86 %
Mobil Money, LLC(#) (17)1981 Marcus Ave., Lake Success, NY 11042Data processing, Hosting, and Related Services100% Membership Interest—%— — 2,980.0 2,500.0 0.74 %
F-153
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
Controlled Investments (5) (22)
Newtek Business Lending, LLC(*,#) (10)14 East Washington St., Orlando, FL 32801
Securities, Commodity Contracts, and Other Financial Investments and Related Activities100% Membership Interest—%— — 39,912.0 43,541.8 12.83 %
Newtek Conventional Lending, LLC(#) (18) (23)1981 Marcus Ave., Lake Success, NY 11042Securities, Commodity Contracts, and Other Financial Investments and Related Activities50% Membership Interest—%— — 19,002.0 20,028.0 5.90 %
Titanium Asset Management, LLC(*,#) (14)1981 Marcus Ave., Lake Success, NY 11042Administrative and Support ServicesTerm Loan10%March 2021900.0 900.0 655.1 0.19 %
100% Membership Interest—%— — — — — %
Excel WebSolutions, LLC(*,#) (15)888 East Brighton Ave. Syracuse, NY 13205Data processing, Hosting, and Related ServicesTerm Loan10%Sept 2021159.2 159.2 — — %
100% Membership Interest—— — — — — %
POS on Cloud, LLC(#) (20)1981 Marcus Ave., Lake Success, NY 11042Data processing, Hosting, and Related ServicesTerm Loan10%Sept 2023850.0 1,050.0 1,050.0 0.31 %
50.14% Membership Interest—— — — — — %
Total Controlled Investments$26,606.2 $138,891.0 $239,171.0 70.48 %
F-154
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
Non-Control Investments (22)

EMCAP Loan Holdings, LLC(+,#) (19) (16)1140 Reservoir Ave., Cranston, RI 02920Securities, Commodity Contracts, and Other Financial Investments and Related Activities6.04% Membership Interest—%— $— $1,000.0 $1,000.0 0.29 %
ARC Metal Stamping, LLC(#)4111 Munson Hwy, Hudson, MI 49247Machinery ManufacturingTerm Loan5 Yr Tr plus 7.43%1/1/20455,447.4 5,447.4 5,447.4 1.61 %
Total Non-Control Investments$5,447.4 $6,447.4 $6,447.4 1.90 %
Total Investments$469,417.7 $582,702.5 $671,188.7 197.78 %

^ Investment has been pledged as collateral under the Securitization Trusts.
* Non-income producing security.
# Fair value determined using significant unobservable inputs.
+ Restricted security.
(1) Newtek values each unguaranteed portion of SBA 7(a) accrual loans (“Loan”) using a discounted cash flow analysis which projects future cash flows and incorporates projections for Loan pre-payments and Loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on Loan age. The recovery assumption for each Loan is specific to the discounted valuation of the collateral supporting that Loan. Each Loan’s cash flow is discounted at a rate which approximates a market yield. The Loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded PLP status from the SBA. Portions of these Loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors.
(2) The interest rates in effect on our loans as of December 31, 2020 are based off a Prime Rate equal to 3.25% and 1 month LIBOR equal to 0.14388%.
(3) Newtek values non-accrual SBA 7(a) loans using a discounted cash flow analysis of the underlying collateral which supports the loan. Management’s estimate of the 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.
(4a) Newtek values guaranteed accrual SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells accrual 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—FAIR VALUE MEASUREMENTS.
(4b) Newtek values guaranteed non-accrual loans based on the estimated recovery under the SBA guarantee, which is at cost.
(5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. or its subsidiaries owns more than 25% of the voting securities of such company. See NOTE 4—TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS in the accompanying notes to the consolidated financial statements for transactions during the year ended December 31, 2020 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.
F-155
See accompanying notes to consolidated financial statements.

(8) CDS Business Services, Inc. d/b/a Newtek Business Credit Solutions, a wholly-owned portfolio company that is part of the Company’s business finance platform, providing receivables and inventory financing and management services to small and medium size businesses; 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) PMTWorks Payroll, LLC d/b/a Newtek Payroll and Benefits Solutions (“NPS” or “PMT”), a wholly-owned portfolio company which offers an array of industry standard and competitively priced payroll management, payment and tax reporting services to SMBs; 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) Newtek Business Lending, LLC (“NBL”), a wholly-owned portfolio company that provides SBA 504 loans and financing to the SMB market for the acquisition of fixed assets; 100% owned by Newtek Business Services Holdco 6, Inc. (a subsidiary of Newtek Business Services Corp.
(11) Newtek Merchant Solutions, LLC (“NMS”) is a wholly-owned portfolio company that markets credit and debit card processing services, check approval services, processing equipment, and software; 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.).
(12) Small Business Lending, LLC (“SBL”) is a wholly-owned portfolio company that is part of the Company’s business finance platform;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.). SBL provides third-party loan servicing for SBA and non-SBA loans, and provides lending institutions with outsourced solutions for the entire SBA lending process, including credit analysis, structuring and eligibility, packaging, closing compliance and servicing. In addition, SBL provides loan and servicing solutions to other parts of the Company’s business finance platform.
(13) Newtek Insurance Agency, LLC (“NIA”), a wholly-owned portfolio company which is a retail and wholesale brokerage insurance agency, licensed in all 50 states, specializing in the sale of commercial and health/benefits lines insurance products to the small and medium size business market as well as various personal lines of insurance; 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) 100% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.)
(16) The initial acquisition date for EMCAP Loan Holdings, LLC was April 25, 2018.
(17) Mobil Money, LLC (“Mobil Money”), a wholly-owned portfolio company that provides payment processing for a merchant portfolio of taxi cabs; 100% owned by Newtek Business Services Holdco 4, Inc. (a subsidiary of Newtek Business Services Corp.).
(18) On May 20, 2019, the Company and its joint venture partner launched Newtek Conventional Lending, LLC (“NCL”) to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL is 50% owned by Newtek Commercial Lending, Inc. (a wholly-owned subsidiary of Newtek Business Services Corp.) and 50% owned by Conventional Lending TCP Holding, LLC (a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (NASDAQ:TCPC)). Deemed an investment company under the 1940 Act.
(19) 6.04% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.)
(20) 50.13% owned by Newtek Business Services Holdco 3, Inc. (a subsidiary of Newtek Business Services Corp.) and 49.87% owned by multiple non-affiliates.
(21) 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.
(22) 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.
F-156
See accompanying notes to consolidated financial statements.

(23) Non-qualifying asset under the Investment Company Act of 1940, as amended. 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, 2020, 7.7% of total assets are non-qualifying assets.
(24) 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.
(25) Newtek Technology Solutions, Inc. (“NTS”) is a wholly-owned portfolio company that provides website hosting, dedicated server hosting, cloud hosting, web design and development, internet marketing, ecommerce, data storage, backup and disaster recovery, and other related services; 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.). International Professional Marketing, Inc. (“IPM”) and Sidco, LLC d/b/a Cloud Nine Services (“SIDCO”) are wholly-owned portfolio companies which consult, strategize, design, and implement technology solutions for enterprise and commercial clients across the U.S. On January 1, 2021, IPM and SIDCO became subsidiaries of NTS. The Schedule of Investments shows IPM and SIDCO under NTS.
(26) 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.).

As of December 31, 2020, the federal tax cost of investments was $582,703,000 resulting in estimated gross unrealized gains and losses of $154,656,000 and $57,787,000, respectively.

