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

FORM 10-Q

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

For the quarterly period ended September 30, 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)
  
Maryland 46-3755188
(State or other jurisdiction of
incorporation or organization) 		(I.R.S. Employer
Identification No.)
4800 T Rex Avenue, Suite 120, Boca Raton, Florida 33431
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 356-9500
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.02 per share NEWT Nasdaq Global Market LLC
6.25% Notes due 2023 NEWTI Nasdaq Global Market LLC
5.75% Notes due 2024 NEWTL Nasdaq Global Market LLC

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial or accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x
As of November 11, 2020, there were 21,781,716 shares issued and outstanding of the registrant’s Common Stock, par value $0.02 per share.



TABLE OF CONTENTS
 
  Page
Item 1.
1
2
4
5
Consolidated Schedules of Investments as of September 30, 2020 (Unaudited) and December 31, 2019
6
289
Item 2.
314
Item 3.
339
Item 4.
339
PART II - OTHER INFORMATION
Item 1.
340
Item 1A.
340
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
345
Item 3.
345
Item 4.
345
Item 5.
345
Item 6.
346

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 Act Investment Company Act of 1940, as amended
2010-1 Trust Newtek Small Business Loan Trust, Series 2010-1, terminated in March 2019
2013-1 Trust Newtek Small Business Loan Trust, Series 2013-1, terminated in October 2018
2014-1 Trust Newtek Small Business Loan Trust, Series 2014-1, terminated in July 2019
2016-1 Trust Newtek Small Business Loan Trust, Series 2016-1
2017-1 Trust Newtek Small Business Loan Trust, Series 2017-1
2018-1 Trust Newtek Small Business Loan Trust, Series 2018-1
2019-1 Trust Newtek Small Business Loan Trust, Series 2019-1
2021 Notes 7.00% Notes due 2021, redeemed in March 2018
2022 Notes 7.50% Notes due 2022, redeemed in August 2019
2023 Notes 6.25% Notes due 2023
2024 Notes 5.75% Notes due 2024
Amended 2019 ATM Distribution Agreement First Amendment and Supplement to the Equity Distribution Agreement, dated as of February 28, 2020, by and among the Company and the placement agents
ASC Accounting Standards Codification, as issued by the FASB
ASU Accounting Standards Updates, as issued by the FASB
2017 ATM Equity Distribution Agreement Second Amended and Restated Equity Distribution Agreement, dated August 31, 2018 by and among the Company and the placement agents
2019 ATM Equity Distribution Agreement Equity Distribution Agreement, dated July 10, 2019 by and among the Company and the placement agents
2020 ATM Equity Distribution Agreement Equity Distribution Agreement, dated June 25, 2020 by and among the Company and the placement agents
BDC Business Development Company under the 1940 Act
Board The Company's board of directors
Capital One Capital One Bank, National Association
Code Internal Revenue Code of 1986, as amended
DRIP The Company's dividend reinvestment plan
EBITDA Earnings before interest, taxes, depreciation and amortization
Equity Incentive Plan The Company's 2015 Equity Incentive Plan
Exchange Act Securities and Exchange Act of 1934, as amended
FASB Financial Accounting Standards Board
LIBOR London Interbank Offered Rate
NAV Net Asset Value
NBL Facility Revolving Credit and Security Agreement between NBL SPV1, LLC, a wholly-owned subsidiary of NBL, and Capital One
Related Party RLOC Unsecured revolving line of credit agreement between NMS as lender and Newtek as borrower
PLP Preferred Lender Program, as authorized by the SBA
PPP Paycheck Protection Program
RIC Regulated investment company under the Code
S&P Standard and Poor's
SBA United States Small Business Administration
SBLC Small Business Lending Company