F-157
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)271346
Global Information Technology, Inc(#)1 Cragwood Rd, South Plainfield, NJ 07080Administrative and Support ServicesTerm LoanPrime plus 2.75%12/31/2029$567.5 $567.5 $501.2 0.16 %
Nick's Country Kitchen, LLC(#)3 Flanders Rd, Bethlehem, CT 06751Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/31/2044287.5 287.5 308.3 0.10 %
Bearwaters Brewing Company(#)101 Park St, Canton, NC 28716Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/31/2044257.5 257.5 281.1 0.09 %
Pecos Entertainment LLC dba State Theater(#)421 South Oak St, Pecos, TX 79772Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%12/31/2029130.0 130.0 136.8 0.04 %
Spinnaker Vero Inc.(#)983 12th St., Vero Beach, FL 32960Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%12/30/2044787.5 787.5 814.1 0.25 %
Kiddie Garden Child Development Center, LLC(#)2809 W. Atkinson Ave, Milwaukee, WI 53209Social AssistanceTerm LoanPrime plus 2.75%12/30/204443.0 43.0 46.9 0.01 %
VIP Construction Group Inc.(#)3332 W Mulberry Drive, Mequon, WI 53092Construction of BuildingsTerm LoanPrime plus 2.75%12/30/202962.5 62.5 65.2 0.02 %
Kwik Stop dba Dilpreet Hundai(#)1001 Sacramento Ave, West Sacramento, CA 95605Gasoline StationsTerm LoanPrime plus 2.75%12/30/2044242.0 242.0 254.8 0.08 %
Jauchem & Meeh Inc.dba Gregory Meeh Design;Jermy Chernick Design;J&M S(#)524 Sackett St., Brooklyn, NY 11217Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/30/2029275.0 275.0 264.9 0.08 %
Home Decor Liquidators, LLC dba Home Decor Outlets;Home Decor Mattress(#)4187 Pleasant Hill Rd, Duluth, GA 30096Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%12/30/2029987.5 987.5 897.7 0.28 %
Destination Hope, Inc. and The Academy for Addiction Professionals, In(#)6555 NW 9th Ave, Fort Lauderdale, FL 33309Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/30/2044375.0 375.0 397.1 0.12 %
Larry J. Frick dba L & S Trucking(#)157571 E Wausau Ave, Wausau, WI 54403Truck TransportationTerm LoanPrime plus 2.75%12/30/202949.5 49.5 46.2 0.01 %
Vance Ewing LLC(#)22940 Harlan Ln, St. Robert, MO 65584Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/30/2029112.5 112.5 117.3 0.04 %
Destination Hope, Inc, TrilogyTreatment & Wellness Center, Inc(#)6555 NW 9th Ave, Fort Lauderdale, FL 33309Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/30/2029363.8 363.8 324.5 0.10 %
American Landscaping Company and Ground Effects Landscaping, LLC(#)6151 A St., Anchorage, AK 99518Administrative and Support ServicesTerm LoanPrime plus 2.75%12/27/2044646.7 646.7 713.7 0.22 %
Mankamana Holdings, LLc dba Perfect Brow Art, Mankamana Holdings, LLC(#)7302 Kirby Ave, Lubbock, TX 79424Gasoline StationsTerm LoanPrime plus 2.75%12/27/2029137.5 137.5 132.1 0.04 %
Irony LLC dba Mulberry’s Garment Care(#)2579 Fairview Ave North, Roseville, MN 55113Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/27/20291,042.5 1,042.5 925.1 0.29 %
American Landscaping Company(#)6151 A St., Anchorage, AK 99518Administrative and Support ServicesTerm LoanPrime plus 2.75%12/27/2029326.3 326.3 321.3 0.10 %
F-158
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Pro-Tek Pest Control, Inc, Pro-Tek Nurseries, LLC, Pro-Tek Irrigation(#)8712 60th Terrace South, Lake Worth, FL 33467Administrative and Support ServicesTerm LoanPrime plus 2.75%12/27/2029186.3 186.3 170.7 0.05 %
313 Air Duct LLC Dba Jouny Cleaning Services, M & J Restoration Emerge(#)25150 W Warren Ave, Dearborn Heights, MI 48127Administrative and Support ServicesTerm LoanPrime plus 2.75%12/27/2044250.0 250.0 269.6 0.08 %
313 Air Duck LLC dba Jouny Cleaning Services, M & J Restoration Emerge(#)25150 W Warren Ave, Dearborn Heights, MI 48127Administrative and Support ServicesTerm LoanPrime plus 2.75%12/27/2029162.0 162.0 151.0 0.05 %
Tatoo Tony's Under My Skin LLC(#)73 Memorial Parkway, Atlantic Highlands, NJ 07716Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/27/2044100.0 100.0 112.5 0.03 %
QXC Communications, Inc(#)4541 N Dixie Hwy, Boca Raton, FL 33431TelecommunicationsTerm LoanPrime plus 2.75%12/27/2029525.0 525.0 464.5 0.14 %
K&S Hardware mLLC dba Gopher Ace(#)1865 Wayzata Blvd, Long Lake, MN 55356Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%12/27/202962.5 62.5 61.3 0.02 %
Watearth Inc(#)3371 Glendale Blvd Ste 208, Los Angeles, CA 90039Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/27/202946.8 46.8 41.2 0.01 %
A Family Member Homecare Group Inc, A Family Member Homecare Holdings,(#)11788 Sample Rd, Coral Springs, FL 33065Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/27/2044118.8 118.8 125.4 0.04 %
Protek Pest Control, Inc. Pro-tek Nurseries LLC, Pro-Tek Irrigation(#)8712 60TH TER South, Lake Worth, FL 33467Administrative and Support ServicesTerm LoanPrime plus 2.75%12/27/2044142.5 142.5 157.4 0.05 %
Icebox Cafe L.C. and Icebox Pantry, LLC(#)219 NE 3rd St., Hallendale Beach, FL 33009Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/26/2030242.9 242.9 229.6 0.07 %
Bhatti LLC 2, Bhatti LLC(#)1451 Coral Ridge Ave, Coralville, IA 52241Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/26/2029112.5 112.5 101.3 0.03 %
Ink! Coffee Company(#)2851 Larimer St., Denver, CO 80205Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/24/2029515.3 515.3 454.3 0.14 %
Richwood Enterprises, LLC, Richwood Transport LLC, Richwood Transport(#)2564 Branch St., Middleton, WI 53562Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%12/24/2029134.2 134.2 137.4 0.04 %
Synergistic-Designs, LLC(#)493 Wilson Mill Rd, New Wilmington, PA 16142Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/24/20297.5 7.5 6.6 — %
Aitheras Aviation Group, LLC and International Aviation Sales, Ltd.(#)2301 N Marginal Rd, Cleveland, OH 44114Air TransportationTerm LoanPrime plus 2.75%12/23/2029527.5 527.5 481.7 0.15 %
Food Civilization Services LLC and 1701 W 15th St LLC(#)1701 W 15th St, Houston, TX 77008Real EstateTerm LoanPrime plus 2.75%12/23/2044150.0 150.0 167.3 0.05 %
512 E 11th Street LLC and Big Brand Management Ltd. Co.(#)512 E 11th St, Houston, TX 77008Real EstateTerm LoanPrime plus 2.75%12/23/2044333.8 333.8 366.1 0.11 %
F-159
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
The Lamkin Group LLC and National Championship Enterprises LLC(#)901 Lily Creek Rd, Ste 102, Louisville, KY 40243Rental and Leasing ServicesTerm LoanPrime plus 2.75%12/23/2029667.5 667.5 589.2 0.18 %
Chris Farley DVM PA. dba Farley Veterinary Clinic(#)6487 Taft St., Hollywood, CA 33024Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/20/202913.5 13.5 14.2 — %
Freedom Enterprises, Inc(#)2431 14th Ave SE, Watertown, SD 57201Truck TransportationTerm LoanPrime plus 2.75%12/20/2029325.0 325.0 295.5 0.09 %
Shaddai Aesthetics Inc(#)706 W 34th St., Austin, TX 78705Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/20/202918.9 18.9 16.7 0.01 %
ACC International LLC(#)200 N Furnace St, Birdsboro, PA 19508Administrative and Support ServicesTerm LoanPrime plus 2.75%12/20/2044322.5 322.5 335.2 0.10 %
Romain Tower Inc.(#)215 S Persimmon St, Tomball, TX 77375Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%12/20/2044897.5 897.5 923.6 0.29 %
Macon Arts Center LLC(#)4570 Pio Nono Ave, Macon, GA 31206Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/20/2044625.0 625.0 684.8 0.21 %
Freedom Enterprises, Inc - New RE company to be formed(#)2431 14th Ave SE, Watertown, SD 57201Truck TransportationTerm LoanPrime plus 2.75%12/20/2044207.5 207.5 226.1 0.07 %
La Tradicion Cubana Inc(#)1336 SW 8th St., Miami, FL 33135Miscellaneous Store RetailersTerm LoanPrime plus 6.5%12/20/202912.5 12.5 12.8 — %
United Capital Group LLC(#)23022 La Cadena Dr, Laguna Hills, CA 92653Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%12/19/2029322.0 322.0 295.7 0.09 %
RWBB LLC(#)4120 7th Ave, Kenosha, WI 53140Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/19/202916.7 16.7 15.6 — %
Nebulos, LLC(#)5428 Twilight Way, Parker, CO 80134Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/19/202962.5 62.5 59.8 0.02 %
New Casa Technologies, LLC(#)7928 S 70th Lane, Laveen, AZ 85339Truck TransportationTerm LoanPrime plus 2.75%12/19/20298.3 8.3 7.4 — %
MBK IT Services Inc.(#)626 Trailwood Ct., Garland, TX 75043Nonstore RetailersTerm LoanPrime plus 2.75%12/19/202921.6 21.6 22.7 0.01 %
Kuros, LLC(#)21221 Baron Lake Drive, Cedaredge, CO 81413AccommodationTerm LoanPrime plus 2.75%12/19/2044397.5 397.5 446.2 0.14 %
Kuros, LLC(#)21221 Baron Lake Drive, Cedaredge, CO 81413AccommodationTerm LoanPrime plus 2.75%3/19/20459.3 9.3 10.5 — %
GDIM Enterprises Inc dba AAMCO(#)1657 Whiskey Rd., Aiken, SC 29803Repair and MaintenanceTerm LoanPrime plus 2.75%12/19/202919.5 19.5 18.4 0.01 %
Skyfall LLC dba EZ Self Storage(#)2705 US Hwy 45 N, Henderson, TN 38340Real EstateTerm LoanPrime plus 2.75%12/18/2044146.3 146.3 164.4 0.05 %
Premier Gaming Solutions Inc(#)17 South Grand Ave, Passedena, CA 91105Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/18/202911.3 11.3 11.8 — %
Louisiana Apple, LLC, Mountain Apple, LLC, Kentucky Apple, LLC(#)3909 Ambassador Caffrey Pkwy Bldg 1, Lafayette, LA 70503Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/18/2029900.0 900.0 793.6 0.25 %
F-160
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
The Burlington Academy of Learning LLC(#)10 Covey Rd, Burlington, CT 06013Social AssistanceTerm LoanPrime plus 2.75%12/18/202950.0 50.0 52.5 0.02 %
Sago Technologies Inc. dba Jak Ecig(#)785 Woodfern Drive, Hampshire, IL 60140Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%12/17/2029235.0 235.0 246.9 0.08 %
Pamela Bruner Enterprises, LLC(#)4370 Old US 25 Hwy, Zinconia, NC 28790Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/17/202962.5 62.5 57.6 0.02 %
HADD Corp(#)364 Rugby Rd, Cedarhurst, NY 11516Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%12/17/202912.5 12.5 12.8 — %
J and K Project Management Consultants LLC(#)350 Mc Donnell St, Lewisville, TX 75057Construction of BuildingsTerm LoanPrime plus 2.75%12/16/2044313.4 313.4 350.0 0.11 %
Signco America LP & Sparkle corporation Inc.(#)7938 Wright Rd, Houston, TX 77041Miscellaneous ManufacturingTerm LoanPrime plus 2.75%12/16/20441,250.0 1,250.0 1,405.2 0.44 %
Farain Saremi dba USA Produce(#)461 G St., Los Banos, CA 93635Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%12/16/2044475.0 475.0 511.5 0.16 %
J and K Project Management Consultants dba A. C. T. Construction(#)350 Mc Donnell St, Lewisville, TX 75057Construction of BuildingsTerm LoanPrime plus 2.75%12/16/2029207.8 207.8 215.2 0.07 %
Nulane Entertainment LLC(#)4100 W. Alameda Ave # 300, Burbank, CA 91505Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/13/20297.5 7.5 6.6 — %
Dr Steven J Seidel(#)42 Campeau Place, Bergenfield, NJ 07621Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/13/202981.3 81.3 71.8 0.02 %
WURA LLC dba Dickey's Barbecue Pit(#)4325 E. University Drive Ste 40, Prosper, TX 75078Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/13/202990.8 90.8 82.1 0.03 %
Math Enrichment, LLC(#)1009 E Capitol Expressway, San Jose, CA 95121Educational ServicesTerm LoanPrime plus 2.75%12/13/2029200.0 200.0 176.3 0.05 %
Jen Macias LLC dba Duende(#)2301 NW Thurman St., Portland, OR 97210Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/13/20298.1 8.1 7.1 — %
The Crane Guys, LLC(#)14480 Alondra Blvd, La Mirada, CA 90638Rental and Leasing ServicesTerm LoanPrime plus 2.75%12/13/20291,250.0 1,250.0 1,172.8 0.36 %
The Floor Covering Warehouse, Inc(#)112 Orchard St., Stamford, CT 06902Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%12/13/2044240.0 240.0 269.8 0.08 %
Essex Indoor Golf Center LLC(#)23 Saybrook Rd, Essex, CT 06426Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/13/202978.8 78.8 73.6 0.02 %
Belle Properties Northwest, Inc.(#)223 Ave B, Snohomish, WA 98290Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/12/2044131.3 131.3 142.8 0.04 %
Stockton TRI Industries, LLC(#)2141 E Anderson St., Stockton, CA 95205Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%12/12/20441,107.5 1,107.5 1,197.0 0.37 %
Joyner5, Inc.dba British Swim School(#)1000 Settlers Landing Court, Wake Forest, NC 27587Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/12/202922.5 22.5 19.8 0.01 %
Abylex, Inc and Worpex LLC(#)7473 Reese Rd #2, Sacremento, CA 95828Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/12/204495.0 95.0 91.3 0.03 %
F-161
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Chambers Funeral Home & Crematorium PA & Riverdale Park Crematory, LLC(#)5801 Cleveland Ave, Riverdale, MD 20737Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/11/2044300.0 300.0 337.3 0.10 %
Vaughn Chiropractic, PLLC dba Catalyst Chiropractic and Rehab(#)10904 Baltimore St NE, Blaine, MN 55449Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/11/202941.5 41.5 36.7 0.01 %
CCD Construction Services LLC dba Clearwater Outdoor Design, CCD Exca(#)175 W Borgfeld Drive, San Antonio, TX 78260Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/11/2044112.5 112.5 121.0 0.04 %
Professional Plumbing Services of Nela, LLC(#)99 Plum St., West Monroe, LA 71292Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/11/202918.0 18.0 17.8 0.01 %
Ciel Du Mel LLC dba Lala's Creamery(#)134 Petaluma Blvd North, Petalumaca, CA 94952Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/10/202916.5 16.5 15.1 — %
Helping Hands Group Daycare dba Dawn to Dusk Learning and Child Care L(#)10 Tremont Rd, Tremont, PA 17981Social AssistanceTerm LoanPrime plus 2.75%12/10/204439.0 39.0 42.3 0.01 %
SLCP Transport, LLC dba Aamco(#)1407 Lomaland Drive, El Paso, TX 79935Repair and MaintenanceTerm LoanPrime plus 2.75%12/10/202962.5 62.5 59.8 0.02 %
Elita 7, LLC and Behavioral Nutrition Inc.(#)16 Marble St., Worchester, MA 01603Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%12/9/2029300.0 300.0 291.4 0.09 %
Eagle Eye Truck Lines LLC and Eagle Eye Logistics LLC(#)560 56th St SW, Grand Rapids, MI 49548Truck TransportationTerm LoanPrime plus 2.75%12/6/20291,100.0 1,100.0 983.3 0.31 %
Bay Area Metal Fabricarion LLC(#)510 -512 Stone Rd, Benicia, CA 94510Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%12/6/2029136.8 136.8 127.2 0.04 %
The Stout Group LLC(#)10850 NW 138th St, Hialeah Gardens, FL 33018Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%12/6/2029240.0 240.0 222.4 0.07 %
DB Talak LLC(#)2018 SE 6th Ave, Portland, OR 97214Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/6/2044153.5 153.5 172.6 0.05 %
Scott's Hardware, Inc., dba Medford Inc(#)200 Tuckerton Rd, Medford, NJ 08055Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 6.5%12/6/202912.5 12.5 12.8 — %
Mazhar Family, Inc dba Edible Arrangements(#)601 Portion Rd, #17, Lake Ronkonkoma, NY 11779Nonstore RetailersTerm LoanPrime plus 2.75%12/6/202967.5 67.5 60.0 0.02 %
Glen Lamb dba Lambs Tree And Plant Health Care(#)413 Pond Meadow Rd, Westbrook, CT 06498Administrative and Support ServicesTerm LoanPrime plus 2.75%12/6/202918.8 18.8 17.5 0.01 %
Natalie Enterprise Inc(#)2500 Grand Ave, Billings, MT 59102Administrative and Support ServicesTerm LoanPrime plus 2.75%12/6/202920.3 20.3 21.3 0.01 %
Wolf Pack, LLC(#)939 South 25th East, Ste. 115, Ammon, ID 83406Management of Companies and EnterprisesTerm LoanPrime plus 2.75%3/6/2030224.5 224.5 206.3 0.06 %
Ohanyan LLC dba Nestle Toll House Caf'e By Chip(#)14006 Riverside Dr. #9270, Sherman Oaks, CA 91423Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/6/202933.3 33.3 31.3 0.01 %
Clearwater Engineering Inc(#)301 N River St., Derby, KS 67037Transportation Equipment ManufacturingTerm LoanPrime plus 2.75%12/5/2029590.0 590.0 548.6 0.17 %
F-162
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Used Tire Express 1, Corp(#)437 N. Battlefield, Chesapeake, VA 23320Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%12/5/202986.3 86.3 78.8 0.02 %
Standard Capital Corp(#)2377 Wessington Drive, Virginia Beach, VA 23456Insurance Carriers and Related ActivitiesTerm LoanPrime plus 6.5%12/5/202912.5 12.5 12.8 — %
Hook Line and Schooner Vinings LLC(#)400 West Village Way #3009, Smyrna, GA 30008Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/4/202922.5 22.5 21.1 0.01 %
Soto Injury Law Firm, PA and My Attorney Inc(#)2050 Capital Circle NE Ste B, Tallahassee, FL 32308Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/3/202962.5 62.5 55.2 0.02 %
Mega Sales Detergent Distributor, LLC(#,^)1 Ackerman Ave, Clifton, NJ 07011Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%11/29/202950.0 50.0 44.1 0.01 %
Loading Arms Plus Inc(#)5401 Mitchelldale St., Ste B4, Houston, TX 77092Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/27/202979.3 79.3 70.9 0.02 %
Behind the Scenes Chicago, LLC dba Paramount Events(#)1750 W Lake St., Chicago, IL 60612Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/27/2029464.6 464.6 427.2 0.13 %
Keith E Burks dba 3B's Chalk It Up(#)22540 Foothill Boulevard, Hayward, CA 94541Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%11/27/202913.5 13.5 13.2 — %
American Bio Source, LLC dba Dieselgreen Fuels(#)2522 N Hwy 287, Decatur, TX 76234Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%11/27/202957.3 57.3 60.2 0.02 %
Codorado, Inc. dba Dentalmart(#,^)10 Glorieta Rd, Sante Fe, NM 87508Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%11/27/202910.5 10.5 9.3 — %
Alice's Tea Cup, ATC !! LLC and ATC 111, LLC(#)102 W 73rd St., New York, NY 10023Food ManufacturingTerm LoanPrime plus 2.75%11/27/2029272.5 272.5 243.4 0.08 %
Roots'n Shoots, LLC(#)86 Boston Rd, Chelmsford, MA 01824Administrative and Support ServicesTerm LoanPrime plus 2.75%11/27/202910.7 10.7 9.4 — %
Haversack Holdings LLC(#)101 S Tryon St., Charlotte, NC 28280Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/27/2029125.0 125.0 110.2 0.03 %
Kanti Group Inc, Marina 84 Sport Bar & Grill LLC and Pub 52 Sports(#)2440 Wesr State Rd 84, Fort Lauderdale, FL 33312Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/27/2029150.0 150.0 133.8 0.04 %
ADPM Inc.(#,^)77 Main St, Amesbury, MA 01913Real EstateTerm LoanPrime plus 2.75%11/26/202947.5 47.5 41.9 0.01 %
Ultra Flow Dispense, LLC(#)820 Prospect Hill Rd, Windsor, CT 06095Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%11/26/2029102.5 102.5 91.0 0.03 %
Ford Custom Renovation LLC(#,^)405 Broadway St., Muncy, PA 17756Construction of BuildingsTerm LoanPrime plus 2.75%11/26/20298.3 8.3 7.3 — %
Fullmer's Landscaping, Inc.(#)9547 W Third St., Dayton, OH 45417Administrative and Support ServicesTerm LoanPrime plus 2.75%11/26/2029195.3 195.3 178.2 0.06 %
B.S Carrier LLC and United Truck & Trailer Repair LLC(#)3716 Garman Rd, Salem, VA 24153Truck TransportationTerm LoanPrime plus 2.75%11/25/2029236.3 236.3 232.2 0.07 %
Hurricane Group, Inc.dba Crate Club Group(#)101 San Patricio Ave, Ste 860, Guaynabo, PR 00968Other Information ServicesTerm LoanPrime plus 2.75%11/25/202950.0 50.0 44.1 0.01 %
S&C Cookies, Inc(#,^)1969 Jericho Turnpike, East Northport, NY 11731Miscellaneous Store RetailersTerm LoanPrime plus 2.75%11/22/202956.3 56.3 49.7 0.02 %
F-163
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Peanut Butter & Co Inc(#,^)119 West 57th St., Ste 300, New York, NY 10019Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%11/22/2029187.5 187.5 165.3 0.05 %
Place Vendome Holding Co. Inc.dba R&F Marketing(#)308 Glenwood Rd, Swainsboro, GA 30401Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%11/22/2044434.7 434.7 433.0 0.13 %
Place Vendome Holding Co Inc.dba R&F Marketing(#)610 East Main St., Swainsboro, GA 30401Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%11/22/2029236.2 236.2 225.5 0.07 %
A&N Design Studios Inc dba Door3 Business Application(#)22 Cortlandt St., New York, NY 10007Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/22/2029122.5 122.5 113.1 0.04 %
Cum Laude Enterprises, LLC(#)15218 Penn Hills Lane, Houston, TX 77062Nonstore RetailersTerm LoanPrime plus 2.75%11/22/202919.2 19.2 18.4 0.01 %
Best Choice Meats, Inc,(#,^)12646 S Springfield Ave, Alsip, IL 60803Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%11/22/20441,344.7 1,344.7 1,458.1 0.45 %
ZUMI LLC dba Allstate Insurance(#,^)1537 W 79th St, Chicago, IL 60620Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%11/22/202912.0 12.0 12.3 — %
Weeping Willow Kennel Inc(#,^)6041 Hammond School Rd, Salisbury, MD 21804Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/21/20294.5 4.5 4.7 — %
Coral Springs Family Wellness LLC(#)2902 North University Drive, Coral Springs, FL 33065Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/21/203059.1 59.1 52.9 0.02 %
Semplice Cafe LLC(#,^)209 N Main St., Breckenridge, CO 80424Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/21/202918.0 18.0 16.2 0.01 %
The Rollin' Trapp LLC(#,^)1731 Prevatt Rd, Dothan, AL 36301Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/21/20298.0 8.0 7.5 — %
Pen's Electric Company(#)504 Fairfax Ave, Nashville, TN 37212Specialty Trade ContractorsTerm LoanPrime plus 6.5%11/21/202912.5 12.5 12.8 — %
Cobb Roofing LLC(#,^)8101 NW 10th St, Oklahoma City, OK 73127Specialty Trade ContractorsTerm LoanPrime plus 2.75%11/21/202953.7 53.7 47.3 0.01 %
Cable Management LLC(#,^)290 Pratt St., Meriden, CT 06450Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%11/20/2029137.5 137.5 127.2 0.04 %
AMH Construction, Inc.(#,^)30 South Ivey Lane, Orlando, FL 32811Construction of BuildingsTerm LoanPrime plus 2.75%11/20/202975.0 75.0 73.9 0.02 %
AMH Construction, Inc.(#,^)30 South Ivey Lane, Orlando, FL 32811Construction of BuildingsTerm LoanPrime plus 2.75%11/20/2044275.0 275.0 299.6 0.09 %
AD Learning Group, LLC dba The Learning Experience & AD Learning NH LL(#,^)181 Shunpike Rd, Cromwell, CT 06416Social AssistanceTerm LoanPrime plus 2.75%11/18/2029137.5 137.5 121.2 0.04 %
Ryan & Selena LLC dba Head of the Class Learning Center(#,^)1836 Kathleen Rd, Lakeland, FL 33805Social AssistanceTerm LoanPrime plus 2.75%11/18/2044445.5 445.5 477.1 0.15 %
SSH Princeton LLC dba Stumpy's Hatchet House of Princeton(#)745 Alexander Rd, Ste 1-3, Princeton, NJ 08540Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/15/203091.0 91.0 80.4 0.02 %
F-164
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
MToxins Venom Lab LLC(#,^)717 Oregon St., Oshkosh, WI 54902Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/15/2044101.3 101.3 106.3 0.03 %
Champions Of Diversity Media Inc dba Champions of Diversity: Politics(#,^)5100 Transamerica Drive, Columbus, OH 43228Administrative and Support ServicesTerm LoanPrime plus 2.75%11/15/204472.5 72.5 79.4 0.02 %
Lindsley Excavating LLC(#,^)92 Town Line Rd, Fulton, NY 13069Specialty Trade ContractorsTerm LoanPrime plus 2.75%11/15/2029192.5 192.5 186.3 0.06 %
The Pinnacle Development Group Inc dba The Goddard School(#)105 Springside Drive, Akron, OH 44333Social AssistanceTerm LoanPrime plus 6.5%11/14/202912.5 12.5 12.8 — %
Rockin Robin Music Lessons LLC(#,^)9029 Hwy 6 Ste 160, Missouri City, TX 77459Educational ServicesTerm LoanPrime plus 2.75%11/14/20299.3 9.3 8.2 — %
Bucklin Sumner & Associates LLC dba Bucklin Sumner & Associates LLC(#)650 NE Holladay St. Ste 1600, Portland, OR 97232Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 6.5%11/14/202912.5 12.5 12.8 — %
Winning Sales Plan Inc(#,^)17811 Fairhaven Gateway, Cypress, TX 77433Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/14/202950.0 50.0 52.5 0.02 %
Sean McNamara(#)5639 Wood Lane, Allentown, PA 18106Nonstore RetailersTerm LoanPrime plus 6.5%11/14/202912.5 12.5 12.8 — %
Ninth Avenue, LLC(#)5000 W Empire Place, Rm 916, Sioux Falls, SD 57106Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/14/203062.5 62.5 56.6 0.02 %
Adrienne's Gourmet Foods, Imagine Baking, Inc(#,^)1034 Hancock St., Sandusky, OH 44870Food ManufacturingTerm LoanPrime plus 2.75%11/12/2029529.4 529.4 523.1 0.16 %
Two Roses Salon 1, Inc.dba National Fluid Power Institute and NFPI(#,^)908 S Jefferson St., Amarillo, TX 79101Educational ServicesTerm LoanPrime plus 2.75%11/12/2029395.0 395.0 371.1 0.12 %
Ameen Enterprises, LLC dba Bargain Town(#,^)1111 E Washington St., Stephenville, TX 76401Gasoline StationsTerm LoanPrime plus 2.75%11/12/2029125.0 125.0 127.5 0.04 %
Adrienne's Gourmet Foods, Imagine Baking Inc(#,^)1034 Hancock St., Sandusky, OH 44870Food ManufacturingTerm LoanPrime plus 2.75%11/12/2044406.2 406.2 456.7 0.14 %
Potomac Nail Spa Corporation(#,^)14901 Potomac Town Place, Woodbridge, VA 22191Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/12/202952.1 52.1 46.2 0.01 %
Steven French dba French Woodworking(#,^)1101 Horizon Drive Ste 101, Fairfield, CA 94533Specialty Trade ContractorsTerm LoanPrime plus 2.75%11/12/204462.5 62.5 70.3 0.02 %
SSD Designs LLC(#,^)486 Vance St, Forest City, NC 28043Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%1/12/2030350.0 350.0 330.8 0.10 %
NJ Floats, Inc(#)327 Rte 202/206, Bedminster Township, NJ 07921Computer and Electronic Product ManufacturingTerm LoanPrime plus 2.75%5/12/204526.3 26.3 29.5 0.01 %
James Richard Farkas Jr. dba Lil Black Bear Inn(#,^)8072 State Rd 46 E, Nashville, TN 47448AccommodationTerm LoanPrime plus 2.75%11/12/2044109.3 109.3 115.5 0.04 %
HH Wireless Connect LLC(#,^)48267 Deer Trail Drive, Canton, MI 48187Electronics and Appliance StoresTerm LoanPrime plus 2.75%11/12/20298.3 8.3 7.3 — %
F-165
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Integrated Vascular Services LLC(#,^)1452 Franklin Ave, Salem, OR 44460Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%11/8/202980.0 80.0 71.0 0.02 %
Airbar Inc(#,^)5 N Station Plaza, Great Neck, NY 11021Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/8/202921.6 21.6 19.1 0.01 %
East River Plumbing, LLC(#,^)997 E Loop, Priest River, ID 83856Specialty Trade ContractorsTerm LoanPrime plus 2.75%11/8/204450.0 50.0 54.4 0.02 %
Link Rec of Minong, Inc(#,^)304 Business Hwy 53, Minong, WI 54859Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%11/7/2044393.8 393.8 431.5 0.13 %
WE MAKE DIFFERENCES, LLC(#,^)1380 Main St., Waltham, MA 02451Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/7/20296.3 6.3 6.3 — %
Link Rec of Minong, Inc(#,^)304 Business Hwy 53, Minong, WI 54859Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%11/7/2029856.3 856.3 764.8 0.24 %
Dear Valley Sports Shop LLC(#)507 Bamboo Rd, Boone, NC 28607Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 6.5%11/7/202912.5 12.5 12.8 — %
Lake Pontchartrain Properties, LLC(#,^)6001-6201 France Rd, New Orleans, LA 70126AccommodationTerm LoanPrime plus 2.75%11/7/20441,150.0 1,150.0 1,292.8 0.40 %
21 Air, LLC, 21 Cargo Inc, JW Aviation LLC, Freighter 27044 LLC(#,^)3650 NW 82 Ave, Doral, FL 33166Air TransportationTerm LoanPrime plus 2.75%11/6/20291,025.0 1,025.0 903.8 0.28 %
C&P Trading and Sales Inc(#,^)950 Peninsula Corporate Cir, Boca Raton, FL 33487Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%10/31/2029249.1 249.1 219.8 0.07 %
Sunburst Trout Farm, LLC(#,^)314 Industrial Park Drive, Waynesville, NC 28786Fishing, Hunting and TrappingTerm LoanPrime plus 2.75%10/31/2044232.4 232.4 257.9 0.08 %
11900 Marshfield Station Inc(#,^)11900 S Marshfield Ave, Calumet Park, IL 60827Gasoline StationsTerm LoanPrime plus 2.75%10/31/20441,250.0 1,250.0 1,370.0 0.43 %
D & H Construction Services, Inc.(#,^)711 Hospital St., Richmond, VA 23219Construction of BuildingsTerm LoanPrime plus 2.75%10/31/2029139.2 139.2 127.5 0.04 %
Automotive Solutions, LLC(#,^)1910 W. Dupont Rd, Fort Wayne, IN 46818Repair and MaintenanceTerm LoanPrime plus 2.75%10/31/2044297.2 297.2 322.0 0.10 %
Sunburst Trout Farm, LLC(#,^)314 Industrial Park Dr, Waynesville, NC 28786Fishing, Hunting and TrappingTerm LoanPrime plus 2.75%10/31/202967.1 67.1 70.5 0.02 %
Automotive Standard, LLC(#,^)4028 Coldwater Rd, Fort Wayne, IN 46805Repair and MaintenanceTerm LoanPrime plus 2.75%10/31/2044137.3 137.3 149.9 0.05 %
Mariscos El Oceano, Inc.(#,^)5960 S Archer Ave, Chicago, IL 60638Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/31/2044124.9 124.9 137.9 0.04 %
Maine Service Corp(#,^)59-24 22nd St., Maspeth, NY 11378Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%10/31/2029124.3 124.3 130.6 0.04 %
Guru Kirpa, Inc(#,^)3006 New Castle Ave, New Castle, DE 19720Gasoline StationsTerm LoanPrime plus 2.75%10/31/2044195.3 195.3 206.0 0.06 %
MJ Group, Inc(#,^)26691 Loma Verde, Mission Viejo, CA 92691Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%10/31/202921.2 21.2 18.8 0.01 %
Dub Industries LLC(#,^)4112 Veiled Falls Drive, Pflugerville, TX 78660Nonstore RetailersTerm LoanPrime plus 2.75%10/31/202970.6 70.6 68.0 0.02 %
F-166
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Fave Realty, Inc.(#,^)217-84 Hempstead Ave, Jamaica, NY 11429Real EstateTerm LoanPrime plus 2.75%10/31/2044116.9 116.9 131.4 0.04 %
Kerzner Contracting Corp(#,^)1620 Ocean Ave, Bohemia, NY 11716Specialty Trade ContractorsTerm LoanPrime plus 2.75%10/31/2029111.9 111.9 98.7 0.03 %
Jessie's Radiator and Automotive(#,^)1777 N Ventura Ave, Ventura, CA 93001Repair and MaintenanceTerm LoanPrime plus 2.75%10/31/202915.7 15.7 15.0 — %
The Committed Pig LLC(#,^)28 West Park Place, Morristown, NJ 07090Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/31/2029277.2 277.2 291.3 0.09 %
L& F Gullo Service Corp(#,^)520 Main St, Westbury, NY 11590Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%10/31/2029174.0 174.0 153.4 0.05 %
ABC Sandblasting, LLC(#,^)14029 56th St. NW, Williston, ND 58801Specialty Trade ContractorsTerm LoanPrime plus 2.75%10/31/2029243.6 243.6 219.8 0.07 %
Paul Wintner dba P & R Props(#,^)23901 Calabasas Rd, Calabasas, CA 91302Miscellaneous Store RetailersTerm LoanPrime plus 2.75%10/30/202955.9 55.9 49.3 0.02 %
Blue Agave & Brothers, LLC dba Blue Apachie Mexican Restaurant and Blu(#,^)905 Savoy Rd, Youngsville, LA 70592Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/30/202987.0 87.0 77.8 0.02 %
BGB Leasing Inc and BGB Leasing Co.(#,^)50 Industrial Park Rd, Princeton, KY 42445Truck TransportationTerm LoanPrime plus 2.75%10/30/20291,153.6 1,153.6 1,082.5 0.34 %
BGB Leasing Co.(#,^)50 Industrial Park Rd, Princeton, KY 42445Truck TransportationTerm LoanPrime plus 2.75%10/30/204489.9 89.9 101.1 0.03 %
Plastic Depot, Inc(#,^)363 East Alondra Blvd, Gardena, CA 90248Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%10/30/2029157.4 157.4 138.9 0.04 %
Lightning Strike Distributing, LLC dba Jedidiah's Jerky & Gournet Snac(#,^)9912 Arizona Dr, Mohave Valley, AZ 86440Miscellaneous Store RetailersTerm LoanPrime plus 2.75%10/30/202964.6 64.6 57.9 0.02 %
OWL Inc,(#,^)5300 S Orange Blossom Trail, Orlando, FL 32839Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%10/28/2029211.3 211.3 186.3 0.06 %
Marnon Vending LLC dba Naturals 2 Go San Antonio(#,^)6713 Biscay Hbr, San Antonio, TX 78249Nonstore RetailersTerm LoanPrime plus 2.75%10/28/20297.9 7.9 7.5 — %
Corple Enterprises, Inc(#,^)17887 US-380, Ponder, TX 76259Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%10/28/2029155.9 155.9 156.5 0.05 %
Proximo Consulting Services Inc(#,^)2500 Plaza 5, Jersey City, NJ 07311Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%10/28/202974.6 74.6 65.8 0.02 %
Perisseia Physicians LLC(#,^)1644 Lebanon Rd, Lawrenceville, GA 30043Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%10/28/2044399.4 399.4 419.2 0.13 %
Diamond Solutions LLC(#,^)8321 E Gelding Drive, Scottsdale, AZ 85260Machinery ManufacturingTerm LoanPrime plus 2.75%10/25/202912.7 12.7 11.2 — %
Four Ace Electrical Services Corporation(#,^)3723 Far Niente Way, Sacramento, CA 95834Specialty Trade ContractorsTerm LoanPrime plus 2.75%10/25/202911.9 11.9 10.7 — %
Landmark Ventures USA, Inc(#,^)475 Park Ave S, 25th Fl, New York, NY 10016Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%10/25/2029104.4 104.4 92.1 0.03 %
F-167
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
iLoka Inc. dba NewCloud Networks(#,^)160 Inverness Drive W Ste 150, Englewood, CO 80112Computer and Electronic Product ManufacturingTerm LoanPrime plus 2.75%10/25/202999.4 99.4 104.5 0.03 %
Exclusive Physicians PLLC dba EPIC Primary Care,PLLC(#,^)18463 Livernois Ave, Detroit, MI 48221Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%10/25/2029124.3 124.3 110.5 0.03 %
IV Purpose Inc(#)1489 Fulton St., Brooklyn, NY 11216Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/25/202926.1 26.1 24.3 0.01 %
Jbang LLC, WM Bang LLC, Bang Investments LLC(#)125 Westchester Ave, White Plains, NY 10601Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/25/202920.0 20.0 21.0 0.01 %
Sultan's Palace L.L.C.(#,^)8125 West Sahara Ave, Ste 300, Las Vegas, NV 89117Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/24/202921.0 21.0 19.3 0.01 %
Fimac Inc dba American Educational Services(#,^)26300 La Alameda Ste 200, Mission Viejo, CA 92691Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%10/23/202922.4 22.4 19.9 0.01 %
Pyle Garage Doors OKC, INC dba Precision Door Service OKC(#,^)8860 S Sunnylane Rd, Oklahoma City, OK 73135Repair and MaintenanceTerm LoanPrime plus 2.75%10/22/202914.7 14.7 13.0 — %
James Clark and Company, Inc.(#)8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%10/22/202912.4 12.4 12.7 — %
Todd's Car Wash, LLC(#,^)5505 Johnston St., Lafayette, LA 70506Repair and MaintenanceTerm LoanPrime plus 2.75%10/18/2044343.4 343.4 386.0 0.12 %
UNIQUE PAVER INSTALLATIONS, INC.(#,^)4930 Mars Hill Rd, Bogart, GA 30622Specialty Trade ContractorsTerm LoanPrime plus 2.75%10/17/202922.5 22.5 20.7 0.01 %
Owens Family and Cosmetic Dentistry PLLC(#,^)403 E College St., Pulaski, TN 38478Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%10/17/2029270.8 270.8 246.8 0.08 %
Roughcut LLC(#,^)41540 National Rd, Belmont, OH 43718Specialty Trade ContractorsTerm LoanPrime plus 2.75%10/17/2029468.6 468.6 492.4 0.15 %
Pine Mountain Residential LLC(#)10240 Cosmopolitan Circle, Parker, CO 80134Specialty Trade ContractorsTerm LoanPrime plus 6.5%10/16/202912.4 12.4 12.7 — %
Powerlift Dumbwaiters, Inc(#)2444 Georgia Slide Rd, Georgetown, CA 95634Machinery ManufacturingTerm LoanPrime plus 6.5%10/16/202912.5 12.5 12.7 — %
Naroh Manufacturing, LLC(#,^)185 Gus Hipp Blvd, Rockledge, FL 32955Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%10/15/202918.6 18.6 17.3 0.01 %
Chavero's Auto Mart, LLC(#)1364 E Palma Vista Drive, Palmview, TX 78572Motor Vehicle and Parts DealersTerm LoanPrime plus 6.5%10/11/202912.5 12.5 12.8 — %
The Cow Harbor Beer Company LLC dba Sand City Brewing Co.(#)19 Scudder Ave, Northport, NY 11768Beverage and Tobacco Product ManufacturingTerm LoanPrime plus 2.75%7/11/203091.0 91.0 90.8 0.03 %
Glenda D Brewer dba Bargain Store(#)107 Tabernacle Church Rd, Candor, NC 27229General Merchandise StoresTerm LoanPrime plus 6.5%10/11/202912.4 12.4 12.7 — %
S&D Beauty Spa Inc dba Elite Nails, dba Bella's Nails &dba Onyx Nail b(#,^)5604 Slide Rd, Lubbock, TX 79414Personal and Laundry ServicesTerm LoanPrime plus 2.75%10/11/2029155.4 155.4 139.1 0.04 %
F-168
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Q2 Ventures, LLC(#,^)2805 W Arimo Rd, Arimo, ID 83214Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%10/8/2029176.5 176.5 177.5 0.06 %
Paketo LLC dba West Loop UPS Store(#,^)623 W Lake St., Chicago, IL 60661Couriers and MessengersTerm LoanPrime plus 2.75%10/4/202916.4 16.4 14.7 — %
Joseph P Fusco DDS PC(#,^)77 N Centre Ave, Rockville Centre, NY 11570Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/30/202965.5 65.5 57.9 0.02 %
International Protection Group, LLC(#,^)481 8th Ave Ste 1130, New York, NY 10001Administrative and Support ServicesTerm LoanPrime plus 2.75%9/30/202981.6 81.6 80.6 0.02 %
A Child's Dream Educational Center LLC(#,^)4127 NW 34th St., Gainesville, FL 32605Social AssistanceTerm LoanPrime plus 2.75%9/30/2044179.6 179.6 194.6 0.06 %
AV Strategy, Inc(#,^)9402 American Eagle Way, Orlando, FL 32837Rental and Leasing ServicesTerm LoanPrime plus 2.75%9/30/2029257.1 257.1 241.9 0.08 %
In Power Motors, LLC, In-Power Motors II LLC, In-Power Motors III LLC(#,^)2301 W. Buckeye Rd, Phoenix, AZ 85009Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%9/30/2044623.5 623.5 656.8 0.20 %
MVE, Inc dba Mid-Valley Engineering(#,^)1117 L St., Modesto, CA 95354Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/30/20291,226.1 1,226.1 1,114.6 0.35 %
SPIRE Manufacturing Solutions LLC(#,^)1440 Newport Rd, Colorado Springs, CO 80916Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/30/20441,014.1 1,014.1 1,140.1 0.35 %
Meldi Maa, Inc dba The River Complex(#,^)74 S Main St., Woonsocket, RI 02895Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/30/2044422.8 422.8 463.2 0.14 %
50 Taps, LLC dba Colorado Taproom & Grill(#,^)19539 Hess Rd, Ste 101, Parker, CO 80134Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/30/202976.6 76.6 68.4 0.02 %
Crown Waste Corp(#,^)1 Plainview Rd, Bethpage, NY 11714Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%9/30/202949.4 49.4 46.1 0.01 %
Bev's Sweets LLC(#,^)3778 Hwy 254, Cleveland, GA 30528Administrative and Support ServicesTerm LoanPrime plus 2.75%9/30/2044213.3 213.3 232.8 0.07 %
DG Business Solutions, Inc(#,^)11008 Rene St., Lenexa, KS 66215Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/30/2029222.5 222.5 197.7 0.06 %
A Child's Dream Educational Center LLC(#,^)4127 NW 34th St., Gainsville, FL 32605Social AssistanceTerm LoanPrime plus 2.75%9/30/2029186.8 186.8 165.3 0.05 %
Atlantic Pacific Hospitality Solutions Inc dba North Beach Bistro(#,^)725 Atlantic Blvd, Atlantic Beach, FL 32233Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/30/20299.3 9.3 8.2 — %
Heart and Vascular Associates of Tampa, LLC(#,^)17 David Boulevard, Tampa, FL 33606Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/30/2044775.0 775.0 803.1 0.25 %
Universe Appliance Repairs Inc.(#,^)3790 Merrick Rd, Seaford, NY 11783Repair and MaintenanceTerm LoanPrime plus 2.75%9/27/2044586.1 586.1 604.1 0.19 %
Aztec Machine & Repair Inc, Cranrd & Material(#,^)1715 N 1st St, Bloomfield, NM 87413Repair and MaintenanceTerm LoanPrime plus 2.75%9/27/2044710.8 710.8 744.4 0.23 %
Wagner & Sons Inc(#,^)22365 Alydar Drive, Lexington Park, MO 20653Nonstore RetailersTerm LoanPrime plus 2.75%9/27/202918.5 18.5 16.4 0.01 %
Zima Dining Inc. dba Country Kitchen(#,^)1497 N Mt. Vernon Ave, Colton, CA 92324Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/27/202962.3 62.3 65.4 0.02 %
F-169
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Double H Services, LLC, C&T Oil Field Services, LLC and Brian S. Holma(#,^)3721 North 162nd St., Garber, OK 73701Support Activities for MiningTerm LoanPrime plus 2.75%9/27/20291,013.5 1,013.5 953.1 0.30 %
Cherry and Candlewood Inc dba Aamco(#,^)3029 South St., Long beach, CA 90805Repair and MaintenanceTerm LoanPrime plus 2.75%9/27/2044432.2 432.2 485.9 0.15 %
Universe Appliance Repairs Inc.(#,^)3790 Merrick Rd, Seaford, NY 11783Repair and MaintenanceTerm LoanPrime plus 2.75%9/27/2029655.1 655.1 607.0 0.19 %
Titan Laser Screed Concrete Services, LLC(#,^)8908 Wildlife Lane, Sanford, FL 32771Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/27/202949.4 49.4 44.8 0.01 %
Total Pallet Consolidation LLC(#,^)2800 Swanee Ave, Buford, GA 30618Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%9/27/202918.5 18.5 16.5 0.01 %
Stiegelbauer Associates Inc.(#,^)63 Flushing Ave Unit 342, Brooklyn, NY 11205Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/27/2029198.1 198.1 175.0 0.05 %
Zmetra Clearspan Structures LLC(#,^)2 Old Worcester Rd, Webster, MA 01571Miscellaneous ManufacturingTerm LoanPrime plus 2.75%9/27/2044436.9 436.9 491.1 0.15 %
Hoagie Barmichaels Inc(#,^)1101 River Rd, New Windsor, NY 12553Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/27/2044112.7 112.7 115.7 0.04 %
Santa Fe Flooring LLC(#,^)3711 Paseo Del Norte NE, Albuquerque, NM 87113Furniture and Related Product ManufacturingTerm LoanPrime plus 2.75%9/26/2029493.2 493.2 450.1 0.14 %
MeShare Inc.(#,^)1401 Interstate Drive, Champaign, IL 61822Data Processing, Hosting, and Related ServicesTerm LoanPrime plus 2.75%9/26/20291,236.0 1,236.0 1,157.7 0.36 %
Adam's Construction & General Contracting LLC(#,^)7808 N Custer Rd, Freesoil, MI 49411Construction of BuildingsTerm LoanPrime plus 2.75%9/26/202968.2 68.2 62.4 0.02 %
Anderson's Outdoor Adventures, LLC(#,^)4060 SW County Rd 232, Bell, FL 32619Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/25/202922.2 22.2 22.5 0.01 %
Byler, Wolfe, Lutsch and Kampfer CPAs, Inc(#,^)360 East State St., Salem, OH 44460Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/25/204453.4 53.4 54.1 0.02 %
luv 2 Play Nor Cal, LLC(#,^)82 Clarksville Rd, Folsom, CA 95682Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/25/2029111.7 111.7 100.3 0.03 %
Quality Machine of Iowa, Inc(#,^)1040 4th Ave, Audubon, IA 50025Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/25/202967.1 67.1 70.4 0.02 %
Flamingo Bowl, Inc(#,^)3301 N 23rd St., McAllen, TX 78501Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/24/2029201.5 201.5 190.6 0.06 %
Unified Utility Services LLC(#,^)206 Frankie Lane, Ladson, SC 29456Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%9/20/2044157.6 157.6 177.0 0.05 %
Standard Real Estate Services LLC(#)500 W Silver Spring Dr. #K 200, Glendale, WI 53217Real EstateTerm LoanPrime plus 6.5%9/19/202912.4 12.4 12.6 — %
Host Marketing, LLC(#)206 Bell Lane Ste B, West Monroe, LA 71291Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%9/18/202912.4 12.4 12.6 — %
Payne's Enviromental Service, LLC dba Bamaco(#,^)5617 Causeway Boulevard, Tampa, FL 33619Administrative and Support ServicesTerm LoanPrime plus 2.75%9/18/2044521.0 521.0 545.4 0.17 %
Vancole Investments, Inc. dba Smoothie King #913 &;Dream Developmenf G(#,^)876 Virginia Ave, Hapeville, GA 30354Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/17/202911.9 11.9 10.5 — %
F-170
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Win Health Institute(#,^)711 E Valley Rd, Basalt, CO 81621Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/17/20297.4 7.4 6.8 — %
Natalie Hart LLC dba Lady of Luxury &dba Country Sugar Events, dba Que(#)1702 Fawn Gate St, San Antonio, TX 78248Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/18/202933.4 33.4 33.7 0.01 %
Game Station, Inc.(#,^)2917 1st Ave SE, Cedar Rapids, IA 52402Rental and Leasing ServicesTerm LoanPrime plus 2.75%9/16/202920.0 20.0 18.9 0.01 %
Bay Bowl Inc dba Shasta Lanes(#,^)11093 Black Marble Way, Redding, CA 96003Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/13/2044536.2 536.2 602.3 0.19 %
Oak Park Social LLC(#)14691 W 11 Mile Rd, Oak Park, MI 48237Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/12/204596.9 96.9 105.5 0.03 %
The Steel Method LLC dba Sneeze It(#,^)250 Passaic Ave Ste 200, Fairfield, NJ 07004Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/12/2029166.9 166.9 147.4 0.05 %
New Flow Plumbing and Rooter Inc.(#,^)6718 Katherin Ave, Van Nuys, CA 91405Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/12/202949.4 49.4 43.9 0.01 %
ACSS CPA, LLC(#,^)1016 S Texas Blvd, Weslaco, TX 78599Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/12/204439.9 39.9 42.6 0.01 %
Miami Squeeze Inc dba Miami Squeeze, LLC(#,^)18315 W Dixie Hwy, North Miami Beach, FL 33160Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/11/2029114.2 114.2 106.2 0.03 %
Covert Recordings LLC(#,^)31-65 138th St., Apt 3K, Flushing, NY 11354Rental and Leasing ServicesTerm LoanPrime plus 2.75%9/11/202911.8 11.8 12.0 — %
Family Insight, P.C.(#,^)3433 Brambleton Ave, Ste 104A, Roanoke, VA 24018Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/11/2029245.4 245.4 247.6 0.08 %
Prime Precision Machining, LLC(#,^)845 Mandoline Ave, Madison Heights, MI 48071Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/11/2029206.9 206.9 190.5 0.06 %
Prime Precision Machining, LLC(#,^)845 Mandoline Ave, Madison Heights, MI 48071Real EstateTerm LoanPrime plus 2.75%9/11/2044267.9 267.9 284.9 0.09 %
Softcare247, LLC(#)4191 Naco Perrin Blvd, San Antonio, TX 78217Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%9/11/202912.4 12.4 12.6 — %
Body on Cue Health and Fitness LLC(#,^)129 A Orpha Drive, Middlebury, IN 46840Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/6/202944.5 44.5 39.8 0.01 %
Eco Electric LLC(#,^)5380 Cameron St, Las Vegas, NV 89118Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/5/202965.8 65.8 57.9 0.02 %
SVT Masonry Limited Liability Company(#,^)1208 Houghton Lane, Bennington, VT 05201Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/5/202975.4 75.4 74.4 0.02 %
Smokin AZ, LLC dba Dickey's Barbecue Pit AZ(#,^)1914 S Power Rd, Ste 101, Mesa, AZ 85206Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/5/202965.5 65.5 58.6 0.02 %
Philly Games Inc.dba Queen & Rock Game Cafe(#,^)607-609 S 2nd St., Philadelphia, PA 19147Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/5/202961.8 61.8 54.7 0.02 %
Thawk LLC(#,^)1110 Willow Glen Drive, Yuba City, CA 95991Administrative and Support ServicesTerm LoanPrime plus 2.75%8/30/20298.1 8.1 7.2 — %
No Push Backs, LLC(#)2223 Dungan Ave, Bensalem, PA 19020Personal and Laundry ServicesTerm LoanPrime plus 6.5%8/30/202912.2 12.2 12.4 — %
F-171
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Dog House Sportfishing Charters Inc(#)83413 Overseas Hwy, Islamorada, FL 33036Scenic and Sightseeing TransportationTerm LoanPrime plus 6.5%8/30/202912.3 12.3 12.5 — %
3C Consumer Network & Designs LLC(#,^)7676 Hillmont St., Ste 109, Houston, TX 77040Real EstateTerm LoanPrime plus 2.75%8/29/202914.7 14.7 13.5 — %
Camror LTD dba Jersey Mike's(#,^)5946 Meijer Drive, Cincinnati, OH 45150Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/29/203087.5 87.5 91.4 0.03 %
Esquire Mini Mart LLC & Morgan Store Building LLC(#,^)12595 S Somerton Ave, Yuma, AZ 85365Food and Beverage StoresTerm LoanPrime plus 2.75%8/29/202950.4 50.4 49.0 0.02 %
Groton Bowling Center and Entertainment Inc(#,^)27 Kings Hwy, Groton, CT 06340Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%8/29/2044942.4 942.4 1,010.2 0.31 %
Crown Heights Bunch O Bagels & More Inc & 361 Bagel Holding LLC(#,^)361 Troy Ave, Brooklyn, NY 11213Food and Beverage StoresTerm LoanPrime plus 2.75%8/29/202939.3 39.3 41.3 0.01 %
Double Scoop Ice Cream, LLC(#,^)2970 Stonecrest Pass, Lithonia, GA 30038Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/29/204496.4 96.4 102.7 0.03 %
The BMF Media Group LLC(#,^)50 West 23rd St., 7th fl, New York, NY 10010Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/29/2029368.7 368.7 324.6 0.10 %
DB Talak LLC(#,^)2018 SE 6th Ave, Portland, OR 97214Specialty Trade ContractorsTerm LoanPrime plus 2.75%8/28/202986.0 86.0 90.3 0.03 %
HRS2, LLC(#,^)5410 Pipers Creek Court, Sugar Land, TX 77479Nonstore RetailersTerm LoanPrime plus 2.75%8/28/2029227.6 227.6 224.5 0.07 %
Khari E. J. Myers dba Khari Imagery & 190 Minerva LLC(#,^)190 Minerva St., Tonawanda, NY 14150Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/28/204459.8 59.8 67.2 0.02 %
Linsey Schwertdfeger,, Inc.(#,^)740 Dennery Rd, San Diego, CA 92154Repair and MaintenanceTerm LoanPrime plus 2.75%8/28/202969.7 69.7 62.4 0.02 %
Blue Eagle Transport Inc.,Golden Eagle Tran and Green Eagle Transpor(#,^)377 Boston Post Rd, Milford, CT 06460Couriers and MessengersTerm LoanPrime plus 2.75%8/28/2029444.2 444.2 407.5 0.13 %
The Hometown Welcome Program, Inc & Fredric Anthony Gushwa(#,^)107 S Nottawa St, Sturgis, MI 49091Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/27/202996.0 96.0 90.2 0.03 %
Maryland Urgent Care, Inc.(#,^)9831 Greenbelt Rd Ste 208 Unit H-2, Lanham, MD 20706Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%8/27/204446.0 46.0 49.9 0.02 %
ADA Internacional Inc(#,^)10891 La Reina Rd, Ste 100, Delray Beach, FL 33446Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%8/26/202922.1 22.1 19.5 0.01 %
Crystal S. Prado dba Crystal Clear Accounting(#)34099 Tuscan Creek Way, Temecula, CA 92592Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%8/26/20293.2 3.2 3.2 — %
JLT Foods, LLC(#,^)3294 Long Meadow Ct, West Bloomfield Township, MI 48324Food ManufacturingTerm LoanPrime plus 2.75%8/23/202920.6 20.6 18.2 0.01 %
PJT Logistics, Inc.(#,^)2-4 Commerce Way, Auburn, NY 13021Truck TransportationTerm LoanPrime plus 2.75%8/23/202949.2 49.2 51.6 0.02 %
F-172
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Elite Motors LLC(#,^)1046-1050 Orange Ave, West Haven, CT 06516Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%8/23/202986.0 86.0 90.3 0.03 %
SRJ construction Corp(#,^)8358 W Oakland Park Blvd. #203E, Sunrise, FL 33351Specialty Trade ContractorsTerm LoanPrime plus 2.75%8/23/202911.1 11.1 9.9 — %
The Pet Stop, LLC(#,^)106 S Washington St., Pleasantville, IA 50225Personal and Laundry ServicesTerm LoanPrime plus 2.75%8/23/20297.4 7.4 6.7 — %
MS Integrated Psychotherapy & Counseling, LLC(#,^)1157 Main St., Clifton, NJ 07011Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%8/22/202973.0 73.0 68.8 0.02 %
The Roux Southern Kitchen, LLC(#,^)252 FM 3162, Sandia, TX 78383Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/22/202917.8 17.8 18.4 0.01 %
MB Nursery LLC dba The Garden Center(#,^)15562 HWY-South, Whitehouse, TX 75791Administrative and Support ServicesTerm LoanPrime plus 2.75%8/21/202991.1 91.1 94.3 0.03 %
Metro R Services Inc. and Metal & Roof Supplies, Inc.(#,^)20 Universal Place, Carlstadt, NJ 07072Repair and MaintenanceTerm LoanPrime plus 2.75%8/21/2029190.5 190.5 185.1 0.06 %
Auto Unique LLC(#,^)305 W Main St., Mayo, FL 32066Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%8/20/204412.3 12.3 13.8 — %
William Martinez dba Bad Ass Coffee of Hawaii(#)14101 Main St., Ste 4101, Hesperia, CA 92345Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/20/202922.5 22.5 20.2 0.01 %
Signature Rooms, Inc.(#,^)2066 Route 112, Medford, NY 11763Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%8/19/2029165.9 165.9 174.1 0.05 %
Accent Home Services LLC dba Benjamin Franklin Plumbing of Kansas City(#,^)7748 Troost Ave, Kansas City, MO 64131Specialty Trade ContractorsTerm LoanPrime plus 2.75%8/15/2029110.6 110.6 105.9 0.03 %
American Healthy Vending, Inc(#,^)5951 NW 151 St., Hialeah, FL 33014Nonstore RetailersTerm LoanPrime plus 2.75%8/15/2029104.5 104.5 96.6 0.03 %
AJN Innovations LLC dba Burgerim(#)6704 Main St., Miami Lakes, FL 33014Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/15/203024.6 24.6 22.7 0.01 %
Accelerate Educational Solutions, LLC dba Tutor My Success(#,^)135 Clove Branch Rd, Hopewell Jct, NY 12533Educational ServicesTerm LoanPrime plus 2.75%8/14/202917.0 17.0 15.0 — %
Ranson Excavating, Inc(#,^)8343 Kaula Drive, Fair Oaks, CA 95628Specialty Trade ContractorsTerm LoanPrime plus 2.75%8/13/202914.7 14.7 13.0 — %
KM Electrical Services, Inc(#,^)4348 Waialae Ave Unit 315, Honolulu, HI 96816Specialty Trade ContractorsTerm LoanPrime plus 2.75%8/12/202976.2 76.2 67.3 0.02 %
Love Playing LLC(#)2200 Eastridge Loop, San Jose, CA 95122Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/9/203099.6 99.6 94.6 0.03 %
Elixir Enterprises, LLC dba Guilford Renee's(#,^)637 Boston Post Rd, Guilford, CT 06437Food and Beverage StoresTerm LoanPrime plus 2.75%8/8/202919.2 19.2 17.0 0.01 %
Suite Luxury, Inc(#,^)1410 Pine Ridge Rd, Ste 13, Naples, FL 34108Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%8/7/202918.4 18.4 16.3 0.01 %
A & S Services LLC dba Kona Ice of Troy(#)3888 Lightner Rd, Vandalia, OH 45377Food Services and Drinking PlacesTerm LoanPrime plus 6.5%8/7/202912.3 12.3 12.5 — %
F-173
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Accord Law, APC(#,^)82555 Grass Flat Lane, Indio, CA 92203Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/2/20297.4 7.4 6.5 — %
Leader Engineering-Fabrication, Inc.(#,^)695 Independence DrIive, Napoleon, OH 43545Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%8/2/2029123.0 123.0 129.0 0.04 %
Billy Auto Inc(#,^)632 N Broadway, Amityville, NY 11701Repair and MaintenanceTerm LoanPrime plus 2.75%7/31/2044323.6 323.6 334.9 0.10 %
East Coast Flight Services, Inc and Aviation Consulting Enterprise, LL(#,^)27603 Parkway Rd, Easton, MD 21601Air TransportationTerm LoanPrime plus 2.75%7/31/2029562.2 562.2 516.2 0.16 %
Healthcare Holdings of America, LLC, Senior Market Advisors, Inc, CHA(#,^)6201 Centennial Blvd, Nashville, TN 37209Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%7/31/2029433.9 433.9 426.3 0.13 %
Living Spring Home Health Inc.(#,^)18350 Kedzie Ave Ste 204, Homewood, IL 60430Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%7/31/2029132.2 132.2 124.4 0.04 %
Genecco Produce, Inc. & Leo Genecco & Sons, Inc.(#,^)1850 Rochester Rd, Canadaigua, NY 14424Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%7/31/2029753.2 753.2 729.4 0.23 %
Joseph Centonze dba Off Kilter Kilts(#,^)27720 Ave Scott, Santa Clarita, CA 91355Clothing and Clothing Accessories StoresTerm LoanPrime plus 2.75%7/31/20298.0 8.0 7.1 — %
Canyon Lake Kids Academy, LLC(#,^)130 Charter Oak Drive, Canyon Lake, TX 78133Social AssistanceTerm LoanPrime plus 2.75%7/31/204497.8 97.8 105.3 0.03 %
Quick and Quality Services dba Bella Roma Pasta & Pizza & Farshad Fari(#,^)28940 Golden Lantern, Laguna Niguel, CA 92677Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/31/202911.1 11.1 10.4 — %
Humd, LLC dba La Rosa Chicken and Grill(#)3111 N. University Drive, Coral Springs, FL 33065Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/31/2030134.3 134.3 122.5 0.04 %
St. Francis Home Health Inc(#,^)5246 SW 8th St 103B, Coral Gables, FL 33134Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%7/31/202973.3 73.3 64.6 0.02 %
La Mount Group LLC(#,^)3111 Princeton Rd, Hamilton, OH 45011Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/31/2029249.3 249.3 219.5 0.07 %
Gray Rock Quarry, LLC and William E Dailey III(#,^)54 West Milton Rd, Milton, VT 05468Mining (except Oil and Gas)Term LoanPrime plus 2.75%7/31/2044448.8 448.8 437.8 0.14 %
Jbelis Stop N' Go, LLC dba Planet Smoothie(#,^)2565 E 17th St, Ammons, ID 83406Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/30/202919.1 19.1 17.0 0.01 %
Grad Street LLC(#)2437 Corinth Ave Apt 130, Los Angeles, CA 90064Nonstore RetailersTerm LoanPrime plus 6.5%7/30/202912.3 12.3 12.5 — %
Dant A Sandras, D.D.S. LLC(#,^)13373 Hwy 3235, Larose, LA 70373Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%7/30/2029210.7 210.7 190.4 0.06 %
Roman Tint Inc.(#,^)1436 Ayala Dr, Unit M, Rialto, CA 92376Specialty Trade ContractorsTerm LoanPrime plus 2.75%7/30/20298.1 8.1 7.4 — %
Platt & Associates, LLC dba Flag Staff Apparel, Platt & Associates, LL(#,^)288 North Industrial Park Drive, Liberty, MS 39645Apparel ManufacturingTerm LoanPrime plus 2.75%7/30/204456.0 56.0 61.8 0.02 %
Aeromax Industries, Inc, HITM, Inc and TMCB LLC(#,^)9027 Canoga Ave, Canoga Park, CA 91301Transportation Equipment ManufacturingTerm LoanPrime plus 2.75%7/30/2044785.5 785.5 812.0 0.25 %
F-174
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Hodges Family Entertainment LLC dba Space Cadets Indoor Playground(#)611 Greenville Blvd SE, Greenville, NC 27858Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%10/30/202915.2 15.2 14.4 — %
Micheal Birch and Tracy M. Pierce(#,^)E 2947 H-44, Traunik, MI 49891Gasoline StationsTerm LoanPrime plus 2.75%7/29/204454.4 54.4 59.4 0.02 %
Moore Chiropractic Center, P.A.(#,^)936 Roosevelt Trail Unit 1 & 2, Windham, ME 04062Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%7/26/20298.9 8.9 9.1 — %
Sou's LLC(#,^)739 NE MLK Boulevard, Portland, OR 97221Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/26/20295.8 5.8 5.5 — %
Power Associates Inc.(#,^)2766 West Good CT, Boise, ID 83702Real EstateTerm LoanPrime plus 2.75%7/26/202914.7 14.7 12.9 — %
Dan Dahlin Inc.(#,^)16465 MN-65, Ham Lake, MN 55304Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%7/26/2044407.1 407.1 457.2 0.14 %
Franklin Care Pharmacy Incorporated(#,^)520 N Franklintown Rd, Baltimore, MD 21223Health and Personal Care StoresTerm LoanPrime plus 2.75%7/25/202953.0 53.0 55.6 0.02 %
A&W ALF, LLC dba A & W Assisted Living Facility(#,^)6600 Liberty Rd, Gwynn Oak, MD 21207Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%7/24/204499.6 99.6 109.9 0.03 %
Lawrence Adeyemo & Co LLC(#)209-34 112 Ave, Queens Village, NY 11429Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%7/19/20299.8 9.8 10.0 — %
Hardrock Alpha Enterprises, LLC(#,^)5101 Stine Rd, Bakersfield, CA 93313Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%7/19/202915.4 15.4 13.9 — %
700 Services Inc.dba 700 Credit Repair(#,^)1201 N Goliad St., Rockwall, TX 75087Credit Intermediation and Related ActivitiesTerm LoanPrime plus 2.75%7/19/20297.3 7.3 6.5 — %
Bonfire Hot Yoga LLC(#,^)3665 SW Hall Blvd, Beaverton, OR 97005Educational ServicesTerm LoanPrime plus 2.75%7/18/20298.1 8.1 7.3 — %
JDM2 Water Station LLC(#,^)125 Chestnut Hill Drive, York, PA 17408Nonstore RetailersTerm LoanPrime plus 2.75%7/18/2029204.6 204.6 194.5 0.06 %
Ameritube, LLC(#,^)1000 N Hwy 77, Hillsboro, TX 76645Primary Metal ManufacturingTerm LoanPrime plus 2.75%7/18/2029116.1 116.1 121.8 0.04 %
The Bean Coffee Co. LLC(#)112 South Main St., Spring Hill, KS 66083Food Services and Drinking PlacesTerm LoanPrime plus 6.5%7/17/202912.3 12.3 12.5 — %
Baton Rouge Cargo Services Inc(#,^)6013 McRaven Rd, Jackson, MS 39209Support Activities for TransportationTerm LoanPrime plus 2.75%7/17/2044291.2 291.2 308.2 0.10 %
Garage Floor Coating of MN.com,LLC(#,^)6701 West 23rd St., St. Louis Park, MN 55426Specialty Trade ContractorsTerm LoanPrime plus 2.75%7/16/2044993.7 993.7 1,036.1 0.32 %
Bouquet Canyon Kennels(#,^)29973 Bouquet Canyon Rd, Santa Clarita, CA 91390Personal and Laundry ServicesTerm LoanPrime plus 2.75%7/16/2044299.9 299.9 308.9 0.10 %
Adam Family Bowl Inc(#,^)1504 Chestnut St., Mishawaka, IN 46545Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%7/16/2044132.4 132.4 142.7 0.04 %
Beacon Metal Fabricators, Inc.(#,^)5425-D Hamilton Ave, Cleveland, OH 44114Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%7/12/202968.4 68.4 65.6 0.02 %
VGI Medical LLC(#,^)10401 S Belcher Rd, Largo, FL 33771Miscellaneous ManufacturingTerm LoanPrime plus 2.75%7/12/2044324.8 324.8 364.8 0.11 %
F-175
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Last Touch, LLC(#,^)1612 Jackson St., Spirit Lake, IA 51360Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%7/11/2044101.1 101.1 105.8 0.03 %
D DeGregoria LLC dba The UPS Store 4235 Massapequa(#,^)4940 Merrick Rd, Massapequa Park, NY 11762Couriers and MessengersTerm LoanPrime plus 2.75%7/10/202977.5 77.5 69.6 0.02 %
Menskha Inc(#)88 High St., Mountclair, NJ 07042Ambulatory Health Care ServicesTerm LoanPrime plus 6.5%7/10/202912.3 12.3 12.5 — %
Nash-Delphia LLC(#,^)2135 Gallatin Pike N, Store 4, Madison, TN 37115Clothing and Clothing Accessories StoresTerm LoanPrime plus 2.75%7/2/202914.5 14.5 12.8 — %
Southern Specialties Transportation LLC(#,^)116 Toledo Drive, Lafayette, LA 70506Truck TransportationTerm LoanPrime plus 2.75%6/28/2029166.5 166.5 163.8 0.05 %
Nevada Recycling and Salvage LTD, AMCB LLC(#,^)1085 Telegraph St, Reno, NV 89502Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%6/28/20441,245.5 1,245.5 1,278.8 0.40 %
Baobab Asset Management LLC(#,^)3 Greenwich Office Park Ste 102, Greenwich, CT 06831Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%6/28/202948.7 48.7 42.3 0.01 %
Balboa Fashion LLC(#,^)1016 S. Towne Ave, Unit 123, Los Angeles, CA 90021Apparel ManufacturingTerm LoanPrime plus 2.75%6/28/20297.3 7.3 6.3 — %
Crestview Ridge Farms LLC(#,^)1172 Co Rd 956, Ashland, OH 44805Crop ProductionTerm LoanPrime plus 2.75%6/28/2044536.1 536.1 570.2 0.18 %
Specialty Surgery Center, Inc.(#,^)5505 Peachtree Dunwoody Rd #640,645, Atlanta, GA 30342Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/28/20291,241.9 1,241.9 1,149.5 0.36 %
K & K Restaurant LLC(#,^)6607 S Central Ave, Phoenix, AZ 85042Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/28/2044134.3 134.3 146.6 0.05 %
Kim Howard Corp dba NPN Machine Tools(#,^)9130 Wayfarer Ln, Houston, TX 77075Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%6/28/2029206.6 206.6 215.5 0.07 %
Port Huron Ophthalmology, PLLC dba Black River Optical(#,^)1033 River St., Port Huron, MI 48060Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/28/202914.6 14.6 12.7 — %
Anderson Companies LLC(#,^)3015 S White Horse Pike, Hammonton, NJ 08037Administrative and Support ServicesTerm LoanPrime plus 2.75%6/28/2044203.1 203.1 215.2 0.07 %
Richmond Street Partners, LLC(#,^)200 E Chestnut St, Chicago, IL 60611Clothing and Clothing Accessories StoresTerm LoanPrime plus 2.75%6/28/202993.0 93.0 81.6 0.03 %
Sundown Audio, LLC(#,^)514 West 21St St., Newton, NC 28658Computer and Electronic Product ManufacturingTerm LoanPrime plus 2.75%6/28/2044903.8 903.8 933.7 0.29 %
NJ Floats Inc(#,^)66 Twin Oaks Rd, Bridgewater, NJ 08807Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/28/2044175.0 175.0 195.2 0.06 %
Upul's Travel Service & Tours Inc(#,^)654 Shopping Lane, Covina, CA 91723Administrative and Support ServicesTerm LoanPrime plus 2.75%6/28/2044348.1 348.1 345.9 0.11 %
Good News Cafe, LLC(#,^)694 Main St. S, Woodbury, CT 06798Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/28/2044248.6 248.6 256.7 0.08 %
H2O Mobile Group, Inc. dba Fantasea Scuba(#,^)3781 Tamiami Trail, Port Charlotte, FL 33952Educational ServicesTerm LoanPrime plus 2.75%6/28/202945.9 45.9 40.5 0.01 %
F-176
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Upul's Travel Service & Tours Inc(#,^)654 Shoppers Lane, Covina, CA 91723Administrative and Support ServicesTerm LoanPrime plus 2.75%6/28/2029267.4 267.4 232.4 0.07 %
Big Picture Group LLC(#,^)110 S Fairfax Ste 355, Fairfax, CA 90036Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/28/2029146.1 146.1 127.0 0.04 %
5161 LLC(#,^)1478 E Mountain Drive, Santa Barbara, CA 93108Nonstore RetailersTerm LoanPrime plus 2.75%6/28/20291,154.3 1,154.3 1,090.0 0.34 %
Jian Yang and Kanger House LLC(#,^)48 Horse Hill Rd, Cedar Knolls, NJ 07927Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%6/27/2029116.9 116.9 102.0 0.03 %
Advance Transit LLC(#,^)574-614 Tonnelle Ave, Jersey City, NJ 07307Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%6/28/2044757.5 757.5 814.0 0.25 %
BB Services, LLC(#,^)580 39 Rd, Palisade, CO 81526Truck TransportationTerm LoanPrime plus 2.75%6/27/2029110.1 110.1 98.8 0.03 %
Ailky Corporation & Wyspen(#,^)352 Bedford St., Lakeville, MA 02347Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%6/27/202947.4 47.4 41.2 0.01 %
Boucherie US Inc(#,^)251 Little Falls Drive, Wilmington, DE 19807Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/27/20291,144.7 1,144.7 994.9 0.31 %
Pawfection Pet Services LLC(#,^)177 W Cottonwood Ln Ste 12, Casa Grande, AZ 85122Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/27/202910.2 10.2 8.9 — %
Tim's Truck Capital & Auto Sales, Inc(#,^)904 Suncook Valley Hwy, Epsom, NH 03234Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%6/27/2029206.6 206.6 215.4 0.07 %
Moon Landscaping, Inc, Moon Group, Inc moon Nursery, Inc, Moon Site Ma(#,^)145 Moon Rd, Chesapeake City, MD 21915Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%6/27/20291,220.1 1,220.1 1,185.3 0.37 %
Crescent Event Productions, Inc(#,^)1327 Wood Branch Drive, Charlotte, NC 28273Administrative and Support ServicesTerm LoanPrime plus 2.75%6/27/2029340.3 340.3 305.9 0.09 %
S & T Hardware Inc(#,^)2300 Nooseneck Hill, Coventry, RI 02816Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%6/27/2044200.3 200.3 223.8 0.07 %
Shooter's Gun Club, LLC(#)2429 Iowa St. Ste B-D, Lawrence, KS 66046Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/27/2030131.6 131.6 118.7 0.04 %
Soft Touch Tissue & Paper LLC(#)1491 Hammond, Bangor, MA 04401Paper ManufacturingTerm LoanPrime plus 2.75%12/26/2029113.3 113.3 118.5 0.04 %
Soft Touch Tissue & Paper LLC(#,^)1491 Hammond St., Bangor, ME 04401Paper ManufacturingTerm LoanPrime plus 2.75%6/26/2044233.8 233.8 261.2 0.08 %
Tekoa Enterpises, Inc(#,^)1033 Cannon Bridge Rd, Cordova, SC 29039Truck TransportationTerm LoanPrime plus 2.75%6/26/202953.0 53.0 48.7 0.02 %
Kaz Ramen, L.L.C.(#,^)22413 Barton Rd, Grand Terrace, CA 92313Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/26/202921.9 21.9 19.1 0.01 %
Selective Automotive & Accessories Group, Inc(#,^)2221 Pelham Parkway, Pelham, AL 35124Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%6/26/2029243.2 243.2 225.7 0.07 %
Child Care Ventures LLC dba Childcare Adventures ELC(#,^)3542 Glendale Ave, Toledo, OH 43614Social AssistanceTerm LoanPrime plus 2.75%6/26/2044146.7 146.7 148.2 0.05 %
F-177
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
JFK Transportation Inc(#,^)4 Mechanic St., Natick, MA 01760Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%6/26/2029105.2 105.2 95.0 0.03 %
Lynx Inspection Technologies LLC(#,^)8101 Miller Rd 2, Houston, TX 77049Support Activities for MiningTerm LoanPrime plus 2.75%6/26/2044574.0 574.0 641.2 0.20 %
All-City Towing LLC, Jeffrey James Piller(#,^)1213 W Mallory Ave, Milwaukee, WI 53221Support Activities for TransportationTerm LoanPrime plus 2.75%6/26/2029393.5 393.5 376.0 0.12 %
RWBB Enterprises, LLC(#,^)4120 7th Ave, Kenosha, WI 53140Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/26/204475.6 75.6 81.4 0.03 %
Perfect Water LLC(#,^)183 Russ St., San Francisco, CA 94103Nonstore RetailersTerm LoanPrime plus 2.75%6/26/202970.5 70.5 66.1 0.02 %
Paradise Towing & Recovery Inc(#,^)1115 S Homer Boulevard, Sanford, NC 27330Repair and MaintenanceTerm LoanPrime plus 2.75%6/25/2029103.5 103.5 99.8 0.03 %
Vanchoc Transport Inc(#,^)137 3rd St, Brooklyn, NY 11231Rental and Leasing ServicesTerm LoanPrime plus 2.75%6/25/202942.4 42.4 39.6 0.01 %
Spartan Technology Solutions, Inc(#,^)125 Venture Blvd, Spartanburg, SC 29306Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/25/2044485.8 485.8 500.2 0.16 %
Professional Tire Limited Liability Company(#,^)6655 Country Rd 32, Norwich, NY 13815Repair and MaintenanceTerm LoanPrime plus 2.75%6/25/2044138.7 138.7 145.1 0.05 %
Paradise Towing & Recovery Inc(#,^)1115 S. Horner Boulevard, Sanford, NC 27330Repair and MaintenanceTerm LoanPrime plus 2.75%6/25/204473.1 73.1 81.7 0.03 %
567 Logistics, LLC(#,^)1924 Ruffin Mill Rd, Colonial Heights, VA 23834Support Activities for TransportationTerm LoanPrime plus 2.75%6/25/202948.6 48.6 44.0 0.01 %
Worldwide Capital Management Inc.(#,^)6 Venture Ste 305, Irvine, CA 92618Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/25/2029141.0 141.0 122.5 0.04 %
Krsto, LLC dba Italian Butter Breadsticks(#,^)4241 E McNicols Rd, Detroit, MI 48213Food ManufacturingTerm LoanPrime plus 2.75%6/24/2044189.7 189.7 202.4 0.06 %
Sweets By Karla LLC(#,^)3273 South John Young Pkwy, Kissimmee, FL 34746Food ManufacturingTerm LoanPrime plus 2.75%6/24/202912.5 12.5 10.9 — %
Scissor Kids Inc(#,^)63 Hebron Ave, Ste F, Glastonbury, CT 06033Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/24/202915.8 15.8 13.9 — %
Elite Excavating Services LLC(#,^)11 Rolling Ridge Dr Drive, Milton, PA 17847Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/21/202918.8 18.8 17.6 0.01 %
Peninsula Self Defense LLC(#,^)2766 Bay Rd, Redwood City, CA 94063Educational ServicesTerm LoanPrime plus 2.75%6/21/20295.1 5.1 4.6 — %
Port Diesel L.L.C.(#)3212 Alex Trask Drive, Castle Hayne, NC 28429Repair and MaintenanceTerm LoanPrime plus 6.5%6/21/202912.3 12.3 12.2 — %
Small Batch Creations Inc. dba The Office Bar & Grill(#,^)295 E Washington Ave, Sunnyvale, CA 94086Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/21/202958.2 58.2 50.6 0.02 %
LuLuBelle's Mountain Banana Bread LLC(#)1063 Carousel Rd, Lake Arrowhead, CA 92352Food ManufacturingTerm LoanPrime plus 2.75%4/21/204576.9 76.9 85.8 0.03 %
William Rose Inc(#,^)1 Grace Cove Rd, New Shoreham, RI 02807Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/21/204487.0 87.0 82.5 0.03 %
F-178
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Campuscuts LLC(#)930 Robtrice Ct, Edmond, OK 73430Personal and Laundry ServicesTerm LoanPrime plus 6.5%6/21/20297.3 7.3 7.3 — %
Gribben & Associates, Inc(#,^)18201 Von Karman Ste 300, Irvine, CA 92612Truck TransportationTerm LoanPrime plus 2.75%6/21/2029701.8 701.8 609.9 0.19 %
AA Horseplay, LLC(#)34565 Ranch Drive, Brownsville, OR 97327Animal Production and AquacultureTerm LoanPrime plus 6.5%6/20/202912.2 12.2 12.1 — %
Central Texas Hygiene, LLC(#,^)10201 McKalla Place, Austin, TX 78758Administrative and Support ServicesTerm LoanPrime plus 2.75%6/20/202985.6 85.6 74.4 0.02 %
Beck's Pub & Grill LLC(#,^)N6630 WI-49, Weyauwega, WI 54983Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/19/204469.6 69.6 75.0 0.02 %
Bader Furniture Company Inc.(#,^)704 N Liberty St., Shamokin, PA 17872Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%6/19/20297.3 7.3 7.6 — %
Zion Motors Inc(#,^)6949 Wall Triana Hwy, Madison, AL 35757Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%6/19/204460.4 60.4 62.9 0.02 %
Providence Management Environmental, LLC, Tindol Energy Group, LLC(#,^)6570 W Hwy 67, Cleburne, TX 76033Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%6/19/2029263.4 263.4 265.0 0.08 %
International Institute for Learning Inc.(#,^)110 E 59th St ,31st floor, New York, NY 10022Educational ServicesTerm LoanPrime plus 2.75%6/19/2029291.7 291.7 253.5 0.08 %
Bonadi Inc. dba Polished Salon(#)9858 W Sample Rd, Coral Springs, FL 33065Personal and Laundry ServicesTerm LoanPrime plus 6.5%6/17/202912.2 12.2 12.2 — %
American Demolition, Inc(#,^)401 N Kuner Rd, Brighton, CO 80601Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/17/2029182.3 182.3 190.1 0.06 %
JLM Consulting LP(#,^)3981 E Dunrobin Dr., Springfield, MO 65809Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/17/202919.2 19.2 16.7 0.01 %
3 Rusty Nails, LLC dba The Gathering Place at 3 Rusty Nails(#,^)3830 Doctor M.L.K. Jr Blvd, Anderson, IN 46013Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%6/14/204487.0 87.0 94.2 0.03 %
Comarco Quality Pork Products Inc, Comarco Pork Products of FL LLC(#,^)501 Jackson St, Camden, NJ 08104Food ManufacturingTerm LoanPrime plus 2.75%6/14/2029301.6 301.6 281.3 0.09 %
A & S Services LLC dba Kona Ice of Troy(#,^)3888 Lightner Rd, Vandalia, OH 45377Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/14/204444.8 44.8 48.0 0.01 %
Kego 2 LLC dba Jon Smith Subs 80025(#,^)2001 W. Southlake Blvd Ste 143, Southlake, TX 76092Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/14/2029104.1 104.1 93.5 0.03 %
Law Office of Paula Padilla(#)2211 E Highland Ave Ste 130, Phoenix, AZ 85016Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%6/13/20294.9 4.9 4.9 — %
Picon Motors LLC dba The New Young's Motors(#,^)199-211 Central Ave, Orange, NJ 07080Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%6/12/2029218.8 218.8 218.9 0.07 %
GT Performance Plus Inc(#,^)4210 College St., Beaumont, TX 77707Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%6/11/204498.8 98.8 106.3 0.03 %
Ivesters Transportation, Inc(#,^)4299 South 2675 West, Roy, UT 84067Truck TransportationTerm LoanPrime plus 2.75%6/11/2029243.5 243.5 218.7 0.07 %
F-179
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
GT Performance Plus Inc(#,^)4210 College St., Beaumont, TX 77707Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%6/11/202974.5 74.5 65.7 0.02 %
Independent Transport, LLC dba Independent Water(#,^)3739 E Ridgeway Rd, Orange, CA 92867Nonstore RetailersTerm LoanPrime plus 2.75%6/10/2029198.6 198.6 187.4 0.06 %
Archer Cleaners Inc(#)1514 W 33rd St., Chicago, IL 60608Personal and Laundry ServicesTerm LoanPrime plus 6.5%6/10/202912.2 12.2 12.1 — %
Smith and Son Plumbing, LLC(#,^)15922 Eldorado Parkway Ste 500-1579, Frisco, TX 75035Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/10/202980.2 80.2 72.8 0.02 %
Neely Motorsports, Inc dba Earl's Store #1;Earl's Performance Plumbing(#,^)15825-15827 Hawthorne Blve, Lawndale, CA 90260Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%6/7/2044240.6 240.6 255.7 0.08 %
J&A Elliott Company(#,^)1118 Thornberry Dr, Clarksville, TN 37043Nonstore RetailersTerm LoanPrime plus 2.75%6/7/202910.2 10.2 10.5 — %
Throop Family Holding Inc dba Klamath Basin Metals and Supply, dba Rog(#,^)7130 Crater Lake Hwy, White City, OR 97503Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%6/7/202938.9 38.9 35.8 0.01 %
Johnny's Boy LLC(#,^)127 East King St., Martinsburg, WV 25401Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/7/2044100.7 100.7 106.2 0.03 %
Allison K. Chipak dba Still Photography(#)195 Terrace Place, Apt. 2, Brooklyn, NY 11218Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%6/6/202912.2 12.2 12.1 — %
Skin Beauty Bar Inc(#,^)749 8th St., Washington, DC 20003Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/6/20295.1 5.1 4.4 — %
Pura Water Vending LLC(#,^)4427 Mixedwood Drive, Ladson, SC 29456Nonstore RetailersTerm LoanPrime plus 2.75%6/5/202966.2 66.2 62.4 0.02 %
Preferred Manufacturing Services Inc(#,^)4261 Business Drive, Cameron Park, CA 95682Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%6/5/2029461.8 461.8 481.6 0.15 %
Jamestown Quick Stop LLC(#,^)3097 24th Ave, Hudsonville, MI 49426Food and Beverage StoresTerm LoanPrime plus 2.75%6/5/204469.3 69.3 72.1 0.02 %
Oasis Senior Advisors Franchise Systems, LLC(#,^)24870 Burnt Pine Drive, Bonita Springs, FL 34134Lessors of Nonfinancial Intangible Assets (except Copyrighted Works)Term LoanPrime plus 2.75%6/4/2029303.8 303.8 306.5 0.10 %
Italian Heritage Tile and Stone Inc(#,^)4748 Hopyard Rd, Pleasanton, CA 94588Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/4/202985.1 85.1 74.8 0.02 %
Evoke Growth Advisory LLC(#,^)2600 Brookwood Way Dr. #311, Rolling Meadows, IL 60008Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/3/20297.3 7.3 6.3 — %
Morey Publishing LLC(#,^)6901 Jericho Turnpike, Syosset, NY 11791Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%5/31/202960.4 60.4 52.9 0.02 %
G.S.A.T. Restoration Inc. dba Paul Davis Restoration & Remodeling of G(#,^)1450 Oakbrook Dr, Norcross, GA 30093Specialty Trade ContractorsTerm LoanPrime plus 2.75%5/31/2029113.6 113.6 101.3 0.03 %
V & M Transportation LLC(#,^)1307 27th St. Apt B, North Bergen, NJ 07047Truck TransportationTerm LoanPrime plus 2.75%5/31/202912.8 12.8 11.1 — %
F-180
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Martin Inventory Management, LLC(#,^)304 1/2 Main St., Edgefield, SC 29824Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%5/31/202948.3 48.3 49.3 0.02 %
Dynamic Dental Corporation(#,^)3760 NW 126th Ave, Coral Springs, FL 33065Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%5/31/202960.4 60.4 53.0 0.02 %
Inside & Out Maintenance LLC(#,^)1698 SW Pancoast St., Port St Lucie, FL 34987Administrative and Support ServicesTerm LoanPrime plus 2.75%5/30/202996.8 96.8 84.7 0.03 %
Aspen Welding LLC(#,^)28803 US-6, Rifle, CO 81650Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%5/30/2044406.8 406.8 432.0 0.13 %
SSD Designs, LLC(#,^)486 Vance St., Forest City, NC 28043Chemical ManufacturingTerm LoanPrime plus 2.75%5/30/2044422.2 422.2 465.1 0.14 %
AGR, Inc(#,^)2-255555 Kaumualii Hwy, Kalaheo, HI 96741Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/29/2044781.2 781.2 856.3 0.27 %
Brooklyn Breakfast Shop LLC(#,^)7707 S IH 35 Frontage Rd, Austin, TX 78744Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/29/20294.8 4.8 4.5 — %
Canela Media Inc(#,^)2715 Palomino Circle, La Jolla, CA 92037Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%5/29/2029114.8 114.8 103.9 0.03 %
PD Financial LLC(#,^)364 Parsippany Rd, Unit 7-B, Parsippany, NJ 07054Credit Intermediation and Related ActivitiesTerm LoanPrime plus 2.75%5/28/204448.7 48.7 51.8 0.02 %
SV Enterprise LLC dba Haagen-Dazs(#,^)1885 Briargate Pkwy #D-413, Colorado Springs, CO 80920Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/24/202989.5 89.5 77.9 0.02 %
MCM Design LLC(#)5926 Vinings Vintage Way, Mableton, GA 30126Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%5/23/20299.8 9.8 9.7 — %
Top Notch Roofing, Inc(#,^)46 Cherry St., Milton, VT 05468Specialty Trade ContractorsTerm LoanPrime plus 2.75%5/23/2029118.9 118.9 106.6 0.03 %
2820 US HWY 98 N LLC dba Total Package Car Wash(#)2820 US Hwy 98 N, Lakeland, FL 33805Repair and MaintenanceTerm LoanPrime plus 2.75%5/23/202943.0 43.0 44.9 0.01 %
Clowers Trucking By Faith LLC(#)705 E Brookwood PL, Valdosta, GA 31601Truck TransportationTerm LoanPrime plus 6.5%5/23/202912.1 12.1 12.0 — %
McGuckin & Pyle Inc(#,^)120 Corporate Ln, New Bern, NC 28562Machinery ManufacturingTerm LoanPrime plus 2.75%5/23/2044306.3 306.3 325.4 0.10 %
ES&A, INC., A LAW CORPORATION(#,^)1003 Bishop St., Honolulu, HI 96813Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%5/22/2029108.8 108.8 95.4 0.03 %
Gratitude Training, LLC(#,^)1901 N Federal Hwy #212, Pompano Beach, FL 33062Administrative and Support ServicesTerm LoanPrime plus 2.75%5/22/202972.5 72.5 63.1 0.02 %
Bloomquist Communications Inc. dba FastSigns 42501(#,^)131 East Trinity Place, Decatur, GA 30030Miscellaneous ManufacturingTerm LoanPrime plus 2.75%5/22/202914.5 14.5 12.8 — %
Anchor Up Fitness and Nutrition, LLC(#,^)2464 US-29, Pensacola, FL 32505Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%5/21/202919.6 19.6 18.3 0.01 %
BD Branson Victorian LLC dba Branson Surrey Inn(#,^)430 a/k/a 450 S Hwy 165, Branson, MO 65616AccommodationTerm LoanPrime plus 2.75%5/17/2029247.6 247.6 258.2 0.08 %
Covalent Holding LLC(#,^)18 W Chestnut St. Unit 2F, Chicago, IL 60610Nonstore RetailersTerm LoanPrime plus 2.75%5/17/2029234.9 234.9 223.0 0.07 %
F-181
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
FibAire Communications, LLC Dba AireBeam(#,^)13589 S. Sunland Gin Rd, Arizona City, AZ 85123TelecommunicationsTerm LoanPrime plus 2.75%5/17/202953.7 53.7 51.1 0.02 %
Kappa Investments LLC dba Buddy's Home Furnishings(#,^)365 Lowe's Drive Ste H, Danville, VA 24540Rental and Leasing ServicesTerm LoanPrime plus 2.75%5/17/2029419.3 419.3 366.0 0.11 %
AMP Trucking Inc(#,^)1030 Gettysburg Ave, Clovis, CA 93161Truck TransportationTerm LoanPrime plus 2.75%5/16/2029252.1 252.1 219.1 0.07 %
CJNR LLC dba Chenney Bear Cafe, Elma Lodge & Suites, Parkhurst Motel,(#,^)208 East Main St., Elma, WA 98541AccommodationTerm LoanPrime plus 2.75%5/16/202918.1 18.1 18.9 0.01 %
Cut To The Chase 502 LLC(#,^)6903 Lakegreen Ct, Louisville, KY 40291Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/16/20293.3 3.3 3.0 — %
Aim High Leadership Center Four Inc.(#,^)97-08 Rockaway Blvd, Jamaica, NY 11417Educational ServicesTerm LoanPrime plus 2.75%5/16/202985.8 85.8 76.3 0.02 %
Zeb, LLC dba Papa John's(#,^)10235 W Roosevelt Rd, Westchester, IL 60154Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/16/202948.3 48.3 42.6 0.01 %
Two Pie Lovers LLC dba Pizza Outpost(#,^)302 E. Millitary Hwy U1122, Brackettville, TX 78832Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/10/204443.5 43.5 46.8 0.01 %
The Lobster Pot Inc(#,^)119 Hope St., Bristol, RI 02809Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/10/2044367.1 367.1 396.7 0.12 %
Crystal D. Walls dba Crystal's Cleaning Service(#)10862 Nichols Blvd, Olive Branch, MS 38654Administrative and Support ServicesTerm LoanPrime plus 6.5%5/9/20299.9 9.9 9.8 — %
Aloha To Go LLC(#,^)5903 Seminole Boulevard, Seminole, FL 33772Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/9/202914.9 14.9 13.0 — %
Blue Country Firearms LLC(#,^)221 N Main St, Kingsfisher, OK 73750Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%5/8/204420.9 20.9 21.2 0.01 %
Folklore Music Exchange LLC(#,^)617 Tennessee Ave, Charleston, WV 25302Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%5/6/20295.0 5.0 4.3 — %
NYM Solutions Inc.dba NYM Solutions, Inc(#)1250 NW 7th St. Ste 201, Miami, FL 33125Insurance Carriers and Related ActivitiesTerm LoanPrime plus 6.5%5/6/202912.2 12.2 12.1 — %
Global Enterprises LLC dba Verdi Pizza(#,^)3111 S Valley View Blvd, Las Vegas, NV 89102Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/3/202920.2 20.2 17.5 0.01 %
EPIFAB,LLC(#,^)1341 Brooks St. Unit D, Ontario, CA 91762Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%5/3/202920.6 20.6 18.9 0.01 %
Art Amore Studios, LLC(#,^)6507 Jester Blvd, Austin, TX 78750Educational ServicesTerm LoanPrime plus 2.75%5/3/20295.4 5.4 4.7 — %
Mark Garvin dba Tipsy Canyon Winery(#,^)150 Upper Joe Creek Rd, Manson, WA 98831Beverage and Tobacco Product ManufacturingTerm LoanPrime plus 2.75%5/3/2044105.6 105.6 117.8 0.04 %
Life View Prenatal Imagery, LLC(#,^)312 79th Ave North, Myrtle Beach, SC 29572Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%5/3/20295.9 5.9 5.3 — %
Modern Trousseau, LLC(#,^)125 Bradley Rd, Woodbridge, CT 06525Clothing and Clothing Accessories StoresTerm LoanPrime plus 2.75%5/1/2029302.1 302.1 296.8 0.09 %
F-182
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Disability Resolution P.A.(#)1619 Malon Bay Drive, Orlando, FL 32828Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%4/30/20294.3 4.3 4.3 — %
DeVega Juice Co, - East Cobb, LLC dba Clean Juice Johnson Ferry(#,^)1205 Johnson Ferry Rd Ste 124, Marietta, GA 30068Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/30/202961.8 61.8 61.3 0.02 %
Midlothian Hardware, Inc dba Grills True Value(#,^)475 West 147th St, Midlothian, IL 60445Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%4/29/202938.4 38.4 40.1 0.01 %
Pellegrin Marine Transportation, LLC(#,^)117 Country Village Drive, Raceland, LA 70394Support Activities for TransportationTerm LoanPrime plus 2.75%4/26/2029121.6 121.6 111.7 0.03 %
Sona USA, Inc(#,^)15280 NW 79th Ct Ste 109, Miami Lakes, FL 33016TelecommunicationsTerm LoanPrime plus 2.75%4/26/2029158.6 158.6 146.3 0.05 %
Benevolent International Inc(#,^)2781 Saturn St. Ste F, Brea, CA 82821Administrative and Support ServicesTerm LoanPrime plus 2.75%4/26/202975.7 75.7 65.8 0.02 %
ASM Partners LLC(#,^)1619 Roberts Drive SE, Mableton, GA 30126Nonstore RetailersTerm LoanPrime plus 2.75%4/26/2029234.7 234.7 221.3 0.07 %
Jones Roger Sherman Inn, Inc.(#,^)195 Oenoke Ridge, New Canaan, CT 06840Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/25/2029140.6 140.6 146.6 0.05 %
Alan Russell Moldof CPA dba Al Russell Moldof CPA(#)15105 John J Delaney Dr. #D 170, Charlotte, NC 28277Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%4/25/20294.8 4.8 4.8 — %
La Dolce Vita LLC.(#,^)196 N. Holiday Rd, Miramar Beach, FL 32550Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%4/25/2044467.7 467.7 509.3 0.16 %
La Dolce Vita, LLC, La Dolce Vita Watersports LLC, LDV Golf Cart & Bil(#,^)196 N. Holiday Rd, Miramar Beach, FL 32550Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%4/25/2029480.5 480.5 440.7 0.14 %
Kenzington LLC(#,^)324 Main St South, Stillwater, MN 55082Clothing and Clothing Accessories StoresTerm LoanPrime plus 2.75%4/24/20293.1 3.1 2.7 — %
Quality Living Medical Alert, LLC(#,^)1882 Capital Circle NE, Ste 104, Tallahassee, FL 32308Social AssistanceTerm LoanPrime plus 2.75%4/24/202952.9 52.9 49.7 0.02 %
ER & DC McPherson Holdings, LLC(#,^)6957 W Broward Blvd., Plantation, FL 33317Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/19/202946.5 46.5 40.9 0.01 %
All My Best Inc.(#,^)4320 Anthony Court Ste 1,2,3, Rocklin, CA 95677Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%4/19/202960.1 60.1 54.3 0.02 %
Expert Building Services LLC(#,^)74 Roosevelt St., Pequannock Township, NJ 07440Administrative and Support ServicesTerm LoanPrime plus 2.75%4/17/202919.6 19.6 17.0 0.01 %
Rello, Inc. dba ID Salon(#)8063 Jericho Turnpike, Woodbury, NY 11797Personal and Laundry ServicesTerm LoanPrime plus 6.5%4/17/20295.8 5.8 5.8 — %
Bottles on Broadway, LLC(#,^)1083 N Broadway, North Massapequa, NY 11758Food and Beverage StoresTerm LoanPrime plus 2.75%4/17/2029123.7 123.7 109.5 0.03 %
2Choice2Friends dba 2 N 1 Salad Bar and Grill(#)901 W Braker Lane, Austin, TX 78758Food Services and Drinking PlacesTerm LoanPrime plus 6.5%4/17/202912.1 12.1 12.0 — %
F-183
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Modern Demo & Services LLC(#,^)10161 W Park Run Drive, Las Vegas, NV 89145Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/17/2029120.1 120.1 105.9 0.03 %
Pranamji Inc dba Ohara's Beverage Spot(#,^)2300 Levit Rd, Lorain, OH 44052Food and Beverage StoresTerm LoanPrime plus 2.75%4/16/204446.9 46.9 48.5 0.02 %
Cormac Enterprises, Inc(#,^)1205 38th Ave North, Myrtle Beach, SC 29577Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%4/16/202921.6 21.6 19.1 0.01 %
Bill Berger LLC(#,^)8728 Tireman Ave, Detroit, MI 48204Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%4/12/20298.7 8.7 7.5 — %
Southern Gulf Construction, Inc.(#,^)367 Pine Island Rd, North Fort Myers, FL 33903Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/12/2029106.9 106.9 103.6 0.03 %
J.T. ONeill Company, LLC(#,^)19972 Willowin Farm Lane, Purceville, VA 20132Real EstateTerm LoanPrime plus 2.75%4/12/20299.4 9.4 8.1 — %
Gilpin Enterprises, LLC dba Jon Smith Subs(#,^)17790 State Rd 54, Lutz, FL 33458Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/12/202976.0 76.0 67.9 0.02 %
CK Heating and Cooling LLC(#,^)10017 Pebble Beach Drive, St. Louis, MO 63114Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/12/202919.7 19.7 17.2 0.01 %
Samco Food Corp dba C-Town Supermarket(#,^)1761 Nostrand Ave, Brooklyn, NY 11226Food and Beverage StoresTerm LoanPrime plus 2.75%4/12/202995.5 95.5 83.0 0.03 %
P. Moss Enterprises, LLC dba Garage Experts-Mid Atlantic(#,^)3563 South River Terrace, Edgewater, MD 21037Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/12/202942.3 42.3 38.1 0.01 %
Engineered Edibles, LLC(#,^)7926 Santa Fe Drive, Overland Park, KS 66204Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/12/20298.7 8.7 7.5 — %
VC Media Partners LLC(#,^)22120 Clarendon St., Woodland Hills, CA 91367Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%4/12/2029122.3 122.3 106.6 0.03 %
Maxiflex LLC(#,^)512 Verret St., New Orleans, LA 70114Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%4/11/202960.1 60.1 62.6 0.02 %
VRGE Strategies LLC(#,^)1155 15th St NW, Washington, DC 20005Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%4/10/2029131.0 131.0 113.8 0.04 %
Georgetown Milling Co, LLC(#,^)9001 Wentworth Springs Rd, Georgetown, CA 95634Wood Product ManufacturingTerm LoanPrime plus 2.75%4/9/202912.3 12.3 11.1 — %
FRAJOVI Urban Air, LLC dba Urban Air Trampoline& Adventure Park(#,^)1256 Indian Head Rd, Toms River, NJ 08755Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%1/8/2030575.0 575.0 583.3 0.18 %
Marnon Enterprise LLC(#,^)6713 Biscay Hbr, San Antonio, TX 78249Administrative and Support ServicesTerm LoanPrime plus 2.75%4/5/20294.6 4.6 4.0 — %
Bose and Avinder, Inc.and Carmel and Preet Inc(#,^)28201 Date Palm Drive, Cathedral City, CA 92234Gasoline StationsTerm LoanPrime plus 2.75%4/5/202955.3 55.3 57.6 0.02 %
Ren Investment Group Inc dba True Positon Manufacturing(#,^)40 Sandra Drive, South Windsor, CT 06074Machinery ManufacturingTerm LoanPrime plus 2.75%3/29/2029829.1 829.1 732.4 0.23 %
F-184
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
J Brothers Enterprises, LLC(#,^)1101 NW 12TH Ave, Ava, MO 65608Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%3/29/2044639.5 639.5 650.0 0.20 %
La Favorita Radio Network(#,^)4043 Geer Rd, Hughson, CA 95326Broadcasting (except Internet)Term LoanPrime plus 2.75%3/29/2029358.9 358.9 323.0 0.10 %
EJ & James Transport LLC(#,^)3100 Drewsky Lane Unit 108, Fort Mills, SC 29715Truck TransportationTerm LoanPrime plus 2.75%3/29/20299.0 9.0 8.4 — %
Royalty Freight Inc.(#,^)3728 W McKinley Ave, Fresno, CA 93772Truck TransportationTerm LoanPrime plus 2.75%3/29/2029413.5 413.5 385.0 0.12 %
Reliable Power Group Inc. dba Batteries + bulbs Pensacola(#,^)6895 N. 9th Ave Ste B, Pensacola, FL 32504Repair and MaintenanceTerm LoanPrime plus 2.75%3/29/202995.5 95.5 83.1 0.03 %
Key HR Associates, Inc dba Parents Choice for Kids(#,^)3150 West Park Drive, Burnsville, MN 55306Social AssistanceTerm LoanPrime plus 2.75%3/29/2044449.9 449.9 463.0 0.14 %
Bright Freight Solution, LLC(#,^)1112 N Main St, Manteca, CA 95336Truck TransportationTerm LoanPrime plus 2.75%3/29/20291,158.3 1,158.3 1,058.5 0.33 %
Hamsons Inc.(#,^)4900 Hopyard Rd, Pleasanton, CA 94588Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%3/29/2029179.1 179.1 155.4 0.05 %
Pizzaplex L3C(#,^)4458 West Vernor Hwy, Detroit, MI 48209Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/29/202942.8 42.8 38.0 0.01 %
Bhatti LLC dba Auntie Ann's & Bhatti LLC 1(#,^)7219 Silver Mist Ave, North Chesterfield, VA 23237Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/29/2029157.9 157.9 137.0 0.04 %
NuBe Business Group LLC(#,^)2140 44th St SE, Ste 201, Grand Rapids, MI 49508Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/29/204440.6 40.6 45.4 0.01 %
StillBasi Holdings, Inc. dba Buxton Auto Transport(#,^)9371 Jackson Rd, Sacramento, CA 95826Truck TransportationTerm LoanPrime plus 2.75%3/29/2029286.6 286.6 261.1 0.08 %
Felipe Antonio Del Valle M.D. P.A.(#,^)7190 SW 87th Ave Ste 203, Miami, FL 33173Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/29/202914.3 14.3 12.4 — %
Raven's Place LLC(#,^)13031 S Western Ave, Blue Island, IL 60406Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/29/2044681.6 681.6 709.8 0.22 %
Stillwater Ventures, LLC(#,^)8272 W. Sunset Blvd, Los Angeles, CA 90048Nonstore RetailersTerm LoanPrime plus 2.75%3/29/2029397.5 397.5 376.2 0.12 %
Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery(#,^)229 Medical Park Rd, Ste 310, Mooresville, NC 28117Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/29/2044820.8 820.8 837.5 0.26 %
Outtasight Careers, LLC dba Gecko Hospitality(#,^)109 W Fern St., Tampa, FL 33604Administrative and Support ServicesTerm LoanPrime plus 2.75%3/29/202949.7 49.7 43.1 0.01 %
Turtle Shirts, LLC(#,^)10241 Metro Pkwy# 108, Ft Myers, FL 33966Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%3/29/202951.4 51.4 45.5 0.01 %
Bayco Enterprises, Inc(#,^)128 Cowesett Ave, West Warwick, RI 02893Gasoline StationsTerm LoanPrime plus 2.75%3/29/2044197.0 197.0 219.9 0.07 %
Peak Performance Associates LLC dba Nova Hypnosis and Wellnes(#,^)1485 Chain Bridge Rd #304-305, McLean, VA 22101Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/29/202957.3 57.3 49.8 0.02 %
F-185
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Knoxville Room Service(#,^)10670 Parkside Drive, Knoxville, TN 37922Food and Beverage StoresTerm LoanPrime plus 2.75%3/29/20296.4 6.4 5.8 — %
Complete Care IT LLC(#,^)4801 South University Drive Ste 125, Davie, FL 33328Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/29/202950.2 50.2 43.6 0.01 %
Skaggs RV Outlet ,LLC(#,^)301 Commerce Drive, Elizabethtown, KY 42701Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%3/28/2029238.9 238.9 248.7 0.08 %
J.C. Pallet Company, Inc.(#,^)18427 New Kent Hwy, Barhamsville, VA 23011Wood Product ManufacturingTerm LoanPrime plus 2.75%3/28/2029429.9 429.9 412.3 0.13 %
Cleland Pharmacy LLC(#,^)202 S First St., Wakeeney, KS 67672Health and Personal Care StoresTerm LoanPrime plus 2.75%3/28/202921.5 21.5 22.4 0.01 %
Four Seasons Laser Center Inc.(#,^)4720 NW 2nd Ave Unit D104-105, Boca Raton, FL 33498Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/28/202914.3 14.3 13.9 — %
Planet X Tobacco & Gift, LLC(#,^)900 W Northern Lights Blvd, Anchorage, AK 99503Miscellaneous Store RetailersTerm LoanPrime plus 2.75%3/28/2044283.3 283.3 306.1 0.10 %
Children First Home Health Care, Inc. dba Health Calls(#,^)1220 Broadcasting Rd Ste 202, Wyomissing, PA 19610Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/28/2029131.7 131.7 114.2 0.04 %
RG Productions LLC(#,^)2414 W Battlefield Ste H, Springfield, MO 65807Rental and Leasing ServicesTerm LoanPrime plus 2.75%3/28/2029148.8 148.8 138.2 0.04 %
GS Bath Inc(#,^)5335 E. Kaviland Ave, Fresno, CA 93725Truck TransportationTerm LoanPrime plus 2.75%3/28/2029298.6 298.6 276.4 0.09 %
Custom Vinyl Products LLC(#,^)260 Enterprise Drive, Newport News, VA 23603Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%3/28/20441,003.8 1,003.8 1,056.1 0.33 %
Cocomo Joe's LLC(#,^)3949 New Rd, Youngstown, OH 44515Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/28/20293.3 3.3 3.1 — %
PA Sobol Partners LLC dba Sobal(#,^)206 Rohrerstown Rd, Lancaster, PA 17603Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/28/202948.9 48.9 43.9 0.01 %
Cinco Fit LLC dba Cinco Fit(#,^)23010 Highland Knolls Blvd, Ste G, Katy, TX 77494Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/27/2029157.6 157.6 136.8 0.04 %
Ocean Trans LLC and Dehal Trucking LLC(#,^)1415 W Anderson St., Stockton, CA 95206Truck TransportationTerm LoanPrime plus 2.75%3/27/202971.1 71.1 74.1 0.02 %
Danielle Vance LPC, LLC dba Danielle Vance MA, LPC(#,^)2543 Eliot St., Denver, CO 80211Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/27/20295.4 5.4 4.7 — %
DC AG, LLC dba Big B Sales(#,^)674 LA- 8, Sicily Island, LA 71368Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%3/27/2044582.8 582.8 602.4 0.19 %
Heritage Hills Athletics 1, LLC and Heritage Hills Athletics 1, LLC(#,^)2880 Carol Rd, East York, PA 17402Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/26/20441,239.3 1,239.3 1,301.4 0.40 %
District 5 Boutique LLC(#,^)317 N Farview Ave, Paramus, NJ 07652Nonstore RetailersTerm LoanPrime plus 2.75%3/26/2029119.4 119.4 103.6 0.03 %
J & C May Properties, LLC(#,^)315 Sylamore Ave, Mountain View, AR 72560Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%3/22/20441,124.0 1,124.0 1,105.0 0.34 %
F-186
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Virginia Industrial Plastics, Inc.(#,^)2454 NE Side Hwy, Elkton, VA 22827Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%3/22/2044294.0 294.0 327.8 0.10 %
Skyways, LTD(#,^)350 15th St. NW, Huron, SD 57350Support Activities for TransportationTerm LoanPrime plus 2.75%3/22/2029788.5 788.5 690.1 0.21 %
Gary Krause dba Gary Krause Landscaping & Design(#,^)489 Hamilton Rd, Jacksonville, OR 97530Administrative and Support ServicesTerm LoanPrime plus 2.75%3/22/20295.7 5.7 5.3 — %
Virginia Industrial Plastics, Inc.(#,^)2454 NE Side Hwy, Elkton, VA 22827Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%3/22/2029258.7 258.7 269.3 0.08 %
The Karate Dojo LLC(#,^)21 S Hope Chapel Rd, Jackson, NJ 08527Educational ServicesTerm LoanPrime plus 2.75%3/21/20294.3 4.3 3.7 — %
Pitman Holding LLC(#,^)1116 E Main St, Richmond, VA 23219Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/21/20297.2 7.2 6.5 — %
American Trails Transport, LLC(#,^)8704 Grand Ave, Billings, MT 59106Truck TransportationTerm LoanPrime plus 2.75%3/21/202952.5 52.5 48.3 0.01 %
Dependable Lawn Care, Inc.(#,^)2320 138th St., Blue Island, IL 60406Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/21/2029500.2 500.2 459.0 0.14 %
Dependable Lawn Care, Inc.(#,^)2320 138th St., Blue Island, IL 60406Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/21/2044189.1 189.1 207.4 0.06 %
Mega Trucking LLC and Olyimpian Industries LLC(#,^)5979 NW 151st St, Miami Lakes, FL 33014Truck TransportationTerm LoanPrime plus 2.75%3/20/2029383.0 383.0 360.6 0.11 %
Michigan Neurosurgical Institute P.C.(#,^)9400 S Saginaw St., Unit 1, Grand Blanc, MI 48439Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/20/2029173.2 173.2 150.9 0.05 %
Sound Manufacturing Inc(#,^)1 Williams Lane, Old Saybrook, CT 06475Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%3/20/202947.8 47.8 41.4 0.01 %
Michigan Neurosurgical Institute, P.C.,,Optical Spine,LLC, MNI Great L(#,^)9400 S Saginaw St., Unit 1, Grand Blanc, MI 48439Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/20/2044352.0 352.0 361.5 0.11 %
Frontline Selling LLC(#,^)6505 Shiloh Rd #300,310,320, Alpharetta, GA 30005Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/19/2029298.6 298.6 310.6 0.10 %
Game Station, Inc.(#,^)2917 1st Ave SE, Cedar Rapids, IA 52402Rental and Leasing ServicesTerm LoanPrime plus 2.75%3/19/2029250.8 250.8 230.4 0.07 %
Marvellous Print & Ship LLC(#,^)605 W Main St., Oxford, KS 67119Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%3/19/20293.2 3.2 2.8 — %
Panetcarne Inc.dba Jersey Mike's Subs Greenfield(#,^)23077 Greenfield Rd, Southfield, MI 48075Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/15/202988.9 88.9 78.9 0.02 %
Stepping Stones Children's Academy LLC(#,^)1655 E Warm Springs Rd, Las Vegas, NV 89119Social AssistanceTerm LoanPrime plus 2.75%3/15/2044371.8 371.8 393.9 0.12 %
Vanchoc Transport Inc(#,^)137 3rd St, Brooklyn, NY 11231Rental and Leasing ServicesTerm LoanPrime plus 2.75%3/15/202983.7 83.7 72.7 0.02 %
B & W Towing LLC(#,^)701 Addison Rd, Painted Post, NY 14870Support Activities for TransportationTerm LoanPrime plus 2.75%3/15/202954.9 54.9 56.7 0.02 %
F-187
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Screening Services Group, LLC(#,^)8670 Wilshire Blvd, Beverly Hills, CA 90211Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%3/14/2029268.9 268.9 240.0 0.07 %
Space Express, LLC(#,^)2775 Burris Rd, Davie, FL 33314Truck TransportationTerm LoanPrime plus 2.75%3/12/2029143.4 143.4 127.6 0.04 %
Mill Creek Early Childhood Program LLC(#,^)510 South Batavia Ave, Batavia, IL 60510Social AssistanceTerm LoanPrime plus 2.75%8/11/202960.9 60.9 53.0 0.02 %
Precise Air Systems, Inc(#,^)5467 W San Fernando Rd, Los Angeles, CA 90039Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/8/2029251.2 251.2 220.9 0.07 %
Alpine Remediation, Inc, T & M Holdings, LLC(#,^)14252 W 44th Ave Unit F, Golden, CO 80403Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/8/202983.7 83.7 78.1 0.02 %
Kalloren Provel LLC(#,^)6919 Oak Ridge Commerce Way, Austell, GA 30168Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%3/8/2044281.3 281.3 298.0 0.09 %
D & S Village Hardware LLC dba Cedar Mountain Country Store & Samantha(#,^)3695 Movie Ranch Rd, Duck Creek, UT 84762Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%3/8/2044200.0 200.0 215.9 0.07 %
Wildflour Bakery & Cafe LLC(#,^)5137 Clareton Dr #100,110,120, Agoura Hills, CA 91301Food ManufacturingTerm LoanPrime plus 2.75%3/8/202983.6 83.6 72.5 0.02 %
SG Welch Inc dba Sparks Auto Service(#,^)19138 Molalla Ave, Oregon City, OR 97045Repair and MaintenanceTerm LoanPrime plus 2.75%3/8/202959.7 59.7 52.9 0.02 %
Seeds of Knowledge Creative Learning Center LLC(#,^)15101 West McNichols Rd, Detroit, MI 48235Social AssistanceTerm LoanPrime plus 2.75%3/7/204422.3 22.3 24.0 0.01 %
Doble Rentals, L.L.C , Doble Rentals 2, LLC, Doble Rentals 3, LLC(#,^)487 Elizabeth Lake Rd, Waterford, MI 48328Rental and Leasing ServicesTerm LoanPrime plus 2.75%3/4/2029150.5 150.5 130.6 0.04 %
Midwest Expediated Carrier Corporation(#,^)2200 N Stonington Ave #120, Hoffman Estates, IL 60169Support Activities for TransportationTerm LoanPrime plus 2.75%3/1/202914.3 14.3 12.4 — %
Monkey Bones LLC(#,^)3361 Dayton Xenia Rd, Beavercreek, OH 45432Personal and Laundry ServicesTerm LoanPrime plus 2.75%2/28/204419.3 19.3 21.5 0.01 %
Wooter Apparel, Inc(#,^)727 Page Ave., Staten Island, NY 10307Nonstore RetailersTerm LoanPrime plus 2.75%2/28/202947.5 47.5 42.0 0.01 %
NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC(#,^)20 Silver Fox Lane, Sussex, NJ 07461Food ManufacturingTerm LoanPrime plus 2.75%2/28/202948.4 48.4 46.5 0.01 %
KSW Agency Inc.(#,^)330 Milltown Rd, Ste 22E, East Brunswick, NJ 08816Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%2/28/202914.3 14.3 14.9 — %
Woodard Electric Services, Inc.(#,^)1600 Carter Cove Rd, Hayesville, NC 28904Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/28/202920.5 20.5 18.1 0.01 %
Shah Medical Center SC & Heeena Shyamani(#,^)484 Summit St, Elgin, IL 60120HospitalsTerm LoanPrime plus 2.75%2/28/2044251.3 251.3 247.6 0.08 %
Legacy Roof Contractors LLC(#,^)32091 Broken Branch Circle, Spanish Fort, AL 36527Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/28/2044297.1 297.1 305.0 0.09 %
F-188
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Matrix Z LLC(#)800 SW 21st Terrace, Ft Lauderdale, FL 33312Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 6.5%2/27/202912.0 12.0 11.9 — %
Merdad Dentistry PLLC dba Easy Dental Care(#,^)7522 Old Linton Hall Rd, Gainesville, VA 20155Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%2/26/202915.0 15.0 13.0 — %
Harbor Management Company Inc dba Jamba Juice(#,^)5501 Josh Birmingham Pkwy Concourse A, Charlotte, NC 28208Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/22/2029142.5 142.5 125.1 0.04 %
EasyBooks, Inc.(#,^)949 Turquoise St., San Diego, CA 92109Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/22/20295.7 5.7 4.9 — %
Mia Restoration Inc dba PuroClean and Puroclean of Morristown NJ(#,^)3633 B Hill Rd, Parsippany, NJ 07054Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%2/21/202939.2 39.2 35.1 0.01 %
Gomez Advanced Wellness Center, Inc.(#,^)2418 Central Ave, Charlotte, NC 28205Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%2/21/2044148.6 148.6 156.5 0.05 %
Citiline Cafe At Jacobs Plaza, LLC dba Citiline Cafe(#,^)12140 Wickchester Ln STE 130, Houston, TX 77079Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/20/202946.6 46.6 40.4 0.01 %
Bowl 360 Inc.(#,^)98-18 Rockaway Blvd, Ozone Park, NY 11417Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/19/2029154.5 154.5 144.3 0.04 %
Bowl 360 Inc.(#,^)98-18 Rockaway Blvd, Far Rockaway, NY 11417Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/19/2029132.5 132.5 115.5 0.04 %
Rob Barletta's Hockey School, Inc(#,^)2130 Providence Hwy, Walpole, MA 02081Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%2/19/2029103.3 103.3 107.6 0.03 %
Outler Transportation Services,LLC(#,^)3775 Carriage Downs CT SW, Snellville, GA 30039Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%2/19/202942.7 42.7 37.8 0.01 %
M & M Burgers Inc dba Checkers(#,^)530 Willis Ave, Bronx, NY 10455Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/15/2029109.4 109.4 97.0 0.03 %
Integris Roofing, Inc(#,^)1174 Yellostone Drive, Lake Arrowhead, CA 92532Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/15/202921.4 21.4 18.5 0.01 %
Tony Herring & Associates, Inc(#,^)211 West Camellia Drive, Slidell, LA 70458Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%2/14/202914.2 14.2 14.8 — %
Gateway Veterinary Services, P.C. dba Liberty Animal Clinic(#,^)9212 Liberty Ave, Ozone Park, NY 11417Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/14/2044137.0 137.0 152.8 0.05 %
Par-Man, Inc. dba Rockstar Tattoo(#,^)450 Fremont St #109 and 113, Las Vegas, NV 89101Health and Personal Care StoresTerm LoanPrime plus 2.75%2/14/202959.5 59.5 52.2 0.02 %
KHSE Parks, Inc.(#,^)600 West Charles St., Matthews, NC 28105Administrative and Support ServicesTerm LoanPrime plus 2.75%2/14/202978.4 78.4 68.0 0.02 %
Precedence Enterprises LLC dba Spartan Junk Removal(#,^)8101 Sandy Spring Rd Ste 250N, Laurel, MD 20707Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%2/8/202915.6 15.6 14.3 — %
Pamletics LLC dba F45(#,^)22015 IH 10 West, San Antonio, TX 78249Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/8/20293.6 3.6 3.4 — %
Shepherd Fitness, LLC dba Workout Anytime Ooltewah(#,^)9408 Apison Pike, Ste 11, Ooltewah, TN 37363Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%5/8/2029160.2 160.2 147.0 0.05 %
F-189
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
EJGR Corp dba Brite Energy Solutions(#,^)87 Main St Upper Lvl, Hastings-on-Hudson, NY 10706UtilitiesTerm LoanPrime plus 2.75%2/8/202959.4 59.4 51.7 0.02 %
Creative Counseling Nashville PLLC(#,^)4119 Gallatin Pike, Nashville, TN 37216Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%2/7/20292.1 2.1 1.8 — %
Better Dayz PT, Inc. dba Physical Therapy Now(#,^)2804 NE 8th St. #203-206, Homestead, FL 33033Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/7/202921.4 21.4 18.7 0.01 %
D & G Elite Construction, Inc.(#,^)217 Goldenrod Ave, Franklin Square, NY 11010Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/6/2029123.6 123.6 128.7 0.04 %
RIHAHN INC dba RDBL, INC.(#,^)1397 McGuire Rd, Lamar, AR 72846Forestry and LoggingTerm LoanPrime plus 2.75%2/5/20296.6 6.6 6.8 — %
Hernando Beach Motel Inc.,The Purple Cow House of Pancake Inc(#,^)4291 Shoal Line Boulevard, Hernando Beach, FL 34607AccommodationTerm LoanPrime plus 2.75%2/1/202914.2 14.2 14.8 — %
Jesus and Son's Landscape Contractors, LLC(#,^)4371 Durham Court, Denver, CO 80239Administrative and Support ServicesTerm LoanPrime plus 2.75%2/1/202954.6 54.6 48.8 0.02 %
Employer Resource Services LLC dba Data Pool(#,^)500 Research Rd, Richmond, VA 23236Administrative and Support ServicesTerm LoanPrime plus 2.75%1/31/202935.7 35.7 30.9 0.01 %
MYC Motors Inc(#,^)3808 Vegas Drive, Las Vegas, NV 89108Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%1/30/204474.3 74.3 82.8 0.03 %
FNF LLC dba WineStyles(#,^)11109 Old Seward Hwy, Anchorage, AK 99515Food and Beverage StoresTerm LoanPrime plus 2.75%1/22/2029233.8 233.8 203.0 0.06 %
IGWT Coffee, LLC dba PJ's Coffee of New Orleans(#,^)414 Union St, Nashville, TN 37219Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/18/202977.9 77.9 67.6 0.02 %
MMC Investors, LLC dba Clean Juice(#,^)2879 W 95th St. Ste 195, Naperville, IL 60564Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/18/202983.8 83.8 74.2 0.02 %
Hilco Athletics & Graphics Inc(#,^)55 Green Hill St., West Warwick, RI 02816Apparel ManufacturingTerm LoanPrime plus 2.75%1/16/204468.2 68.2 76.0 0.02 %
CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster(#,^)309 Coronado Drive, Clearwater Beach, FL 33767Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/11/202984.7 84.7 74.5 0.02 %
Fluid Connections LLC dba BurgerIM(#,^)174 El Cerrito Plaza, El Cerrito, CA 94530Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/11/202959.1 59.1 54.6 0.02 %
HSR Tacos LLC dba California Tortilla(#,^)11694 Sudley Manor Drive, Manassas, VA 20109Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/11/202951.5 51.5 44.7 0.01 %
Rashed and Shabila LLC(#,^)14865 Hwy 92, Woodstock, GA 30188Gasoline StationsTerm LoanPrime plus 2.75%1/4/202921.2 21.2 19.7 0.01 %
Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC(#,^)215 S Persimmon St., Tomball, TX 77375Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%12/31/2028223.4 223.4 193.8 0.06 %
The Chop House Inc.(#,^)191 Old Tower Hill Rd., South Kingstown, RI 02879Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/31/2043552.0 552.0 572.4 0.18 %
F-190
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Capitol Fitness Inc. dba Anytime Fitness Shelby(#,^)49045 Van Dyke Ave, Shelby Charter Township, MI 48317Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/28/202817.1 17.1 15.5 — %
Omega Funeral and Cremation Services,LLC(#,^)9503 Kenwood Rd, Cincinnati, OH 45242Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/28/2043339.3 339.3 353.6 0.11 %
American Rewinding of NC Inc dba MTS(#,^)1825 N Rocky River Rd, Monroe, NC 28110Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%12/28/2028402.6 402.6 368.3 0.11 %
Superior Concepts Acquisition Corp(#,^)1710 Tiles Court, Grand Haven, MI 49417Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/28/2043504.4 504.4 509.3 0.16 %
Superior Concepts Acquisition Corp(#,^)1710 Tiles Ct, Grand Haven, MI 49417Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/28/2028112.6 112.6 102.7 0.03 %
Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institut(#,^)10911 Bonita Beach Rd SE #104A & 104B, Bonita Springs, FL 34135Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%12/28/204318.6 18.6 20.7 0.01 %
Nix and Nix Funeral Home North Inc,(#,^)1621 W. Dauphin St., Philadelphia, PA 19132Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/28/2043566.0 566.0 614.5 0.19 %
Fave Realty Inc.(#,^)74 Larkfield Rd, East Northport, NY 11731Real EstateTerm LoanPrime plus 2.75%12/27/2043122.2 122.2 136.3 0.04 %
Medworxs Inc.(#,^)6857 Timbers Drive, Evergreen, CO 80439Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/27/20289.9 9.9 8.5 — %
East Breeze LLC dba Historic Springdale Pub and Eatery(#,^)32302 E Historic Columbia Riv Hwy, Corbett, OR 97019Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/27/2043126.9 126.9 136.0 0.04 %
Children First Home Health Care Inc(#,^)1220 Broadcasting Rd Ste 202, Wyomissing, PA 19610Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/27/2028282.4 282.4 267.0 0.08 %
Green Valley Landscape Management Inc. dba Apopka Mower and Equipment(#,^)2975 W Orange Blossom Trail, Apopka, FL 32712Administrative and Support ServicesTerm LoanPrime plus 2.75%12/27/2043459.9 459.9 473.8 0.15 %
Reservations Unlimited LLC(#)312 W Main St., Red River, NM 87558Real EstateTerm LoanPrime plus 2.75%12/26/2043140.8 140.8 151.2 0.05 %
Timios Enterprises Corp dba Palm Court(#,^)1912 N Arlington Hts Rd, Arlington Heights, IL 60004Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/24/2043700.4 700.4 739.5 0.23 %
RM Hawkins LLC(#,^)5141 Topaz Drive, Colorado Springs, CO 80918Nonstore RetailersTerm LoanPrime plus 2.75%12/24/2028281.6 281.6 260.3 0.08 %
BD Branson Victorian LLC dba Branson Victorian Inn(#,^)450 South Hwy 165, Branson, MO 65616AccommodationTerm LoanPrime plus 2.75%12/24/2043492.5 492.5 530.6 0.16 %
Royalty Freight Inc(#,^)3728 W McKinley Ave, Fresno, CA 93722Truck TransportationTerm LoanPrime plus 2.75%12/21/202891.7 91.7 79.4 0.02 %
Kyle M Walker DDS, PC(#,^)1402 W Park Ave, Orange, TX 77630Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/21/2028105.8 105.8 91.6 0.03 %
The Law Office of Jared E. Shapiro, P.A(#,^)7777 Glades Rd Ste 100, Boca Raton, FL 33434Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/21/202810.6 10.6 9.2 — %
F-191
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Burgess and Dudley, Incorporated(#,^)24462 NW 9th Place, Newberry, FL 32669Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/21/2028223.5 223.5 203.1 0.06 %
Diamond Estates LLC(#,^)110 Court St Ste 1, Cromwell, CT 06416Construction of BuildingsTerm LoanPrime plus 2.75%12/21/202870.5 70.5 61.1 0.02 %
Fifth Wheel Truck Stop 001, Inc.(#,^)3767 South Golden State Blvd, Fresno, CA 93725Gasoline StationsTerm LoanPrime plus 2.75%12/21/2028100.0 100.0 86.6 0.03 %
Sesolinc GRP, Inc.(#,^)806 Randy Lowery Rd, Statesboro, GA 30461Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%12/21/2028352.3 352.3 329.7 0.10 %
ETS Tree Service Inc and Eastern Tree Service, Inc(#,^)4813 Pinson Valley Parkway, Birmingham, AL 35215Administrative and Support ServicesTerm LoanPrime plus 2.75%12/21/2028216.1 216.1 200.4 0.06 %
D.A.F.S Transport, LLC(#,^)207 S. Teresa St., Monahans, TX 79756Truck TransportationTerm LoanPrime plus 2.75%12/21/2028620.1 620.1 613.0 0.19 %
Precision Bytes LLC dba Tower Connect(#,^)607 West Magnolia Ave, Fort Worth, TX 76104Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/21/2028121.9 121.9 105.6 0.03 %
Accel Compression Inc.,Accel Workover Services Inc dba Mica Tool & Tur(#,^)4500 S Country Rd, Odessa, TX 79768Rental and Leasing ServicesTerm LoanPrime plus 2.75%6/21/2044169.0 169.0 188.7 0.06 %
LP Industries, Inc and Playground Packages, LLC(#,^)2040 Norwood, Lenoir, NC 28645Miscellaneous ManufacturingTerm LoanPrime plus 2.75%12/21/202888.6 88.6 77.0 0.02 %
Cammarata Associates LLC(#,^)5 Greentree Center, Marlton, NJ 08053Credit Intermediation and Related ActivitiesTerm LoanPrime plus 2.75%12/21/202870.4 70.4 61.0 0.02 %
Baseline Health, LLC & Baseline Health Management, LLC(#,^)1101 Stewart Ave Ste 104, Garden City, NY 11530Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/21/2028111.6 111.6 98.8 0.03 %
C&D Trucking & Equipment Service, Inc.(#,^)4015 Jennings Rd, Cleveland, OH 44109Repair and MaintenanceTerm LoanPrime plus 2.75%12/21/2043116.0 116.0 129.3 0.04 %
Roots N Shoots, LLC & Yardplus LLC(#,^)86 Boston Rd, Chelmsford, MA 01824Administrative and Support ServicesTerm LoanPrime plus 2.75%12/20/202850.7 50.7 45.0 0.01 %
Healthy and Fresco LLC(#,^)1671 Belle Isle Ave, Ste 110 #C, Mt Pleasant, SC 29464Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/20/202943.2 43.2 38.8 0.01 %
Flashii App, Inc.(#,^)75 E Santa Clara St, San Jose, CA 95113Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/20/202858.7 58.7 60.2 0.02 %
Graff Excavating, Inc(#,^)803 E State St., Toledo, IA 52342Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%12/20/2028183.7 183.7 161.8 0.05 %
Alaska Motor Home Inc(#,^)6633 Brayton Drive, Anchorage, AK 99507Rental and Leasing ServicesTerm LoanPrime plus 2.75%12/20/2028281.8 281.8 264.0 0.08 %
Local Liberty Inc dba The Wardsboro Country Store(#,^)23 Main St., Wardsboro, VT 05355Food and Beverage StoresTerm LoanPrime plus 2.75%12/20/2043153.7 153.7 164.8 0.05 %
Yellow Fin Marine Services LLC, K Marine XI, LLC K Marine VIII, LLC(#,^)2043 Coteau Rd, Houma, LA 70364Rental and Leasing ServicesTerm LoanPrime plus 2.75%12/20/2028543.4 543.4 537.8 0.17 %
Hotel Compete, LLC(#,^)223 W Jackson Blvd, Chicago, IL 60606Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/20/202858.7 58.7 50.8 0.02 %
F-192
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
CK Green Partners, LLC dba Reis and Irvy"s Columbus(#,^)5010 Augusta Drive, Westerville, OH 43082Nonstore RetailersTerm LoanPrime plus 2.75%3/20/2029178.3 178.3 168.3 0.05 %
Marlin Lighting LLC(#,^)7207 B Lockport Pl, Lorton, VA 22079Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/19/202895.6 95.6 82.8 0.03 %
The Cromer Company(#,^)9800 NW 78th Ave, Hialeah Gardens, FL 33016Miscellaneous Store RetailersTerm LoanPrime plus 2.75%12/19/2028469.7 469.7 408.5 0.13 %
Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral chapel ll(#)G-2340 West Carpenter Rd, Flint, MI 48505Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/19/2044416.5 416.5 446.5 0.14 %
Goodson's Garden, LLC dba Always Goldies Florist(#,^)1812 Pulaski Hwy Ste A, Edgewood, MD 21040Miscellaneous Store RetailersTerm LoanPrime plus 2.75%12/19/202811.3 11.3 10.0 — %
JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo(#,^)316 NW 24th St., Miami, FL 33180Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/19/202970.1 70.1 65.2 0.02 %
Accent Comfort Services, LLC(#,^)5035 W. W.T. Harris Blvd Ste C, Mecklenburg, NC 28269Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/19/202864.7 64.7 56.5 0.02 %
Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena(#,^)4477 E 11th Ave, Hialeah, FL 33013Food ManufacturingTerm LoanPrime plus 2.75%12/14/2028298.3 298.3 271.7 0.08 %
Healthy Human, LLC(#,^)1007 Johnnie Dodds Blvd, Ste 123, Mt Pleasant, SC 29464Nonstore RetailersTerm LoanPrime plus 2.75%12/14/2028117.4 117.4 101.7 0.03 %
Sound Contracting LLC(#,^)148 Holmgren Place, Girdwood, AK 99587Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%12/14/2043195.3 195.3 203.7 0.06 %
Stony Creek Wellness Group, LLC(#,^)264 Church St, Guilford, CT 06437Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/14/204397.7 97.7 105.0 0.03 %
Sound Contracting LLC(#,^)148 Holmgren Place, Girdwood, AK 99587Construction of BuildingsTerm LoanPrime plus 2.75%12/14/202839.2 39.2 36.5 0.01 %
Alpha Omega Trucking LLC(#,^)14432-14452 Stateline Rd, Brookings, OR 97415Truck TransportationTerm LoanPrime plus 2.75%12/14/202865.9 65.9 68.5 0.02 %
YBL Restaurant Group LLC dba Tropisueno(#,^)75 Yerba Buena Lane, San Francisco, CA 94103Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/14/2029359.1 359.1 314.4 0.10 %
Alpha Landscape Contractors, Inc(#,^)2823 Fllintstone Rd, Millers, MD 21102Administrative and Support ServicesTerm LoanPrime plus 2.75%1/14/2029313.4 313.4 287.1 0.09 %
Ventures TBD LLC dba The Bottle Tree(#,^)102 Davis St., Belmont, NC 28012Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/14/204397.7 97.7 101.0 0.03 %
Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974(#,^)196-15 Northern Blvd, Flushing, NY 11318Food and Beverage StoresTerm LoanPrime plus 2.75%12/14/202814.8 14.8 12.9 — %
Peanut Butter & Co., Inc.(#,^)119 West 57th St., Ste 300, New York, NY 10019Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%12/14/2028234.9 234.9 203.5 0.06 %
L&M Services, LLC(#,^)560 Main St., Milford, UT 84751Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%12/14/2043197.9 197.9 208.5 0.06 %
F-193
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Aero Consulting and Engineering Inc(#,^)7941 NW 3rd St., Plantation, FL 33324Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/14/202814.1 14.1 12.2 — %
Fitness Orlando LLC & Fitness Orlando Oviedo, LLC(#,^)160 Tuskawilla Rd Ste 1214, Winter Springs, FL 32708Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/14/2028258.8 258.8 234.8 0.07 %
Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash(#,^)2 Center Rd, Old Saybrook, CT 06475Repair and MaintenanceTerm LoanPrime plus 2.75%12/13/2043967.3 967.3 992.6 0.31 %
D for Dream LLC dba Blo Blow Dry Bar Inc(#,^)460 East 3rd Ave, New York, NY 10016Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/13/202970.9 70.9 61.7 0.02 %
United States Plastic Equipment LLC(#,^)4447 OH-303, Mantua, OH 44255Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%12/13/2028137.1 137.1 118.8 0.04 %
Burton Realty Co., Inc dba Anchor Realty, Northeast(#,^)2200 Michener St Ste 12, Philadelphia, PA 19115Real EstateTerm LoanPrime plus 2.75%12/13/2028284.6 284.6 246.6 0.08 %
The Miller Center for Esthetic Excellence,(#,^)22 Old Short Hills Rd, Livingston, NJ 07039Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/13/2043384.3 384.3 378.2 0.12 %
Plan B Burger LLC(#,^)484 Farmington Ave, Hartford, CT 06105Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/13/2029986.6 986.6 899.9 0.28 %
OC Helicopters LLC(#,^)19711 Campus Drive Ste 260, Santa Ana, CA 92707Air TransportationTerm LoanPrime plus 2.75%12/13/202884.7 84.7 88.1 0.03 %
Tier1 Solutions LLC(#,^)1000 Essington Rd Ste 111, Joliet, IL 60435Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/12/20299.6 9.6 8.3 — %
Behind The Scenes Chicago, LLC dba Paramount Events(#,^)1750 W Lake St, Chicago, IL 60612Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/12/2029240.8 240.8 235.1 0.07 %
Mateo Enterprise Inc dba El Milagro Market(#,^)575 Panama Lane, Bakersfield, CA 93307Food and Beverage StoresTerm LoanPrime plus 2.75%12/12/2043118.8 118.8 122.7 0.04 %
Mateo Enterprise Inc dba El Milagro Market(#,^)575 Panama Lane, Bakerfield, CA 93307Food and Beverage StoresTerm LoanPrime plus 2.75%1/12/202956.4 56.4 48.9 0.02 %
Ashwood Food Services, Incorporated dba Jake Rooney's(#,^)119 Brooks Rd, Harwich Port, MA 02646Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/12/202963.4 63.4 58.0 0.02 %
Ashwood Food Services Inc. dba Jake Rooney's(#,^)119 Brooks Rd, Harwich Port, MA 02646Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/12/2043212.8 212.8 231.0 0.07 %
Airstrike Firefighters LLC(#,^)18115 62nd Ave NE, Kenmore, WA 98028Support Activities for Agriculture and ForestryTerm LoanPrime plus 2.75%12/12/20281,174.3 1,174.3 1,112.0 0.35 %
Anglin Cultured Stone Products LLC dba Anglin Construcion(#)877 Salem Church Rd, Newark, DE 19702Specialty Trade ContractorsTerm Loan8.25%1/12/202960.8 60.8 56.8 0.02 %
Duck's Nuts Inc dba Pet Place Market(#,^)212 Bendigo Blvd. N, North Bend, WA 98045Miscellaneous Store RetailersTerm LoanPrime plus 2.75%1/11/202940.6 40.6 37.9 0.01 %
Hilltop Wine Shop, Inc dba Hiltop Wine Shop(#,^)7505 Highland Rd, White Lake, MI 48383Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/11/2043126.7 126.7 133.2 0.04 %
TFE Resources ,LTD(#,^)11 Easter Court Ste G, Owings Mills, MD 21117UtilitiesTerm LoanPrime plus 2.75%1/11/2029561.4 561.4 503.9 0.16 %
F-194
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Oregon Medical Training Private Career School Inc.(#,^)1126 Gateway Loop Ste 108, Springfield, OR 97702Educational ServicesTerm LoanPrime plus 2.75%1/11/202937.6 37.6 32.6 0.01 %
Googlyoogly, LLC dba Bi-Rite Supermarket(#,^)10867 W Jefferson Ave, River Rouge, MI 46218Food and Beverage StoresTerm LoanPrime plus 2.75%12/11/2043200.9 200.9 207.7 0.06 %
White Wilson & Associates LLC(#,^)16238 Louis Ave., South Holland, IL 60473Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/11/204342.1 42.1 43.4 0.01 %
EMES Supply, LLC(#,^)35622 Vine St., EastLake, OH 44095General Merchandise StoresTerm LoanPrime plus 2.75%1/11/2029117.8 117.8 104.7 0.03 %
B&B Bodega of Delray LLC(#,^)190 NE 2nd Ave, Delray Beach, FL 33444Food and Beverage StoresTerm LoanPrime plus 2.75%1/11/202914.5 14.5 12.7 — %
Team Henry, LLC dba Kelly Automotive of Deltona(#,^)1290 Doyle Rd, Deltona, FL 32725Repair and MaintenanceTerm LoanPrime plus 2.75%12/10/2043387.2 387.2 398.6 0.12 %
ZLM Services LLC(#,^)51343 Oro Rd, Shelby Township, MI 33444Administrative and Support ServicesTerm LoanPrime plus 2.75%1/10/202937.6 37.6 32.6 0.01 %
Food Service Industry Consultants Inc.(#,^)1465 Kelly Johnson Blvd, Colorado Springs, CO 80920Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/7/202967.2 67.2 58.5 0.02 %
Shining Star Kids, Inc. dba Brain Balance(#,^)17323 Ventura Blvd, Encino, CA 91316Educational ServicesTerm LoanPrime plus 2.75%1/7/202982.3 82.3 71.9 0.02 %
3SIXO Motorsports LLC dba 3SIXO Motorsports Shop(#,^)217 W Main St., Centralia, WA 98531Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%1/6/202994.6 94.6 82.6 0.03 %
CET Inc(#,^)4709 N El Capitan Ave Ste 205, Fresno, CA 93722Truck TransportationTerm LoanPrime plus 2.75%1/6/20291,154.6 1,154.6 1,045.1 0.32 %
Metro R Services Inc. and Metal & Roof Supplies Inc.(#,^)20 Universal Place, Carlstadt, NJ 07072Specialty Trade ContractorsTerm LoanPrime plus 2.75%1/6/2029195.0 195.0 203.0 0.06 %
Unique Home Solutions Inc. and Unique Home Solutions of Ohio(#,^)5550 Progress Rd, Indianapolis, IN 46241Construction of BuildingsTerm LoanPrime plus 2.75%1/5/2029234.9 234.9 244.6 0.08 %
Levine Daycare Inc dba Kids R Kids(#,^)415 Woodbury Rd, Orlando, FL 32828Social AssistanceTerm LoanPrime plus 2.75%1/5/2029253.7 253.7 233.7 0.07 %
Consulting Solutions, Inc and Mark Luciani(#,^)3000 N Federal Hwy Ste 1, Fort Lauderdale, FL 33306Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/5/202954.4 54.4 47.2 0.01 %
Little West LLC, 340 Group LLC, Retail West LLc, Andrew W Walker, Cass(#,^)342 South La Brea Ave, Los Angeles, CA 90036Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/5/202982.4 82.4 72.4 0.02 %
The Altitude Group LLC(#,^)949 A Clint Moore Rd, Boca Raton, FL 33487Specialty Trade ContractorsTerm LoanPrime plus 2.75%1/4/2029130.9 130.9 114.3 0.04 %
Access Staffing, LLC(#,^)360 Lexington Ave 8th Fl, New York, NY 10017Administrative and Support ServicesTerm LoanPrime plus 2.75%1/4/2029182.5 182.5 158.4 0.05 %
Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill(#,^)24480 W 10 Mile RD, Southfield, MI 48033Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/4/202937.2 37.2 34.8 0.01 %
Swantown Inn and Spa, LLC(#,^)1431 11th Ave SE, Olympia, WA 98501AccommodationTerm LoanPrime plus 2.75%1/3/202912.7 12.7 13.2 — %
F-195
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
York Concrete Corp(#,^)1 Plumb CT., Huntington Station, NY 11746Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/3/2043197.9 197.9 217.9 0.07 %
Hernando Beach Motel LLC,The Purple Cow House o APancake AInc.(#,^)4291 Shoal Line Boulevard, Hernando Beach, FL 34607AccommodationTerm LoanPrime plus 2.75%11/30/2043222.4 222.4 247.8 0.08 %
Tammy's Place LLC(#,^)235 North Mosby Ave, Littleton, NC 27850Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/30/2044436.0 436.0 481.7 0.15 %
Microplex Co, Third Market LLC(#,^)244 Spokane Ave, Whitefish, MT 59937Food and Beverage StoresTerm LoanPrime plus 2.75%12/30/2028154.1 154.1 133.7 0.04 %
Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors(#,^)13762 W State Rd 84, Davie, FL 33325Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%12/30/2028116.8 116.8 115.4 0.04 %
Cabrera's Auto Services LLC(#,^)2206 N Central Ave, Chicago, IL 60639Repair and MaintenanceTerm LoanPrime plus 2.75%11/30/204380.2 80.2 85.3 0.03 %
Water Station Holdings LLC(#,^)1104 N Keystone Ave, Indianapolis, IN 46201Nonstore RetailersTerm LoanPrime plus 2.75%12/30/2028647.3 647.3 613.3 0.19 %
Albert M. Quashie, DDS, PC(#,^)3331 Toledo Terrace Ste 308, Hyattsville, MD 20782Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%11/29/204364.4 64.4 67.1 0.02 %
JJB Production LLC(#,^)458 N 7th St., Newark, NJ 07107Administrative and Support ServicesTerm LoanPrime plus 2.75%12/29/20286.9 6.9 6.0 — %
Albert M Quashie, DDS, PC(#,^)3331 Toledo Terrace Ste 308, Hyattsville, MD 20782Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/29/202881.8 81.8 77.7 0.02 %
Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up Te(#,^)3626 CR 203, Liverpool, TX 77577Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%11/28/2043429.3 429.3 478.2 0.15 %
Level Up Gaming, Inc(#,^)1132 Creighton Rd, Pensacola, FL 32504Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%11/28/204389.0 89.0 90.5 0.03 %
Extreme Granite Corp(#,^)251 NW 1st St., Deerfield Beach, FL 33441Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/28/2043185.4 185.4 202.6 0.06 %
True Love Christian Academy LLC(#,^)466 E Raines Rd, Memphis, TN 38109Social AssistanceTerm LoanPrime plus 2.75%12/28/204341.5 41.5 45.5 0.01 %
BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC, Exe(#,^)12930 Worldgate Drive, Herndon, VA 20170Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/21/20281,188.9 1,188.9 1,221.9 0.38 %
Best Global Alternative North, LLC(#,^)69 Lewis Ave, Atlantic Beach, NY 11509Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%12/21/202881.7 81.7 70.8 0.02 %
M.A.W. Enterprises LLC dbaY-Not Pizza(#,^)45 E Main St., New Palestine, IN 46163Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/21/202821.0 21.0 19.4 0.01 %
Thames Aquatic Club, LLC(#,^)14 Iron St., Ledyard, CT 06339Educational ServicesTerm LoanPrime plus 2.75%10/21/202942.8 42.8 44.8 0.01 %
On Call Electrical of Georgia LLC(#,^)2120 Plaster Bridge Rd NE, Atlanta, GA 30324Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/20/2043656.9 656.9 682.6 0.21 %
F-196
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Commonwealth Warehouse Inc(#,^)11013 Kenwood Rd., Cincinnati, OH 45242Warehousing and StorageTerm LoanPrime plus 2.75%12/20/2028395.5 395.5 371.0 0.12 %
High Desert Transport, Inc.(#,^)2015 Woodspring Terrace, Henderson, NV 89012Truck TransportationTerm LoanPrime plus 2.75%12/19/202871.0 71.0 64.0 0.02 %
K & A Automotive Inc(#,^)2070 Nooseneck Hill Rd, Coventry, RI 02816Gasoline StationsTerm LoanPrime plus 2.75%11/19/2043120.8 120.8 131.2 0.04 %
Beau & HB Inc dba Beau's Billiard, Bowling & Arcade(#,^)100 Village Rd, Port Lavaca, TX 77979Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/16/202941.1 41.1 40.7 0.01 %
Cocomo Joe's LLC(#,^)3949 New Rd, Youngstown, OH 44515Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/16/20280.6 0.6 0.5 — %
Saunders Management LLC dba Northern Light Espresso Bar and Cafe(#,^)536 Spruce St, Scranton, PA 18503Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/16/202837.9 37.9 39.4 0.01 %
Beau & HB Inc dba Beau's Billard, Bowling & Arcade(#,^)100 Village Rd, Port Lavaca, TX 77979Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/16/204369.7 69.7 73.2 0.02 %
Cali Fit Meals(#,^)3450 E Orangethrope Ave, Anaheim, CA 92806Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/16/202858.4 58.4 50.8 0.02 %
Allegro Assisted Living Services of Texas LLC(#,^)3400 Remington Dr, Plano, TX 75023Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%11/15/204393.9 93.9 104.6 0.03 %
Schafer Fisheries Inc.(#,^)21985 Waller Rd, Fulton, IL 61252Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%11/14/202847.0 47.0 48.8 0.02 %
Salon Femi LLC(#,^)1107 Broad St., Bloomfield, NJ 07003Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/9/20287.0 7.0 6.7 — %
US Dedicated LLC(#,^)13410 SE 26th Circle, Vancouver, WA 98683Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/9/2028392.2 392.2 346.7 0.11 %
Jinwoo Sushi Inc(#,^)6590 Sugarloaf Pkwy, Duluth, GA 30097Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/9/202820.7 20.7 21.5 0.01 %
McNeill Stokes(#,^)5372 Whitehall Pl SE, Mableton, GA 30126Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/8/20286.3 6.3 5.5 — %
Vancole Investments, Inc. dba Smoothie King #913(#,^)876 Virginia Ave, Hapeville, GA 30354Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/7/2044414.5 414.5 427.7 0.13 %
JN Thompson Ent,Inc.(#,^)400 5th Ave S Ste 100, Naples, FL 34102Construction of BuildingsTerm LoanPrime plus 2.75%12/7/2028377.5 377.5 340.1 0.11 %
JP Dhillon's Foods LLC(#,^)840 El Paseo de Saratoga, San Jose, CA 95130Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/1/202991.9 91.9 79.9 0.02 %
Modutech Marine Inc(#,^)2218 Marine View Drive, Tacoma, WA 98422Transportation Equipment ManufacturingTerm LoanPrime plus 2.75%12/1/2028350.4 350.4 364.3 0.11 %
Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC(#,^)460 Park Ave, Fl 16, New York, NY 10022Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%12/1/2028303.5 303.5 262.9 0.08 %
Steele Security, LLC dba Signal 88 Security of San Antonio(#,^)11230 West Ave Ste 2210, San Antonio, TX 78213Administrative and Support ServicesTerm LoanPrime plus 2.75%10/31/2028103.2 103.2 90.7 0.03 %
F-197
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Abington Caregivers, LLC(#,^)7804 Montgomery Ave Unit 3-6, Elkins Park, PA 19027Social AssistanceTerm LoanPrime plus 2.75%11/30/2043123.9 123.9 132.1 0.04 %
Organic Juice Bar Wexford LLC dba The OJB "The Organic Juice Bar"(#,^)1500 Village Run Rd, Wexford, PA 15090Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/30/202976.4 76.4 67.8 0.02 %
C.A.T.I. Armor, LLC(#,^)435 Packard Hwy, Charlotte, MI 48813Apparel ManufacturingTerm LoanPrime plus 2.75%10/30/2043207.9 207.9 216.7 0.07 %
UK, LLC dba Pita Pit(#,^)20038 West Valley HWY, Kent, WA 98032Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/30/202957.9 57.9 51.9 0.02 %
JAL Group, Inc. dba Brainy Boulevard Daycare(#,^)3340-3342 West Bryn Mawr Ave, Chicago, IL 60659Social AssistanceTerm LoanPrime plus 2.75%10/29/202853.9 53.9 47.4 0.01 %
Ohio Gold & Pawn LLC, Our New Building LLC and Corey Fischer(#,^)3970 Everhard Rd NW, Canton, OH 44709Miscellaneous Store RetailersTerm LoanPrime plus 2.75%10/26/2028136.9 136.9 142.4 0.04 %
Reliant Trucking Inc.(#,^)7197 Koamano St, Honolulu, HI 96825Truck TransportationTerm LoanPrime plus 2.75%10/25/2028123.4 123.4 114.0 0.04 %
The Face Place, LLC dba Classic Aesthetics(#,^)4268 Cahaba Heights CT Ste 115, Vestavia, AL 35243Personal and Laundry ServicesTerm LoanPrime plus 2.75%10/25/20289.3 9.3 8.1 — %
Bellas Sports Pub, Inc dba Brewmasters Tavern(#,^)1152 Main St., Coventry, RI 02816Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/24/204368.5 68.5 75.6 0.02 %
Shovels and Whiskey LLC(#,^)446 SE Washington St, Hillsboro, OR 97123Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%10/16/204375.6 75.6 82.0 0.03 %
Hackstaff Restaurants LLC(#,^)248 W 1st St. Ste 201, Reno, NV 89501Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/15/2029147.6 147.6 131.1 0.04 %
TA Coleman, LLC dba Tom's Truck Shop(#,^)2101 Route 610, Woodbine, NJ 08270Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/12/20285.4 5.4 5.1 — %
Cater To You Agency, LLC, dba Cater To You(#,^)1319 Sherrick Rd SE, Canton, OH 44707Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%10/11/204322.3 22.3 23.2 0.01 %
Faydon, Inc(#,^)1905 W Baker St., Ste A, Plant City, FL 33567Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%10/10/202869.6 69.6 72.0 0.02 %
MB Click It Photography, LLC(#,^)100 Manchester Ranch Place, Aynor, SC 29511Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%10/10/204337.9 37.9 40.7 0.01 %
Wellfleet Consulting Inc.(#,^)2275 Research Blvd Ste 500, Rockville, MD 20850Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%10/9/202813.9 13.9 12.1 — %
Apps Inc and Market Share Inc.(#,^)80 Main St., Old Saybrook, CT 06475TelecommunicationsTerm LoanPrime plus 2.75%10/5/202888.2 88.2 76.4 0.02 %
Moore Care LLC(#,^)8550 United Plaza Blvd., Baton Rouge, LA 79809Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%10/4/202848.3 48.3 41.8 0.01 %
JAM Media Solutions LLC(#,^)11 Netherwood Terrace, East Orange, NJ 07017Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/28/2028811.9 811.9 728.8 0.23 %
SwabCo Inc.(#,^)2341 East Ellis St., Leveland, TX 79336Support Activities for MiningTerm LoanPrime plus 2.75%9/28/2043928.1 928.1 977.9 0.30 %
Rami Technology USA, LLC(#,^)10400 NW 33rd St., Miami, FL 33172Computer and Electronic Product ManufacturingTerm LoanPrime plus 2.75%9/28/2028165.9 165.9 145.4 0.05 %
F-198
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Mellow Sweets, Inc dba Jaafer Sweets & Marwan Hamdan(#,^)4825 North Kedzie Ave, Chicago, IL 60625Food ManufacturingTerm LoanPrime plus 2.75%9/28/202853.0 53.0 46.3 0.01 %
Burd Brothers Inc.(#,^)4005 Borman Drive, Batavia, OH 45103Truck TransportationTerm LoanPrime plus 2.75%9/28/2028494.2 494.2 471.5 0.15 %
A-1 Van Sevices, Inc.(#,^)154 Sandy Creek Rd, Verona, PA 15147Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%9/28/202897.7 97.7 95.3 0.03 %
Throop Family Holdings, Inc(#,^)7130 Crater Lake, White City, OR 97603Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%9/28/2043635.0 635.0 661.2 0.21 %
La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge(#,^)4646 SE 11th Place, Cape Coral, FL 33904Food and Beverage StoresTerm LoanPrime plus 2.75%9/28/2043325.9 325.9 348.9 0.11 %
LG Law Center, Inc(#,^)15452 Amar Rd, La Puente, CA 91744Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/27/202813.8 13.8 12.4 — %
Blackwater Diving, LLC(#,^)112 Forrest Rd, Morgan City, LA 70380Support Activities for MiningTerm LoanPrime plus 2.75%9/27/2028735.8 735.8 656.9 0.20 %
Quality Electric & Data(#,^)85 Franklin Rd Unit 9B, Dover, NJ 07801Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/27/202893.5 93.5 89.3 0.03 %
Blue Seven, LLC(#,^)11111 San Jose Blvd, Ste 70, Jacksonville, FL 32223Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%1/27/202955.5 55.5 50.4 0.02 %
Action Barricade Company, LLC and Barricade Holding LLC(#,^)1802 N 27th Ave, Phoenix, AZ 85009Rental and Leasing ServicesTerm LoanPrime plus 2.75%9/27/2028286.5 286.5 274.7 0.09 %
Quality Electric & Data Inc.(#,^)85 Franklin RD Unit 9B, Dover, NJ 07801Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/27/2043128.4 128.4 131.7 0.04 %
Catherine Brandon, PSY.D., Inc dba Kenneth A Deluca, PH.D., & Associat(#,^)35888 Center Ridge Rd #5-6, North Ridgeville, OH 44039Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/27/2028109.2 109.2 95.1 0.03 %
TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc.,Tag-A(#,^)777 S Flagler Dr. Ste 800W, West Palm Beach, FL 33401Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%9/27/2028115.0 115.0 107.7 0.03 %
Dentistry By Design, P.C(#,^)315 Walt Whitman Rd, #204/5, South Huntington, NY 11746Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/26/202813.8 13.8 12.3 — %
US Shipping Trans Inc, Esteem Trucking Inc(#,^)16102 Sweetwater Court, Lathrop, CA 95330Truck TransportationTerm LoanPrime plus 2.75%9/26/2028777.1 777.1 760.7 0.24 %
Above and Beyond Preschool LLC(#,^)672-678 Camellia Drive, Royal Palm Beach, FL 33411Social AssistanceTerm LoanPrime plus 2.75%9/26/2043544.7 544.7 587.1 0.18 %
LTS School, Inc.(#,^)3731 NW 9th Ave, Deerfield Beach, FL 33064Educational ServicesTerm LoanPrime plus 2.75%9/26/204399.6 99.6 111.0 0.03 %
Anglin Cultured Stone Products LLC dba Anglin Construction(#,^)877 Salem Church Rd, Newark, DE 19702Construction of BuildingsTerm Loan8.25%9/26/202895.5 95.5 81.1 0.03 %
F-199
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Ace Auto Recovery, Inc.(#,^)1209 North Lane Ave, Jacksonville, FL 32254Administrative and Support ServicesTerm LoanPrime plus 2.75%9/26/2043157.7 157.7 168.5 0.05 %
Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes(#,^)7219 Silver Mist Ave, North Chesterfield, VA 23237Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/25/2028115.3 115.3 103.9 0.03 %
Newsome Mobile Notary LLC(#,^)8153 12th Ave SW, Seattle, WA 98106Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/25/20284.8 4.8 4.2 — %
Steadfast Support Services, LLC(#,^)1432 Crooked Stick Drive, O'Fallon, MO 63366Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%9/25/20289.7 9.7 8.4 — %
Phillip Ramos Upholstery Inc.(#,^)3835 Elm St., Denver, CO 80207Repair and MaintenanceTerm LoanPrime plus 2.75%9/24/202814.2 14.2 12.3 — %
DC Lofty, LLC,(#,^)301 I St. NW, Washington, DC 20001AccommodationTerm LoanPrime plus 2.75%9/21/202820.7 20.7 18.1 0.01 %
Southern Services and Equipment, Inc(#,^)321 Bayou Rd, Saint Bernard, LA 70085Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/21/2028402.2 402.2 381.0 0.12 %
Southern Services and Equipment, Inc.(#,^)321 Bayou Rd, Saint Bernard, LA 70085Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/21/2043207.9 207.9 211.6 0.07 %
MillClem Corporation & Monticello Corporation(#,^)16660 Oak St., Dillwyn, VA 22936Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%9/21/2043326.0 326.0 362.8 0.11 %
The Garden Club, LLC(#,^)125 South DuBuque St., Iowa City, IA 52240Miscellaneous Store RetailersTerm LoanPrime plus 2.75%9/21/20286.2 6.2 5.4 — %
D & D Optics Inc dba Sterling Optical(#,^)1487 East LaSalle Drive, Bismark, ND 58503Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/21/202849.7 49.7 43.9 0.01 %
Tables and Bars Services, Inc and Tables and Bars Rentals, LLC(#,^)5051 Peachtree Corners Cir #200, Norcross, GA 30092Administrative and Support ServicesTerm LoanPrime plus 2.75%9/20/202816.6 16.6 15.4 — %
Sommer Auto Sales, Inc(#,^)8670 E. Main St., Reynoldsburg, OH 43068Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%9/20/2028329.4 329.4 341.5 0.11 %
Super Station Inc(#,^)8855 N Country Rd 25A, Pique, OH 45356Gasoline StationsTerm LoanPrime plus 2.75%9/19/2043207.4 207.4 230.8 0.07 %
Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Consal(#,^)35000 Pacific Hwy, Federal Way, WA 98003Truck TransportationTerm LoanPrime plus 2.75%9/19/2028432.2 432.2 374.0 0.12 %
Watearth Inc(#,^)445 S Figuerora Ste 3128, Los Angeles, CA 90071Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/19/202820.7 20.7 17.9 0.01 %
Lewis River Golf Course, Inc.(#,^)3209 Lewis River Rd, Woodland, WA 98674Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/19/2043491.9 491.9 547.5 0.17 %
C3 Capital, Inc(#,^)10010 N. Hampton Cove Lane, Indianapolis, IN 46236Nonstore RetailersTerm LoanPrime plus 2.75%9/19/2028621.2 621.2 598.5 0.19 %
M&P RV LLC dba M&P RV(#,^)10 Century Lane, Dillsburg, PA 17019Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%9/19/2043110.7 110.7 122.3 0.04 %
DB Talak LLC(#,^)2018 SE 6th Ave, Portland, OR 97214Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/18/2043149.5 149.5 157.4 0.05 %
E & G Enterprises LLC dba Comfort Keepers(#,^)220 Middle St., Franklin, VA 23851Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/18/20285.5 5.5 4.8 — %
F-200
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Glendale Grill Inc, Roddy Cameron, Jr & John K Symasko(#,^)65 Glendale St., Easthampton, MA 01027Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/17/2043172.2 172.2 182.3 0.06 %
Pastel de Feira LLC dba Original Pastel De Feira(#,^)4244 Pine Ridge CT, Weston, FL 33331Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/17/20285.6 5.6 5.2 — %
Culmination Motorsports, Inc.(#,^)160 W 91st Ave Unit B, Anchorage, AK 99515Repair and MaintenanceTerm LoanPrime plus 2.75%9/17/2043550.5 550.5 608.3 0.19 %
Baby's on Broadway LLC(#,^)47 E Broadway, Little Falls, MN 56345Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%9/14/202846.0 46.0 43.0 0.01 %
L&M Equipment, Inc(#,^)Mile 2.5 Alaska Peninsula Hwy, Naknek, AK 99633Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/14/20431,229.8 1,229.8 1,314.4 0.41 %
Innovim LLC(#,^)6401 Golden Triangle Dr. #200, Greenbelt, MD 20770Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/14/2028115.0 115.0 99.4 0.03 %
J & C Garcia LLC(#,^)26 Broad St., Alexander City, AL 35010Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/14/202868.1 68.1 60.4 0.02 %
QBS, LLC dba Sterling Optical Exton(#,^)211 W Lincoln Hwy, Exton, PA 19341Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/14/202874.7 74.7 65.3 0.02 %
Rihahn Inc. dba RDBL, Inc(#,^)1397 McGuire Rd, Lamar, AR 72846Forestry and LoggingTerm LoanPrime plus 2.75%9/14/2028126.2 126.2 117.5 0.04 %
Underground Productions LLC dba 31 Escape(#,^)1731 Decatur Hwy, Fultandale, AL 35068Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/13/204397.2 97.2 108.2 0.03 %
Brewster Marketplace Pharmacy & Hardware, LLC(#,^)811 Old Hwy 97, Brewster, WA 98812Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%9/13/202880.5 80.5 69.6 0.02 %
Innovative Network Solutions Inc(#,^)31567 West 10 Mile Rd, Farmington Hills, MI 48336Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/13/2028113.9 113.9 101.9 0.03 %
TPE Midstream LLC, Dasahm Company, S & S Ventures LLC and TPE Supply L(#,^)7799 South Regency Drive, Tulsa, OK 74131Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%9/13/2028243.8 243.8 228.9 0.07 %
Rancho Paving, Inc(#,^)339 Cypress Lane, El Cajon, CA 92020Repair and MaintenanceTerm LoanPrime plus 2.75%9/10/2028172.5 172.5 170.4 0.05 %
Pool Guard of LA(#,^)10866 Washington Blvd, Apt. #24, Culver City, CA 90232Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/7/202820.7 20.7 18.0 0.01 %
Dr. G's Urgent Care LLC(#,^)1425 S Congress Ave, Delray Beach, FL 33445Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/7/202820.7 20.7 18.0 0.01 %
Pelican Executives Suites, LLC(#,^)2200 Colorado Ave Ste 131, Santa Monica, CA 90404Administrative and Support ServicesTerm LoanPrime plus 2.75%9/7/2028285.7 285.7 247.0 0.08 %
NY Tent, LLC dba Tent Company of New York LLC, NY Tent Parent LLC, Dav(#,^)140141 Lakeland Ave, Bohemia, NY 11716Rental and Leasing ServicesTerm LoanPrime plus 2.75%9/7/2028296.7 296.7 281.1 0.09 %
MurlinComputerCompany LLC dba Murlin Computer,(#,^)3000 Erika Ave, Sedalia, MO 65301Repair and MaintenanceTerm LoanPrime plus 2.75%9/7/202814.3 14.3 12.8 — %
F-201
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Asheville Spine and Nerve Institute PC(#,^)190 Broadway St., Ste 205, Asheville, NC 28801Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/7/204389.6 89.6 98.7 0.03 %
Trolley Express Philly, Inc dba Shuttlebee &Honeybee Transportation LL(#,^)3401 Market St. Ste 200, Philadelphia, PA 19104Support Activities for TransportationTerm LoanPrime plus 2.75%9/6/202811.7 11.7 10.7 — %
LACCRB LLC dba PostNet(#,^)3250 Retail Dr Ste 120, Carson City, NV 89706Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%11/30/202814.0 14.0 12.3 — %
Living Centers Inc. dba Veranda House Senior Living(#,^)5129 E 5th St, Katy, TX 77493Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%8/31/2043414.4 414.4 461.2 0.14 %
National Stone LTD and NSI Group Inc(#)804-810 W Shady Grove Rd, Grand Prairie, TX 75050Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%8/31/2044270.0 270.0 301.7 0.09 %
XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports Worl(#,^)825 Courtland St., Orlando, FL 32804Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%8/30/2043442.1 442.1 492.1 0.15 %
Stat Constructor L.P(#,^)9573 US Hwy 220, Stoneville, NC 27048Specialty Trade ContractorsTerm LoanPrime plus 2.75%8/30/202895.2 95.2 98.8 0.03 %
Extreme Engineering, Inc.(#,^)598 Oliver Dr, Troy, MI 48084Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/29/2028114.7 114.7 100.2 0.03 %
Kotyark LLC dba Gibsonton Motel(#,^)11545 US Hwy 41S, Gibsonton, FL 33534AccommodationTerm LoanPrime plus 2.75%8/29/204381.1 81.1 90.2 0.03 %
ARVAmethod LLC(#,^)516 N Ogden Ave #150, Chicago, IL 60642Personal and Laundry ServicesTerm LoanPrime plus 2.75%8/29/20282.2 2.2 1.9 — %
Greenfield Hill Wines & Spirits, LLC(#,^)65 Hillside Rd, Fairfield, CT 06824Food and Beverage StoresTerm LoanPrime plus 2.75%8/29/202884.1 84.1 73.6 0.02 %
Graphish Studio, Inc.(#,^)231 Main St., Stamford, CT 06901Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/28/20286.9 6.9 5.9 — %
JFK Transportation Inc(#,^)4 Mechanic St, Natick, MA 01760Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%8/28/2028147.9 147.9 130.7 0.04 %
Atlas Geo-Constructors LLC(#,^)3466 Thomasville Rd, Winston-Salem, NC 27107Specialty Trade ContractorsTerm LoanPrime plus 2.75%8/24/202868.5 68.5 68.2 0.02 %
Montana Life Group, LLC(#,^)8 N 9th Ave, Bozeman, MT 59715Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%8/24/20286.9 6.9 5.9 — %
Finn & Emma LLC(#,^)1275 Bloomfield Ave Bldg 5 Unit 28B, Fairfield, NJ 07004Clothing and Clothing Accessories StoresTerm LoanPrime plus 2.75%8/24/2028113.4 113.4 98.1 0.03 %
Wearware Inc dba FlyWire Cameras(#,^)2204 Blackmoor Park Lane, Lexington, KY 40509Computer and Electronic Product ManufacturingTerm LoanPrime plus 2.75%8/24/202820.6 20.6 18.2 0.01 %
Evans and Paul LLC, Evans & Paul Unlimited Corp(#,^)140 Dupont St., Plainview, NY 11803Miscellaneous ManufacturingTerm LoanPrime plus 2.75%8/24/202879.9 79.9 71.5 0.02 %
Zash LLC dba Papa Murphy's take 'N' Bake Pizza(#,^)2303 White Bear Ave, Maplewood, MN 55025Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/23/202838.6 38.6 35.6 0.01 %
F-202
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Buffalo Biodiesel Inc.(#,^)225 Sawyer Ave, Tonawanda, NY 14150Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%8/21/20281,134.1 1,134.1 1,125.0 0.35 %
Ginekis Enterprises, Inc dba Locanda Veneta(#,^)8638 W Third St., Los Angeles, CA 90048Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/20/202878.5 78.5 68.3 0.02 %
Wilkie J. Stadeker DDS(#,^)123 Marble Mill Rd, Ste B, Marietta, GA 30060Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%8/17/202838.8 38.8 33.6 0.01 %
Geo Tek Alaska, Inc(#,^)2756 Commercial Drive, Anchorage, AK 99501Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/17/2044125.9 125.9 133.8 0.04 %
ATI Jet, Inc.(#,^)7007 Boeing Drive, El Paso, TX 79925Air TransportationTerm LoanPrime plus 2.75%8/16/2028196.7 196.7 187.6 0.06 %
Lewins Law, P.C.(#,^)7920 Belt Line Rd Ste 650, Dallas, TX 75254Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/16/202816.4 16.4 14.2 — %
GS Bath Inc(#,^)5335 E Kaviland Ave, Fresno, CA 93725Truck TransportationTerm LoanPrime plus 2.75%8/15/2028525.3 525.3 520.5 0.16 %
Pamletics LLC dba F45(#,^)22015 IH 10 West, San Antonio, TX 78257Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%11/14/202840.1 40.1 36.7 0.01 %
L.A. Insurance Agency GA 10 LLC(#,^)6655 Tara Blvd Ste 401, Jonesboro, GA 30236Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%8/10/202810.3 10.3 8.9 — %
David D. Sullivan dba DMS Construction(#,^)6400 Charwood Place, Bakersfield, CA 93306Specialty Trade ContractorsTerm LoanPrime plus 2.75%8/9/202812.3 12.3 10.7 — %
Crystal Shores Inc. dba Shorewood Laundromat(#,^)700 West Jefferson St., Shorewood, IL 60404Personal and Laundry ServicesTerm LoanPrime plus 2.75%8/9/202820.4 20.4 18.5 0.01 %
Palanuk & Associates, Inc.dba Wolfpk(#,^)28110 SE Fern Drive, Boring, OR 97009Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/8/202893.8 93.8 81.9 0.03 %
Mercedes Cab Company, Inc(#,^)35 Alden St., Providence Town, MA 02657Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%8/7/2028118.8 118.8 106.6 0.03 %
CJNR, LLC(#,^)208 East Main St., Elma, WA 98541AccommodationTerm LoanPrime plus 2.75%8/7/2043119.6 119.6 133.2 0.04 %
Ron's Pool and Spa Services LLC(#,^)1419 NE 30th St., Pompano, FL 33064Personal and Laundry ServicesTerm LoanPrime plus 2.75%8/3/20283.4 3.4 3.0 — %
20th Century Lanes, Inc dba West Seattle Bowl(#,^)4505 39 Ave SW, Seattle, WA 98116Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%8/3/2028102.8 102.8 100.6 0.03 %
Alma Jacobsen,ODD Family Eye Care & Contact Lens LLC(#,^)1700 Nottingham Way Ste 12A, Hamilton, NJ 08619Health and Personal Care StoresTerm LoanPrime plus 2.75%8/3/202855.1 55.1 48.5 0.02 %
Millwork Unlimited, Incorporated(#,^)8264 Pine Cay Rd, Wellington, FL 33414Wholesale Electronic Markets and Agents and BrokersTerm LoanPrime plus 2.75%8/2/20286.9 6.9 5.9 — %
Accel Compression Inc., Accel Workover Services, Inc(#,^)4500 S Country Rd, Odessa, TX 79765Rental and Leasing ServicesTerm LoanPrime plus 2.75%8/1/2043305.8 305.8 316.8 0.10 %
Samy Optical LLC dba Site for Sore Eyes(#,^)1350 Travis Blvd Ste 1507A, Fairfield, CA 94533Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%8/1/2028101.7 101.7 88.0 0.03 %
F-203
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Accel Compression Inc., Accel Workover Services Inc. dba Mica Tool & T(#,^)4500 S. Country Rd 1310, Odessa, TX 79765Rental and Leasing ServicesTerm LoanPrime plus 2.75%8/1/2028422.7 422.7 409.5 0.13 %
CSL Services Inc(#,^)7905 Browning Rd, Ste.312,314,316, Pennsauken, NJ 08109Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%7/27/2028496.8 496.8 460.0 0.14 %
Nunez Enterprises Corporation dba La Casa(#,^)3330 Piedmont RD NE, Atlanta, GA 30305Miscellaneous Store RetailersTerm LoanPrime plus 2.75%7/26/20287.5 7.5 6.5 — %
Sandlot Sports Inc dba Play it Again Sports(#,^)814 N Main St., Leominster, MA 01453Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%7/26/202817.0 17.0 14.7 — %
Summitsoft Corporation(#,^)11105 Mockingbird Drive, Omaha, NE 68137Publishing Industries (except Internet)Term LoanPrime plus 2.75%7/26/2028117.4 117.4 102.0 0.03 %
Relevant Elephant ,LLC(#,^)ON320 Woodvale St, Winfield, IL 60190Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%7/25/20288.2 8.2 7.1 — %
Fitness Central, Inc dba Fitness Central(#,^)4335 PA Route 309, Schnecksville, PA 18078Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%7/25/202856.7 56.7 50.3 0.02 %
HAVL Enterprises Inc dba FedEx(#,^)1447 Lake George Drive, Lake Mary, FL 32746Couriers and MessengersTerm LoanPrime plus 2.75%7/24/202817.8 17.8 18.5 0.01 %
Top Shelf Towing and Road Service, LLC(#,^)25 Sycamore St., Carnegie, PA 15106Support Activities for TransportationTerm LoanPrime plus 2.75%7/24/202811.9 11.9 10.4 — %
TR Nails, LLC dba Simple Nails(#,^)158 Great Rd, Bedford, MA 01730Personal and Laundry ServicesTerm LoanPrime plus 2.75%7/20/202856.6 56.6 49.0 0.02 %
ZA Trucking LLC(#,^)5945 York Way, East Lansing, MI 48823Truck TransportationTerm LoanPrime plus 2.75%7/17/20289.3 9.3 8.8 — %
674 Club LLC(#,^)674 N Orleans, Chicago, IL 60654Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/17/2043256.9 256.9 285.9 0.09 %
Mother's Cantina LLC dba Mother's Cantina(#,^)2810 Philadephia Ave Unit #10, Ocean City, MD 21842Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/13/202862.4 62.4 55.1 0.02 %
Smart-tel Communications LLC(#,^)9720 W. Colfax Ave Ste 100, Lakewood, CO 80215Administrative and Support ServicesTerm LoanPrime plus 2.75%7/13/202820.4 20.4 21.2 0.01 %
HQTRONICS LLC(#,^)10135 S Roberts Rd Ste 209, Palos Hills, IL 60465Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%7/13/202856.7 56.7 49.0 0.02 %
Smoove Move Productions, LLC dba Smoove Move Productions(#,^)3932 North 16th St., Omaha, NE 68110Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%7/12/20289.6 9.6 9.9 — %
Talent Logistix, LLC, Pinpoint Staffing LLC & ITC 2.0 LLC(#,^)6350 Shadeland Ave, Indianpolis, IN 46220Administrative and Support ServicesTerm LoanPrime plus 2.75%7/3/202856.7 56.7 51.0 0.02 %
Vital Inspection Professionals, Inc. dba VIP(#,^)180 Airpark Industrial Rd, Alabaster, AL 35007Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%7/3/2028282.4 282.4 272.0 0.08 %
Deal to Win Inc(#,^)575 Underhill Blvd Ste 216, Syosset, NY 11791Nonstore RetailersTerm LoanPrime plus 2.75%7/3/2028113.4 113.4 98.1 0.03 %
F-204
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
US Cargo Express, LLC(#,^)4735 22 Mile Rd, Utica, MI 48317Support Activities for TransportationTerm LoanPrime plus 2.75%7/2/204386.9 86.9 96.8 0.03 %
M J Losito Electrical Contractor's, Inc(#,^)98 Wooster St., Bethel, CT 06801Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/29/202846.7 46.7 43.6 0.01 %
Bio-Haz Solutions, Inc(#,^)23 Tonolli Rd, Nesquehoning, PA 18240Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%3/29/2029236.8 236.8 239.9 0.07 %
Bio-Haz Solutions, Inc.(#,^)23 Tonoli Rd, Nesquehoning, PA 18240Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%5/29/2044365.2 365.2 382.2 0.12 %
Critter Cabana, LLC dba Critter Cabana(#,^)516 East Main St., Newberg, OR 97132Miscellaneous Store RetailersTerm LoanPrime plus 2.75%6/28/202875.5 75.5 69.2 0.02 %
Corptek Solutions LLC(#,^)2363 N Hwy 287 Ste 111, Mansfield, TX 76063Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/28/202842.8 42.8 39.2 0.01 %
Julie Cooper-Bierman dba Forever Shopper(#,^)7435 Piute Creek Dr, Corona, CA 92881Nonstore RetailersTerm LoanPrime plus 2.75%6/27/202814.5 14.5 13.2 — %
National Dredging Services of North Florida, Inc.(#,^)1537 Northwest Main Blvd., Lake City, FL 32055Repair and MaintenanceTerm LoanPrime plus 2.75%6/27/202848.2 48.2 50.5 0.02 %
Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, In(#,^)299 Utica Ave, Brooklyn, NY 11203Food ManufacturingTerm LoanPrime plus 2.75%6/27/2043347.4 347.4 385.0 0.12 %
InUSA Ventures, Inc(#,^)508 Hyacinthus Court, San Ramon, CA 94582Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%6/27/202845.1 45.1 41.2 0.01 %
National Dredging Services of North Florida, Inc.(#,^)1537 Northwest Main Blvd., Lake City, FL 32055Repair and MaintenanceTerm LoanPrime plus 2.75%6/27/204328.3 28.3 32.1 0.01 %
RLW4 Builders LLC(#,^)152 Tuckahoe Lane, Southhampton, NY 11968Construction of BuildingsTerm LoanPrime plus 2.75%6/27/2043980.0 980.0 1,112.0 0.35 %
Nick's Country Kitchen, LLC(#,^)3 Flanders RD, Building #1, Bethlehem, CT 06751Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/27/202820.3 20.3 18.8 0.01 %
Bengals, Inc. dba Royal Liquor Mart(#,^)3714 E State St., Rockford, IL 61108Food and Beverage StoresTerm LoanPrime plus 2.75%6/26/2043104.1 104.1 113.1 0.04 %
Peter Thomas Roth Labs LLC, & June Jacobs Labs, LLC,(#,^)460 Park Ave, Fl 16, New York, NY 10022Health and Personal Care StoresTerm LoanPrime plus 2.75%6/26/2028833.7 833.7 783.0 0.24 %
Sun Pools, Inc(#,^)130 Holiday LN, Albany, KY 42602Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%6/25/2043299.9 299.9 308.5 0.10 %
DPF Filters Inc.(#,^)2832 Golden State Blvd., Madera, CA 93637Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%6/25/202862.0 62.0 58.0 0.02 %
Sun Pools, Inc dba Sun Fiberglass Pools(#,^)130 Holiday Lane, Albany, KY 42602Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%6/25/2028704.2 704.2 665.2 0.21 %
Mr. Lube, Inc(#,^)721 E Westpoint Drive., Wasilla, AK 99654Repair and MaintenanceTerm LoanPrime plus 2.75%6/22/2043654.6 654.6 698.2 0.22 %
Mr. Lube, Inc.(#,^)721 E. West Point Drive, Wasilla, AK 99654Repair and MaintenanceTerm LoanPrime plus 2.75%6/22/2028542.6 542.6 534.1 0.17 %
F-205
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
The Desert House Assisted Living ,LLC dba The Desert House Assisted Li(#,^)11055 E Grove St, Mesa, AZ 85208Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%6/22/204377.1 77.1 85.5 0.03 %
Sushi Prime, LLC and Vasilia Investments(#,^)32 SE 2nd Ave, Delray Beach, FL 33444Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/22/2028248.3 248.3 238.5 0.07 %
Judy E. Moncrief C.P.A LLC(#,^)910 Pierremont Rd, Ste311, Shreveport, LA 71106Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/22/20288.3 8.3 7.6 — %
Martha Beauty Supply And Braiding, Inc.(#,^)538 E Boughton Rd, Bolingbrook, IL 60440Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/22/2043138.8 138.8 157.3 0.05 %
Independent Life LLC(#,^)4955 S Durango Dr. #124, Las Vegas, NV 89113Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/21/2028112.9 112.9 103.4 0.03 %
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC(#,^)300 Harold Dow Hwy, Elliot, ME 03903Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%6/21/2043238.6 238.6 257.7 0.08 %
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC(#,^)300 Harold Dow Hwy, Eliot, ME 03903Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%6/21/2028128.4 128.4 128.2 0.04 %
Lilo Holdings LLC(#,^)933 Port Reading Ave, Port Reading, NJ 07064Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/20/202816.9 16.9 15.8 — %
Colovic Hackettstown Dairy LLC(#,^)22 Route 57, Hackettstown, NJ 07840Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/19/2043269.9 269.9 304.6 0.09 %
Mid America Motorworks, Inc and Yager Holdings L.P(#,^)2900 North 3rd St., Effingham, IL 62401Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%6/19/2043494.4 494.4 560.4 0.17 %
Jones Roger Sherman Inn, Inc.(#,^)195 Oenoke Ridge, New Canaan, CT 06840Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/19/2028395.7 395.7 414.3 0.13 %
Schumacker Recreation, LLC(#,^)5325 S University Drive, Davie, FL 33328Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/18/2028135.2 135.2 141.5 0.04 %
Allen Theatre and Back Stage Cafe LLC(#,^)36 East. Main St., Annville, PA 17003Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%6/18/2043123.5 123.5 137.8 0.04 %
Softrol Systems Inc dba Softrol Systems(#,^)1100 Northpoint Pkwy SE, Acworth, GA 30102Computer and Electronic Product ManufacturingTerm LoanPrime plus 2.75%6/15/2028794.7 794.7 736.6 0.23 %
Oil Palace Inc.(#,^)10408 Hwy 64 E, Tyler, TX 75707Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%9/15/2043142.2 142.2 161.4 0.05 %
Venzix Ventures Inc. dba Venzix(#,^)750 Legend Oak Drive, Fountain, CO 80817Nonstore RetailersTerm LoanPrime plus 2.75%6/15/202811.9 11.9 11.9 — %
Dianne Williams and Louis Williams dba Sweetlips Store(#,^)3870 Sweet Lips Rd, Henderson, TN 38340Food and Beverage StoresTerm LoanPrime plus 2.75%6/15/204345.3 45.3 50.0 0.02 %
Northway Exit 29 Campground, Inc dba Adirondacks Jellystone Parks & Pa(#,^)4035 Blue Ridge Rd, North Hudson, NY 12855AccommodationTerm LoanPrime plus 2.75%6/15/2043211.9 211.9 240.2 0.07 %
F-206
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Barrett Appliance Distributors Inc. dba Barrett Appliance and Home Pr(#,^)1760 Swan Lake Rd, Bossier City, LA 71111Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%6/14/2043614.2 614.2 641.2 0.20 %
Barrett Appliance Distributors, Inc dba Barrett Appliance and Home Pr(#,^)1760 Swan Lake Rd, Bossier City, LA 71111Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%6/14/2028468.7 468.7 450.0 0.14 %
E & J Sims Co. LLC(#,^)28 Broad St., Bloomfield, NJ 07003Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/14/202845.1 45.1 42.6 0.01 %
Tele Tax Express Inc(#,^)166 Getty Ave, Paterson, NJ 07503Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/14/202820.3 20.3 20.4 0.01 %
Team Sandy Blanton Realty, Inc(#,^)1225 West Gregory St, Pensacola, FL 32502Real EstateTerm LoanPrime plus 2.75%6/14/204395.6 95.6 101.3 0.03 %
Mastiff Studios LLC(#,^)2919 West Colorado Ave, Colorado Springs, CO 80904Educational ServicesTerm LoanPrime plus 2.75%6/13/204341.9 41.9 47.1 0.01 %
Ciasom LLC dba Mosaic(#,^)1040-1042 Richard Ave, Santa Clara, CA 95050Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/11/2028162.2 162.2 149.3 0.05 %
Skyways LTD,Jet 60 LLC,Mendean Jonath, Inc,Jet AOG, Inc & Jonathan Men(#,^)426 15th St. NW, Huron, SD 57350Support Activities for TransportationTerm LoanPrime plus 2.75%6/8/2043370.6 370.6 396.9 0.12 %
Beyond Grooming LLC and Michelle McWatters(#,^)1200 Old Martindale Rd, San Marcos, TX 78666Miscellaneous Store RetailersTerm LoanPrime plus 2.75%6/8/204342.1 42.1 47.3 0.01 %
Camp K-9 Pet Resort & Spa, Inc.(#,^)18501 Le Claire Ave, Tinley Park, IL 60478Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/8/20287.4 7.4 6.9 — %
Icebox Cafe, L.C. and Icebox Cafe at Doral,LLC(#,^)1855 Purdy Ave, Miami Beach, FL 33139Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/8/2028713.4 713.4 664.6 0.21 %
Applied Behavioral Consulting, Inc(#,^)422 Blooming Grove Tpke, New Windsor, NY 12553Social AssistanceTerm LoanPrime plus 2.75%6/7/204349.0 49.0 54.8 0.02 %
H S Corporation dba Lake Anna Lodge(#,^)5152 Courthouse Rd, Spotsylvania, VA 22551AccommodationTerm LoanPrime plus 2.75%6/7/2043128.6 128.6 145.8 0.05 %
Anurag, LLC dba Oakwood Package Store(#,^)191-195 Oakwood Ave, West Hartford, CT 06107Food and Beverage StoresTerm LoanPrime plus 2.75%6/6/2043135.0 135.0 144.7 0.04 %
Sowells Consulting Engineers, LLC(#,^)13430 Northwest Freeway #260, Houston, TX 77040Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/6/202820.3 20.3 18.7 0.01 %
Hardway Inc and A F C Leasing, Inc(#,^)12533 S. 73rd East Place, Bixby, OK 74008Rental and Leasing ServicesTerm LoanPrime plus 2.75%6/6/2028265.0 265.0 242.5 0.08 %
Funtime ,LLC dba Indoor Playgrounds International(#,^)13200 West Foxfire Drive Ste 144, Surprise, AZ 85378Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%6/5/2028225.4 225.4 206.5 0.06 %
SSD Designs LLC(#,^)10840 Bay Hill Club Drive, Charlotte, NC 28277Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%6/5/202866.9 66.9 61.8 0.02 %
BTD Feed & Nutrition, LLC dba Thomaston Feed Cheshire(#,^)943 South Main St., Cheshire, CT 06410Miscellaneous Store RetailersTerm LoanPrime plus 2.75%6/1/202846.3 46.3 42.4 0.01 %
F-207
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Mastrocinque Restaurant Management Company LLC dba Santionii's Itali(#,^)3535 Hwy 17 Unit 14-15, Fleming Island, FL 32003Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/1/202856.5 56.5 57.5 0.02 %
Awan Business Management Group LLC, Awan Sign Company lLLC &Awan Promo(#,^)14429 South Wallin Drive, Plainfield, IL 60544Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%5/31/2043270.8 270.8 298.3 0.09 %
Seraj Wireless, LLC(#,^)132 Madison Ave, Albany, NY 12202Electronics and Appliance StoresTerm LoanPrime plus 2.75%5/31/2028111.9 111.9 117.1 0.04 %
Brooks Seaplane Service Inc and Lunt Enterprises LLC(#,^)105 Northern Blvd, Coeur d'Alene, ID 83814Scenic and Sightseeing TransportationTerm LoanPrime plus 2.75%5/31/2028132.3 132.3 121.1 0.04 %
SSMV LLC dba Burgerim(#,^)115 Pelham Rd, Ste 1, Greenville, SC 29615Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/30/202859.6 59.6 58.7 0.02 %
Eagle Aggregate Transportation, LLC(#,^)4401 N I-35 Ste 113, Denton, TX 76207Truck TransportationTerm LoanPrime plus 2.75%5/30/202878.5 78.5 74.9 0.02 %
Crowley Ventures, LLC(#,^)665 Worthington Rd, Westerville, OH 43082Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/29/202866.8 66.8 62.0 0.02 %
Iloka, Inc dba New Cloud Networks(#,^)160 Inverness Drive W Ste 150, Englewood, CO 80112Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%5/25/2028223.7 223.7 215.7 0.07 %
Dream Spa LLC and Dream Spa Greenwich LLC(#,^)1220 Post Rd East, Westport, CT 06880Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/25/202889.5 89.5 82.8 0.03 %
Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery(#,^)59 West Main St, Broadalbin, NY 12025AccommodationTerm LoanPrime plus 2.75%10/25/2043199.4 199.4 226.5 0.07 %
Adow Pools LLC(#,^)393 Glenbrook Rd, Stamford, CT 06906Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/25/2028156.6 156.6 146.5 0.05 %
Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze LanC(#,^)3 Williams Ave, Mystic, CT 06355AccommodationTerm LoanPrime plus 2.75%5/25/20431,245.1 1,245.1 1,411.3 0.44 %
Starship, LLC dba Tint World Smyrna(#,^)2274 S Atlanta Rd SE, Smyrna, GA 30080Repair and MaintenanceTerm LoanPrime plus 2.75%5/25/204396.6 96.6 107.9 0.03 %
DMA Equipment LLC(#,^)700 Lee St., Elk Grove Village, IL 60007Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%5/24/2043255.7 255.7 275.6 0.09 %
Seaside Acupuncture LLC(#,^)1041 Johnnie Dodds Blvd #2C, Mt Pleasant, SC 29464Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%5/24/204348.9 48.9 53.6 0.02 %
Chem-Flotronics, Inc.(#,^)195 Paterson Ave, Little Falls, NJ 07424Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 2.75%5/22/202889.5 89.5 83.5 0.03 %
Yakov Levy M.D., P.C.(#,^)70-31 108th St., Forest Hills, NY 11375Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%5/18/202832.8 32.8 30.3 0.01 %
Mark A Espinoza, DDS PLLC dba Central Dental Care(#,^)9315 N Central Ave, Phoenix, AZ 85020Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%5/18/202854.6 54.6 49.9 0.02 %
JVLS LLC dba Vaccines 2 Go(#,^)4060 Johns Creek Parkway Ste H, Suwanee, GA 30024Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%5/17/20287.4 7.4 6.8 — %
F-208
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
On Stage Enterprises LLC, On Stage Theaters Branson, LLC, On Stage Th(#,^)4570 W Post Rd, Ste 100, Las Vegas, NV 89118Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%5/17/2028223.7 223.7 204.8 0.06 %
Clore Construction LLC(#,^)21220 FM 1420, Harlingen, TX 78550Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%5/16/2028134.1 134.1 128.8 0.04 %
Joshua One Limited Liability Company dba Genesis Personal Fitness(#,^)28 North State St. Unit 100, Newtown, PA 18940Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%5/16/2043314.4 314.4 336.4 0.10 %
James T. Hendel dba Autotexx Mobile Auto Repair(#,^)5857 Hwy 101 N, Rockmart, GA 30153Repair and MaintenanceTerm LoanPrime plus 2.75%5/15/20286.7 6.7 7.0 — %
Fireplace Outlet Inc(#,^)8216 Main St., Williamsville, NY 14221Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%5/15/202820.1 20.1 21.1 0.01 %
Galore Salon & Extension Lounge Inc dba Pretty Chic Hair & Lashes(#,^)5714 Edmondson Pike Ste 24, Nashville, TN 37211Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/14/20284.0 4.0 3.7 — %
Circle and Square, Inc dba Stamford Kumon(#,^)50 Forest St. Ste 902, Stamford, CT 06901Educational ServicesTerm LoanPrime plus 2.75%5/11/202838.0 38.0 34.8 0.01 %
Bote Virginia Beach, Inc. dba Bote Virginia Beach(#,^)1080 Nimmo Pkwy Ste 104, Virginia Beach, VA 23454Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%5/11/202810.1 10.1 9.3 — %
Daniel Woodward, DC PLLC dba Doc's Body Shop(#,^)3084 N Goliad St., Ste 114, Rockwall, TX 75087Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%5/11/202836.8 36.8 33.7 0.01 %
Adhara, LLC(#,^)18123 E Appleway Ave, Spokane Valley, WA 99016Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/11/204342.9 42.9 47.0 0.01 %
Baby Gentry's Childcare & Learning Academy(#,^)4203 Shenandoah Drive, Dayton, OH 45417Social AssistanceTerm LoanPrime plus 2.75%5/10/202810.1 10.1 9.3 — %
P & M Entertainment, LLC dba Luv 2 Play(#,^)35 Lafayette Rd, Ste 8, North Hampton, NH 03862Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%5/10/2028108.6 108.6 103.2 0.03 %
Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer(#,^)310 Arlington Ave Unit 329, Charlotte, NC 28203Educational ServicesTerm LoanPrime plus 2.75%5/9/2043711.1 711.1 806.0 0.25 %
Whitetail Nurseries Inc(#,^)2050 S. Beltline Rd, Mesquite, TX 75181Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%5/9/2028239.4 239.4 236.0 0.07 %
Oculi Entertainment Inc(#,^)2000 W. Magnolia Blvd, Ste 100, Burbank, CA 91506Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%5/8/202819.9 19.9 18.3 0.01 %
Schmaltz Operations LLC dba Companion Camp(#,^)3408 Castle Rock Farm Rd, Pittsboro, NC 27312Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/7/202853.7 53.7 53.0 0.02 %
Container Shipping, LLC(#,^)533 Nova Rd Ste 213B, Ormond Beach, FL 32174Support Activities for TransportationTerm LoanPrime plus 2.75%5/4/202844.7 44.7 41.0 0.01 %
Wilbur Standford Jr Trucking and Excavating, LLC(#,^)7505 North Chases Lake Rd, Watson, NY 13343Specialty Trade ContractorsTerm LoanPrime plus 2.75%5/3/2028214.8 214.8 215.6 0.07 %
F-209
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
McIntosh Trail Management Service Organization, Inc.(#,^)747 South Hill St., Griffin, GA 30223Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%5/1/202885.0 85.0 89.0 0.03 %
Olmsted LLC and 626 Van LLC dba Maison Yaki(#,^)659 Vanderbilt Ave, Brooklyn, NY 11238Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/1/2029220.4 220.4 207.4 0.06 %
Metropolitan Solutions Inc.(#,^)1420 Chestnut St., Portsmouth, VA 23704Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%4/30/2043173.3 173.3 178.5 0.06 %
Brenden Kehren Development LLC(#,^)14689 Gemara Rd, Sparta, WI 54656Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%4/30/20282.7 2.7 2.4 — %
Saltamontes Tire Company, LLC(#,^)1955 Boston Ave, Brodgeport, CT 06604Repair and MaintenanceTerm LoanPrime plus 2.75%4/30/2043100.2 100.2 110.1 0.03 %
Corona Dance, LLC dba Huracan Dance Studio(#,^)480 West Main St., Stamford, CT 06902Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%4/30/202810.6 10.6 9.7 — %
Sunlinc Inc(#,^)170 Canterbury Court, East Windsor, NJ 08520Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%4/30/20288.7 8.7 7.9 — %
Rory James Contracting LLC(#,^)33 Bennett Place, Amityville, NY 11701Construction of BuildingsTerm LoanPrime plus 2.75%4/27/202814.3 14.3 13.1 — %
Suraj Enterprises, Inc.(#,^)11720 W. Airport Rd, Meadows Place, TX 77477Food and Beverage StoresTerm LoanPrime plus 2.75%4/27/2028277.6 277.6 271.3 0.08 %
Little Angels Daycare and Learning Center LLC(#,^)4551 Summit Boulevard, West Palm Beach, FL 33415Social AssistanceTerm LoanPrime plus 2.75%4/27/2043157.1 157.1 178.0 0.06 %
Kastoria Inc. dba Bantam Pizza(#,^)768 Bantam Rd, Bantam, CT 06750Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/27/202813.3 13.3 12.3 — %
RWT Corporation dba Welding Works(#,^)32 New Rd, Madison, CT 06443Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%4/26/2028461.5 461.5 439.2 0.14 %
Pledge 4 Hope LLC(#,^)53 Bayberry Loop South, Purvis, MS 39475Data Processing, Hosting, and Related ServicesTerm LoanPrime plus 2.75%4/26/202813.3 13.3 12.2 — %
Matrix Z, LLC(#,^)800 SW 21st Terrace, Ft Lauderdale, FL 33312Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 2.75%4/26/202868.0 68.0 69.2 0.02 %
K&S Hardware LLC(#,^)1865 W Wayzata Blvd, Long Lake, MN 55356Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%4/26/202820.0 20.0 18.3 0.01 %
LMH Optics LLC dba Sterling Optical(#,^)1272 Smallwood Dr West, Waldorf, MD 20603Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%4/26/202844.4 44.4 40.7 0.01 %
RWT Corporation dba Welding Works(#,^)32 New Rd, Madison, CT 06443Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%4/26/2043207.8 207.8 215.1 0.07 %
Joe & Sons Service, Inc(#,^)855 Atwood Ave, Cranston, RI 02920Repair and MaintenanceTerm LoanPrime plus 2.75%4/24/2028100.0 100.0 104.6 0.03 %
Spitnale's Garage LLC(#,^)3761 Mahoning Ave, Youngstown, OH 44515Repair and MaintenanceTerm LoanPrime plus 2.75%4/20/204359.0 59.0 64.3 0.02 %
Just for Boats LLC(#,^)459 Dupre Rd, McClellanville, SC 29458Repair and MaintenanceTerm LoanPrime plus 2.75%4/20/204317.2 17.2 19.4 0.01 %
F-210
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Nando LLC dba Tall Timbers Banquet and Conference Center(#,^)13831 National Rd SW, Reynoldsburg, OH 43068Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/20/202818.0 18.0 16.9 0.01 %
Rosemarie Products Company LLC(#,^)5400 Crooked Tree Drive, Mason, OH 45040Health and Personal Care StoresTerm LoanPrime plus 2.75%4/18/202813.3 13.3 12.2 — %
James L Shoemaker APCC(#,^)221 W Judge Perez Drive, Chalmette, LA 70043Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%4/18/202814.3 14.3 13.1 — %
A New Dawn Psychotherapy Associates, LLC(#,^)308 E Broad St., Bethlehem, PA 18018Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%4/18/204385.5 85.5 91.3 0.03 %
Veterinary Preventive Care, LLC(#,^)945 Riverview Ct, Xenia, OH 45385Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%4/18/202841.5 41.5 39.3 0.01 %
Means Enterprises LLC(#,^)4150 Legacy Drive N Ste 412, Frisco, TX 75034Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%4/18/20286.7 6.7 6.2 — %
Southern HVAC LLC(#,^)119 Ouachita 212, Camden, AZ 71701Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/17/204322.0 22.0 23.3 0.01 %
Southern Oaks Athletic Club, LLC(#,^)15253 Shenandoah Ave, Baton Rouge, LA 70817Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%4/17/2043358.7 358.7 400.5 0.12 %
Southern HVAC LLC(#,^)119 Ouachita 212, Camden, AR 71701Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/17/202835.2 35.2 34.4 0.01 %
1301 Starks Inc.(#,^)1301 West Atkinson Ave, Milwaukee, WI 53206Food and Beverage StoresTerm LoanPrime plus 2.75%4/16/202820.0 20.0 20.7 0.01 %
Patricia A. Freeman & Samuel C. Freeman dba Teenas Pizza(#,^)35 E Main St., Pekin, IN 47165Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/13/204342.5 42.5 46.5 0.01 %
Precision Components Group Inc(#,^)190 Doty Circle, West Springfield, MA 01089Miscellaneous ManufacturingTerm LoanPrime plus 2.75%4/11/202820.0 20.0 19.7 0.01 %
Sexy Nails Center LLC(#,^)57 Passaic St., Garfield, NJ 07026Personal and Laundry ServicesTerm LoanPrime plus 2.75%4/10/2043197.9 197.9 221.7 0.07 %
Mark Baker(#,^)1653 Evalie Dr, Fairfield, OH 45014Truck TransportationTerm LoanPrime plus 2.75%4/9/202810.7 10.7 10.1 — %
Innovation Transport LLC(#,^)1 International Blvd, Ste 400, Mahwah, NJ 07495Truck TransportationTerm LoanPrime plus 2.75%4/6/202845.5 45.5 44.9 0.01 %
Newsome Mobile Notary LLC(#,^)8153 12th Ave SW, Seattle, WA 98106Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%4/5/20284.7 4.7 4.3 — %
Shree Lakshminarayyn Grocery Stores LLC(#,^)3307 Charles St., Rockford, IL 61108Gasoline StationsTerm LoanPrime plus 2.75%4/5/2043117.3 117.3 129.2 0.04 %
Bean City Bar and Grill LLC(#,^)N 2505 Bean City Rd, New London, WI 54961Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/4/204380.8 80.8 90.5 0.03 %
Alaska Industrial Paint LLC(#,^)229 Whitney Rd, Unit B, Anchorage, AK 99501Repair and MaintenanceTerm LoanPrime plus 2.75%3/30/2043217.7 217.7 239.1 0.07 %
Fifth Wheel Truck Stop 001(#,^)3767 S Golden State Blvd, Fresno, CA 93725Gasoline StationsTerm LoanPrime plus 2.75%3/30/20431,126.5 1,126.5 1,188.2 0.37 %
Alaska Industrial Paint LLC(#,^)229 Whitney Rd, Unit B, Anchorage, AK 99501Repair and MaintenanceTerm LoanPrime plus 2.75%3/30/2028110.1 110.1 112.5 0.03 %
F-211
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Michael S Brown Physical Therapy, P.C(#,^)300 Hempstead Tpke Ste. 3 & 4, Hempstead, NY 11552Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/30/202889.4 89.4 81.9 0.03 %
Romancing the Stone(#,^)140 Centre of New England Blvd, Coventry, RI 02816Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/30/2043340.3 340.3 369.3 0.11 %
B&C Texas Leasing Inc.,M & W Hot Oill, Inc(#,^)8124 Sprague Rd, Odessa, TX 79764Truck TransportationTerm LoanPrime plus 2.75%3/30/2043263.5 263.5 281.3 0.09 %
Master Roofing and Siding Inc.(#,^)25 Robert Pitt Dr Ste 213, Monsey, NY 10952Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/30/2028233.8 233.8 214.0 0.07 %
Boulevard Books Inc.(#,^)1195 Castleton Ave, Staten Island, NY 10310Publishing Industries (except Internet)Term LoanPrime plus 2.75%3/30/204387.1 87.1 98.8 0.03 %
GQ Investments,LLC(#,^)5772 Miami Lakes Drive East, Miami, FL 33014Electrical Equipment, Appliance, and Component ManufacturingTerm LoanPrime plus 2.75%3/30/2028185.7 185.7 173.4 0.05 %
B&C Texas Leasing Inc and M&W Hot Oil, Inc.(#,^)8124 Sprague Rd, Odessa, TX 73764Truck TransportationTerm LoanPrime plus 2.75%3/30/2028864.6 864.6 854.1 0.27 %
Payne's Environmental Services LLC(#,^)5617 Causeway Blvd, Tampa, FL 33619Administrative and Support ServicesTerm LoanPrime plus 2.75%3/30/2028200.0 200.0 196.1 0.06 %
Technical Ordnance Solutions,LLC(#,^)9950 Business Cir. Ste 13, Naples, FL 34112Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%3/30/20281,138.5 1,138.5 1,049.3 0.33 %
America's Little Leaders Academy, Inc(#,^)2570 NW 152nd Terrace, Opa-Locka, FL 33054Social AssistanceTerm LoanPrime plus 2.75%3/30/204322.0 22.0 24.4 0.01 %
Kaz Wellness, LLC dba Grounded Wellness Center(#,^)104 Clover Court, Bartlett, IL 60103Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/29/202814.0 14.0 13.4 — %
Hot Shot Services, Inc and TFB, Ltd Co(#,^)4111 Ellison St. NE, Albuquerque, NM 87109Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/29/2043390.4 390.4 442.5 0.14 %
Lou & Choo Enterprises Inc.(#,^)2101 W Hunting Park Ave, Philadelphia, PA 19140Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/28/2044105.8 105.8 113.1 0.04 %
Cartwright Termite & Pest Control Inc. and Cartwright Termite &Pest Co(#,^)1376 Broadway, El Cajon, CA 92021Administrative and Support ServicesTerm LoanPrime plus 2.75%3/28/2028205.3 205.3 199.9 0.06 %
Corning Lumber Company Inc & Frank R Close & Son Inc dba True Valley C(#,^)111 E. Laurel St., Willows, CA 95988Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%3/28/202877.2 77.2 80.7 0.03 %
Clancy 15 LLC and Allied Molded Products LLC(#,^)1145 13th Ave East, Palmetto, FL 34221Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%3/28/2043210.3 210.3 223.7 0.07 %
Clancy 15 LLC and Allied Molded Products LLC(#,^)1145 13th Ave E, Palmetto, FL 34221Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%3/28/2028136.7 136.7 134.0 0.04 %
Montage Mountain Resorts, LP(#,^)1000 Montage Mountain Rd, Scranton, PA 18505Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/28/20431,220.0 1,220.0 1,382.9 0.43 %
K.C. Communications, Inc.(#,^)2715 Saturn St., Brea, CA 92821TelecommunicationsTerm LoanPrime plus 2.75%3/27/202855.1 55.1 57.6 0.02 %
Towing Professionals of Arizona Inc dba Shamrock Towing, All Valley Im(#,^)2801 W Osborn Rd, Phoenix, AZ 85017Support Activities for TransportationTerm LoanPrime plus 2.75%3/26/2028132.3 132.3 125.7 0.04 %
F-212
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Towing Professionals of Arizona Inc dba Shamrock Towing & All Valley I(#,^)2801 W Osborn Rd, Phoenix, AZ 85017Support Activities for TransportationTerm LoanPrime plus 2.75%3/26/2043525.8 525.8 543.3 0.17 %
Cable Management, LLC(#,^)200 Pratt St., Meriden, CT 06450Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%3/23/202887.3 87.3 86.0 0.03 %
Aque Investment Group LLC(#,^)3838 N Sam Houston Pkwy E, Houston, TX 77032Real EstateTerm LoanPrime plus 2.75%3/23/2028234.2 234.2 244.8 0.08 %
All Regional Recyclers of Wood LLC dba ARROW(#,^)104 Wooster St., Bethal, CT 06801Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%3/23/2028115.8 115.8 113.9 0.04 %
Denton BioFuels LLC and Amercian BioSource, LLC(#,^)624 W University Dr. #359, Denton, TX 76201Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%3/23/202886.0 86.0 82.9 0.03 %
Sunshine Tents and Event Rentals LLC(#,^)2322 SW 58th Terrace, West Park, FL 33023Rental and Leasing ServicesTerm LoanPrime plus 2.75%3/23/202853.2 53.2 55.6 0.02 %
Shweiki Media Inc dba Study Breaks Magazine(#,^)4954 Space Center Drive, San Antonio, TX 78218Publishing Industries (except Internet)Term LoanPrime plus 2.75%3/23/202866.2 66.2 68.7 0.02 %
New York Label & Box Corp(#,^)50 Oval Drive, Islandia, NY 11749Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%3/23/20431,220.0 1,220.0 1,330.7 0.41 %
Sofasco, Inc(#,^)182 Garber Lane, Winchester, VA 22602Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%3/23/204397.6 97.6 103.1 0.03 %
Kajun Martial Arts LLC(#,^)36546 Mission St., Prairieville, LA 70769Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/23/202819.9 19.9 18.5 0.01 %
GeoTek Alaska, Inc(#,^)2756 Commercial Drive, Anchorage, AK 99501Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/21/2043829.6 829.6 906.9 0.28 %
RTSP Union LLC(#,^)2438 Route 22 East, Union, NJ 07083Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%9/20/20281,107.2 1,107.2 1,071.5 0.33 %
Rexco Foods LLC dba Papa John's(#,^)18640 Fm 1488 Ste C, Magnolia, TX 77354Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/20/202837.5 37.5 34.3 0.01 %
Cest Chic Concepts, LLC dba Salon Cest Chic(#,^)15231 Hall Station Rd Unit 104, Bowie, MD 20721Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/19/20289.9 9.9 9.3 — %
Petroleum Equipment & Services, Inc(#,^)5631 Silverado Way Unit G, Anchorage, AK 99518Support Activities for MiningTerm LoanPrime plus 2.75%3/16/2028220.6 220.6 230.5 0.07 %
Camerabots Media, LLC(#,^)4501 Ford Ave Ste 207, Alexandria, VA 22302Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%3/16/202813.3 13.3 12.4 — %
Bear Bones, Inc.(#,^)43 Libson St., Lewiston, ME 04240Beverage and Tobacco Product ManufacturingTerm LoanPrime plus 2.75%3/15/204322.0 22.0 24.5 0.01 %
Rojenco II,Inc.(#,^)4357 Shore Drive, Virginia Beach, VA 23455Repair and MaintenanceTerm LoanPrime plus 2.75%9/15/204375.3 75.3 83.2 0.03 %
Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe(#,^)2217 Richmond Rd, Williamsburg, VA 23188Repair and MaintenanceTerm LoanPrime plus 2.75%3/15/2043506.5 506.5 559.2 0.17 %
CTD Operations Inc(#,^)219 Saint Nazaire Rd STE G, Broussard, LA 70518Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/15/202858.7 58.7 54.6 0.02 %
F-213
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Rojenco II, Inc.(#,^)4357 Shore Drive, Virginia Beach, VA 23455Repair and MaintenanceTerm LoanPrime plus 2.75%3/15/2043392.8 392.8 433.6 0.13 %
Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe(#,^)2217 Richmond Rd, Williamsburg, VA 23188Repair and MaintenanceTerm LoanPrime plus 2.75%9/15/204375.3 75.3 83.2 0.03 %
Summit Insights Group LLC(#,^)19 Briant Parkway, Summit, NJ 07901Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%3/14/202840.0 40.0 36.5 0.01 %
Dante Ultimate Cleaning Service LLC(#,^)16969 River Park Dr, Covington, LA 70345Administrative and Support ServicesTerm LoanPrime plus 2.75%3/9/20289.0 9.0 8.7 — %
SRG Waterfront LLC(#,^)88 District Square SW, Washington, DC 20005Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/9/2028264.7 264.7 245.0 0.08 %
2b Mom Inc dba Mom's the Word Maternity(#,^)3150 18th St., Ste 435, San Francisco, CA 94110Clothing and Clothing Accessories StoresTerm LoanPrime plus 2.75%3/9/202885.9 85.9 78.6 0.02 %
Bee Kidz Funzone Inc(#,^)10301 Southern Blvd, Royal Palm Beach, FL 33411Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/9/2028177.5 177.5 167.2 0.05 %
Integrity Machinery Moving, LLC(#,^)9125 North Time Oil Rd, Portland, OR 97203Support Activities for TransportationTerm LoanPrime plus 2.75%3/8/202819.9 19.9 20.7 0.01 %
Treft Systems Inc(#,^)1050 Kings Hwy N Ste 107, Cherry HIll, NJ 08034Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/8/202813.2 13.2 12.2 — %
Play4Fun dba Luv 2 Play(#,^)13722 Jamboree Rd, Irvine, CA 92602Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/7/2028158.4 158.4 150.8 0.05 %
Unpainted Arizona, LLC dba Westside Bowl(#,^)2617 Mahoning Ave, Youngstown, OH 44509Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%8/7/2043102.3 102.3 111.0 0.03 %
Espinoza & Salinas Group Ltd dba Credit 360 Consulting(#,^)17806 IH 10 Ste 300, San Antonio, TX 78257Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/2/20284.4 4.4 4.1 — %
BC Bishop Enterprises LLC dba 9Round Pooler(#,^)105-107 Grand Central Blvd, Pooler, GA 31322Educational ServicesTerm LoanPrime plus 2.75%3/2/20287.4 7.4 6.9 — %
Stepping Stones Childrens Academy(#,^)720 Rancho Del Norte Drive, Las Vegas, NV 89031Social AssistanceTerm LoanPrime plus 2.75%3/2/2043248.4 248.4 276.1 0.09 %
Connie Engelbrecht(#,^)20640 Raven Drive, Eagle River, AK 99577Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 2.75%2/28/20282.6 2.6 2.4 — %
Merciful Heavenly Homes, LLC(#,^)401 Dillar's Mill Rd, Tyner, NC 27980Nursing and Residential Care FacilitiesTerm Loan8%2/28/204362.9 62.9 59.7 0.02 %
Urban Fitness Group LLC dba Crunch Fitness Group LLC(#,^)2800 S IH-35 Ste 220, Round Rock, TX 78681Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/28/2028196.2 196.2 205.0 0.06 %
The Law Offices of Samuel R Miller LLC(#,^)7405 Lake Worth Rd, Lake Worth, FL 33467Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/28/2043116.0 116.0 131.3 0.04 %
Carey Collision Repairs Inc.(#,^)295 D Bucheimer Rd, Fredrick, MD 21701Repair and MaintenanceTerm LoanPrime plus 2.75%2/27/202865.7 65.7 61.5 0.02 %
F-214
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Purely Seed LLC(#,^)11515 Lake Lane Ste 102, Chisago, MN 55013Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%2/26/2028109.5 109.5 100.0 0.03 %
Betty's Catering Corp, Betty's Decoration & Wedding Center Inc.(#,^)94-33 Corona Ave, Corona, NY 11373Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/26/2043348.4 348.4 394.5 0.12 %
Carries Cakes and Catering, Inc dba Carrie's Cakes and Confections(#,^)4308 Holland Rd, Virginia Beach, VA 23452Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/23/20284.3 4.3 4.0 — %
Jackpine Technologies Corporation(#,^)Mill & Main Building 2 Ste 640, Maynard, MA 01754Publishing Industries (except Internet)Term LoanPrime plus 2.75%2/22/202856.9 56.9 57.5 0.02 %
Crossfit iQ LLC(#,^)346 Pike Rd, Bay 8-9, West Palm Beach, FL 33411Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/21/202837.2 37.2 34.9 0.01 %
Wellfleet Consulting Inc.(#,^)2275 Research Blvd Ste 500, Rockville, MD 20850Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/21/202813.1 13.1 12.0 — %
New View Media Group LLC(#,^)1 Old Wolfe Rd Ste 205, Budd Lake, NJ 07828Publishing Industries (except Internet)Term LoanPrime plus 2.75%2/16/202872.3 72.3 75.5 0.02 %
Town & Country Transportation Co.(#,^)191-193 Arch St., New Britain, CT 06051Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%2/16/202858.4 58.4 61.0 0.02 %
Lulinjett LLC dba All American Printing & Design(#,^)4621 Bayshore Rd, Fort Myers, FL 33917Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%2/14/2043103.7 103.7 117.4 0.04 %
Margab Inc dba Smoothie King(#,^)14200 SW 8th St Unit #102, Miami, FL 33184Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/13/202811.2 11.2 10.5 — %
JumboMarkets, Inc.(#,^)15500 SW Trail Drive, Indiantown, FL 34956Food and Beverage StoresTerm LoanPrime plus 2.75%2/13/2028181.7 181.7 171.5 0.05 %
Tony Herring & Associates, Inc.(#,^)211 West Camellia Drive, Slidell, LA 70458Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%2/9/20287.2 7.2 7.5 — %
Quality Machine of Iowa, Inc(#,^)1040 4th Ave, Audubon, IA 50025Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%2/9/20281,144.4 1,144.4 1,129.6 0.35 %
Start "UP "Dreams, Inc dba SDC Concrete and Start"UP" Dream Constructi(#,^)30521 134th St SE, Sultan, WA 98294Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/9/202865.7 65.7 63.2 0.02 %
Apps Inc., Market Share, and Singular Leaseholdings LLC(#,^)800 Village Walk #159, Guilford, CT 06437TelecommunicationsTerm LoanPrime plus 2.75%2/8/2028458.2 458.2 418.6 0.13 %
De La Vega LLC dba De La Vega Deland and De La Vega Oviedo(#,^)128 North Woodland Blvd, Deland, FL 32720Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/7/202868.9 68.9 65.3 0.02 %
Macrotech Integrated Management Solutions dba Extreme Lawn Care(#,^)2425 Durrance LN, Ormond Beach, FL 32174Repair and MaintenanceTerm LoanPrime plus 2.75%2/5/202810.5 10.5 11.0 — %
Midlothian Hardware Inc dba Grills True Value(#,^)4751 West 147th St., Midlothian, IL 60445Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%2/2/202813.1 13.1 13.7 — %
M&R Wong LLC(#,^)1345 North Shepherd Dr, Houston, TX 77008Administrative and Support ServicesTerm LoanPrime plus 2.75%2/1/202810.4 10.4 9.5 — %
F-215
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Chace Building Supply of CT Inc.,(#,^)90 Route 171, Woodstock, CT 06281Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%1/31/2043292.2 292.2 330.8 0.10 %
Rocco'sLandscaping LLC(#,^)151 Kitts Lane, Newington, CT 06111Administrative and Support ServicesTerm LoanPrime plus 2.75%1/31/204373.0 73.0 82.6 0.03 %
USA General Investment LLC dba Braniff Paint and Body Shop(#,^)2290 NW 21st Terrace, Miami, FL 33142Repair and MaintenanceTerm LoanPrime plus 2.75%1/31/202813.0 13.0 12.2 — %
WydeBodi, LLC dba Wyde Bodi Auto Tags(#,^)706 North 37th St., Philadelphia, PA 19104Support Activities for TransportationTerm LoanPrime plus 2.75%1/30/204346.2 46.2 50.9 0.02 %
New Phaze Packaging Inc(#,^)9533 Irondale Ave, Los Angeles, CA 91311Paper ManufacturingTerm LoanPrime plus 2.75%1/26/2043933.6 933.6 1,053.4 0.33 %
Parati USA Inc(#,^)1018 Wilt Ave, Ridgefield, NJ 07657Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%1/25/202814.7 14.7 13.5 — %
Concrete Services LLC and James Ward(#,^)24 County Rd 901, Jemison, AL 35085Specialty Trade ContractorsTerm LoanPrime plus 2.75%1/25/202886.9 86.9 83.8 0.03 %
Southside BBQ Corp(#,^)16032 South Hwy 16, Cherokee, TX 76832Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/25/202816.9 16.9 17.7 0.01 %
Flair Interiors, Inc dba Giant Don's Flooring America(#,^)7725 Old Seward Hwy, Anchorage, AK 99502Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%1/24/2028119.5 119.5 124.9 0.04 %
Tier1 Solutions LLC(#,^)1000 Essington Rd, Juliet, IL 60435Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/23/20286.5 6.5 6.1 — %
Weeping Willow Kennels, Inc.(#,^)6041 Hammond School Rd, Salisbury, MD 21804Personal and Laundry ServicesTerm LoanPrime plus 2.75%1/19/20289.1 9.1 9.5 — %
Lavish Specs Inc(#,^)262 Glen St., Glen Cove, NY 11542Machinery ManufacturingTerm LoanPrime plus 2.75%1/19/20286.5 6.5 6.0 — %
Friend Contractors, LLC(#,^)1950 Mill Bay Rd, Kodiak, AK 99615Construction of BuildingsTerm LoanPrime plus 2.75%1/19/2043226.3 226.3 246.1 0.08 %
MedWorxs Inc.(#,^)6857 Timbers Dr., Evergreen, CO 80439Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/18/202868.5 68.5 62.5 0.02 %
Lou & Choo Enterprises Inc dba Lou & Choo Lounge(#,^)2101,2103,2105 W Hunting Park Ave, Philadelphia, PA 19140Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/18/2043111.9 111.9 121.0 0.04 %
Specialized Dairy Processors LLC and Nathaly Zapata(#,^)2200 N Commerce Parkway, Weston, FL 33326Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/16/202856.5 56.5 51.6 0.02 %
Human Resource Time Manager LLC(#,^)2737 Humphrey St., East Elmhurst, NY 11369Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/8/202813.4 13.4 14.0 — %
Impress Therapeutic Massage LLC(#,^)3145 Suntree Blvd Ste 102, Rockledge, FL 32955Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%1/8/204361.4 61.4 68.1 0.02 %
Sandfree Systems LLC(#,^)116 Cricket Ave Ste B, Ardmore, PA 19003Specialty Trade ContractorsTerm LoanPrime plus 2.75%1/5/20286.5 6.5 6.8 — %
Crad Holding LLC dba Neighborhood Laundry of Bloomfield(#,^)60 Dodd St., Bloomfield, NJ 07003Personal and Laundry ServicesTerm LoanPrime plus 2.75%1/5/202854.3 54.3 50.0 0.02 %
F-216
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Social Link LLC(#,^)41 Peabody St., Nashville, TN 37210Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/29/20279.7 9.7 8.9 — %
Farec, Inc(#)30250 W Nine Mile Rd, Farmington, MI 48336Amusement, Gambling, and Recreation IndustriesTerm Loan7.5%12/29/2042242.4 242.4 223.3 0.07 %
Morrocco Method, Inc(#,^)800 Farroll Rd, Grover Beach, CA 93433Chemical ManufacturingTerm LoanPrime plus 2.75%12/27/2042707.3 707.3 785.3 0.24 %
Anglin Cultured Stone Products LLC(#,^)877 Salem Church Rd, Newark, DE 19702Construction of BuildingsTerm LoanPrime plus 2.75%12/27/2042630.5 630.5 660.5 0.20 %
Muckamuck Trucks, Inc.(#,^)510 S Spring St., Ukiah, CA 95482Truck TransportationTerm LoanPrime plus 2.75%12/22/202711.8 11.8 11.7 — %
O'Rourke's Diner, LLC(#,^)728 Main St., Middleton, CT 06457Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/22/20273.2 3.2 3.2 — %
Dudeck Enterprise LLC dba Detail Garage Las Vegas(#,^)2360 S Rainbow Blvd Ste 3, Las Vegas, NV 89146Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%12/22/202714.0 14.0 14.6 — %
Anderson Farms Inc(#)271 West Hwy 30, Burley, ID 83318Truck TransportationTerm Loan7.5%12/22/20271,084.7 1,084.7 914.2 0.28 %
Medical Plaza of Boro Park PC(#,^)1266 51St 1st Floor, Brooklyn, NY 11219Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/22/202753.9 53.9 49.2 0.02 %
Landmark Ventures USA Inc(#,^)475 Park Ave S 25th Fl, New York, NY 10016Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%12/22/202753.9 53.9 49.2 0.02 %
Salida Family Chiropractic-PPLC dba Salida Sport and Spine(#,^)203 G St., Salida, CO 81201Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/22/202710.4 10.4 9.4 — %
Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diag(#,^)12351 Gateway Park Place, Draper, UT 84020Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/22/2027671.4 671.4 620.0 0.19 %
Jacliff Investments Inc dba International Heal(#,^)2355 South 1070 West, Ste D, Salt Lake City, UT 84119Publishing Industries (except Internet)Term LoanPrime plus 2.75%12/22/202743.1 43.1 39.3 0.01 %
Blue Lagoon Resort, LLC dba Hill View Cottages(#,^)3670 Lake Shore Drive, Lake George, NY 12845AccommodationTerm LoanPrime plus 2.75%12/21/2042181.1 181.1 204.8 0.06 %
CT Auto Spa LLC(#,^)39 Albany Turnpike, West Simsbury, CT 06092Repair and MaintenanceTerm LoanPrime plus 2.75%12/21/2027189.3 189.3 197.2 0.06 %
DHD Enterprise LLC dba Edible Arrangements #1699(#,^)828 Washington Ave, Miami Beach, FL 33139Miscellaneous Store RetailersTerm LoanPrime plus 2.75%12/21/202719.7 19.7 18.7 0.01 %
DBMS Consulting, Inc.(#,^)164 W 83rd St. #CF1 & CF2, New York, NY 10024Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/20/202764.7 64.7 63.8 0.02 %
Best Quality Home Care LLC(#,^)317 S Berry St., Centralia, WA 98531Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%12/19/20276.2 6.2 5.7 — %
Auto Excellance of Fort Myers Inc.(#,^)3105 Fowler St., Fort Myers, FL 33901Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%12/19/2042103.3 103.3 116.8 0.04 %
Legion Bowl, Inc & Legion Pub Inc(#,^)661 Park St., Cranston, RI 02910Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/15/2042324.6 324.6 367.1 0.11 %
F-217
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
1-0 Granny's Helpful Hands, LLC(#,^)705 East Lake St., Minneapolis, MN 55407Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%12/15/202719.4 19.4 17.9 0.01 %
Ocean Trans LLC & Dehal Trucking LLC(#,^)1415 W. Anderson St., Stockton, CA 95206Truck TransportationTerm LoanPrime plus 2.75%12/15/2042598.7 598.7 628.5 0.20 %
JMD Aviation Holdings, LLC(#,^)8050 NW 90th St., Medley, FL 33166Rental and Leasing ServicesTerm LoanPrime plus 2.75%12/15/2027431.3 431.3 447.5 0.14 %
Capital Containers LLC(#,^)7610 Auburn Blvd #4B, Citrus Heights, CA 95610Truck TransportationTerm LoanPrime plus 2.75%12/15/202719.4 19.4 18.1 0.01 %
Peanut Butter & Co., Inc(#,^)119 West 57th St., Ste 300, New York, NY 10019Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%12/15/2027194.1 194.1 177.0 0.05 %
Atlas Geo-Constructors, LLC(#,^)3466 Thomasville Rd, Winston Salem, NC 27107Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/14/2027262.3 262.3 261.2 0.08 %
KR Calvert & Co, LLC(#,^)113 Seaboard Lane #C-270, Franklin, TN 37067Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%12/14/2027435.9 435.9 399.0 0.12 %
Royalty Freight Inc(#,^)3728 W Mckinley Ave, Fresno, CA 93722Truck TransportationTerm LoanPrime plus 2.75%12/14/2027587.9 587.9 536.2 0.17 %
AADJ Empire Inc and AADJ Galaxy Inc.(#,^)1599 Post Rd, Warwick, RI 02888Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/14/2042176.1 176.1 187.8 0.06 %
Heung Kyun Im(#,^)6235 Conlan Bay Drive, Houston, TX 77041Nonstore RetailersTerm LoanPrime plus 2.75%12/14/202713.3 13.3 12.2 — %
Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc. d(#,^)34 35th St., Brooklyn, NY 11232Food ManufacturingTerm LoanPrime plus 2.75%12/14/202783.2 83.2 84.8 0.03 %
LP Industries Inc. dba Childforms(#,^)2040 Norwood St. SW, Lenoir, NC 28645Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%12/14/202764.9 64.9 65.1 0.02 %
Beale Street Blues Company Inc.dba B.B. King's Club-Memphis(#,^)149 Monroe Ave, Memphis, TN 38103Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/14/2027869.2 869.2 798.7 0.25 %
Barcade Holdings, LLC ,Barcade LLC,& Barcade New Haven LLC(#,^)148 West 24th St., New York, NY 10011Management of Companies and EnterprisesTerm LoanPrime plus 2.75%12/14/202754.4 54.4 50.4 0.02 %
Nichols Fire and Security LLC(#,^)1906 Vanderhorn Drive, Memphis, TN 38134Administrative and Support ServicesTerm LoanPrime plus 2.75%12/13/204285.0 85.0 92.2 0.03 %
Hardway Inc & AFC Leasing Inc(#,^)12533 S. 73rd E. Place, Bixby, OK 74008Rental and Leasing ServicesTerm LoanPrime plus 2.75%12/13/2027778.6 778.6 710.1 0.22 %
Clore Construction LLC(#,^)21220 FM 1420, Harlingen, TX 78550Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%12/12/2027398.5 398.5 393.7 0.12 %
A-1 Van Services Inc(#,^)154 Sandy Creek Rd, Verona, PA 15147Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%12/12/2027620.7 620.7 618.2 0.19 %
Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation(#,^)3031 Patrick St, Kissimmee, FL 34741Air TransportationTerm LoanPrime plus 2.75%12/12/2027446.7 446.7 407.4 0.13 %
F-218
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC(#,^)1120 Wren School Rd, Piedmont, SC 29673Gasoline StationsTerm LoanPrime plus 2.75%12/12/202743.0 43.0 39.2 0.01 %
Big Picture Group LLC(#,^)110 S. Fairfax Ave, Los Angeles, CA 90036Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/12/2027324.7 324.7 307.8 0.10 %
The Ohio Valley Group Inc dba Ohio Valley Landscapes & Design(#,^)16965 Park Circle Drive, Chagrin Falls, OH 44023Administrative and Support ServicesTerm LoanPrime plus 2.75%12/12/202712.9 12.9 12.2 — %
LPB LPB Property Management Inc dba Wilderness View Cabins & Ellijay C(#,^)498 Wilderness View, Chatsworth, GA 30705Real EstateTerm LoanPrime plus 2.75%12/12/204297.2 97.2 109.7 0.03 %
Clear Sound Communications, Inc(#,^)680 Old Medford Ave, Medford, NY 11763Administrative and Support ServicesTerm LoanPrime plus 2.75%12/8/20273.2 3.2 3.0 — %
AV Strategy Inc(#,^)9402 American Eagle Way Ste 100, Orlando, FL 32837Rental and Leasing ServicesTerm LoanPrime plus 2.75%12/8/2027381.7 381.7 370.4 0.11 %
JVLS LLC dba Vaccines 2 Go(#,^)4060 Johns Creek Pkwy, Ste H, Suwanee, GA 30024Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/7/202712.9 12.9 11.8 — %
Kim Howard Corp dba NPN Machine Tools(#,^)9130 Wayfarer Lane, Houston, TX 77075Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%12/7/2042562.5 562.5 635.3 0.20 %
IHC Hardware Inc.(#,^)614 Broad St., Story City, IA 50248Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%12/6/204297.2 97.2 102.5 0.03 %
ODS Inc(#,^)626 N Delsea Drive, Glassboro, NJ 08028Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/6/202742.3 42.3 40.6 0.01 %
Oil Palace, Inc.(#,^)10408 Hwy 64 E, Tyler, TX 75707Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%12/4/2042961.7 961.7 1,087.7 0.34 %
Healthcare Interventions, Inc dba Brightstar Healthcare of & Brightsta(#,^)5300 W Atlantic Ave Ste 501, Delray Beach, FL 33484Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/4/202712.9 12.9 11.8 — %
Linda Jean Howard Riley dba The Rusty Bolt(#,^)22345 W. Rt 66, Seligman, AZ 86337Miscellaneous Store RetailersTerm LoanPrime plus 2.75%12/1/204220.4 20.4 23.1 0.01 %
Salud Bar & Grill LLC(#,^)1413 Bushwick Ave, Brooklyn, NY 11207Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/1/202748.5 48.5 44.5 0.01 %
Utara LLC(#,^)214 Pine St, Sandpoint, ID 83864Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/1/202720.1 20.1 19.3 0.01 %
Square1 Partners, LLC(#,^)1088 Greenbriar Lane, Northbrook, IL 60062Publishing Industries (except Internet)Term LoanPrime plus 2.75%12/1/202754.3 54.3 49.5 0.02 %
Fortress Verve Inc, Maurice R. Margules and Antonie C. Reinhard(#,^)1 Jackson St., Troy, NY 12180Miscellaneous Store RetailersTerm LoanPrime plus 2.75%11/30/2027112.3 112.3 115.4 0.04 %
WTI Distribution Inc(#,^)14277 Ramona Ave, Chino, CA 91710Support Activities for TransportationTerm LoanPrime plus 2.75%11/30/202734.2 34.2 33.5 0.01 %
F-219
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Create- A- Stitch, Inc(#,^)3585 SW 10th St., Pompano Beach, FL 33069Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%11/30/204284.9 84.9 95.1 0.03 %
Frontier Sand LLC(#,^)305 Country Hwy AA, New Auburn, WI 54757Mining (except Oil and Gas)Term LoanPrime plus 2.75%11/30/2027463.6 463.6 468.2 0.15 %
Skin Beauty Bar Inc. and Tameka J. Mathis(#,^)749 8th St. SE 2nd Fl, Washington, DC 20003Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/30/20277.7 7.7 7.2 — %
J. Venture Holdings, LLC(#,^)2285 St. Andrews Ave, Zachary, LA 70791Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/30/202710.7 10.7 11.1 — %
Clearwater Transportation LTD dba Thrifty Car Rental, Dollar Rent A Ca(#,^)8790 Crownhill Blvd, San Antonio, TX 78209Rental and Leasing ServicesTerm Loan8.25%11/29/2027153.7 153.7 130.9 0.04 %
OPH Lexington, Inc(#,^)235 Walton Ave, Lexington, KY 40502Social AssistanceTerm LoanPrime plus 2.75%11/29/2042188.3 188.3 212.9 0.07 %
Our Playhouse Preschool, LLC(#,^)3501 NC Hwy 54 W, Chapel hill, NC 27516Social AssistanceTerm LoanPrime plus 2.75%11/29/2042231.7 231.7 262.0 0.08 %
Beacon Brewing LLC and C' Sons, LLC(#,^)700 Lincoln St., Lagrange, GA 30204Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/27/2042123.2 123.2 139.3 0.04 %
JMD Corporation dba Dart's True Value(#,^)121 South Main St., Payette, ID 83661Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%11/22/202716.0 16.0 15.7 — %
Webtez Inc dba Mod Vans(#,^)1673 Donlon St., Ste 202, Ventura, CA 93003Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%11/22/202759.9 59.9 54.9 0.02 %
Step Up Academy of the Arts, LLC(#,^)2258A Wigwam Parkway, Henderson, NV 89074Educational ServicesTerm LoanPrime plus 2.75%11/22/202713.5 13.5 12.3 — %
Cali Fit Meals(#,^)3450 E Orangethrope Ave, Anaheim, CA 92806Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/21/202719.3 19.3 18.9 0.01 %
Grumpy's Restaurant Company, LLC(#,^)834 Kingsley Ave, Orange Park, FL 32073Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/21/202760.9 60.9 55.7 0.02 %
PB Market LLC dba Pure Barre(#,^)164-C Market St, Charleston, SC 29401Educational ServicesTerm LoanPrime plus 2.75%11/21/202792.9 92.9 84.9 0.03 %
B Lam LLC(#,^)9419 Kenwood Rd, Cincinnati, OH 45242Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/20/2042175.9 175.9 195.3 0.06 %
TPE Midstream LLC, Dasham Company dba Sahm Co & S & S Ventures Inc.(#,^)7799 South Regency Drive, Tulsa, OK 74131Rental and Leasing ServicesTerm LoanPrime plus 2.75%11/17/2027161.8 161.8 161.7 0.05 %
Maya Motel, LLC dba Town House Motel(#,^)1701 Washington Ave, Waco, TX 76701AccommodationTerm LoanPrime plus 2.75%11/17/204255.3 55.3 62.6 0.02 %
SSI Refrigerated Express Inc. and Robert M Stallone(#,^)1001 E. Cooley Drive Ste 102, Colton, CA 92324Truck TransportationTerm LoanPrime plus 2.75%11/17/202753.4 53.4 49.8 0.02 %
Jacob's Towing, Inc.dba Jacob's Automotive Locksmith & Jacob's Auto Re(#,^)558 West Main St., Lebanon, OH 45036Support Activities for TransportationTerm LoanPrime plus 2.75%11/17/202742.8 42.8 40.7 0.01 %
F-220
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Southern Specialty Contractor, LLC & Ronald David Holbrook Jr.(#,^)1990 Flippen Rd, Stockbridge, GA 30281Specialty Trade ContractorsTerm LoanPrime plus 2.75%11/17/202745.4 45.4 41.8 0.01 %
Murf & Sons LLC(#,^)3821 Pleasant Hill Rd, Store #B-107, Kissimmee, FL 34746Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/16/2027142.4 142.4 131.7 0.04 %
H & H Hotshot Services, Inc.(#,^)5455 N. 51st Ave Ste 30, Glendale, AZ 85301Couriers and MessengersTerm LoanPrime plus 2.75%11/16/202759.9 59.9 56.9 0.02 %
J R Wholesale Tires & Auto Center, LLC(#,^)822 Cameron Lane, Lugoff, SC 29078Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%11/15/204213.1 13.1 14.8 — %
Auto Rx LLC,J&P Auto Repair Inc(#,^)91 & 95 Woodbury Rd, Hicksville, NY 11801Repair and MaintenanceTerm LoanPrime plus 2.75%11/15/2042190.4 190.4 214.5 0.07 %
Marcaco LLC(#,^)124 Lincoln Ave, Colonie, NY 12205Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 2.75%11/15/2042609.4 609.4 680.2 0.21 %
Paramount Dance Studios Inc. and Homestead Dance Supply(#,^)112 N Krome Ave, Homestead, FL 33033Educational ServicesTerm LoanPrime plus 2.75%10/14/2043457.5 457.5 501.6 0.16 %
Wing King at the Gardens LLC(#,^)4235 S Fort Apache Rd, Ste 250, Las Vegas, NV 89147Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/10/20278.3 8.3 7.6 — %
Linqserv Inc.(#,^)1555 Lyell Ave, Rochester, NY 14606Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%11/9/2027285.6 285.6 297.9 0.09 %
Hofgard & Co, Inc dba Hofgard Benefits and James Marsh(#,^)400 S. McCaslin Blvd, Ste 201, Louisville, CO 80027Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%11/8/202712.8 12.8 11.7 — %
JNP Delivery Inc(#,^)4500 North Providence # 7, Appleton, WI 54913Couriers and MessengersTerm LoanPrime plus 2.75%11/7/202795.8 95.8 92.7 0.03 %
His Loving Hands Christian Academy, Inc.(#,^)15020 Harrison St., Miami, FL 33176Social AssistanceTerm LoanPrime plus 2.75%11/6/204289.0 89.0 98.9 0.03 %
S & S Auto Body Shop Inc.(#,^)5001 W. Clay St., Richmond, VA 23230Repair and MaintenanceTerm LoanPrime plus 2.75%11/3/2042160.1 160.1 180.0 0.06 %
Sterling Campbell Insurance Agency, Inc(#,^)36359 N Gantzel Rd Ste 102, San Tan Valley, AZ 85140Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%11/3/20276.4 6.4 5.9 — %
Top Quality Dent Service LLC(#,^)1541 Vapor Trail, Colorado Springs, CO 80905Repair and MaintenanceTerm LoanPrime plus 2.75%11/2/20275.2 5.2 4.8 — %
Edge Studios Inc Radiant Yoga LLC(#,^)448 Howe Ave, Sacramento, CA 95825Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%11/1/202756.6 56.6 52.8 0.02 %
Rachael Reel dba Rachel Reel Insurance Age(#,^)208 Bank St., Lenoir, TN 37771Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%10/31/20276.4 6.4 5.8 — %
Berza TLG,LLC dba The Little Gym of Lake Charles(#,^)1301 E McNeese St., Ste 201, Lake Charles, LA 70607Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%10/31/202736.0 36.0 33.5 0.01 %
Die Hard Used Car Sales(#,^)1668 West Grand Ave, Phoenix, AZ 85007Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%10/30/204254.6 54.6 61.8 0.02 %
F-221
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
The Five Lakes LLC(#,^)13705 Holmes Rd, Kansas City, MO 64154Educational ServicesTerm LoanPrime plus 2.75%10/30/2042460.3 460.3 520.6 0.16 %
Ashore Ventures Inc dba PuroClean Professional Restoration(#,^)909 SE Everett Mall Way Ste A-140, Everett, WA 98208Repair and MaintenanceTerm LoanPrime plus 2.75%10/27/202712.4 12.4 11.6 — %
Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle T(#,^)377 Boston Post Rd Unit B, Milford, CT 06460Couriers and MessengersTerm LoanPrime plus 2.75%10/27/202731.8 31.8 29.8 0.01 %
Sage Oil LLC(#,^)8913 Egyptian Ave, Las Vegas, NV 89143Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%10/27/20278.5 8.5 7.9 — %
Suzie LLC dba Tony D's Restaurant(#,^)92 Huntington St., New London, CT 06320Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/25/204284.8 84.8 94.9 0.03 %
Grand Blanc Lanes, Inc.(#,^)5301 S. Saginaw Rd, Flint, MI 48507Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%10/25/202712.7 12.7 13.3 — %
Schafer Fisheries Inc(#,^)21985 Waller Rd, Fulton, IL 61252Food ManufacturingTerm LoanPrime plus 2.75%10/25/202729.7 29.7 31.0 0.01 %
Action Physical Therapy Yoga and Wellness Center Inc.(#,^)5811 S Westnedge Ave, Portage, MI 49002Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%10/24/202719.2 19.2 19.4 0.01 %
Looky Enterprises, LLC(#,^)1175 Surlington Ave, Ste 101, Leland, NC 28451Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/18/202756.5 56.5 52.8 0.02 %
Island Refrigeration & AC Inc(#,^)3201 Flagler Ave, Unit 510 & 511, Key West, FL 33040Specialty Trade ContractorsTerm LoanPrime plus 2.75%10/18/2042130.0 130.0 142.4 0.04 %
Blueridge Armor LLC(#,^)1495 Hwy 74-A Bypass, Ste 150192, Spindale, NC 28160Miscellaneous ManufacturingTerm LoanPrime plus 2.75%10/17/20277.0 7.0 6.8 — %
H and K Dry Cleaning LLC ,Quintero Shopping Center LLC,Aqua Laundry, L(#,^)1227 Burnside Ave, East Hartford, CT 06108Electronics and Appliance StoresTerm Loan7.94%10/17/204262.4 62.4 59.1 0.02 %
Albas Bar & Grill LLC(#,^)221 Self Main St., Homer City, PA 15748Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/13/204243.9 43.9 46.5 0.01 %
Cortez Landscaping, LLC(#,^)4 Powder Rd, Norwalk, CT 06854Administrative and Support ServicesTerm LoanPrime plus 2.75%10/13/202716.3 16.3 15.7 — %
On Call Services LLC(#,^)15060 281St Ave NW, Zimmerman, MN 55398Construction of BuildingsTerm LoanPrime plus 2.75%10/13/202715.5 15.5 16.2 0.01 %
Crawfordsville Fitness LLC dba Planet Fitness(#,^)1632 Bush Lane, Crawfordsville, IN 47933Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%10/13/2027105.4 105.4 98.5 0.03 %
JD Ventures LLC and JD Roof Co LLC(#,^)2101 Hillshire Circle, Memphis, TN 38133Specialty Trade ContractorsTerm LoanPrime plus 2.75%10/12/202719.3 19.3 18.0 0.01 %
Pro Anderson, LLC(#,^)1092 Hampton Inn Way, Ste 400, Jacksonville, NC 28546Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%10/11/202745.9 45.9 42.5 0.01 %
Sandbox Ventures LLC(#,^)1857 A Elmdale Ave, Glenview, IL 60026Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%10/11/202716.2 16.2 16.3 0.01 %
F-222
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Eye Optique Inc.(#,^)10800 Alpharetta Hwy, Ste 220, Roswell, GA 30076Health and Personal Care StoresTerm LoanPrime plus 2.75%10/5/202712.7 12.7 11.6 — %
Ains Holding Company LLC(#,^)121 Fulton St., New York, NY 10038Management of Companies and EnterprisesTerm LoanPrime plus 2.75%10/2/202772.1 72.1 67.3 0.02 %
Becky Lou Corp dba Rent A Center(#,^)3578 Route 611 Ste 210, Bartonsville, PA 18321Rental and Leasing ServicesTerm LoanPrime plus 2.75%10/2/202777.3 77.3 74.7 0.02 %
Threads of Time LLC(#,^)207 S Buchanan St., Danville, IL 61832Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%9/29/2042133.0 133.0 143.8 0.04 %
Miechella Suzette Decker(#,^)3515 Main St., Exmore, VA 23350Miscellaneous Store RetailersTerm LoanPrime plus 2.75%9/29/204297.5 97.5 110.3 0.03 %
Harco Metal Products Inc(#,^)7895 E Acoma Drive Ste 102, Scottsdale, AZ 85260Primary Metal ManufacturingTerm LoanPrime plus 2.75%9/29/2042476.9 476.9 499.5 0.16 %
Sashshel Corporation(#,^)676 Franklin Blvd, Somerset, NJ 08873Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/29/2042205.8 205.8 232.8 0.07 %
Dan Cline Transport Inc.(#,^)501 State Drive, Mount Vernon, MO 65712Truck TransportationTerm LoanPrime plus 2.75%9/29/2030886.0 886.0 841.9 0.26 %
Chicago American Manufacturing LLC, Dockside Steel ProcessingLLC and S(#,^)4500 W 47th St., Chicago, IL 60632Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/29/20421,211.0 1,211.0 1,328.4 0.41 %
Nicholson Lumber Co Inc.(#,^)377 Main St., Nicholson, PA 18446Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%9/28/2030192.1 192.1 199.5 0.06 %
Rhode Island Tennis Management LLC(#,^)636 Centerville Rd, Warwick, RI 02886Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/28/2042371.3 371.3 400.7 0.12 %
National Media Services, Inc(#,^)5091 Lexington Blvd, Fort Meyers, FL 33919Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/28/202715.8 15.8 14.4 — %
Pets A Go Go LLC(#,^)589 North State Rd, Briarcliff Manor, NY 10510Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/28/2042192.7 192.7 213.1 0.07 %
Rhode Island Tennis Management LLC(#,^)636 Centerville Rd, Warwick, RI 02886Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/28/2042533.2 533.2 575.4 0.18 %
Complete Care IT LLC(#,^)4801 South University Drive, Ste 125, Davie, FL 33328Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/27/202712.4 12.4 11.3 — %
Technologist Inc(#,^)1820 N Fort Myer Drive Ste 530, Arlington, VA 22209Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%9/27/2027215.5 215.5 224.5 0.07 %
Inspirations Food Design, Inc(#,^)1338 Memorial Ave, West Springfield, MA 01089Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/26/2042455.9 455.9 497.0 0.15 %
Rollins Construction & Trucking LLC(#,^)893 South 120 East, Milford, UT 84751Construction of BuildingsTerm LoanPrime plus 2.75%9/26/2027278.9 278.9 285.8 0.09 %
KB Waterjet Cutting LLC(#,^)4330 Parker Lane, Addis, LA 70710Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/22/20278.6 8.6 8.2 — %
F-223
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn(#,^)4864 Arthur Kill Rd #102,103,104,105, Staten Island, NY 10309Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/22/202718.9 18.9 17.4 0.01 %
Sallee Pro-Custom Fabrication Shop LLC(#,^)8865 North County Rd 600 W, Scipio, IN 47273Repair and MaintenanceTerm LoanPrime plus 2.75%9/21/20277.6 7.6 7.9 — %
Sound Manufacturing, Inc. & Monster Power Equipment, Inc.(#,^)51 Donnelley Rd, Old Saybrook, CT 06475Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/20/2027168.0 168.0 167.0 0.05 %
Insight Diagnostic Technologist Services(#,^)2030 Forest Ave, Ste 110, San Jose, CA 95128Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/20/2027262.8 262.8 248.3 0.08 %
Commonwealth Diagnostics International, Inc(#,^)1 Holyoke Sq., Salem, MA 01970Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/20/20271,063.3 1,063.3 1,107.2 0.34 %
Imagine By Carleen, Inc.(#,^)1404 Del Prado Blvd S Unit 100, 105, Cape Coral, FL 33904Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/20/20276.3 6.3 6.4 — %
NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York(#,^)1401 Lakeland Ave, Bohemia, NY 11716Rental and Leasing ServicesTerm LoanPrime plus 2.75%9/20/2027867.3 867.3 868.1 0.27 %
CR Park Incorporated dba Define Body and Mind(#,^)49 W. Allandale Ave, Allendale, NJ 07401Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/20/202768.7 68.7 65.2 0.02 %
Alpha Preparatory Academy LLC(#,^)4462 Mink Livsey Rd, Snellville, GA 30039Social AssistanceTerm LoanPrime plus 2.75%9/20/2042157.2 157.2 169.1 0.05 %
Montessori Community School(#,^)123 South Navarra Drive, Scotts Valley, CA 95066Social AssistanceTerm LoanPrime plus 2.75%9/20/2042284.7 284.7 308.1 0.10 %
Denek Contracting Inc and Denek Leasing LLC(#,^)451 E. Wilson Ave, Pontiac, MI 48341Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/20/2042203.0 203.0 229.4 0.07 %
Max Home Deliveries, Inc(#,^)77 Van Buren St., Port Jefferson Station, NY 11776Couriers and MessengersTerm LoanPrime plus 2.75%9/20/202767.5 67.5 65.0 0.02 %
CIS BIG DOG, LLC(#,^)8920 US HWY, 62 WEST, Cynthiana, KY 41031Administrative and Support ServicesTerm LoanPrime plus 2.75%9/19/202754.7 54.7 56.9 0.02 %
Stone's Construction and Remodeling, LLC(#,^)5210 Kaylin Drive, Akron, OH 44319Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/19/20274.4 4.4 4.0 — %
Party By Design Inc.(#,^)61 Strafello Drive, Avon, MA 02322Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/18/20421,185.5 1,185.5 1,271.0 0.39 %
Li Family Spokane LLC(#,^)21 E. Lincoln Rd, Spokane, WA 99208Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/15/2042372.0 372.0 413.2 0.13 %
Clinton Food Market LLC(#,^)196 East Main St., Clinton, CT 06413Gasoline StationsTerm LoanPrime plus 2.75%9/15/2042253.8 253.8 275.1 0.09 %
Tarleton & Family Landscaping, LLC(#,^)125 E Center St., Midland Park, NJ 07432Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/15/202770.2 70.2 66.0 0.02 %
Alaska Motor Home Inc(#,^)6633 Brayton Dr, Anchorage, AK 99507Rental and Leasing ServicesTerm LoanPrime plus 2.75%9/13/2027279.3 279.3 254.3 0.08 %
Fox Valley Rentals & Investments, LLC(#,^)2906 E. Newberry St., Appleton, WI 54915Food Services and Drinking PlacesTerm LoanPrime plus 3.75%9/13/20276.4 6.4 6.6 — %
F-224
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Nails By Mercede LLC(#,^)2994 and 2996 Edgewater Drive, Orlando, FL 32804Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/13/202712.0 12.0 11.8 — %
Town & Country Transportation Co. and Popco, LLC.(#,^)191 Arch St., New Britain, CT 06051Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%9/12/2042163.7 163.7 185.0 0.06 %
Rajbai Maa Inc. dba Nara Lounge(#,^)244-252 Atwells Ave, Providence, RI 02903Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/12/2042377.5 377.5 399.0 0.12 %
Health & Performance Center, LLC(#,^)1862 Craigshire Rd, Saint Louis, MO 63146Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/11/202717.2 17.2 15.6 — %
Morgan Lynn Kerstetter dba Catherine School of Dance(#,^)315 Mill St. 3rd Fl, Danville, PA 17821Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%9/11/20276.3 6.3 6.6 — %
Foxtail, LLC and Tottly New Services Corp(#,^)1481 Highland Ave, Cheshire, CT 06410Social AssistanceTerm LoanPrime plus 2.75%9/8/2042281.8 281.8 306.3 0.10 %
Echelon Planning Group, LLC dba Echelon Financial Services and Echelon(#,^)5 Greenleaf Drive, Unit 201, Portsmouth, NH 03801Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%9/8/20276.3 6.3 6.5 — %
Crazy Beatz Productions LLC(#,^)20014 NE 138th St., Kearney, MO 64060Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 3.75%9/7/20274.5 4.5 4.4 — %
South Fulton Landscape & Nursery, Inc.(#,^)3415 Enon Rd, College Park, GA 30349Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%9/7/204296.9 96.9 109.4 0.03 %
Dreaming Big Learning Center Inc(#,^)3301 W Oak St, Kissimmee, FL 34741Social AssistanceTerm LoanPrime plus 2.75%9/5/2042362.2 362.2 393.0 0.12 %
Big Coop's Trucking LLC(#,^)3066 Misty Creek Drive., Swartz, MI 48473Truck TransportationTerm LoanPrime plus 2.75%9/1/202785.0 85.0 83.8 0.03 %
Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Tran(#,^)377 Boston Post Rd, Milford, CT 06460Couriers and MessengersTerm LoanPrime plus 2.75%8/31/2027321.1 321.1 300.6 0.09 %
Busby Outdoor LLC(#,^)1734 Wansley Rd, Laurel, MS 39440Real EstateTerm LoanPrime plus 2.75%8/29/2042684.7 684.7 684.2 0.21 %
Busby Outdoor LLC(#,^)1734 Wansley Rd, Laurel, MS 39440Real EstateTerm LoanPrime plus 2.75%8/29/2042537.9 537.9 537.5 0.17 %
Lake County Tow LLC(#,^)15409 Country Rd 565A, Clermont, FL 34711Support Activities for TransportationTerm LoanPrime plus 2.75%8/25/204284.5 84.5 91.3 0.03 %
Parlay Disributors LLC(#,^)20 Medford Ave, Ste 104, Patchogue, NY 11772Educational ServicesTerm LoanPrime plus 2.75%8/25/202793.1 93.1 86.0 0.03 %
InUSA Ventures Inc dba InUSA Services(#,^)3015 San Pablo Ave, Ste 511, Berkeley, CA 94702Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%8/24/202720.9 20.9 19.0 0.01 %
Genuine Ventures LLC and Seaweed Ventures LLC(#,^)432 S Franklin St, Juneau, AK 99801Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/24/2030495.8 495.8 491.3 0.15 %
F-225
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
R & R Strength & Conditioning Corp dba Crossfit Light House Point(#,^)3701 NE 12th St., Pompano Beach, FL 33064Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%8/23/204279.8 79.8 90.1 0.03 %
Delicias de Minas Restaurant, LLC(#,^)168-170 McWhorter St., Newark, NJ 07105Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/22/2027172.0 172.0 176.3 0.05 %
Damiano Global Corp(#,^)333 Birch Hills Drive, Rochester, NY 14622Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/21/202718.8 18.8 18.6 0.01 %
L&V Auto Sales, Inc.(#,^)1504 West Franklin Blvd., Gastonia, NC 28052Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%8/21/202715.0 15.0 15.7 — %
Tier1 Solutions LLC(#,^)1000 Essington Rd Ste. 109 & 111, Joliet, IL 60435Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/18/202715.7 15.7 14.8 — %
Tony Herring & Associates, Inc(#,^)211 West Camellia Drive, Slidell, LA 70458Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%8/17/20276.3 6.3 5.7 — %
Chester's World Enterprise LLC(#,^)140 W Alameda Drive, Ste 104, Tempe, AZ 85282Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%8/16/202718.8 18.8 17.9 0.01 %
D'Amato & Sons Construction, Inc.(#,^)117 Oak St., Amityville, NY 11701Specialty Trade ContractorsTerm LoanPrime plus 2.75%8/11/20276.9 6.9 6.6 — %
L & J Corporate Services Inc(#,^)866 NW 110th Ave, Coral Springs, FL 33071Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/4/20276.1 6.1 5.6 — %
Furniture Masters Limited Liability Company(#,^)160 Mount Pleasant Ave, Newark, NJ 07104Repair and MaintenanceTerm LoanPrime plus 2.75%8/3/20277.5 7.5 6.8 — %
HMG Strategy LLC,(#,^)191 Post Rd W., Westport, CT 06880Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/2/202741.3 41.3 37.6 0.01 %
Hope Health Care, LLC(#,^)2945 Main St., Stratford, CT 06614Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%7/31/20278.7 8.7 7.9 — %
Raffi's Inc dba Atlantic Auto Center(#,^)1809 Roane St., Richmond, VA 23222Repair and MaintenanceTerm LoanPrime plus 2.75%7/31/202711.8 11.8 12.3 — %
Royal Blue Investments, Inc. and Cleland Pharmacy LLC(#,^)202 S. 1st St., Wakeeny, KS 67672Health and Personal Care StoresTerm LoanPrime plus 2.75%7/31/204251.1 51.1 57.0 0.02 %
Sharon G McMillen, MA Psychologist, Inc.(#,^)216 West Main St, Kingwood, WV 26537Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%7/28/202715.4 15.4 14.0 — %
HQTRONIC LLC(#,^)10135 S. Roberts Rd Ste 209, Palos Hills, IL 60465Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%7/27/202718.7 18.7 17.0 0.01 %
Oberon IT, Inc.(#,^)1404 W. Walnut Hill Lane, Irving, TX 75038Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%7/26/2027181.4 181.4 174.7 0.05 %
Gilles Peress Studio LLC(#,^)76 Lafayette Ave, Brooklyn, NY 11217Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%7/25/202753.5 53.5 48.7 0.02 %
Obok LLC(#,^)2720 S. Havana St., Unit H, Aurora, CO 80014Food ManufacturingTerm LoanPrime plus 2.75%7/21/20279.9 9.9 9.7 — %
Lil Tots' Learning Center LLC(#,^)3042 S 78th St, Tampa, FL 33619Social AssistanceTerm LoanPrime plus 2.75%7/21/204228.9 28.9 32.7 0.01 %
Ocean Trans LLC(#,^)760 W. Charter Way, Stockton, CA 95206Truck TransportationTerm LoanPrime plus 2.75%7/21/202732.2 32.2 29.3 0.01 %
F-226
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Matrix Z LLC(#,^)800 SW 21st Terrace, Fort Lauderdale, FL 33312Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 3.75%7/19/20276.3 6.3 6.7 — %
Aitheras Aviation Group, LLC(OH) , Aitheras Aviation Group, LLC(FL)(#,^)2301 N Marginal Rd, Cleveland, OH 44114Air TransportationTerm LoanPrime plus 2.75%7/18/2027683.6 683.6 626.4 0.19 %
Wildflour Bakery & Cafe, LLC(#,^)5137 Clareton Dr. #100, 110, 120, Agoura Hills, CA 91301Food ManufacturingTerm LoanPrime plus 2.75%7/17/202718.6 18.6 19.4 0.01 %
Koep Companies dba Pipestone True value(#,^)207 East Main St., Pipestone, MN 56164Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%7/14/2042315.0 315.0 335.4 0.10 %
Rocks Auto Exchange LLC(#,^)518 East Main St., Westfield, IN 46074Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%7/13/202710.9 10.9 9.9 — %
McCord Holdings, Inc. dba Fast Signs 176101(#,^)7640 N. Wickham Rd, Melbourne, FL 32940Administrative and Support ServicesTerm LoanPrime plus 2.75%7/7/202715.5 15.5 14.5 — %
Thrifty Market Inc dba Thrifty Foods(#,^)702 10th St., Wheatland, WY 82201Food and Beverage StoresTerm LoanPrime plus 2.75%7/6/202787.8 87.8 83.5 0.03 %
New Chicago Wholesale Bakery Inc.(#,^)795 Touhy Ave, Elk Grove Village, IL 60007Food ManufacturingTerm LoanPrime plus 2.75%6/30/202712.3 12.3 12.7 — %
The Country House Restaurant, LLC and Pelton Real Estate, LLC(#,^)677 US Route 7, Pittsford, VT 05763Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/30/204248.1 48.1 55.4 0.02 %
J. T. O'Neill Company, L.L.C(#,^)19972 Willowin Farm Lane, Purcellville, VA 20132Real EstateTerm LoanPrime plus 2.75%6/30/202712.3 12.3 12.1 — %
Hamilton & Associates Real Estate and Investments Firm LLC(#,^)11776 West Sample Rd, Coral Springs, FL 33065Real EstateTerm LoanPrime plus 2.75%6/30/204252.1 52.1 59.3 0.02 %
JWH Designs, LLC(#,^)1111 Boston Post Rd, Rye, NY 10580Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/30/202787.3 87.3 85.4 0.03 %
J&M Civil Construction Services LLC(#,^)1221 County Rd 4371, Decatur, TX 76234Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/30/202779.7 79.7 77.9 0.02 %
Best Bees Company(#,^)839 Albany St., Boston, MA 02119Animal Production and AquacultureTerm LoanPrime plus 2.75%6/29/202718.5 18.5 18.1 0.01 %
Stiegelbauer Associates Inc.(#,^)63 Flushing Ave, #101, Bldg 280, Brooklyn, NY 11205Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/29/2027253.9 253.9 267.5 0.08 %
Ocean Trans LLC and Dehal Trucking LLC(#,^)760 W. Charter Way, Stockton, CA 95206Truck TransportationTerm LoanPrime plus 2.75%6/29/2027514.4 514.4 502.2 0.16 %
Intellixion LLC(#,^)7447 Egan Dr, Ste 110 A, Savage, MN 55378Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/29/20273.1 3.1 3.0 — %
Malhame & Company Publishers & Importers Inc.(#,^)180 Orville Rd, Bohemia, NY 11780Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%6/29/202773.9 73.9 72.2 0.02 %
Greensboro Plastic Surgical Associates, PA(#,^)2716 Henry St., Greensboro, NC 27405Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/29/2042557.7 557.7 630.0 0.20 %
Oakhill Farms, LLC(#,^)15 Carl St., Johnston, RI 02919Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/29/203087.9 87.9 94.9 0.03 %
F-227
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Akal Express Inc. dba Truck Trailer Service Stop(#,^)2901 I 40 West, Vega, TX 79092Repair and MaintenanceTerm LoanPrime plus 2.75%6/28/204257.8 57.8 66.5 0.02 %
Foxhop Fitness, LLC(#,^)4211 NW Federal Hwy, Jensen Beach, FL 34957Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/28/202776.5 76.5 75.2 0.02 %
Old Dominion Transportation Group, Inc.(#,^)1308 Devils Reach Rd, Woodbridge, VA 22192Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%6/28/2027831.8 831.8 823.0 0.26 %
Citibin, Inc.(#,^)254 36th St., Unit 25, Brooklyn, NY 11232Furniture and Related Product ManufacturingTerm LoanPrime plus 2.75%6/27/2027102.8 102.8 100.4 0.03 %
Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC(#,^)211 East 25th St., Norfolk, VA 23504Transportation Equipment ManufacturingTerm LoanPrime plus 2.75%6/27/2030215.7 215.7 230.7 0.07 %
WB Cleaners Inc. DBA $2.75 Cleaners(#,^)5101 University Park Way, Winston-Salem, NC 27106Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/27/202713.5 13.5 14.2 — %
Ains Holding Company, LLC(#,^)122 West 26th St., New York, NY 10011Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/26/2027887.7 887.7 878.3 0.27 %
Four Seasons Laser Center Inc.(#,^)4720 NW 2nd Ave Units D-104 - 105, Boca Raton, FL 33498Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/26/2042211.4 211.4 239.4 0.07 %
Rustic LLC(#,^)4779 State Rd AA, Tebbetts, MO 65080Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/23/204215.7 15.7 16.9 0.01 %
Northern Industries, LLC(#,^)W 5585 Dehart Drive, Tomahawk, WI 54484Miscellaneous ManufacturingTerm LoanPrime plus 2.75%6/23/204255.6 55.6 64.4 0.02 %
Vella Construction Enterprises, Inc. dba Vella Construction(#,^)318 28th Ave, San Mateo, CA 94403Construction of BuildingsTerm LoanPrime plus 2.75%6/23/202718.5 18.5 18.1 0.01 %
Birches Group, LLC(#,^)228 East 45th St. 12th FL South, New York, NY 10017Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/22/202741.1 41.1 40.1 0.01 %
Scarlet Spartan Inc.dba FastSigns of Brighton(#,^)533 W. Grand River Ave, Brighton, MI 48116Administrative and Support ServicesTerm LoanPrime plus 2.75%6/19/202724.0 24.0 24.0 0.01 %
Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC(#,^)11535 Carmel Cmns Blvd #200, Charlotte, NC 28226Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/16/2042385.8 385.8 429.2 0.13 %
JAM Media Solutions, LLC(#,^)4744 Tackawanna St., Philadelphia, PA 19124Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/15/202726.6 26.6 26.0 0.01 %
All Regional Recyclers of Wood LLC dba ARROW,Superior Carting,LLC dba(#,^)104 Wooster St., Bethel, CT 06801Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%6/15/2042299.3 299.3 337.1 0.10 %
ESA 365 Corp and Lucathor Realty LLC(#,^)2420 Grand Ave, Baldwin, NY 11520Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/14/204221.7 21.7 24.7 0.01 %
Hull's Kitchen, LLC and HK Too, LLC(#,^)19 Hull Shore Dr, Hull, MA 02045Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/14/204292.8 92.8 107.4 0.03 %
Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero(#,^)577 Main Ave, Paterson, NJ 07055Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/14/204289.1 89.1 102.2 0.03 %
F-228
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Susan Hughes dba Aloha Junction B and B(#,^)19-4037 Olapalapa Rd, Volcano, HI 96785AccommodationTerm LoanPrime plus 2.75%6/14/204259.7 59.7 69.2 0.02 %
Yachting Solutions LLC(#,^)229 Commercial St., Rockport, ME 04856Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%6/12/202797.6 97.6 99.9 0.03 %
Refoleen Inc dba Spice and Tea Exchange(#,^)849 E Commerce St. Ste 121, San Antonio, TX 78205Food and Beverage StoresTerm LoanPrime plus 2.75%6/8/20272.9 2.9 2.8 — %
SCW, LLC dba Arthur Murray Dance Studio(#,^)2383 Old Dixwell Ave, Hamden, CT 06518Educational ServicesTerm LoanPrime plus 2.75%6/2/2042140.6 140.6 159.2 0.05 %
Skydive California, LLC(#,^)25001 S Kasson Rd, Tracy, CA 95301Educational ServicesTerm LoanPrime plus 2.75%6/2/202745.2 45.2 47.6 0.01 %
Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder(#,^)246 East Belt Boulevard, Richmond, VA 23224Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%6/1/204244.0 44.0 50.2 0.02 %
Sage Oil LLC(#,^)8913 Egyptian Ave, Las Vegas, NV 89143Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%5/31/202718.3 18.3 18.0 0.01 %
Ricnet III, Inc. dba Edible Arrangements(#,^)716 Foxcroft Ave, Martinsburg, WV 25401Food and Beverage StoresTerm LoanPrime plus 2.75%5/31/202712.3 12.3 12.1 — %
Funtime, LLC and Universal Entertainment Group LLC(#,^)13200 W. Foxfire Dr #144, Surprise, AZ 85387Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%5/31/202754.0 54.0 53.2 0.02 %
Impact Grounds Maintenance and Design, Inc.dba Impact Landscaping and(#,^)6291 Chittenden Rd, Boston Heights, OH 44236Administrative and Support ServicesTerm LoanPrime plus 2.75%5/31/204276.4 76.4 87.9 0.03 %
Haroon Baig,Inc.dba US1 Petrol(#,^)1280-1290 Dixwell Ave, Hamden, CT 06514Gasoline StationsTerm LoanPrime plus 2.75%5/31/2042253.8 253.8 294.0 0.09 %
Chet Lemon Enterprises LLC dba All American Sports(#,^)1544 Lane Park Cutoff, Tavares, FL 32778Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%5/26/2042761.9 761.9 882.5 0.27 %
Hurricane Group, Inc.(#,^)312 West Fourth St., Carson City, NV 89703Other Information ServicesTerm LoanPrime plus 2.75%5/26/202761.1 61.1 59.7 0.02 %
Eagle Wood Works LLC(#,^)1448 Horsehead Rd, Lugoff, SC 29078Furniture and Related Product ManufacturingTerm LoanPrime plus 2.75%5/26/20279.8 9.8 9.9 — %
Mitchell Auto Repair, LLC and and C&M Mitchell, LLC(#,^)8641 Ashwood Dr, Capital Heights, MD 20743Repair and MaintenanceTerm LoanPrime plus 2.75%5/26/2042190.8 190.8 218.0 0.07 %
Swantown Inn & Spa LLC(#,^)1431 11th Ave SE, Olympia, WI 98501AccommodationTerm LoanPrime plus 2.75%5/26/2042122.2 122.2 141.1 0.04 %
Jung Design Inc.(#,^)10857 Pine Bluff Drive, Fisher, IN 46037Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%5/25/20277.3 7.3 7.2 — %
Beyond Waves A Unique Salon LLC and Lori Ann Carlson(#,^)2290 Foxon Rd Route 80, North Branford, CT 06471Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/25/202712.2 12.2 12.0 — %
Locavore LLC dba Paloma Restaurant(#,^)401 S. Guadalupe St., Santa Fe, NM 87501Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/25/202740.8 40.8 40.6 0.01 %
F-229
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Abdul Naushad MD PC dba Advanced Pain Centers(#,^)2865 James Boulevard, Poplar Bluff, MO 63901Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%5/25/2042379.0 379.0 434.6 0.13 %
Innovim, LLC(#,^)6401 Golden Triangle Dr. Ste 200, Greenbelt, MD 20770Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%5/24/2027275.1 275.1 268.6 0.08 %
Gill Express Inc. and Gill Express 2 LLC(#,^)2372 Walnut Ave, Livingston, CA 95334Repair and MaintenanceTerm LoanPrime plus 2.75%5/23/2042325.7 325.7 367.0 0.11 %
Prestige Construction of Florida, LLC(#,^)1404 Yorktown St. Ste E, Deland, FL 34944Construction of BuildingsTerm LoanPrime plus 2.75%5/23/2042323.4 323.4 361.8 0.11 %
Iron Men Home Repair, Inc. and Ironmen House Lifting Inc.(#,^)132 North Wellwood Ave, Lindenhurst, NY 11757Specialty Trade ContractorsTerm LoanPrime plus 2.75%5/19/2042560.0 560.0 636.9 0.20 %
Hayden Trucking LLC(#,^)11540 Eagle Vista Drive, Fort Worth, TX 76179Truck TransportationTerm LoanPrime plus 2.75%5/19/2027170.5 170.5 174.3 0.05 %
Tres K Deli,Grocery,Fruit and Meat Inc.(#,^)125 West Tremont Ave, Bronx, NY 10453Food and Beverage StoresTerm LoanPrime plus 2.75%5/19/20276.7 6.7 6.8 — %
Waterford Plumbing Co, Inc.(#,^)2425 W. Cuyler Ave, Chicago, IL 60618Specialty Trade ContractorsTerm LoanPrime plus 2.75%5/18/202740.8 40.8 40.2 0.01 %
Mr. B's Bicycles & Mopeds, Inc.(#,^)1870 S. 4th Ave, Yuma, AZ 85364Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%5/18/2042141.1 141.1 160.1 0.05 %
Bay Car Wash LLC(#,^)952 S Commercial St & W Magnolia, Aransas Pass, TX 78336Repair and MaintenanceTerm LoanPrime plus 2.75%5/18/2042116.1 116.1 132.2 0.04 %
Computech Computers Inc.(#,^)40-24 76th St., Office #2B, Elmhurst, NY 11373Educational ServicesTerm LoanPrime plus 2.75%5/17/202740.8 40.8 39.8 0.01 %
5 Stars Learning Center Inc(#,^)14 Paine Ave, Irvington, NJ 07111Social AssistanceTerm LoanPrime plus 2.75%5/16/204259.4 59.4 67.4 0.02 %
Batter & Company,LLC dba Batter Co. Dessert Collection(#,^)1741 N.W. 33rd St., Pompano Beach, FL 33064Food and Beverage StoresTerm LoanPrime plus 2.75%5/16/202743.8 43.8 43.3 0.01 %
Arco Electrical Contractors Inc. dba Arco Construction Group(#,^)22-24 South Seventh St., Elizabeth, NJ 07202Specialty Trade ContractorsTerm LoanPrime plus 2.75%5/16/2027291.2 291.2 294.6 0.09 %
Band Sawn Lumber,LLC and Nathan Ryan Adams(#,^)1873 State Hwy 29, Johnstown, NY 12095Wood Product ManufacturingTerm LoanPrime plus 2.75%5/15/2042110.8 110.8 124.6 0.04 %
Sanderson Distribution Inc.(#,^)100 Daniel Drive, Alamo, CA 94507Truck TransportationTerm LoanPrime plus 2.75%5/12/20278.6 8.6 8.4 — %
SG Linke LLC(#,^)413 N Alfaya Trail P11, Orlando, FL 32828Clothing and Clothing Accessories StoresTerm Loan8.25%5/12/202767.9 67.9 65.9 0.02 %
B G F Bobby Q's Inc(#,^)447 N. Main St., Freeport, NY 11520Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/11/20276.1 6.1 6.4 — %
Estelle Finkel Educational Associates,LLC(#,^)125 West Mt. Pleasant Ave, Livingston, NJ 07039Educational ServicesTerm LoanPrime plus 2.75%5/11/202799.4 99.4 97.0 0.03 %
F-230
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Labmates,LLC(#,^)141 Watertown Rd, Thomaston, CT 06787Miscellaneous Store RetailersTerm LoanPrime plus 2.75%5/10/202781.5 81.5 84.2 0.03 %
NHS, LLC(#,^)212 N Douglas Ave, Ellsworth, KS 67439Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%5/9/204221.1 21.1 23.2 0.01 %
Innovation Transport, LLC(#,^)1 International Blvd, Mahwah, NJ 07495Truck TransportationTerm LoanPrime plus 2.75%5/9/202763.6 63.6 65.6 0.02 %
NHS, LLC(#,^)212 N Douglas Ave, Ellsworth, KS 67439Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%5/9/202772.1 72.1 72.1 0.02 %
Benchmark Building, Inc.(#,^)1439 Stargazer Terrace, Sanford, FL 32771Construction of BuildingsTerm LoanPrime plus 2.75%5/5/202718.3 18.3 17.9 0.01 %
Cable Management LLC(#,^)290 Pratt St., Meriden, CT 06450Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%5/3/202746.7 46.7 47.9 0.01 %
Fine Arts Center of Easley, Inc. dba Midtown Music(#,^)117 S. Pendleton St., Easley, SC 29640Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%5/2/2042113.5 113.5 131.5 0.04 %
Love and Glory Learning Center, Inc.(#,^)4911 N. 42nd St., Tampa, FL 33610Social AssistanceTerm LoanPrime plus 2.75%4/28/204274.9 74.9 84.5 0.03 %
JMA Inc. dba Primecut and Mezzo; Primecut at Marquee(#,^)393 Charles St., Providence, RI 02904Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/27/2042213.2 213.2 246.9 0.08 %
Sneads Ferry Foods, Inc. dba DQ Grill & Chill(#,^)920 Hwy 210, Sneads Ferry, NC 28460Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/27/2042611.4 611.4 689.0 0.21 %
Asheville's Fun Depot, LLC(#,^)7 Roberts Rd, Asheville, NC 28803Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%4/26/202770.7 70.7 74.5 0.02 %
Resident Research, LLC(#,^)4400 Morris Park Drive Ste M, Charlotte, NC 28277Other Information ServicesTerm LoanPrime plus 2.75%4/24/202771.8 71.8 70.2 0.02 %
Getting Even LLC dba The Zoo Health Club(#,^)377 South Willow St., Ste B 2-1, Manchester, NH 03103Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%4/21/20276.1 6.1 6.0 — %
Ralph's Hair Salon, Inc.(#,^)175 NW 14th St., Homestead, FL 33030Personal and Laundry ServicesTerm LoanPrime plus 2.75%4/21/204248.0 48.0 54.8 0.02 %
Condron Brothers LLC DBA Luv 2 Play(#,^)4790 La Sierra Ave, Riverside, CA 92505Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%4/19/202796.6 96.6 96.9 0.03 %
Butternuts Beer and Ale LLC(#,^)4021 Hwy 51, Garrattsville, NY 13342Beverage and Tobacco Product ManufacturingTerm LoanPrime plus 2.75%4/12/202759.6 59.6 62.8 0.02 %
Landmark Ventures USA, Inc.(#,^)475 Park Ave South 25th Fl, New York, NY 10016Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%3/31/2027150.5 150.5 146.9 0.05 %
Golden Hen Inc. dba Cafe(#,^)468 W. Cheltenham Ave, Philadelphia, PA 19126Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/31/202752.0 52.0 51.1 0.02 %
Applied Integrated Technologies, Inc.(#,^)7120 Samuel Morse Drive #150, Columbia, MD 21046Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/31/2027100.4 100.4 98.0 0.03 %
F-231
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Bear Trail Lodge LLC(#,^)Mile 1 Bear Trail Rd, King Salmon, AK 99613Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/31/2042531.0 531.0 613.1 0.19 %
Citizens Lanes, LLC(#,^)5100 Goodson Connector Rd, Union City, GA 30291Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/31/2042607.2 607.2 703.3 0.22 %
The Altitude Group, LLC and Core Home Security, LLC(#,^)949 Clint Moore Rd, Unit 949A, Boca Raton, FL 33487Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/31/202735.5 35.5 34.7 0.01 %
Schafer Fisheries Inc.(#,^)21985 Waller Rd, Fulton, IL 61252Food ManufacturingTerm LoanPrime plus 2.75%3/30/2042238.6 238.6 276.4 0.09 %
KWG Industries LLC dba Peterson & Marsh Metal Industries(#,^)330 Roycefield Rd, Unit B, Hillsborough, NJ 08844Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%3/30/202724.1 24.1 25.2 0.01 %
Sea Smoke Barbeque, Corp and Danwen LLC(#,^)20 Island Farm Rd, Oak Bluffs, MA 02557Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/30/2042227.2 227.2 258.5 0.08 %
Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham(#,^)1221 Kentucky Mills Drive, Louisville, KY 40299AccommodationTerm LoanPrime plus 2.75%3/29/20421,015.1 1,015.1 1,174.2 0.36 %
H and H Hotshot Services, Inc. dba AA Hotshot & Logistics(#,^)5455 N 51st St., #30, Glendale, AZ 85301Couriers and MessengersTerm LoanPrime plus 2.75%3/29/203084.5 84.5 84.3 0.03 %
Douglas K. Soderblom . dba Loma Linda Optometry(#,^)25815 Barton Rd, Unit C104, Loma Linda, CA 92354Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/29/202780.3 80.3 80.4 0.02 %
Discount Price, LLC dba Robert's Market(#,^)2 Hill Rd, Franklin, NH 03235Gasoline StationsTerm LoanPrime plus 2.75%3/29/2042198.2 198.2 226.4 0.07 %
New England Country Day School, Inc. and Thomas D. Walker(#,^)27 Kenosia Ave, Danbury, CT 06810Social AssistanceTerm LoanPrime plus 2.75%3/28/2042362.6 362.6 411.6 0.13 %
Heil & Hornik LLC dba Elysium Tennis(#,^)7637 C. Commerce Place, Plain City, OH 43064Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/27/2042893.0 893.0 1,012.2 0.31 %
Pecos Entertainment LLC dba State Theater and Pecos Inn LLC(#,^)421 S. Oak St., Pecos, TX 79772Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%3/27/2042394.3 394.3 456.7 0.14 %
Robert Dixon PA dba Law Offices of Robert Dixon(#,^)4501 NW 2nd Ave, Miami, FL 33127Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/24/2042409.6 409.6 473.4 0.15 %
Denton Bio Fuels LLC and American Bio Source LLC(#,^)624 W. University Dr. Ste 359, TX, TX 76201Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%3/23/202745.7 45.7 46.1 0.01 %
Color Graphic Press, Inc.(#,^)42 Main St., Nyack, NY 10960Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%3/23/202796.3 96.3 101.3 0.03 %
JBK Truck Trailer and Bus Inc.(#,^)8669 South State Rd 67, Camby, IN 46113Repair and MaintenanceTerm LoanPrime plus 2.75%3/23/204285.2 85.2 96.5 0.03 %
Executive Fitness & Nutrition Inc.(#,^)8610 Roosevelt Ave Ste 2, Jackson Heights, NY 11372Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/23/202716.4 16.4 17.2 0.01 %
Baton Rouge Cargo Services Inc. and 6507 Westport, LLC(#,^)6507 Westport Ave, Shreveport, LA 71129Truck TransportationTerm LoanPrime plus 2.75%3/22/2042618.0 618.0 708.6 0.22 %
F-232
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Vehicle Safety Supply LLC(#,^)707 Femimore Rd, Mamaroneck, NY 10543Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%3/21/202718.1 18.1 17.6 0.01 %
J Sivilis LLC dba Pet Wants(#,^)3883 Catalina Dr, Cocoa, FL 32926Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/17/20273.9 3.9 3.9 — %
Reservoir International LLC(#,^)502 Parks McMillan Drive, Raeford, NC 28376Educational ServicesTerm LoanPrime plus 2.75%3/16/202779.8 79.8 81.1 0.03 %
The Purple Cow House of Pancake Inc(#,^)6 & 10 Skowhegan Rd, Fairfield, ME 04937Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/16/2042154.4 154.4 178.6 0.06 %
Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. T.C.(#,^)5880 US Hwy6, Portage, IN 46368Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/16/2027241.4 241.4 253.9 0.08 %
1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa(#,^)6510 North Broadway, Saint Louis, MO 63147Truck TransportationTerm LoanPrime plus 2.75%3/13/2027543.7 543.7 529.9 0.16 %
Dwayne Bernard Tate(#,^)1238 Woodcliff Court SW, Lilburn, GA 30047Truck TransportationTerm LoanPrime plus 2.75%3/10/20278.4 8.4 8.5 — %
Elegant Occasions, LLC dba E Productions(#,^)3650 Coral Ridge Drive Units 103-104, Coral Springs, FL 33065Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/10/2042565.7 565.7 641.9 0.20 %
E & P Holdings 1 LLC and Evans & Paul Unlimited Corp. and Evans(#,^)140 Dupont St., Plainview, NY 11803Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 2.75%3/9/2027100.2 100.2 98.9 0.03 %
Anthony LLC dba Star of Woodward Market(#,^)5730 Woodward Ave, Detroit, MI 48202Food and Beverage StoresTerm LoanPrime plus 2.75%3/9/2042110.9 110.9 128.3 0.04 %
Allegro Assisted Living Of Texas(#,^)3400 Remington Drive, Plano, TX 75023Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%3/6/202777.0 77.0 81.0 0.03 %
Podium Auto Sales Inc and RRS Property, LLC(#,^)246 S Dixie Hwy, Pompano Beach, FL 33060Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%3/3/204287.2 87.2 98.6 0.03 %
Getting Even LLC dba The Zoo Health Club(#,^)377 S Willow St. Unit B2-1, Manchester, NH 03103Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/28/202776.6 76.6 76.3 0.02 %
SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express(#,^)1001 E. Cooley Drive Ste 102, Colton, CA 92324Truck TransportationTerm LoanPrime plus 2.75%2/28/2027182.3 182.3 177.6 0.06 %
Weeping Willow Kennels, Inc and Aileen N Black(#,^)6041 Hammond School Rd, Salisbury, MD 21804Personal and Laundry ServicesTerm LoanPrime plus 2.75%2/28/2042134.4 134.4 153.4 0.05 %
Teracore Inc.(#,^)3300 Holcomb Bridge Rd Ste 226, Norcross, GA 30092Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/27/2027130.2 130.2 126.9 0.04 %
McNally Enterprises Inc.(#,^)1010 N. Grove St., Anaheim, CA 92806Administrative and Support ServicesTerm LoanPrime plus 2.75%2/27/202751.2 51.2 51.0 0.02 %
Total Document Solutions Inc and,TDS Services, LLC(#,^)2515 North Shiloh Drive, Fayetteville, AR 72704Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%2/27/2030268.7 268.7 276.3 0.09 %
TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant(#,^)2235 S. Power Rd Ste 118, Mesa, AZ 85209Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/24/202759.8 59.8 62.1 0.02 %
F-233
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
3W Enterprises LLC(#,^)2727 Industrial Parkway, Elkhart, IN 46516Textile Product MillsTerm LoanPrime plus 2.75%2/24/204262.8 62.8 72.1 0.02 %
B & J Bicycle Shop Inc.(#,^)1620 E. Sample Rd, Pompano Beach, FL 33064Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%2/24/20275.3 5.3 5.6 — %
DER Services, LLC dba A.K.A. Sports(#,^)34904 W. B. Michigan Ave, Wayne, MI 48184Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%2/17/204238.4 38.4 44.5 0.01 %
Ameritube, LLC and Ravone Properties, LLC(#,^)1000 N State Hwy 77, Hillsboro, TX 76645Primary Metal ManufacturingTerm LoanPrime plus 2.75%2/14/2042177.8 177.8 205.7 0.06 %
Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC(#,^)2808 Court St., Port Allen, LA 70767Truck TransportationTerm LoanPrime plus 2.75%2/10/2042237.5 237.5 272.3 0.08 %
Maximo Canot dba Wash and Dry Laundrymat(#,^)34 Morningside Ave, Yonkers, NY 10703Personal and Laundry ServicesTerm LoanPrime plus 2.75%2/10/2042132.1 132.1 151.7 0.05 %
Sushiya Inc.(#,^)72 S. Main St, Hanover, NH 03755Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/10/202714.9 14.9 14.8 — %
Marvic Enterprises Inc dba Jordan's Liquor(#,^)199 Taunton Ave, East Providence, RI 02914Food and Beverage StoresTerm LoanPrime plus 2.75%2/10/2042210.2 210.2 240.3 0.07 %
Harrison Logging Company LLC(#,^)255 Ray Crain Rd, Indian Mound, TN 37079Forestry and LoggingTerm LoanPrime plus 2.75%2/9/202784.5 84.5 84.8 0.03 %
8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C.(#,^)174-176 Mountain Ave, Springfield, NJ 07081Repair and MaintenanceTerm LoanPrime plus 2.75%2/7/2042315.7 315.7 355.0 0.11 %
DBMS Consulting, Inc.(#,^)164 W 83rd St. #CF1 & CF2, New York, NY 10024Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/1/2042177.5 177.5 199.7 0.06 %
Brandco, LLC(#,^)2151 Consulate Drive Ste 21, Orlando, FL 32837Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/31/202734.5 34.5 33.6 0.01 %
Chidlren's House Learning, Inc and Tarps Investment Group(#,^)720 Wilbraham Rd, Springfield, MA 01109Social AssistanceTerm LoanPrime plus 2.75%1/31/2042308.0 308.0 349.3 0.11 %
Fave Realty Inc.(#,^)1875 Grand Ave, Baldwin, NY 11510Real EstateTerm LoanPrime plus 2.75%1/30/204252.2 52.2 59.5 0.02 %
SRC Publishing LLC(#,^)8690 Waterford Bend St., Las Vegas, NV 89123Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%1/27/202717.7 17.7 17.3 0.01 %
ZMKNY Tires Inc dba Houston International Tires(#,^)12444 Market ST, Houston, TX 77015Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%1/27/2042103.2 103.2 119.4 0.04 %
House of Bread & Coffee Corp dba Casa Do Pao(#,^)22829 State Rd 7, Boca Raton, FL 33428Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/27/2042167.2 167.2 185.7 0.06 %
Fox Valley Rentals & Investments LLC and Brian M Tomaszewski(#,^)2906 E. Newberry St., Appleton, WI 54915Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/20/204240.7 40.7 46.1 0.01 %
F-234
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Jolibe LLC and Jolibe Atelier LLC(#,^)325 West 38th St. Studio 1704-1706, New York, NY 10018Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/18/20278.3 8.3 8.2 — %
Eickmann Management Group LLC dba Jimmy Johns of Dundee(#,^)568 Techumseh St., Dundee, MI 48131Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/17/202778.5 78.5 82.3 0.03 %
Fullbro Trust dba Menemsha Blues(#,^)2 Basin Rd, Chilmark, MA 02535Miscellaneous Store RetailersTerm LoanPrime plus 2.75%1/13/202717.8 17.8 18.7 0.01 %
Echelon Enterprises, Inc(#,^)16701 E. Iliff Ave, Aurora, CO 80013Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%1/10/202738.6 38.6 40.6 0.01 %
Fort Smith Wings Inc. dba Wing Stop(#,^)8624 Rogers Ave, Fort Smith, AR 72903Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/28/202615.2 15.2 15.2 — %
Jacliff Investments Inc. dba International health Technologies(#,^)2355 South 1070 West, Salt Lake City, UT 84119Publishing Industries (except Internet)Term LoanPrime plus 2.75%12/23/202697.6 97.6 95.0 0.03 %
Metropolitan Solutions Group Inc.(#,^)1420 Chestnut St., Portsmouth, VA 23704Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/19/2041262.8 262.8 292.4 0.09 %
Means Enterprises LLC dba FastFrame Frisco(#,^)4112-4150 Legacy Dr./5729 Leabanon Rd #412, Frisco, TX 75034Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%12/16/202617.6 17.6 17.2 0.01 %
Soon Im. Chin dba Stan C-Store(#,^)4014 E Stan Schlueter Loop, Killeen, TX 76542Gasoline StationsTerm LoanPrime plus 2.75%12/15/2041203.1 203.1 233.4 0.07 %
Elita 7, LLC(#,^)16 Marble St., Worcester, MA 01603Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%12/15/2041680.9 680.9 777.5 0.24 %
Techni-Pro Institute LLC(#,^)414 NW 35th St., Boca Raton, FL 33431Educational ServicesTerm LoanPrime plus 2.75%12/15/2026148.3 148.3 146.6 0.05 %
New Chicago Wholesale Bakery, Inc.(#,^)795 Touhy Ave, Elk Grove Village, IL 60007Food ManufacturingTerm LoanPrime plus 2.75%12/15/2041433.2 433.2 487.7 0.15 %
Sempco, Inc.(#,^)51-55 Lake St. Unit #2-6, Nashua, NH 03060Miscellaneous ManufacturingTerm LoanPrime plus 2.75%12/15/204140.1 40.1 46.4 0.01 %
HMG Strategy, LLC(#,^)191 Post Rd West, Westport, CT 06880Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/14/202638.6 38.6 37.5 0.01 %
Trison Enterprises Inc.dba Lee's Automotive(#,^)13281 Aurora Ave N, Seattle, WA 98311Repair and MaintenanceTerm LoanPrime plus 2.75%12/14/2041389.4 389.4 443.0 0.14 %
AGG Management Team LLC dba Chevron(#,^)2615 S Dixie Hwy, West Palm Beach, FL 33401Gasoline StationsTerm LoanPrime plus 2.75%12/14/2041274.8 274.8 317.4 0.10 %
Wayfarer Bicycle LLC(#,^)118-120 Ocean Ave, New London, CT 06320Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%12/13/204188.4 88.4 98.9 0.03 %
Success Advertising Inc. dba Success Communivstion(#,^)26 Eastmans Rd, Parsippany, NJ 07054Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/13/2041445.8 445.8 512.9 0.16 %
Roast Beef Levittown LLC dba Arby's(#,^)2080 Hempstead Turnpike, East Meadow, NY 11554Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/13/2026165.9 165.9 174.1 0.05 %
F-235
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Myndshft Technologies LLC(#,^)3440 Gannett Ave, Des Moines, IA 50321Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/9/2026605.4 605.4 602.3 0.19 %
Recycling Revolution,LLC(#,^)4190 Collins Rd, Unadilla, GA 31091Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%12/9/204188.7 88.7 100.1 0.03 %
Mack Team Enterprises Inc.dba The UPS Store #6815(#,^)38200 Ave of the States, Fort Gordon, GA 30905Couriers and MessengersTerm LoanPrime plus 2.75%12/9/202615.9 15.9 15.9 — %
Imagine By Carleen Inc.(#,^)1404 Del Prado Blvd. #100, 105, Cape Coral, FL 33990Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/8/204150.2 50.2 56.9 0.02 %
Hanson's Greeks LLC(#,^)8132 N. 87th Place, Ste A, Scottsdale, AZ 85258Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/8/20268.8 8.8 9.2 — %
New Life Hospital LLC(#,^)17400 Red Oak Drive, Houston, TX 77090HospitalsTerm LoanPrime plus 2.75%12/8/20411,166.4 1,166.4 1,347.6 0.42 %
Yachting Solutions LLC(#,^)229 Commercial St., Rockport, ME 04856Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%12/7/202960.7 60.7 63.2 0.02 %
Lilo Holdings LLC(#,^)933 Port Reading Ave, Port Reading, NJ 07064Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/5/202612.6 12.6 12.7 — %
Noso Development LLC(#,^)4 Walker Way, Albany, NY 12205Construction of BuildingsTerm LoanPrime plus 2.75%12/1/202658.6 58.6 57.0 0.02 %
Quick Ship, LLC(#,^)448 W. 19th St, Houston, TX 77008Couriers and MessengersTerm LoanPrime plus 2.75%11/30/20268.1 8.1 7.9 — %
Sharaz Shah DBA Thomas Jewelers(#,^)714 Greenville Blvd, Ste 0043, Greenville, NC 27858Clothing and Clothing Accessories StoresTerm LoanPrime plus 2.75%11/30/20266.3 6.3 6.1 — %
Studio Find It Georgia, Inc.(#,^)1415 Constitution Rd SE, Atlanta, GA 30316Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%11/30/20265.8 5.8 5.7 — %
RD Management, LLC(#,^)2302 N. Kings Hwy, Myrtle Beach, SC 29572Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/30/2026165.4 165.4 161.9 0.05 %
Imaginarium Foods LLC,(#,^)751 N. Cable Rd, Lima, OH 45805Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/28/2042358.5 358.5 409.0 0.13 %
Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence,LLC(#,^)1 Pebble Wood Lane, Palm Coast, FL 32164Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%11/30/204164.7 64.7 74.8 0.02 %
Usman Jalil, LLC dba Food Mart(#,^)147 N Washington St., Plainville, CT 06062Gasoline StationsTerm LoanPrime plus 2.75%11/29/2041223.9 223.9 250.0 0.08 %
Access Staffing, LLC(#,^)360 Lexington Ave 8th Fl, New York, NY 10017Administrative and Support ServicesTerm LoanPrime plus 2.75%11/29/2026914.3 914.3 889.1 0.28 %
CRK Mens, LLC dba Spiff for Men(#,^)750 Third Ave, New York, NY 10017Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/23/202684.6 84.6 83.2 0.03 %
Hafa Adai Signs and Graphics LLC dba Fastsigns of Auburn -#281901(#,^)1835 Auburn Way N Ste B, Auburn, WA 98002Administrative and Support ServicesTerm LoanPrime plus 2.75%11/23/202646.4 46.4 45.5 0.01 %
WPN Recycling Company LLC(#,^)5101 Andard Ave, Baltimore, MD 21226Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%11/23/202617.4 17.4 18.3 0.01 %
F-236
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Merchant Coterie, Inc.(#,^)400 East 52nd St. Apt 14F, New York, NY 10022Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%11/23/202696.7 96.7 94.1 0.03 %
Bouquet Restaurant LLC(#,^)519 Main St., Covington, KY 41011Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/22/204192.8 92.8 107.0 0.03 %
JBK Truck Trailer and Bus Inc.(#,^)8669 S State Rd 67, Camby, IN 46113Repair and MaintenanceTerm LoanPrime plus 2.75%11/22/2041396.2 396.2 449.0 0.14 %
6E Technologies LLC(#,^)11001 West 120th Ave, Ste 400, Broomfield, CO 80020Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/22/2026122.4 122.4 124.5 0.04 %
Broms Asset Management LLC(#,^)215 East 79th St. Apt 9E, New York, NY 10075Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%11/22/202696.6 96.6 93.9 0.03 %
Skaggs RV Outlet LLC(#,^)301 Commerce Drive, Elizabethtown, KY 42701Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%11/21/202677.4 77.4 81.2 0.03 %
Catherine Christine Morin dba Purr-Fect Pets(#,^)1915 North Austin Ave, Georgetown, TX 78626Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/17/202614.5 14.5 14.1 — %
Stratmar Systems Inc dba Stratmar Retail Services(#,^)109 Willett Ave, Port Chester, NY 10573Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/16/202653.0 53.0 55.6 0.02 %
Hoosier Health Plus, LLC(#,^)520 East 8th St., Anderson, IN 46012Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%11/15/202691.7 91.7 94.3 0.03 %
J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value(#,^)640 Dubois St., Du Bois, PA 15801Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%11/10/2026170.5 170.5 177.7 0.06 %
J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value(#,^)640 Dubois St., Dubois, PA 15801Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%11/10/2041438.5 438.5 500.8 0.16 %
Panther Ironworks and Rigging Solutions LLC(#,^)1028 Washburn Switch Rd, Shelby, NC 28150Specialty Trade ContractorsTerm LoanPrime plus 2.75%11/10/2026123.0 123.0 124.1 0.04 %
Hackensack Steel Corporation and Luzerne Ironworks Inc(#,^)300 Sly St., Swoyersville, PA 18709Specialty Trade ContractorsTerm LoanPrime plus 2.75%11/10/2026191.0 191.0 200.4 0.06 %
Big Apple Entertainment Partners LLC(#,^)1221 Brickell Ave, Ste 2660, Miami, FL 33131Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%11/9/2026135.4 135.4 131.7 0.04 %
Dyer Properties, LLC and Bayview Pharmacy, Inc.(#,^)3844 Post Rd, Warwick, RI 02886Health and Personal Care StoresTerm LoanPrime plus 2.75%11/9/2041229.1 229.1 258.0 0.08 %
MIK LLC dba Firehouse Subs(#,^)17250 Royalton Rd, Strongsville, OH 44136Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/9/2026168.8 168.8 165.2 0.05 %
Fine Line Interiors, Inc.(#,^)2530 SW 30th Ave, Hallandale Beach, FL 33009Repair and MaintenanceTerm LoanPrime plus 2.75%11/4/204163.5 63.5 73.4 0.02 %
131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero(#,^)13215 Miles Ave, Cleveland, OH 44105Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/3/2041120.6 120.6 137.9 0.04 %
Veracruz Shabo, LLC, Waterfalls Quick Lube LLC(#,^)1325 Broad St., Central Falls, RI 02863Repair and MaintenanceTerm LoanPrime plus 2.75%11/1/2041115.6 115.6 132.0 0.04 %
F-237
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Glocecol LLC(#,^)10302 NW S River Drive, Bay #18, Miami, FL 33178Administrative and Support ServicesTerm LoanPrime plus 2.75%11/1/202658.0 58.0 60.9 0.02 %
Bloomquist Communications Inc.(#,^)131 East Trinity Place, Decatur, GA 30030Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%10/31/202646.0 46.0 44.7 0.01 %
Moolchan Enterprises LLC dba Staying Green(#,^)5370 State Rd 84 Bay 3, Davie, FL 33314Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%10/31/20268.4 8.4 8.8 — %
Woodstock Enterprises Corp dba True Scent Candle Co(#,^)191 2nd Ave, Warwick, RI 02888Miscellaneous ManufacturingTerm LoanPrime plus 2.75%10/31/204184.6 84.6 94.7 0.03 %
FibAire Communications, LLC(#,^)13590 S Sunland Gin Rd, #E, Arizona City, AZ 85123TelecommunicationsTerm LoanPrime plus 2.75%10/27/202682.6 82.6 83.5 0.03 %
Elite Structures Inc(#,^)401 Old Quitman Rd, Abel, GA 31620Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%10/27/2029191.3 191.3 202.5 0.06 %
Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC(#,^)200 North Branford Rd, Branford, CT 06405Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%10/24/2026325.7 325.7 341.8 0.11 %
Worldwide Estate, Inc. dba Washington Heights Manor(#,^)10620 W. Greenwood Ter, Milwaukee, WI 53224Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%10/21/2041213.9 213.9 247.1 0.08 %
Gold Wind Logistics LLC(#,^)2830 Beech Daly Rd, Inkster, MI 48141Truck TransportationTerm LoanPrime plus 2.75%10/20/2041167.2 167.2 193.2 0.06 %
Speaker City, Inc. dba Rollin Thunder(#,^)246 East Belt Boulevard, Richmond, VA 23224Electronics and Appliance StoresTerm LoanPrime plus 2.75%10/14/2041119.2 119.2 136.0 0.04 %
Maine Service Corp(#,^)59-22 55th St., Maspeth, NY 11378Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%10/13/2026126.1 126.1 130.6 0.04 %
Justin Partlow(#,^)100 Independence Place, Ste 414, Tyler, TX 75703Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%10/13/202614.9 14.9 14.5 — %
Reliable Recovery Services LLC(#,^)2401 West Mcdowell Rd, Phoenix, AZ 85009Support Activities for TransportationTerm LoanPrime plus 2.75%10/7/202686.2 86.2 86.8 0.03 %
Wyspen Corporation dba Charlestown Ace(#,^)5 Austin St., Charlestown, MA 02129Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%10/3/202627.6 27.6 26.8 0.01 %
Ailky Corporation(#,^)352 Beford St., Lakeville, MA 02347Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%10/3/2026181.6 181.6 179.3 0.06 %
Adelwerth Bus Corp.(#,^)423 Montauk Hwy, Eastport, NY 11941Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%9/30/2041230.3 230.3 259.7 0.08 %
JJA Transportation Management Inc.(#,^)15 Church St., Upland, PA 19015Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%9/30/202639.8 39.8 38.7 0.01 %
Seaway LLC and Reklaw LLC dba Allure Lounge(#,^)415 -417 Halsey Drive, Newark, NJ 07102Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/30/2041130.4 130.4 150.6 0.05 %
Adelwerth Bus Corporation, Transportation Leasing Corp.(#,^)423 Montauk Hwy, Eastport, NY 11941Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%9/30/2029545.1 545.1 574.0 0.18 %
F-238
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Graphics,Type and Color Enterprises Inc dba Clubflyers.com(#,^)2300 NW 7th Ave, Miami, FL 33127Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%9/28/2041821.5 821.5 949.1 0.29 %
Beadon Inc(#,^)2601 Old Ocean City Rd, Salisbury, MD 21804Food and Beverage StoresTerm LoanPrime plus 2.75%9/28/202617.0 17.0 17.8 0.01 %
CD Game Exchange Inc.(#,^)3719 N Mississippi, Portland, OR 97227Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%9/28/202617.5 17.5 17.0 0.01 %
Kyle M Walker DDS, PC(#,^)1402 West Park Ave, Orange, TX 77630Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/27/2026175.0 175.0 172.6 0.05 %
Reynolds Fence & Guardrail Inc.(#,^)9320 Machado Drive, Indian Trail, NC 28079Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%9/27/2026476.8 476.8 491.8 0.15 %
Luv 2 Play Nor Cal, LLC dba Luv 2 Play(#,^)82 Clarksville Rd, Folsom, CA 95630Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/27/202639.9 39.9 39.7 0.01 %
Sarah S Olelewe MD Inc(#,^)11704 &11712 Hawthorne Blvd, Hawthorne, CA 90250Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/26/2041277.5 277.5 314.8 0.10 %
TPFC,LLC dbaThe Picture Frame Company(#,^)5957 Glenway Ave, Cincinnati, OH 45238Miscellaneous Store RetailersTerm LoanPrime plus 2.75%9/26/204155.7 55.7 63.3 0.02 %
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch(#,^)24201 N Hwy 1, Fort Bragg, CA 95437Support Activities for Agriculture and ForestryTerm LoanPrime plus 2.75%9/26/20266.8 6.8 7.1 — %
PeopleBest Inc.(#,^)19442 Mesa Drive, Villa Park, CA 92861Administrative and Support ServicesTerm LoanPrime plus 2.75%9/26/202611.4 11.4 11.0 — %
Wrecking Crew Media LLC(#,^)229 Commercial Ave, Pittsburgh, PA 15212Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%9/21/202637.9 37.9 36.8 0.01 %
Cuppiecakes LLC(#,^)313 S Main St., McGregor, TX 76557Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/21/204121.3 21.3 24.1 0.01 %
Consulting Solutions Inc. and Mark Luciani(#,^)3000 N Federal Hwy 1-1A, Fort Lauderdale, FL 33306Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/20/202617.1 17.1 17.5 0.01 %
Benoit's Towing and Recovery LLC(#,^)301 Tabor Rd, Swanton, VT 05488Support Activities for TransportationTerm LoanPrime plus 2.75%9/20/20269.1 9.1 8.9 — %
Atlantic Alarm Systems and Services LLC(#,^)165 Amboy Rd, Bldg G, Ste 703, Morganville, NJ 07734Administrative and Support ServicesTerm LoanPrime plus 2.75%9/14/202611.7 11.7 11.6 — %
Marquis Cattle Company(#,^)805 US Hwy 87, Belt, MT 59412Animal Production and AquacultureTerm LoanPrime plus 2.75%9/13/202638.2 38.2 40.1 0.01 %
Metropet Dog Center, Inc(#,^)2057 West Shore Rd, Warwick, RI 02889Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/13/2041103.6 103.6 118.0 0.04 %
Bingham Enterprises, Inc and Full Belli Deli and Sausage Company(#,^)209 South Front St., Townsend, MT 59644Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/12/204178.2 78.2 87.7 0.03 %
SRA Mechanicial Inc(#,^)1186 Ocean Ave, Bayshore, NY 11706Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/6/204141.3 41.3 47.7 0.01 %
Sandia Enterprises Inc dba Massage Envy Spa(#,^)9139 W Stockton Blvd Ste 100, Elk Grove, CA 95758Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/6/202632.2 32.2 31.2 0.01 %
F-239
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Animal Intrusion Prevention Systems Holding Company, LLC(#,^)1362-1366 W Carrier Pkwy, Grand Prairie, TX 75050Administrative and Support ServicesTerm LoanPrime plus 2.75%8/30/202698.7 98.7 97.2 0.03 %
Raem Corporation dba Dryclean Express(#,^)557 West Whitney Rd, Fairport, NY 14450Personal and Laundry ServicesTerm LoanPrime plus 2.75%8/29/204168.6 68.6 79.0 0.02 %
Warren Dale Warrington dba Custom Paint and Body(#,^)705 S Market Ave, Fort Pierce, FL 34982Repair and MaintenanceTerm LoanPrime plus 2.75%8/26/204195.8 95.8 109.5 0.03 %
Albert Basse Associates Inc(#,^)175 Campanelli Parkway, Stoughton, MA 02072Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%8/25/202646.3 46.3 48.5 0.02 %
Avery Management Inc. dba Whetstone Upholstery(#,^)1122 N Bloulevard, Richmond, VA 23230Repair and MaintenanceTerm LoanPrime plus 2.75%8/25/20267.7 7.7 7.4 — %
Tabadesa Associates Inc.(#,^)419 W 49th St. Ste 111, Hialeah, FL 33012Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/25/202616.9 16.9 16.4 0.01 %
TR Companies LLC dba Liberty Rental 4 U(#,^)410 N Church Rd, Liberty, MO 64068Rental and Leasing ServicesTerm LoanPrime plus 2.75%8/25/202667.5 67.5 65.5 0.02 %
Rosmel Pools Inc(#,^)9300 NW 25th St. Ste 103, Miami, FL 33172Repair and MaintenanceTerm LoanPrime plus 2.75%8/25/202616.9 16.9 16.6 0.01 %
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC(#,^)726-740 South Fleming St., Sebastian, FL 32958Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/24/2041492.0 492.0 566.5 0.18 %
Luv 2 Play Temecula, LLC(#,^)26469 Ynez Rd, Temecula, CA 92591Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%8/15/202645.0 45.0 43.7 0.01 %
2 Cool Beans LLC dba Menchies's Frozen Yogurt(#,^)11331 Thienes Ave, South El Monte, CA 91733Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/11/202661.9 61.9 60.0 0.02 %
Grayson O Company(#,^)6509 Newell Ave, Kannapolis, NC 28082Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%8/10/2041591.7 591.7 682.2 0.21 %
Paul Belanger dba Paul Belanger Landscaping(#,^)2595 Military Ave, Los Angeles, CA 90064Administrative and Support ServicesTerm LoanPrime plus 2.75%8/9/202611.2 11.2 10.9 — %
The Hungry Rhino LLC(#,^)47 South Main St., Windsor Locks, CT 06096Real EstateTerm LoanPrime plus 2.75%7/29/204172.1 72.1 81.5 0.03 %
USA General Investment LLC dba Braniff Paint and Body Shop(#,^)2290 NW 21st Terrace, Miami, FL 33142Repair and MaintenanceTerm LoanPrime plus 2.75%7/29/202616.7 16.7 16.5 0.01 %
303 Tower Drive LLC(#,^)303 Tower Drive, Ste A, Middletown, NY 10941Repair and MaintenanceTerm LoanPrime plus 2.75%7/29/2041378.2 378.2 433.2 0.13 %
Little Tree Huggers Child Care LLC(#,^)38620 9 Mile Rd, Farmington Hills, MI 48335Social AssistanceTerm LoanPrime plus 2.75%7/29/2041132.3 132.3 152.6 0.05 %
Big Apple Entertainment Partners LLC dba Ripley's Believe It or Not(#,^)1221 Brickell Ave, Ste 2660, Miami, FL 33131Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%7/28/2026222.8 222.8 216.2 0.07 %
676 Club LP dba The Green Door Tavern/The Drifter(#,^)676 and 678 North Orleans ST, Chicago, IL 60654Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/28/2041633.1 633.1 728.1 0.23 %
Intrepid Trinity LLC(#,^)680 Douglas Ave, Providence, RI 02908Nonstore RetailersTerm LoanPrime plus 2.75%7/28/204159.1 59.1 67.3 0.02 %
F-240
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Apple Tree NC Inc dba Williams Farm & Garden Center(#,^)1309 Old Cherry Point Rd, New Bern, NC 28560Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%7/28/2041321.7 321.7 362.4 0.11 %
EPEC Juice LLC dba Jamba Juice(#,^)810 Ninth St., Ste 128, Durham, NC 27705Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/27/202662.0 62.0 60.2 0.02 %
Pinco Pizza LLC dba Jet's Pizza(#,^)10845 N. Tatum Blvd Ste A 100, Phoenix, AZ 85028Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/27/202654.7 54.7 57.3 0.02 %
JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar(#,^)1 West Main St., Patchogue, NY 11772Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/27/202692.8 92.8 90.1 0.03 %
The Grasso Companies, LLC and Grasso Pavement Maintenance, LLC(#,^)485 Pepper St., Norwalk, CT 06468Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%7/26/202667.3 67.3 67.8 0.02 %
My Sainath Inc dba Motel 6(#,^)1008 E Crest Drive, Waco, TX 76705AccommodationTerm LoanPrime plus 2.75%7/22/2041288.6 288.6 330.9 0.10 %
Robert G Larson State Farm Insurance(#,^)7922 Jamaica Ave, Woodhaven, NY 11421Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%7/22/202616.7 16.7 16.2 0.01 %
J and D Resources LLC dba Aqua Science(#,^)1923 E 5th St, Tempe, AZ 85281Specialty Trade ContractorsTerm LoanPrime plus 2.75%7/19/202687.6 87.6 85.6 0.03 %
Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Shop(#,^)1502 Hwy 157, Mansfield, TX 76063Miscellaneous Store RetailersTerm LoanPrime plus 2.75%7/18/202611.7 11.7 11.3 — %
Franklin Firm LLC dba Luv 2 Play(#,^)1310 East Stan Schleuter Loop, Killeen, TX 76542Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%7/15/2041152.1 152.1 173.2 0.05 %
Jacob Rugs LLC dba Rugs Outlet(#,^)32879 US Hwy 27, Haines City, FL 33844Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%7/13/202648.7 48.7 51.0 0.02 %
RM Hawkins LLC dba Pure Water Tech West(#,^)5140 Topaz Drive, Colorado Springs, CO 80918Nonstore RetailersTerm LoanPrime plus 2.75%7/7/202637.0 37.0 38.3 0.01 %
Nevey's LLC dba Stark Food III(#,^)6315 W. Fond Du Lac Ave, Milwaukee, WI 53218Food and Beverage StoresTerm LoanPrime plus 2.75%6/30/2041278.2 278.2 326.2 0.10 %
Corning Lumber Company Inc and Frank R Close and Son Inc(#,^)1314 Sixth St., Orland, CA 95963Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%6/30/2029160.2 160.2 173.5 0.05 %
Desert Tacos LLC(#,^)245 East Bell Rd, Ste A-2, Phoenix, AZ 85022Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/30/202674.5 74.5 78.0 0.02 %
VMA Technologies LLC(#,^)120 S Serenata Dr. #332, Ponte Vedra Beach, FL 32082Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/30/202616.5 16.5 16.8 0.01 %
P L H Pharmaco Inc dba Farmacia San Jose(#,^)149 48th St., Union City, NJ 07087Health and Personal Care StoresTerm LoanPrime plus 2.75%6/30/2026124.2 124.2 131.3 0.04 %
Martin Inventory Management LLC(#,^)304 1/2 Main St., Edgefield, SC 29824Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%6/30/202618.2 18.2 19.2 0.01 %
WGI, LLC dba Williams Grant Inn(#,^)154 High St., Bristol, RI 02809AccommodationTerm LoanPrime plus 2.75%6/29/2041115.8 115.8 135.2 0.04 %
F-241
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc(#,^)626 Delsea Drive N, Glassboro, NJ 08028Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/29/2026102.9 102.9 105.4 0.03 %
KWG Industries, LLC dba Peterson & Marsh Metal Industries(#,^)330 Roycefield Rd, Unit B, Hillsborough, NJ 08844Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%6/29/2041287.4 287.4 336.2 0.10 %
E & P Holdings 1 LLC and Evans & Paul LLC(#,^)140 Dupont St, Plainview, NY 11803Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 2.75%6/28/202699.2 99.2 101.7 0.03 %
MaidPro Marin dba MaidPro(#,^)98 Jewell St., San Rafael, CA 94901Administrative and Support ServicesTerm LoanPrime plus 2.75%6/28/202612.9 12.9 13.1 — %
JumboMarkets Inc dba Rines Jumbomarkets(#,^)15500 SW Trail Drive, Indiantown, FL 34956Food and Beverage StoresTerm LoanPrime plus 2.75%6/24/202636.7 36.7 37.4 0.01 %
Island Time Investments, LLC dba Swantown Inn Bed & Breakfast(#,^)1431 11th Ave SE, Olympia, WA 98501AccommodationTerm LoanPrime plus 2.75%6/24/204195.5 95.5 112.1 0.03 %
Shooting Sports Academy LLC and Jetaa LLC(#,^)27 Main St., Monroe, CT 06468Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/23/2041470.0 470.0 544.0 0.17 %
Long Island Comedy LLC dba Governors and New York Comedy, LLC(#,^)90 A Division Ave, Levittown, NY 11756Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/23/2041176.9 176.9 206.0 0.06 %
Visual Advantage LLC dba Signs Now Perryberg(#,^)23248 Dunbridge Rd, Perrysburg, OH 43443Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/23/204186.1 86.1 100.0 0.03 %
Bagelicious, LLC(#,^)945 S Main St, Cheshire, CT 06410Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/17/202640.1 40.1 40.8 0.01 %
Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle(#,^)377 Boston Post Rd, Milford, CT 06460Couriers and MessengersTerm LoanPrime plus 2.75%6/16/2026396.4 396.4 403.1 0.13 %
NKJ Lusby Donuts LLC(#,^)174 Village Center Drive, Lusby, MD 20657Food and Beverage StoresTerm LoanPrime plus 2.75%6/16/202616.5 16.5 16.8 0.01 %
Winegirl Wines LLC(#,^)222 E Wapato Way, Manson, WA 98831Beverage and Tobacco Product ManufacturingTerm LoanPrime plus 2.75%6/16/20268.3 8.3 8.7 — %
Jai-Alexia Consulting, Inc.(#,^)14660 Paddock Drive, Wellington, FL 33414Couriers and MessengersTerm LoanPrime plus 2.75%6/15/20268.7 8.7 8.8 — %
Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares(#,^)1137 West St., Southington, CT 06489Social AssistanceTerm LoanPrime plus 2%6/15/2041483.0 483.0 533.5 0.17 %
Refoleen Inc dba Spice and Tea Exchange(#,^)849 East Commerce St., Ste 121, San Antonio, TX 78205Food and Beverage StoresTerm LoanPrime plus 2.75%6/10/202663.6 63.6 64.7 0.02 %
Luv 2 Play AZ LLC(#,^)15495 Bell Rd, Surprise, AZ 85374Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/10/202645.9 45.9 48.4 0.02 %
ScimTech Industries Inc dba Archer Aerospace(#,^)1021 Linden Ave, Chester Springs, PA 19425Computer and Electronic Product ManufacturingTerm LoanPrime plus 2.75%6/6/20268.8 8.8 9.0 — %
Larry H. Patterson and Rainbow Movers, Inc(#,^)2325 Hollers Ave, Bronx, NY 10475Truck TransportationTerm LoanPrime plus 2.75%6/6/202616.5 16.5 16.8 0.01 %
F-242
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Solvit Inc and Solvit North Inc(#,^)65 Farmington Valley Drive, Plainville, CT 06062Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/3/2026182.8 182.8 188.4 0.06 %
AP5 LLC dba Krauser's Food Store(#,^)5 Pond Point Rd, Milford, CT 06460Food and Beverage StoresTerm LoanPrime plus 2.75%6/2/2041182.8 182.8 214.4 0.07 %
ATI Jet Inc(#,^)7007 Boeing Drive, El Paso, TX 79925Air TransportationTerm LoanPrime plus 2.75%5/31/2026404.9 404.9 416.7 0.13 %
Premier Athletic Center of Ohio, Inc(#,^)8957 Kingsridge Drive, Centerville, OH 45459Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%5/27/202663.6 63.6 67.1 0.02 %
Angelo Faia dba AVF Construction(#,^)55 Arbour Lane, Sewell, NJ 08080Construction of BuildingsTerm LoanPrime plus 2.75%5/27/204193.8 93.8 109.1 0.03 %
Jack Frost Firewood Inc. and David Dubinsky(#,^)3168 Holland Rd, Virginia Beach, VA 23453Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%5/26/2041194.2 194.2 225.6 0.07 %
Mersada Holdings LLC(#,^)933 Louise Ave Ste 10122, Charlotte, NC 28204Nonstore RetailersTerm LoanPrime plus 2.75%5/26/2026245.5 245.5 259.0 0.08 %
Southwest Division Inc(#,^)2103 NE 3rd Terrace, Cape Coral, FL 33909Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%5/26/20266.0 6.0 6.2 — %
International Kitchen Supply LLC(#,^)3466 North Hwy 11, West Union, SC 29696Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%5/25/2026135.8 135.8 140.2 0.04 %
Groth Lumber Co. Inc. dba True Value(#,^)6747 Pacific Ave, Wright, MN 55798Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%5/25/202616.4 16.4 17.3 0.01 %
Island Life Graphics Inc dba FASTSIGNS #576(#,^)1925 S 14th St. No. 7, Amelia Island, FL 32034Miscellaneous ManufacturingTerm LoanPrime plus 2.75%5/24/202616.4 16.4 16.7 0.01 %
Powerspec Inc(#,^)1 Linsley Place, Metuchen, NJ 08840Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%5/24/202663.4 63.4 64.4 0.02 %
Horseshoe Barbecue, LLC(#,^)6555,6565,6575 N Sandario Rd, Tucson, AZ 85743Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/23/20298.7 8.7 9.4 — %
Pro Auto Repair LLC(#,^)204 F St. SW, Quincy, WA 98848Repair and MaintenanceTerm LoanPrime plus 2.75%5/20/20265.4 5.4 5.7 — %
National Air Cargo Holdings Inc(#,^)5955 TG Lee Blvd., Ste 500, Orlando, FL 32822Air TransportationTerm LoanPrime plus 2.75%5/20/2026909.2 909.2 959.3 0.30 %
Elderfriend Inc dba Granny Nannies dba GN Live Scan(#,^)1499 W. Palmetto Park Rd, Ste #115, Boca Raton, FL 33486Social AssistanceTerm LoanPrime plus 2.75%5/20/20269.3 9.3 9.4 — %
J&A Laundromat Inc.(#,^)225 East Park Ave, Long Beach, NY 11561Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/18/202649.1 49.1 50.3 0.02 %
Dedicated Incorporated(#,^)2916 North 39th St., Phoenix, AZ 85019Administrative and Support ServicesTerm LoanPrime plus 2.75%5/18/204143.8 43.8 51.1 0.02 %
HBA LLC dba Palmetto Twist-Vista(#,^)1225-1229 Lincoln St., Columbia, SC 29201Repair and MaintenanceTerm LoanPrime plus 2.75%5/18/202614.1 14.1 14.4 — %
Studio Find It Georgia Inc(#,^)3399 Peachtree Rd NE, Ste 400, Atlanta, GA 30326Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%5/13/202616.4 16.4 16.8 0.01 %
F-243
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
FJN Catering Inc(#,^)106 Main St., Mineola, NY 11951Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/13/2041247.3 247.3 290.1 0.09 %
Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano(#,^)11 Kirby Rd, Cromwell, CT 06419Social AssistanceTerm LoanPrime plus 2.75%5/12/2041124.8 124.8 145.1 0.05 %
Sabir Inc. dba Bear Diner(#,^)603 Pulaski Hwy, Bear, DE 19701Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/11/2041116.6 116.6 136.4 0.04 %
Gator D'Lites LLC dba D'Lites Emporium(#,^)4216 NW 16th Blvd, Gainsville, FL 32605Food and Beverage StoresTerm LoanPrime plus 2.75%5/5/202616.4 16.4 16.6 0.01 %
Keller, Fishback & Jackson LLP(#,^)28720 Canwood St., Agoura Hills, CA 91301Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%4/29/202691.9 91.9 96.9 0.03 %
Marc S. Rosenberg P.C. dba Mammuth and Rosenberg(#,^)401 East City Ave Ste 122, Bala Cynwyd, PA 19004Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%4/29/202616.2 16.2 16.5 0.01 %
Hard Exercise Works Winter Park LLC(#,^)11551 University Blvd #4C Bldg 1, Orlando, FL 32817Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%4/29/202629.3 29.3 29.8 0.01 %
Loriet LLC(#,^)5001 Vivienda Way, Sarasota, FL 34235Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%4/29/20265.4 5.4 5.5 — %
May-Craft Fiberglass Products Inc(#,^)96 Hillsboro Rd, Four Oaks, NC 27524Transportation Equipment ManufacturingTerm LoanPrime plus 2.75%4/29/2041232.8 232.8 273.2 0.08 %
Alpha Omega Trucking LLC(#,^)14432-52 State Line Rd, Brookings, OR 97415Truck TransportationTerm LoanPrime plus 2.75%4/29/2041165.1 165.1 193.7 0.06 %
Warner Home Comfort, LLC dba Smith Piping(#,^)1571 Canton Rd., NW, Carrollton, OH 44615Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/29/204177.5 77.5 90.2 0.03 %
Empowerschool LLC and Empower Autism Academy, LLC(#,^)1825 Fort View Rd, Austin, TX 78754Social AssistanceTerm LoanPrime plus 2.75%4/29/2041142.8 142.8 167.5 0.05 %
Costume World Inc(#,^)950 S Federal Hwy, Deerfield Beach, FL 33441Clothing and Clothing Accessories StoresTerm LoanPrime plus 2.75%4/28/20411,175.8 1,175.8 1,379.6 0.43 %
Pecos Inn LLC dba Econo Lodge(#,^)2207 W Third St., Pecos, TX 79772AccommodationTerm LoanPrime plus 2.75%4/28/2041634.1 634.1 741.8 0.23 %
Accent Comfort Services, LLC(#,^)5035-C West W. T. Harris Blvd, Charlotte, NC 28269Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/26/202664.8 64.8 65.9 0.02 %
Automotive Core Recycling, LLC and 828 Old Colony Road, LLC(#,^)27-29 Cooper St., Meriden, CT 06053Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%4/22/2041235.0 235.0 271.1 0.08 %
McIntosh Trail Management Services Organization Inc(#,^)747 South Hill St., Griffin, GA 30224Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%4/22/2041399.8 399.8 469.1 0.15 %
AAA Mill Direct, Inc. dba Carpet Mill Outlets(#,^)1 North Armistead Ave, Hampton, VA 23669Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%4/21/20265.7 5.7 6.0 — %
Sushiya Inc(#,^)72 South Main St., Hanover, NH 03755Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/12/202663.0 63.0 64.8 0.02 %
KNS Early Learning Academy LLC(#,^)57 Merritt St. SE, Marietta, GA 30060Social AssistanceTerm LoanPrime plus 2.75%4/6/204148.0 48.0 55.7 0.02 %
F-244
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Waterfalls Quick Lube LLC and Veracruz Shabo LLC(#,^)1325 Broad St., Central Falls, RI 02863Repair and MaintenanceTerm LoanPrime plus 2.75%4/6/2041261.6 261.6 305.4 0.09 %
Christian Soderquist dba Soderquist Plumbing and Heating LLC(#,^)7 Oak Drive, Sandy Hook, CT 06482Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/31/204153.2 53.2 62.5 0.02 %
Cameo Carter, MD A Professional Corporation dba The Garden Pediatric(#,^)101 East Redlands Blvd, Ste 106, Redlands, CA 92373Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/31/202653.4 53.4 54.3 0.02 %
Gill Express Inc and Blue Speed LLC(#,^)2372 Walnut Ave, Livingston, CA 95334Repair and MaintenanceTerm LoanPrime plus 2.75%3/31/2041485.9 485.9 565.6 0.18 %
Dana A. Farley dba Independent Cabinets(#,^)5805 NE Minder Rd, Poulsbo, WA 98370Furniture and Related Product ManufacturingTerm LoanPrime plus 2.75%3/31/204161.8 61.8 72.6 0.02 %
Vehicle Safety Supply LLC(#,^)15 East 72nd St., Ste 14-H, New York, NY 10021Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%3/31/202616.0 16.0 16.3 0.01 %
Men of Steel Enterprises LLC and Vogelbacher Properties LLC(#,^)2039 US Route 130, Burlington, NJ 08016Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%3/31/2041369.1 369.1 424.6 0.13 %
Wyldewood Cellars, Inc.(#,^)951 East 119th St, Mulvane, KS 67120Beverage and Tobacco Product ManufacturingTerm LoanPrime plus 2.75%3/30/2041960.1 960.1 1,108.3 0.34 %
NOSO Development, LLC(#,^)4 Walker Way, Albany, NY 12205Construction of BuildingsTerm LoanPrime plus 2.75%3/30/2026133.5 133.5 135.5 0.04 %
MTS Car Service LLC(#,^)30 Taylor Ave, Norwalk, CT 06850Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%3/30/20267.5 7.5 7.6 — %
Beale Street Blues Company-West Palm Beach, LLC dba Lafayette’s-West(#,^)550 Rosemary Ave, Ste 236, West Palm Beach, FL 33410Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%3/30/202666.8 66.8 68.2 0.02 %
Tom Sawyer Country Restaurant LLC and AM 3208 LLC(#,^)3208 Forest Hills Boulevard, Palm Springs, FL 33406Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/30/2041243.0 243.0 284.5 0.09 %
Gordon Rogers and Heidi Rogers dba Stone House Motor Inn(#,^)162 Danielson Pike, Foster, RI 02825AccommodationTerm LoanPrime plus 2.75%3/30/202616.2 16.2 17.1 0.01 %
Barrocas Gym LLC dba Snap Fitness(#,^)260 West Main St., Avon, CT 06001Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/29/202613.8 13.8 14.3 — %
Vinmar Inc. dba Locanda Portofino(#,^)1110 Montana Ave, Santa Monica, CA 90403Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/29/202657.9 57.9 58.7 0.02 %
Marathon Engineering Corporation(#,^)5615 2nd St. W, Lehigh Acres, FL 33971Miscellaneous ManufacturingTerm LoanPrime plus 2.75%3/28/204142.2 42.2 49.3 0.02 %
PHCDC1 LLC dba Quarter + Glory and Public House Collective, Corp.(#,^)2017 14th St. NW, Washington, DC 20009Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/28/202635.6 35.6 36.7 0.01 %
Revolution Physical Therapy LLC dba Apex Network Physical Therapy(#,^)2705 Dougherty Ferry Rd #104, St. Louis, MO 63122Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/25/202616.2 16.2 16.6 0.01 %
F-245
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
International Construction Inc(#,^)53955 Gratiot Ave, Chesterfield, MI 48051Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%3/24/204145.6 45.6 53.0 0.02 %
ActKnowledge, Inc.(#,^)365 5th Ave, New York, NY 10016Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/24/202689.0 89.0 93.7 0.03 %
Precious Care LLC and Precious Care Management LLC(#,^)186-06 Union Turnpike, Fresh Meadows, NY 11364Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/21/2026396.1 396.1 402.7 0.12 %
Media Capital Partners, Inc(#,^)809 Cedar Rd, Southport, CT 06890Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%3/21/202616.0 16.0 16.2 0.01 %
Kekoa Enterprises Inc dba Signarama Sandy(#,^)8942 South 700 East, Sandy, UT 84070Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/18/202635.2 35.2 35.8 0.01 %
ERT Group Inc and Curt's Tools Inspection Inc(#,^)5229 142nd Dr. NW, Williston, ND 58801Support Activities for MiningTerm LoanPrime plus 2.75%3/18/20411,186.2 1,186.2 1,377.1 0.43 %
Taylors Zinn Enterprises Inc dba Eons Auto Care Inc(#,^)330 West Harden St., Graham, NC 27253Repair and MaintenanceTerm LoanPrime plus 2.75%3/18/204175.7 75.7 88.7 0.03 %
Brian T Rice dba BD Logging(#,^)800 3rd St Apt B, St Marys, WV 26170Forestry and LoggingTerm LoanPrime plus 2.75%3/17/20261.3 1.3 1.4 — %
K Soles Corp dba Max Collections(#,^)3208 Oakcliff Industrial St., Doraville, GA 30340Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%3/16/202616.0 16.0 16.3 0.01 %
R & D Enterprises Inc dba My Pool Man(#,^)291 North Texas Ave., Orlando, FL 32805Administrative and Support ServicesTerm LoanPrime plus 2.75%3/15/202635.6 35.6 36.1 0.01 %
HEWZ, LLC dba Hard Exercise Works(#,^)5684 West Sample Rd, Coral Springs, FL 33071Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/14/202616.0 16.0 16.2 0.01 %
Accuair Control Systems LLC dba Accuair Suspension(#,^)831 Buckley Rd, San Luis Obispo, CA 93401Transportation Equipment ManufacturingTerm LoanPrime plus 2.75%3/11/2026106.8 106.8 109.1 0.03 %
ABCs & 123s Infant and Child Care Center LP(#,^)13419 Hwy 290E., Bldg 5, Manor, TX 78653Social AssistanceTerm LoanPrime plus 2.75%3/11/20268.0 8.0 8.1 — %
Dupre Capital LLC dba Fastsigns(#,^)215 Quartermaster Court, Jeffersonville, IN 47130Miscellaneous ManufacturingTerm LoanPrime plus 2.75%3/11/202641.6 41.6 42.2 0.01 %
Step Up Academy of the Arts LLC(#,^)2558 Wigwam Pkwy Ste A, Henderson, NV 89074Educational ServicesTerm LoanPrime plus 2.75%3/9/20265.7 5.7 5.8 — %
Faith Summit Supply Inc dba Summit Supply and Summit True Value(#,^)8584 US Business Hwy 277, Haskell, TX 79521Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%3/9/202616.0 16.0 16.6 0.01 %
Swerve Salon LLC(#,^)1419 N Wells St., Chicago, IL 60610Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/8/202656.3 56.3 57.1 0.02 %
J & W Hardwood Flooring Inc(#,^)14967 Madison St, Brighton, CO 80602Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/7/20265.3 5.3 5.4 — %
Labmates LLC and POV Holdings LLC(#,^)141 Watertown Rd, Thomaston, CT 06787Miscellaneous Store RetailersTerm LoanPrime plus 2.75%3/4/2041102.5 102.5 120.1 0.04 %
Hueston and Company CPA LLC(#,^)8792 East State Rd 70, Ste B, Bradenton, FL 34202Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/4/20265.8 5.8 5.9 — %
F-246
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Almost Home Daycare LLC(#,^)35 Copps Hill Rd, Ridgefield, CT 06877Social AssistanceTerm LoanPrime plus 2.75%3/3/202638.4 38.4 40.4 0.01 %
Miles of Smiles Inc(#,^)1408 Molalla Ave, Oregon City, OR 97045Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/2/202667.8 67.8 69.2 0.02 %
The River Beas, LLC dba Subway and Punam Singh(#,^)5516 Baltimore Ave, Hyattsville, MD 20781Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/28/2041127.6 127.6 149.3 0.05 %
Living Essentials HVAC Corp(#,^)42 West St., Apt 24, Randolph, MA 02368Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/28/202610.6 10.6 10.8 — %
Consulting Solutions, Inc. and Mark Luciani(#,^)3000 N Federal Hwy Ste 1, Fort Lauderdale, FL 33306Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/28/20267.9 7.9 8.3 — %
Powerpits CS1, LLC dba Pita Pit(#,^)2008 S Texas Ave, College Station, TX 77840Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/28/202613.2 13.2 13.6 — %
Drug Detection Laboratories, Inc. and Minh Tran(#,^)9700 Business Park Drive, Sacramento, CA 95827Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%2/28/202613.9 13.9 14.2 — %
Aaradhya LLC dba Market Square Laundry(#,^)7727 Crittenden St., Philadelphia, PA 19118Personal and Laundry ServicesTerm LoanPrime plus 2.75%2/23/202655.4 55.4 56.2 0.02 %
Blackstones Hairdressing LLC(#,^)2 Ave of the Americas, New York, NY 10013Personal and Laundry ServicesTerm LoanPrime plus 2.75%2/23/202636.9 36.9 37.5 0.01 %
R & K Contracting Inc(#,^)3605 NW 31st Ave, Fort Lauderdale, FL 33309Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/18/202611.1 11.1 11.7 — %
Ei3 Corporation(#,^)136 Summit Ave, Montvale, NJ 07645Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/12/2026230.2 230.2 242.4 0.08 %
B for Blonde, LLC dba Blo Blow Dry Bar(#,^)142 East 49th St., New York, NY 10017Personal and Laundry ServicesTerm LoanPrime plus 2.75%2/12/202644.2 44.2 44.9 0.01 %
Gilmore Heights Dental Holdings, LTD and Chas Rob LLC(#,^)2250 Warrensville Center Rd, University Heights, OH 44118Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%2/12/2029248.0 248.0 262.7 0.08 %
Jersey Shore Marina & Boat Sales, Inc.(#,^)841 Route 70 East, Brick, NJ 08724Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/12/2041586.3 586.3 687.0 0.21 %
Base USA, Inc.(#,^)2215 NW 2nd Ave, Miami, FL 33127Clothing and Clothing Accessories StoresTerm LoanPrime plus 2.75%2/2/202635.3 35.3 37.1 0.01 %
Zouk Ltd dba Palma(#,^)28 Cornelia St., New York, NY 10014Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/29/202615.7 15.7 16.5 0.01 %
SuzyQue's LLC dba SuzyQue's(#,^)34 South Valley Rd, West Orange, NJ 07052Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/28/202615.6 15.6 16.4 0.01 %
Wildflour Bakery & Cafe LLC(#,^)5137 Clareton Dr., Ste 100, Agoura Hills, CA 91301Social AssistanceTerm LoanPrime plus 2.75%1/28/202643.5 43.5 45.8 0.01 %
Tammy Lavertue(#,^)24 Wakefield St., Rochester, NH 03867Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%1/28/20267.8 7.8 8.2 — %
Gendron Funeral and Cremation Services, Inc.(#,^)135 North Lime Ave, Sarasota, FL 34237Personal and Laundry ServicesTerm LoanPrime plus 2.75%1/11/2041103.7 103.7 121.5 0.04 %
F-247
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Dolarian Realty LLC and OV's Restaurant Inc(#,^)34 Old Colony Ave, East Taunton, MA 02718Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/5/204163.3 63.3 74.2 0.02 %
Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt(#,^)1196 Inverness Lane, Stow, OH 44224Food and Beverage StoresTerm LoanPrime plus 2.75%12/29/202577.5 77.5 79.4 0.02 %
MCF Forte LLC(#,^)1245 W Baseline Rd Unit 105, Mesa, AZ 85202Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/29/202512.9 12.9 13.1 — %
Panditos LLC dba White Lotus Home(#,^)431 Raritan Ave, Highland Park, NJ 08904Miscellaneous ManufacturingTerm LoanPrime plus 2.75%12/28/202511.0 11.0 11.1 — %
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc(#,^)24201 North Hwy 1, Fort Bragg, CA 95437Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/23/204095.6 95.6 111.2 0.03 %
800 on the Trax LLC and Matrix Z LLC(#,^)800 SW 21st Terrace, Fort Lauderdale, FL 33312Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 2.75%12/23/2040228.7 228.7 265.6 0.08 %
Premier Athletic Center of Ohio Inc. and Gates Investments and Wade(#,^)8957 Kingsridge Drive, Centerville, OH 45459Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/22/2028694.6 694.6 748.0 0.23 %
Joyce Outdoor Advertising Chicago LLC(#,^)2443 West 16th St., Chicago, IL 60608Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/22/2040281.7 281.7 326.9 0.10 %
Hattingh Incorporated dba Prosthetic Care Facility(#,^)4415 Woodridge Pkwy, Ste 180, Leesburg, VA 20176Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/21/202512.4 12.4 12.8 — %
Labmates LLC(#,^)141 Watertown Rd, Thomaston, CT 06787Miscellaneous Store RetailersTerm LoanPrime plus 2.75%12/18/2040151.5 151.5 177.3 0.06 %
Accent Tag and Label Inc(#,^)2201 Rittenhouse St, Des Moines, IA 50321Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%12/18/2040618.2 618.2 718.8 0.22 %
Abbondanza Market LLC dba Hampton Falls Village Market(#,^)82 Lafayette Rd, Hampton Falls, NH 03844Food and Beverage StoresTerm LoanPrime plus 2.75%12/18/202541.0 41.0 41.9 0.01 %
Trip Consultants U.S.A. Inc.(#,^)311 85th St., Brooklyn, NY 11209Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/18/2025120.6 120.6 122.1 0.04 %
Abitino's JFK LLC dba Abitino's(#,^)Terminal 8 JFK ExpressWay Airport, Jamaica, NY 11430Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/16/202264.0 64.0 64.1 0.02 %
JAG Unit 1, LLC(#,^)1 West Main St., Patchogue, NY 11772Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/16/2025172.3 172.3 174.4 0.05 %
Swalm Street LLC and New York Home Health Care Equipment LLC(#,^)30 Hopper St., Westbury, NY 11590Ambulatory Health Care ServicesTerm Loan7.5%12/16/2040330.9 330.9 315.8 0.10 %
New York Home Health Care Equipment, LLC(#,^)30 Hopper St., Westbury, NY 11590Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/16/2025725.1 725.1 761.0 0.24 %
Moments to Remember USA LLC dba Retain Loyalty(#,^)1250 Sanders Ave SW, Massillon, OH 44646Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%12/16/202556.5 56.5 58.8 0.02 %
Evans & Paul LLC and E&P Holdings I LLC(#,^)140 Dupont St., Plainview, NY 11803Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 2.75%12/15/202593.5 93.5 95.5 0.03 %
F-248
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Basista Family Limited Partnership and UPE, Inc.(#,^)3401 Brecksville Rd, Richfield, OH 44286Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%12/14/2040319.3 319.3 370.9 0.12 %
DC Enterprises Ltd. dba Lakeview True Value(#,^)318 North F St., Lakeview, OR 97630Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%12/14/202515.5 15.5 16.2 0.01 %
Alexandra Afentoulides dba Vi's Pizza Restaurant(#,^)1068 Old Colony Rd, Meriden, CT 06450Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/11/204043.8 43.8 51.3 0.02 %
AGR Foodmart Inc dba Nashua Road Mobil(#,^)11 Nashua Rd, Londonderry, NH 03053Gasoline StationsTerm LoanPrime plus 2.75%12/11/202515.5 15.5 16.2 0.01 %
Cares, Inc dba Dumpling Grounds Day Care Center(#,^)4508 Blakiston St., Philadelphia, PA 19136Social AssistanceTerm LoanPrime plus 2.75%12/10/20255.2 5.2 5.4 — %
Custom Exteriors, Inc.(#,^)2142 Rheem Drive, Ste E, Pleasanton, CA 94588Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/9/202568.9 68.9 70.5 0.02 %
Sushiya, Inc.(#,^)72-74 South Main St., Hanover, NH 03755Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/8/202574.9 74.9 76.7 0.02 %
LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC(#,^)880 Lowcountry Blvd, Mount Pleasant, SC 29464Repair and MaintenanceTerm LoanPrime plus 2.75%12/4/2040468.9 468.9 546.5 0.17 %
Japp Business Inc dba Pick and Eat and Japp Drink Corp.(#,^)4179 Broadway, New York, NY 10033Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/30/202585.8 85.8 88.2 0.03 %
DWeb Studio, Inc.(#,^)10800 E. Bethany Drive, Ste 275, Aurora, CO 80014Educational ServicesTerm LoanPrime plus 2.75%11/25/20257.7 7.7 7.8 — %
Play and Learn Child Care and School Inc(#,^)403 S Dillard St, Winter Garden, FL 34787Social AssistanceTerm LoanPrime plus 2.75%11/23/20257.6 7.6 7.9 — %
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC(#,^)726-740 S Fleming St., Sebastian, FL 32958Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%11/23/2040712.8 712.8 679.7 0.21 %
Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy(#,^)3105 107th Ave, Doral, FL 33178Health and Personal Care StoresTerm LoanPrime plus 2.75%11/20/202562.5 62.5 63.7 0.02 %
S.B.B. Enterprises Inc dba Williamston Hardware(#,^)139 S Putnam St., Williamston, MI 48895Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%11/19/2040101.0 101.0 116.0 0.04 %
Key Pix Productions Inc. dba Air Bud Entertainment(#,^)22525 Pacific Coast Hwy, Malibu, CA 90265Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%11/18/2040512.1 512.1 599.2 0.19 %
E.S.F.P. LLC dba Volusia Van and Storage(#,^)916 South Nova Rd, Ormond Beach, FL 32174Truck TransportationTerm LoanPrime plus 2.75%11/11/202560.9 60.9 62.1 0.02 %
Green Life Lawnscapes LLC dba Green Life Lawn Care(#,^)1820 NE Jensen Beach Blvd, Jensen Beach, FL 34957Administrative and Support ServicesTerm LoanPrime plus 2.75%11/6/202597.3 97.3 102.2 0.03 %
JumboMarkets Inc dba Rines Jumbomarkets(#,^)15500 SW Trail Drive, Indiantown, FL 34956Food and Beverage StoresTerm LoanPrime plus 2.75%11/4/2025208.6 208.6 219.1 0.07 %
Financial Network Recovery Inc(#,^)250 E Easy St. Ste 1, Simi Valley, CA 93065Administrative and Support ServicesTerm LoanPrime plus 2.75%10/26/202527.0 27.0 27.3 0.01 %
F-249
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
ADMO Inc dba Mid States Equipment(#,^)16180 Westwoods Business Park, Ellisville, MO 63021Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%10/8/202515.1 15.1 15.4 — %
Recycling Consultants, Inc. and Prairie State Salvage and Recycling In(#,^)PO Box 468, Wood River, IL 62095Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%9/30/2027447.9 447.9 470.7 0.15 %
Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas City(#,^)7748 Troost Ave, Kansas City, MO 64131Specialty Trade ContractorsTerm LoanPrime plus 2.75%9/30/202851.3 51.3 55.0 0.02 %
SCJEN Management Inc dba Bowl of Heaven(#,^)43958 Pacific Common Blvd, Fremont, CA 94538Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/30/202547.9 47.9 48.5 0.02 %
Barub Realty LLC and Barub LLC dba Woodlawn Cabinets(#,^)1838 Adee Ave, Baychester, NY 10469Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%9/30/2040132.4 132.4 154.9 0.05 %
Binky's Vapes LLC(#,^)10539 Greenbelt Rd, Ste 102, Lanham, MD 20706Miscellaneous Store RetailersTerm LoanPrime plus 2.75%9/30/202515.0 15.0 15.2 — %
R.H. Hummer Jr., Inc.(#,^)2141 P Ave, Williamsburg, IA 52361Truck TransportationTerm LoanPrime plus 2.75%9/30/2025260.2 260.2 273.0 0.08 %
Greensward of Marco Inc.(#,^)54 Marco Lake Drive, Marco Island, FL 34146Administrative and Support ServicesTerm LoanPrime plus 2.75%9/28/204081.2 81.2 94.3 0.03 %
RIM Investments LLC and RIM Architects LLC(#,^)645 G St. Ste 400, Anchorage, AK 99501Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/28/2040369.8 369.8 428.7 0.13 %
The Grasso Companies LLC and Grasso Pavement Maintenance LLC Veranda(#,^)485 Pepper St., Monroe, CT 06468Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%9/28/2025340.4 340.4 356.7 0.11 %
Prestigious LifeCare for Seniors LLC(#,^)5701 North Pine Island Rd, Tamarac, FL 33321Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/25/20256.5 6.5 6.8 — %
Daniel W. Stark dba Mountain Valley Lodge and RV Park(#,^)223 Hwy 80, Rodeo, NM 88056AccommodationTerm LoanPrime plus 2.75%9/25/204012.5 12.5 14.6 — %
Sandlot Ventures LLC and Sandbox Ventures LLC(#,^)1857A Elmdale Ave, Glenview, IL 60025Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/25/2040413.4 413.4 477.6 0.15 %
Yachting Solutions LLC(#,^)229 Commercial St, Rockport, ME 04856Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%9/25/2040892.1 892.1 1,030.4 0.32 %
St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn(#,^)10 West Orvis St., Massena, NY 13662AccommodationTerm LoanPrime plus 2.75%9/24/2040579.3 579.3 672.5 0.21 %
Rutledge Enterprises Inc dba BLC Property Management(#,^)149 S. 400 East, Greenfield, IN 46140Administrative and Support ServicesTerm LoanPrime plus 2.75%9/23/204057.5 57.5 66.7 0.02 %
Finish Strong Inc dba FASTSIGNS St Peters(#,^)98 North Hillview Drive, St Peters, MO 63376Miscellaneous ManufacturingTerm LoanPrime plus 2.75%9/23/202533.3 33.3 33.6 0.01 %
Sound Manufacturing Inc(#,^)51 Donnelley Rd, Old Saybrook, CT 06475Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/21/202533.1 33.1 33.9 0.01 %
IIoka Inc dba New Cloud Networks(#,^)160 Inverness Drive W Ste 150, Englewood, CO 80112Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/21/2025444.6 444.6 449.1 0.14 %
F-250
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Vanderhoof LLC dba Soxfords(#,^)11 Sellecks Walk, Pound Ridge, NY 10576Apparel ManufacturingTerm LoanPrime plus 2.75%9/18/202510.4 10.4 10.5 — %
MiJoy Inc dba Imo's Pizza(#,^)215 South Kirkwood Rd, Kirkwood, MO 63122Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/18/20255.5 5.5 5.5 — %
Naeem Khan LTD(#,^)260 West 36h St., New York, NY 10018Apparel ManufacturingTerm LoanPrime plus 2.75%9/17/202583.2 83.2 84.0 0.03 %
FirstVitals Health and Wellness Inc(#,^)1288 Ala Moana Blvd Ste 27E, Honolulu, HI 96814Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%9/15/2025100.3 100.3 101.3 0.03 %
Almost Home Daycare LLC(#,^)35 Copps Hill Rd, Ridgefield, CT 06877Social AssistanceTerm LoanPrime plus 2.75%9/11/20257.3 7.3 7.6 — %
Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc(#,^)170 Main St., North Kingstown, RI 02852Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%9/8/2040130.0 130.0 151.9 0.05 %
Empower Autism Academy(#,^)11316 Wet Season Drive, Austin, TX 78754Social AssistanceTerm LoanPrime plus 2.75%9/4/2040634.9 634.9 741.7 0.23 %
Higher Grounds Community Coffeehouse, LLC(#,^)39 Kingstown Rd, Wyoming, RI 02898Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/2/20255.5 5.5 5.6 — %
Elite Institute LLC dba Huntington Learning Center(#,^)13526 Village Park Drive Ste 214, Orlando, FL 32837Educational ServicesTerm LoanPrime plus 2.75%8/28/202510.0 10.0 10.1 — %
God Be Glorified Inc dba GBG Inc(#,^)40 West. 162nd St, South Holland, IL 60473Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%8/20/202534.8 34.8 35.2 0.01 %
3000 CSI Property LLC and Consulting Solutions Inc(#,^)3000 N Federal Hwy Ste 1, Fort Lauderdale, FL 33306Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/20/2040127.8 127.8 149.1 0.05 %
GDP Gourmet LLC dba Joe and John's Pizza Restaurant(#,^)136 New Jersey Ave, Absecon, NJ 08201Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/19/2040134.8 134.8 156.3 0.05 %
Gold Jet Corp.(#,^)2472 Broadway, New York, NY 10025Couriers and MessengersTerm LoanPrime plus 2.75%8/14/202547.1 47.1 48.6 0.02 %
SKJ Inc dba Subway(#,^)401 S Woodlawn Ave, Bloomington, IN 47401Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/13/202555.4 55.4 56.2 0.02 %
LP Industries Inc dba Childforms(#,^)110 Charleston Drive, Mooresville, NC 28117Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%7/29/202581.1 81.1 84.5 0.03 %
Beale Street Blues Company-West Palm Beach LLC(#,^)550 Rosemary Ave, Ste 236, West Palm Beach, FL 33401Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%7/24/202543.0 43.0 44.0 0.01 %
Smart Artists Inc.(#,^)450 West 24th St. Ste 1C, New York, NY 10011Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%7/23/202514.6 14.6 14.8 — %
Free Ion Advisors LLC(#,^)322 Evandale Rd, Scarsdale, NY 10583Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%7/21/202541.7 41.7 42.1 0.01 %
Murrayville Donuts, Inc dba Dunkin' Donuts(#,^)2304 N College Rd, Wilmington, NC 28405Food and Beverage StoresTerm LoanPrime plus 2.75%7/15/2040330.7 330.7 381.5 0.12 %
Union 2 LLC dba The Standard(#,^)1520 Broadway, Fort Myers, FL 33901Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/10/202569.3 69.3 71.7 0.02 %
F-251
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Jonathan E Nichols and Nichols Fire and Security LLC(#,^)1906 Vanderhorn Drive, Memphis, TN 38134Administrative and Support ServicesTerm LoanPrime plus 2.75%6/30/202548.1 48.1 50.7 0.02 %
Anglin Cultured Stone Products LLC dba Anglin Construction(#)877 Salem Church Rd, Newark, DE 19702Specialty Trade ContractorsTerm Loan8.25%6/30/2025193.3 193.3 187.2 0.06 %
Thrifty Market, Inc. dba Thrifty Foods(#,^)702 10th St, Wheatland, WY 82201Food and Beverage StoresTerm LoanPrime plus 2.75%6/30/2030222.7 222.7 242.3 0.08 %
Myclean Inc.(#,^)247 West 36th St. 9th Fl, New York, NY 10018Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/29/202510.2 10.2 10.5 — %
Summit Beverage Group LLC(#,^)211 Washington Ave, Marion, VA 24354Beverage and Tobacco Product ManufacturingTerm LoanPrime plus 2.75%8/29/2030235.4 235.4 256.9 0.08 %
SofRep, Inc dba Force 12 Media(#,^)930 Tahoe Blvd Ste 802-543, Incline Village, NV 89451Other Information ServicesTerm LoanPrime plus 2.75%6/26/202542.5 42.5 43.9 0.01 %
Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling(#,^)13886 Campo Rd, Jamul, CA 91935Gasoline StationsTerm LoanPrime plus 2.75%6/26/2040350.1 350.1 413.0 0.13 %
TJU-DGT Inc dba The Lorenz Cafe(#,^)714-718 Lorenz Ave, Pittsburgh, PA 15220Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/26/202916.1 16.1 17.5 0.01 %
E & G Enterprises LLC dba Comfort Keepers(#,^)220 Middle St., Franklin, VA 23851Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/26/202514.4 14.4 14.9 — %
CEM Autobody LLC dba Dawn's Autobody(#,^)7 Division St, Keyport, NJ 07735Repair and MaintenanceTerm LoanPrime plus 2.75%6/26/2040124.9 124.9 147.2 0.05 %
Ohs Auto Body, Inc. dba Ohs Body Shop(#,^)3560 Hwy 93 S, Kalispell, MT 59901Repair and MaintenanceTerm Loan7.65%6/25/20401,123.2 1,123.2 1,066.2 0.33 %
Wolf Enviro Interests, LLC and Enviromax Services Inc(#,^)18002 Mueschke Rd, Cypress, TX 77433Administrative and Support ServicesTerm LoanPrime plus 2.75%6/25/2040227.8 227.8 266.7 0.08 %
Evinger PA One, Inc. dba Postal Annex, Falcon(#,^)7661 McLaughlin Rd, Falcon, CO 80831Miscellaneous Store RetailersTerm LoanPrime plus 2.75%6/24/202514.4 14.4 15.1 — %
RJI Services, Inc.(#,^)353 E Angeleno Ste G, Burbank, CA 91502Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/23/202514.2 14.2 14.7 — %
Real Help LLC dba Real Help Decorative Concrete(#,^)2221 Broadway St., Buffalo, NY 14212Administrative and Support ServicesTerm LoanPrime plus 2.75%6/22/202534.1 34.1 35.8 0.01 %
KRN Logistics, LLC and Newsome Trucking, Inc(#)2262 Hwy 53 W, Jasper, GA 30143Truck TransportationTerm LoanPrime plus 2.75%6/19/2025343.7 343.7 359.2 0.11 %
PM Cassidy Enterprises, Inc. dba Junk King(#,^)960 Matley Lane, Ste 20-21, Bldg B, Reno, NV 89502Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%6/19/20259.5 9.5 9.9 — %
Inverted Healthcare Staffing of Florida LLC dba Interim Healthcare(#,^)111 N Pompano Beach Blvd., Pompano Beach, FL 33062Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/18/202529.9 29.9 30.9 0.01 %
AM PM Properties, LLC and AM PM Willington, LLC(#,^)1308 Stafford Rd, Storrs Mansfield, CT 06268Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/17/204080.0 80.0 94.5 0.03 %
F-252
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Mirage Plastering Inc and Mpire LLC and Mpire II LLC(#,^)1802 W Grant Rd Ste 114, Tucson, AZ 85745Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/12/2040127.8 127.8 149.2 0.05 %
Eldredge Tavern LLC dba Gonyea's Tavern(#,^)150 Main St., Pascoag, RI 02859Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/8/204051.8 51.8 61.3 0.02 %
Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta(#,^)234 Rock Rd, Glen Rock, NJ 07452Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/5/202510.1 10.1 10.4 — %
ViAr Visual Communications, Inc. dba Fastsigns 281701(#,^)4721 University Way NE, Seattle, WA 98105Miscellaneous ManufacturingTerm LoanPrime plus 2.75%6/5/202539.8 39.8 41.2 0.01 %
Video Vault & Tanning LLC and Mosaic Salon LLC(#)W7003 Parkview Dr, Ste A-B, Greenville, WI 54942Rental and Leasing ServicesTerm LoanPrime plus 2.75%6/4/204084.8 84.8 100.3 0.03 %
Medworxs LLC(#,^)10901 W. Toller Drive, Littleton, CO 80127Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/3/202580.2 80.2 82.9 0.03 %
XCESSIVE THROTTLE, INC dba Jake's Roadhouse(#,^)5980 Lamar St., Arvada, CO 80003Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/29/20255.2 5.2 5.4 — %
Villela CPA PL(#,^)777 Brickell Ave, Ste 500, Miami, FL 33131Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%5/27/20255.7 5.7 5.9 — %
Douglas Posey and Sally Watkinson dba Audrey's Farmhouse(#,^)2188 Brunswyck Rd, Wallkill, NY 12589AccommodationTerm LoanPrime plus 2.75%5/20/2040160.1 160.1 189.0 0.06 %
15 McArdle LLC and No Other Impressions Inc(#,^)15 McArdle St., Rochester, NY 14611Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%5/15/2040169.4 169.4 199.6 0.06 %
Guard Dogs MFS LLC(#,^)9460 Mistwater Close, Roswell, GA 30076Repair and MaintenanceTerm LoanPrime plus 2.75%5/8/202539.7 39.7 41.1 0.01 %
George S Cochran DDS Inc(#,^)1066 Chelsea Ave, Napoleon, OH 43545Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%5/7/202590.8 90.8 93.8 0.03 %
South Park Properties LLC and Midlothian Hardware LLC(#,^)4751 147th St., Midlothian, IL 60445Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%5/6/204044.0 44.0 52.0 0.02 %
Matthew Taylor and Landon Farm LLC(#,^)6103 N Church St, Greensboro, NC 27455Personal and Laundry ServicesTerm LoanPrime plus 2.75%5/4/204092.5 92.5 108.0 0.03 %
Cares Inc dba Dumpling Grounds Day Care Center(#,^)4508 Blakiston St., Philadelphia, PA 19136Social AssistanceTerm LoanPrime plus 2.75%5/1/204074.5 74.5 88.1 0.03 %
Orchid Enterprises Inc dba Assisting Hands of Sussex County(#,^)274 Spring St., Newton, NJ 07860Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%4/24/20259.4 9.4 9.7 — %
Ragazza Restaurant Group, Inc. dba Bambolina(#,^)288 Derby St., Salem, MA 01970Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/21/202511.3 11.3 11.7 — %
Diamond Solutions LLC(#,^)7655 E Gelding Drive, Ste B2, Scottsdale, AZ 85260Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%4/21/202512.1 12.1 12.5 — %
Giacchino Maritime Consultants Inc(#,^)5219 Tamiami Court, Cape Coral, FL 33904Personal and Laundry ServicesTerm LoanPrime plus 2.75%4/17/202514.1 14.1 14.6 — %
F-253
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Sound Coaching Inc(#,^)4749 Main St. Ste 3, Bridgeport, CT 06606Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%4/14/202527.8 27.8 28.7 0.01 %
Faramarz Nikourazm dba Car Clinic Center(#,^)10707 Shady Trail, Dallas, TX 75220Repair and MaintenanceTerm LoanPrime plus 2.75%4/3/204067.5 67.5 79.4 0.02 %
Mid-South Lumber Co. of Northwest Florida, Inc.(#,^)717 W 11th St., Panama City, FL 32402Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%3/31/2040392.6 392.6 460.0 0.14 %
Copper Beech Financial Group LLC(#,^)1223 North Church St., Moorestown, NJ 08057Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%3/30/202577.1 77.1 80.5 0.02 %
Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes(#,^)40 Buzzard Ridge Rd, Sequim, WA 98382AccommodationTerm LoanPrime plus 2.75%3/27/2040276.3 276.3 326.7 0.10 %
Shorr Enterprises Inc dba New Design Furniture Manufacturers(#,^)3033 NW 28 St., Lauderdale Lakes, FL 33311Furniture and Related Product ManufacturingTerm LoanPrime plus 2.75%3/27/202565.7 65.7 68.7 0.02 %
Shellhorn and Hill Inc dba Total Fleet Service(#,^)501 South Market St, Wilmington, DE 19801Nonstore RetailersTerm LoanPrime plus 2.75%3/27/2040948.7 948.7 1,111.7 0.35 %
Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC(#,^)5600 N River Rd #925, Rosemont, IL 60018Real EstateTerm LoanPrime plus 2.75%3/27/2025763.9 763.9 787.5 0.24 %
Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC(#,^)800 James Ave, Scranton, PA 18510Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/26/204049.4 49.4 58.3 0.02 %
Zero-In Media Inc(#,^)1123 Broadway Ste 704, New York, NY 10010Data Processing, Hosting, and Related ServicesTerm LoanPrime plus 2.75%3/25/202513.9 13.9 14.3 — %
Loriet LLC(#,^)5001 Vivienda Way, Sarasota, FL 34235Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%3/24/20257.4 7.4 7.6 — %
Jaymie Hazard dba Indigo Hair Studio and Day Spa(#,^)2016 Warwick Ave, Warwick, RI 02889Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/20/204039.2 39.2 46.1 0.01 %
Shelton Incorporated dba Mrs. Winners(#,^)4509 N. Henry Blvd., Stockbridge, GA 30281Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/20/2040103.0 103.0 121.6 0.04 %
R & R Security and Investigations Inc dba Pardners Lake Buchanan(#,^)15615 State Route 29, Buchanan Dam, TX 78609Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/19/204078.1 78.1 92.2 0.03 %
MMS Realty, LLC and Molecular MS Diagnostics LLC(#,^)1224 Greenwich Ave, Warwick, RI 02886Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/18/2040147.2 147.2 172.8 0.05 %
Royal Crest Motors LLC(#,^)769 Amesbury Rd, Haverhill, MA 01830Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%3/16/204083.5 83.5 98.3 0.03 %
Luigi's on Main LLC and Luigi's Main Street Pizza Inc(#,^)491 Montauk Hwy, Eastport, NY 11941Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/4/20256.9 6.9 7.3 — %
Baystate Firearms and Training, LLC(#)215 Newbury St., Peabody, MA 01960Educational ServicesTerm LoanPrime plus 2.75%2/27/202536.3 36.3 37.5 0.01 %
F-254
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Pace Motor Lines, Inc.(#,^)1425 Honeyspot Rd Extension, Stratford, CT 06615Truck TransportationTerm LoanPrime plus 2.75%2/26/202540.0 40.0 41.9 0.01 %
Kingseal LLC dba Desoto Health and Rehab Center(#,^)475 Nursing Home Drive, Arcadia, FL 34266Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%2/26/20401,168.5 1,168.5 1,379.3 0.43 %
Nelson Financial Services LLC(#,^)20015 N 83rd Place, Scottsdale, AZ 85255Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/24/20257.6 7.6 7.8 — %
Kiddie Steps 4 You Inc.(#,^)1700 West 63rd St., Chicago, IL 60636Social AssistanceTerm LoanPrime plus 2.75%2/19/204056.6 56.6 66.5 0.02 %
Triangle Trash LLC dba Bin There Dump That(#,^)188 Northbend Drive, Youngsville, NC 27596Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%2/18/202545.2 45.2 47.1 0.01 %
Dean 1021 LLC dba Pure Pita(#,^)106 Central Ave, Westfield, NJ 07090Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/29/202553.7 53.7 55.7 0.02 %
Limameno LLC dba Sal's Italian Ristorante(#,^)861 Yamato Rd, Bay #2, Boca Raton, FL 33431Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/23/202550.0 50.0 51.8 0.02 %
Palmabak Inc dba Mami Nora's(#,^)4614 Capital Blvd, Raleigh, NC 27604Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/22/20254.6 4.6 4.8 — %
Jung Design Inc(#,^)10857 Pine Bluff Drive, Fishers, IN 46037Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%1/20/20223.0 3.0 3.0 — %
Grand Blanc Lanes, Inc. and H, H and H, LLC(#,^)5301 S Saginaw Rd, Flint, MI 48507Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/31/2039121.0 121.0 142.8 0.04 %
Evans and Paul LLC(#,^)140 Dupont St., Plainview, NY 11803Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%12/30/2024145.0 145.0 152.1 0.05 %
First Prevention and Dialysis Center, LLC(#)17940 NW 27th Ave, Miami Gardens, FL 33056Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/30/2024176.1 176.1 184.6 0.06 %
Bowlerama Inc(#,^)3031 New Castle Ave, New Castle, DE 19720Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%12/24/20391,095.8 1,095.8 1,291.5 0.40 %
The Lodin Group LLC and Lodin Health Imaging Inc(#,^)114-115 Medical Center Ave, Sebring, FL 33870Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/23/2039482.5 482.5 563.8 0.17 %
Thermoplastic Services Inc and Paragon Plastic Sheet, Inc(#,^)1700 W 4th St., Dequincy, LA 70633Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%12/23/2039455.0 455.0 536.2 0.17 %
Beale Street Blues Company-West Palm Beach, LLC(#,^)550 S Rosemary Ave #236, West Palm Beach, FL 33401Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%12/22/2024111.0 111.0 115.1 0.04 %
B.S. Ventures LLC dba Dink's Market(#,^)48649 Hwy 58, Oakridge, OR 97463Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%12/19/203948.9 48.9 57.6 0.02 %
The Jewelers Inc. dba The Jewelers of Las Vegas(#,^)2400 Western Ave, Las Vegas, NV 89102Clothing and Clothing Accessories StoresTerm LoanPrime plus 2.75%12/19/2024735.5 735.5 757.6 0.24 %
Will Zac Management LLC dba Papa John's(#)2410 West Jefferson St., Ste B, Joliet, IL 60435Food Services and Drinking PlacesTerm Loan6.25%12/19/202488.5 88.5 86.9 0.03 %
MM and M Management Inc dba Pizza Artista(#,^)5409 Johnston St., Lafayette, LA 70503Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/19/202528.7 28.7 29.8 0.01 %
F-255
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
B & W Towing, LLC and Boychucks Fuel LLC(#,^)701 Addison Rd, Painted Post, NY 14870Repair and MaintenanceTerm LoanPrime plus 2.75%12/17/2039149.7 149.7 175.4 0.05 %
Kemmer LLC and Apples Tree Top Liquors LLC(#)1300 S Jackson St., Salem, IN 47167Food and Beverage StoresTerm LoanPrime plus 2.75%12/4/2039129.0 129.0 150.9 0.05 %
Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman(#,^)988 Hemlock St., Cannon Beach, OR 97110Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/25/2039108.2 108.2 127.2 0.04 %
Modern Manhattan LLC(#,^)250 Park Ave South, New York, NY 10003Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%11/25/2024128.4 128.4 132.4 0.04 %
Legacy Estate Planning Inc dba American Casket Enterprises(#,^)2176 Route 119 North, Greensburg, PA 15601Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/21/202424.5 24.5 25.2 0.01 %
J&D Resources, LLC dba Aqua Science(#,^)1923 E. 5th St., Tempe, AZ 85281Specialty Trade ContractorsTerm LoanPrime plus 2.75%11/21/2024440.8 440.8 454.8 0.14 %
DC Real LLC and DC Enterprises LTD dba Lakeview True Value(#,^)318 North F St., Lakeview, OR 97630Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%11/20/2039108.9 108.9 128.1 0.04 %
Heartland American Properties LLC and Skaggs RV Outlet LLC(#,^)301 Commerce Drive, Elizabethtown, KY 42701Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%10/31/2039434.0 434.0 510.4 0.16 %
One Hour Jewelry Repair Inc(#,^)6544 Springfield Mall, Springfield, VA 22150Repair and MaintenanceTerm LoanPrime plus 2.75%10/14/202411.8 11.8 12.2 — %
DNT Storage and Properties LLC(#,^)38 Old National Pike, West Alexander, PA 15376Real EstateTerm LoanPrime plus 2.75%10/10/203992.2 92.2 108.6 0.03 %
Sound Manufacturing Inc(#,^)51 Donnelley Rd, Old Saybrook, CT 06475Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%10/10/2024107.0 107.0 110.9 0.03 %
Doctors Express Management of Central Texas LLC(#,^)3614 SW HK Dodgen Loop, Ste F, Temple, TX 76504Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%10/8/20243.7 3.7 3.9 — %
Smith Spinal Care Center P.C. and James C. Smith(#,^)1103 Russell Parkway, Warner Robins, GA 31088Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%10/8/203926.0 26.0 30.7 0.01 %
Michael Rey Jr. and Lynn J. Williams and GIG Petcare dba Hickory(#,^)900 Alpine Rd, Bridgeville, PA 15017Personal and Laundry ServicesTerm LoanPrime plus 2.75%10/3/2039110.5 110.5 130.1 0.04 %
Sumad LLC dba BrightStar Care of Encinitas(#,^)680 Fletcher Pkwy, Ste 206, El Cajon, CA 92020Administrative and Support ServicesTerm LoanPrime plus 2.75%10/2/202430.6 30.6 32.0 0.01 %
Roccos LLC and Sullo Pantalone Inc dba Rocco's(#,^)79 Beach Rd Unit B13-B14, Vineyard Haven, MA 02568Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/30/2039231.2 231.2 270.9 0.08 %
Gordon E Rogers dba Stonehouse Motor Inn(#,^)162 Danielson Pike, Foster, RI 02825AccommodationTerm LoanPrime plus 2.75%9/26/203952.0 52.0 61.3 0.02 %
Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out(#,^)308 Kennedy St. NW, Washington, DC 20011Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/23/202416.0 16.0 16.4 0.01 %
F-256
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Ryan Crick and Pamela J. Crick and Crick Enterprises Inc(#,^)3390 W. Andrew Johnson Hwy, Greeneville, TN 37743Repair and MaintenanceTerm LoanPrime plus 2.75%9/17/2039131.9 131.9 155.2 0.05 %
Modern Leather Goods Repair Shop Inc(#,^)2 West 32nd St., Ste 401, New York, NY 10001Repair and MaintenanceTerm LoanPrime plus 2.75%9/17/202432.3 32.3 33.1 0.01 %
Animal Intrusion Prevention Systems Holding Company, LLC(#,^)3330 N Beach St., Fort Worth, TX 76111Administrative and Support ServicesTerm LoanPrime plus 2.75%9/15/2024166.7 166.7 172.5 0.05 %
Tavern Properties LLC and Wildwood Tavern LLC(#,^)6480 West Touhy Ave, Niles, IL 60714Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/15/2039387.5 387.5 455.0 0.14 %
Indy East Smiles Youth Dentistry LLC dba Prime Smile East(#,^)5430 E. Washington St., Indianapolis, IN 46219Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/11/2024357.3 357.3 366.9 0.11 %
B&P Diners LLC dba Engine House Restaurant(#,^)71 Lafayette St., Unit 1, Salem, MA 01970Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/10/202445.4 45.4 46.5 0.01 %
Lamjam LLC, Goldsmith Lambros Inc(#)7137 Little River Turnpike, Annandale, VA 22003Clothing and Clothing Accessories StoresTerm LoanPrime plus 2.75%8/27/202480.4 80.4 84.0 0.03 %
Atlas Auto Body Inc dba Atlas Auto Sales(#,^)20 Providence St., West Warwick, RI 02893Repair and MaintenanceTerm LoanPrime plus 2.75%8/22/203946.5 46.5 54.5 0.02 %
Katie Senior Care LLC dba Home Instead Senior Care(#,^)222E Eufaula St Ste 220, Norman, OK 73069Social AssistanceTerm LoanPrime plus 2.75%8/15/202459.6 59.6 61.2 0.02 %
Alpha Preparatory Academy LLC(#,^)4462 Mink Livsey Rd, Snellville, GA 30039Social AssistanceTerm LoanPrime plus 2.75%8/15/2039131.5 131.5 154.8 0.05 %
Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook(#,^)10463 Hamer Rd, Georgetown, OH 45121Motor Vehicle and Parts DealersTerm Loan6%8/8/2039128.7 128.7 123.1 0.04 %
Almost Home Property LLC and Almost Home Daycare LLC(#,^)35 Copps Hill Rd, Ridgefield, CT 06877Social AssistanceTerm LoanPrime plus 2.75%8/7/2039674.2 674.2 792.5 0.25 %
iFood, Inc. dba Steak N Shake(#,^)5900 Duraleigh Rd, Raleigh, NC 27612Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/31/2024216.6 216.6 225.0 0.07 %
575 Columbus Avenue Holding Company, LLC and LA-ZE LLC(#,^)575 Columbus Ave, New Haven, CT 06519Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/30/203918.5 18.5 21.8 0.01 %
Honeyspot Investors LLP and Pace Motor Lines Inc(#,^)1425 Honeyspot Rd Ext., Stratford, CT 06615Truck TransportationTerm LoanPrime plus 2.75%7/24/2039134.9 134.9 158.7 0.05 %
Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC(#,^)15 Stonebridge, Cranston, RI 02921Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/17/203988.2 88.2 103.6 0.03 %
Honeyspot Investors LLP and Pace Motor Lines Inc(#,^)1425 Honeyspot Rd Ext., Stratford, CT 06615Truck TransportationTerm LoanPrime plus 2.75%6/30/2039786.8 786.8 932.7 0.29 %
iFood, Inc. dba Steak N Shake(#,^)2840 E Millbrook Rd, Raleigh, NC 27604Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/30/2039566.8 566.8 669.7 0.21 %
F-257
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP(#,^)4920 Lincoln Ave Rte 53, Lisle, IL 60532Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/30/202453.7 53.7 56.3 0.02 %
AMG Holding, LLC and Stetson Automotive, Inc(#,^)309 Route 9, Waretown, NJ 08758Repair and MaintenanceTerm LoanPrime plus 2.75%6/30/2039187.0 187.0 221.7 0.07 %
JPM Investments LLC and Carolina Family Foot Care P.A.(#)122 N. Main St., Fuquay Varina, NC 27526Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/26/2039128.4 128.4 151.8 0.05 %
Zinger Hardware and General Merchant Inc(#)4001 N Lamar Blvd Ste 300, Austin, TX 78756Building Material and Garden Equipment and Supplies DealersTerm Loan7.25%6/26/202441.1 41.1 40.5 0.01 %
Nikobella Properties LLC and JPO Inc dba Village Car Wash(#)1372 South US Route 12, Fox Lake, IL 60020Repair and MaintenanceTerm LoanPrime plus 2.75%6/25/2039444.1 444.1 525.1 0.16 %
Big Sky Plaza LLC and Strickland, Incorporated(#,^)1313 West Park St. #1, Livingston, MT 59047Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%6/20/2039209.6 209.6 247.9 0.08 %
Sico & Walsh Insurance Agency Inc and The AMS Trust(#)106 Concord Ave, Belmont, MA 02478Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%6/6/203984.9 84.9 100.5 0.03 %
Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel(#,^)15637 St Clair Ave, Cleveland, OH 44110Food and Beverage StoresTerm LoanPrime plus 2.75%6/3/20249.0 9.0 9.3 — %
Long Island Barber Institute Inc(#,^)266 Greenwich St., Hempstead, NY 11550Educational ServicesTerm LoanPrime plus 2.75%6/2/203949.8 49.8 58.9 0.02 %
Pocono Coated Products, LLC(#,^)100 Sweetree St., Cherryville, NC 28021Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%5/30/202412.0 12.0 12.5 — %
Jonesboro Health Food Center LLC(#,^)1321 Stone St., Jonesboro, AR 72401Health and Personal Care StoresTerm LoanPrime plus 2.75%5/27/202434.0 34.0 35.3 0.01 %
Hae M. and Jin S. Park dba Buford Car Wash(#,^)1163 Buford Hwy, Sugar Hill, GA 30518Repair and MaintenanceTerm LoanPrime plus 2.75%5/15/2039148.4 148.4 175.3 0.05 %
The River Beas LLC and Punam Singh(#,^)11704 Centurion Way, Potomac, MD 20854Food Services and Drinking PlacesTerm LoanPrime plus 2.75%5/8/203981.0 81.0 95.8 0.03 %
AS Boyals LLC dba Towne Liquors(#,^)117 South Broad St., Woodbury City, NJ 08096Food and Beverage StoresTerm LoanPrime plus 2.75%4/29/203997.3 97.3 115.2 0.04 %
Gerami Realty, LC, Sherrill Universal City Corral, LP(#,^)2301 Pat Booker Rd, Universal City, TX 78148Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/23/202753.0 53.0 57.0 0.02 %
Complete Body & Paint, Inc.(#,^)32220 Michigan Ave, Wayne, MI 48184Repair and MaintenanceTerm LoanPrime plus 2.75%4/23/203918.6 18.6 22.0 0.01 %
Island Wide Realty LLC and Long Island Partners, Inc.(#,^)201-203-205 West Merrick Rd, Valley Stream, NY 11580Real EstateTerm LoanPrime plus 2.75%4/22/203992.8 92.8 109.8 0.03 %
Wilshire Media Systems Inc(#,^)2649 Townsgate Rd #500, Westlake Village, CA 91361Specialty Trade ContractorsTerm LoanPrime plus 2.75%4/17/202496.9 96.9 100.8 0.03 %
F-258
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC(#,^)1899 State Route 35, South Amboy, NJ 08879Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/9/2039100.2 100.2 118.6 0.04 %
Dantanna's Tavern LLC(#,^)6615 Roswell Rd NE #30, Sandy Springs, GA 30328Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/30/202487.4 87.4 91.3 0.03 %
Little People's Village II LLC and Iliopoulos Realty LLC(#,^)6522 Haverford Ave, Philadelphia, PA 19151Social AssistanceTerm LoanPrime plus 2.75%3/31/203982.6 82.6 97.5 0.03 %
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC(#,^)4401 N I-35 #113, Denton, TX 76207Truck TransportationTerm LoanPrime plus 2.75%3/31/2024365.0 365.0 381.5 0.12 %
Little People's Village II LLC and Iliopoulos Realty LLC(#,^)6522 Haverford Ave, Philadelphia, PA 19151Social AssistanceTerm LoanPrime plus 2.75%3/31/203991.1 91.1 107.6 0.03 %
Kemmer, LLC and Pitts Package Store, Inc.(#,^)201 S. Main St., Salem, IN 47167Food and Beverage StoresTerm LoanPrime plus 2.75%3/31/2039105.3 105.3 124.2 0.04 %
Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle(#,^)16701 E. Iliff Ave, Aurora, CO 80013Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%3/31/2039400.6 400.6 473.9 0.15 %
636 South Center Holdings, LLC and New Mansfield Brass and Aluminum(#)636 South Center St., New Washington, OH 44854Primary Metal ManufacturingTerm LoanPrime plus 2.75%3/20/203971.8 71.8 84.8 0.03 %
Cormac Enterprises and Wyoming Valley Beverage Incorporated(#,^)63 S Wyoming Ave, Edwardsville, PA 18704Food and Beverage StoresTerm LoanPrime plus 2.75%3/20/203998.9 98.9 116.8 0.04 %
Kinisi, Inc. dba The River North UPS Store(#,^)301 West Grand Ave, Chicago, IL 60654Administrative and Support ServicesTerm LoanPrime plus 2.75%3/18/20245.8 5.8 6.0 — %
Tortilla King, Inc.(#,^)249 23rd Ave, Moundridge, KS 67107Food ManufacturingTerm LoanPrime plus 2.75%3/14/2029770.6 770.6 840.4 0.26 %
Tortilla King Inc.(#,^)249 23rd Ave, Moundridge, KS 67107Food ManufacturingTerm LoanPrime plus 2.75%3/14/203941.3 41.3 48.8 0.02 %
R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern(#,^)3111 & 3135 Delsea Drive, Franklinville, NJ 08322Food and Beverage StoresTerm LoanPrime plus 2.75%2/28/2039371.8 371.8 438.7 0.14 %
Faith Memorial Chapel LLC(#,^)600 9th Ave North, Bessemer, AL 35020Personal and Laundry ServicesTerm LoanPrime plus 2.75%2/28/2039190.8 190.8 225.0 0.07 %
952 Boston Post Road Realty, LLC and HNA LLC dba Styles International(#,^)952 Boston Post Rd, Milford, CT 06460Personal and Laundry ServicesTerm LoanPrime plus 2.75%2/28/2039184.2 184.2 217.3 0.07 %
Summit Beverage Group LLC(#,^)211 Washington Ave, Marion, VA 24354Beverage and Tobacco Product ManufacturingTerm LoanPrime plus 2.75%2/28/2024177.7 177.7 185.2 0.06 %
96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki(#,^)96 Mill St., Berlin, CT 06037Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/12/2039126.8 126.8 149.8 0.05 %
F-259
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
JWB Industries, Inc. dba Carteret Die Casting(#,^)74 Veronica Ave, Somerset, NJ 08875Primary Metal ManufacturingTerm LoanPrime plus 2.75%2/11/2024141.9 141.9 147.3 0.05 %
986 Dixwell Avenue Holding Company, LLC and Mughali Foods, LLC(#,^)986 Dixwell Ave, Hamden, CT 06510Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/7/203988.6 88.6 104.6 0.03 %
Sarah Sibadan dba Sibadan Agency(#,^)102-05 101st Ave, Ozone Park, NY 11416Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%1/27/2039114.9 114.9 135.7 0.04 %
Icore Enterprises Inc dba Air Flow Filters Inc(#,^)151 W 24th St, Hialeah, FL 33010Miscellaneous ManufacturingTerm LoanPrime plus 2.75%1/15/202410.8 10.8 11.3 — %
Nutmeg North Associates LLC, Steeltech Building Products Inc(#,^)636 Nutmeg Rd North, South Windsor, CT 06074Construction of BuildingsTerm LoanPrime plus 2.75%12/31/2038812.1 812.1 957.6 0.30 %
KK International Trading Corporation(#,^)219 Lafayette Drive, Syosset, NY 11791Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%12/23/2028136.4 136.4 148.7 0.05 %
Kurtis Sniezek dba Wolfe's Foreign Auto(#,^)712 5th St., New Brighton, PA 15066Repair and MaintenanceTerm LoanPrime plus 2.75%12/20/203878.7 78.7 92.9 0.03 %
TAK Properties LLC and Kinderland Inc(#,^)1157 Commerce Ave, Longview, WA 98632Social AssistanceTerm LoanPrime plus 2.75%12/18/2038359.0 359.0 422.8 0.13 %
TOL LLC dba Wild Birds Unlimited(#,^)320 W. Main St., Avon, CT 06001Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%12/13/20239.1 9.1 9.4 — %
920 CHR Realty LLC, V. Garofalo Carting Inc(#,^)920 Crooked Hill, Brentwood, NY 11717Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%12/10/2038370.3 370.3 436.8 0.14 %
DKB Transport Corp(#,^)555 Water Works Rd, Old Bridge, NJ 08857Truck TransportationTerm LoanPrime plus 2.75%12/5/2038123.0 123.0 145.0 0.05 %
Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle(#,^)1455 S Richland Creek Rd, Sugar HIll, GA 30518Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/3/203892.4 92.4 108.6 0.03 %
Spectrum Development LLC and Solvit Inc & Solvit North, Inc(#,^)65 Farmington Valley Drive, Plainville, CT 06062Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/2/2023190.0 190.0 196.9 0.06 %
BVIP Limousine Service LTD(#,^)887 W Liberty, Medina, OH 44256Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%11/27/203867.6 67.6 79.7 0.02 %
AcuCall LLC(#,^)824 U.S Hwy 1, Ste 335, North Palm Beach, FL 33408Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%11/21/20237.4 7.4 7.6 — %
Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL(#,^)3039-3043 Hedley, Springfield, IL 62704Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%11/18/202322.3 22.3 23.1 0.01 %
Yousef Khatib dba Y&M Enterprises(#,^)671 E. Cooley Drive, Unit 114, Colton, CA 92324Wholesale Electronic Markets and Agents and BrokersTerm LoanPrime plus 2.75%11/15/202336.0 36.0 37.3 0.01 %
Howell Gun Works LLC(#,^)2446 Route 9, Howell, NJ 07731Sporting Goods, Hobby, Musical Instrument, and Book StoresTerm LoanPrime plus 2.75%11/14/20232.2 2.2 2.3 — %
F-260
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Polpo Realty, LLC, Polpo Restaurant, LLC(#,^)554 Old Post Rd #3, Greenwich, CT 06830Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/6/203855.6 55.6 65.6 0.02 %
1 North Restaurant Corp dba 1 North Steakhouse(#,^)322 W. Montauk Hwy, Hampton Bays, NY 11946Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/31/2038187.7 187.7 221.4 0.07 %
Master CNC Inc & Master Properties LLC(#,^)11825 29 Mile Rd, Washington, MI 48095Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%10/31/2038526.2 526.2 619.0 0.19 %
Janice B. McShan and The Metropolitan Day School, LLC(#,^)2817 Lomb Ave, Birmingham, AL 35208Social AssistanceTerm LoanPrime plus 2.75%10/31/202320.5 20.5 21.3 0.01 %
Mid-Land Sheet Metal Inc(#,^)125 E Fesler St., Santa Maria, CA 93454Specialty Trade ContractorsTerm LoanPrime plus 2.75%10/31/2038121.4 121.4 143.1 0.04 %
Greenbrier Technical Services, Inc(#,^)407 E. Edgar Ave, Ronceverte, WV 24970Repair and MaintenanceTerm LoanPrime plus 2.75%10/24/202397.2 97.2 101.0 0.03 %
Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd(#,^)77 Mill Rd, Freeport, NY 11520Specialty Trade ContractorsTerm LoanPrime plus 2.75%10/24/2038130.7 130.7 154.1 0.05 %
First Steps Real Estate Company, LLC and First Steps Preschool(#,^)104 McCoy St., Milford, DE 19963Social AssistanceTerm LoanPrime plus 2.75%9/30/203885.8 85.8 101.0 0.03 %
Cencon Properties LLC and Central Connecticut Warehousing Company(#,^)37 Commons Court, Waterbury, CT 06704Warehousing and StorageTerm LoanPrime plus 2.75%9/30/2038303.4 303.4 357.9 0.11 %
Discount Wheel and Tire of Broken Bow Inc(#,^)1202 S Park Drive, Broken Bow, OK 74728Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%9/30/2038196.7 196.7 231.7 0.07 %
Lenoir Business Partners LLC LP Industries, Inc dba Childforms(#,^)2040 Norwood, Lenoir, NC 28645Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%9/30/2038260.1 260.1 306.6 0.10 %
LP Industries, Inc dba Childforms(#,^)110 Charleston Dr. Ste 105, Morresville, NC 28117Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%9/30/2038106.0 106.0 125.0 0.04 %
Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC(#,^)12150 Annapolis Rd, Ste 301, Glenn Dale, MD 20769Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/27/2038294.6 294.6 347.2 0.11 %
Gabrielle Realty, LLC(#,^)242 Sheep Davis Rd, Concord, NH 03301Gasoline StationsTerm LoanPrime plus 2.75%9/27/2038666.2 666.2 784.2 0.24 %
Eastside Soccer Dome, Inc .(#,^)11919 S Ave O, Chicago, IL 60617Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/26/2038407.8 407.8 481.0 0.15 %
Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral(#,^)17 Pearl St., Mystic, CT 06355Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/26/203887.9 87.9 103.7 0.03 %
Southeast Chicago Soccer, Inc.(#,^)10232 S Ave N, Chicago, IL 60617Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/26/203845.0 45.0 53.1 0.02 %
Kiddie Steps 4 You Inc.(#,^)1700 West 63rd St., Chicago, IL 60636Social AssistanceTerm LoanPrime plus 2.75%9/25/203880.0 80.0 93.9 0.03 %
Diamond Memorials Incorporated(#,^)800 Broad St., Clifton, NJ 07013Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/25/20232.7 2.7 2.8 — %
F-261
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta(#,^)11585 Jones Bridge Rd, Ste 4G, Johns Creek, GA 30022Educational ServicesTerm LoanPrime plus 2.75%9/20/202321.5 21.5 22.2 0.01 %
Faith Memorial Chapel LLC(#,^)600 9th Ave N, Bessemer, AL 35020Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/20/2038236.1 236.1 277.5 0.09 %
Maynard Enterprises Inc dba Fastsigns of Texarkana(#,^)3735 Mall Drive, Texarkana, TX 75501Miscellaneous Store RetailersTerm LoanPrime plus 2.75%9/18/20237.5 7.5 7.8 — %
Grafio Inc dba Omega Learning Center-Acworth(#,^)5330 Brookstone Drive, Ste 320, Acworth, GA 30101Educational ServicesTerm LoanPrime plus 2.75%9/13/202376.7 76.7 79.3 0.02 %
The Berlerro Group, LLC dba Sky Zone(#,^)111 Rodeo Drive, Edgewood, NY 11717Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/12/2023199.3 199.3 206.0 0.06 %
Sound Manufacturing Inc(#,^)51 Donnelley Rd, Old Saybrook, CT 06475Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/12/202838.4 38.4 41.7 0.01 %
Prospect Kids Academy Inc(#,^)532 St Johns Place, Brooklyn, NY 11238Educational ServicesTerm LoanPrime plus 2.75%9/11/2038109.3 109.3 128.6 0.04 %
Alma J. and William R. Walton and Almas Child Day Care Center(#,^)2909 W 63rd St., Chicago, IL 60629Social AssistanceTerm Loan8%9/11/203835.1 35.1 33.6 0.01 %
B for Brunette dba Blo(#,^)50 Glen Cove Rd, Greenvale, NY 11548Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/10/202325.0 25.0 25.8 0.01 %
Schmaltz Holdings, LLC and Schmaltz Operations, LLC(#,^)3408 Castle Rock Farm Rd, Pittsboro, NC 27312Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/4/2038195.9 195.9 230.0 0.07 %
IlOKA Inc dba Microtech Tel and NewCloud Networks(#,^)160 Inverness Dr W Ste 100, Englewood, CO 80112Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/30/2023294.8 294.8 304.8 0.09 %
ACI Northwest Inc.(#,^)6600 N Government Way, Coeur D Alene, ID 83815Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%8/30/2023245.8 245.8 254.9 0.08 %
Gulfport Academy Child Care and Learning Center, Inc. and Jennifer(#,^)15150 Evans St., Gulfport, MS 39503Social AssistanceTerm LoanPrime plus 2.75%8/30/202319.6 19.6 20.3 0.01 %
Ramard Inc and Advanced Health Sciences Inc(#,^)4561 Ironworks Pike, Ste 161, Lexington, KY 40511Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%8/28/202385.1 85.1 87.7 0.03 %
RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins(#,^)1815 De Paul St., Colorado Springs, CO 80909Nonstore RetailersTerm LoanPrime plus 2.75%8/26/202336.4 36.4 37.7 0.01 %
JSIL LLC dba Blackstones Hairdressing(#,^)19 East 7th St., New York, NY 10003Personal and Laundry ServicesTerm LoanPrime plus 2.75%8/16/20238.7 8.7 9.0 — %
Caribbean Concepts, Inc. dba Quick Bleach(#,^)120 East 56th St., Ste 730, New York, NY 10022Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%8/12/202310.1 10.1 10.5 — %
Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC(#,^)38 Carmen Lane, Monroe, CT 06468Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%7/24/20235.3 5.3 5.5 — %
Angkor Restaurant Inc(#,^)10 Traverse St., Providence, RI 02903Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/19/203881.4 81.4 95.9 0.03 %
F-262
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Tri County Heating and Cooling Inc.(#,^)509 East Park St., Livingston, MT 59047Specialty Trade ContractorsTerm LoanPrime plus 2.75%7/19/202339.1 39.1 40.5 0.01 %
Harbor Ventilation Inc and Estes Investment, LLC(#,^)509 East Park St., Livingston, MT 59047Specialty Trade ContractorsTerm LoanPrime plus 2.75%7/19/20382.1 2.1 2.4 — %
Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC(#,^)1 Poppy Ave, Neptune, NJ 07753Truck TransportationTerm LoanPrime plus 2.75%7/17/202323.9 23.9 24.6 0.01 %
Maxiflex LLC(#,^)512 Verret St., New Orleans, LA 70114Miscellaneous ManufacturingTerm LoanPrime plus 2.75%6/28/202319.5 19.5 20.2 0.01 %
GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat(#,^)411 Sharp St., Millville, NJ 08332Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/28/203885.0 85.0 100.5 0.03 %
2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc.(#,^)2141 P Ave, Williamsburg, IA 52361Truck TransportationTerm LoanPrime plus 2.75%6/19/2026398.3 398.3 425.4 0.13 %
Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services(#,^)200 North Branford Rd, Branford, CT 06405Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%6/18/2028601.8 601.8 654.9 0.20 %
KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc(#,^)24 Elm St., Montpelier, VT 05602Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%6/14/2023149.7 149.7 155.0 0.05 %
Elite Structures Inc(#,^)401 Old Quitman Rd, Adel, GA 31620Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%6/12/2038777.1 777.1 916.8 0.28 %
Absolute Desire LLC and Mark H. Szierer Sophisticated Smile(#,^)85 Reaville Ave, Flemington, NJ 08822Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/5/2038164.7 164.7 194.3 0.06 %
Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD(#,^)4640 Monticello Ave, Ste 8A, Williamsburg, VA 23188Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%5/28/202326.7 26.7 27.7 0.01 %
Ryan D. Thornton and Thornton & Associates LLC(#,^)800 Bethel St., Ste 200, Honolulu, HI 96813Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%5/24/202321.3 21.3 22.1 0.01 %
Peanut Butter & Co., Inc.(#,^)250 West 54th St., New York, NY 10019Food ManufacturingTerm LoanPrime plus 2.75%4/30/202341.5 41.5 42.9 0.01 %
1258 Hartford TPKE, LLC and Phelps and Sons, Inc(#,^)1258 Hartford Turnpike, Vernon, CT 06066Miscellaneous Store RetailersTerm LoanPrime plus 2.75%3/29/2038108.0 108.0 127.4 0.04 %
A & M Commerce, Inc. dba Cranberry Sunoco(#,^)398 Baltimore Blvd, Westminster, MD 21157Gasoline StationsTerm LoanPrime plus 2.75%3/27/2038286.1 286.1 337.0 0.10 %
Xela Pack, Inc. and Aliseo and Catherine Gentile(#,^)8300 Boettner Rd, Saline, MI 48176Paper ManufacturingTerm LoanPrime plus 2.75%3/27/2028187.9 187.9 204.1 0.06 %
American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center(#,^)3937 Sherman Ave, Saint Joseph, MO 64506Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/25/2038465.9 465.9 548.7 0.17 %
Michael A.and HeatherR. Welsch dba Art & FrameEtc.(#,^)2819 West T C Jester Blvd., Houston, TX 77018Miscellaneous Store RetailersTerm LoanPrime plus 2.75%3/22/203858.5 58.5 68.9 0.02 %
F-263
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Truth Technologies Inc dba Truth Technologies Inc.(#,^)2341 Cheshire Lane, Naples, FL 34109Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/21/202335.2 35.2 36.3 0.01 %
Sound Manufacturing, Inc. and Monster Power Equipment Inc.(#,^)51 Donnelley Rd, Old Saybrook, CT 06475Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%3/15/2023199.4 199.4 206.1 0.06 %
Golden Gate Lodging LLC(#,^)432 Margaret St.,, Plattsburgh, NY 12901AccommodationTerm LoanPrime plus 2.75%3/12/203899.7 99.7 117.5 0.04 %
Bakhtar Group LLC dba Malmaison(#,^)3401 K St. NW, Washington, DC 20007Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/28/202338.2 38.2 39.4 0.01 %
Osceola River Mill, LLC, Ironman Machine, Inc.(#,^)27 Hungerford St., Pittsfield, MA 01201Machinery ManufacturingTerm LoanPrime plus 2.75%2/20/203874.6 74.6 87.8 0.03 %
Java Warung, LLC(#,^)1915 N Richmond St., Appleton, WI 54911Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/19/203844.2 44.2 52.0 0.02 %
Retain Loyalty LLC(#,^)1250 Sanders Ave SW, Massillon, OH 44647Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%2/15/203893.7 93.7 110.4 0.03 %
North Country Transport, LLC(#,^)10 LaCrosse St., Ste 14, Hudson Falls, NY 12839Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%2/6/20236.1 6.1 6.3 — %
Sherill Universal City dba Golden Corral LP(#,^)2301 Pat Booker Rd, Universal City, TX 78148Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/28/2038381.4 381.4 449.4 0.14 %
Macho LLC, Madelaine Chocolate Novelties Inc(#,^)96-03 Beach Channel Drive, Rockaway Beach, NY 11693Food ManufacturingTerm LoanPrime plus 2.75%12/31/2037432.4 432.4 509.5 0.16 %
Babie Bunnie Enterprises Inc dba Triangle Mothercare(#,^)8516 Swarthmore Drive, Raleigh, NC 27615Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/28/202727.5 27.5 29.8 0.01 %
Polpo Realty LLC & Polpo Restaurant LLC(#,^)554 Old Post Rd #3, Greenwich, CT 06830Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/27/2037450.8 450.8 531.2 0.16 %
Martin L Hopp, MD PHD A Medical Corp dba Tower ENT(#,^)8631 West Third St, 440 E &, Los Angeles, CA 90048Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/21/202225.1 25.1 25.9 0.01 %
Cheryle A Baptiste and Cheryle Baptiste DDS PLLC(#,^)4839 Wisconsin Ave NW Ste 2, Washington, DC 20016Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%11/30/2037251.6 251.6 295.9 0.09 %
Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC(#,^)38 Carmen Lane, Monroe, CT 06468Support Activities for Agriculture and ForestryTerm LoanPrime plus 2.75%11/28/2037196.5 196.5 231.1 0.07 %
Richmond Hill Mini Market, LLC(#,^)101 Richmond Hill Ave, Stamford, CT 06902Food and Beverage StoresTerm LoanPrime plus 2.75%11/27/2037158.9 158.9 186.8 0.06 %
D&L Rescources, Inc. dba The UPS Store(#,^)8930 State Rd # 84, Davie, FL 33324Miscellaneous Store RetailersTerm LoanPrime plus 2.75%11/27/20223.6 3.6 3.7 — %
DRV Enterprise, Inc. dba Cici's Pizza # 339(#,^)5771 East Fowler Ave, Temple Terrace, FL 33617Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/26/202222.5 22.5 23.1 0.01 %
U & A Food and Fuel, Inc. dba Express Gas & Food Mart(#,^)1345 Wampanoag Trail, East Providence, RI 02915Gasoline StationsTerm LoanPrime plus 2.75%11/21/203782.6 82.6 97.2 0.03 %
F-264
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Pioneer Windows Manufacturing Corp, Pioneer Windows(#,^)15 Frederick Place, Hicksville, NY 11801Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%11/21/2022100.5 100.5 103.5 0.03 %
R & J Petroleum LLC, Manar USA, Inc.(#,^)305 Quincy Shore Drive, Quincy, MA 02107Gasoline StationsTerm LoanPrime plus 2.75%11/20/2037154.4 154.4 181.6 0.06 %
St Judes Physical Therapy P.C.(#,^)7712 Fourth Ave, Brooklyn, NY 11209Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%11/19/20227.7 7.7 7.9 — %
Hi-Def Imaging, Inc. dba SpeedPro Imaging(#,^)3580 Progress Drive, Unit Q, Bensalem, PA 19020Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%11/9/20228.2 8.2 8.5 — %
Reidville Hydraulics Mfg Inc dba Summit(#,^)175 Industrial Lane, Torrington, CT 06790Machinery ManufacturingTerm LoanPrime plus 2.75%11/2/2037228.3 228.3 268.3 0.08 %
Big Apple Entertainment Partners, LLC d/b/a Ripley's Believe It or Not(#,^)234 West 42nd St., New York, NY 10036Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%10/26/202266.6 66.6 68.6 0.02 %
University Park Retreat, LLC dba Massage Heights(#,^)5275 University Parkway # 110, Bradenton, FL 34201Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/27/202226.7 26.7 27.5 0.01 %
O'Rourkes Diner LLC dba O'Rourke's Diner(#,^)728 Main St., Middletown, CT 06457Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/19/203755.9 55.9 65.6 0.02 %
AJK Enterprise LLC dba AJK Enterprise LLC(#)1901 Naylor Rd, SE, Washington, DC 20020Truck TransportationTerm LoanPrime plus 2.75%8/27/20225.5 5.5 5.6 — %
Suncoast Aluminum Furniture, Inc(#,^)6291 Thomas Rd, Fort Myers, FL 33912Furniture and Related Product ManufacturingTerm LoanPrime plus 2.75%8/17/2037306.7 306.7 360.1 0.11 %
Hofgard & Co., Inc. dba HofgardBenefits(#,^)400 S McCaslin Blvd Ste 201, Louisville, CO 80027Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%7/27/202235.7 35.7 36.6 0.01 %
Georgia Safe Sidewalks LLC(#,^)1740 Wheatstone Drive, Grayson, GA 30017Specialty Trade ContractorsTerm LoanPrime plus 2.75%7/27/20224.9 4.9 5.1 — %
Central Tire, Inc. dba Cooper Tire & Auto Services(#,^)1111 S Tillotson Ave, Muncie, IN 47304Repair and MaintenanceTerm LoanPrime plus 2.75%6/29/2037244.1 244.1 286.9 0.09 %
KIND-ER-ZZ Inc dba Kidville(#,^)30 Maple St., Summit, NJ 07901Educational ServicesTerm LoanPrime plus 2.75%6/15/202216.0 16.0 16.4 0.01 %
Graphish Studio, Inc. and Scott Fishoff(#,^)231 Main St., Stanford, CT 06901Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/14/20226.4 6.4 6.6 — %
ALF, LLC, Mulit-Service Eagle Tires(#,^)1985 B St., Colorado Springs, CO 80906Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%5/31/203753.1 53.1 62.2 0.02 %
Tracey Vita-Morris dba Tracey Vita's School of Dance(#,^)4181 9th Ave West, Bradenton, FL 34025Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%5/10/20227.1 7.1 7.2 — %
Tanner Optical, Inc. dba Murphy Eye Care(#,^)305 Shirley Ave, Douglas, GA 31533Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%4/27/20222.4 2.4 2.5 — %
Access Staffing, LLC(#,^)360 Lexington Ave, 8th Fl, New York, NY 10017Administrative and Support ServicesTerm LoanPrime plus 2.75%3/30/202259.1 59.1 60.5 0.02 %
Manuel P. Barrera and Accura Electrical Contractor, Inc.(#,^)6187 NW 167th St. Unit H3, Miami, FL 33015Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/23/202866.7 66.7 72.4 0.02 %
F-265
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
DC Realty, LLC dba FOGO Data Centers(#)340 Tom Reeve Drive, Carrolton, GA 30117Professional, Scientific, and Technical ServicesTerm Loan6.25%3/23/2022449.7 449.7 445.3 0.14 %
DC Realty, LLC dba FOGO Data Centers(#)340 Tom Reeve Drive, Carrolton, GA 30117Professional, Scientific, and Technical ServicesTerm Loan6%3/23/20372,623.4 2,623.4 2,519.4 0.78 %
Shweiki Media, Inc. dba Study Breaks Magazine(#,^)4954 Space Center Drive, San Antonio, TX 78218Publishing Industries (except Internet)Term LoanPrime plus 2.75%3/22/2027724.9 724.9 780.1 0.24 %
ATI Jet, Inc.(#)7007 Boeing Drive, El Paso, TX 79925Air TransportationTerm LoanPrime plus 2.75%12/28/2026532.8 532.8 572.0 0.18 %
J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company(#,^)2900 South 20th St., Philadelphia, PA 19145Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%12/22/2036343.8 343.8 401.9 0.12 %
K's Salon, LLC d/b/a K's Salon(#,^)162 West 84th St., New York, NY 10024Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/20/202119.5 19.5 19.9 0.01 %
15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs(#,^)15 Frederick Place, Hicksville, NY 11801Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%12/16/202163.7 63.7 65.0 0.02 %
Taylor Transport, Inc(#,^)1708 HWY 113 SW, CARTERSVILLE, GA 30120Truck TransportationTerm LoanPrime plus 2.75%12/8/202164.2 64.2 65.6 0.02 %
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc(#)325 N. Milwaukee Ave, Ste G1, Wheeling, IL 60090Publishing Industries (except Internet)Term LoanPrime plus 2.75%10/26/202117.1 17.1 17.5 0.01 %
28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma(#,^)28-28 1/2 Cornelia St., New York, NY 10014Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/25/20215.3 5.3 5.4 — %
39581 Garfield, LLC and Tri County Neurological Associates, P.C.(#,^)39581 Garfield Rd, Clinton Township, MI 48038Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/30/203668.3 68.3 79.8 0.02 %
Robert E. Caves, Sr. and American Plank dba Caves Enterprises(#,^)40515 Pumpkin Center Rd, Hammond, LA 70403Merchant Wholesalers, Durable GoodsTerm LoanPrime plus 2.75%9/30/202169.0 69.0 70.5 0.02 %
39581 Garfield, LLC and Tricounty Neurological Associates, P.C.(#,^)39581 Garfield Rd, Clinton Township, MI 48038Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%9/30/203623.2 23.2 27.1 0.01 %
Big Apple Entertainment Partners, LLC dba Ripley's Believe it or Not(#,^)234 West 42nd St., New York, NY 10036Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%9/28/2021239.7 239.7 244.1 0.08 %
Michael S. Decker & Janet Decker dba The Hen House Cafe(#)401 Caribou St., Simla, CO 80835Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/30/203613.8 13.8 16.2 0.01 %
Trademark Equipment Company Inc and David A. Daniel(#,^)5690 Pine Lane Circle, Bessemer, AL 35022Miscellaneous Store RetailersTerm LoanPrime plus 2.75%8/19/2036109.9 109.9 128.3 0.04 %
Valiev Ballet Academy, Inc(#,^)635 - 637 Londonderry Lane, Denton, TX 76205Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%8/12/203634.9 34.9 40.7 0.01 %
F-266
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
LaHoBa, LLC d/b/a Papa John's(#,^)3001 Pontchartrain Drive, Slidell, LA 70458Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/3/203663.3 63.3 73.9 0.02 %
Lavertue Properties LLP dba Lavertue Properties(#,^)24 Wakefield St., Rochester, NH 13867Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 2.75%6/29/203636.7 36.7 42.9 0.01 %
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP(#,^)4920 Lincoln Ave Rte 53, Lisle, IL 60532Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/29/2036287.3 287.3 335.4 0.10 %
Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co.(#,^)1790 Broadway Ste 716, New York, NY 10019Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%6/3/20218.9 8.9 9.0 — %
Modern on the Mile, LLC dba Ligne Roset(#,^)162 N. 3rd St., Philadelphia, PA 19106Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%5/25/202139.0 39.0 39.7 0.01 %
Profile Performance, Inc. and Eidak Real Estate, L.L.C.(#,^)44600 Michigan Ave, Canton, MI 48188Repair and MaintenanceTerm LoanPrime plus 2.75%4/20/2036103.5 103.5 120.7 0.04 %
Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store(#,^)2267 Fernberg Trail, Ely, MN 55731Nonstore RetailersTerm LoanPrime plus 2.75%4/18/2036113.8 113.8 132.7 0.04 %
Michael S. Korfe dba North Valley Auto Repair(#,^)7516 B 2nd St., NW, Albuquerque, NM 87107Repair and MaintenanceTerm LoanPrime plus 2.75%3/24/203612.5 12.5 14.6 — %
Actknowledge,Inc dba Actknowledge(#,^)365 Fifth Ave, New York, NY 10016Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/21/20219.9 9.9 10.1 — %
Stephen Frank, Patricia Frank and Suds Express LLC(#,^)520 E. 8th St., Anderson, IN 46012Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%2/25/202320.6 20.6 21.3 0.01 %
SuzyQue’s LLC dba Suzy Que’s(#,^)34 South Valley Rd, West Orange, NJ 07052Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/11/203649.4 49.4 57.4 0.02 %
Little People’s Village, LLC dba Little People’s Village(#,^)904 North 66th St., Philadelphia, PA 19151Social AssistanceTerm LoanPrime plus 2.75%1/31/203625.0 25.0 29.1 0.01 %
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc.(#,^)64-68 North Central Ave, Valley Stream, NY 11580Support Activities for TransportationTerm LoanPrime plus 2.75%1/28/203691.3 91.3 106.2 0.03 %
Shree OM Lodging, LLC dba Royal Inn(#,^)2030 W Northwest Hwy, Dallas, TX 75220AccommodationTerm LoanPrime plus 2.75%12/17/203522.2 22.2 25.8 0.01 %
Lodin Medical Imaging, LLC dba Watson Imaging Center(#,^)3915 Watson Rd, St. Louis, MO 63109Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/1/20209.2 9.2 9.3 — %
Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center(#,^)2879 Limekiln Pike, Glenside, PA 19038Repair and MaintenanceTerm LoanPrime plus 2.75%11/30/203527.2 27.2 31.6 0.01 %
Elan Realty, LLC and Albert Basse Asociates, Inc.(#,^)175 Campanelli Park Way, Stroughton, MA 02072Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%9/30/2035180.6 180.6 209.6 0.07 %
K9 Bytes, Inc & Epazz, Inc(#)325 N. Milwaukee Ave, Ste G1, Wheeling, IL 60090Publishing Industries (except Internet)Term LoanPrime plus 2.75%9/30/20202.8 2.8 2.8 — %
F-267
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Success Express,Inc. dba Success Express(#,^)550 Eighth Ave, New York, NY 10018Couriers and MessengersTerm LoanPrime plus 2.75%9/29/20208.4 8.4 8.5 — %
Modern Manhattan, LLC(#,^)162 N 3rd St., Philadelphia, PA 19106Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%9/20/202022.4 22.4 22.6 0.01 %
Dirk's Trucking, L.L.C. dba Dirk's Trucking(#)1041 John D Hebert Rd, Breaux Bridge, LA 70517Truck TransportationTerm LoanPrime plus 2.75%9/17/20202.3 2.3 2.4 — %
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery(#,^)2320 2nd St., Albuquerque, NM 87107Repair and MaintenanceTerm LoanPrime plus 2.75%9/2/203539.8 39.8 46.1 0.01 %
Newsome Trucking Inc and Kevin Newsome(#,^)2262 HWY 53W, Jasper, GA 30143Truck TransportationTerm LoanPrime plus 2.75%9/2/2035197.5 197.5 228.9 0.07 %
Members Only Software, Inc(#,^)1250 Connecticut Ave NW 200, Washington, DC 20036Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%8/30/20203.6 3.6 3.6 — %
ActKnowledge,Inc dba ActKnowledge(#,^)365 Fifth Ave, New York, NY 10016Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/30/20203.9 3.9 3.9 — %
I-90 RV & Auto Supercenter(#,^)4505 South I-90 Service Rd, Rapid City, SD 57703Motor Vehicle and Parts DealersTerm LoanPrime plus 2.75%6/29/203558.9 58.9 68.3 0.02 %
Zouk, Ltd. dba Palma(#,^)28 Cornelia St., New York, NY 10014Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/25/20202.4 2.4 2.5 — %
Tanner Optical Inc. dba Murphy Eye Care(#,^)305 Shirley Ave, Douglas, GA 31533Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/22/203574.7 74.7 86.3 0.03 %
ValleyStar, Inc. dba BrightStar Healthcare(#)5900 Sepulveda Blvd, Van Nuys, CA 91411Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/28/20200.4 0.4 0.4 — %
New Economic Methods LLC dba Rita's(#)1014 H St. NE, Washington, DC 20002Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/15/20200.2 0.2 0.2 — %
Lahoba,LLC dba Papa John's Pizza(#,^)620 W. Judge Perez Drive, Chalmette, LA 70163Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/30/203433.0 33.0 38.1 0.01 %
Animal Intrusion Prevention Systems Holding Company, LLC(#,^)3330 North Beach St., Haltom City, TX 76111Administrative and Support ServicesTerm LoanPrime plus 2.75%3/29/202420.7 20.7 21.6 0.01 %
KMC RE, LLC & B&B Kennels(#,^)6004 City Park Rd, Austin, TX 78730Personal and Laundry ServicesTerm LoanPrime plus 2.75%11/19/203445.0 45.0 51.9 0.02 %
ROVER REPAIRS(#,^)301 Macdade Blvd, COLLINGDALE, PA 19023Repair and MaintenanceTerm LoanPrime plus 2.5%11/28/202945.5 45.5 49.7 0.02 %
The Alba Financial Group, Inc.(#,^)1420 Spring Hill Rd, McLain, VA 22102Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm Loan6%3/10/20213.8 3.8 3.8 — %
D & D's Divine Beauty School of Esther, LLC(#,^)5524 Germantown Ave, Philadelphia, PA 19144Educational ServicesTerm Loan6%8/1/203144.0 44.0 42.6 0.01 %
Bliss Coffee and Wine Bar, LLC(#)1402-A Handlir Drive, Bel Air, MD 21015Food Services and Drinking PlacesTerm Loan6%11/30/202264.1 64.1 63.3 0.02 %
Zog Inc.(#,^)595 Bethlehem Pike #404, Montgomeryville, PA 18936Other Information ServicesTerm LoanPrime plus 2.75%4/30/202013.6 13.6 13.7 — %
F-268
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
Connect Litigation Technology, Inc.(#,^)1101 Ivy Hill Rd, #4, Philadelphia, PA 19150Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2%10/18/202520.0 20.0 20.8 0.01 %
1911 East Main Street Holdings, Corp(#,^)1911 East Main St., Endicott, NY 13760Repair and MaintenanceTerm LoanPrime plus 2.75%5/18/203210.9 10.9 12.3 — %
Water Works Laundromat, LLC(#)968-970 Bergen St., Newark, NJ 07104Personal and Laundry ServicesTerm LoanPrime plus 2.25%9/7/2027146.4 146.4 155.6 0.05 %
Dave Kris, and MDK Ram Corp.(#,^)15 Elm Park, Groveland, MA 01930Food and Beverage StoresTerm LoanPrime plus 2.75%2/5/202623.9 23.9 25.5 0.01 %
Gill Express Inc. dba American Eagle Truck Wash(#,^)12200 N. Holland, Oklahoma City, OK 73131Repair and MaintenanceTerm LoanPrime plus 2.75%1/5/2027145.6 145.6 156.8 0.05 %
Head To Toe Personalized Pampering, Inc.(#,^)2331 North State Rd 7, Lauderhill, FL 33313Personal and Laundry ServicesTerm LoanPrime plus 2.75%1/27/20317.7 7.7 8.6 — %
Christopher F. Bohon & Pamela D. Bohon(#,^)11600 County Rd 71, Lexington, AL 35648Social AssistanceTerm LoanPrime plus 2.75%10/28/20262.5 2.5 2.7 — %
Mogas Limited(#,^)47 Chestnut St., Elmer, NJ 08318Gasoline StationsTerm LoanPrime plus 2.75%5/31/203062.1 62.1 68.9 0.02 %
Shree Om Lodging, LLC dba Royal Inn(#,^)2030 W. Northwest Hwy, Dallas, TX 75220AccommodationTerm LoanPrime plus 2.75%5/2/203055.1 55.1 61.1 0.02 %
Moonlight Multi Media Production, Inc.(#,^)2700 W Cypress Creek Rd, Fort Lauderdale, FL 33309Other Information ServicesTerm Loan5.3%2/1/20251.6 1.6 1.6 — %
David M. Goens dba Superior Auto Paint & Body, Inc.(#)1912 Manhattan Ave, Harvey, LA 70058Repair and MaintenanceTerm Loan6%8/26/202411.9 11.9 11.7 — %
McCallister Venture Group, LLC and Maw's Vittles, Inc.(#,^)511 South Broad St., Brooksville, FL 34601Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/30/20299.8 9.8 10.8 — %
Chong Hun Im dba Kim's Market(#,^)730 East 28th St., Ogden, UT 84403Food and Beverage StoresTerm LoanPrime plus 2.5%2/27/20246.0 6.0 6.2 — %
Whirlwind Car Wash, Inc.(#)1370 Le Anne Marie Circle, Columbus, OH 43026Repair and MaintenanceTerm LoanPrime plus 2%4/9/202912.9 12.9 13.7 — %
Shuttle Car Wash, Inc. dba Shuttle Car Wash(#,^)745 Cheney Hwy, Ttitusville, FL 32780Repair and MaintenanceTerm LoanPrime plus 2.25%11/10/202814.1 14.1 15.1 — %
Min Hui Lin(#,^)1916 Broad St., Lanett, AL 36863Food Services and Drinking PlacesTerm LoanPrime plus 2.75%1/30/202814.1 14.1 15.3 — %
Delta Partners, LLC dba Delta Carwash(#,^)5640 Indian Crest Lane, Olympia, WA 98516Repair and MaintenanceTerm LoanPrime plus 2.5%4/5/202935.2 35.2 38.3 0.01 %
Auto Sales, Inc.(#,^)1925 State St., Hamden, CT 06417Motor Vehicle and Parts DealersTerm Loan6%8/17/20234.8 4.8 4.7 — %
Taste of Inverness, Inc. dba China Garden(#,^)1314 US Hwy 41 N, Inverness, FL 34450Food Services and Drinking PlacesTerm LoanPrime plus 2%6/29/20256.2 6.2 6.4 — %
Ralph Werner dba Werner Transmission Inc(#,^)259 East Central Ave, Bangor, PA 18013Gasoline StationsTerm LoanPrime plus 2.75%12/29/20211.0 1.0 1.1 — %
Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC(#,^)3118 Bayshore Ave, Brigantine, NJ 08203Amusement, Gambling, and Recreation IndustriesTerm Loan6%9/14/202325.5 25.5 25.2 0.01 %
F-269
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)271346
OrthoQuest, P.C.(#,^)2336 Wisteria Drive, Ste 430, Snellville, GA 30078Ambulatory Health Care ServicesTerm LoanPrime plus 2%3/12/20221.6 1.6 1.6 — %
Track Side Collision & Tire, Inc.(#,^)98-16 160 Ave, Ozone Park, NY 11414Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%6/16/20253.5 3.5 3.7 — %
Deesha Corporation, Inc. dba Best Inn & Suites(#,^)9225 Parkway East, Birmingham, AL 35206AccommodationTerm LoanPrime plus 2.25%2/14/202519.0 19.0 19.8 0.01 %
Maruti, Inc(#,^)1506 280 By-Pass, Phenix City, AL 36867AccommodationTerm LoanPrime plus 2.25%11/25/202414.6 14.6 15.2 — %
Randall D. & Patricia D. Casaburi dba Pat's Pizzazz(#,^)386 Winsted Rd, Torrington, CT 06790Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%3/13/20234.1 4.1 4.2 — %
Gain Laxmi, Inc. dba Super 8 Motel(#,^)14341 US Hwy 431 S, Gunterville, AL 35976AccommodationTerm LoanPrime plus 2.25%5/31/202311.9 11.9 12.2 — %
Naseeb Corporation(#,^)1696 North Broad St., Meriden, CT 06450AccommodationTerm LoanPrime plus 2.25%3/31/202419.2 19.2 19.9 0.01 %
Stillwell Ave Prep School(#,^)1990 Stillwell Ave, Brooklyn, NY 11214Social AssistanceTerm LoanPrime plus 2.75%1/14/20233.6 3.6 3.7 — %
Alyssa Corp dba Knights Inn(#,^)1105 Columbus Parkway, Opelika, AL 36801AccommodationTerm LoanPrime plus 2.25%9/30/202333.2 33.2 34.3 0.01 %
Bhailal Patel dba New Falls Motel(#,^)201 Lincoln Hwy, Fairless Hills, PA 19030AccommodationTerm LoanPrime plus 2.75%3/27/20231.6 1.6 1.7 — %
Pegasus Automotive, Inc.(#,^)3981 Hylan Blvd., Staten Island, NY 10308Gasoline StationsTerm LoanPrime plus 2.75%12/23/20224.9 4.9 5.1 — %
P. Agrino, Inc. dba Andover Diner(#,^)193 Main St., Andover, NJ 07860Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/18/20212.4 2.4 2.5 — %
Total SBA Unguaranteed Accrual Investments370,612.2 370,612.2 $382,986.3 118.86 %