SEC Securities and Exchange Commission
SMB Small-and-medium sized businesses
Sterling Sterling National Bank
Sterling Receivable and Inventory Facility Loan and Security Agreement between NBC and Sterling, as lender, to fund accounts receivable and inventory financing arrangements
Taxable Subsidiaries Companies formed by Newtek which are taxed as corporations for income tax purposes
Trustee U.S. Bank, National Association
U.S. GAAP or GAAP Generally accepted accounting principles in the United States
Portfolio Companies and Subsidiaries
NSBF Newtek Small Business Finance, LLC, a consolidated subsidiary
NBL Newtek Business Lending, LLC, a wholly-owned controlled portfolio company
NCL Newtek Conventional Lending, LLC, a 50% owned portfolio company
Exponential Exponential Business Development Co., Inc., a Taxable Subsidiary
NMS Newtek Merchant Solutions, LLC (formerly Universal Processing Services of Wisconsin LLC), a wholly-owned controlled portfolio company
Premier Premier Payments LLC, a former wholly-owned controlled portfolio company which merged into NMS at December 31, 2018
Mobil Money Mobil Money, LLC, a wholly-owned controlled portfolio company
NTS Newtek Technology Solutions, Inc., a wholly-owned controlled portfolio company
IPM International Professional Marketing, Inc., a wholly-owned controlled portfolio company
SIDCO SIDCO, LLC dba Cloud Nine Services, a wholly-owned controlled portfolio company
EWS Excel WebSolutions, LLC, a wholly-owned controlled portfolio company
NBC CDS Business Services, Inc. dba Newtek Business Credit Solutions, a wholly-owned controlled portfolio company
SBL Small Business Lending, LLC, a wholly-owned controlled portfolio company
BSP ADR Partners, LLC dba banc-serv Partners, LLC, a wholly-owned controlled portfolio company
NPS or PMT PMTWorks Payroll, LLC dba Newtek Payroll and Benefits Solutions, a wholly-owned controlled portfolio company
NIA Newtek Insurance Agency, LLC, a wholly-owned controlled portfolio company
TAM Titanium Asset Management LLC, a wholly-owned controlled portfolio company
EMCAP EMCAP Loan Holdings, LLC
POS POS on Cloud, LLC, dba Newtek Payment Systems, a controlled portfolio company



NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In Thousands, except for Per Share Data)
September 30, 2020 December 31, 2019
ASSETS (Unaudited) (Note 1)
Investments, at fair value
SBA unguaranteed non-affiliate investments (cost of $411,777 and $429,697, respectively; includes $329,855 and $364,063, respectively, related to securitization trusts) $ 393,290  $ 417,223 
SBA guaranteed non-affiliate investments (cost of $17,632 and $23,345, respectively) 18,796  25,004 
Controlled investments (cost of $111,891 and $107,300, respectively) 209,251  215,817 
Non-control investments (cost of $16,279 and $1,000, respectively) 16,279  1,000 
Total investments at fair value 637,616  659,044 
Cash 5,966  1,762 
Restricted cash 40,511  31,445 
Broker receivable 8,646  51,173 
Due from related parties 6,397  2,972 
Servicing assets, at fair value 24,557  24,411 
Right of use assets 7,192  7,990 
Other assets 21,081  18,614 
Total assets $ 751,966  $ 797,411 
LIABILITIES AND NET ASSETS
Liabilities:
Bank notes payable $ 25,183  $ 30,000 
Notes due 2023 (par: $57,500 as of September 30, 2020 and December 31, 2019, Note 7) 56,387  56,035 
Notes due 2024 (par: $63,250 as of September 30, 2020 and December 31, 2019, Note 7) 61,668  61,354 
Notes payable - Securitization trusts (par: $235,675 and $276,637 as of September 30, 2020 and December 31, 2019, Note 7) 232,045  272,376 
Notes payable - related parties 11,550  12,163 
Due to related parties 1,142  131 
Lease liabilities 8,999  9,897 
Deferred tax liabilities 9,395  12,405 
Accounts payable, accrued expenses and other liabilities 21,206  20,824 
Total liabilities 427,575  475,185 
Commitment and contingencies (Note 8)
Net assets:
Preferred stock (par value $0.02 per share; authorized 1,000 shares, no shares issued and outstanding) —  — 
Common stock (par value $0.02 per share; authorized 200,000 shares, 21,435 and 20,530 issued and outstanding, respectively) 429  411 
Additional paid-in capital 307,626  289,963 
Accumulated undistributed earnings 16,336  31,852 
Total net assets 324,391  322,226 
Total liabilities and net assets $ 751,966  $ 797,411 
Net asset value per common share $ 15.13  $ 15.70 
1
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In Thousands, except for Per Share Data)
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Investment income
From non-affiliate investments:
Interest income - PPP loans $ 3,085  $ —  $ 37,742  $ — 
Interest income - SBA 7(a) loans 5,871  7,468  19,382  21,519 
Servicing income 2,875  2,542  8,367  7,473 
Other income 240  1,233  1,449  3,720 
Total investment income from non-affiliate investments 12,071  11,243  66,940  32,712 
From non-control investments:
Interest income 107  —  107  — 
Dividend income 31  27  71  86 
Total investment income from non-control investments 138  27  178  86 
From controlled investments:
Interest income 486  223  1,423  658 
Dividend income 2,234  4,528  8,884  10,478 
Total investment income from controlled investments 2,720  4,751  10,307  11,136 
Total investment income 14,929  16,021  77,425  43,934 
Expenses:
Salaries and benefits 3,669  3,587  10,856  10,659 
Interest 3,939  5,476  13,727  14,923 
Depreciation and amortization 93  125  312  378 
Professional fees 651  1,215  2,822  2,842 
Origination and loan processing 1,120  2,134  5,666  5,915 
Origination and loan processing - related party 2,705  2,060  8,438  6,719 
Change in fair value of contingent consideration liabilities —  9  54  64 
Loss on extinguishment of debt —  251  —  251 
Other general and administrative costs 1,082  1,697  4,415  4,782 
Total expenses 13,259  16,554  46,290  46,532 
Net investment income (loss) 1,670  (533) 31,135  (2,598)
Net realized and unrealized gains (losses):
Net realized gain (loss) on non-affiliate investments - SBA 7(a) loans (722) 10,865  2,577  32,260 
Net realized gain on controlled investments —  1,600  —  1,600 
Net unrealized depreciation on SBA guaranteed non-affiliate investments (111) (209) (494) (521)
Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments 132  (14) (6,012) (1,957)
Net unrealized appreciation (depreciation) on controlled investments (285) 957  (11,156) 3,874 
Change in deferred taxes 70  (27) 3,010  (792)
Net unrealized depreciation on servicing assets (1,207) (2,002) (1,299) (3,469)
Net realized and unrealized gains (losses) $ (2,123) $ 11,170  $ (13,374) $ 30,996 
Net increase (decrease) in net assets resulting from operations $ (453) $ 10,637  $ 17,761  $ 28,398 
Net increase (decrease) in net assets resulting from operations per share $ (0.02) $ 0.55  $ 0.85  $ 1.49 
2
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Net investment income (loss) per share $ 0.08  $ (0.03) $ 1.49  $ (0.14)
Dividends and distributions declared per common share $ 0.58  $ 0.58  $ 1.58  $ 1.44 
Weighted average number of shares outstanding 21,192  19,228  20,942  19,115 