SBA Unguaranteed Non-Accrual Investments (3) (22)271346
200 North 8th Street Associates LLC and Enchanted Acres(#)200 North 8th St., Reading, PA 19601Food ManufacturingTerm Loan6.25%5/4/2028445.6 445.6 352.6 0.11 %
Amboy Group, LLC dba Tommy Moloney's(#)1 Amboy Ave, Woodbridge, NJ 07095Food ManufacturingTerm Loan7%6/24/2025364.5 364.5 355.2 0.11 %
CLU Amboy, LLC and Amboy Group, LLC dba Tommy Moloney's(#)1 Amboy Ave, Woodbridge, NJ 07095Food ManufacturingTerm Loan7%12/27/2023455.7 455.7 414.2 0.13 %
Custom Software, Inc. a Colorado Corporation dba M-33 Access(#)380 E. Borden Rd, Rose City, MI 48654Professional, Scientific, and Technical ServicesTerm Loan6.25%6/17/2021233.3 233.3 114.4 0.04 %
Event Mecca LLC(#)141 South Waldron Lane, Wynantskill, NY 12198Other Information ServicesTerm Loan6%4/10/202311.0 11.0 1.2 — %
Hartford Cardiology Group LLC and Ideal Nutrition of Connecticut LLC(#,^)345 North Main St., West Hartford, CT 06117Ambulatory Health Care ServicesTerm Loan—%5/15/2024452.3 452.3 71.6 0.02 %
F-270
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)271346
Kids at Heart,LLC dba Monster Mini Golf(#,^)10 Newbury St., Danvers, MA 01923Amusement, Gambling, and Recreation IndustriesTerm Loan6.75%9/22/202619.6 19.6 7.3 — %
Matchless Transportation LLC dba First Class Limo(#)31525 Aurora Rd # 5, Solon, OH 44139Transit and Ground Passenger TransportationTerm Loan6.25%5/31/2020119.6 119.6 12.2 — %
Morris Glass and Construction Inc(#)40058 Hwy 30, Astoria, OR 97103Specialty Trade ContractorsTerm Loan15%10/1/2023405.2 405.2 222.8 0.07 %
Sourceco Limited Liability Company(#,^)17 Palmer Ave, West Long Branch, NJ 07764Merchant Wholesalers, Nondurable GoodsTerm Loan6.5%12/17/202537.0 37.0 32.5 0.01 %
TX Superior Communications, LLC(#,^)6223 Krempen Ave, San Antonio, TX 78233Specialty Trade ContractorsTerm Loan8%3/19/202885.5 85.5 47.4 0.01 %
6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc(*,#)6 Price Ave, Norwalk, CT 06840Administrative and Support ServicesTerm Loan8%9/24/2039237.3 237.3 225.1 0.07 %
Pauley Tree and Lawn Care Inc(*,#)6 Price Ave, Norwalk, CT 06854Administrative and Support ServicesTerm Loan8.25%7/28/202546.6 46.6 44.2 0.01 %
Acton Hardware LLC & Mark Allgood & Jamie Allgood(*,#,^)31814 Crown Valley Rd, Acton, CA 93510Building Material and Garden Equipment and Supplies DealersTerm Loan8%3/24/2041478.2 478.2 364.9 0.11 %
Advance Case Parts Inc(*,#,^)12489 NW 44th St., Coral Springs, FL 33065Repair and MaintenanceTerm Loan7.75%12/22/202745.4 45.4 — — %
Advance Case Parts RE Holdings LLC and Advance Case Parts Inc(*,#)12485-12489 NW 44th St., Coral Springs, FL 33071Repair and MaintenanceTerm Loan7.75%3/31/2040321.3 321.3 230.5 0.07 %
Alive Design, LLC(*,#)234 Middle St., Middletown, CT 06457Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/13/202715.0 15.0 11.9 — %
All About Kids and Families Medical Center, Inc.(*,#,^)12086 FT Caroline Rd #102/3, 401-403, 501/2, Jacksonville, FL 32225Ambulatory Health Care ServicesTerm Loan8.25%1/13/2029364.9 364.9 256.6 0.08 %
All Printing Solutions, Inc. dba Pryntcomm(*,#,^)303 E. Sioux Ave., Pierre, SD 57501Printing and Related Support ActivitiesTerm Loan7.75%6/27/2041491.9 491.9 215.9 0.07 %
Allied Welding Inc.(*,#,^)1820 N. Santa Fe Ave, Chillicothe, IL 61523Fabricated Metal Product ManufacturingTerm Loan8.25%12/15/2041727.3 727.3 560.8 0.17 %
American Pharmaceutical Innovation Company, LLC(*,#,^)1425 Centre Circle, Downers Grove, IL 60515Chemical ManufacturingTerm LoanPrime plus 2.75%3/28/20276.9 6.9 6.5 — %
American Reclamation LLC(*,#,^)3600 Wetzel St., Wheeling, WV 26003Furniture and Related Product ManufacturingTerm Loan8%11/1/20270.8 0.8 0.7 — %
Arclay, LLC(*,#,^)49 Geyser Rd, Ste 100, Saratoga Springs, NY 12866Nonmetallic Mineral Product ManufacturingTerm Loan8%5/5/2030137.1 137.1 39.5 0.01 %
Arrow Freight Inc(*,#,^)1000 Jorie Blvd Ste 250, Oak Brook, IL 60523Truck TransportationTerm Loan8.25%3/30/2028658.6 658.6 379.4 0.12 %
Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud(*,#)2646 South Rd, Poughkeepsie, NY 12601Gasoline StationsTerm Loan7.75%9/26/202415.7 15.7 15.3 — %
F-271
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)271346
AWA Fabrication & Construction, L.L.C.(*,#)811 Country Rd #99, Headland, AL 36345Fabricated Metal Product ManufacturingTerm Loan6%4/30/202534.4 34.4 1.4 — %
B and J Catering Inc dba Culinary Solutions(*,#,^)2201 S Federal Hwy, Boynton Beach, FL 33435Food Services and Drinking PlacesTerm Loan7%8/27/2040208.9 208.9 139.2 0.04 %
B&B Fitness and Barbell, Inc. dba Elevations Health Club(*,#)Route 611 North, Scotrun, PA 18355Amusement, Gambling, and Recreation IndustriesTerm Loan6%6/22/2035198.9 198.9 168.2 0.05 %
B4 Fitness LLC dba The Zoo Health Club(*,#,^)4 Beehive Dr, Epping, NH 03042Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%9/23/202670.1 70.1 48.5 0.02 %
B4 Fitness LLC dba The Zoo Health Club(*,#,^)4 Beehive Dr, Epping, NH 03042Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%11/30/202618.5 18.5 — — %
Baker Sales, Inc. d/b/a Baker Sales, Inc.(*,#)60207 Camp Villere Rd, Slidell, LA 70460Nonstore RetailersTerm Loan6%3/29/2036177.4 177.4 59.4 0.02 %
Fieldstone Quick Stop LLC, Barber Investments LLC, Thadius M B(*,#)190 Route 3, South China, ME 04358Gasoline StationsTerm Loan6%9/30/2038400.4 400.4 36.4 0.01 %
Barber Investments LLC and Fieldstone Quickstop LLC and Maine Dollar(*,#)190 Rt 3, South China, ME 04358Gasoline StationsTerm Loan6.25%8/15/2039146.3 146.3 — — %
Bear Creek Entertainment LLC dba The Woods at Bear Creek(*,#,^)3510 Bear Creek Rd, Franklinville, NY 14737AccommodationTerm LoanPrime plus 2.75%8/12/20411,608.1 1,670.3 565.6 0.18 %
Bear Creek Entertainment, LLC dba The Woods at Bear Creek(*,#)3510 Bear Creek Rd, Franklinville, NY 14737AccommodationTerm Loan7.25%12/30/202485.4 85.4 81.0 0.03 %
Bebos Inc dba Pizza Hut & Sunoco(*,#)2003 West 5th St., Clifton, TX 76634Gasoline StationsTerm Loan7.75%3/28/2028214.1 214.1 52.6 0.02 %
Bone Bar & Grill LLC(*,#)3547&3551 Philipsburg Bigler Hwy, West Decatur, PA 16878Food Services and Drinking PlacesTerm Loan7%6/30/204273.4 73.4 54.7 0.02 %
Bowl Mor LLC dba Bowl Mor Lanes(*,#,^)600 West Manlius St., East Syracuse, NY 13057Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%7/31/20276.4 6.4 — — %
Bowl Mor, LLC dba Bowl Mor Lanes/Spare Lounge, Inc.(*,#)201 Highland Ave, East Syracuse, NY 13057Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/13/2039201.2 201.2 154.0 0.05 %
BQRS, Inc. DBA Gresham Meineke Car Care Center(*,#,^)18081 SE Division St., Portland, OR 97236Repair and MaintenanceTerm LoanPrime plus 2.75%6/30/202754.2 54.2 53.5 0.02 %
Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps(*,#)690 South Creek Rd, West Chester, PA 19382Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%3/30/2031179.3 179.3 176.9 0.05 %
Cagwin Trucking LLC(*,#,^)332 35th Ave, Fairbanks, AK 99701Truck TransportationTerm Loan8.25%9/29/2042305.0 305.0 224.9 0.07 %
F-272
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)271346
Calhoun Satellite Communications Inc and Transmission Solutions Group(*,#)1914 Tigertail Blvd, Dania, FL 33004Broadcasting (except Internet)Term Loan6.75%2/27/2025724.2 724.2 — — %
Calhoun Satellite Communications, Inc.(*,#)1914 Tigertail Blvd, Dania Beach, FL 33004TelecommunicationsTerm Loan7%12/2/2026189.1 189.1 30.9 0.01 %
Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC(*,#)310 25th Ave N. St. Ste 201, Nashville, TN 37203Ambulatory Health Care ServicesTerm Loan7.75%5/15/2025556.4 556.4 322.9 0.10 %
Cardinal Homes Inc, Alouette Holdings Inc., Bret Berneche & Dorothy(*,#,^)525 Barnsville Hwy, Wylliesburg, VA 23976Wood Product ManufacturingTerm Loan8%12/14/2026868.8 868.8 824.0 0.26 %
Cardinal Homes Inc. and Bret A Berneche(*,#,^)525 Barnesville Hwy, Wylliesburg, VA 23976Wood Product ManufacturingTerm Loan8%12/14/2041116.7 116.7 110.7 0.03 %
Cardinal Homes, Inc(*,#,^)525 Barnsville Hwy, Wylliesburg, VA 23976Wood Product ManufacturingTerm LoanPrime plus 2.75%10/27/202795.7 95.7 90.8 0.03 %
Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation(*,#)320 Fair St., Kutztown, PA 19530Transit and Ground Passenger TransportationTerm Loan7.5%9/30/2027572.9 572.9 546.8 0.17 %
Central Medical Clinic, PLLC- Clinica Central(*,#)393 N Dunlap St. #LL26,LL34,LL38, St Paul, MN 55104Ambulatory Health Care ServicesTerm Loan8.25%6/7/2029307.2 307.2 303.2 0.09 %
Chickamauga Properties, Inc., MSW Enterprises, LLP(*,#)214 Sutherland Way, Rocky Face, GA 30740Amusement, Gambling, and Recreation IndustriesTerm Loan6.25%12/22/203559.0 59.0 56.0 0.02 %
Chickamauga Properties, Inc. & MSW Enterprises, LLP(*,#)214 Sutherland Way, Rocky Face, GA 30740Amusement, Gambling, and Recreation IndustriesTerm Loan6.25%10/19/202243.5 43.5 41.2 0.01 %
Clark Realty LLC(*,#,^)4 Walker Way, Albany, NY 12205Real EstateTerm Loan8%8/29/204173.3 73.3 18.9 0.01 %
Clark Realty LLC(*,#,^)15 Old Loudon Rd, Colonie, NY 12110Real EstateTerm Loan8%9/15/202758.6 58.6 — — %
CNC Precision Machine, Inc.(*,#,^)18360 Industrial Circle, Burton, OH 44021Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%9/28/20411,226.4 1,226.4 651.8 0.20 %
CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC(*,#,^)717 Titus Ave, Rochester, NY 14617Food Services and Drinking PlacesTerm Loan8.25%11/20/2040232.4 232.4 118.9 0.04 %
Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck & Trai(*,#)6900 Whitmore Lake Rd, Whitmore Lake, MI 48189Repair and MaintenanceTerm Loan6.75%9/26/2039553.3 553.3 484.0 0.15 %
Conference Services International ETC LLC(*,#,^)4802 West Van Buren St., Phoenix, AZ 85007Administrative and Support ServicesTerm Loan8%8/14/2028600.7 600.7 592.9 0.18 %
Custom Software, Inc. a Colorado Corporation dba M-33 Access(*,#)380 E. Borden Rd, Rose City, MI 48654Broadcasting (except Internet)Term Loan6.25%4/30/202294.3 94.3 — — %
CZAR Industries, Inc.(*,#,^)1424 Heath Ave, Ewing, NJ 08638Machinery ManufacturingTerm Loan8.25%12/19/2027219.9 219.9 80.6 0.03 %
F-273
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)271346
D&G Capital LLC dba Miami Grill 277(*,#,^)2521 N Federal Hwy Unit C, Boca Raton, FL 33431Food Services and Drinking PlacesTerm Loan6.5%12/16/202545.4 45.4 23.9 0.01 %
Darian L Hampton DDS PA and Darian L. Hampton(*,#)3610 N Josey Lane Ste 104, Carrollton, TX 75007Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/20/2028292.6 292.6 24.0 0.01 %
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown(*,#,^)2685 US Hwy 41, Calhoun, GA 30701Support Activities for TransportationTerm Loan5.25%12/28/20351,316.8 1,316.8 702.5 0.22 %
Douglas Printy Motorsports, Inc. dba Blackburn Trike(*,#)1410 Medina Rd, Medina, OH 44256Motor Vehicle and Parts DealersTerm Loan8.25%3/9/2040155.9 155.9 95.1 0.03 %
Doxa Deo Inc dba Luv 2 Play(*,#,^)1600 Village Market Blvd, Leesburg, VA 20175Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%2/28/202681.3 81.3 80.2 0.02 %
Dr. Richard Rolle JR, PLLC dba Rolle Oral & Facial Surgery PLLC(*,#,^)1515 Shopton Rd, Charlotte, NC 28217Ambulatory Health Care ServicesTerm Loan7.5%9/29/2042869.9 869.9 596.4 0.19 %
Dr. Richard R. Rolle, Jr., PLLC dba Rolle Oral & Facial Surgery(*,#,^)9615 Caldwell Commons Cir, Ste B, Cornelius, NC 28031Ambulatory Health Care ServicesTerm Loan7.5%12/18/2027122.3 122.3 — — %
Driven Warehouse/Distribution LLC(*,#)271 East North Ave, Glendale, IL 60139Truck TransportationTerm Loan8%12/22/2027726.2 726.2 453.1 0.14 %
Driven Warehouse/Distribution LLC(*,#)271 East North Ave, Glendale, IL 60139Truck TransportationTerm Loan8%1/18/2028129.0 129.0 — — %
DTM Parts Supply Inc.(*,#)31 Sageman St, Mount Vernon, NY 10550Merchant Wholesalers, Durable GoodsTerm Loan7%6/2/202553.4 53.4 38.2 0.01 %
DuCharme Realty LLC and DuCharme Enterprises LLC dba Specialty(*,#)1717 Hwy 200, Noxon, MT 59853Wood Product ManufacturingTerm Loan8%2/2/2040210.1 210.1 131.2 0.04 %
E & I Holdings, LP & PA Farm Products, LLC(*,#)1095 Mt Airy Rd, Stevens, PA 17578Food ManufacturingTerm Loan6%4/30/20304,705.2 4,815.4 2,773.9 0.86 %
Earth First Recycling LLC(*,#,^)400 Island Park Rd, Easton, PA 18040Merchant Wholesalers, Durable GoodsTerm Loan8%12/6/202772.8 72.8 71.9 0.02 %
Earth First Recycling, LLC and 191 Clark Road, LLC(*,#,^)400 Island Park Rd, Easton, PA 18040Merchant Wholesalers, Durable GoodsTerm Loan8%6/5/2027338.0 338.0 333.6 0.10 %
Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels(*,#,^)11949 Borden Ave, San Fernando, CA 91340Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/31/202243.9 43.9 42.8 0.01 %
Ericon Inc. dba Quik Pik(*,#,^)740 Davenport Ave, Freemont, NE 68025Gasoline StationsTerm LoanPrime plus 2.75%3/24/202754.2 54.2 — — %
Ericon, Inc.(*,#,^)740 Davenport Ave, Fremont, NE 68025Gasoline StationsTerm Loan8.25%12/1/2041705.6 705.6 658.6 0.20 %
Ericon, Inc. dba Quik Pik(*,#,^)740 Davenport Ave, Freemont, NE 68025Gasoline StationsTerm Loan8.25%12/15/2041322.8 322.8 — — %
Europlast Ltd(*,#)100 Industrial Lane, Endeavor, WI 53930Plastics and Rubber Products ManufacturingTerm Loan6%9/26/2022312.9 312.9 55.5 0.02 %
F-274
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)271346
Europlast Ltd(*,#)100 Industrial Lane, Endeavor, WI 53930Plastics and Rubber Products ManufacturingTerm Loan6%5/31/202373.4 73.4 — — %
Evergreen Pallet LLC and Evergreen Recycle LLC(*,#,^)302 W 53rd St N., Wichita, KS 67204Wood Product ManufacturingTerm Loan8.25%3/16/2026912.8 912.8 514.6 0.16 %
Evernook Valley Milk LLC(*,#,^)7448 Emmerson Rd, Everson, WA 98247Animal Production and AquacultureTerm Loan7.5%8/31/2042637.5 637.5 468.2 0.15 %
Excel RP Inc(*,#,^)6531 Park Ave, Allen Park, MI 48101Machinery ManufacturingTerm Loan8.25%8/30/202366.8 66.8 52.8 0.02 %
Excel RP Inc(*,#,^)6531 Park Ave, Allen Park, MI 48101Machinery ManufacturingTerm Loan8.25%3/25/202695.2 95.2 — — %
Excel RP, Inc./Kevin and Joann Foley(*,#)6531 Park Ave, Allen Park, MI 48101Machinery ManufacturingTerm Loan8.25%7/8/202832.4 32.4 31.0 0.01 %
Excel, RP Inc.(*,#,^)6531 Park Ave, Allen Park, MI 48101Machinery ManufacturingTerm Loan8.25%9/20/202788.8 88.8 — — %
Ezzo Properties, LLC and Great Lakes Cleaning, Inc.(*,#)1405 Combermere Dr., Troy, MI 48083Administrative and Support ServicesTerm Loan7.75%12/20/2027286.5 286.5 40.0 0.01 %
New Image Building Services, Inc. dba New Image Repair Services(*,#)1405 Combermere Dr., Troy, MI 48083Repair and MaintenanceTerm Loan7.75%8/23/2037251.5 251.5 162.3 0.05 %
New Image Building Services Inc. dba New Image Repair Services(*,#)1405 Combermer Dr., Troy, MI 48083Repair and MaintenanceTerm Loan7.75%10/29/2023197.1 197.1 — — %
New Image Building Services, Inc. dba The Maids serving Oakland (*,#,^)320 Church St., Mount Clemens, MI 48043Administrative and Support ServicesTerm Loan7.75%1/19/202667.8 67.8 — — %
New Image Building Services, Inc.dba The Maids Servicing Oakland &Maco(*,#,^)1405 Combermere Drive, Troy, MI 48083Administrative and Support ServicesTerm Loan7.75%12/21/202639.0 39.0 — — %
New Image Building Services, Inc.(*,#,^)1405 Combermere Drive, Troy, MI 48083Administrative and Support ServicesTerm Loan7.75%5/18/2027138.9 138.9 — — %
Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC(*,#)267 Saw Mill River Rd, Elmsford, NY 10523Specialty Trade ContractorsTerm Loan6.75%6/17/2025299.5 299.5 194.8 0.06 %
Flooring Liquidators Inc & Premier Flooring Yonkers Inc & Flooring(*,#,^)267 Saw Mill River Rd, Elmsford, NY 10523Specialty Trade ContractorsTerm Loan8.25%3/24/202639.1 39.1 — — %
Florida Apnea Diagnostics LLC(*,#,^)2664 Cypress Rdg Blvd Ste 101&102A, Wesley Chapel, FL 33544Ambulatory Health Care ServicesTerm Loan8.25%10/20/2027145.7 145.7 73.4 0.02 %
Florida Apnea Diagnostics, LLC(*,#,^)2664 Cypress Ridge Blvd Ste 101&102, Wesley Chapel, FL 33624Ambulatory Health Care ServicesTerm Loan8.25%7/24/202820.1 20.1 — — %
Galaforo Construction and Companies LLC(*,#,^)1770 Stumpf Boulevard, Terrytown, LA 70056Construction of BuildingsTerm Loan7.5%12/15/204233.6 33.6 31.9 0.01 %
F-275
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)271346
Galaforo Construction LLC and Paul M Galaforo, Jr.(*,#)1770 Stumpf Boulevard, Terrytown, LA 70056Construction of BuildingsTerm Loan7.5%12/15/2027329.0 329.0 23.6 0.01 %
GEM2K, LLC(*,#,^)4150 E Magnolia ST., Phoeniz, AZ 85034Nonmetallic Mineral Product ManufacturingTerm Loan8.25%12/15/2043381.3 381.3 366.4 0.11 %
GEM2K, LLC dba Precision Precast Group(*,#,^)4150 E Magnolia St., Phoenix, AZ 85034Miscellaneous ManufacturingTerm Loan8.25%5/19/2027140.4 140.4 42.6 0.01 %
Grand Manor Realty, Inc. & Kevin LaRoe(*,#)318 S. Halsted St., Chicago, IL 60661Real EstateTerm Loan6%2/20/202319.0 19.0 18.0 0.01 %
Green Country Filter Manufacturing LLC(*,#,^)1415 S. 70th E Ave, Tulsa, OK 74112Miscellaneous ManufacturingTerm Loan8%4/27/202659.4 59.4 13.7 — %
Groundworks Unlimited LLC(*,#,^)50 Telfair Place, Garden City, GA 31415Specialty Trade ContractorsTerm Loan6%12/17/20238.0 8.0 7.8 — %
H.M.C, Incorporated(*,#,^)7190 Oakland Mills Rd Ste 10, Columbia, MD 21046Furniture and Related Product ManufacturingTerm Loan8.25%7/3/2028183.8 183.8 181.4 0.06 %
Hagerstown Muffler, Inc. and JMS Muffler, Inc(*,#)1390 Dual Hwy, Hagerstown, MD 21740Repair and MaintenanceTerm Loan8%9/24/2040311.5 311.5 270.8 0.08 %
Harrelson Materials Management,Inc(*,#)1101 Russell Rd, Shreveport, LA 71107Waste Management and Remediation ServicesTerm Loan6%6/24/2021465.2 465.2 4.6 — %
Hascher Gabelstapler Inc(*,#)80 Cole Ave, Akron, OH 44301Repair and MaintenanceTerm Loan7%3/26/202449.0 49.0 — — %
HDD Solutions, LLC(*,#)6550 Progress Parkway, Cedar Hill, MO 63016Heavy and Civil Engineering ConstructionTerm Loan8.25%12/31/2028552.8 552.8 339.6 0.11 %
HG Ventures, Inc.(*,#,^)100 Phoenix Drive, Finleyville, PA 15332Truck TransportationTerm Loan7.5%3/9/2028120.9 120.9 34.5 0.01 %
HG Ventures, Inc. dba Diamond Head Trucking(*,#,^)100 Phoenix Drive, Finleyville, PA 15332Truck TransportationTerm Loan7.5%6/29/2030882.7 882.7 312.5 0.10 %
Home Again Restaurant LLC(*,#)9524 Camp Lake Rd, Salem, WI 53168Food Services and Drinking PlacesTerm Loan6.25%6/30/20400.4 0.4 0.3 — %
Hurshell Leon Dutton dba High Jump Party Rentals(*,#,^)157 East Concho Ave, San Angelo, TX 76903Rental and Leasing ServicesTerm Loan8%11/30/202513.6 13.6 13.3 — %
Insight Vision Care, PC, CRMOD Lubbock, P.C.,Vielm Vision Eyecare Inc(*,#,^)4899 Griggs Rd, Houston, TX 77021Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/27/20431,132.3 1,132.3 643.5 0.20 %
J And G Group Services LLC and United Vending of Florida Inc and John(*,#,^)14240 Palmetto Frontage Rd, Miami Lakes, FL 33016Merchant Wholesalers, Nondurable GoodsTerm Loan7.25%7/28/202629.6 29.6 29.2 0.01 %
J and K Fitness L.L.C. dba Physiques Womens Fitness Center(*,#,^)2505 Verot School RD, Lafayette, LA 70508Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%2/28/204190.1 90.1 — — %
J&K Fitness, LLC dba Physiques Womens Fitness Center(*,#)2505 Verot School Rd, Lafayette, LA 70508Amusement, Gambling, and Recreation IndustriesTerm Loan8%6/8/203614.6 14.6 11.0 — %
F-276
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)271346
J Harris Trucking LLC(*,#)2040 5 1/2 Mile Rd, Racine, WI 53402Truck TransportationTerm Loan7.25%5/19/202718.7 18.7 — — %
J Harris Trucking, LLC(*,#,^)2040 5 1/2 Mile Rd, Racine, WI 53402Truck TransportationTerm Loan7.25%5/13/202629.6 29.6 4.5 — %
J Olson Enterprises LLC and Olson Trucking Direct, Inc.(*,#)311 Ryan St, Holmen, WI 54636Truck TransportationTerm Loan6%6/28/2025628.4 628.4 47.1 0.01 %
Jenny's Wunderland, Inc.(*,#)3666 East 116th, Cleveland, OH 44105Social AssistanceTerm Loan6%6/29/203698.8 98.8 1.2 — %
Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto(*,#)200 West Adams St, Cochranton, PA 16314Motor Vehicle and Parts DealersTerm Loan6.25%10/29/203911.1 11.1 5.2 — %
Kidtastic LLC dba The Little Gym of Audubon(*,#,^)2850 Audubon Drive, Audubon, PA 19403Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%7/27/202644.9 44.9 25.8 0.01 %
Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle, New York Bagle(*,#)10287 Okeechobee Blvd #13, Royal Palm Beach, FL 33411Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/23/202918.1 18.1 11.4 — %
Knowledge First Inc dba Magic Years of Learning and Kimberly Knox(*,#)575 North Harris St, Athens, GA 30601Social AssistanceTerm Loan8%3/21/203911.4 11.4 10.7 — %
Kostekos Inc dba New York Style Pizza(*,#)10 South King St., Gloucester, NJ 08030Food Services and Drinking PlacesTerm Loan8%2/6/204061.9 61.9 14.9 — %
Krishna of Orangeburg, Inc.(*,#)826 John C. Calhoun Drive, Orangeburg, SC 29115AccommodationTerm Loan6%2/20/203210.3 10.3 9.2 — %
Kup's Auto Spa Inc(*,#)121 Marktree Rd, Centereach, NY 11720Repair and MaintenanceTerm Loan6.25%11/15/203870.5 70.5 33.3 0.01 %
Kup’s Auto Spa, Inc.(*,#)121 Marktree Rd, Centereach, NY 11720Repair and MaintenanceTerm Loan6.25%10/23/202554.7 54.7 — — %
LA Diner Inc dba Loukas L A Diner(*,#)3205 Route 22 East, Branchburg, NJ 08876Food Services and Drinking PlacesTerm Loan7.25%9/28/203792.8 92.8 90.4 0.03 %
LAN Doctors Inc(*,#)14 Pierson Court, Mahwah, NJ 07430Professional, Scientific, and Technical ServicesTerm Loan8.25%8/28/202559.8 59.8 58.3 0.02 %
LAN Doctors Inc(*,#,^)14 Pierson Court, Mahwah, NJ 07430Professional, Scientific, and Technical ServicesTerm Loan8.25%3/16/202643.4 43.4 42.3 0.01 %
Lan Doctors, Inc.(*,#,^)14 Pierson Court, Mahwah, NJ 07430Professional, Scientific, and Technical ServicesTerm Loan8.25%12/7/2026203.3 203.3 197.9 0.06 %
Lowgap Grocery & Grill LLC(*,#,^)8773 West Pine St., Lowgap, NC 27024General Merchandise StoresTerm Loan7.25%3/24/204148.0 48.0 26.7 0.01 %
M & H Pine Straw Inc and Harris L. Maloy(*,#)526 Perry House Rd, Fitzgerald, GA 31750Merchant Wholesalers, Nondurable GoodsTerm Loan7.5%3/21/2023197.4 197.4 59.9 0.02 %
M & H Pine Straw, Inc and Harris L. Maloy(*,#)526 Perry House Rd, Fitzgerald, GA 31750Support Activities for Agriculture and ForestryTerm Loan6%4/30/202054.2 54.2 53.5 0.02 %
M & H Pine Straw, Inc.and Harris Maloy(*,#)526 Perry House Rd, Fitzgerald, GA 31750Support Activities for Agriculture and ForestryTerm Loan7.5%7/10/202027.4 27.4 20.3 0.01 %
F-277
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)271346
M & H Pinestraw, Inc. and Harris L. Maloy(*,#)526 Perry House Rd, Fitzgerald, GA 31750Merchant Wholesalers, Nondurable GoodsTerm Loan7.5%12/15/2021133.8 133.8 49.9 0.02 %
M and C Renovations Inc(*,#)3951 Lorna Rd, Birmingham, AL 35244Construction of BuildingsTerm Loan6.25%10/31/202411.5 11.5 9.0 — %
Magill Truck Line LLC and Jeff J. Ralls(*,#,^)211 West 53rd St. N., Park City, KS 67204Truck TransportationTerm Loan8%3/11/2029186.2 186.2 85.9 0.03 %
Mariam Diner Inc dba Country Kitchen Restaurant(*,#,^)17393 Main St., Hesperia, CA 92345Food Services and Drinking PlacesTerm Loan8%3/18/202642.8 42.8 18.0 0.01 %
MB Xpress Inc(*,#,^)159 D'Arcy Parkway, Lathrop, CA 95330Truck TransportationTerm Loan8.25%9/19/20281,168.6 1,168.6 1,017.8 0.32 %
Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad(*,#,^)780 S Peace Haven Rd, Winston Salem, NC 27103Electrical Equipment, Appliance, and Component ManufacturingTerm Loan7%11/25/202510.5 10.5 1.8 — %
MIT LLC(*,#,^)11 North Peach ST., Medford, OR 97504Publishing Industries (except Internet)Term LoanPrime plus 2.75%3/31/204284.9 84.9 63.2 0.02 %
Mojo Brands Media, LLC(*,#)3260 University Blvd., Ste 100, Winter Park, FL 32792Broadcasting (except Internet)Term Loan6%8/28/2023725.0 725.0 289.7 0.09 %
MTV Bowl, Inc. dba Legend Lanes(*,#)4190 State Rd, Cuyahoga Falls, OH 44223Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%6/30/2036197.3 197.3 208.6 0.06 %
Mustafa Inc dba Adiba Grocery(*,#,^)5712 Wurzbach Rd, San Antonio, TX 78238Food and Beverage StoresTerm LoanPrime plus 2.75%12/17/202578.7 78.7 74.6 0.02 %
Mustafa Inc and Raouf Properties LLC(*,#,^)3538 Pin Oak Dr, San Antonio, TX 78229Food and Beverage StoresTerm LoanPrime plus 2.75%3/14/204171.3 71.3 67.7 0.02 %
N Transport LLC(*,#,^)5348 W Brown Ave, Fresno, CA 93722Truck TransportationTerm Loan8%11/20/2027385.5 385.5 86.9 0.03 %
N Transport LLC(*,#,^)294 N. Fruit Ave, Fresno, CA 93706Truck TransportationTerm Loan8.25%11/20/2042175.3 175.3 147.2 0.05 %
Neville Galvanizing, Inc(*,#)2983 Grand Ave, Pittsburgh, PA 15225Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%12/15/2042625.0 625.0 444.2 0.14 %
Nowatzke Service Center Inc dba Nowatzke Truck & Trailer(*,#,^)6900 Whitmore Lake Rd, Whitmore Lake, MI 48189Repair and MaintenanceTerm Loan7%1/29/202696.9 96.9 — — %
Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC(*,#,^)2520 Pennsylvania Ave, Ogden, UT 84401Truck TransportationTerm Loan8.25%6/20/2028547.8 547.8 71.3 0.02 %
Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Global(*,#)412 and 500 Main St., La Marque, TX 77568Heavy and Civil Engineering ConstructionTerm Loan7%9/28/2026570.7 570.7 27.3 0.01 %
Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field(*,#,^)412 and 500 Main St., La Marque, TX 77568Heavy and Civil Engineering ConstructionTerm Loan7%9/28/2041110.1 110.1 77.2 0.02 %
Peter K Lee MD, PC dba Atlanta Primary Care(*,#,^)211 Roberson Mill Rd, Milledgeville, GA 31061Ambulatory Health Care ServicesTerm Loan8.25%9/13/2043859.6 859.6 826.1 0.26 %
F-278
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)271346
Peter K Lee MD, PC dba Atlanta Primary Care LLC(*,#,^)5 Ashford Way, Hawkinsville, GA 31061Ambulatory Health Care ServicesTerm Loan8.25%9/13/2028381.0 381.0 366.2 0.11 %
PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc.(*,#,^)2040 Dowdy Ferry, Dallas, TX 75218Specialty Trade ContractorsTerm LoanPrime plus 2.75%12/19/2038499.0 499.0 367.0 0.11 %
Top Cat Ready Mix, LLC & Ples Investments LLC, Pappy's Sand & Gravel(*,#,^)2040 Dowdy Ferry Rd, Dallas, TX 75217Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/14/2028147.5 147.5 — — %
Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand(*,#,^)13851 S State HWY 34, Scurry, TX 75158Specialty Trade ContractorsTerm LoanPrime plus 2.75%10/28/2025499.1 499.1 212.6 0.07 %
Pooh's Corner Realty LLC and Pooh's Corner Inc(*,#)40 West Avon Rd, Avon, CT 06001Social AssistanceTerm Loan7%7/23/204011.2 11.2 7.3 — %
PS Camping Inc.(*,#,^)43595 US Hwy 50, Canon City, CO 81212AccommodationTerm LoanPrime plus 2.75%12/1/202718.5 18.5 17.7 0.01 %
PS Camping, Inc. dba Prospectors RV Resort(*,#,^)43659&43595 US Hwy 50, Canon City, CO 81212AccommodationTerm Loan8.25%5/19/2042250.1 250.1 240.4 0.07 %
Ramjay Inc.(*,#,^)85 S. Bragg St. Ste 303, Alexandria, VA 22312Transit and Ground Passenger TransportationTerm Loan8.25%1/13/2027381.9 381.9 83.6 0.03 %
Randall Miller Company, Inc and Boyz Transportation Services, LLC(*,#,^)256 Blackley Rd, Bristole, TN 37620Truck TransportationTerm LoanPrime plus 2.75%7/31/2029921.9 921.9 611.1 0.19 %
RDT Enterprises LLC(*,#)2134 Helton Dr, Florence, AL 35630Specialty Trade ContractorsTerm Loan7%9/15/2027136.9 136.9 60.8 0.02 %
RDT Enterprises, L.L.C.(*,#)2134 Helton Drive, Florence, AL 35630Specialty Trade ContractorsTerm Loan7%11/12/202519.5 19.5 — — %
RDT Enterprises, LLC(*,#)2134 Helton Drive, Florence, AL 35630Specialty Trade ContractorsTerm Loan7%12/31/2028111.5 111.5 52.7 0.02 %
Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC(*,#,^)85 SW 5th Ave, Delray Beach, FL 33444Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/28/2028119.1 119.1 9.4 — %
Return to Excellence Inc(*,#,^)176 Country Club Drive, Waynesville, NC 28786Amusement, Gambling, and Recreation IndustriesTerm Loan8.25%1/27/202715.6 15.6 14.8 — %
Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa(*,#)176 Country Club Drive, Waynesville, NC 28786Amusement, Gambling, and Recreation IndustriesTerm Loan8%10/10/20391,154.0 1,154.0 1,094.5 0.34 %
Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc.(*,#,^)5245 Bucks Bar Rd, Placerville, CA 95667Beverage and Tobacco Product ManufacturingTerm Loan8.25%1/19/2030230.9 230.9 219.0 0.07 %
Roundhay Partners LLC and Roundhay Farming LLC(*,#,^)6160 Granite Spring Rd, Somerset, CA 95684Crop ProductionTerm Loan8.25%8/8/2042902.1 902.1 663.8 0.21 %
Rich's Food Stores LLC dba Hwy 55 of Wallace(*,#,^)611 East Southerland St., Wallace, NC 28466Food Services and Drinking PlacesTerm LoanPrime plus 2.75%9/14/2026121.8 121.8 25.9 0.01 %
Rich's Food Stores LLC dba Hwy 55 of Wallace(*,#,^)611 E Southerland St, Wallace, NC 28466Food Services and Drinking PlacesTerm Loan8.25%11/9/202637.1 37.1 — — %
F-279
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)271346
Route 130 SCPI Holdings LLC, Route 130 SCPI Operations LLC(*,#)423-429 Route 156, Trenton, NJ 08620Food Services and Drinking PlacesTerm Loan6.25%9/30/2039279.5 279.5 34.5 0.01 %
Sanabi Investment, LLC dba Oscar's Moving and Storage(*,#,^)11421 N W 107th St., #13, Miami, FL 33178Truck TransportationTerm Loan7.5%6/20/2027106.2 106.2 41.3 0.01 %
Sand Hill Associates, Ltd. dba Charlie O's Tavern on the Point(*,#,^)2 Sand Hill Cove Rd, Narragansett, RI 02882Food Services and Drinking PlacesTerm Loan8.25%12/27/2041413.0 413.0 242.1 0.08 %
SDA Holdings LLC and Les Cheveux Salon Inc(*,#,^)306 McClanahan St., Roanoke, VA 24014Personal and Laundry ServicesTerm Loan7.5%12/15/2040108.5 108.5 67.0 0.02 %
Sektor Solutions Inc.(*,#,^)9841 Washingtonian Blvd #200, Gaithersberg, MD 20878Professional, Scientific, and Technical ServicesTerm Loan8.25%11/16/2028157.8 157.8 153.6 0.05 %
Select Propane & Fuel Inc. and Select Fuel & Convenience LLC(*,#)3822 State Route 3, Red Bud, IL 62278Merchant Wholesalers, Nondurable GoodsTerm Loan7.5%2/10/2030524.2 524.2 26.8 0.01 %
Shaffer Automotive Repair, LLC(*,#)1485 North McQueen Rd #1, Gilbert, AZ 85233Repair and MaintenanceTerm Loan7%5/24/2030132.8 132.8 45.2 0.01 %
Shane M. Howell and Buck Hardware and Garden Center, LLC(*,#)1007 Lancaster Pike, Quarryville, PA 17566Building Material and Garden Equipment and Supplies DealersTerm Loan7.5%12/27/2038113.4 113.4 10.5 — %
Siman Trio Trading(*,#)2100 Ponce De Leon Blvd #1290, Coral Gables, FL 33134Merchant Wholesalers, Durable GoodsTerm Loan8.25%12/21/2028146.4 146.4 22.0 0.01 %
Simkar LLC, Neo Lights Holding Inc, Kalco Lighting, LLC(*,#)700 Ramona Ave, Philadelphia, PA 19120Electrical Equipment, Appliance, and Component ManufacturingTerm LoanPrime plus 2.75%12/26/2043499.6 499.6 493.0 0.15 %
Soregard Inc(*,#,^)605 Birch Drive, Maquoketa, IA 52060Furniture and Related Product ManufacturingTerm Loan7.5%6/30/2041152.8 152.8 41.9 0.01 %
Sovereign Communications LLC(*,#)26 E 3 Mile Rd, Sault Sainte Marie, MI 49783Broadcasting (except Internet)Term Loan6.75%2/7/2024627.4 627.4 132.6 0.04 %
STK Ventures Inc dba JP Dock Service & Supply(*,#)12548 N State Hwy 7, Climax Springs, MO 65324Specialty Trade ContractorsTerm Loan6%5/9/203731.6 31.6 7.0 — %
Stormrider Inc dba Shirley's Stormrider Inc(*,#)1335 N. Gable Rd, St. Hedwig, TX 78152Truck TransportationTerm Loan7.25%9/23/202553.1 53.1 — — %
Stormrider Inc dba Shirley's Stormrider, Inc(*,#)1335 N Gable Rd, St Hedwig, TX 78152Truck TransportationTerm Loan7.75%11/25/2024102.9 102.9 13.1 — %
Street Magic Enterprise LLC(*,#,^)1700 E Bridge St., New Lisbon, WI 93950Gasoline StationsTerm Loan7.75%12/21/202786.3 86.3 — — %
Street Magic Enterprise LLC dba New Lisbon Travel Mart(*,#,^)1700 East Bridge St., New Lisbon, WI 53950Gasoline StationsTerm Loan7.5%11/7/2042419.0 419.0 239.9 0.07 %
Suncrest Stone Products LLC(*,#,^)341 County Farm Rd, Ashburn, GA 31714Nonmetallic Mineral Product ManufacturingTerm Loan7.25%8/29/2041620.8 620.8 564.7 0.18 %
Suncrest Stone Products LLC(*,#,^)341 County Farm Rd, Ashburn, GA 31714Nonmetallic Mineral Product ManufacturingTerm Loan7.5%8/29/2026536.6 536.6 459.9 0.14 %
F-280
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)271346
T and B Boots Inc dba Takken's Shoes(*,#)670 Marsh St., San Luis Obispo, CA 93401Clothing and Clothing Accessories StoresTerm Loan7%3/31/202523.0 23.0 — — %
T and B Boots Inc dba Takken's Shoes(*,#,^)72 South Main St., Templeton, CA 93465Clothing and Clothing Accessories StoresTerm Loan7.25%6/17/2026204.5 204.5 — — %
T and B Boots Inc dba Takken's Shoes(*,#)72 South Main St., Templeton, CA 93465Clothing and Clothing Accessories StoresTerm Loan7.25%12/7/202695.2 95.2 93.9 0.03 %
Tarver-Henley Inc. and Tar-Hen LLC(*,#,^)2125 College Ave, Jackson, AL 36545Building Material and Garden Equipment and Supplies DealersTerm Loan7.75%6/21/204297.8 97.8 82.5 0.03 %
The Jig, LLC(*,#,^)3115 Camp Phillips Rd, Wausau, WI 54403Food Services and Drinking PlacesTerm LoanPrime plus 2.75%10/24/204274.8 74.8 71.0 0.02 %
The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites(*,#,^)29291 Amerihost Drive, Dowagiac, MI 49047AccommodationTerm Loan8.25%12/5/2041335.1 335.1 322.1 0.10 %
The Woods at Bear Creek LLC and Bear Creek Entertainment LLC(*,#)3510 Bear Creek Rd, Franklinville, NY 14737AccommodationTerm Loan7%9/29/2039489.6 489.6 464.4 0.14 %
Transmission Solutions Group, Inc. and Calhoun Satellite Communication(*,#)1007 &1009 Old Route 119, Hunker, PA 15639TelecommunicationsTerm Loan7%12/2/204164.7 64.7 — — %
Victorian Restaurant and Tavern, LLC(*,#,^)226 Maple Ave, Cheshire, CT 06410Food Services and Drinking PlacesTerm Loan8.25%2/22/2042104.4 104.4 88.5 0.03 %
Vision Automotive LLC dba Vision Chrysler Jeep Dodge Ram of Defiance(*,#,^)20390 County RD 424, Defiance, OH 43512Motor Vehicle and Parts DealersTerm Loan7.5%9/29/2029289.3 289.3 125.8 0.04 %
Vision Collision Center LLC dba Integrity Auto Body & Vision(*,#)20502 County Rd 424, Defiance, OH 43512Repair and MaintenanceTerm Loan7.5%11/21/2027349.2 349.2 — — %
Warner Family Restaurant LLC dba Burgerim(*,#)250 North Nova Rd, Ormond Beach, FL 32174Food Services and Drinking PlacesTerm Loan8%5/3/202820.1 20.1 2.8 — %
Webb Eye Associates, PA(*,#,^)1720 S W W White Rd, San Antonio, TX 78220Ambulatory Health Care ServicesTerm Loan7.25%7/19/202771.2 71.2 36.1 0.01 %
White Hawk Inc.(*,#,^)2101 Dr. Martin Luther King Jr. Blvd, Stockton, CA 95205Truck TransportationTerm Loan8.25%12/15/2026937.3 937.3 912.8 0.28 %
Wilban LLC(*,#,^)454 US Hwy 22, Whitehouse Station, NJ 08889Food Services and Drinking PlacesTerm Loan7.5%3/11/202693.2 93.2 90.8 0.03 %
Wilban LLC(*,#)454 US Hwy 22, Whitehouse Station, NJ 08889Food Services and Drinking PlacesTerm Loan7.25%3/28/2039402.7 402.7 265.5 0.08 %
Work of Heart Inc dba Little Nest Portraits(*,#)1000 Merdian Blvd, Ste 112, Franklin, TN 37067Professional, Scientific, and Technical ServicesTerm Loan7.5%1/10/20285.2 5.2 5.1 — %
Work of Heart Inc dba Little Nest Portraits(*,#,^)1000 Merdian Blvd, Ste 112, Franklin, TN 37067Professional, Scientific, and Technical ServicesTerm Loan7.5%7/28/202747.1 47.1 45.9 0.01 %
F-281
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22)271346
Zeeba Company, Inc dba Zeeba Rent-A-Van & 5 Star Rent- A-Van(*,#,^)3200 Wilshire Blvd Ste 1000, Los Angeles, CA 90010Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%9/27/2028677.3 677.3 607.5 0.19 %
Zahmel Restaurant Suppliers Corp dba Cash & Carry; Zahners Hardware(*,#,^)33-51 11th St., Astoria, NY 11106Merchant Wholesalers, Nondurable GoodsTerm Loan8.25%4/28/202775.8 75.8 65.9 0.02 %
Total Unguaranteed Non-Accrual SBA Investments$58,912.6 $59,085.0 $34,236.8 10.63 %
Total Unguaranteed SBA Investments$429,524.8 $429,697.2 $417,223.1 129.48 %

SBA Guaranteed Accrual Investments (4a)271,346 
Matrix Z LLC800 SW 21st Terrace, Ft Lauderdale, FL 33312Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 6.5%2/27/202912.0 12.0 12.0 — %
Rello Inc.8063 Jericho Turnpike, Woodbury, NY 11797Personal and Laundry ServicesTerm LoanPrime plus 6.5%4/17/20295.8 5.8 5.8 — %
2Choice2Friends LLC901 W Braker Lane, Austin, TX 78758Food Services and Drinking PlacesTerm LoanPrime plus 6.5%4/17/202912.1 12.1 12.1 — %
Al Russell Moldof's CPA15105 John J Delaney Dr. #D 170, Charlotte, NC 28277Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%4/25/20294.8 4.8 4.8 — %
Disability Resolution1619 Malon Bay Drive, Orlando, FL 32828Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%4/30/20294.3 4.3 4.3 — %
NYM Solutions Inc.1250 NW 7th St. Ste 201, Miami, FL 33125Insurance Carriers and Related ActivitiesTerm LoanPrime plus 6.5%5/6/202912.2 12.2 12.2 — %
Crystal Cleaning Service10862 Nichols Blvd, Olive Branch, MS 38654Administrative and Support ServicesTerm LoanPrime plus 6.5%5/9/20299.9 9.9 9.9 — %
Clowers Trucking by Faith LLC705 E Brookwood PL, Valdosta, GA 31601Truck TransportationTerm LoanPrime plus 6.5%5/23/202912.1 12.1 12.1 — %
MCM Design LLC5926 Vinings Vintage Way, Mableton, GA 30126Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%5/23/20299.8 9.8 9.8 — %
Still Photography195 Terrace Place, Apt. 2, Brooklyn, NY 11218Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%6/6/202912.2 12.2 12.2 — %
Archer Cleaners Inc.1514 W 33rd St., Chicago, IL 60608Personal and Laundry ServicesTerm LoanPrime plus 6.5%6/10/202912.2 12.2 12.2 — %
Law Office of Paula Padilla PLLC2211 E Highland Ave Ste 130, Phoenix, AZ 85016Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%6/13/20294.9 4.9 4.9 — %
Bonadi Inc.9858 W Sample Rd, Coral Springs, FL 33065Personal and Laundry ServicesTerm LoanPrime plus 6.5%6/17/202912.2 12.2 12.2 — %
AA Horseplay, LLC34565 Ranch Drive, Brownsville, OR 97327Animal Production and AquacultureTerm LoanPrime plus 6.5%6/20/202912.2 12.2 12.2 — %
Campuscuts LLC930 Robtrice Ct, Edmond, OK 73430Personal and Laundry ServicesTerm LoanPrime plus 6.5%6/21/20297.3 7.3 7.3 — %
F-282
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)271,346 
Port Diesel LLC3212 Alex Trask Drive, Castle Hayne, NC 28429Repair and MaintenanceTerm LoanPrime plus 6.5%6/21/202912.3 12.3 12.3 — %
Menshka Inc.88 High St., Mountclair, NJ 07042Ambulatory Health Care ServicesTerm LoanPrime plus 6.5%7/10/202912.3 12.3 12.3 — %
The Bean Coffee Company, LLC112 South Main St., Spring Hill, KS 66083Food Services and Drinking PlacesTerm LoanPrime plus 6.5%7/17/202912.3 12.3 12.3 — %
Lawrence Adeyemo & Co LLC209-34 112 Ave, Queens Village, NY 11429Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%7/19/20299.8 9.8 9.8 — %
Gradstreet LLC2437 Corinth Ave Apt 130, Los Angeles, CA 90064Nonstore RetailersTerm LoanPrime plus 6.5%7/30/202912.3 12.3 12.3 — %
A&S Services LLC3888 Lightner Rd, Vandalia, OH 45377Food Services and Drinking PlacesTerm LoanPrime plus 6.5%8/7/202912.3 12.3 12.3 — %
Crystal Clear Accounting34099 Tuscan Creek Way, Temecula, CA 92592Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%8/26/20293.2 3.2 3.2 — %
Doghouse Sport Fishing Charters Inc.83413 Overseas Hwy, Islamorada, FL 33036Scenic and Sightseeing TransportationTerm LoanPrime plus 6.5%8/30/202912.3 12.3 12.3 — %
No Push Back LLC2223 Dungan Ave, Bensalem, PA 19020Personal and Laundry ServicesTerm LoanPrime plus 6.5%8/30/202912.2 12.2 12.2 — %
Softcare247 LLC4191 Naco Perrin Blvd, San Antonio, TX 78217Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%9/11/202912.4 12.4 12.4 — %
Host Marketing LLC206 Bell Lane Ste B, West Monroe, LA 71291Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%9/18/202912.4 12.4 12.4 — %
Standard Real Estate Services LLC500 W Silver Spring Dr. #K 200, Glendale, WI 53217Real EstateTerm LoanPrime plus 6.5%9/19/202912.4 12.4 12.4 — %
Chavero's Auto Mart LLC1364 E Palma Vista Drive, Palmview, TX 78572Motor Vehicle and Parts DealersTerm LoanPrime plus 6.5%10/11/202912.5 12.5 12.5 — %
Bargain Store107 Tabernacle Church Rd, Candor, NC 27229General Merchandise StoresTerm LoanPrime plus 6.5%10/11/202912.4 12.4 12.4 — %
Powerlift Dumbwaiters Inc.2444 Georgia Slide Rd, Georgetown, CA 95634Machinery ManufacturingTerm LoanPrime plus 6.5%10/16/202912.5 12.5 12.5 — %
Pine Mountain Residential LLC10240 Cosmopolitan Circle, Parker, CO 80134Specialty Trade ContractorsTerm LoanPrime plus 6.5%10/16/202912.4 12.4 12.4 — %
James Clark and Company Inc.8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%10/22/202912.4 12.4 12.4 — %
Deer Valley Sport Shop LLC507 Bamboo Rd, Boone, NC 28607Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 6.5%11/7/202912.5 12.5 12.5 — %
Sean McNamara5639 Wood Lane, Allentown, PA 18106Nonstore RetailersTerm LoanPrime plus 6.5%11/14/202912.5 12.5 12.5 — %
Bucklin Sumner & Associates650 NE Holladay St. Ste 1600, Portland, OR 97232Securities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm LoanPrime plus 6.5%11/14/202912.5 12.5 12.5 — %
F-283
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)271,346 
The Pinnacle Group105 Springside Drive, Akron, OH 44333Social AssistanceTerm LoanPrime plus 6.5%11/14/202912.5 12.5 12.5 — %
Pen’s Electric Company, Inc504 Fairfax Ave, Nashville, TN 37212Specialty Trade ContractorsTerm LoanPrime plus 6.5%11/21/202912.5 12.5 12.5 — %
Standard Capital Corp.2377 Wessington Drive, Virginia Beach, VA 23456Insurance Carriers and Related ActivitiesTerm LoanPrime plus 6.5%12/5/202912.5 12.5 12.5 — %
Scott’s Hardware Inc200 Tuckerton Rd, Medford, NJ 08055Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 6.5%12/6/202912.5 12.5 12.5 — %
HADD Corp364 Rugby Rd, Cedarhurst, NY 11516Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%12/17/202912.5 12.5 12.5 — %
La Tradicion Cubana Inc.1336 SW 8th St., Miami, FL 33135Miscellaneous Store RetailersTerm LoanPrime plus 6.5%12/20/202912.5 12.5 12.5 — %
Moon Group, Inc.145 Moon Rd, Chesapeake City, MD 21915Merchant Wholesalers, Nondurable GoodsTerm LoanPrime plus 2.75%6/27/20293,660.2 3,660.2 4,057.4 1.26 %
Beau & HB Inc. dba Beau’s Billard, Bowling & Arcade100 Village Rd, Port Lavaca, TX 77979Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/16/2029123.3 123.3 132.7 0.04 %
Hackstaff Restaurants248 W 1st St. Ste 201, Reno, NV 89501Food Services and Drinking PlacesTerm LoanPrime plus 2.75%7/15/2029442.9 442.9 479.4 0.15 %
MVE, Inc.1117 L St., Modesto, CA 95354Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%9/30/20293,678.2 3,678.2 4,082.8 1.27 %
American Landscaping Company6151 A St., Anchorage, AK 99518Administrative and Support ServicesTerm LoanPrime plus 2.75%12/27/2029978.8 978.8 1,078.7 0.33 %
Home Décor Liquidators LLC4187 Pleasant Hill Rd, Duluth, GA 30096Furniture and Home Furnishings StoresTerm LoanPrime plus 2.75%12/30/20292,962.5 2,962.5 3,227.1 1.00 %
National Stone Management804-810 W Shady Grove Rd, Grand Prairie, TX 75050Building Material and Garden Equipment and Supplies DealersTerm LoanPrime plus 2.75%8/31/2044810.1 810.1 895.2 0.28 %
2820 US Hwy 98N LLC2820 US Hwy 98 N, Lakeland, FL 33805Repair and MaintenanceTerm LoanPrime plus 2.75%5/23/2029129.1 129.1 141.5 0.04 %
LuluBelle's Mountain Banana Bread LLC1063 Carousel Rd, Lake Arrowhead, CA 92352Food ManufacturingTerm LoanPrime plus 2.75%4/21/2045230.6 230.6 257.6 0.08 %
Shooter's Gun Club LLC2429 Iowa St. Ste B-D, Lawrence, KS 66046Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/27/2030394.7 394.7 434.7 0.13 %
Love Playing LLC2200 Eastridge Loop, San Jose, CA 95122Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/9/2030298.8 298.8 329.2 0.10 %
AJN Innocations LLC6704 Main St., Miami Lakes, FL 33014Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/15/203073.9 73.9 81.4 0.03 %
Oak Park Social14691 W 11 Mile Rd, Oak Park, MI 48237Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/12/2045290.6 290.6 325.7 0.10 %
Natalie Hart LLC1702 Fawn Gate St, San Antonio, TX 78248Personal and Laundry ServicesTerm LoanPrime plus 2.75%12/18/2029100.1 100.1 110.4 0.03 %
The Cow Harbor Beer Company19 Scudder Ave, Northport, NY 11768Beverage and Tobacco Product ManufacturingTerm LoanPrime plus 2.75%7/11/2030272.9 272.9 300.7 0.09 %
F-284
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Guaranteed Accrual Investments (4a)271,346 
IV Purpose Inc.1489 Fulton St., Brooklyn, NY 11216Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/25/202978.2 78.2 86.2 0.03 %
Jbang LLC125 Westchester Ave, White Plains, NY 10601Food Services and Drinking PlacesTerm LoanPrime plus 2.75%11/25/202960.0 60.0 66.1 0.02 %
NJ Floats327 Rte 202/206, Bedminster Township, NJ 07921Computer and Electronic Product ManufacturingTerm LoanPrime plus 2.75%5/12/204578.8 78.8 88.4 0.03 %
Coral Springs Family Wellness LLC2902 North University Drive, Coral Springs, FL 33065Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/21/2030177.4 177.4 195.5 0.06 %
Ohanyan LLC14006 Riverside Dr. #9270, Sherman Oaks, CA 91423Food Services and Drinking PlacesTerm LoanPrime plus 2.75%12/6/202999.8 99.8 109.9 0.03 %
Kuros LLC dba Alexander Lake Lodge21221 Baron Lake Drive, Cedaredge, CO 81413AccommodationTerm LoanPrime plus 2.75%3/19/204527.9 27.9 31.4 0.01 %
Richwood Enterprises LLC2564 Branch St., Middleton, WI 53562Transit and Ground Passenger TransportationTerm LoanPrime plus 2.75%12/24/2029402.5 402.5 443.4 0.14 %
Icebox Café219 NE 3rd St., Hallendale Beach, FL 33009Food Services and Drinking PlacesTerm LoanPrime plus 2.75%4/26/2030728.8 728.8 802.8 0.25 %
Total SBA Guaranteed Accrual Investments$16,555.0 $16,555.0 $18,213.1 5.65 %
SBA Guaranteed Non-Accrual Investments (4b)
American Pharmaceutical Innovation Company, LLC(*)1425 Centre Circle, Downers Grove, IL 60515Chemical ManufacturingTerm LoanPrime plus 2.75%3/28/202762.1 62.1 62.1 0.02 %
MIT LLC(*)11 North Peach ST., Medford, OR 97504Publishing Industries (except Internet)Term LoanPrime plus 2.75%3/31/2042254.7 254.7 254.7 0.08 %
Neville Galvanizing, Inc(*)2983 Grand Ave, Pittsburgh, PA 15225Fabricated Metal Product ManufacturingTerm LoanPrime plus 2.75%12/15/20421,875.0 1,875.0 1,875.0 0.58 %
Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle(*)10287 Okeechobee Blvd #13, Royal Palm Beach, FL 33411Food Services and Drinking PlacesTerm LoanPrime plus 2.75%8/23/2029102.5 102.5 102.5 0.03 %
Simkar LLC, Neo Lights Holding Inc, Kalco Lighting, LLC(*)700 Ramona Ave, Philadelphia, PA 19120Electrical Equipment, Appliance, and Component ManufacturingTerm LoanPrime plus 2.75%12/26/20434,496.2 4,496.2 4,496.2 1.40 %
Total SBA Guaranteed Non-Accrual Investments$6,790.5 $6,790.5 $6,790.5 2.11 %
Total SBA Guaranteed Investments$23,345.5 $23,345.5 $25,003.6 7.76 %
Total SBA Unguaranteed and Guaranteed Investments$452,870.3 $453,042.7 $442,226.7 137.24 %