3
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
(In Thousands)
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Increase in net assets:
Net investment income (loss) $ 1,670  $ (533) $ 31,135  $ (2,598)
Net realized gain (loss) on investments (722) 12,465  2,577  33,860 
Net unrealized depreciation on investments (1,401) (1,295) (15,951) (2,864)
Net (decrease) increase in net assets resulting from operations (453) 10,637  17,761  28,398 
Distributions to common stockholders (12,338) (11,199) (33,128) (27,514)
Capital share transactions:
Issuance of common stock under dividend reinvestment plan 465  300  689  779 
Stock-based compensation expense 129  184  439  462 
Purchase of vested stock for employee payroll tax withholding —  —  (48) (76)
Issuance of common stock, net of offering costs 9,142  6,478  16,452  10,128 
Net increase in net assets from capital share transactions 9,736  6,962  17,532  11,293 
Impact of ASC 842 adoption —  —  —  130 
Total (decrease) increase in net assets (3,055) 6,400  2,165  12,307 
Net assets at beginning of period 327,446  293,352  322,226  287,445 
Net assets at end of period $ 324,391  $ 299,752  $ 324,391  $ 299,752 
Common shares outstanding at end of period 21,435  19,447  21,435  19,447 
Capital share activity:
Shares issued under dividend reinvestment plan 26  14  44  38 
Shares issued in connection with sales of common stock 500  292  860  480 
Purchase of vested stock for employee payroll tax withholding —  —  (3) (4)
Restricted shares issued under Equity Incentive Plan, net of forfeitures 4  4  4  14 
Net increase in capital activity 530  310  905  528 
4
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
Nine Months Ended September 30,
2020 2019
Cash flows from operating activities:
Net (decrease) increase in net assets resulting from operations $ 17,761  $ 28,398 
Adjustments to reconcile net (decrease) increase in net assets resulting from operations to net cash used in operating activities:
Net unrealized depreciation (appreciation) on controlled investments 11,157  (3,874)
Net unrealized depreciation (appreciation) on non-affiliate investments 6,506  2,477 
Net unrealized (appreciation) depreciation on servicing assets 1,299  3,469 
Net realized (gains) losses on controlled investments —  (1,600)
Net realized gains on non-affiliate investments (2,577) (32,260)
Allowance for doubtful accounts —  (60)
Change in fair value of contingent consideration liabilities 54  64 
Loss on extinguishment of debt —  251 
Amortization of deferred financing costs 1,407  1,486 
Deferred income taxes (3,010) 792 
Depreciation and amortization 312  378 
Purchase of loans (5,522) (10,121)
Purchase of loans from affiliate (15,296) — 
Funding of guaranteed non-affiliate SBA loans (1,255,529) (249,980)
Funding of unguaranteed non-affiliate SBA loans (20,619) (84,741)
Funding of controlled investments (21,437) (27,534)
Proceeds from sale of non-affiliate SBA loans 1,263,371  293,594 
Principal received on SBA non-affiliate investments 43,857  36,183 
Principal received from controlled investments 625  1,885 
Principal received from non-control investments 17  — 
Distributions received from investments in excess of basis —  1,600 
Return of investment from controlled investments 16,221  2,700 
Other, net (36) (47)
Changes in operating assets and liabilities:
Broker receivable 42,527  8,131 
Due to/from related parties (2,414) (511)
Other assets (1,191) (6,529)
Accounts payable, accrued expenses and other liabilities 228  (4,539)
Capitalized servicing asset (1,445) (5,407)
Other, net 26  122 
Net cash provided by (used in) operating activities 76,292  (45,673)
Cash flows from investing activities:
Purchase of fixed assets (10) (127)
Cash flows from financing activities:
Net borrowings on bank notes payable (4,817) 50,242 
Proceeds from common shares sold, net of offering costs 16,451  10,128 
Net (repayments) proceeds under related party line of credit (613) 3,823 
Proceeds from Notes due 2024 —  63,250 
5
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
Nine Months Ended September 30,
2020 2019
Redemption of Notes due 2022 —  (8,324)
Payments on Notes Payable - Securitization Trusts (40,962) (47,993)
Dividends paid (32,439) (26,735)
Additions to deferred financing costs (584) (2,117)
Purchase of vested stock for employee payroll tax withholding (48) (77)
Net cash provided by (used in) financing activities (63,012) 42,197 
Net increase (decrease) in cash and restricted cash 13,270  (3,603)
Cash and restricted cash—beginning of period (Note 2) 33,207  31,350 
Cash and restricted cash—end of period (Note 2) $ 46,477  $ 27,747 
Non-cash operating, investing and financing activities:
Foreclosed real estate acquired $ 646  $ 1,892 
Issuance of common shares under dividend reinvestment plan $ 689  $ 779 
            