F-285
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
Controlled Investments (5) (22)271346
Advanced Cyber Security Systems, LLC(*,#) (6) (21)3880 Veterans Memorial Hwy. Suite 201, Bohemia, NY 11716Data processing, Hosting, and Related Services50% Membership Interest—%— — — — — %
Term Loan3%Dec 2014381.0 381.0 — — %
Automated Merchant Services, Inc.(*,#) (7) (21)12230 Forest Hill Blvd., Wellington, FL 33414Data processing, Hosting, and Related Services100% Common Stock—%— — — — — %
CDS Business Services, Inc.(*,#) (8)1985 Marcus Ave., Lake Success, NY 11042Securities, Commodity Contracts, and Other Financial Investments and Related Activities100% Common Stock—%— — 4,428.0 3,000.0 0.93 %
Line of Credit10%Dec 20205,000.0 5,000.0 5,000.0 1.55 %
Term Loan10%April 2020— — — — %
Newtek Technology Solutions, Inc.(*,#) (11)1904 W. Parkside Lane Phoenix, AZ 85027Data processing, Hosting, and Related Services100% Common Stock—%— — 8,384.0 9,000.0 2.79 %
Line of Credit10%Nov 202810,361.0 10,361.0 10,361.0 3.22 %
Newtek Insurance Agency, LLC(*,#) (13)1981 Marcus Ave., Lake Success, NY 11042Insurance Carriers and Related Activities100% Membership Interest—%— — 135.0 2,215.0 0.69 %
PMTWorks Payroll, LLC(*,#) (9)1981 Marcus Ave., Lake Success, NY 11042Data processing, Hosting, and Related Services100% Membership Interest—%— — 1,728.1 — — %
Term Loan10%Oct 2021435.0 435.0 — — %
Term Loan10%May 2020750.0 750.0 — — %
Term Loan12%May 2020500.0 500.0 — — %
Term Loan10%July 20201,000.0 1,000.0 — — %
Small Business Lending, LLC(*,#) (12) (21)1981 Marcus Ave., Lake Success, NY 11042Securities, Commodity Contracts, and Other Financial Investments and Related Activities100% Membership Interest—%— — 598.0 9,650.4 2.99 %
Term Loan10%June 2021400.0 400.0 400.0 0.12 %
ADR Partners, LLC dba banc-serv Partners, LLC(*,#) (12)8777 Purdue Rd, Indianapolis, IN 46268Securities, Commodity Contracts, and Other Financial Investments and Related Activities100% Membership Interest—%— — 7,085.2 — — %
International Professional Marketing, Inc.(#) (16)151 W. 30th St., New York, NY 10001Professional, Scientific, and Technical Services100% Common Stock—%— — 4,000.0 4,150.0 1.29 %
Line of CreditPrime plus 0.5%April 2021— — — — %
F-286
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
Controlled Investments (5) (22)271346
SIDCO, LLC(#) (16)151 W. 30th St., New York, NY 10001Professional, Scientific, and Technical Services100% Membership Interest—%— — 7,119.7 6,649.7 2.06 %
Line of CreditPrime plus 0.5%July 2020100.0 850.0 850.0 0.26 %
Newtek Merchant Solutions, LLC(#) (11)1981 Marcus Ave., Lake Success, NY 11042Data processing, Hosting, and Related Services100% Membership Interest—%— — 16,438.0 121,250.0 37.63 %
Mobil Money, LLC(#) (17)1981 Marcus Ave., Lake Success, NY 11042Data processing, Hosting, and Related Services100% Membership Interest—%— — 2,980.0 3,750.0 1.16 %
Newtek Business Lending, LLC(*,#) (10)14 East Washington St., Orlando, FL 32801
Securities, Commodity Contracts, and Other Financial Investments and Related Activities100% Membership Interest—%— — 18,623.0 22,252.7 6.91 %
Newtek Conventional Lending, LLC(#) (18) (25) (26)1981 Marcus Ave., Lake Success, NY 11042Securities, Commodity Contracts, and Other Financial Investments and Related Activities50% Membership Interest—%— — 14,270.0 16,122.8 5.00 %
Titanium Asset Management, LLC(*,#) (14)1981 Marcus Ave., Lake Success, NY 11042Administrative and Support ServicesTerm Loan10%March 2021900.0 900.0 390.4 0.12 %
100% Membership Interest—%— — — — — %
Excel WebSolutions, LLC(*,#) (15)888 East Brighton Ave. Syracuse, NY 13205Data processing, Hosting, and Related ServicesTerm Loan10%Sept 2020159.2 159.2 — — %
50% Membership Interest—— — — — — %
POS on Cloud, LLC(#) (20)1981 Marcus Ave., Lake Success, NY 11042Data processing, Hosting, and Related ServicesTerm Loan10%Sept 2023775.0 775.0 775.0 0.24 %
50.14% Membership Interest—— — — — — %
Total Controlled Investments$20,761.2 $107,300.2 $215,817.0 66.98 %
Non-Control/Affiliate Investments (22)
EMCAP Loan Holdings, LLC(+,#) (19) (25)1140 Reservoir Ave., Cranston, RI 02920Securities, Commodity Contracts, and Other Financial Investments and Related Activities6.04% Membership Interest—%— $— $1,000.0 $1,000.0 0.31 %
Total Investments$473,631.5 $561,342.9 $659,043.7 204.53 %

F-287
See accompanying notes to consolidated financial statements.

^ Denotes investment has been pledged as collateral under the Securitization Trusts.
* Denotes non-income producing security.
# Denotes fair value determined using significant unobservable inputs.
+ Denotes restricted security.
(1) Newtek values each unguaranteed portion of SBA 7(a) accrual loans (“Loan”) using a discounted cash flow analysis which projects future cash flows and incorporates projections for Loan pre-payments and Loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on Loan age. The recovery assumption for each Loan is specific to the discounted valuation of the collateral supporting that Loan. Each Loan’s cash flow is discounted at a rate which approximates a market yield. The Loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded PLP status from the SBA. Portions of these Loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors.
(2) The interest rates in effect on our loans as of December 31, 2019 are based off a Prime Rate equal to 5.00% and 1 month LIBOR equal to 1.76250%.
(3) Newtek values non-accrual SBA 7(a) loans using a discounted cash flow analysis of the underlying collateral which supports the loan. Management’s estimate of the 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.
(4a) Newtek values guaranteed accrual SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells accrual 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—FAIR VALUE MEASUREMENTS.
(4b) Newtek values guaranteed non-accrual loans based on the estimated recovery under the SBA guarantee, which is at cost.
(5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. or its subsidiaries owns more than 25% of the voting securities of such company. See NOTE 4—TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS in the accompanying notes to the consolidated financial statements of our annual report on Form 10-K filed with the SEC on March 16, 2020 for transactions during the year ended December 31, 2019 with affiliates the Company is deemed to control.
(6) 50% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), 50% owned by non-affiliate. The term loan is past its original maturity date and currently in default. As such, the fair value of the investment is zero.
(7) 96.11% owned by Wilshire Partners, LLC (a subsidiary of Newtek Business Services Corp.), 3.89% owned by Newtek Business Services Corp.
(8) 50.15% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 49.85% owned by Wilshire Holdings 1, Inc. (a subsidiary of Newtek Business Services Corp.).
(9) 25% owned by The Whitestone Group, LLC, (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.), 65% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), and 10% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.).
(10) 100% owned by Newtek Business Services Holdco 6, Inc. (a subsidiary of Newtek Business Services Corp.
(11) 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.). Premier was merged with NMS at December 31, 2018.
(12) 100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Newtek Business Services Holdco 5, Inc., both subsidiaries of Newtek Business Services Corp.).
(13) 100% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.).
(14) 50% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.), 47.8% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 2.2% owned by Wilshire New York Advisers II, LLC (a subsidiary of Newtek Business Services Corp.).
(15) 50% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 50% owned by non-affiliate.
(16) 100% owned by Newtek Business Services Holdco 2, Inc. (a subsidiary of Newtek Business Services Corp.).
(17) 100% owned by Newtek Business Services Holdco 4, Inc. (a subsidiary of Newtek Business Services Corp.).
F-288
See accompanying notes to consolidated financial statements.

(18) On May 20, 2019, the Company and its joint venture partner launched Newtek Conventional Lending, LLC (“NCL”) to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL is 50% owned by Newtek Commercial Lending, Inc. (a subsidiary of Newtek Business Services Corp.) and 50% owned by Conventional Lending TCP Holding, LLC (a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (NASDAQ:TCPC)). Deemed an investment company under the 1940 Act.
(20) 50.13% owned by Newtek Business Services Holdco 3, Inc. (a subsidiary of Newtek Business Services Corp.) and 49.87% owned by multiple non-affiliates.
(21) 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.
(22) 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.
(23) The fair value of the investment was determined using significant unobservable inputs.
(24) 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.
(25) Restricted security.
(26) 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, 2019, 7.1% of total assets are non-qualifying assets.

As of December 31, 2019, the federal tax cost of investments was $561,343,000 resulting in estimated gross unrealized gains and losses of $155,414,000 and $49,330,000, respectively.

F-289
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
NOTES TO 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 DC Partners, LLC
Wilshire Holdings I, Inc.
Wilshire Louisiana BIDCO, LLC
Wilshire Louisiana Partners II, LLC
Wilshire Louisiana Partners III, LLC
Wilshire Louisiana Partners IV, LLC
Wilshire New York Advisers II, LLC
Wilshire New York Partners III, LLC
Wilshire Partners, LLC
Exponential Business Development Co., Inc.
Newtek Commercial Lending, Inc.
Newtek LSP Holdco, LLC
NBSH Holdings, LLC
Newtek Business Services Holdco 1, Inc.
Newtek Business Services Holdco 2, Inc.
Newtek Business Services Holdco 3, Inc.
Newtek Business Services Holdco 4, Inc.
Newtek Business Services Holdco 5, Inc. (formerly Banc-Serv Acquisition, Inc.)
Newtek Business Services Holdco 6, Inc.
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. 

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The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3. 

Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 6.
Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are complete. Actual results could differ from those estimates.

Consolidation 

As provided under ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.

Assets related to transactions that do not meet ASC Topic 860 — Transfers and Servicing (“ASC Topic 860”) requirements for accounting sale treatment are reflected in the Company’s consolidated statements of assets and liabilities as investments. Those assets are owned by the securitization trusts and are included in the Company’s 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.

Although the Company owns more than 25% of the voting securities of NCL, the Company does not have sole control over significant actions of NCL for purposes of the 1940 Act or otherwise, and does not consolidate its interest in NCL.

Distributions

Dividends and distributions to the Company's common stockholders are recorded on the declaration date. The timing and amount to be paid out as a dividend or distribution is determined by the Company's Board each quarter and is generally based upon the annual taxable earnings estimated by management.
 
Cash

The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Invested cash is held exclusively at financial institutions of high credit quality. As of December 31, 2020, cash deposits in excess of insured amounts totaled $27,815,000. 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 December 31, 2020.
Restricted Cash

Restricted cash includes amounts due on SBA loan-related remittances to third parties, cash reserves established as part of a voluntary agreement with the SBA, and cash reserves associated with securitization transactions. As of December 31, 2020, total restricted cash was $49,352,000.

The following table provides a reconciliation of cash and restricted cash as of December 31, 2020, 2019, 2018, and 2017:
December 31, 2020December 31, 2019December 31, 2018December 31, 2017
Cash$2,073 $1,762 $2,316 $2,464 
Restricted cash49,352 31,445 29,034 18,074 
Cash and restricted cash$51,425 $33,207 $31,350 $20,538 
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Broker Receivable

Broker receivable represents amounts due from third parties for loans which have been traded at period end but have not yet settled.
Servicing Assets
The Company accounts for servicing assets in accordance with ASC 860-50 Transfers and Servicing - Servicing Assets and Liabilities. Servicing assets are measured at fair value at each reporting date and the Company reports changes in the fair value of servicing assets in earnings in the period in which the changes occur. The Company earns servicing fees from the guaranteed portions of SBA 7(a) loans it originates and sells. The valuation model for servicing assets incorporates assumptions including, but not limited to, servicing costs, discount rate, prepayment rate, and default rate. Considerable judgement is required to estimate the fair value of servicing assets and as such these assets are classified as Level 3 in our fair value hierarchy.
Income Taxes

The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted on March 27, 2020 and made significant prospective and retroactive changes to the U.S. federal income tax laws (and certain corresponding state and local conformity measures) including: 1) 5-year net operating loss (“NOL”) carrybacks with no taxable income limitation, 2) relaxation of the limitations on interest expense deductions, 3) qualified improvement property eligible for bonus depreciation, 4) acceleration of alternative minimum tax credits and related quick tax refunds, and 5) indirect tax measures, including workplace tax credits and deferral of social security payroll tax. Management has considered the impact of the CARES Act on the Company, its Taxable Subsidiaries, and the underlying portfolio companies, and the Company has reflected these potential impacts in the financial statements, related tax disclosures, and the value of the investments.

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 2017 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 years ended December 31, 2020, 2019 and 2018, no U.S. federal excise taxes were due.

The Company’s Taxable Subsidiaries accrue income taxes payable based on the applicable corporate rates on the net unrealized appreciation generated by the controlled investments held by the Taxable Subsidiaries. Such deferred tax liabilities amounted to $11,406,000 and $12,405,000 at December 31, 2020 and December 31, 2019, respectively, and are recorded as deferred tax liabilities on the 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 consolidated statements of operations.

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Investment Income

Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on management’s designation of non-accrual status. Interest receivable is analyzed regularly and may be reserved against when deemed uncollectible. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection.

In addition, the first round of PPP began in the second quarter of 2020. The SBA reimburses the Company for originating loans and such SBA reimbursements are included as interest income on PPP loans. Such fees are accounted for under ASC-310 Receivables and deferred until the loan is sold to one of our PPP Participants. Income earned in connection with the PPP should not be viewed as recurring. The first round of PPP closed on August 8, 2020. See “Recent Developments - PPP Additional Rounds.”

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 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.

New Accounting Standards

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,(“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts and transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective upon issuance of ASU 2020-04 for contract modifications on a prospective basis. While the Company is currently assessing the impact of ASU 2020-04, the Company does not expect the adoption to have a material impact on its consolidated financial statements.

In May 2020, the SEC adopted amendments to the financial disclosure requirements in Regulation S-X including the significance tests in the “significant subsidiary” definition in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 to improve their application and to assist registrants in making more meaningful determinations of whether a subsidiary or an acquired or disposed business is significant. In addition, to address the unique attributes of investment companies and business development companies, the SEC updated the significance tests in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 by (i) revising the investment test to compare the registrant’s investments in and advances to the acquired or disposed business to the registrant’s aggregate worldwide market value if available; (ii) revising the income test by adding a revenue component; (iii) expanding the use of pro forma financial information in measuring significance; and (iv)
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conforming, to the extent applicable, the significance threshold and tests for disposed businesses to those used for acquired businesses. The amendment became effective January 1, 2021; however, voluntary compliance with the final amendments will be permitted in advance of the effective date. No significant changes to our significant subsidiaries are expected.

In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables–Nonrefundable Fees and Other Costs, (“ASU 2020-08”). This ASU clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. All entities should apply ASU 2020-08 on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company does not expect the adoption to have a material impact on its consolidated financial statements since the Company does not have any convertible debt.

In December 2020, Rule 2a-5 under the 1940 Act was adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. We are evaluating the impact of adopting Rule 2a-5 on the consolidated financial statements and intend to comply with the new rule's requirements on or before the compliance date in September 2022.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 815), (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU 2019-12 also improves the consistent application of, and simplifies, GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption was permitted. The Company does not expect the adoption of ASU 2019-12 to have a material impact on its consolidated financial statements.

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.

NOTE 3—INVESTMENTS:

Investments, all of which are in portfolio companies in the United States, consisted of the following at:
December 31, 2020December 31, 2019
CostFair ValueCostFair Value
Non-affiliate debt investments$437,364 $425,570 $453,043 $442,227 
Non-control investments:
Equity1,000 1,000 1,000 1,000 
Debt5,447 5,447 — — 
Controlled investments:
Equity92,958 199,342 71,519 181,917 
Equity interest in NCL (Joint Venture)19,002 20,028 14,270 16,123 
Debt26,931 19,801 21,511 17,777 
Total investments$582,702 $671,188 $561,343 $659,044 

SBA unguaranteed investments consisted of the following breakdown of accrual and non-accrual loans at:
December 31, 2020December 31, 2019
CostFair ValueCostFair Value
Accrual$364,957 $378,329 $370,612 $382,986 
Non-Accrual55,443 29,419 59,085 34,237 
Total SBA unguaranteed investments$420,400 $407,748 $429,697 $417,223 
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SBA guaranteed investments consisted of the following breakdown of accrual and non-accrual loans at:
December 31, 2020December 31, 2019
CostFair ValueCostFair Value
Accrual$15,889 $16,747 $16,555 $18,213 
Non-Accrual1,075 1,075 6,790 6,791 
Total SBA guaranteed investments$16,964 $17,822 $23,345 $25,004 

On March 27, 2020, Congress passed, and the President of the United States signed into law, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The CARES Act provided an over $2.0 trillion stimulus package to certain businesses and individuals affected by the COVID-19 pandemic, with subsidies to certain existing SBA 7(a) borrowers in which the SBA paid all principal, interest, and fees on existing performing SBA 7(a) loans for six months beginning with such borrowers’ April 2020 payments. Among other things, the CARES Act allowed NSBF, as an SBA 7(a) lender, to originate loans under the newly-established Paycheck Protection Program (“PPP”) as an expansion of the existing SBA Section 7(a) loan program through June 30, 2020. On July 4, 2020, the President of the United States signed a bill to re-open the application window for the PPP until August 8, 2020. The first round of PPP closed on August 8, 2020. See “Recent Developments - PPP Additional Rounds.”

Under the PPP, SBA 7(a) lenders were automatically approved to extend 100% federally guaranteed PPP loans to certain small businesses for amounts up to 2.5 times of those businesses’ average monthly payroll expenses (capped at $10 million). The interest rate on PPP loans is capped at 1.0%, and the loans are forgivable after an 8 up to a 24 week forgiveness period, provided that the borrower uses the loans for eligible purposes (e.g., payroll/benefits (excluding employee compensation above $100,000), mortgage interest, rent and utilities) and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower reduces salaries or terminates employees during the forgiveness period.

As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company’s Executive Committee and Lending Team temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans beginning in March 2020. On June 29, 2020, NSBF restarted its SBA 7(a) loan program and began accepting SBA 7(a) loan applications. During the duration of the PPP, NSBF funded approximately 10,570 PPP loans totaling $1.19 billion though the PPP. Pursuant to the PPP, the SBA reimbursed a lender authorized to make a PPP loan at a rate, based on the balance of the financing outstanding at the time of disbursement of the PPP loan, of: (i) 5% for PPP loans of not more than $350,000; (ii) 3% for loans of more than $350,000 and less than $2,000,000; and (iii) 1% for loans of not less than $2,000,000.

To facilitate NSBF’s involvement as an authorized lender in the PPP, during the second quarter of 2020, NSBF entered into PPP loan participation agreements where NSBF originated PPP loans and sold 90% participating interests to UBS Bank USA (“UBS”), Stifel Bank (“Stifel”), Morgan Stanley Bank, N.A. (“Morgan Stanley”), and Amalgamated Bank (“Amalgamated”), collectively the “Participants.” The participations were sold at par due to the short term maturity of the loans. NSBF and the Participants share proportionally in all interest and principal payments made on the loans. Subsequently, UBS, Stifel, and Amalgamated amended their agreements with NSBF to allow the banks to purchase 100% participation interests in certain of the PPP loans originated by NSBF. In connection with the amendments, UBS, Stifel, and Amalgamated purchased the remaining 10% participation interests in their participation loans, bringing their participation interests to 100%, while Morgan Stanley continues to hold 90% participation interests as of December 31, 2020. During the year ended December 31, 2020, NSBF sold participations in $1.19 billion of PPP loans. NSBF continues to hold the PPP loan notes and the PPP loan documents in order to service the loans. The servicing liability in connection with the PPP loans was deemed immaterial. PPP loan origination fees are recognized as interest income on sale of PPP loan participations.

In accordance with the terms of the PPP participation agreements and SBA regulations and guidance, NSBF, as the originating lender, must continue to hold the PPP loan notes, the PPP loan documents and service the PPP loans (i.e., retain all servicing rights). Moreover, as the originating lender, NSBF is the party responsible to the SBA with respect to all servicing actions, including requests for advance purchases and loan forgiveness, and will be the party eligible for the guarantee purchase of the PPP loan. In the event of a loss resulting from a default on a PPP loan and a determination by the SBA that there was a deficiency in the manner in which the PPP loan was originated, funded, or serviced by NSBF, the SBA may deny its liability under the guaranty, reduce the amount of the guaranty, or, if it has already paid under the guaranty, seek recovery of any loss related to the deficiency. NSBF has agreed that it will repurchase from the Participant on demand the Participant’s Percentage of any outstanding principal and interest under the applicable PPP Loan under certain standard representations and warranties, including in the event of a loss due to fraud, gross negligence or willful misconduct on the part of NSBF or any failure to recover under the SBA guarantee as a result of any deficiency in documenting or servicing such PPP Loan by NSBF.
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The following table shows the Company’s SBA guaranteed accrual loans by SBA loan type at:
December 31, 2020December 31, 2019
CostFair ValueCostFair Value
7(a)$9,369 $10,227 $16,555 $18,213 
PPP1
6,520 6,520 — — 
Accrual SBA guaranteed investments$15,889 $16,747 $16,555 $18,213 
(1) 10% participation interests in 666 SBA guaranteed loans originated under the PPP by NSBF.
The following table shows the Company’s portfolio investments by industry at:
December 31, 2020December 31, 2019
CostFair ValueCostFair Value
Data Processing, Hosting, and Related Services$56,900 $156,874 $45,154 $146,320 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities63,635 61,135 37,930 42,079 
Food Services and Drinking Places38,142 38,832 40,331 40,516 
Professional, Scientific, and Technical Services26,571 25,998 41,514 41,330 
Amusement, Gambling, and Recreation Industries25,187 25,509 25,343 26,787 
Truck Transportation30,684 24,341 30,172 25,920 
Repair and Maintenance17,650 18,521 20,308 20,451 
Ambulatory Health Care Services20,365 17,626 22,146 20,409 
Specialty Trade Contractors17,207 16,673 16,460 15,650 
Fabricated Metal Product Manufacturing15,834 16,484 18,230 17,845 
Personal and Laundry Services13,303 14,192 11,856 12,446 
Administrative and Support Services14,612 13,962 13,733 12,696 
Food Manufacturing13,923 12,990 11,063 9,161 
Merchant Wholesalers, Nondurable Goods 13,607 12,853 12,230 11,900 
Merchant Wholesalers, Durable Goods 12,507 12,843 10,524 10,713 
Accommodation11,704 12,072 11,508 11,506 
Social Assistance10,075 11,147 9,849 10,683 
Rental and Leasing Services8,955 8,505 9,223 8,780 
Gasoline Stations 7,928 7,727 9,387 8,756 
Machinery Manufacturing7,119 6,969 1,985 1,621 
Building Material and Garden Equipment and Supplies Dealers 6,660 6,862 8,352 8,605 
PPP6,520 6,520 — — 
Nonstore Retailers 6,403 6,319 6,942 6,725 
Motor Vehicle and Parts Dealers5,838 5,863 7,655 7,783 
NCL (Joint Venture)19,002 20,028 14,270 16,123 
Other112,371 110,343 125,178 124,239 
Total$582,702 $671,188 $561,343 $659,044 

Newtek Conventional Lending, LLC

On May 20, 2019, the Company and its joint venture partner launched Newtek Conventional Lending, LLC (“NCL”) to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL is a 50/50 joint venture between Newtek Commercial Lending, Inc. a wholly-owned subsidiary of Newtek, and Conventional Lending TCP Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (Nasdaq:TCPC).

The following table shows NCL’s individual investments as of December 31, 2020:

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Portfolio CompanyIndustryInvestment TypeInterest RateMaturityPrincipalCost
Fair Value1
10 28th Ave SW Associates LLCFitness and Recreational Sport CentersTerm Loan5 Yr Libor plus 5.50%4/1/2045$2,268 $2,223 $2,130 
10 28th Ave SW Associates LLCFitness and Recreational Sport CentersTerm Loan5 Yr Libor plus 5.50%4/1/20451,277 1,248 1,199 
Cocoa Beach Office LLCOther Activities Related to Credit IntermediationTerm Loan2 Yr Libor plus 5.70%8/1/2044429 414 430 
Foxhall Hospitality, LLCHotels (except Casino Hotels) and MotelsTerm Loan5 Yr Libor plus 6.00%11/1/204410,470 10,261 10,840 
Foxhall Hospitality, LLCHotels (except Casino Hotels) and MotelsTerm Loan5 Yr Libor plus 6.00%11/1/20446,124 6,002 6,340 
The Camera Division, LLCCommecial & Industrial Machinery & EquipmentTerm Loan5 Yr Libor plus 7.25%9/1/202911,144 10,802 11,144 
The Emerald Green Group, LLCFull-Service RestaurantTerm Loan2 Yr Libor plus 5.65%8/1/20296,127 5,947 6,049 
XL Soccer World Orlando II LLCFitness and Recreational Sport CentersTerm LoanPrime plus 3.25%11/1/20454,557 4,405 4,517 
XL Sports World NJ LLC and XL Soccer World Orlando LLCFitness and Recreational Sport CentersTerm Loan5 Yr Libor plus 5.50%8/1/20446,193 6,039 6,544 
XL Sports World NJ LLC and XL Soccer World Orlando LLCFitness and Recreational Sport CentersTerm Loan5 Yr Libor plus 5.50%8/1/20444,762 4,644 4,970 
JW Aviation LLC and 21 Air LLC and AMN Doral LLCOther Nonscheduled Air Transportation Term Loan2 Yr Libor plus 8.25%12/1/20442,497 2,410 2,497 
Tricare Unlimited LLC and Geron Enterprises LLCNursing Care Facillities(Skilled Nursing Facilities)Term Loan2 Yr Treasury plus 6.51%1/1/20455,695 5,538 6,145 
E Entities LLCExterminating & Pest Control ServicesTerm Loan5 Yr Treasury plus 7.71%1/1/20305,656 5,515 6,028 
Trinity MCC Realty, LLCMotor Vehicle and Parts Dealers Term Loan5 Yr Treasury plus 6.58%2/1/20455,240 5,096 5,616 
Jaffe Real Estate LLCFull-Service RestaurantTerm Loan5 Yr Treasury plus 7.93%4/1/20452,257 2,195 2,257 
Berry Ventures IncPainting & Wall Covering ContractorsTerm Loan5 Yr Treasury plus 7.25%4/1/2045472 459 513 
Total$75,168 $73,198 $77,219 
(1) Fair value determined using significant unobservable inputs.

The following table shows NCL’s individual investments as of December 31, 2019:
Portfolio CompanyIndustryInvestment TypeInterest RateMaturityPrincipalCost
Fair Value1
10 28th Ave SW Associates LLCAmusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 3.0%4/1/2045$2,295 $2,249 $2,488 
10 28th Ave SW Associates LLCAmusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 3.0%4/1/20451,292 1,263 1,401 
Cocoa Beach Office LLCSecurities, Commodity Contracts, and Other Financial Investments and Related ActivitiesTerm Loan2 Yr Libor plus 5.70%8/1/2044435 420 443 
XL Sports World NJ LLC and XL Soccer World Orlando LLCAmusement, Gambling, and Recreation IndustriesTerm Loan5 Yr Libor plus 5.50%8/1/20446,246 6,090 6,703 
XL Sports World NJ LLC and XL Soccer World Orlando LLCAmusement, Gambling, and Recreation IndustriesTerm Loan5 Yr Libor plus 5.50%8/1/20444,803 4,683 5,093 
The Emerald Green Group, LLCFood Services and Drinking PlacesTerm Loan2 Yr Libor plus 5.65%8/1/20296,503 6,309 6,462 
The Camera Division, LLCElectronics and Appliance StoresTerm Loan5 Yr Libor plus 7.25%9/1/202911,318 10,952 11,514 
XL Soccer World Orlando II LLC and XL Soccer World Orlando LLCAmusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 3.25%11/1/2045770 616 845 
Foxhall Hospitality, LLCHotels (except Casino Hotels) and MotelsTerm Loan5 Yr Libor plus 6.00%11/1/204410,586 10,374 11,121 
Foxhall Hospitality, LLCHotels (except Casino Hotels) and MotelsTerm Loan5 Yr Libor plus 6.00%11/1/20446,192 6,068 6,505 
JW Aviation LLC and 21 Air LLC and AMN Doral LLCOther Nonscheduled Air TransportationTerm Loan2 Yr Libor plus 8.25%12/1/20442,520 2,432 3,036 
Tricare Unlimited LLC and Geron Enterprises LLCNursing Care Facillities(Skilled Nursing Facilities)Term Loan2 Yr Treasury plus 6.51%1/1/20455,760 5,602 6,316 
E Entities LLCExterminating & Pest Control ServicesTerm Loan5 Yr Treasury plus 7.71%1/1/20306,000 5,850 6,499 
Total$64,720 $62,908 $68,426 
(1) Fair value determined using significant unobservable inputs.
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The following tables show certain summarized financial information for NCL:
Selected Statement of Assets and Liabilities InformationDecember 31, 2020December 31, 2019
(Unaudited)
Cash$1,493 $1,299 
Investments in loans, at fair value (amortized cost of $73,197,000 and $62,908,000, respectively)77,219 68,426 
Other assets1,274 1,094 
Total assets$79,986 $70,819 
Bank notes payable$38,792 $36,938 
Other liabilities1,138 1,635 
Total liabilities39,930 38,573 
Net assets40,056 32,246 
Total liabilities and net assets$79,986 $70,819 
Selected Statements of Operations InformationYear Ended December 31,
20202019
Interest and other income$6,136 $1,344 
Total expenses3,401 1,192 
Net investment (loss) income2,735 152 
Net unrealized appreciation (depreciation) on investments(1,496)5,517 
Net increase in net assets resulting from operations$1,239 $5,669 

Non-Control Debt Investments

On September 1, 2020, the Company purchased three loans from NBL, a wholly-owned controlled portfolio company. The purchases were made at par and no realized or unrealized gains or losses have been recorded related to the transaction. As of December 31, 2020, two of the loans have paid off and one remains on the Company’s balance sheet. The Company is not affiliated with the borrowers of the loans.
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 year ended December 31, 2020 were as follows:
Portfolio CompanyFair Value at December 31, 2019Purchases (Cost)Principal ReceivedNet Realized Gains/(Losses)Net Unrealized Gains/(Losses)Fair Value at December 31, 2020Interest and Other IncomeDividend Income
Controlled Investments
Newtek Merchant Solutions, LLC (NMS)$121,250 $— $— $— $(9,750)$111,500 $— $9,450 
Mobil Money, LLC3,750 — — — (1,250)2,500 — — 
Newtek Technology Solutions, Inc. (NTS)1
31,011 1,210 (625)— 10,200 41,796 1,129 1,175 
CDS Business Services, Inc.8,000 4,560 — — (6,660)5,900 654 — 
Small Business Lending, LLC10,050 — — — — 10,050 41 — 
Newtek Insurance Agency, LLC2,215 — — — (65)2,150 — — 
PMTWorks Payroll, LLC— 150 — — (150)— — — 
Titanium Asset Management LLC390 — — — 265 655 — — 
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POS on Cloud, LLC775 275 — — — 1,050 87 — 
Excel WebSolutions, LLC— — — — — — — — 
Newtek Conventional Lending, LLC16,123 4,957 (225)— (827)20,028 — 1,227 
Advanced Cyber Security Systems, LLC— — — — — — 22 — 
Newtek Business Lending, LLC22,253 40,285 (18,996)— — 43,542 — 1,600 
Total Controlled Investments$215,817 $51,437 $(19,846)$— $(8,237)$239,171 $1,933 $13,452 
Non-Control Investments
EMCAP Loan Holdings, LLC$1,000 $— $— $— $— $1,000 $— $104 
Total Affiliate Investments$216,817 $51,437 $(19,846)$— $(8,237)$240,171 $1,933 $13,556 
(1) On January 1, 2021, IPM and SIDCO became subsidiaries of NTS. The above table reflects the combined fair values, unrealized appreciation and amount of dividends credited to income. During the year ended December 31, 2020, $10,200,000 of unrealized appreciation related to the investment in NTS. During the year ended December 31, 2020, $350,000 and $825,000 of dividend income was earned from IPM and SIDCO, respectively.

Related Party Transactions

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 had an interest rate equal to 1 month LIBOR (with a floor of 0.50%) plus 6.0% or a rate equal to the greater of the Prime Rate or 3.5% plus 5.0%. In November 2018, the Related Party RLOC was amended to reduce the interest rate to the lesser of 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%.

At December 31, 2020, the Related Party RLOC interest rate was 2.74%. The Related Party RLOC has a maturity date of November 8, 2023. Outstanding borrowings from NMS at December 31, 2020 under the Related Party RLOC were $24,090,000.

For the years ended December 31, 2020, 2019 and 2018, interest expense was $430,000, $911,000 and $916,000, respectively.

Expenses Incurred from Controlled Portfolio Companies

The Company incurs expenses from certain controlled portfolio companies including managed technology services from NTS, origination and loan processing fees from various related parties and payroll processing fees from PMT.
Year Ended
December 31, 2020December 31, 2019December 31, 2018
Managed technology services$1,754 $1,026 $725 
Origination and loan processing9,886 9,975 41 
Loan servicing37 — — 
Referral fees— — 104 
Payroll processing fees34 35 42 
Total$11,711 $11,036 $912 

The Company also sub-leases portions of its office space in Lake Success, New York to certain portfolio companies. Amounts charged were as follows:
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Year Ended
Portfolio CompanyDecember 31, 2020December 31, 2019December 31, 2018
Newtek Merchant Solutions, LLC$221 $232 $166 
Newtek Technology Solutions, Inc.11 11 11 
Small Business Lending, LLC292 244 75 
Newtek Insurance Agency, LLC58 61 88 
CDS Business Services, Inc.82 69 57 
Premier Payments LLC1
— — 38 
PMTWorks Payroll, LLC30 44 32 
Newtek Business Lending, LLC6 8 2 
Total$700 $669 $469 
(1) On December 31, 2018, Premier was merged into NMS.

Amounts due from related parties were $6,112,000 and $2,972,000 at December 31, 2020 and December 31, 2019, respectively. Amounts due to related parties were $2,133,000 and $131,000 at December 31, 2020 and December 31, 2019, 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. Fees are recorded on a quarterly basis, are recurring in nature, and are charged consistently based on estimates of time and effort spent by certain employees providing managerial services. The table below summarizes amounts charged to each controlled portfolio company, and are recorded as a credit to salaries and benefits in the consolidated statements of operations.

Year Ended
Portfolio CompanyDecember 31, 2020December 31, 2019December 31, 2018
Newtek Merchant Solutions, LLC$402 $373 $385 
Newtek Technology Solutions, Inc.2
509 476 508 
PMTWorks Payroll, LLC105 185 85 
Newtek Insurance Agency, LLC127 185 175 
banc-serv Partners, LLC— 87 248 
Premier Payment LLC1
— — 172 
CDS Business Services, Inc.123 88 88 
International Professional Marketing, Inc.2
91 93 89 
SIDCO, LLC2
96 111 93 
Mobil Money, LLC121 133 67 
Newtek Business Lending, LLC135 93 12 
Small Business Lending, LLC507 449 366 
Total$2,216 $2,273 $2,288 
(1) On December 31, 2018, Premier was merged into NMS.
(2) On January 1, 2021, IPM and SIDCO became subsidiaries of NTS.
Other Transactions with Related Parties
The Company was a party to an advisory services agreement (the “AK Agreement”) with AK Capital, LLC (“AK Capital”) to provide consulting and advisory services to the Company in connection with the sale and/or securitization of participations in SBA guaranteed and unguaranteed SBA 7(a) loans. The agreement was terminated in November 2019. During the years ended December 31, 2020, 2019 and 2018 the Company incurred $0, $9,000 and $14,000 in fees respectively, from AK Capital. The Company’s Chief Executive Officer was a director of AK Capital during 2019 and 2018.

The nephew of the Chief Executive Officer of the Company is employed by one of the Company’s controlled portfolio companies and earned annual compensation in excess of $125,000 during 2018, 2019, and 2020.

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NOTE 5—SERVICING ASSETS:
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 December 31, 2020 and December 31, 2019:
December 31, 2020December 31, 2019
Fair Value$26,061 $24,411 
Discount factor1
11.24 %13.38 %
Cumulative prepayment rate20.00 %26.00 %
Average cumulative default rate25.00 %22.00 %
(1) Determined based on risk spreads and observable secondary market transactions.
Servicing fee income earned for the years ended December 31, 2020, 2019, and 2018 was $11,154,000, $10,078,000, and $8,552,000, 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). 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.

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. There were no transfers to or from Level 3 of the fair value hierarchy for assets and liabilities during the years ended December 31, 2020 or 2019.
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.

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For certain investments, the Company generally calculates the fair value of the investment primarily based on the net asset NAV of the entity and adjusts the fair value for other factors that would affect the fair value of the investment. The Company uses this valuation approach for its investment in NCL.

Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company may realize significantly less than the value at which such investment had previously been recorded. 

The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded. In addition, the COVID-19 pandemic is an unprecedented circumstance that could further negatively impact the fair value of the Company’s investments after December 31, 2020 by circumstances and events that are not yet known.

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 December 31, 2020 and December 31, 2019:
 Fair Value Measurements at December 31, 2020
TotalLevel 1Level 2Level 3
Assets:
SBA unguaranteed non-affiliate investments$407,748 $— $— $407,748 
SBA guaranteed non-affiliate investments17,822 — 17,822 — 
Controlled investments219,143 — — 219,143 
Other real estate owned1
2,717 — 2,717 — 
Non-control investments6,447 — — 6,447 
Servicing assets26,061 — — 26,061 
Controlled investments measured at NAV2
20,028 — — — 
Total assets$699,966 $— $20,539 $659,399 
(1) Included in Other Assets on the Consolidated Statements of Assets and Liabilities
(2) The Company’s investment in NCL is measured at fair value using NAV and has not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

The change in unrealized appreciation (depreciation) included in the consolidated statements of operations attributable to Level 3 investments held at December 31, 2020 includes $176,000 in unrealized depreciation on SBA unguaranteed non-affiliate investments, $7,410,000 in unrealized appreciation on controlled investments and $1,525,000 in unrealized depreciation on servicing assets.
 Fair Value Measurements at December 31, 2019
TotalLevel 1Level 2Level 3
Assets:
SBA unguaranteed non-affiliate investments$417,223 $— $— $417,223 
SBA guaranteed non-affiliate investments25,004 — 25,004 — 
Controlled investments199,694 — — 199,694 
Other real estate owned1
2,539 — 2,539 — 
Non-control investments1,000 — — 1,000 
Servicing assets24,411 — — 24,411 
Controlled investments measured at NAV2
16,123 — — — 
Total assets$685,993 $— $27,543 $642,328 
Liabilities:
Contingent consideration liabilities3
$621 $— $— $621 
(1) Included in Other Assets on the Consolidated Statements of Assets and Liabilities
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(2) The Company’s investment in NCL is measured at fair value using NAV and has not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.
(3) Included in Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities

The following tables represents the changes in investments, servicing assets and liabilities measured at fair value using Level 3 inputs for the years ended December 31, 2020 and 2019:
Year Ended December 31, 2020
SBA Unguaranteed InvestmentsControlled InvestmentsServicing AssetsNon-Control Investments
Contingent Consideration Liabilities1
Fair value, December 31, 2019$417,223 $199,694 $24,411 $1,000 $621 
Net change in unrealized appreciation (depreciation)(176)(7,410)(1,525)— — 
Realized loss(8,367)— — — — 
SBA unguaranteed non-affiliate investments, funded48,824 — — — — 
Foreclosed real estate acquired(1,588)— — — — 
Purchase of investments— 46,480 — 15,296 — 
Purchase of loans from SBA6,804 — — — — 
Change in fair value of contingent consideration liabilities— — — — 54 
Payment of contingent consideration— — — — (675)
Net accretion of premium/discount(172)— — — — 
Return of investment— (18,996)— — — 
Principal payments received on debt investments(54,800)(625)— (9,849)— 
Additions to servicing assets— — 3,175 — — 
Fair value, December 31, 2020$407,748 $219,143 $26,061 $6,447 $— 
(1) Included in Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities
Year Ended December 31, 2019
SBA Unguaranteed InvestmentsControlled InvestmentsServicing AssetsNon-Control Investments
Contingent Consideration Liabilities1
Fair value, December 31, 2018$349,402 $171,585 $21,360 $1,000 $1,733 
Net change in unrealized appreciation (depreciation)(6,291)9,358 (5,178)— — 
Realized gain (loss)(3,924)— — — — 
SBA unguaranteed non-affiliate investments, funded130,214 — — — — 
Foreclosed real estate acquired(2,540)— — — — 
Purchase of investments— 25,380 — — — 
Return of investment— (4,200)— — — 
Net accretion of premium/discount(8)— — — — 
Change in fair value of contingent consideration liabilities— — — — 42 
Payment of contingent consideration— — — — (1,154)
Principal payments received on debt investments(49,630)(2,429)— — — 
Additions to servicing assets— — 8,229 — — 
Fair value, December 31, 2019$417,223 $199,694 $24,411 $1,000 $621 
(1) Included in Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities

The following tables provide a summary of quantitative information about the Company’s Level 3 fair value measurements as of December 31, 2020 and December 31, 2019. In addition to the 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 December 31, 2020 and December 31, 2019.
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Fair Value as ofWeightedRange
December 31, 2020Unobservable Input
Average1
MinimumMaximum
Assets:
SBA unguaranteed non-affiliate investments - accrual loans$378,329 Market yields4.00 %4.00 %4.00 %
SBA unguaranteed non-affiliate investments - non-accrual loans$29,419 Market yields4.34 %4.34 %4.34 %
Controlled equity investments1
$199,342 
EBITDA multiples2
9.20x6.00x10.00x
Revenue multiples2
1.17x1.0x2.30x
Weighted average cost of capital2
12.73 %11.10 %18.40 %
Controlled debt investments$19,801 Market yields9.69 %3.80 %10.00 %
Non-control equity investments$1,000 Asset valueN/AN/AN/A
Non-control debt investments$5,447 Recent transactionN/AN/AN/A
Servicing assets$26,061 Market yields11.24 %11.24 %11.24 %
(1) Weighted by relative fair value.
(2) The Company valued $143,650,000 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 $55,692,000 of investments using only discounted cash flows.
Fair Value as ofWeightedRange
December 31, 2019Unobservable Input
Average1
MinimumMaximum
Assets:
SBA unguaranteed non-affiliate investments - accrual loans$382,986 Market yields5.20 %5.20 %5.20 %
SBA unguaranteed non-affiliate investments - non-accrual loans$34,237 Market yields5.33 %5.33 %5.33 %
Controlled equity investments1
$181,917 
EBITDA multiples2
8.20x4.50x9.00x
Revenue multiples2
1.07x0.15x2.30x
Weighted average cost of capital2
11.92 %10.70 %18.50 %
Controlled debt investments$17,777 Market yields9.03 %5.25 %10.00 %
Non-control equity investments$1,000 Asset valueN/AN/AN/A
Servicing assets$24,411 Market yields13.38 %13.38 %13.38 %
Liabilities:
Contingent consideration liabilities$621 Projected EBITDA and probability of achievementN/AN/AN/A
(1) Weighted by relative fair value.
(2) The Company valued $143,265,000 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 $38,653,000 of investments using only discounted cash flows.
NOTE 7—ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITES:

The following table details the components of accounts payable, accrued expenses and other liabilities at December 31, 2020 and December 31, 2019:
December 31, 2020December 31, 2019
Due to participants and SBA1
$18,361 $11,169 
Accrued payroll and related expenses1,507 2,337 
Accrued interest1,484 1,200 
Loan processing, servicing and other loan related expenses2,655 3,023 
Contingent consideration liabilities— 621 
Other3,601 2,474 
Total accounts payable, accrued expenses and other liabilities$27,608 20,824 
(1) Represents loan related remittances received by NSBF, and due to third parties.
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NOTE 8—BORROWINGS:

At December 31, 2020 and December 31, 2019, the Company had borrowings comprised of the following:
December 31, 2020December 31, 2019
CommitmentsBorrowings OutstandingWeighted Average Interest RateCommitmentsBorrowings OutstandingWeighted Average Interest Rate
Capital One line of credit - guaranteed1
$150,000 $52,500 2.50 %$150,000 $30,000 4.00 %
Capital One line of credit - unguaranteed1
— 33,839 3.50 %— — 5.00 %
Notes due 202357,500 56,505 6.25 %57,500 56,035 6.25 %
Notes due 202463,250 61,774 5.75 %63,250 61,354 5.75 %
Notes due 20255,000 4,735 6.85 %— — — %
Notes payable - related parties50,000 24,090 2.74 %50,000 12,163 4.71 %
Notes payable - Securitization Trusts221,752 218,339 2.39 %276,637 272,376 3.97 %
Total$547,502 $451,782 3.54 %$597,387 $431,928 4.61 %
(1) Total combined commitments of the guaranteed and unguaranteed lines of credit were $150,000,000 at December 31, 2020 and December 31, 2019.

As of December 31, 2020, our asset coverage was 174%.

Outstanding borrowings under the 2023 Notes, 2024 Notes, 2025 Notes and Notes payable - Securitization Trusts consisted of the following:
December 31, 2020December 31, 2019
Notes Due 2023Notes Due 2024Notes Due 2025Notes Payable- Securitization TrustsNotes Due 2023Notes Due 2024Notes Payable- Securitization Trusts
Principal balance$57,500 $63,250 $5,000 $221,752 $57,500 $63,250 $276,637 
Unamortized deferred financing costs(995)(1,476)(265)(3,413)(1,465)(1,896)(4,261)
Net carrying amount$56,505 $61,774 $4,735 $218,339 $56,035 $61,354 $272,376 

At December 31, 2020 and December 31, 2019, 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 2023 Notes and 2024 Notes are based on the closing public share price on the date of measurement. On December 31, 2020, the closing price of the 2023 Notes was $25.45 per note, or $58,535,000. On December 31, 2019, the closing price of the 2023 Notes was $25.68 per note, or $59,064,000. On December 31, 2020, the closing price of the 2024 Notes was $25.26 per note, or $63,908,000. On December 31, 2019, the closing price of the 2024 Notes was $25.94 per note, or $65,628,000. These borrowings are not recorded at fair value on a recurring basis. The fixed rate 2025 Notes are held at par as of December 31, 2020.
Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the year ended December 31, 2020, 2019, and 2018 was $17,875,000, $20,415,000 and $16,046,000, respectively.

Capital One Facilities

In May 2017, NSBF amended its Capital One facility to increase the facility from $50,000,000 to $100,000,000 and reduce the interest rate. The facility was amended again in June 2018 and the portion of the facility, collateralized by the government guaranteed portion of SBA 7(a) loans, was reduced to Prime minus 0.75% (previously Prime minus 0.25%). The interest rate on the portion of the facility, collateralized by the non-guaranteed portion of SBA 7(a) loans, was reduced to Prime plus 0.25% (previously Prime plus 0.75%). The facility provides for a 55% advance rate on the non-guaranteed portions of the SBA 7(a) loans NSBF originates, and a 90% advance rate on the guaranteed portions of SBA 7(a) loans NSBF originates. In addition, the amendment extended the date on which the facility will convert to a term loan from May 16, 2017 to May 11, 2020 and extended the maturity date of the facility to May 11, 2022. In June 2019, the facility was increased from $100,000,000 to $150,000,000. In May 2020, the facility was amended to extend both the maturity date and date on which the facility will convert to a term loan by a period of three years. On May 7, 2020, NSBF amended its existing line of credit with Capital One
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to, among other things, extend the maturity date on which the credit facility will convert into a term loan for a period of three years to May 7, 2023, with the term loan maturing on May 7, 2025.

At December 31, 2020, there was $52,500,000 and $33,839,000 outstanding under the guaranteed and unguaranteed lines of credit, respectively. At December 31, 2020, NSBF was in full compliance with all applicable loan covenants.

For the years ended December 31, 2020, 2019 and 2018, interest expense including amortization of related deferred financing costs was $1,436,000, $2,122,000 and $1,473,000, respectively.

Notes Due 2021

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 2021 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. As a result of the redemption of the 2021 Notes, the Company recorded a $1,059,000 loss on extinguishment of debt during the year ended December 31, 2018, equivalent to the balance of unamortized deferred financing costs as of the redemption date.

For the year ended December 31, 2018 interest expense including amortization of related deferred financing costs was $718,000. No interest expense was incurred during the years ended December 31, 2020 and December 31, 2019.

Notes Due 2022

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 Third 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.

On August 29, 2019, the Company redeemed all $8,324,000 in aggregate principal amount of the Notes on the redemption date of August 29, 2019 at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from July 1,
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2019, through, but excluding, the redemption date.

No interest expense was incurred during the year ended December 31, 2020. For the years ended December 31, 2019 and 2018, interest expense including amortization of related deferred financing costs was $469,000 and $707,000, respectively.

Notes dues 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 year ended December 31, 2018, equivalent to the balance of unamortized deferred financing costs as of the redemption date.

On February 22, 2021, the Company redeemed all $57,500,000 in aggregate principal amount of the 2023 Notes on the redemption date of February 22, 2021, at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from December 1, 2020, through, but excluding, the redemption date. For more information, see “NOTE 19—SUBSEQUENT EVENTS.”

For the years ended December 31, 2020, 2019, and 2018 interest expense including amortization of related deferred financing costs was $4,064,000, $4,065,000, and $3,483,000, respectively.

Notes dues 2024

On July 25, 2019, the Company closed a public offering of $55,000,000 in aggregate principal amount of its 2024 Notes. The 2024 Notes will mature on August 1, 2024 and may be redeemed in whole or in part at any time or from time to time at Newtek’s option on or after August 1, 2021. The 2024 Notes bear interest at a rate of 5.75% per year payable quarterly on August 1, November 1, February 1 and May 1, of each year, beginning November 1, 2019. Total net proceeds received after deducting underwriters’ discount and expenses was $53,313,000. The 2024 Notes are listed on the Nasdaq Global Market under the trading symbol “NEWTL” and were rated “A-“ by Egan-Jones. A portion of the proceeds were used to redeem the outstanding 2022 Notes. In August 2019, the underwriters exercised their option to purchase an additional $8,250,000 in aggregate principal amount of the 2024 Notes resulting in an additional $8,003,000 in net proceeds. As a result of the redemption of the 2022 Notes, the Company recorded a $251,000 loss on extinguishment of debt during the year ended December 31, 2019, equivalent to the balance of unamortized deferred financing costs as of the redemption date.

For the years ended December 31, 2020 and 2019 interest expense including amortization of related deferred financing costs was $4,057,000 and $1,701,000. No interest expense was incurred during the year ended December 31, 2018.

Notes due 2025

On November 27, 2020, the Company closed an exempt offering of $5,000,000 in aggregate principal amount of its 2025 Notes. The offering was consummated pursuant to the terms of a purchase agreement dated November 27, 2020 among the Company and an accredited investor. The purchase agreement provided for the 2025 Notes to be issued to the Purchaser in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The 2025 Notes will mature on November 30, 2025 and may be redeemed in whole or in part at any time. The 2025 Notes bear interest at a rate of 6.85% per year payable quarterly on February 28, May 31, August 31 and November 30, of each year, beginning February 28, 2021. Total net proceeds received after deducting structuring fees and estimated offering expenses was $4.8 million. Under the Purchase Agreement, the Company may issue additional Notes in aggregate principal amount of up to $10 million to the Purchaser by placement notice delivered to the Purchaser on or before March 31, 2021, and, by mutual agreement of the parties, of up to $15 million in aggregate principal amount of additional Notes by placement notice delivered to the Purchaser after March 31, 2021 and before November 30, 2022.

For the year ended December 31, 2020 interest expense including amortization of related deferred financing costs was $37,000. No interest expense was incurred during the years ended December 31, 2019 and December 31, 2018.
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Notes Payable - Securitization Trusts

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 Consolidated Statements of Assets and Liabilities.

In November 2016, NSBF completed its seventh securitization which resulted in the transfer of $56,073,000 of unguaranteed portions of SBA loans to the 2016-1 Trust. The 2016-1 Trust in turn issued securitization notes for the par amount of $53,444,000, consisting of $43,632,000 Class A notes and $9,812,000 of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB+” rating by S&P, respectively, and the final maturity date of the notes is February 2042. The Class A and Class B notes bear interest at a rate of 1 month LIBOR plus 3.0% and 4.25%, respectively.

In December 2017, NSBF completed its eighth securitization which resulted in the transfer of $76,188,000 of unguaranteed portions of SBA loans to the 2017-1 Trust. The 2017-1 Trust in turn issued securitization notes for the par amount of $75,426,000, consisting of $58,111,000 Class A notes and $17,315,000 of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is February 2043. The Class A and Class B notes bear interest at a rate of 1 month LIBOR plus 2.0% and 3.0%, respectively.

In October 2018, the 2013-1 Trust was terminated as a result of NSBF purchasing the 2013-1 Trust assets, with the 2013-1 Trust’s noteholders receiving the redemption price. Certain of the 2013-1 Trust’s assets were subsequently transferred to the 2018-1 Trust.

In November 2018, NSBF completed its ninth securitization which resulted in the transfer of $108,551,000 of unguaranteed portions of SBA loans to the 2018-1 Trust. The 2018-1 Trust in turn issued securitization notes for the par amount of $108,551,000, consisting of $82,876,000 Class A notes and $25,675,000 of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is February 2044.

In March 2019, the 2010-1 Trust was terminated as a result of NSBF purchasing the 2010-1 Trust assets, with the 2010-1 Trust’s noteholders receiving the redemption price.

In July 2019, the 2014-1 Trust was terminated as a result of NSBF purchasing the 2014-1 Trust assets, with the 2014-1 Trust’s noteholders receiving the redemption price.

In October 2019, NSBF completed its tenth securitization which resulted in the transfer of $118,920,000 of unguaranteed portions of SBA loans to the 2019-1 Trust, The 2019-1 Trust in turn issued securitization notes for the par amount of $118,920,000, consisting of $93,540,000 of Class A notes and $25,380,000 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 December 2044. The Class A and Class B notes bear interest at a rate of LIBOR plus 1.83% across both classes.

For the years ended December 31, 2020, 2019 and 2018, interest expense including amortization of related deferred financing costs and discount was $7,853,000, $11,148,000, and $8,748,000, respectively.

At December 31, 2020 and 2019, the assets of the consolidated Trusts totaled $323,000,000 and $375,295,000, respectively. The liabilities of the consolidated Trusts totaled $221,752,000 and $276,637,000, respectively.
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Note Payable - Related Parties

In June 2015, the Company entered into the Related Party RLOC. Maximum borrowings under the Related Party RLOC were $38,000,000.

In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50,000,000. The outstanding balance had an interest rate equal to 1 month LIBOR (with a floor of 0.50%) plus 6.0% or a rate equal to the greater of the Prime Rate or 3.5% plus 5.0%. In November 2018, the Related Party RLOC was amended to reduce the interest rate to the lesser of 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%.

At December 31, 2020, the Related Party RLOC interest rate was 2.74%. The Related Party RLOC has a maturity date of November 8, 2023. Outstanding borrowings from NMS at December 31, 2020 under the Related Party RLOC were $24,090,000.

For the years ended December 31, 2020, 2019 and 2018, interest expense was $430,000, $911,000 and $916,000, respectively.
Total expected principal repayments on the Company’s borrowings for the next five fiscal years and thereafter are as follows:
December 31,Borrowings
2021$— 
2022— 
2023167,929 
202463,250 
20255,000 
Thereafter221,752 
$457,931 

NOTE 9—COMMITMENTS AND CONTINGENCIES:
Operating and Employment Commitments
The Company leases office space and other office equipment in several states under operating lease agreements which expire at various dates through 2027. Those office space leases which are for more than one year generally contain scheduled rent increases or escalation clauses.
The following summarizes the Company’s obligations and commitments, as of December 31, 2020 for future minimum cash payments required under operating lease and employment agreements:
YearOperating Leases
Employment Agreements1
Total
2021$1,604 $403 $2,007 
20221,576 — 1,576 
20231,619 — 1,619 
20241,663 — 1,663 
20251,708 — 1,708 
Thereafter1,962 — 1,962 
Total$10,132 $403 $10,535 
(1) Employment agreements with certain of the Company’s named executive officers
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. 

309

As a result of a litigation brought by the Federal Trade Commission (the “FTC”) in October 2012, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices.
Guarantees
The Company is a guarantor on the Sterling Receivable and Inventory Facility at NBC. Maximum borrowings under the Sterling Receivable and Inventory Facility are $35,000,000. The Sterling Receivable and Inventory Facility matures in August 2022 and automatically renews annually. At December 31, 2020, total principal owed by NBC was $18,411,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At December 31, 2020, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the NBL Facility. Maximum borrowings under the NBL Facility are $75,000,000 with an accordion feature to increase maximum borrowings to $150,000,000. The NBL Facility matures in November 2023. At December 31, 2020, total principal owed by NBL was $44,216,000. At December 31, 2020, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the Webster Facility, a term loan facility between NMS with Webster Bank with an aggregate principal amount up to $50,000,000. The Webster Facility matures in November 2023. At December 31, 2020, total principal outstanding was $36,375,000. At December 31, 2020, the Company determined that it is not probable that payments would be required to be made under the guarantee.

Unfunded Commitments

At December 31, 2020, the Company had $3,263,000 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 December 31, 2020, NCL had $568,000 of unfunded commitments in connection with partial funding of certain of its non-conforming conventional commercial and industrial term loan investments. NCL will fund 50% of the total unfunded commitments. NCL will fund these commitments from the same sources it uses to fund its other investment commitments.

NOTE 10—FINANCIAL HIGHLIGHTS:

The financial highlights for the Company are as follows:
Year Ended December 31,
Period Ended
Dec. 31, 20147
202020192018201720162015
Per share data¹
Net asset value at beginning of period$15.70 $15.19 $15.08 $14.30 $14.06 $16.31 $13.49 
Net investment income (loss)1.51 (0.29)(0.40)(0.45)(0.64)(0.57)(0.33)
Net realized gain on investments0.54 2.61 2.31 2.27 2.17 3.14 0.08 
Net unrealized appreciation (depreciation) on investments(0.44)0.24 0.36 0.75 0.85 0.94 0.36 
Net unrealized depreciation on servicing assets(0.07)(0.27)(0.30)(0.20)(0.16)(0.13)(0.02)
Change in deferred taxes0.05 (0.16)(0.06)(0.12)(0.34)(0.06)— 
Net increase in net assets resulting from operations1.59 2.13 1.91 2.25 1.88 3.32 0.09 
Distributions to common stockholders(2.05)(2.15)(1.80)(1.64)(1.53)(4.45)— 
Stock-based compensation expense0.03 0.03 0.02 0.05 0.04 — — 
Accretive effect of stock offerings (issuing shares above NAV per share)0.20 0.51 0.04 0.02 — 2.43 2.73 
Accretive effect of shares issued in connection with DRIP (issuing shares above NAV per share)— 0.01 0.01 0.01 — — — 
Dilutive effect of restricted stock awards(0.01)(0.01)(0.08)— (0.11)(3.07)— 
Other⁴
(0.01)(0.01)0.01 0.09 (0.01)0.02 — 
Net asset value at end of period$15.45 $15.70 $15.19 $15.08 $14.30 $14.06 $16.31 
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Year Ended December 31,
Period Ended
Dec. 31, 20147
202020192018201720162015
Per share market value at end of period$19.69 $22.65 $17.44 $18.49 $15.90 $14.32 $14.76 
Total return based on market value²(2.12)%17.55 %4.06 %26.60 %24.51 %24.46 %13.10 %
Total return based on average net asset value³11.46 %17.48 %12.67 %16.92 %12.59 %13.52 %20.87 %
Shares outstanding at end of period (in thousands)21,970 20,530 18,919 18,457 14,624 14,509 10,206 
Ratios/Supplemental Data:
Net assets at end of period$339,353$322,225$287,445$278,329$209,094$203,949$166,418
Ratio of expenses to average net assets18.64 %21.29 %20.15 %19.20 %19.48 %17.42 %20.46 %
Ratio of net investment income (loss) to average net assets9.90 %(1.84)%(2.65)%(3.23)%(4.48)%(3.34)%(11.99)%
Portfolio turnover6
206.49 %130.71 %130.41 %116.40 %109.60 %103.50 %5.08 %
Average debt outstanding$406,005$388,525$279,254$193,747$151,502$128,680$108,483
Average debt outstanding per share$18.48 $18.92 $14.76 $10.50 $10.36 $8.87 $10.63 
Asset coverage ratio⁵174 %173 %185 %229 %222 %249 %223 %
Senior securities outstanding$457,931$439,550$337,501$221,007$176,019$134,816$122,543
(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) Total return based on market value is calculated based on the purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported and assumes reinvestment of dividends at prices obtained by the Company's DRIP plan during the period. The return does not reflect any sales load that may be paid by an investor.
(3) Total return based on change in NAV is calculated using the change in net asset value plus dividends to stockholders during the period, divided by the beginning net asset value.
(4) 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.
(5) Calculated based on the amount of senior securities outstanding at period end.
(6) Portfolio turnover is calculated by dividing (a) the lesser of purchases or sales of portfolio securities by (b) the average total
investments at fair value. The calculation includes PPP loan activity beginning in 2020.
(7) The Company converted to a BDC on November 12, 2014 and therefore a partial period is shown through December 31, 2014.

NOTE 11—STOCK BASED COMPENSATION:

Stock Plan

The Company accounts for its stock-based compensation plan using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards, the Company measured the grant date fair value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as stock-based compensation expense over the requisite service period, which is generally the vesting term.
 
The Board approves the issuance of shares of restricted stock to employees and directors pursuant to the Equity Incentive Plan. These shares generally vest over a one to three year period from the grant date. The fair value is expensed over the service period, starting on the grant date. The following table summarizes the restricted stock issuances under the Equity Incentive Plan, net of shares forfeited, if any, and the remaining shares of restricted stock available for issuance as of December 31, 2020.
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Restricted Stock authorized under the plan1
1,500,000 
Less net restricted stock (granted)/forfeited during:
Year ended December 31, 2016(120,933)
Year ended December 31, 2017(5,007)
Year ended December 31, 2018(93,568)
Year ended December 31, 2019(6,285)
Year ended December 31, 20202,639 
Restricted stock available for issuance as of December 31, 20201,276,846 
(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.

As of December 31, 2020, there was $142,000 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 7 months as of December 31, 2020.

For the years ended December 31, 2020, 2019, and 2018, the Company recognized total stock-based compensation expense of $567,000, $636,000, and $585,000, respectively.

NOTE 12—COMMON STOCK:

ATM Program

On August 31, 2018, the Company entered into the 2017 ATM Equity Distribution Agreement which increased the maximum number of shares that the Company may offer and sell under its then-existing ATM distribution agreement up to 4,400,000 shares of common stock from time to time through the ATM placement agents.

The following table summarizes the total shares sold and net proceeds received under the 2017 ATM Equity Distribution Agreement:
Year Ended December 31, 2020Year Ended December 31, 2019Year Ended December 31, 2018
Shares sold— 187,962 291,232 
Net weighted average price per share$— $19.46 $19.14 
Net proceeds$— $3,650 $5,196 

On July 8, 2019, the Company gave notice to terminate the 2017 ATM Equity Distribution Agreement, with such termination effective as of July 9, 2019. As of July 9, 2019, the Company had sold 1,618,375 shares of its common stock under the 2017 ATM Equity Distribution Agreement, and received net proceeds of $28,466,000. The Company paid the ATM placement agents $586,000 in compensation.

On July 10, 2019, the Company entered into the 2019 ATM Equity Distribution Agreement. The 2019 ATM Equity Distribution Agreement provided that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. On February 28, 2020, we amended the 2019 ATM Equity Distribution Agreement to add UBS Securities LLC as a placement agent. The company paid the placement agents $141,000 in compensation during the year ended December 31, 2020.

The following table summarizes the total shares sold and net proceeds received under the 2019 ATM Equity Distribution Agreement:
Year Ended December 31, 2020Year Ended December 31, 2019Year Ended December 31, 2018
Shares sold359,819 1,356,698 — 
Net weighted average price per share$20.40 $22.27 $— 
Net proceeds$7,342 $30,212 $— 
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On June 24, 2020, the Company terminated the 2019 ATM Equity Distribution Agreement. As of June 24, 2020, the Company had sold 1,716,517 shares of its common stock under the Amended 2019 ATM Equity Distribution Agreement, and received net proceeds of $37,554,000. The Company paid the ATM placement agents a total of $758,000 in compensation under the 2019 ATM Equity Distribution Agreement.

On June 25, 2020, the Company entered into the 2020 ATM Equity Distribution Agreement. The 2020 ATM Equity Distribution Agreement provides that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. The company paid the placement agents $374,000 in compensation during the year ended December 31, 2020. As of December 31, 2020, there were 1,977,421 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement.

The following table summarizes the total shares sold and net proceeds received under the 2020 ATM Equity Distribution Agreement:
Year Ended December 31, 2020Year Ended December 31, 2019Year Ended December 31, 2018
Shares sold1,022,579 — — 
Net weighted average price per share$17.95 $— $— 
Net proceeds$18,334 $— $— 

The Company used the net proceeds for funding investments in debt and equity securities in accordance with its investment objective and strategies.

Investment in Mobil Money

During the year ended December 31, 2018, in connection with its investment in Mobil Money, the Company issued 10,966 restricted common shares valued at $200,000.

NOTE 13—EARNINGS PER SHARE:

The following table summarizes the calculations for the net increase in net assets resulting from operations per common share for the years ended December 31, 2020, 2019 and 2018:
Year Ended December 31,
202020192018
Net increase in net assets resulting from operations$33,619 $41,135 $35,678 
Weighted average shares outstanding21,146 19,326 18,714 
Net increase in net assets resulting from operations per share$1.59 $2.13 $1.91 

NOTE 14—LEASES:

Under ASC 842, operating lease expense is generally recognized on a straight-line basis over the term of the lease. The Company has entered into operating lease agreements for office space with remaining contractual terms up to 6 years, some of which include renewal options that extend the leases for up to 10 years. These renewal options are not considered in the remaining lease term unless it is reasonably certain the Company will exercise such options. The operating lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As the rate implicit in the leases generally is not readily determinable for our operating leases, the discount rates used to determine the present value of our lease liability are based on our incremental borrowing rate at the lease commencement date and commensurate with the remaining lease term. Our incremental borrowing rate for a lease is the rate of interest we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are excluded from our weighted-average remaining lease term.

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The following table summarizes supplemental cash flow and other information related to our operating leases:
Year Ended December 31,
202020192018
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)$1,646 $1,609 n/a
Weighted-average remaining lease term - operating leases6.12 years 7.03 yearsn/a
Weighted-average discount rate - operating leases4.76 %4.76 %n/a
Total lease costs (included in other general and administrative costs on the consolidated statements of operations)$840 $941 $1,238 

The following table represents the maturity of the Company’s operating lease liabilities as of December 31, 2020:
Maturity of Lease Liabilities
20211,555 
20221,576 
20231,619 
20241,663 
20251,708 
Thereafter1,962 
Total future minimum lease payments$10,083 
Less: Imputed interest$(1,386)
Present value of future minimum lease payments$8,697 

NOTE 15—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 years ended December 31, 2020 and 2019.
Date DeclaredRecord DatePayment DateAmount Per ShareCash DistributionDRIP Shares IssuedDRIP
Shares Value
Year ended December 31, 2020
February 5, 2020March 18, 2020March 31, 2020$0.44 $8,882 18 $224 
June 12, 2020July 15, 2020July 31, 2020$0.56 $11,450 13 $235 
July 20, 2020September 21, 2020September 30, 2020$0.58 $12,107 13 $231 
November 11, 2020December 18, 2020December 30, 2020$0.47 $10,144 7 $121 
Year ended December 31, 2019
February 15, 2019March 15, 2019March 29, 2019$0.40 $7,355 12 $220 
May 1, 2019June 14, 2019June 28, 2019$0.46 $8,482 12 $260 
August 21, 2019September 20, 2019September 30, 2019$0.58 $10,899 14 $300 
October 10, 2019December 16, 2019December 30, 2019$0.71 $14,034 16 $347 

During the years ended December 31, 2020 and 2019, an additional 12,400 and 12,200 shares valued at $228,000 and $267,000, respectively, were issued related to dividends on unvested restricted stock awards.

NOTE 16—BENEFIT PLANS:
Defined Contribution Plan
The Company’s employees participate in a defined contribution 401(k) plan (the “Plan”) adopted in 2004 which covers substantially all employees based on eligibility. The Plan is designed to encourage savings on the part of eligible employees and qualifies under Section 401(k) of the Code. Under the Plan, eligible employees may elect to have a portion of their pay, including overtime and bonuses, reduced each pay period, as pre-tax contributions up to the maximum allowed by law. The Company may elect to make a matching contribution equal to a specified percentage of the participant’s contribution, on their behalf as a pre-tax contribution. For the years ended December 31, 2020, 2019 and 2018, the Company matched 50% of the
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first 2% of employee contributions, resulting in $73,000, $131,000 and $126,000 in expense, respectively.

NOTE 17—INCOME TAXES:

As a RIC, the Company must distribute substantially all of its respective net taxable income each tax year as dividends to its shareholders. Accordingly, no provision for federal income tax has been made in the financial statements for the years ended December 31, 2020, 2019 and 2018.

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal tax regulations, which may differ from amounts determined in accordance with GAAP and those differences could be material. These book-to-tax differences are either temporary or permanent in nature. Reclassifications due to permanent book-tax differences, including the offset of net operating losses against net short-term gains and nondeductible meals and entertainment, have no impact on net assets. During the year ended December 31, 2020, the Company decreased additional paid in capital by $412,000 and increased accumulated undistributed earnings by $412,000. During the year ended December 31, 2019, the Company decreased additional paid in capital by $290,000 and increased accumulated undistributed earnings by $290,000.

Taxable income generally differs from net increase (decrease) in net assets for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses and generally excludes unrealized appreciation (depreciation) on investments as investment gains and losses are not included in taxable income until they are realized.

The following table reconciles net increase in net assets resulting from operations to taxable income for the years ended December 31, 2020, 2019 and 2018:
December 31, 2020December 31, 2019December 31, 2018
Net increase in net assets$33,619 $41,135 $35,678 
Net change in unrealized depreciation on investments10,733 482 (1,069)
Net change in deferred tax liabilities(999)3,164 1,077 
GAAP versus tax basis consolidation of subsidiaries782 1,329 926 
Other income (deductions/losses) for tax, not book(99)(24)1,029 
Other differences(705)(4,500)(3,844)
Taxable income before deductions for distributions$43,331 $41,586 $33,797 

The tax character of distributions paid during the years ended December 31, 2020, 2019 and 2018 were as follows:
December 31, 2020December 31, 2019December 31, 2018
Ordinary income$43,393 $37,709 $32,499 
Long-term capital gains— 4,187 1,034 
Return of capital— — — 

The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. Approximately 28% of the Company’s ordinary income was from qualified dividends. The actual tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV.

The tax basis components of distributable earnings/(accumulated losses) and reconciliation to accumulated earnings on a book basis for the years ended December 31, 2020, 2019 and 2018 were as follows:

December 31, 2020December 31, 2019December 31, 2018
Undistributed ordinary income - tax basis$3,577 $3,713 $4,045 
Net change in unrealized appreciation on investments7,077 16,811 20,457 
GAAP versus tax basis consolidation of subsidiaries(1,668)(887)442 
Other temporary differences13,294 12,215 7,624 
Total accumulated earnings - book basis$22,280 $31,852 $32,568 

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The differences between the components of distributable earnings on a tax basis and the amounts reflected in the consolidated statements of changes in net assets are primarily due to temporary book-tax differences that will reverse in a subsequent period.

NOTE 18—SUPPLEMENTAL FINANCIAL DATA:

In accordance with the SEC’s Regulation S-X and GAAP, we are not permitted to consolidate any subsidiary or other entity that is not an investment company, including those in which we have a controlling interest.

We had one unconsolidated subsidiary that met at least one of the significance conditions under Rule 1-02(w) of Regulation S-X during certain periods presented for which we are required, pursuant to Rule 3-09 of Regulation S-X, to attach separate financial statements as exhibits to the Form 10-K. Accordingly, the audited financial statements of NMS for the years ended December 31, 2020, 2019 and 2018 have been attached as exhibits.

In addition, we had one portfolio company that is required to have supplemental disclosure incorporated in our financial statements in accordance with Regulation S-X section 4-08(g), along with summarized financial information. Accordingly, the summarized financial information of our unconsolidated subsidiary, NBL, which originates, purchases and sells commercial loans under the SBA’s 504 loans program, is as follows:
Newtek Business Lending, LLC Balance SheetsAs of December 31, 2020As of December 31, 2019
(unaudited)
Current assets86,858 30,021 
Noncurrent assets653 528 
Total assets87,511 30,549 
Current liabilities3,318 1,080 
Noncurrent liabilities44,216 12,165 
Total liabilities47,534 13,246 
Total member’s equity39,977 17,303 
Year Ended December 31,
Newtek Business Lending, LLC Statements of Income20202019
Revenue$6,069 $3,228 
Expenses3,037 2,955 
Income from operations$3,032 $273 
Interest expense, net1,427 1,465 
Income (loss) before tax1,605 (1,192)
Net unrealized appreciation on loans receivable - held for sale, at fair value$1,402 $160 
Income taxes(22)— 
Net Income (Loss)$2,985 $(1,031)

NOTE 19—SUBSEQUENT EVENTS:

Common Stock

From January 1, 2021 through March 26, 2021 the Company sold 430,470 shares of its common stock at a weighted average price of $20.93 per share under the 2020 ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $9,011,000. As of March 26, 2021, there were 1,546,951 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement.
Issuance of Notes due 2025

On January 6, 2021 the Company completed an offering of $10 million aggregate principal amount of its 6.85% notes due 2025. The offering was consummated pursuant to the terms of a purchase agreement dated November 27, 2020 among the Company and an accredited investor by a placement notice delivered to the purchaser prior to March 31, 2021. The purchase agreement provides for the Notes to be issued to the Purchaser in a private placement. The net proceeds from the sale of the
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Notes were approximately $9.7 million, after deducting structuring fees and estimated offering expenses, each payable by the Company. The Company intends to use the net proceeds from the sale of the Notes to fund investments in debt and equity in accordance with its investment objectives and strategies. Under the Purchase Agreement, the Company may, by mutual agreement of the parties, issue up to $15 million in aggregate principal amount of additional Notes by placement notice delivered to the Purchaser after March 31, 2021 and before November 30, 2022.

Issuance of Notes due 2026 and Redemption of Notes due 2023

On January 22, 2021, the Company closed a public offering of $115,000,000 in aggregate principal amount of its 2026 Notes, including $15,000,000 in aggregate principal amount sold pursuant to a fully-exercised overallotment option. The 2026 Notes will mature on February 1, 2026 and may be redeemed in whole or in part at any time or from time to time at Newtek’s option on or after February 1, 2022. The 2026 Notes bear interest at a rate of 5.50% per year payable quarterly on February 1, May 1, August 1 and November 1, of each year, beginning May 1, 2021. Total net proceeds received after deducting underwriters’ discount and expenses was approximately $111,288,000. The 2026 Notes are listed on the Nasdaq Global Market under the trading symbol “NEWTZ.” A portion of the proceeds was used to redeem the outstanding 2023 Notes.

Issuance of Additional Notes due 2024

On February 16, 2021, the Company issued an additional $5,000,000 in aggregate principal amount of its 2024 Notes. The Notes will be treated as a single series with the existing 2024 Notes and will have the same terms as the Existing Notes. The Notes will have the same CUSIP number and will be fungible and rank equally with the Existing Notes. Upon issuance of the Notes, the outstanding aggregate principal amount of the Company’s 5.75% Notes due 2024 increased to $68,250,000.

Dividends

On February 23, 2021, the Company declared a first quarter 2021 cash dividend of $0.50 per share, which is payable on March 31, 2021 to shareholders of record as of March 22, 2021.

PPP Additional Rounds

On December 27, 2020, the Economic Aid Act was enacted by Congress in order to provide additional assistance to the hardest-hit small businesses, nonprofits, and venues that are struggling to recover from the impact of the COVID-19 pandemic. The Economic Aid Act provides funding for PPP loans through March 31, 2021 and a second round of forgivable loans through the PPP for small businesses and nonprofits experiencing significant revenue losses, made programmatic improvements to PPP, funds grants to shuttered venues, and enacted emergency enhancements to other SBA lending programs. This assistance will provide small business owners with the capital they need to survive the pandemic and includes critical resources for the smallest businesses. The Economic Aid Act also provides additional subsidies to certain existing SBA 7(a) borrowers. Specifically, under the Economic Aid Act, the SBA will pay an additional three months of payments of principal, interest, and fees on existing performing SBA 7(a) loans approved prior to March 27, 2020, capped at $9,000 per borrower per month and new SBA 7(a) borrowers with loans approved from February 1, 2020 through September 30, 2021, will receive 5 months of payments of principal, interest, and fees, capped at $9,000 per month. Beginning in January 2021, NSBF began offering PPP Second Draw Loans to eligible business. Eligibility for PPP Second Draw loans is limited to small businesses that have no more than 300 employees and demonstrate at least a 25 percent reduction in gross revenues between comparable quarters in 2019 and 2020. PPP Second Draw loans have a maximum loan size of 2.5X average monthly payroll costs, up to $2 million. In addition, small businesses assigned to the industry NAICS code 72 (Accommodation and Food Services) can receive PPP Second Draw loans equal to 3.5X average monthly payroll costs in order to helps these businesses combat onerous State and local restrictions. Borrowers are eligible to receive full loan forgiveness if they spend at least 60 percent of their PPP Second Draw loan on payroll costs over a time period of their choosing between 8 weeks and 24 weeks. In addition, NSBF is also offering PPP loans (first draw loans) through March 31, 2021. For PPP loans made on or after December 27, 2020, SBA will pay lenders fees based on the balance of the financing outstanding at the time of disbursement of the loan, for processing PPP loans in the following amounts: (i) for loans of not more than $50,000, an amount equal to the lesser of fifty (50) percent or $2,500; (ii) five (5) percent for loans of more than $50,000 and not more than $350,000; (iii) three (3) percent for loans of more than $350,000 and less than $2,000,000; and (iv) one (1) percent for loans of at least $2,000,000.

As of the date of this filing, the PPP Extension Act of 2021 has been passed by Congress and the Senate and is pending signature by the President of the United States. The bill would extend the deadline to submit PPP applications from March 31, 2021 to May 31, 2021.

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Newtek Business Services Corp. and Subsidiaries
Schedule of Investments In and Advances to Affiliates
Year Ended December 31, 2020
Portfolio Company
Type of Investment1
Amount of Realized Gain (Loss)Amount of Unrealized Appreciation (Depreciation)
Amount of Interest or Dividends Credited to Income3
Fair Value at December 31, 2019
Gross Additions4
Gross Reductions5
Fair Value at December 31, 2020
Advanced Cyber Security Systems, LLC
50% Membership Interest2
$— $— $22 $— $— $— $— 
Automated Merchant Services, Inc.
100% Common Stock2
— — — — — — — 
CDS Business Services, Inc.
100% Common Stock2
— (3,000)— 3,000 — (3,000)— 
Line of Credit (10%)— (3,660)654 5,000 4,560 (3,660)5,900 
Newtek Technology Solutions, Inc.7
100% Common Stock2
— 10,200 — 19,800 10,200 — 30,000 
Line of Credit (10%)— — 2,304 10,361 460 — 10,821 
Line of Credit (Prime + 0.5%)6
— — 20 — 750 — 750 
Line of Credit (Prime + 0.5%)6
— — 16 850 — (625)225 
Newtek Insurance Agency, LLC
100% Membership Interest2
— (65)— 2,215 — (65)2,150 
PMTWorks Payroll, LLC
100% Membership Interest2
— (150)— — 150 (150)— 
Term Loans (10%-12%)2
— — — — — — — 
Small Business Lending, LLC
100% Membership Interest2
— — — 9,650 — — 9,650 
Term Loan (10%)— — 41 400 — — 400 
banc-serv Partners, LLC
100% Membership Interest2
— — — — — — — 
Newtek Merchant Solutions, LLC100% Membership Interest— (9,750)9,450 121,250 — (9,750)111,500 
Titanium Asset Management, LLC
100% Membership Interest2
— — — — — — — 
Term Loan (10%)2
— 265 — 390 — 265 655 
Newtek Business Lending, LLC
100% Membership Interest2
— — 1,600 22,253 40,285 (18,996)43,542 
Newtek Conventional Lending, LLC50% Membership Interest— (827)1,227 16,123 4,290 (385)20,028 
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Portfolio Company
Type of Investment1
Amount of Realized Gain (Loss)Amount of Unrealized Appreciation (Depreciation)
Amount of Interest or Dividends Credited to Income3
Fair Value at December 31, 2019
Gross Additions4
Gross Reductions5
Fair Value at December 31, 2020
Mobil Money, LLC100% Membership Interest— (1,250)— 3,750 — (1,250)2,500 
POS on Cloud, LLC
50.1% Membership Interest2
— — — — — — — 
Term Loan (10%)— — 87 775 275 — 1,050 
Excel WebSolutions LLC
Term Loans (10%)2
— — — — — — — 
100% Membership Interest2
— — — — — — — 
Total Controlled Investments$— $(8,237)$15,421 $215,817 $60,970 $(37,616)$239,171 
Non-Control Investments
EMCAP Loan Holdings, LLC6.04% Membership Interest— — 104 1,000 — — 1,000 
Total Affiliate Investments$— $(8,237)$15,525 $216,817 $60,970 $(37,616)$240,171 

This schedule should be read in connection with the Company’s Consolidated Financial Statements, including the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements.

(1) The principal amount and ownership detail as shown in the Company’s Consolidated Schedule of Investments.
(2) Represents non-income producing security.
(3) Represents the total amount of interest, fees or dividends credited to income for the period.
(4) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in unrealized depreciation.
(5) Gross reductions include decreases in the cost basis of investments resulting from principal payments or sales and exchanges of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation.
(6) Index based floating rate debt investments bear interest at rate of Prime plus a contractual spread which typically resets monthly. At December 31, 2020, the Prime rate in effect was 3.25%.
(7) On January 1, 2021, IPM and SIDCO became subsidiaries of NTS. As a result, The Schedule of Investments in and Advances to Affiliates shows IPM and SIDCO under NTS.
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Document
Exhibit 4.2
DESCRIPTION OF SECURITIES

As of December 31, 2020, Newtek Business Services Corp. (the “Company,” “we,” “our,” or “us”) had two classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: (1) our common stock and (2) our debt securities.

Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Annual Report on Form 10-K to which this Description of Securities is attached as an exhibit.

A.Common Stock, $0.02 par value per share

As of December 31, 2020, the authorized capital stock of Newtek Business Services Corp. consisted of 200,000,000 shares of stock, par value $0.02 per share, all of which are initially designated as common stock. Our common stock is traded on the Nasdaq Global Market under the ticker symbol “NEWT.”
All shares of our common stock have equal rights as to earnings, assets, voting, and distributions and, when they are issued, will be duly authorized, validly issued, fully paid and non-assessable. Distributions may be paid to the holders of our common stock if, as and when authorized by our Board and declared by us out of assets legally available therefor. Shares of our common stock have no preemptive, conversion or redemption rights and are freely transferable, except where their transfer is restricted by federal and state securities laws or by contract. In the event of our liquidation, dissolution or winding up, each share of our common stock would be entitled to share ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at such time. Each share of our common stock is entitled to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of our common stock will possess exclusive voting power. There is no cumulative voting in the election of directors, which means that holders of a majority of the outstanding shares of common stock can elect all of our directors, and holders of less than a majority of such shares will be unable to elect any director.
Under our charter, our Board is authorized to classify and reclassify any unissued shares of stock into other classes or series of stock without obtaining stockholder approval. Our charter also provides that the Board, without any action by our stockholders, may amend the charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue.

Options and Restricted Stock
On April 27, 2015, the Compensation, Corporate Governance and Nominating Committee and the Board of Directors approved the Amended and Restated 2014 Stock Incentive Plan (the “2015 Stock Plan”), subject to exemptive relief from the SEC and shareholder approval, in order to have increased flexibility to use restricted shares of common stock, in addition to stock options, to assist the Company in achieving its objectives with respect to long-term equity incentive compensation. On May 10, 2016, we received an exemptive order from the SEC permitting us to award restricted shares of common stock to our employees, officers, and non-employee directors, and on July 27, 2016, our shareholders approved the 2015 Stock Plan.

The 2015 Stock Plan permits us to issue awards of stock options and restricted shares of common stock in an aggregate amount of up to 20% of our issued and outstanding shares of common stock (the “Plan Maximum


Shares”) as of the effective date of the plan. Under the 2015 Stock Plan, all of the Plan Maximum Shares are available for grants of stock options, and half of the Plan Maximum Shares (up to 10% of our issued and outstanding shares of common stock as of the effective date of the 2015 Stock Plan) is available for grants of restricted shares of common stock. The Compensation, Corporate Governance and Nominating Committee believes that restricted shares of common stock is the best method of encouraging stock ownership in the Company by eligible participants by giving them a proprietary interest in the Company’s performance, which more closely aligns compensation with the Company’s performance and provides a means to attract and retain persons of outstanding ability in key positions with the Company. If in the future we successfully grow our assets under management and our net asset value, we may choose to increase the number of employees of the Company. The Compensation, Corporate Governance and Nominating Committee may or may not choose to consider the use of stock options for incentive compensation of these employees.

We also may in the future request exemptive relief to permit us to grant dividend equivalent right to our option holders. However, there is no assurance that we will receive any such exemptive relief.
Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty established by a final judgment as being material to the cause of action. Our charter contains such a provision which eliminates directors’ and officers’ liability to the maximum extent permitted by Maryland law, subject to the requirements of the 1940 Act.
Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses

Our charter authorizes us, to the maximum extent permitted by Maryland law and subject to the requirements of the 1940 Act, to indemnify any present or former director or officer or any individual who, while serving as our director or officer and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee, from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in such capacity and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. Our bylaws obligate us, to the maximum extent permitted by Maryland law and subject to the requirements of the 1940 Act, to indemnify any present or former director or officer or any individual who, while serving as our director or officer and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee and who is made, or threatened to be made, a party to the proceeding by reason of his or her service in that capacity from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in any such capacity and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding. The charter and bylaws also permit us to indemnify and advance expenses to any person who served a predecessor of us in any of the capacities described above and any of our employees or agents or any employees or agents of our predecessor. In accordance with the 1940 Act, we will not indemnify any person for any liability to which such person would be subject by reason of such person’s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.
Maryland law requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service in that capacity. Maryland law permits a corporation


to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made a party by reason of their service in those or other capacities unless it is established that (a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty, (b) the director or officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. However, under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that a personal benefit was improperly received unless, in either case, a court orders indemnification, and then only for expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation’s receipt of (a) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.
Certain Provisions of the Maryland General Corporation Law and Our Charter and Bylaws
The Maryland General Corporation Law and our charter and bylaws contain provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest or otherwise. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with our Board. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms.

Classified Board of Directors
Our Board is divided into three classes of directors serving staggered three-year terms. The first expires in 2021, the second class expires in 2022, and the third class expires in 2023. Upon expiration of their current terms, directors of each class will be elected to serve for three-year terms and until their successors are duly elected and qualify and each year one class of directors will be elected by the stockholders. A classified board may render a change in control of us or removal of our incumbent management more difficult. We believe, however, that the longer time required to elect a majority of a classified board of directors will help to ensure the continuity and stability of our management and policies.

Election of Directors
Our charter and bylaws provide that the affirmative vote of the holders of a plurality of the outstanding shares of stock entitled to vote in the election of directors cast at a meeting of stockholders duly called and at which a quorum is present will be required to elect a director. Pursuant to our charter our Board may amend the bylaws to alter the vote required to elect directors.

Number of Directors; Vacancies; Removal
Our charter provides that the number of directors will be set only by the Board in accordance with our bylaws. Our bylaws provide that a majority of our entire Board may at any time increase or decrease the number of directors. However, unless our bylaws are amended, the number of directors may never be less than one nor more than twelve. Our charter provides that, at such time as we have at least three independent directors and our common


stock is registered under the Securities Exchange Act of 1934, as amended, we elect to be subject to the provision of Subtitle 8 of Title 3 of the Maryland General Corporation Law regarding the filling of vacancies on the board of directors. Accordingly, at such time, except as may be provided by the Board in setting the terms of any class or series of preferred stock, any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is elected and qualifies, subject to any applicable requirements of the 1940 Act.
Our charter provides that a director may be removed only for cause, as defined in our charter, and then only by the affirmative vote of at least two-thirds of the votes entitled to be cast in the election of directors.

Action by Stockholders
Under the Maryland General Corporation Law, stockholder action can be taken only at an annual or special meeting of stockholders or (unless the charter provides for stockholder action by less than unanimous written consent, which our charter does not) by unanimous written consent in lieu of a meeting. These provisions, combined with the requirements of our bylaws regarding the calling of a stockholder-requested special meeting of stockholders discussed below, may have the effect of delaying consideration of a stockholder proposal until the next annual meeting.

Advance Notice Provisions for Stockholder Nominations and Stockholder Proposals
Our bylaws provide that with respect to an annual meeting of stockholders, nominations of persons for election to the Board and the proposal of business to be considered by stockholders may be made only (a) pursuant to our notice of the meeting, (b) by the Board or (c) by a stockholder who is entitled to vote at the meeting and who has complied with the advance notice procedures of our bylaws. With respect to special meetings of stockholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of persons for election to the Board at a special meeting may be made only (1) pursuant to our notice of the meeting, (2) by the Board or (3) provided that the Board has determined that directors will be elected at the meeting, by a stockholder who is entitled to vote at the meeting and who has complied with the advance notice provisions of the bylaws.
The purpose of requiring stockholders to give us advance notice of nominations and other business is to afford our Board a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by our Board, to inform stockholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of stockholders. Although our bylaws do not give our Board any power to disapprove stockholder nominations for the election of directors or proposals recommending certain action, they may have the effect of precluding a contest for the election of directors or the consideration of stockholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our stockholders.

Calling of Special Meetings of Stockholders
Our bylaws provide that special meetings of stockholders may be called by our Board and certain of our officers. Additionally, our bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the stockholders requesting the meeting, a special meeting of stockholders will be called by the secretary of the corporation upon the written request of stockholders entitled to cast not less than a majority of all the votes entitled to be cast at such meeting.



Approval of Extraordinary Corporate Action; Amendment of Charter and Bylaws
Under Maryland law, a Maryland corporation generally cannot dissolve, amend its charter, merge, sell all or substantially all of its assets, engage in a share exchange or engage in similar transactions outside the ordinary course of business, unless approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation may provide in its charter for approval of these matters by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter. Our charter generally provides for approval of charter amendments and extraordinary transactions by the stockholders entitled to cast at least a majority of the votes entitled to be cast on the matter. Our charter also provides that certain charter amendments, any proposal for our conversion, whether by charter amendment, merger or otherwise, from a closed-end company to an open-end company and any proposal for our liquidation or dissolution requires the approval of the stockholders entitled to cast at least a majority of the votes entitled to be cast on such matter. However, if such amendment or proposal is approved by a majority of our continuing directors (in addition to approval by our Board), such amendment or proposal may be approved by a majority of the votes entitled to be cast on such a matter. The “continuing directors” are defined in our charter as (1) our current directors, (2) those directors whose nomination for election by the stockholders or whose election by the directors to fill vacancies is approved by a majority of our current directors then on the Board or (3) any successor directors whose nomination for election by the stockholders or whose election by the directors to fill vacancies is approved by a majority of continuing directors or the successor continuing directors then in office. In any event, in accordance with the requirements of the 1940 Act, any amendment or proposal that would have the effect of changing the nature of our business so as to cause us to cease to be, or to withdraw our election as, a BDC would be required to be approved by a majority of our outstanding voting securities, as defined under the 1940 Act.
Our charter and bylaws provide that the Board will have the exclusive power to make, alter, amend or repeal any provision of our bylaws. In a Special Meeting of Stockholders held on July 10, 2020, our stockholders rejected a proposal that would have allowed our stockholders to amend our bylaws.
No Appraisal Rights
Except with respect to appraisal rights arising in connection with the Control Share Act discussed below, as permitted by the Maryland General Corporation Law, our charter provides that stockholders will not be entitled to exercise appraisal rights unless a majority of the Board shall determine such rights apply.

Control Share Acquisitions
The Maryland General Corporation Law provides that control shares of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter (the “Control Share Act”). Shares owned by the acquirer, by officers or by directors who are employees of the corporation are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock which, if aggregated with all other shares of stock owned by the acquirer or in respect of which the acquirer is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise voting power in electing directors within one of the following ranges of voting power:
a.one-tenth or more but less than one-third;
b.one-third or more but less than a majority; or
c.a majority or more of all voting power.


The requisite stockholder approval must be obtained each time an acquirer crosses one of the thresholds of voting power set forth above. Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. A control share acquisition means the acquisition of control shares, subject to certain exceptions.
A person who has made or proposes to make a control share acquisition may compel the Board of the corporation to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting.
If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then the corporation may redeem for fair value any or all of the control shares, except those for which voting rights have previously been approved. The right of the corporation to redeem control shares is subject to certain conditions and limitations, including compliance with the 1940 Act. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquirer or of any meeting of stockholders at which the voting rights of the shares are considered and not approved. If voting rights for control shares are approved at a stockholders meeting and the acquirer becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per share paid by the acquirer in the control share acquisition.
The Control Share Act does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (b) to acquisitions approved or exempted by the charter or bylaws of the corporation. Our bylaws contain a provision exempting from the Control Share Act any and all acquisitions by any person of our shares of stock. There can be no assurance that such provision will not be amended or eliminated at any time in the future. However, the SEC staff has taken the position that, under the 1940 Act, an investment company may not avail itself of the Control Share Act. As a result, we will amend our bylaws to be subject to the Control Share Act only if the Board determines that it would be in our best interests and, after notification, the SEC staff does not object to our determination that our being subject to the Control Share Act does not conflict with the 1940 Act.
Business Combinations
Under Maryland law, “business combinations” between a Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder (the “Business Combination Act”). These business combinations include a merger, consolidation, share exchange or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested stockholder is defined as:
d.any person who beneficially owns 10% or more of the voting power of the corporation’s outstanding voting stock; or
e.an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then outstanding voting stock of the corporation.
A person is not an interested stockholder under this statute if the board of directors approved in advance the transaction by which the stockholder otherwise would have become an interested stockholder. However, in


approving a transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.
After the five-year prohibition, any business combination between the Maryland corporation and an interested stockholder generally must be recommended by the board of directors of the corporation and approved by the affirmative vote of at least:
f.80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and
g.two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder.
These super-majority vote requirements do not apply if the corporation’s common stockholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares.
The statute permits various exemptions from its provisions, including business combinations that are exempted by the board of directors before the time that the interested stockholder becomes an interested stockholder. Our Board has adopted a resolution that any business combination between us and any other person is exempted from the provisions of the Business Combination Act, provided that the business combination is first approved by Board, including a majority of the directors who are not interested persons as defined in the 1940 Act. This resolution may be altered or repealed in whole or in part at any time; however, our Board will adopt resolutions so as to make us subject to the provisions of the Business Combination Act only if the Board determines that it would be in our best interests and if the SEC staff does not object to our determination that our being subject to the Business Combination Act does not conflict with the 1940 Act. If this resolution is repealed, or the Board does not otherwise approve a business combination, the statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.

Conflict with 1940 Act
Our bylaws provide that, if and to the extent that any provision of the Maryland General Corporation Law, including the Control Share Act (if we amend our bylaws to be subject to such Act) and the Business Combination Act, or any provision of our charter or bylaws conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.


B.Debt Securities

•5.75% Notes due 2024 (the “2024 Notes”); and
•5.50% Notes due 2026 (the “2026 Notes,” and together with the 2024 Notes, the “Notes”).

The 2024 Notes
In July 2019, we issued $55,000,000 in aggregate principal amount of 5.75% notes due 2024 (the “2024 Notes”). In August 2019, we closed on an additional $8.25 million in aggregate principal amount of the 2024 Notes pursuant to a fully-exercised overallotment option granted to the underwriters. The total net proceeds to us, after deducting underwriting discounts and offering expenses, were approximately $61.3 million. As of December 31, 2020, the outstanding principal balance of the 2024 Notes was $63.25 million.
The 2024 Notes were issued under a base indenture (the “Base Indenture”), dated September 23, 2015, by and between the Company and U.S. Bank National Association (the “Trustee”), as supplemented by the fourth supplemental indenture, dated as of July 29, 2019 (the “Fourth Supplemental Indenture”, and together with the Base Indenture and the Third Supplemental Indenture, the “Indenture”). The 2024 Notes bear interest at a rate of 6.25% per year payable quarterly on February 1, May 1, August 1, and November 1 of each year, beginning on November 1, 2019. The 2024 Notes will mature on August 1, 2024. The 2024 Notes may be redeemed in whole or in part at any time or from time to time at our option on or after August 1, 2021. We have listed the 2024 Notes on The Nasdaq Global Select Market under the trading symbol “NEWTL.”
The 2026 Notes
In January 2021, we issued $115,000,000 in aggregate principal amount of 5.50% notes due 2026 (the “2026 Notes,” and together with the 2024 Notes, the “Notes”). The 2026 Notes including $15,000,000 in aggregate principal amount sold pursuant to a fully-exercised overallotment option. Total net proceeds received after deducting underwriters’ discount and expenses was approximately $111,288,000. As of December 31, 2020, the outstanding principal balance of the 2024 Notes was $5.0 million.
The 2026 Notes were issues under the Seventh Supplemental Indenture (the “Seventh Supplemental Indenture”) to the Indenture, dated as of September 23, 2015, between the Company and the Trustee (the “Base Indenture”, and together with the Seventh Supplemental Indenture, the “Indenture”). The 2026 Notes will mature on February 1, 2026 and may be redeemed in whole or in part at any time or from time to time at Newtek’s option on or after February 1, 2022. The 2026 Notes bear interest at a rate of 5.50% per year payable quarterly on February 1, May 1, August 1 and November 1, of each year, beginning May 1, 2021. The 2026 Notes are listed on the Nasdaq Global Market under the trading symbol “NEWTZ.”
General
The Indenture provides that any debt securities proposed to be sold may be issued under the Indenture in one or more series.
The Indenture does not limit the amount of debt securities that may be issued thereunder from time to time. Debt securities issued under the Indenture, when a single trustee is acting for all debt securities issued under the Indenture, are called the “indenture securities.” The Indenture also provides that there may be more than one trustee thereunder, each with respect to one or more different series of indenture securities. See “— Resignation of Trustee” below. At a time when two or more trustees are acting under the Indenture, each with respect to only certain series, the term “indenture securities” means the one or more series of debt securities with respect to which each respective trustee is acting. In the event that there is more than one trustee under the Indenture, the powers and trust obligations of each trustee will extend only to the one or more series of indenture securities for which it is trustee. If two or more trustees are acting under the Indenture, then the indenture securities for which each trustee is acting would be treated as if issued under separate indentures.


Except as described under “— Events of Default” and “— Merger or Consolidation” below, the Indenture does not contain any provisions that give you protection in the event we issue a large amount of debt or we are acquired by another entity.
We refer you to the applicable prospectus supplement for information with respect to any deletions from, modifications of or additions to the Events of Default or our covenants, as applicable, that are described below, including any addition of a covenant or other provision providing event risk protection or similar protection.
We have the ability to issue indenture securities with terms different from those of indenture securities previously issued and, without the consent of the holders thereof, to reopen a previous issue of a series of indenture securities and issue additional indenture securities of that series unless the reopening was restricted when that series was created.

Optional Redemption

The 2024 Notes and the 2026 may be redeemed in whole or in part at any time or from time to time at our option on or after August 1, 2020 and February 1, 2022, respectively, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price of 100% of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon for the then-current quarterly interest period accrued to the date fixed for redemption.

You may be prevented from exchanging or transferring the Notes when they are subject to redemption. In case any Notes are to be redeemed in part only, the redemption notice will provide that, upon surrender of such Note, you will receive, without a charge, a new Note or Notes of authorized denominations representing the principal amount of your remaining unredeemed Notes. Any exercise of our option to redeem the Notes will be done in compliance with the 1940 Act.

If we redeem only some of the Notes, the trustee or, with respect to global securities, DTC will determine the method for selection of the particular Notes to be redeemed, in accordance with the Indenture and in accordance with the rules of any national securities exchange or quotation system on which the Notes are listed. Unless we default in payment of the redemption price, on and after the date of redemption, interest will cease to accrue on the Notes called for redemption.

Global Securities

Each Note will be issued in book-entry form and represented by a global security that we deposit with and register in the name of The Depository Trust Company, New York, New York, known as DTC, or its nominee. A global security may not be transferred to or registered in the name of anyone other than the depositary or its nominee, unless special termination situations arise. As a result of these arrangements, the depositary, or its nominee, will be the sole registered owner and holder of all the Notes represented by a global security, and investors will be permitted to own only beneficial interests in a global security. For more information about these arrangements, see “Description of Notes — Book-Entry Procedures” below.

Termination of a Global Security

If a global security is terminated for any reason, interests in it will be exchanged for certificates in non-book-entry form (certificated securities). After that exchange, the choice of whether to hold the certificated Notes directly or in street name will be up to the investor. Investors must consult their own banks or brokers to find out how to have their interests in a global security transferred on termination to their own names, so that they will be holders.

Payment

We will pay interest to the person listed in the trustee’s records as the owner of the Notes at the close of business on a particular day in advance of each due date for interest, even if that person no longer owns the Note on the


interest due date. That day, usually about two weeks in advance of the interest due date, is called the “record date.” Because we will pay all the interest for an interest period to the holders on the record date, holders buying and selling the Notes must work out between themselves the appropriate purchase price. The most common manner is to adjust the sales price of the Notes to prorate interest fairly between buyer and seller based on their respective ownership periods within the particular interest period. This prorated interest amount is called “accrued interest.”

Payments on Global Securities

We will make payments on the Notes so long as they are represented by a global security in accordance with the applicable policies of the depositary as in effect from time to time. Under those policies, we will make payments directly to the depositary, or its nominee, and not to any indirect holders who own beneficial interests in the global security. An indirect holder’s right to those payments will be governed by the rules and practices of the depositary and its participants, as described under “Description of Notes — Book-Entry Procedures.”

Payments on Certificated Securities

In the event the Notes become represented by certificated securities, we will make payments on the Notes as follows. We will pay interest that is due on an interest payment date to the holder of the Notes as shown on the trustee’s records as of the close of business on the regular record date. We will make all payments of principal and premium, if any, by check at the office of the applicable trustee in New York, New York and/or at other offices that may be specified in the Indenture or a notice to holders against surrender of the Note.

Alternatively, at our option, we may pay any cash interest that becomes due on the Notes by mailing a check to the holder at his, her or its address shown on the trustee’s records as of the close of business on the regular record date or by transfer to an account at a bank in the United States, in either case, on the due date.

Payment When Offices Are Closed

If any payment is due on the Notes on a day that is not a business day, we will make the payment on the next day that is a business day. Payments made on the next business day in this situation will be treated under the Indenture as if they were made on the original due date. Such payment will not result in a default under the Notes or the Indenture, and no interest will accrue on the payment amount from the original due date to the next day that is a business day.

Book-entry and other indirect holders should consult their banks or brokers for information on how they will receive payments on the Notes.

Events of Default
You will have rights if an Event of Default occurs in respect of the Notes, as described later in this subsection. The term “Event of Default” in respect of the Notes means any of the following:
•We do not pay the principal of (or premium, if any, on) any Note on its due date and such default is not cured within 5 days of its due date.
An Event of Default for the Notes does not necessarily constitute an Event of Default for any other series of debt securities issued under the same or any other Indenture. The trustee may withhold notice to the holders of the Notes of any default, except in the payment of principal or interest, if it in good faith considers the withholding of notice to be in the best interests of the holders.
•We do not pay interest on any Note when due, and such default is not cured within 30 days of its due date.
•We remain in breach of any other covenant with respect to the Notes for 60 days after we receive a written notice of default stating we are in breach. The notice must be sent by either the trustee or holders of at least 25.0% of the principal amount of the Notes.


•We file for bankruptcy, or certain other events of bankruptcy, insolvency, or reorganization occur and, in the case of certain orders or decrees entered against us under any bankruptcy law, such order or decree remains undischarged or unstayed for a period of 90 days.
•On the last business day of each of twenty-four consecutive calendar months, the Notes have an asset coverage, as defined in the 1940 Act, of less than 100% after giving effect to any exemptive relief granted to us by the SEC.
Remedies if an Event of Default Occurs
If an Event of Default has occurred and is continuing, the trustee or the holders of not less than 25% in principal amount of the Notes may declare the entire principal amount of all the Notes to be due and immediately payable. This is called a declaration of acceleration of maturity. In certain circumstances, a declaration of acceleration of maturity may be canceled by the holders of a majority in principal amount of the Notes if (1) we have deposited with the trustee all amounts due and owing with respect to the Notes (other than principal that has become due solely by reason of such acceleration) and certain other amounts, (2) any other Events of Default have been cured or waived, and (3) we have deposited with the trustee a sum sufficient to pay all sums paid or advanced by the trustee and the reasonable compensation, expenses, disbursements, and advances of the trustee, its agents, and counsel as required under the Indenture in connection with the rescinded Event of Default.

The trustee is not required to take any action under the Indenture at the request of any holders unless the holders offer the trustee protection from expenses and liability reasonably satisfactory to it (called an “indemnity”). If indemnity reasonably satisfactory to the trustee is provided, the holders of a majority in principal amount of the Notes may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the trustee. The trustee may refuse to follow those directions in certain circumstances. No delay or omission in exercising any right or remedy will be treated as a waiver of that right, remedy or Event of Default.

Before you are allowed to bypass the trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to the Notes, the following must occur:
•you must give the trustee written notice that an Event of Default has occurred and remains uncured;
However, you are entitled at any time to bring a lawsuit for the payment of money due on your Notes on or after the due date.
•the holders of at least 25% in principal amount of all the Notes must make a written request that the trustee take action because of the default and must offer the trustee indemnity, security or both reasonably satisfactory to it against the cost and other liabilities of taking that action;
•the trustee must not have taken action for 60 days after receipt of the above notice and offer of indemnity and/or security; and
•the holders of a majority in principal amount of the Notes must not have given the trustee a direction inconsistent with the above notice during that 60-day period.

Book-entry and other indirect holders should consult their banks or brokers for information on how to give notice or direction to or make a request of the trustee and how to declare or cancel an acceleration of maturity.

Each year, we will furnish to the trustee a written statement of certain of our officers certifying that to their knowledge we are in compliance with the Indenture and the Notes, or else specifying any default.

Waiver of Default
The holders of a majority in principal amount of the Notes may waive any past defaults other than a default:
•in the payment of principal (or premium, if any) or interest; or



Merger or Consolidation
•in respect of a covenant that cannot be modified or amended without the consent of each holder.
Under the terms of the Indenture, we are generally permitted to consolidate or merge with another entity. We are also permitted to sell all or substantially all of our assets to another entity. However, we may not take any of these actions unless all the following conditions are met:
•where we merge out of existence or convey or transfer our assets substantially as an entirety, the resulting entity must agree, in a supplemental indenture, to be legally responsible for our obligations under the Notes and the Indenture;

Modification or Waiver
•the merger or sale of assets must not cause a default on the Notes and we must not already be in default (unless the merger or sale would cure the default). For purposes of this no-default test, a default would include an Event of Default that has occurred and has not been cured, as described under “Events of Default” above. A default for this purpose would also include any event that would be an Event of Default if the requirements for giving us a notice of default or our default having to exist for a specific period of time were disregarded; and
•we must deliver to the trustee certain certificates and documents and an opinion of counsel.
There are three types of changes we can make to the Indenture and the Notes issued thereunder.
Changes Requiring Your Approval
First, there are changes that we cannot make to your Notes without your specific approval. The following is a list of those types of changes:
•change the stated maturity of the principal of or interest on the Notes;
Changes Not Requiring Approval
•reduce any amounts due on the Notes;
•reduce the amount of principal payable upon acceleration of the maturity of a Note following a default;
•change the place or currency of payment on a Note;
•impair your right to sue for payment;
•reduce the percentage of holders of Notes whose consent is needed to modify or amend the Indenture; and
•reduce the percentage of holders of Notes whose consent is needed to waive compliance with certain provisions of the Indenture or to waive certain defaults.
The second type of change does not require any vote by the holders of the Notes. This type is limited to clarifications and certain other changes that would not adversely affect holders of the Notes in any material respect.
Changes Requiring Majority Approval
Any other change to the Indenture and the Notes would require the following approval:
•if the change affects only the Notes, it must be approved by the holders of a majority in principal amount of the Notes; and
In each case, the required approval must be given by written consent.
•if the change affects more than one series of debt securities issued under the same indenture, it must be approved by the holders of a majority in principal amount of all of the series affected by the change, with all affected series voting together as one class for this purpose.

The holders of a majority in principal amount of any series of debt securities issued under an indenture, voting together as one class for this purpose, may waive our compliance with some of our covenants in that indenture. However, we cannot obtain a waiver of a payment default or of any of the matters covered by the bullet points included above under “Description of Notes — Modification or Waiver — Changes Requiring Your Approval.”



Further Details Concerning Voting

When taking a vote, we will use the following rules to decide how much principal to attribute to the Notes:
The Notes will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their payment or redemption. The Notes will also not be eligible to vote if they have been fully defeased as described later under “Description of Notes — Defeasance — Full Defeasance.”

We will generally be entitled to set any day as a record date for the purpose of determining the holders of the Notes that are entitled to vote or take other action under the Indenture. However, the record date may not be more than 30 days before the date of the first solicitation of holders to vote on or take such action. If we set a record date for a vote or other action to be taken by holders of the Notes, that vote or action may be taken only by persons who are holders of the Notes on the record date and must be taken within eleven months following the record date.

The trustee shall not be deemed to have notice of any default or Event of Default unless (i) written notice of any event which is in fact such a default is received by the trustee at the corporate trust office of the trustee and such notice references the Notes and the Indenture or (ii), in the case of a Default or Event of Default in the payment of the principal of (or premium, if any) or interest, if any, on any Notes, a responsible officer of the trustee has actual knowledge thereof.

Book-entry and other indirect holders should consult their banks or brokers for information on how approval may be granted or denied if we seek to change the Indenture or the Notes or request a waiver.

Defeasance

The following defeasance provisions will be applicable to the Notes. “Defeasance” means that, by depositing with a trustee an amount of cash and/or government securities sufficient to pay all principal and interest, if any, on the Notes when due and satisfying any additional conditions noted below, we will be deemed to have been discharged from our obligations under the Notes. In the event of a “covenant defeasance,” upon depositing such funds and satisfying similar conditions discussed below we would be released from certain covenants under the Indenture relating to the Notes. The consequences to the holders of the Notes would be that, while they would no longer benefit from certain covenants under the Indenture, and while the Notes could not be accelerated for any reason, the holders of Notes nonetheless would be guaranteed to receive the principal and interest owed to them.
Covenant Defeasance

Under current U.S. federal income tax law and the Indenture, we can make the deposit described below and be released from some of the restrictive covenants in the Indenture under which the Notes were issued. This is called “covenant defeasance.” In that event, you would lose the protection of those restrictive covenants but would gain the protection of having money and government securities set aside in trust to repay your Notes. In order to achieve covenant defeasance, the following must occur:
•Since the Notes are denominated in U.S. dollars, we must deposit in trust for the benefit of all holders of the Notes a combination of cash and U.S. government or U.S. government agency notes or bonds that will, in the written opinion of a nationally recognized accounting firm, generate enough cash to make interest, principal and any other payments on the Notes on their various due dates;
If we accomplish covenant defeasance, you can still look to us for repayment of the Notes if there were a shortfall in the trust deposit or the trustee is prevented from making payment. In fact, if one of the remaining Events of Default occurred (such as our bankruptcy) and the Notes became immediately due and payable, there might be a shortfall. Depending on the event causing the default, you may not be able to obtain payment of the shortfall.
•we must deliver to the trustee a legal opinion of our counsel confirming that, under current U.S. federal income tax law, we may make the above deposit without causing you to be taxed on the Notes any differently than if we did not make the deposit;


•we must deliver to the trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act, and a legal opinion and officers’ certificate stating that all conditions precedent to covenant defeasance have been complied with;
•defeasance must not result in a breach or violation of, or result in a default under, the Indenture or any of our other material agreements or instruments;
•no default or event of default with respect to the Notes shall have occurred and be continuing and no defaults or events of default related to bankruptcy, insolvency, or reorganization shall occur during the next 90 days.

Full Defeasance

If there is a change in U.S. federal income tax law, as described below, we can legally release ourselves from all payment and other obligations on the Notes (called “full defeasance”) if we put in place the following other arrangements for you to be repaid:
•Since the Notes are denominated in U.S. dollars, we must deposit in trust for the benefit of all holders of the Notes a combination of money and U.S. government or U.S. government agency notes or bonds that will, in the written opinion of a nationally recognized accounting firm, generate enough cash to make interest, principal and any other payments on the Notes on their various due dates;
If we ever did accomplish full defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the Notes. You could not look to us for repayment in the unlikely event of any shortfall. Conversely, the trust deposit would most likely be protected from claims of our lenders and other creditors if we ever became bankrupt or insolvent. If your Notes were subordinated as described later under “Description of Notes — Indenture Provisions — Ranking,” such subordination would not prevent the trustee under the Indenture from applying the funds available to it from the deposit referred to in the first bullet of the preceding paragraph to the payment of amounts due in respect of such Notes for the benefit of the subordinated debtholders.
•we must deliver to the trustee a legal opinion confirming that there has been a change in current U.S. federal income tax law or an IRS ruling that allows us to make the above deposit without causing you to be taxed on the Notes any differently than if we did not make the deposit. Under current U.S. federal income tax law the deposit and our legal release from the Notes would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for your Notes and you would recognize gain or loss on the Notes at the time of the deposit;
•we must deliver to the trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act, and a legal opinion and officers’ certificate stating that all conditions precedent to defeasance have been complied with;
•defeasance must not result in a breach or violation of, or constitute a default under, the Indenture or any of our other material agreements or instruments; and
•no default or event of default with respect to the Notes shall have occurred and be continuing and no defaults or events of default related to bankruptcy, insolvency, or reorganization shall occur during the next 90 days.

Other Covenants

In addition to any other covenants described in applicable prospectus supplement or accompanying prospectus, as well as standard covenants relating to payment of principal and interest, maintaining an office where payments may be made or securities can be surrendered for payment, payment of taxes by the Company and related matters, the following covenants will apply to the Notes:


•We agree that for the period of time during which the Notes are outstanding, we will not violate Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act or any successor provisions, but giving effect to any exemptive relief granted to us by the SEC. Currently, these provisions generally prohibit us from incurring additional borrowings, including through the issuance of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowings. See “Risk Factors — Because we have received the approval of our stockholders, we are subject to 150% asset coverage beginning after July 26, 2018” in this Form 10-K.
Form, Exchange and Transfer of Certificated Registered Securities
•We agree that for the period of time during which Notes are Outstanding, pursuant to Section 18(a)(1)(B) as modified by Section 61(a) of the Investment Company Act or any successor provisions thereto of the Investment Company Act, the Company will not declare any dividend (except a dividend payable in stock of the issuer), or declare any other distribution, upon a class of the capital stock of the Company, or purchase any such capital stock, unless, in every such case, at the time of the declaration of any such dividend or distribution, or at the time of any such purchase, the Company has an asset coverage (as defined in the Investment Company Act) of at least the threshold specified in Section 18(a)(1)(B) as modified by Section 61(a) of the Investment Company Act or any successor provisions thereto of the Investment Company Act, as such obligation may be amended or superseded, after deducting the amount of such dividend, distribution or purchase price, as the case may be, and in each case giving effect to (i) any exemptive relief granted to the Company by the Commission, and (ii) any SEC no-action relief granted by the Commission to another business development company (or to the Company if it determines to seek such similar no-action or other relief) permitting the business development company to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a) of the Investment Company Act, as such obligation may be amended or superseded, in order to maintain such business development company’s status as a regulated investment company under Subchapter M of the Code.
•If, at any time, we are not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the SEC, we agree to furnish to holders of the Notes and the trustee, for the period of time during which the Notes are outstanding, our audited annual consolidated financial statements, within 90 days of our fiscal year end, and unaudited interim consolidated financial statements, within 45 days of our fiscal quarter end (other than our fourth fiscal quarter). All such financial statements will be prepared, in all material respects, in accordance with applicable U.S. GAAP.
If registered Notes cease to be issued in book-entry form, they will be issued:
•only in fully registered certificated form;
Holders may exchange their certificated securities for Notes of smaller denominations or combined into fewer Notes of larger denominations, as long as the total principal amount is not changed and as long as the denomination is equal to or greater than $25.
•without interest coupons; and
•unless we indicate otherwise, in denominations of $25 and amounts that are multiples of $25.

Holders may exchange or transfer their certificated securities at the office of the trustee. We have appointed the trustee to act as our agent for registering Notes in the names of holders transferring Notes. We may appoint another entity to perform these functions or perform them ourselves.

Holders will not be required to pay a service charge to transfer or exchange their certificated securities, but they may be required to pay any tax or other governmental charge associated with the transfer or exchange. The transfer or exchange will be made only if our transfer agent is satisfied with the holder’s proof of legal ownership.

We may appoint additional transfer agents or cancel the appointment of any particular transfer agent. We may also approve a change in the office through which any transfer agent acts.

If we redeem any of the Notes, we may block the transfer or exchange of those Notes selected for redemption during the period beginning 15 days before the day we mail the notice of redemption and ending on the day of that mailing, in order to determine and fix the list of holders to prepare the mailing. We may also refuse to register


transfers or exchanges of any certificated Notes selected for redemption, except that we will continue to permit transfers and exchanges of the unredeemed portion of any Note that will be partially redeemed.

If registered Notes are issued in book-entry form, only the depositary will be entitled to transfer and exchange the Notes as described in this subsection, since it will be the sole holder of the Notes.

Resignation of Trustee
The trustee may resign or be removed with respect to the Notes provided that a successor trustee is appointed to act with respect to the Notes. In the event that two or more persons are acting as trustee with respect to different series of Indenture securities under the Indenture, each of the trustees will be a trustee of a trust separate and apart from the trust administered by any other trustee.

Indenture Provisions — Ranking

The Notes will be designated as Senior Securities and, therefore, Senior Indebtedness under the Indenture. Senior Indebtedness is defined in the Indenture as the principal of (and premium, if any) and unpaid interest on:
•our indebtedness (including indebtedness of others guaranteed by us), whenever created, incurred, assumed or guaranteed, for money borrowed, that we have designated as “Senior Indebtedness” for purposes of the Indenture and in accordance with the terms of the Indenture (including any Indenture securities designated as Senior Indebtedness), and
As unsecured obligations of the Company designated as Senior Indebtedness under the Indenture, the Notes will rank:
•renewals, extensions, modifications and refinancings of any of this indebtedness.
•
pari passu, or equal, with any of our existing and future unsecured indebtedness;

•senior to any of our future indebtedness that expressly provides it is subordinated to the Notes;
•effectively subordinated, or junior, to all of our existing and future secured indebtedness (including indebtedness that is initially unsecured to which we subsequently grant security), to the extent of the value of the assets securing such indebtedness; and
•structurally subordinated, or junior, to all existing and future indebtedness and other obligations of any of our subsidiaries or financing vehicles, if any.


ex1020bsloaneemploymenta
NEWTEK BUSINESS SERVICES CORP. _____________________________ EMPLOYMENT AGREEMENT WITH BARRY SLOANE _____________________________ PREAMBLE WHEREAS, WHEREAS, NOW, THEREFORE, AGREED “Board” “Change in Control”

 
Common Stock” “Good Reason” “Just Cause” “Protected Period” “Trigger Event”

 
Participation in Retirement, Medical and Other Plans Executive Benefits; Expenses , ,

 
Just Cause Without Just Cause

 
Resignation by Executive with Good Reason Resignation by Executive without Good Reason Death, or Disability Non-Renewal Payment

 
Acceleration of Equity Awards

 

 

 
NEWTEK BUSINESS SERVICES CORP. EXECUTIVE

 
ex1021mschwartzemploymen
NEWTEK BUSINESS SERVICES CORP. _____________________________ EMPLOYMENT AGREEMENT WITH MICHAEL A. SCHWARTZ _____________________________ PREAMBLE. This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of the 15th day of March 2021 (the “Effective Date”), by and between NEWTEK BUSINESS SERVICES CORP. (the “Company”) and MICHAEL A. SCHWARTZ (the “Executive”). WHEREAS, the Executive is currently employed by the Company as Chief Legal Officer, Chief Compliance Officer and Corporate Secretary; and WHEREAS, the parties desire by this writing to set forth the employment relationship of the Company and the Executive as of the Effective Date. NOW, THEREFORE, it is AGREED as follows: 1. Defined Terms When used anywhere in the Agreement, the following terms shall have the meaning set forth herein. (a) “Board” shall mean the Board of Directors of the Company. (b) “Change in Control” shall mean any one of the following events: (i) the acquisition of ownership, holding or power to vote more than 25% of the Company’s voting shares by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (ii) the acquisition of the ability to control the election of a majority of the Board by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (iii) the acquisition of a controlling influence over the management or policies of the Company by any person or by persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), or (iv) during any period of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the Board (the “Existing Board”) cease for any reason to constitute at least two- thirds thereof, provided that any individual whose election or nomination for election as a member of the Existing Board was approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director. For purposes of defining Change in Control, the term “person” refers to an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein. Notwithstanding the foregoing, a Change in Control as defined in this Section 1(b) shall not be treated as a Change in Control for purposes of this Agreement unless it constitutes a “change in control event” within the meaning of Section 1.409A- 3(i)(5) of the Treasury Regulations promulgated under section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (the “Treasury Regulations”).

 
2 (c) “Common Stock” shall mean shares of the Company’s common stock, par value $0.02 per share. (d) “Good Reason” shall mean any of the following events, which has not been consented to in advance by the Executive in writing during the term of the Agreement: (i) the requirement that the Executive move his personal residence, or perform his principal executive functions, more than fifty (50) miles from his primary office as of the Effective Date; (ii) a material reduction in the Executive’s Annual Base Compensation as the same may be increased from time to time; (iii) the failure by the Company to continue to provide the Executive with compensation and benefits provided for on the Effective Date, as the same may be increased from time to time, or with benefits substantially similar to those provided to him under any of the Executive benefit plans in which the Executive now or hereafter becomes a participant, or the taking of any action by the Company which would directly or indirectly reduce any of such benefits or deprive the Executive of any material fringe benefit enjoyed by him; (iv) the assignment to the Executive of duties and responsibilities that constitute a material diminution from those associated with his position on the Effective Date; or (v) a material diminution or reduction in the Executive’s responsibilities or authority (including reporting responsibilities) in connection with his employment with the Company. (e) “Just Cause” shall mean the Executive’s willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, conviction for a felony, or material breach of any provision of this Agreement. No act, or failure to act, on the Executive’s part shall be considered “willful” unless Executive has acted, or failed to act, with an absence of good faith and without a reasonable belief that Executive’s action or failure to act was in the best interests of the Company. 2. Employment. The Executive is employed as Chief Legal Officer, Chief Compliance Officer and Corporate Secretary of the Company. The Executive shall render such administrative and management services for the Company, its subsidiaries and portfolio companies as are currently rendered and as are customarily performed by persons situated in a similar executive capacity and consistent with the duties of a Chief Legal Officer and Chief Compliance Officer as set forth in the Bylaws of the Company. The Executive shall report to the Chief Executive Officer in his role as Chief Legal Officer. The Executive shall report to the Board in his role as Chief Compliance Officer. The Executive shall also promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the Company and its subsidiaries. The Executive’s other duties shall be such as the Chief Executive Officer or Board may from time to time reasonably direct, including normal duties as an officer of the Company. 3. Annual Base Compensation. The Company agrees to pay the Executive during the term of this Agreement a salary at the rate of $360,000 per annum, payable in cash not less frequently than monthly.

 
3 4. Cash Bonuses. The Chief Executive Officer shall determine the Executive’s right to receive cash bonuses. Cash bonuses shall be awarded annually based upon the Executive’s and the Company’s annual performance pursuant to the Company’s policy. 5. Other Benefits. (a) Participation in Retirement, Medical and Other Plans. The Executive shall participate in any plan that the Company maintains for the benefit of its employees if the plan relates to (i) pension, profit-sharing, or other retirement benefits, (ii) medical insurance or the reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and life insurance plans. (b) Executive Benefits; Expenses. The Executive shall participate in any fringe benefits which are or may become available to the Company’s senior management Executives, including for example incentive compensation plans, club memberships, and any other benefits which are commensurate with the responsibilities and functions to be performed by the Executive under this Agreement. The Executive shall be reimbursed for all reasonable out-of-pocket business expenses which he shall incur in connection with his services under this Agreement upon substantiation of such expenses in accordance with the policies of the Company. 6. Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on March 15, 2022 or such earlier date as is determined in accordance with Section 11 (the “Term”).” 7. Loyalty; Noncompetition. (a) During the period of Executive’s employment hereunder and except for illnesses, reasonable vacation periods, and reasonable leaves of absence, the Executive shall devote substantially all of Executive’s full business time, attention, skill, and efforts to the faithful performance of Executive’s duties hereunder; provided, however, from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations, at the request of the Company or which will not present in the opinion of the Board any conflict of interest with the Company or any of its subsidiaries or portfolio companies, nor unfavorably affect the performance of Executive’s duties pursuant to this Agreement, nor violate any applicable statute or regulation. During the Term of Executive’s employment under this Agreement, the Executive shall not engage in any business or activity contrary to the business affairs or interests of the Company. (b) Nothing contained in this Paragraph 7 shall be deemed to prevent or limit the Executive’s right to invest in the capital stock or other securities of any business dissimilar from that of the Company or, solely as a passive or minority investor, in any business, provided such investment does not: (i) constitute a conflict of interest, (ii) violate laws or regulations applicable to the Company, including, without limitation, the Investment Company Act of 1940, or (iii) violate any rules or polices promulgated by the Board. 8. Standards. The Executive shall perform his duties under this Agreement in accordance with such reasonable standards as the Chief Executive Officer may establish from time

 
4 to time. The Company will provide Executive with the working facilities and staff customary for similar executives and necessary for him to perform his duties. 9. Vacation and Sick Leave. At such reasonable times according to Company policy the Executive shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment under this Agreement, all such voluntary absences to count as vacation time; provided that: (a) The Executive shall be entitled to an annual vacation in accordance with the policies that the Company periodically establishes for senior management Executives of the Company. (b) The Executive shall not receive any additional compensation from the Company on account of his failure to take a vacation, and the Executive shall not accumulate unused vacation from one fiscal year to the next, except in either case to the extent authorized by the Chief Executive Officer. (c) In addition to the aforesaid paid vacations, the Executive shall be entitled to absent himself voluntarily from the performance of his employment with the Company for such additional periods of time and for such valid and legitimate reasons as the Chief Executive Officer may in his discretion determine. Further, the Chief Executive Officer may grant to the Executive a leave or leaves of absence with or without pay. (d) In addition, the Executive shall be entitled to an annual sick leave benefit as established by the Company. 10. Indemnification. The Company shall, to the extent permitted by the Company’s Bylaws, indemnify and hold harmless Executive from any and all loss, expense, or liability that he may incur due to his services for the Company as an officer and or a director of the Company or any of its subsidiaries or portfolio companies (including any liability Executive may ever incur as the result of severance benefits Executive collects pursuant to Sections 11 or 13), during the full Term of this Agreement and shall at all times maintain adequate insurance for such purposes. 11. Termination and Termination Pay. Subject to Section 13 hereof, the Executive’s employment hereunder may be terminated under the following circumstances: (a) Just Cause. The Chief Executive Officer may, based on a good faith determination and only after giving the Executive written notice and a reasonable opportunity to cure, immediately terminate the Executive’s employment at any time, for Just Cause. The Executive shall have no right to receive compensation or other benefits for any period after termination for Just Cause. (b) Without Just Cause. The Chief Executive Officer may, by written notice to the Executive, immediately terminate Executive’s employment for a reason other than Just Cause. In such event, the Executive shall be entitled to a total severance payment equal to one (1) times the sum of (i) Executive’s Annual Base Compensation in effect at the time of termination, plus (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the immediately preceding fiscal year (the “Severance Payment”). The Severance Payment shall be

 
5 paid in equal installments over a twelve (12) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll (the “Installment Payments”). Each Installment Payment shall be treated as a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). (c) Resignation by Executive with Good Reason. The Executive may at any time immediately terminate employment for Good Reason, in which case the Executive shall be entitled to receive the Severance Payment payable in the same manner and on the same basis as provided for under Section 11(b) herein upon a termination without Just Cause. In addition, the Executive will be entitled to health, life, disability and other benefits which the Executive would have been eligible to participate in through the expiration of the Term based on the benefit levels substantially equal to those that the Company provided for the Executive at the date of termination of employment, subject to any restrictions as may be required under Code Section 409A (d) Resignation by Executive without Good Reason. The Executive may voluntarily terminate employment with the Company during the term of this Agreement, upon at least 60 days’ prior written notice to the Chief Executive Officer, in which case the Executive shall receive only his compensation, vested rights, and Executive benefits up to the date of Executive’s last day of employment. (e) Death, or Disability. If the Executive’s employment terminates during the Term of this Agreement due to Executive’s death or a disability that results in Executive’s collection of any long-term disability benefits, the Executive (or the beneficiaries of Executive’s estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason. (f) Non-Renewal Payment. If the Term of this Agreement is not extended for at least one (1) additional year in circumstances in which the Executive is willing and able to execute such extension and continue performing services (the “Non-Renewal”), then the Executive’s employment shall be terminated by the Company effective as of the expiration of the Term, in which event Executive shall be entitled to fifty percent (50%) times the Severance Payment (the “Non-Renewal Payment”). The Non-Renewal Payment shall be paid in equal installments over the six (6) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll. However, if the Non- Renewal occurs following a Change in Control, the Non-Renewal Payment shall be paid in a lump sum within thirty (30) days of Executive’s termination of employment. (g) Acceleration of Equity Awards. All: (i) outstanding and unvested options to purchase Common Stock granted to Executive under any equity plan of the Company, (ii) unvested shares of restricted Common Stock awarded to the Executive under any equity plan of the Company, and (iii) other equity and equity equivalent awards then held by the Executive, shall be accelerated in full, and thereafter all such options, shares of restricted Common Stock and other equity awards shall be immediately vested and exercisable for such period of time as provided for by the specific agreements governing each such award, upon Executive’s termination pursuant to Sections 11(b), (c), (e) or (f) hereof.

 
6 12. No Mitigation. The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Executive in any subsequent employment. 13. Change in Control. Notwithstanding any provision in this Agreement to the contrary, if Executive’s employment is terminated following a Change of Control: (i) by the Company or its successor in interest for any reason other than Just Cause, or (ii) by the Executive for Good Reason, the Executive shall be paid the Severance Payment in a lump sum within thirty (30) days of Executive’s termination of employment. 14. Covenants. (a) Definitions. For purposes of this Agreement: (i) Restrictive Period. The term “Restrictive Period” shall mean the period beginning on the Effective Date and ending two (2) years after the termination of the Executive’s employment hereunder. (ii) Covered Customer. The term “Covered Customer” shall mean (A) during the Term, any customer, merchant, independent sales agency (ISA), independent sales organization (ISO), alliance partner, referral partner or any intermediary of the Company or its portfolio companies and (B) after the Term, as of the end of the Term, a Covered Customer of the Company or its portfolio companies within the prior three years. (iii) Covered Business. The term “Covered Business” shall mean (A) during the term, any business in which the Company is engaged and (B) after the Term, any business in which the Company was engaged as of the end of the Term. (iv) Covered State. The term “Covered State” shall mean (A) during the Term, any state in the United States and (B) after the Term, any state (1) in which, as of the end of the Term, the Company was engaged in business or (2) with respect to which the Company, as of the end of the Term, had expended material expense and/or efforts in connection with preparing to do business therein. (b) Non-Interference. The Executive covenants and agrees that Executive will not at any time during the Restrictive Period for whatever reason, whether for Executive’s own account or for the account of any other person, firm, corporation or other business organization: (i) interfere with contractual relationships between the Company or its subsidiaries or portfolio companies and any of their Covered Customers or employees; (ii) hire, or solicit for hire, any person who is employed by the Company or its subsidiaries or portfolio companies, without the express written consent of the Company; or (iii) other than on behalf of the Company or its subsidiaries or portfolio companies, solicit any Covered Customer in connection with the engagement, by any person or entity, in any Covered Business in any Covered State.

 
7 (c) Confidentiality. The Executive will not, at any time whether during or after his termination of employment, (i) disclose to anyone, without proper authorization from the Company, or (ii) use, for his or another’s benefit, any confidential or proprietary information of the Company or any subsidiary of the Company, which may include trade secrets, business plans or outlooks, financial data, marketing or sales programs, customer lists, brand formulations, training and operations manuals, products or price strategies, mergers, acquisitions, and/or Company personnel issues. (d) Blue Pencil; Equitable Relief. The provisions contained in this Section 14 as to the time periods, scope of activities, persons or entities affected and territories restricted shall be deemed divisible so that if any provision contained in this Section is determined to be invalid or unenforceable, such provision shall be deemed modified so as to be valid and enforceable to the full extent lawfully permitted. The Executive acknowledges that the provisions of this Section 14 are reasonable and necessary for the protection of the Company and that the Company will be irrevocably damaged if such covenants are not specifically enforced. Accordingly, the Executive agrees that if he breaches or threatens to breach any of the covenants contained in this Section 14, the Company will be entitled (i) to damages sufficient to compensate the Company for any harm to the Company caused thereby and (ii) to specific performance and injunctive relief for the purpose of preventing the breach or threatened breach thereof without bond or other security or a showing that monetary damages will not provide an adequate remedy, in addition to any other relief to which the Company may be entitled under this Agreement. 15. Reimbursement for Litigation Expenses. In the event that any dispute arises between the Executive and the Company as to the terms or interpretation of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action that the Executive takes to enforce the terms of this Agreement or to defend against any action taken by the Company, the Executive shall be reimbursed for all costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Executive shall obtain a final judgement by a court of competent jurisdiction in favor of the Executive. Such reimbursement shall be paid within ten (10) days of Executive’s furnishing to the Company written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by the Executive. 16. Successors and Assigns. (a) This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Company which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company. (b) Since the Company is contracting for the unique and personal skills of the Executive, the Executive shall be precluded from assigning or delegating his rights or duties hereunder without first obtaining the written consent of the Company. 17. Corporate Authority. Company represents and warrants that the execution and delivery of this Agreement by it has been duly and properly authorized by the Board and that when

 
8 so executed and delivered this Agreement shall constitute the lawful and binding obligation of the Company. 18. Amendments. No amendments or additions to this Agreement shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically provided. 19. Applicable Law. Except to the extent preempted by Federal law, the laws of the State of New York shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 20. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 21. Entire Agreement. This Agreement, together with any understanding or modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement between the parties hereto with respect to the matters addressed and shall supercede all previous agreements with respect to such matters. 22. Tax Matters. All payments or benefits provided under this Agreement are subject to any applicable employment or tax withholdings or deductions. In addition, the parties hereby agree that it is their intention that all payments or benefits provided under this Agreement be exempt from, or if not so exempt, comply with, Code Section 409A and this Agreement shall be interpreted accordingly. Notwithstanding anything in this Agreement to the contrary, if any payments or benefits made or provided under the Agreement are considered deferred compensation subject to Code Section 409A payable on account of Employee’s separation from service (but that do not meet an exemption under Code Section 409A, including without limitation the short term deferral or the separation pay plan exemption), such payments or benefits shall be paid no earlier than the date that is six (6) months following Employee’s separation from service (or, if earlier, the date of death) to the extent required by Code Section 409A. [signatures on following page]

 
9 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first hereinabove written. NEWTEK BUSINESS SERVICES CORP. By: Barry Sloane, Chief Executive Officer EXECUTIVE By: Michael A. Schwartz

 
ex1022pdownsemploymentag
NEWTEK SMALL BUSINESS FINANCE, LLC _____________________________ EMPLOYMENT AGREEMENT WITH PETER DOWNS _____________________________ PREAMBLE. This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of the 15th day of March 2021 (the “Effective Date”), by and between NEWTEK SMALL BUSINESS FINANCE, LLC (the “Company”) and PETER DOWNS (the “Executive”). WHEREAS, the Executive is currently employed by the Company as President; and WHEREAS, the Company is a wholly owned consolidated subsidiary of Newtek Business Services Corp. (“Parent”) and Executive serves as Chief Lending Officer of Parent; and WHEREAS, the parties desire by this writing to set forth the employment relationship of the Company and the Executive as of the Effective Date. NOW, THEREFORE, it is AGREED as follows: 1. Defined Terms When used anywhere in the Agreement, the following terms shall have the meaning set forth herein. (a) “Board” shall mean the Board of Managers of the Company. (b) “Change in Control” shall mean any one of the following events: (i) the acquisition of ownership, holding or power to vote more than 25% of Company’s or Parent’s voting shares by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (ii) the acquisition of the ability to control the election of a majority of the Company’s Board or Parent board of directors (“Parent Board”) by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (iii) the acquisition of a controlling influence over the management or policies of the Company by any person or by persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), or (iv) during any period of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the Parent Board (the “Existing Board”) cease for any reason to constitute at least two-thirds thereof, provided that any individual whose election or nomination for election as a member of the Existing Board was approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director. For purposes of defining Change in Control, the term “person” refers to an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein. Notwithstanding the foregoing, a Change in Control as defined in this Section 1(b) shall not be treated as a Change in Control for purposes of this Agreement unless it constitutes a “change in control event” within the meaning of Section 1.409A-3(i)(5) of the

 
2 Treasury Regulations promulgated under section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (the “Treasury Regulations”). (c) “Common Stock” shall mean shares of Parent’s common stock, par value $0.02 per share. (d) “Good Reason” shall mean any of the following events, which has not been consented to in advance by the Executive in writing during the term of the Agreement: (i) the requirement that the Executive move his personal residence, or perform his principal executive functions, more than fifty (50) miles from his primary office as of the Effective Date; (ii) a material reduction in the Executive’s Annual Base Compensation as the same may be increased from time to time; (iii) the failure by the Company to continue to provide the Executive with compensation and benefits provided for on the Effective Date, as the same may be increased from time to time, or with benefits substantially similar to those provided to him under any of the Executive benefit plans in which the Executive now or hereafter becomes a participant, or the taking of any action by the Company which would directly or indirectly reduce any of such benefits or deprive the Executive of any material fringe benefit enjoyed by him; (iv) the assignment to the Executive of duties and responsibilities that constitute a material diminution from those associated with his position on the Effective Date; or (v) a material diminution or reduction in the Executive’s responsibilities or authority (including reporting responsibilities) in connection with his employment with the Company. (e) “Just Cause” shall mean the Executive’s willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, conviction for a felony, or material breach of any provision of this Agreement. No act, or failure to act, on the Executive’s part shall be considered “willful” unless Executive has acted, or failed to act, with an absence of good faith and without a reasonable belief that Executive’s action or failure to act was in the best interests of the Company. 2. Employment. The Executive is employed as President of the Company. The Executive shall render such administrative and management services for the Company, its Parent and Parent’s subsidiaries and portfolio companies as are currently rendered and as are customarily performed by persons situated in a similar executive capacity and consistent with the duties of a President as set forth in the Amended and Restated Operating Agreement of the Company. The Executive shall report to the Chief Executive Officer and the Board. The Executive shall also promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the Company and its Parent. The Executive’s other duties shall be such as the Chief Executive Officer or Board may from time to time reasonably direct, including normal duties as an officer of the Company. 3. Annual Base Compensation. The Company agrees to pay the Executive during the term of this Agreement a salary at the rate of $550,000 per annum, payable in cash not less frequently than monthly.

 
3 4. Cash Bonuses. The Chief Executive Officer shall determine the Executive’s right to receive cash bonuses. Cash bonuses shall be awarded annually based upon the Executive’s and the Company’s annual performance pursuant to the Company’s policy. 5. Other Benefits. (a) Participation in Retirement, Medical and Other Plans. The Executive shall participate in any plan that the Company maintains for the benefit of its employees if the plan relates to (i) pension, profit-sharing, or other retirement benefits, (ii) medical insurance or the reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and life insurance plans. (b) Executive Benefits; Expenses. The Executive shall participate in any fringe benefits which are or may become available to the Company’s senior management Executives, including for example incentive compensation plans, club memberships, and any other benefits which are commensurate with the responsibilities and functions to be performed by the Executive under this Agreement. The Executive shall be reimbursed for all reasonable out-of-pocket business expenses which he shall incur in connection with his services under this Agreement upon substantiation of such expenses in accordance with the policies of the Company. 6. Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on March 15, 2022 or such earlier date as is determined in accordance with Section 11 (the “Term”).” 7. Loyalty; Noncompetition. (a) During the period of Executive’s employment hereunder and except for illnesses, reasonable vacation periods, and reasonable leaves of absence, the Executive shall devote substantially all of Executive’s full business time, attention, skill, and efforts to the faithful performance of Executive’s duties hereunder; provided, however, from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations, at the request of the Company or Parent, or which will not present in the opinion of the Board any conflict of interest with the Company or Parent and any of Parent’s subsidiaries or portfolio companies, nor unfavorably affect the performance of Executive’s duties pursuant to this Agreement, nor violate any applicable statute or regulation. During the Term of Executive’s employment under this Agreement, the Executive shall not engage in any business or activity contrary to the business affairs or interests of the Company or Parent. (b) Nothing contained in this Paragraph 7 shall be deemed to prevent or limit the Executive’s right to invest in the capital stock or other securities of any business dissimilar from that of the Company or Parent, or, solely as a passive or minority investor, in any business, provided such investment does not: (i) constitute a conflict of interest, (ii) violate laws or regulations applicable to the Company or Parent, including, without limitation, the Investment Company Act of 1940, or (iii) violate any rules or polices promulgated by the Board. 8. Standards. The Executive shall perform his duties under this Agreement in accordance with such reasonable standards as the Chief Executive Officer may establish from time

 
4 to time. The Company will provide Executive with the working facilities and staff customary for similar executives and necessary for him to perform his duties. 9. Vacation and Sick Leave. At such reasonable times according to Company policy the Executive shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment under this Agreement, all such voluntary absences to count as vacation time; provided that: (a) The Executive shall be entitled to an annual vacation in accordance with the policies that the Company periodically establishes for senior management Executives of the Company. (b) The Executive shall not receive any additional compensation from the Company on account of his failure to take a vacation, and the Executive shall not accumulate unused vacation from one fiscal year to the next, except in either case to the extent authorized by the Chief Executive Officer. (c) In addition to the aforesaid paid vacations, the Executive shall be entitled to absent himself voluntarily from the performance of his employment with the Company for such additional periods of time and for such valid and legitimate reasons as the Chief Executive Officer may in his discretion determine. Further, the Chief Executive Officer may grant to the Executive a leave or leaves of absence with or without pay. (d) In addition, the Executive shall be entitled to an annual sick leave benefit as established by the Company. 10. Indemnification. The Company and Parent shall, to the extent permitted by the Company’s Operating Agreement and Parent’s Bylaws, indemnify and hold harmless Executive from any and all loss, expense, or liability that he may incur due to his services for the Company as an officer and or a director of the Company, Parent or any Parent’s subsidiaries or portfolio companies (including any liability Executive may ever incur as the result of severance benefits Executive collects pursuant to Sections 11 or 13), during the full Term of this Agreement and shall at all times maintain adequate insurance for such purposes. 11. Termination and Termination Pay. Subject to Section 13 hereof, the Executive’s employment hereunder may be terminated under the following circumstances: (a) Just Cause. The Chief Executive Officer may, based on a good faith determination and only after giving the Executive written notice and a reasonable opportunity to cure, immediately terminate the Executive’s employment at any time, for Just Cause. The Executive shall have no right to receive compensation or other benefits for any period after termination for Just Cause. (b) Without Just Cause. The Chief Executive Officer may, by written notice to the Executive, immediately terminate Executive’s employment for a reason other than Just Cause. In such event, the Executive shall be entitled to a total severance payment equal to one (1) times the sum of (i) Executive’s Annual Base Compensation in effect at the time of termination, plus (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the

 
5 immediately preceding fiscal year (the “Severance Payment”). The Severance Payment shall be paid in equal installments over a twelve (12) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll (the “Installment Payments”). Each Installment Payment shall be treated as a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). (c) Resignation by Executive with Good Reason. The Executive may at any time immediately terminate employment for Good Reason, in which case the Executive shall be entitled to receive the Severance Payment payable in the same manner and on the same basis as provided for under Section 11(b) herein upon a termination without Just Cause. In addition, the Executive will be entitled to health, life, disability and other benefits which the Executive would have been eligible to participate in through the expiration of the Term based on the benefit levels substantially equal to those that the Company provided for the Executive at the date of termination of employment, subject to any restrictions as may be required under Code Section 409A (d) Resignation by Executive without Good Reason. The Executive may voluntarily terminate employment with the Company during the term of this Agreement, upon at least 60 days’ prior written notice to the Chief Executive Officer, in which case the Executive shall receive only his compensation, vested rights, and Executive benefits up to the date of Executive’s last day of employment. (e) Death, or Disability. If the Executive’s employment terminates during the Term of this Agreement due to Executive’s death or a disability that results in Executive’s collection of any long-term disability benefits, the Executive (or the beneficiaries of Executive’s estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason. (f) Non-Renewal Payment. If the Term of this Agreement is not extended for at least one (1) additional year in circumstances in which the Executive is willing and able to execute such extension and continue performing services (the “Non-Renewal”), then the Executive’s employment shall be terminated by the Company effective as of the expiration of the Term, in which event Executive shall be entitled to fifty percent (50%) times the Severance Payment (the “Non-Renewal Payment”). The Non-Renewal Payment shall be paid in equal installments over the six (6) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll. However, if the Non- Renewal occurs following a Change in Control, the Non-Renewal Payment shall be paid in a lump sum within thirty (30) days of Executive’s termination of employment. (g) Acceleration of Equity Awards. All: (i) outstanding and unvested options to purchase Common Stock granted to Executive under any equity plan of the Parent, (ii) unvested shares of restricted Common Stock awarded to the Executive under any equity plan of the Parent, and (iii) other equity and equity equivalent awards then held by the Executive, shall be accelerated in full, and thereafter all such options, shares of restricted Common Stock and other equity awards shall be immediately vested and exercisable for such period of time as provided for by the specific agreements governing each such award, upon Executive’s termination pursuant to Sections 11(b), (c), (e) or (f) hereof.

 
6 12. No Mitigation. The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Executive in any subsequent employment. 13. Change in Control. Notwithstanding any provision in this Agreement to the contrary, if Executive’s employment is terminated following a Change of Control: (i) by the Company or its successor in interest for any reason other than Just Cause, or (ii) by the Executive for Good Reason, the Executive shall be paid the Severance Payment in a lump sum within thirty (30) days of Executive’s termination of employment. 14. Covenants. (a) Definitions. For purposes of this Agreement: (i) Restrictive Period. The term “Restrictive Period” shall mean the period beginning on the Effective Date and ending two (2) years after the termination of the Executive’s employment hereunder. (ii) Covered Customer. The term “Covered Customer” shall mean (A) during the Term, any customer, merchant, independent sales agency (ISA), independent sales organization (ISO), alliance partner, referral partner or any intermediary of the Company or Parent or Parent’s portfolio companies and (B) after the Term, as of the end of the Term, a Covered Customer of the Company or Parent or Parent’s portfolio companies within the prior three years. (iii) Covered Business. The term “Covered Business” shall mean (A) during the term, any business in which the Company is engaged and (B) after the Term, any business in which the Company was engaged as of the end of the Term. (iv) Covered State. The term “Covered State” shall mean (A) during the Term, any state in the United States and (B) after the Term, any state (1) in which, as of the end of the Term, the Company was engaged in business or (2) with respect to which the Company, as of the end of the Term, had expended material expense and/or efforts in connection with preparing to do business therein. (b) Non-Interference. The Executive covenants and agrees that Executive will not at any time during the Restrictive Period for whatever reason, whether for Executive’s own account or for the account of any other person, firm, corporation or other business organization: (i) interfere with contractual relationships between the Company or Parent or Parent’s subsidiaries or portfolio companies and any of their Covered Customers or employees; (ii) hire, or solicit for hire, any person who is employed by the Company or Parent or Parent’s subsidiaries or portfolio companies, without the express written consent of the Company or Parent; or (iii) other than on behalf of the Company or Parent or Parent’s subsidiaries or portfolio companies, solicit any Covered Customer in connection with the engagement, by any person or entity, in any Covered Business in any Covered State.

 
7 (c) Confidentiality. The Executive will not, at any time whether during or after his termination of employment, (i) disclose to anyone, without proper authorization from the Company or Parent, or (ii) use, for his or another’s benefit, any confidential or proprietary information of the Company or Parent or any subsidiary or portfolio company of Parent, which may include trade secrets, business plans or outlooks, financial data, marketing or sales programs, customer lists, brand formulations, training and operations manuals, products or price strategies, mergers, acquisitions, and/or Company or Parent personnel issues. (d) Blue Pencil; Equitable Relief. The provisions contained in this Section 14 as to the time periods, scope of activities, persons or entities affected and territories restricted shall be deemed divisible so that if any provision contained in this Section is determined to be invalid or unenforceable, such provision shall be deemed modified so as to be valid and enforceable to the full extent lawfully permitted. The Executive acknowledges that the provisions of this Section 14 are reasonable and necessary for the protection of the Company and that the Company will be irrevocably damaged if such covenants are not specifically enforced. Accordingly, the Executive agrees that if he breaches or threatens to breach any of the covenants contained in this Section 14, the Company will be entitled (i) to damages sufficient to compensate the Company for any harm to the Company caused thereby and (ii) to specific performance and injunctive relief for the purpose of preventing the breach or threatened breach thereof without bond or other security or a showing that monetary damages will not provide an adequate remedy, in addition to any other relief to which the Company may be entitled under this Agreement. 15. Reimbursement for Litigation Expenses. In the event that any dispute arises between the Executive and the Company as to the terms or interpretation of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action that the Executive takes to enforce the terms of this Agreement or to defend against any action taken by the Company, the Executive shall be reimbursed for all costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Executive shall obtain a final judgement by a court of competent jurisdiction in favor of the Executive. Such reimbursement shall be paid within ten (10) days of Executive’s furnishing to the Company written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by the Executive. 16. Successors and Assigns. (a) This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Company or Parent which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company. (b) Since the Company is contracting for the unique and personal skills of the Executive, the Executive shall be precluded from assigning or delegating his rights or duties hereunder without first obtaining the written consent of the Company. 17. Corporate Authority. Company and Parent represent and warrant that the execution and delivery of this Agreement has been duly and properly authorized by their respective Board

 
8 and board of directors and that when so executed and delivered by them that this Agreement shall constitute the lawful and binding obligations of the Company and Parent. 18. Amendments. No amendments or additions to this Agreement shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically provided. 19. Applicable Law. Except to the extent preempted by Federal law, the laws of the State of New York shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 20. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 21. Entire Agreement. This Agreement, together with any understanding or modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement between the parties hereto with respect to the matters addressed and shall supercede all previous agreements with respect to such matters. 22. Tax Matters. All payments or benefits provided under this Agreement are subject to any applicable employment or tax withholdings or deductions. In addition, the parties hereby agree that it is their intention that all payments or benefits provided under this Agreement be exempt from, or if not so exempt, comply with, Code Section 409A and this Agreement shall be interpreted accordingly. Notwithstanding anything in this Agreement to the contrary, if any payments or benefits made or provided under the Agreement are considered deferred compensation subject to Code Section 409A payable on account of Employee’s separation from service (but that do not meet an exemption under Code Section 409A, including without limitation the short term deferral or the separation pay plan exemption), such payments or benefits shall be paid no earlier than the date that is six (6) months following Employee’s separation from service (or, if earlier, the date of death) to the extent required by Code Section 409A. [signatures on following page]

 
9 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first hereinabove written. NEWTEK SMALL BUSINESS FINANCE, LLC By: Barry Sloane, Chief Executive Officer NEWTEK BUSINESS SERVICES CORP. By: Barry Sloane, Chief Executive Officer EXECUTIVE By: Peter Downs

 
Document

NEWTEK BUSINESS SERVICES CORP.
SUBSIDIARIES
Name of CompanyState of Incorporation/Organization
CCC Real Estate Holdings, LLCDelaware
Exponential Business Development Co., Inc.New York
NBSH Holdings, LLCNew York
Newtek Asset Backed Securities, LLCNew York
Newtek Business Services Holdco 1, Inc.New York
Newtek Business Services Holdco 2, Inc.New York
Newtek Business Services Holdco 3, Inc.New York
Newtek Business Services Holdco 4, Inc.New York
Newtek Business Services Holdco 5, Inc. (formerly Banc Serv Acquisition Co, Inc.)New York
Newtek Business Services Holdco 6, Inc.New York
Newtek Commercial Lending, Inc.New York
Newtek LSP Holdco, LLCNew York
Newtek Small Business Finance, LLCNew York
The Whitestone Group, LLCNew York
Wilshire DC Partners, LLCDistrict of Columbia
Wilshire Holdings I, Inc.New York
Wilshire Louisiana Bidco, LLCLouisiana
Wilshire Louisiana Partners II, LLCLouisiana
Wilshire Louisiana Partners III, LLCLouisiana
Wilshire Louisiana Partners IV, LLCLouisiana
Wilshire New York Advisers II, LLCNew York
Wilshire New York Partners III, LLCNew York
Wilshire Partners, LLCFlorida


Document


Exhibit 23.1



Consent of Independent Registered Public Accounting Firm


We consent to the incorporation by reference in the Registration Statement on Form N-2 of Newtek Business Services Corp. and Subsidiaries (the Company) of our report dated March 29, 2021, relating to the consolidated financial statements, appearing in the Form 10-K of the Company for the year ended December 31, 2020. We also consent to the incorporation by reference in such Registration Statement of our report dated March 29, 2021, relating to the senior securities table, appearing in Part II, Item 5 of the Form 10-K of the Company for the year ended December 31, 2020.

We also consent to the reference to our firm under the headings “Senior Securities” in the Form 10-K and "Independent Registered Public Accounting Firm” in such Registration Statement on Form N-2.


/s/ RSM US LLP

New York, New York
March 29, 2021

Document

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 annual report on Form 10-K 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.
 
Date: March 29, 2021/S/    BARRY SLOANE        
Barry Sloane
Principal Executive Officer


Document

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, Nicholas Leger, certify that:
1. I have reviewed this annual report on Form 10-K 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.
 
Date: March 29, 2021/S/    NICHOLAS LEGER        
Nicholas Leger
Principal Financial Officer



Document

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 Annual Report on Form 10-K for the year ended December 31, 2020 (the “Report”) of Newtek Business Services Corp. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof, I, Barry Sloane, as Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my 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.
 
Date: March 29, 2021/S/    BARRY SLOANE        
Barry Sloane,
Principal Executive Officer


Document

Exhibit 32.2
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 Annual Report on Form 10-K for the year ended December 31, 2020 (the “Report”) of Newtek Business Services Corp. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof, I, Nicholas Leger, as Principal Financial Officer of the Company, hereby certify pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my 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.
 
Date: March 29, 2021/S/    NICHOLAS LEGER        
Nicholas Leger,
Principal Financial Officer



a2020newtekmerchantsolut
Newtek Merchant Solutions, LLC and Subsidiary (A Wholly-owned Subsidiary of NBSH Holdings, LLC) Consolidated Financial Statements and Independent Auditor’s Report December 31, 2020

 
Newtek Merchant Solutions, LLC and Subsidiary Index Year Ended December 31, 2020 Pages Independent Auditor’s Report ................................................................................................................... 1 Consolidated Financial Statements Consolidated Balance Sheet .......................................................................................................................... 2 Consolidated Statement of Income ............................................................................................................... 3 Consolidated Statement of Changes in Member’s Equity ............................................................................ 4 Consolidated Statement of Cash Flows ........................................................................................................ 5 Notes to Consolidated Financial Statements ............................................................................................ 6-13

 
1 INDEPENDENT AUDITOR’S REPORT To the Board of Directors and Stockholder of Newtek Merchant Solutions, LLC and Subsidiary We have audited the accompanying consolidated financial statements of Newtek Merchant Solutions, LLC and Subsidiary (“NMS”), a wholly-owned subsidiary of NBSH Holdings LLC, which comprise the consolidated balance sheets as of December 31, 2020, and the related consolidated statements of income, changes in member’s equity, and cash flows for the year then ended, and the related notes to the consolidated financial statements. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Newtek Merchant Solutions, LLC and Subsidiary as of December 31, 2020, and the results of their operations and their cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Melville, New York March 11, 2021

 
Newtek Merchant Solutions, LLC and Subsidiary Consolidated Balance Sheet December 31, 2020 See notes to consolidated financial statements. 2 Assets Current assets: Cash 3,821,415$ Accounts receivable 2,836,108 Prepaid expenses and other current assets 293,963 Inventory 167,320 Total current assets 7,118,806 Fixed assets, net 434,915 Restricted cash 578,152 Customer merchant accounts, net 1,064,678 Due from related parties 282,890 Notes receivable - related party 24,090,000 Goodwill 13,813,812 Total assets 47,383,253$ Liabilities and Member's Equity Current liabilities: Accounts payable and accrued expenses 3,211,861$ Residuals payable 983,014 Chargeback reserves 999,497 Due to related parties 399,238 Line of credit 7,500,000 Bank notes payable, current 3,500,000 Total current liabilities 16,593,610 Bank notes payable, long-term, net (Note 6) 24,954,258 Total liabilities 41,547,868 Member's equity 5,835,385 Total liabilities and member's equity 47,383,253$

 
Newtek Merchant Solutions, LLC and Subsidiary Consolidated Statement of Income Year Ended December 31, 2020 See notes to consolidated financial statements. 3 Revenues Electronic payment processing 33,036,467$ Expenses Electronic payment processing costs 13,418,432 Salaries and benefits 5,678,172 Professional fees 870,510 Depreciation and amortization 1,536,116 Other general and administrative costs 1,284,599 Total expenses 22,787,829 Income from operations 10,248,638 Interest expense, net (1,182,591) Interest income - related parties 429,894 Total other expenses (752,697) Net income 9,495,941$

 
Newtek Merchant Solutions, LLC and Subsidiary Consolidated Statement of Changes in Member’s Equity Year Ended December 31, 2020 See notes to consolidated financial statements. 4 Member's Equity Balance, January 1, 2020 6,625,317$ Net income 9,495,941 Distributions (10,285,873) Balance, December 31, 2020 5,835,385$

 
Newtek Merchant Solutions, LLC and Subsidiary Consolidated Statement of Cash Flows Year Ended December 31, 2020 See notes to consolidated financial statements. 5 Cash flows from operating activities: Net income 9,495,941$ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,615,837 Amortization of deferred financing costs 150,290 Changes in operating assets and liabilities: Accounts receivable 214,888 Prepaid expenses and other current assets (86,993) Inventory (33,049) Accounts payable and accrued expenses (278,932) Due to/from related parties (226,465) Net cash provided by operating activities 10,851,517 Cash flows used in investing activities: Net drawdowns from related party note (11,927,499) Purchase of fixed assets (199,326) Net cash used in investing activities (12,126,825) Cash flows used in financing activities: Dividends paid to shareholder (10,285,873) Proceeds from line of credit 7,500,000 Principal payments to Webster Bank (3,500,000) Net cash used in financing activities (6,285,873) Net decrease in cash and restricted cash (7,561,182) Cash and restricted cash, beginning of year 11,960,749 Cash and restricted cash, end of year 4,399,567$ Supplemental disclosure of cash flow activities Interest paid 1,453,583$

 
Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements Year Ended December 31, 2020 6 1. Organization, Basis of Presentation and Description of Business Newtek Merchant Solutions, LLC (“NMS”) was organized as a limited liability company (“LLC”) under the laws of the State of Wisconsin and is a wholly-owned subsidiary of NBSH Holdings, LLC (“NBSH”). NBSH was organized on November 1, 2018 under the laws of the State of New York and is a wholly-owned subsidiary of Newtek Business Services Holdco 1, Inc. (“Holdco”) which was incorporated on June 5, 2015 under the laws of the State of New York and is a wholly- owned subsidiary of Newtek Business Services Corp. (“Newtek”). The accompanying consolidated financial statements include the accounts of NMS and its wholly- owned subsidiary, UPSWI Sales (“UPS Sales”), which are collectively hereinafter referred to as the “Company”. All significant intercompany accounts and transactions have been eliminated in these consolidated financial statements. The Company 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 noncash forms of payment. 2. Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates, by their nature, are based on judgment and available information. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant changes in the near term relate to the determination of the reserve for chargeback losses. Financial Instruments The Company’s financial instruments include cash, accounts receivable, notes receivable from related party, accounts payable, residuals payable, line of credit and bank notes payable. The carrying amount of cash, accounts receivable, accounts payable and residuals payable approximate fair value due to their short-term maturities. The carrying amounts of notes receivable from related party, line of credit and bank notes payable approximate fair value due to the variable interest rate they carry. Cash Invested cash is held exclusively at financial institutions of high credit quality. As of December 31, 2020, cash deposits in excess of insured amounts totaled approximately $3,547,000.

 
Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements Year Ended December 31, 2020 7 Restricted Cash Under the terms of the processing agreements between NMS and its processing banks, NMS maintains cash accounts as reserves against chargeback losses. As the Company receives fees from the processing bank, a certain percentage is allocated to the cash reserve account. The following table provides a reconciliation of cash and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows at December 31, 2020. Cash 3,821,415$ Restricted cash 578,152 Total cash and restricted cash 4,399,567$ Accounts Receivable Accounts receivable represent amounts owed to the Company by third parties for electronic payment processing and related residuals. The Company estimates losses on accounts receivable based on known troubled accounts and historical experience of losses incurred. The Company determined no reserve for uncollectible accounts was necessary at December 31, 2020. Inventory Inventory consists primarily of equipment to be installed in merchant locations to enable the merchants to process electronic transactions. Inventory is stated at the lower of cost or net realizable value, which is determined on a FIFO (first in-first out) basis. Fixed Assets Fixed assets, which are comprised of terminals, software, telephone systems, computer equipment, automobile, website and leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation of fixed assets is provided on a straight-line basis using estimated useful lives of the related assets ranging from three to seven years. Amortization of leasehold improvements is provided on a straight-line basis using the lesser of the useful life of the asset, which is generally three to five years, or lease term. Software Development Costs The Company capitalizes certain software development costs for internal use. Costs incurred during the preliminary project stage are expensed as incurred, while application stage projects are capitalized. The latter costs are typically employee and/or consulting services directly associated with the development of the internal use software. Software and website costs are included in fixed assets in the accompanying consolidated balance sheets. Amortization commences once the software and website costs are ready for their intended use and are amortized using the straight-line method over the estimated useful life, typically three years.

 
Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements Year Ended December 31, 2020 8 Goodwill and Customer Merchant Accounts Goodwill is an indefinite lived asset, which is not amortized and is instead subject to impairment testing, at least annually. Customer merchant accounts with finite lives are amortized over an estimated useful life of 30 or 66 months (See Note 5). The Company considers the following to be some examples of indicators that may trigger an impairment review outside of its annual impairment review: (i) significant under-performance or loss of key contracts acquired in an acquisition relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of the acquired assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s fair value for a sustained period of time; and (vi) regulatory changes. In assessing the recoverability of the Company’s goodwill and customer merchant accounts, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the respective assets. These include estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Company, the period over which cash flows will occur, and determination of the Company’s cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair value and conclusions on impairment. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To achieve this core principle, the Company applies the following five steps: 1. Identify the contract 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 5. Recognize revenue when or as the Company satisfies a performance obligation Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities. Revenue is primarily derived from electronic payment processing and related fee income. Electronic payment processing and fee income Electronic payment processing and fee income is derived from the electronic processing of credit and debit card transactions that are authorized and captured through third-party networks. Typically, merchants are charged for these processing services by applying a percentage to the dollar amount of each transaction plus a flat fee per transaction. Certain merchant customers are charged miscellaneous fees, including fees for handling charge-backs or returns, monthly minimum fees, statement fees and fees for other miscellaneous services. Revenues derived from the electronic processing of MasterCard®, Visa®, American Express® and Discover® sourced credit and debit card transactions are reported gross of amounts paid to sponsor banks.

 
Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements Year Ended December 31, 2020 9 The Company's performance obligations are to stand ready to provide holistic electronic payment processing services consisting of a series of distinct elements that are substantially the same and have the same pattern of transfer over time. The Company’s promise to its customers is to perform an unknown or unspecified quantity of tasks and the consideration received is contingent upon the customers’ use (i.e., number of payment transactions processed, number of cards on file, etc.); as such, the total transaction price is variable. The Company allocates the variable fees charged to the day in which it has the contractual right to bill under the contract. ASU 2014-09, "Revenues from Contracts with Customers (“Topic 606”)" (“ASC 606”) requires that the Company determine for each customer arrangement whether revenue should be recognized at a point in time or over time. For the year ended December 31, 2020 substantially all of the Company’s revenues were recognized over time. ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations; however, as permitted by ASC 606, the Company has elected to exclude from this disclosure any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. As described above, the Company’s most significant performance obligations consist of variable consideration under a stand-ready series of distinct days of service. Such variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied is variable consideration that is not required for this disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material. Interest Income Interest income from a related party is recorded on an accrual basis, when earned, based on the current lending rate in place. Reserve for Losses on Merchant Accounts Disputes between a cardholder and a merchant periodically arise as a result of, among other things, cardholder dissatisfaction with merchandise quality or merchant services. Such disputes may not be resolved in the merchant’s favor. In these cases, the transaction is “charged back” to the merchant, which means the purchase price is refunded to the customer through the merchant’s acquiring bank and charged to the merchant. If the merchant has inadequate funds, the Company or, under limited circumstances, the Company and the acquiring bank, must bear the credit risk for the full amount of the transaction. The Company evaluates its risk for such transactions and estimates its potential loss for charge-backs based primarily on historical experience and other relevant factors. The Company records reserves for charge-backs and contingent liabilities when such amounts are deemed to be probable and estimable. The required reserves may change in the future due to new developments, including, but not limited to, changes in litigation or increased charge-back exposure as the result of merchant insolvency, liquidation, or other reasons. The required reserves are reviewed periodically to determine if adjustments are required.

 
Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements Year Ended December 31, 2020 10 Electronic Payment Processing Costs Electronic payment processing costs consist principally of costs directly related to the processing of merchant sales volume, bank processing fees and costs paid to third-party processing networks. Such costs are recognized at the time the merchant transactions are processed or when the services are performed. In addition to costs directly related to the processing of merchant sales volume, electronic payment processing costs also include residual expenses. Residual expenses represent fees paid to third- party sales referral sources. Residual expenses are paid in accordance with contracted terms. These are generally linked to revenues derived from merchants successfully referred to the Company and that begin using the Company for merchant processing services. Such residual expenses are recognized in the Company’s consolidated statements of income. During the year ended December 31, 2020, the Company partnered with two sponsor banks for substantially all merchant transactions. Substantially all merchant transactions were processed by one merchant processor. Income Taxes The Company and its subsidiary are treated as flow-through entities for federal and state income tax purposes. Under present income tax laws, the Company is not subject to federal or state income taxes. The member is responsible for taxes on their respective share of the Company’s net income or losses. The Company reviews uncertain tax positions taken, or expected to be taken, in the course of preparing the Company’s consolidated financial statements to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. Management of the Company is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company has reviewed the open tax years in major jurisdictions and concluded there is no tax liability, interest, or penalties resulting from unrecognized tax benefits relating to uncertain income tax positions taken, or expected to be taken, in future tax returns. Subsequent Events The Company has evaluated subsequent events for potential recognition and/or disclosure through March 11, 2021, the date these consolidated financial statements were available to be issued.

 
Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements Year Ended December 31, 2020 11 3. Fixed Assets The Company’s fixed assets are comprised of the following at December 31, 2020: Terminals 1,368,055$ Software 877,990 Telephone systems 96,717 Computer equipment 46,929 Automobile 24,576 Website 14,705 Leasehold improvements 5,170 2,434,142 Less: accumulated depreciation and amortization (1,999,227) 434,915$ Depreciation and amortization expense related to fixed assets for the year ended December 31, 2020 was approximately $254,000. 4. Goodwill The carrying value of goodwill at December 31, 2020 is approximately $13,814,000. The Company performed a qualitative assessment on goodwill to determine if it is more likely than not that the Company’s fair value is less than its carrying amount. Based on its qualitative assessment, the Company determined that goodwill was not impaired at December 31, 2020 and that no further assessment was required. There were no changes to the carrying value of goodwill during the year ended December 31, 2020. 5. Customer Merchant Accounts The net carrying value of customer merchant accounts was approximately $1,065,000 at December 31, 2020. Customer merchant accounts are amortized over an estimated useful life of 30 to 66 months, as appropriate. Total amortization expense of customer merchant accounts using the straight-line method is included in depreciation and amortization in the accompanying consolidated statements of income and was approximately $1,362,000 for the year ended December 31, 2020. Total expected amortization expense is as follows: Years Ending December 31, 2021 567,796 2022 333,690 2023 150,343 2024 12,848 1,064,678$

 
Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements Year Ended December 31, 2020 12 6. Line of Credit and Bank Notes Payable, Net In November 2018, the Company entered into a Credit and Guarantee Agreement (the “Webster Agreement”), which extended a term loan for $35,000,000 (the “Webster Term Loan”) and a revolving line of credit (the “Webster RLOC” combined with the Webster Term Loan, the “Webster Facility”) with maximum borrowings of $15,000,000 for a total commitment of $50,000,000. All assets of the Company are pledged as collateral under the Webster Agreement and is guaranteed by Newtek. The Webster Facility provides for monthly interest payments and the Webster Term Loan provides for quarterly principal payments, with total remaining principal due at maturity. The Webster Facility matures in November 2023. Borrowings under the Webster Facility are classified either as a “Base Rate Loan” or a “LIBOR Rate Loan” at the Company’s election. Each LIBOR Rate Loan shall bear interest on the outstanding balance at a rate equal to LIBOR plus 2.5%, and each Base Rate Loan shall bear interest on the outstanding balance at a rate equal to the Prime Rate plus 1.5%. The effective interest rate at December 31, 2020 for the Webster Term Loan and Webster RLOC were 2.74% and 2.64%, respectively. The Webster Agreement requires certain restrictive covenants for which the Company was in compliance as of December 31, 2020. Total interest expense, excluding amortization of deferred financing costs, for the year ended December 31, 2020 was approximately $1,202,000. Amortization of deferred financing costs for the year ended December 31, 2020 was approximately $150,000 and is included in interest expense on the consolidated statements of income. The remaining amount of unamortized deferred financing costs incurred by the Company related to the Webster Facility was approximately $421,000 at December 31, 2020. Outstanding borrowings under the Webster RLOC was $7,500,000 at December 31, 2020. Outstanding borrowings under the Webster Term Loan consisted of the following at December 31, 2020: Principal 28,875,000$ Unamortized deferred financing costs (420,742) Net carrying amount 28,454,258$ Debt principal payments are as follows: Years Ending December 31, 2021 3,500,000$ 2022 4,812,500 2023 20,562,500 28,875,000$

 
Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements Year Ended December 31, 2020 13 7. Notes Receivable – Related Party The Company has extended a line of credit to Newtek. The Company had approximately $24,090,000 outstanding on its revolving line of credit with Newtek, at December 31, 2020. The line, which matures in November 2023, allows for maximum borrowings of $50,000,000 (subject to availability) and bears interest at a rate equal to that in effect under the Company’s Webster Facility, at any given time. The Company recorded related party interest income of approximately $430,000 during the year ended December 31, 2020. At December 31, 2020 there was approximately $192,000, in accrued interest income included in prepaid expenses and other current assets on the consolidated balance sheet. 8. Related Party Transactions The Company has related party transactions with Newtek and various portfolio companies of Newtek, including Automated Merchant Services, Inc. (“AMS”), Mobil Money LLC (“MOB”), Newtek Technology Solutions, Inc. (“NTS”) and PMTWorks Payroll, LLC (“PMT”). During the year ended December 31, 2020, the Company incurred residual expenses totaling approximately $136,000 from AMS and NTS, managed technology services costs of approximately $632,000 from NTS, licensing fees for zero cost payment processing of approximately $107,000 from MOB and payroll processing costs of approximately $28,000 from PMT. Included in salaries and benefits are charges from Newtek related to salaries for management and certain other employees that perform services for the Company. Total amounts allocated to the Company for the year ended December 31, 2020 were approximately $402,000. The Company subleases office space from Newtek in Lake Success, NY. The rent payment is based upon an allocation of headcount in the Lake Success office space. Rent expense for the years ended December 31, 2020 was approximately $229,000. 9. Commitments and Contingencies The Company has a Merchant ISO Agreement with a sponsor bank. Under the terms of the Merchant ISO Agreement, NMS is required to pay monthly minimum fees of $15,000 during the term of the agreement. The agreement renews automatically annually. Litigation As a result of prior litigation with the Federal Trade Commission, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices.

 

 
newtekmerchantsolutionsl
Newtek Merchant Solutions, LLC and Subsidiary (A Wholly-owned Subsidiary of NBSH Holdings, LLC) Consolidated Financial Statements and Independent Auditor’s Report December 31, 2019

 
Newtek Merchant Solutions, LLC and Subsidiaries Index Years Ended December 31, 2019 Pages Independent Auditor’s Report ................................................................................................................... 1 Consolidated Financial Statements Consolidated Balance Sheet .......................................................................................................................... 2 Consolidated Statement of Income ............................................................................................................... 3 Consolidated Statement of Changes in Member’s Equity ............................................................................ 4 Consolidated Statement of Cash Flows ........................................................................................................ 5 Notes to Consolidated Financial Statements ............................................................................................ 6-14

 
1 INDEPENDENT AUDITOR’S REPORT To the Board of Directors and Stockholder of Newtek Merchant Solutions, LLC and Subsidiaries We have audited the accompanying consolidated financial statements of Newtek Merchant Solutions, LLC and Subsidiaries (“NMS”), a wholly-owned subsidiary of NBSH Holdings LLC, which comprise the consolidated balance sheets as of December 31, 2019, and the related consolidated statements of income, changes in member’s equity, and cash flows for the year then ended, and the related notes to the consolidated financial statements. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Newtek Merchant Solutions, LLC and Subsidiaries as of December 31, 2019, and the results of their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Melville, New York March 5, 2020

 
Newtek Merchant Solutions, LLC and Subsidiaries Consolidated Balance Sheet December 31, 2019 See notes to consolidated financial statements. 2 Assets Current assets: Cash 11,315,071$ Accounts receivable 3,050,996 Prepaid expenses and other current assets 206,970 Inventory 134,271 Total current assets 14,707,308 Fixed assets, net 489,434 Restricted cash 645,678 Customer merchant accounts, net 2,426,669 Due from related parties 170,750 Notes receivable - related party 12,162,501 Goodwill 13,813,812 Total assets 44,416,152$ Liabilities and Member's Equity Current liabilities: Accounts payable and accrued expenses 2,934,732$ Residuals payable 1,036,716 Chargeback reserves 1,501,856 Due to related parties 513,563 Bank notes payable, current 3,500,000 Total current liabilities 9,486,867 Bank notes payable, long-term, net (Note 6) 28,303,968 Total liabilities 37,790,835 Member's equity 6,625,317 Total liabilities and member's equity 44,416,152$

 
Newtek Merchant Solutions, LLC and Subsidiaries Consolidated Statement of Income Year Ended December 31, 2019 See notes to consolidated financial statements. 3 Revenues Electronic payment processing 35,167,736$ Expenses Electronic payment processing costs 13,338,482 Salaries and benefits 6,087,635 Professional fees 771,450 Depreciation and amortization 1,874,519 Other general and administrative costs 1,419,858 Total expenses 23,491,944 Income from operations 11,675,792 Interest expense, net (1,802,585) Interest income - related parties 910,595 Gain on sale of merchant portfolio 500,000 Total other expenses (391,990) Net income 11,283,802$

 
Newtek Merchant Solutions, LLC and Subsidiaries Consolidated Statement of Changes in Member’s Equity Year Ended December 31, 2019 See notes to consolidated financial statements. 4 Member's Equity Balance, January 1, 2019 12,861,813$ Net income 11,283,802 Distributions (17,520,298) Balance, December 31, 2019 6,625,317$

 
Newtek Merchant Solutions, LLC and Subsidiaries Consolidated Statement of Cash Flows Year Ended December 31, 2019 See notes to consolidated financial statements. 5 Cash flows from operating activities: Net income 11,283,802$ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,874,519 Amortization of deferred financing costs 150,413 Changes in operating assets and liabilities: Accounts receivable (289,054) Prepaid expenses and other current assets (34,468) Inventory (51,763) Accounts payable and accrued expenses 1,210,780 Due to/from related parties 37,071 Net cash provided by operating activities 14,181,300 Cash flows from investing activities: Purchase of customer merchant accounts (217,252) Net repayments received from related party note 4,677,499 Purchase of fixed assets (140,698) Net cash provided by investing activities 4,319,549 Cash flows used in financing activities: Dividends paid to shareholder (17,520,298) Principal payments to Webster Bank (2,625,000) Deferred financing costs paid (6,000) Net cash used in financing activities (20,151,298) Net decrease in cash and restricted cash (1,650,449) Cash and restricted cash, beginning of year 13,611,198 Cash and restricted cash, end of year 11,960,749$ Supplemental disclosure of cash flow activities Interest paid 1,469,486$

 
Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2019 6 1. Organization, Basis of Presentation and Description of Business Newtek Merchant Solutions, LLC (“NMS”) was organized as a limited liability company (“LLC”) under the laws of the State of Wisconsin and is a wholly-owned subsidiary of NBSH Holdings, LLC (“NBSH”). NBSH was organized on November 1, 2018 under the laws of the State of New York and is a wholly-owned subsidiary of Newtek Business Services Holdco 1, Inc. (“Holdco”) which was incorporated on June 5, 2015 under the laws of the State of New York and is a wholly- owned subsidiary of Newtek Business Services Corp. (“Newtek”). The accompanying consolidated financial statements include the accounts of NMS and its wholly- owned subsidiary, UPSWI Sales (“UPS Sales”), which are collectively hereinafter referred to as the “Company”. All significant intercompany accounts and transactions have been eliminated in these consolidated financial statements. The Company 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 noncash forms of payment. 2. Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates, by their nature, are based on judgment and available information. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant changes in the near term relate to the determination of the reserve for chargeback losses. Recently Adopted Accounting Pronouncements The Company adopted ASU 2014-09, "Revenues from Contracts with Customers (“Topic 606”)" as well as other clarifications and technical guidance issued by the FASB related to this new revenue standard ("ASC 606") and ASC Subtopic 340-40: "Other Assets and Deferred Costs - Contracts with Customers" on January 1, 2019. The Company elected the modified retrospective transition method. The cumulative impact of adopting Topic 606 was immaterial and no adjustments to the opening balance of member’s equity were recorded. Prior to the adoption of ASC 606, the Company presented payments made to certain third parties, including interchange fees and fees paid to payment networks, as a component of operating expenses. For periods beginning on and after January 1, 2019, the Company presents revenue net of these third-party payments. This change in presentation had the effect of reducing the Company’s revenues and operating expenses by the same amounts. The adoption of ASC 606 had no effect on any other line items in the Company’s consolidated financial statements.

 
Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2019 7 Financial Instruments The Company’s financial instruments include cash, accounts receivable, notes receivable from related party, accounts payable, residuals payable and bank notes payable. The carrying amount of cash, accounts receivable, accounts payable and residuals payable approximate fair value due to their short-term maturities. The carrying amounts of notes receivable from related party and bank notes payable approximate fair value due to the variable interest rate they carry. Cash Invested cash is held exclusively at financial institutions of high credit quality. As of December 31, 2019, cash deposits in excess of insured amounts totaled approximately $11,162,000. Restricted Cash Under the terms of the processing agreements between NMS and its processing banks, NMS maintains cash accounts as reserves against chargeback losses. As the Company receives fees from the processing bank, a certain percentage is allocated to the cash reserve account. The following table provides a reconciliation of cash and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. 2019 2018 Cash 11,315,071$ 13,026,644$ Restricted cash 645,678 584,554 Total cash and restricted cash 11,960,749$ 13,611,198$ Accounts Receivable Accounts receivable represent amounts owed to the Company by third parties for electronic payment processing and related residuals. The Company estimates losses on accounts receivable based on known troubled accounts and historical experience of losses incurred. The Company determined no reserve for uncollectible accounts was necessary at December 31, 2019. Inventory Inventory consists primarily of equipment to be installed in merchant locations to enable the merchants to process electronic transactions. Inventory is stated at the lower of cost or net realizable value, which is determined on a FIFO (first in-first out) basis. Fixed Assets Fixed assets, which are comprised of terminals, software, telephone systems, computer equipment, leasehold improvements, automobile and website, are stated at cost less accumulated depreciation and amortization. Depreciation of fixed assets is provided on a straight-line basis using estimated useful lives of the related assets ranging from three to seven years. Amortization of leasehold improvements is provided on a straight-line basis using the lesser of the useful life of the asset, which is generally three to five years, or lease term.

 
Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2019 8 Software Development Costs The Company capitalizes certain software development costs for internal use. Costs incurred during the preliminary project stage are expensed as incurred, while application stage projects are capitalized. The latter costs are typically employee and/or consulting services directly associated with the development of the internal use software. Software and website costs are included in fixed assets in the accompanying consolidated balance sheets. Amortization commences once the software and website costs are ready for their intended use and are amortized using the straight-line method over the estimated useful life, typically three years. Goodwill and Customer Merchant Accounts Goodwill is an indefinite lived asset, which is not amortized and is instead subject to impairment testing, at least annually. Customer merchant accounts with finite lives are amortized over an estimated useful life of 30 or 66 months (See Note 5). The Company considers the following to be some examples of indicators that may trigger an impairment review outside of its annual impairment review: (i) significant under-performance or loss of key contracts acquired in an acquisition relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of the acquired assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s fair value for a sustained period of time; and (vi) regulatory changes. In assessing the recoverability of the Company’s goodwill and customer merchant accounts, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the respective assets. These include estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Company, the period over which cash flows will occur, and determination of the Company’s cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair value and conclusions on impairment. Revenue Recognition Effective January 1, 2019, revenues are recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To achieve this core principle, the Company applies the following five steps: 1. Identify the contract 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 5. Recognize revenue when or as the Company satisfies a performance obligation Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities. Revenue is primarily derived from electronic payment processing and related fee income.

 
Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2019 9 Electronic payment processing and fee income Electronic payment processing and fee income is derived from the electronic processing of credit and debit card transactions that are authorized and captured through third-party networks. Typically, merchants are charged for these processing services by applying a percentage to the dollar amount of each transaction plus a flat fee per transaction. Certain merchant customers are charged miscellaneous fees, including fees for handling charge-backs or returns, monthly minimum fees, statement fees and fees for other miscellaneous services. Revenues derived from the electronic processing of MasterCard®, Visa®, American Express® and Discover® sourced credit and debit card transactions are reported gross of amounts paid to sponsor banks. The Company's performance obligations are to stand ready to provide holistic electronic payment processing services consisting of a series of distinct elements that are substantially the same and have the same pattern of transfer over time. The Company’s promise to its customers is to perform an unknown or unspecified quantity of tasks and the consideration received is contingent upon the customers’ use (i.e., number of payment transactions processed, number of cards on file, etc.); as such, the total transaction price is variable. The Company allocates the variable fees charged to the day in which it has the contractual right to bill under the contract. Revenues and electronic payment processing costs were lower than the amounts that would have been presented if not for the effect of the new revenue accounting standard by approximately $88,179,000 each, respectively, for the year ended December 31, 2019. ASC 606 requires that the Company determine for each customer arrangement whether revenue should be recognized at a point in time or over time. For the year ended December 31, 2019 substantially all of the Company’s revenues were recognized over time. ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations; however, as permitted by ASC 606, the Company has elected to exclude from this disclosure any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. As described above, the Company’s most significant performance obligations consist of variable consideration under a stand-ready series of distinct days of service. Such variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied is variable consideration that is not required for this disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material. Interest Income Interest income from a related party is recorded on an accrual basis, when earned, based on the current lending rate in place. Reserve for Losses on Merchant Accounts Disputes between a cardholder and a merchant periodically arise as a result of, among other things, cardholder dissatisfaction with merchandise quality or merchant services. Such disputes may not be resolved in the merchant’s favor. In these cases, the transaction is “charged back” to the merchant, which means the purchase price is refunded to the customer through the merchant’s acquiring bank and charged to the merchant. If the merchant has inadequate funds, the Company or, under limited circumstances, the Company and the acquiring bank, must bear the credit risk for the full amount of the transaction. The Company evaluates its risk for such transactions and estimates its potential loss for charge-backs based primarily on historical experience and other relevant factors.

 
Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2019 10 The Company records reserves for charge-backs and contingent liabilities when such amounts are deemed to be probable and estimable. The required reserves may change in the future due to new developments, including, but not limited to, changes in litigation or increased charge-back exposure as the result of merchant insolvency, liquidation, or other reasons. The required reserves are reviewed periodically to determine if adjustments are required. Electronic Payment Processing Costs Electronic payment processing costs consist principally of costs directly related to the processing of merchant sales volume, bank processing fees and costs paid to third-party processing networks. Such costs are recognized at the time the merchant transactions are processed or when the services are performed. In addition to costs directly related to the processing of merchant sales volume, electronic payment processing costs also include residual expenses. Residual expenses represent fees paid to third- party sales referral sources. Residual expenses are paid in accordance with contracted terms. These are generally linked to revenues derived from merchants successfully referred to the Company and that begin using the Company for merchant processing services. Such residual expenses are recognized in the Company’s consolidated statements of income. During the year ended December 31, 2019, the Company partnered with two sponsor banks for substantially all merchant transactions. Substantially all merchant transactions were processed by one merchant processor. Income Taxes The Company and its subsidiaries are treated as flow-through entities for federal and state income tax purposes. Under present income tax laws, the Company is not subject to federal or state income taxes. The member is responsible for taxes on their respective share of the Company’s net income or losses. The Company reviews uncertain tax positions taken, or expected to be taken, in the course of preparing the Company’s consolidated financial statements to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. Management of the Company is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company has reviewed the open tax years in major jurisdictions and concluded there is no tax liability, interest, or penalties resulting from unrecognized tax benefits relating to uncertain income tax positions taken, or expected to be taken, in future tax returns. Subsequent Events The Company has evaluated subsequent events for potential recognition and/or disclosure through March 5, 2020, the date these consolidated financial statements were available to be issued.

 
Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2019 11 3. Fixed Assets The Company’s fixed assets are comprised of the following at December 31, 2019: 2019 Terminals 1,280,974$ Software 870,713 Telephone systems 152,049 Computer equipment 120,849 Leasehold improvements 97,150 Automobile 24,576 Website 14,705 2,561,016 Less: accumulated depreciation and amortization (2,071,582) 489,434$ Depreciation and amortization expense related to fixed assets for the year ended December 31, 2019 was approximately $213,000. 4. Goodwill The carrying value of goodwill at December 31, 2019 is approximately $13,814,000. The Company performed a qualitative assessment on goodwill to determine if it is more likely than not that the Company’s fair value is less than its carrying amount. Based on its qualitative assessment, the Company determined that goodwill was not impaired at December 31, 2019 and that no further assessment was required. There were no changes to the carrying value of goodwill during the year ended December 31, 2019. 5. Customer Merchant Accounts The net carrying value of customer merchant accounts was approximately $2,427,000 at December 31, 2019. Customer merchant accounts are amortized over an estimated useful life of 30 to 66 months, as appropriate. Total amortization expense of customer merchant accounts using the straight-line method is included in depreciation and amortization in the accompanying consolidated statements of income and was approximately $1,661,000 for the year ended December 31, 2019.

 
Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2019 12 Total expected amortization expense for the next five fiscal years and thereafter is as follows: Years Ending December 31, 2020 1,361,986 2021 567,796 2022 333,690 2023 150,343 2024 12,853 2,426,669$ In November 2018, the Company sold a portion of its merchant portfolio to Elavon Inc. (“Elavon”). The Company sold substantially all of its merchants processing on the Elavon platform for $7,500,000 with an additional $500,000 contingent payment to be made in November 2019 if the sold portfolio achieves certain volume requirements and the Company boards 200 new merchants on the Elavon platform. During 2018, as a result of the sale, the Company recorded a gain on sale of approximately $5,581,000 broken down as follows: Sale price 7,500,000$ Payments to agents (1,480,561) Carrying value of Elavon portfolio (438,107) Gain on sale 5,581,332$ During 2019, the Company recorded a gain on sale of $500,000 as a result of the satisfying the requirements for the contingent payment. 6. Bank Notes Payable, Net In November 2018, the Company entered into a Credit and Guarantee Agreement (the “Webster Agreement”), which extended a term loan for $35,000,000 (the “Webster Term Loan”) and a revolving line of credit (the “Webster RLOC” combined with the Webster Term Loan, the “Webster Facility”) with maximum borrowings of $15,000,000 for a total commitment of $50,000,000. All assets of the Company are pledged as collateral under the Webster Agreement and is guaranteed by Newtek. The Webster Facility provides for monthly interest payments and quarterly principal payments beginning April 2019, with total remaining principal due at maturity. The Webster Facility matures in November 2023. Borrowings under the Webster Facility are classified either as a “Base Rate Loan” or a “LIBOR Rate Loan” at the Company’s election. Each LIBOR Rate Loan shall bear interest on the outstanding balance at a rate equal to LIBOR plus 2.5%, and each Base Rate Loan shall bear interest on the outstanding balance at a rate equal to the Prime Rate plus 1.5%. The effective interest rate at December 31, 2019 was 4.71%.

 
Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2019 13 The Webster Agreement requires certain restrictive covenants for which the Company was in compliance as of December 31, 2019. Total interest expense, excluding amortization of deferred financing costs, for the year ended December 31, 2019 was approximately $1,714,000. Amortization of deferred financing costs for the year ended December 31, 2019 was approximately $150,000 and is included in interest expense on the consolidated statements of income. The remaining amount of unamortized deferred financing costs incurred by the Company related to the Webster Facility was approximately $571,000 at December 31, 2019. Outstanding borrowings under the Bank note payable consisted of the following at December 31, 2019: 2019 Principal 32,375,000$ Unamortized deferred financing costs (571,032) Net carrying amount 31,803,968$ Debt principal payments are as follows: Years Ending December 31, 2020 3,500,000$ 2021 3,500,000 2022 4,812,500 2023 20,562,500 32,375,000$ 7. Notes Receivable – Related Party The Company has extended a line of credit to Newtek. The Company had approximately $12,163,000 outstanding on its revolving line of credit with Newtek, at December 31, 2019. The line, which matures in November 2023, allows for maximum borrowings of $50,000,000 (subject to availability) and bears interest at a rate equal to that in effect under the Company’s Webster Facility, at any given time. The Company recorded related party interest income of approximately $911,000 during the year ended December 31, 2019. At December 31, 2019 there was approximately $64,000, in accrued interest income included in prepaid expenses and other current assets on the consolidated balance sheet. 8. Related Party Transactions The Company has related party transactions with Newtek and various portfolio companies of Newtek, including Automated Merchant Services, Inc. (“AMS”), Newtek Technology Solutions, Inc. (“NTS”) and PMTWorks Payroll, LLC (“PMT”). During the year ended December 31, 2019, the Company incurred residual expenses totaling approximately $145,000 from AMS and NTS, managed technology services costs of approximately $398,000 from NTS, and payroll processing costs of approximately $22,000 from PMT.

 
Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2019 14 Included in salaries and benefits are charges from Newtek related to salaries for management and certain other employees that perform services for the Company. Total amounts allocated to the Company for the year ended December 31, 2019 were approximately $373,000. The Company subleases office space from Newtek in Lake Success, NY. The rent payment is based upon an allocation of headcount in the Lake Success office space. Rent expense for the years ended December 31, 2019 was approximately $232,000. 9. Commitments and Contingencies Operating Commitments The Company leases office spaces under non-cancelable operating leases. The following summarizes the Company’s obligations and commitments, as of December 31, 2019 for future minimum cash payments required under operating leases: Years Ending December 31, Operating Leases 2020 52,978$ 52,978$ Total rent expense for the year ended December 31, 2019 was approximately $288,000. The Company has a Merchant ISO Agreement with a sponsor bank. Under the terms of the Merchant ISO Agreement, NMS is required to pay monthly minimum fees of $15,000 during the term of the agreement. The agreement renews automatically annually. Litigation As a result of prior litigation with the Federal Trade Commission, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices.

 
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Newtek Merchant Solutions, LLC and Subsidiaries (A Wholly-owned Subsidiary of NBSH Holdings, LLC) Consolidated Financial Statements and Independent Auditor’s Report December 31, 2018

 
Newtek Merchant Solutions, LLC and Subsidiaries Index Years Ended December 31, 2018 Pages Independent Auditor’s Report ................................................................................................................ 1-2 Consolidated Financial Statements Consolidated Balance Sheets ........................................................................................................................ 3 Consolidated Statements of Income .............................................................................................................. 4 Consolidated Statements of Changes in Member’s Equity ........................................................................... 5 Consolidated Statements of Cash Flows ....................................................................................................... 6 Notes to Consolidated Financial Statements ............................................................................................ 7-14

 
1 INDEPENDENT AUDITOR’S REPORT To the Board of Directors and Stockholder of Newtek Merchant Solutions, LLC and Subsidiaries We have audited the accompanying consolidated financial statements of Newtek Merchant Solutions, LLC and Subsidiaries (“NMS”), a wholly-owned subsidiary of Newtek Business Services Corporation, which comprise the consolidated balance sheets as of December 31, 2018, and the related consolidated statements of income, changes in member’s equity, and cash flows for the year then ended, and the related notes to the consolidated financial statements. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

 
2 Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Newtek Merchant Solutions, LLC and Subsidiaries as of December 31, 2018, and the results of their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. New York, New York March 26, 2019

 
Newtek Merchant Solutions, LLC and Subsidiaries Consolidated Balance Sheets December 31, 2018 See notes to consolidated financial statements. 3 Assets Current assets: Cash 13,026,644$ Accounts receivable 2,761,942 Prepaid expenses and other current assets 172,502 Inventory 82,508 Total current assets 16,043,596 Fixed assets, net 562,140 Restricted cash 584,554 Customer merchant accounts, net 3,884,484 Due from related parties 264,145 Notes receivable - related party 16,840,000 Goodwill 13,813,812 Total assets 51,992,731$ Liabilities and Member's Equity Current liabilities: Accounts payable and accrued expenses 2,274,793$ Residuals payable 951,331 Chargeback reserves 1,050,352 Due to related parties 569,887 Bank notes payable, current 2,625,000 Total current liabilities 7,471,363 Bank notes payable, long-term, net (Note 6) 31,659,555 Total liabilities 39,130,918 Member's equity 12,861,813 Total liabilities and member's equity 51,992,731$

 
Newtek Merchant Solutions, LLC and Subsidiaries Consolidated Statements of Income Year Ended December 31, 2018 See notes to consolidated financial statements. 4 Revenues Electronic payment processing 121,578,712$ Expenses Electronic payment processing costs 99,390,347 Salaries and benefits 6,157,199 Professional fees 704,449 Depreciation and amortization 1,655,109 Loss on debt extinguishment 1,286,111 Other general and administrative costs 1,166,354 Total expenses 110,359,569 Income from operations 11,219,143 Interest expense, net (2,524,228) Interest income - related parties 835,543 Gain on sale of merchant portfolio 5,581,332 Net income 15,111,790$

 
Newtek Merchant Solutions, LLC and Subsidiaries Consolidated Statements of Changes in Member’s Equity Year Ended December 31, 2018 See notes to consolidated financial statements. 5 Member's Equity Balance, January 1, 2018 9,178,479$ Net income 15,111,790 Distributions (11,428,456) Balance, December 31, 2018 12,861,813$

 
Newtek Merchant Solutions, LLC and Subsidiaries Consolidated Statements of Cash Flows Year Ended December 31, 2018 See notes to consolidated financial statements. 6 Cash flows from operating activities: Net income 15,111,790$ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,655,109 Amortization of deferred financing costs 177,409 Loss on debt extinguishment 1,286,111 Gain on sale of merchant portfolio (5,581,332) Changes in operating assets and liabilities: Restricted cash (86,334) Accounts receivable 375,263 Prepaid expenses and other current assets 18,064 Inventory (10,728) Accounts payable and accrued expenses 282,686 Due to/from related parties 114,049 Net cash provided by operating activities 13,342,087 Cash flows from investing activities: Purchase of customer merchant accounts (2,494,907) Net proceed from sale of Elavon portfolio 6,019,439 Net advances under related party note (10,729,999) Purchase of fixed assets (275,606) Net cash used in investing activities (7,481,073) Cash flows used in financing activities: Dividends paid to shareholder (11,428,456) Proceeds from bank debt 35,000,000 Principal payments to Goldman Sachs (30,498,694) Prepayment penalty paid to Goldman Sachs (800,000) Deferred financing costs paid (737,150) Net cash used in financing activities (8,464,300) Net decrease in cash (2,603,286) Cash, beginning of year 15,629,930 Cash, end of year 13,026,644$ Supplemental disclosure of cash flow activities Interest paid 2,250,498$

 
Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2018 7 1. Organization, Basis of Presentation and Description of Business NBSH Holdings, LLC (“NBSH”), was organized on November 1, 2018 under the laws of the State of New York and is a wholly-owned subsidiary of Newtek Business Services Holdco 1, Inc. (“Holdco”) which was incorporated on June 5, 2015 under the laws of the State of New York and is a wholly-owned subsidiary of Newtek Business Services Corp. (“Newtek”). NBSH, along with its wholly-owned subsidiaries, Newtek Merchant Solutions, LLC (“NMS”) (formerly Universal Processing Services of Wisconsin, LLC), and Premier Payments LLC (“Premier”), are hereinafter referred to as the “Company”. On December 31, 2018, Premier was merged with and into NMS. Prior to November 1, 2018, NMS and Premier were wholly-owned subsidiaries of Holdco. The consolidated statements of income, member’s equity and cash flows include the results of NMS and Premier for the whole year as they were under common ownership. NMS and Premier market 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 noncash forms of payment. The accompanying consolidated financial statements include the accounts of NBSH and its wholly- owned subsidiaries, NMS and Premier as of and for the year ended December 31, 2018 as if the ownership structure was in place on January 1, 2018 due to common ownership. All significant intercompany accounts and transactions have been eliminated in these consolidated financial statements. 2. Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates, by their nature, are based on judgment and available information. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant changes in the near term relate to the determination of the reserve for chargeback losses. Financial Instruments The Company’s financial instruments include cash, accounts receivable, notes receivable from related party, accounts payable, residuals payable and bank notes payable. The carrying amount of cash, accounts receivable, accounts payable and residuals payable approximate fair value due to their short-term maturities. The carrying amounts of notes receivable from related party and bank notes payable approximate fair value due to the variable interest rate they carry. Cash Invested cash is held exclusively at financial institutions of high credit quality. As of December 31, 2018, cash deposits in excess of insured amounts totaled approximately $12,542,000.

 
Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2018 8 Restricted Cash Under the terms of the processing agreement between NMS and its processing banks, NMS maintains cash accounts as reserves against chargeback losses. As the Company receives fees from the processing bank, a certain percentage is allocated to the cash reserve account. Accounts Receivable Accounts receivable represent amounts owed to the Company by third parties for electronic payment processing and related residuals. The Company estimates losses on accounts receivable based on known troubled accounts and historical experience of losses incurred. The Company determined no reserve for uncollectible accounts was necessary at December 31, 2018. Inventory Inventory consists primarily of equipment to be installed in merchant locations to enable the merchants to process electronic transactions. Inventory is stated at the lower of cost or net realizable value, which is determined on a FIFO (first in-first out) basis. Fixed Assets Fixed assets, which are comprised of terminals, telephone systems, furniture and fixtures, software, computer equipment, internally developed software, automobile, website and leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation of fixed assets is provided on a straight-line basis using estimated useful lives of the related assets ranging from three to seven years. Amortization of leasehold improvements is provided on a straight-line basis using the lesser of the useful life of the asset, which is generally three to five years, or lease term. Software Development Costs The Company capitalizes certain software development costs for internal use. Costs incurred during the preliminary project stage are expensed as incurred, while application stage projects are capitalized. The latter costs are typically employee and/or consulting services directly associated with the development of the internal use software. Software and website costs are included in fixed assets in the accompanying consolidated balance sheets. Amortization commences once the software and website costs are ready for their intended use and are amortized using the straight-line method over the estimated useful life, typically three years. Goodwill and Customer Merchant Accounts Goodwill is an indefinite lived asset, which is not amortized and is instead subject to impairment testing, at least annually. Customer merchant accounts with finite lives are amortized over an estimated useful life of 30 or 66 months (See Note 5). The Company considers the following to be some examples of indicators that may trigger an impairment review outside of its annual impairment review: (i) significant under-performance or loss of key contracts acquired in an acquisition relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of the acquired assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s fair value for a sustained period of time; and (vi) regulatory changes. In assessing the recoverability of the

 
Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2018 9 Company’s goodwill and customer merchant accounts, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the respective assets. These include estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Company, the period over which cash flows will occur, and determination of the Company’s cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair value and conclusions on impairment. Revenue Recognition Revenue is primarily derived from electronic payment processing and related fee income. Electronic payment processing and fee income Electronic payment processing and fee income is derived from the electronic processing of credit and debit card transactions that are authorized and captured through third-party networks. Typically, merchants are charged for these processing services by applying a percentage to the dollar amount of each transaction plus a flat fee per transaction. Certain merchant customers are charged miscellaneous fees, including fees for handling charge-backs or returns, monthly minimum fees, statement fees and fees for other miscellaneous services. Revenues derived from the electronic processing of MasterCard®, Visa® and Discover® sourced credit and debit card transactions are reported gross of amounts paid to sponsor banks. Interest Income Interest income from a related party is recorded on an accrual basis, when earned, based on the current lending rate in place. Reserve for Losses on Merchant Accounts Disputes between a cardholder and a merchant periodically arise as a result of, among other things, cardholder dissatisfaction with merchandise quality or merchant services. Such disputes may not be resolved in the merchant’s favor. In these cases, the transaction is “charged back” to the merchant, which means the purchase price is refunded to the customer through the merchant’s acquiring bank and charged to the merchant. If the merchant has inadequate funds, the Company or, under limited circumstances, the Company and the acquiring bank, must bear the credit risk for the full amount of the transaction. The Company evaluates its risk for such transactions and estimates its potential loss for charge-backs based primarily on historical experience and other relevant factors. The Company records reserves for charge-backs and contingent liabilities when such amounts are deemed to be probable and estimable. The required reserves may change in the future due to new developments, including, but not limited to, changes in litigation or increased charge-back exposure as the result of merchant insolvency, liquidation, or other reasons. The required reserves are reviewed periodically to determine if adjustments are required. Electronic Payment Processing Costs Electronic payment processing costs consist principally of costs directly related to the processing of merchant sales volume, including interchange fees, Visa®, MasterCard® and Discover® dues and assessments, bank processing fees and costs paid to third-party processing networks. Such costs are recognized at the time the merchant transactions are processed or when the services are performed. Two of the most significant components of electronic payment processing costs include interchange and assessment costs, which are set by the credit card associations. Interchange costs are passed on to the entity issuing the credit card used in the transaction and assessment costs are retained by the credit card associations. Interchange and assessment fees are billed primarily as

 
Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2018 10 a percentage of dollar volume processed and, to a lesser extent, as a per transaction fee. In addition to costs directly related to the processing of merchant sales volume, electronic payment processing costs also include residual expenses. Residual expenses represent fees paid to third-party sales referral sources. Residual expenses are paid in accordance with contracted terms. These are generally linked to revenues derived from merchants successfully referred to the Company and that begin using the Company for merchant processing services. Such residual expenses are recognized in the Company’s consolidated statements of income. During the year ended December 31, 2018, the Company partnered with two sponsor banks for substantially all merchant transactions. Substantially all merchant transactions were processed by one merchant processor. Income Taxes The Company and its subsidiaries are treated as flow-through entities for federal and state income tax purposes. Under present income tax laws, the Company is not subject to federal or state income taxes. The member is responsible for taxes on their respective share of the Company’s net income or losses. The Company reviews uncertain tax positions taken, or expected to be taken, in the course of preparing the Company’s consolidated financial statements to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. Management of the Company is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company has reviewed the open tax years in major jurisdictions and concluded there is no tax liability, interest, or penalties resulting from unrecognized tax benefits relating to uncertain income tax positions taken, or expected to be taken, in future tax returns. Subsequent Events The Company has evaluated subsequent events for potential recognition and/or disclosure through March 26, 2019, the date these consolidated financial statements were available to be issued.

 
Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2018 11 3. Fixed Assets The Company’s fixed assets are comprised of the following at December 31, 2018: Terminals 1,217,267$ Telephone systems 62,828 Computer equipment 116,171 Leasehold improvements 97,150 Software 807,621 Automobile 24,576 Furniture and fixtures 80,000 Website 14,705 2,420,318 Less: accumulated depreciation and amortization (1,858,178) 562,140$ Depreciation and amortization expense related to fixed assets for the year ended December 31, 2018 was approximately $374,000. 4. Goodwill The carrying value of goodwill at December 31, 2018 is approximately $13,814,000. The Company performed a qualitative assessment on goodwill to determine if it is more likely than not that the Company’s fair value is less than its carrying amount. Based on its qualitative assessment, the Company determined that goodwill was not impaired at December 31, 2018 and that no further assessment was required. There were no changes to the carrying value of goodwill during the year ended December 31, 2018. 5. Customer Merchant Accounts The net carrying value of customer merchant accounts was approximately $3,884,000 at December 31, 2018. Customer merchant accounts are amortized over an estimated useful life of 30 to 66 months, as appropriate. Total amortization expense of customer merchant accounts using the straight-line method is included in depreciation and amortization in the accompanying consolidated statements of income and was approximately $1,281,000 for the year ended December 31, 2018. In 2018, the Company purchased approximately $2,495,000 of customer accounts from its outside sales agents and certain employees. Total purchases from employees were approximately $129,000. The purchase prices were based on contractual or agreed multiples of average monthly residuals. These merchant accounts are being amortized over 66 months. Total expected amortization expense for the next five fiscal years and thereafter is as follows:

 
Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2018 12 Years Ending December 31, 2019 1,593,606$ 2020 1,306,648 2021 525,699 2022 304,833 2023 134,746 Thereafter 18,952 3,884,484$ In November 2018, the Company sold a portion of its merchant portfolio to Elavon Inc. (“Elavon”). The Company sold substantially all of its merchants processing on the Elavon platform for $7,500,000 with an additional $500,000 contingent payment to be made in November 2019 if the sold portfolio achieves certain volume requirements and the Company boards 200 new merchants on the Elavon platform. As a result of the sale, the Company recorded a gain on sale of approximately $5,581,000 broken down as follows: Sale price 7,500,000$ Payments to agents (1,480,561) Carrying value of Elavon portfolio (438,107) Gain on sale 5,581,332$ 6. Bank Notes Payable, Net In June 2015, the Company entered into a Credit and Guarantee Agreement (the “Goldman Agreement”) with Goldman Sachs Bank USA which extended a multi draw term loan facility (the “Goldman Facility”) up to an aggregate principal amount of $38,000,000. In June 2017, the Company amended the terms of the Agreement to extend the term of the Facility to June 2021 as well as increase the aggregate principal amount of the Goldman Agreement to $50,000,000. In November 2018, the Company entered into a Credit and Guarantee Agreement (the “Webster Agreement”), which extended a term loan for $35,000,000 (the “Webster Term Loan”) and a revolving line of credit (the “Webster RLOC” combined with the Webster Term Loan, the “Webster Facility”) with maximum borrowings of $15,000,000 for a total commitment of $50,000,000. The proceeds from the Webster Term Loan were used to pay all outstanding principal under the Goldman Facility. As a result, the Company recognized a loss on debt extinguishment of approximately $1,286,000 consisting of $800,000 of prepayment penalties and $486,000 of unamortized deferred financing costs in connection with the extinguishment of the Goldman Agreement. All assets of the Company are pledged as collateral under the Webster Agreement and is guaranteed by Newtek. The Webster Facility provides for monthly interest payments and quarterly principal payments beginning April 2019, with total remaining principal due at maturity. The Webster Facility matures in November 2023. Borrowings under the Webster Facility are classified either as a “Base Rate Loan” or a “LIBOR Rate Loan” at the Company’s election. Each LIBOR Rate Loan shall bear interest on the outstanding balance at a rate equal to LIBOR plus 2.5%, and

 
Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2018 13 each Base Rate Loan shall bear interest on the outstanding balance at a rate equal to the Prime Rate plus 1.5%. The effective interest rate at December 31, 2018 was 4.84%. The Webster Agreement requires certain restrictive covenants for which the Company was in compliance as of December 31, 2018. Total Interest expense, excluding amortization of deferred financing costs, for the year ended December 31, 2018 was approximately $2,380,000. Deferred financing costs incurred by the Company related to the Webster Facility were approximately $737,000 during the year ended December 31, 2018. Amortization of deferred financing costs for the year ended December 31, 2018 was approximately $177,000 and is included in interest expense on the consolidated statements of income. Outstanding borrowings under the Bank note payable consisted of the following at December 31, 2018: Principal 35,000,000$ Unamortized deferred financing costs (715,445) Net carrying amount 34,284,555$ Debt principal payments for the next five fiscal years and thereafter is as follows: Years Ending December 31, 2019 2,625,000$ 2020 3,500,000 2021 3,500,000 2022 4,812,500 2023 20,562,500 35,000,000$ 7. Notes Receivable – Related Party The Company has extended a line of credit to Newtek. The Company had approximately $16,840,000 outstanding on its revolving line of credit with Newtek, at December 31, 2018. The line, which matures in November 2023, allows for maximum borrowings of $50,000,000 (subject to availability) and bears interest at a rate equal to that in effect under the Company’s Webster Facility, at any given time. The Company recorded related party interest income of approximately $836,000 during the year ended December 31, 2018. At December 31, 2018 there was approximately $48,000, in accrued interest income included in prepaid expenses and other current assets on the consolidated balance sheet. 8. Related Party Transactions During the year ended December 31, 2018, the Company incurred residual expenses totaling approximately $153,000 from several related parties. During the year ended December 31, 2018, the Company incurred costs for managed technology services of approximately $246,000 from Newtek Technology Solutions, Inc.

 
Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2018 14 During the year ended December 31, 2018, the Company incurred payroll processing costs of approximately $25,000 from PMTWorks Payroll, LLC. Included in salaries and benefits are charges from Newtek related to salaries for management and certain other employees that perform services for the Company. Total amounts allocated to the Company for the year ended December 31, 2018 were approximately $558,000. The Company subleases office space from Newtek in Lake Success, NY. The rent payment is based upon an allocation of headcount in the Lake Success office space. Rent expense for the years ended December 31, 2018 was approximately $204,000. In 2018, the Company purchased approximately $129,000 of customer accounts from certain employees. The purchase prices were based on contractual or agreed multiples of average monthly residuals. These merchant accounts are being amortized over 66 months. 9. Commitments and Contingencies Operating Commitments The Company leases office spaces under non-cancelable operating leases. The following summarizes the Company’s obligations and commitments, as of December 31, 2018 for future minimum cash payments required under operating leases: Years Ending December 31, Operating Leases 2019 56,239$ 2020 52,978 109,217$ Total rent expense for the year ended December 31, 2018 was approximately $262,000. In August 2018, the Company entered into a new Merchant ISO Agreement with a new sponsor bank. Under the terms of the Merchant ISO Agreement, NMS is required to pay monthly minimum fees of $15,000 during the term of the agreement. The Company exceeded the required monthly minimum amount under the agreement for the year ended December 31, 2018. The agreement renews automatically annually. Litigation As a result of prior litigation with the Federal Trade Commission, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices.

 

 
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Report of Independent Registered Public Accounting Firm on Supplemental Information


To the Board of Directors and Stockholders
Newtek Business Services Corp. and Subsidiaries


Our audits of Newtek Business Services Corp. and Subsidiaries’ (the Company) consolidated financial statements referred to in our report dated March 29, 2021 (appearing herein), and our audits of the consolidated financial statements referred to in our reports dated March 16, 2020, March 18, 2019, March 16, 2018, March 13, 2017, March 15, 2016 and March 31, 2015 (not appearing herein), expressed unqualified opinions.

The senior securities table as of December 31, 2020, 2019, 2018, 2017, 2016, 2015, 2014, and 2013 included in Part II, Item 5 of the December 31, 2020 Annual Report on Form 10-K of the Company, under the caption “Senior Securities” (Senior Securities Table) has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The Senior Securities Table is the responsibility of the Company's management. Our audit procedures included determining whether the Senior Securities Table reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the Senior Securities Table. In forming our opinion on the Senior Securities Table, we evaluated whether the Senior Securities Table, including its form and content, is presented in conformity with instructions to Form N-2.

In our opinion, the Senior Securities Table for the years ended December 31, 2020, 2019, 2018, 2017, 2016, 2015, 2014 and 2013, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.


/s/ RSM US LLP

New York, New York
March 29, 2021