6
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 324,391
Hazleton Oil & Environmental, Inc (#) 300 Tamaqua St., Hazleton, PA 18201 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/25/2045 $ 1,085.0  $ 1,085.0  $ 1,212.3  0.37  %
South Park Hardware, LLC (#) 16074 South Park Ave, South Holland, IL 60473 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/25/2045 75.0  75.0  84.9  0.03  %
7PSolutions, LLC (#) 136 North Van Buren St., Nashville, IN 47448 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/25/2030 50.0  50.0  40.3  0.01  %
Babys on Broadway LLC (#) 47 East Broadway, Little Falls, MN 56345 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 9/25/2030 75.0  75.0  61.7  0.02  %
Blakeslee Arpaia Chapman, Inc and Chapman Construction Services, LLC (#) 200 North Branford Road, Branford, CT 06405 Construction of Buildings Term Loan Prime plus 2.75% 9/24/2030 375.0  375.0  354.6  0.11  %
Resolve Tech Solutions Inc (#) 15851 Dallas Pkwy, Ste 1103, Addison, TX 75001 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/24/2030 750.0  750.0  659.8  0.20  %
 BulkMore LLC (#) 12741 Ocean Gateway, Ocean City, MD 21842 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/18/2030 150.0  150.0  125.5  0.04  %
Mister Dexters LTD dba Shuga's (#) 702 S. Cascade Ave, Colorado Springs, CO 80903 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/28/2045 57.5  57.5  61.0  0.02  %
Mister Dexters LTD dba Shuga's (#) 702 S Cascade Ave, Colorado Springs, CO 80903 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/28/2030 183.8  183.8  146.8  0.05  %
Heriz Gallery Inc dba Pineville Rug Gallery (#) 312 Main St., Pineville, NC 94502 Textile Product Mills Term Loan Prime plus 2.75% 4/6/2045 99.3  99.3  106.9  0.03  %
Alliance Heating & Air Conditioning, Inc. (#) 10 Brookfield Ave, Bridgeport, CT 53151 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/6/2030 739.7  739.7  593.3  0.18  %
Terry & Tammy Jacobsen, Inc.dba Appliance Recycling Outlet (#) 10105 Airport Way, Snohomish, WA 63103 Electronics and Appliance Stores Term Loan Prime plus 2.75% 4/3/2045 844.0  844.0  865.0  0.27  %
Terry and Tammy Jacobsen, Inc dba Appliance Recycling (#) 10105 Airport Way, Snohomish, WA 84107 Electronics and Appliance Stores Term Loan Prime plus 2.75% 4/3/2030 331.4  331.4  264.2  0.08  %
AOC Key Solutions, Inc (#) 14420 Albemarle Point Place, Ste 200, Chantilly, VA 02116 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/2/2030 789.6  789.6  709.4  0.22  %
Profit Stewards, LLC (#) 458 Schuylkill Road, Phoenixville, PA 33063 Repair and Maintenance Term Loan Prime plus 2.75% 4/2/2030 42.6  42.6  35.2  0.01  %
Caplan Home Care, LLC (#) 6029 Berkshire Lane, Dallas, TX 11803 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/1/2045 875.0  875.0  913.0  0.28  %
Montana Custom Log Homes, Inc. (#) 2036 US Hwy 93 North, Victor, MT 20007 Wood Product Manufacturing Term Loan Prime plus 2.75% 3/31/2045 363.5  363.5  401.2  0.12  %
JS Randhawa, Inc. dba Deli Delicious 34, SK Randhawa Inc. HSR Inc & R (#) 570 W Olive Ave,, Merced, CA 11797 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/31/2030 96.9  96.9  84.1  0.03  %
Blackwater Diving LLC (#) 112 Forrest Rd, Morgan City, LA 77498 Support Activities for Mining Term Loan Prime plus 2.75% 3/30/2030 363.4  363.4  308.9  0.10  %
Suburban Transmission of Northern Illinois, Inc. (#) 1714 E Oakton St, Des Plaines, IL 97062 Repair and Maintenance Term Loan Prime plus 2.75% 3/27/2045 148.9  148.9  165.2  0.05  %
7
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 324,391
Tomco Inc. dba Rental City dba Tomco Equiptment Sales (#) 6470 State St., Saginaw, MI 33467 Rental and Leasing Services Term Loan Prime plus 2.75% 3/27/2030 21.8  21.8  17.2  0.01  %
Dunaway and Hart, Inc (#) 575 Harkrider St., Conway, AR 80907 Real Estate Term Loan Prime plus 2.75% 3/26/2030 48.4  48.4  38.2  0.01  %
Yachting Solutions, LLC (#) 56 New County Rd, Rockland, ME 11236 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/24/2030 176.8  176.8  161.6  0.05  %
Supermarket Source, Inc (#) 2741 West 76th St., Hialeah, FL 85281 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/24/2030 205.9  205.9  212.8  0.07  %
Kris-Leigh Catered Living at Severna Park,LLC (#) 831 Richie Hwy, Severna Park, MD 78738 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 3/20/2030 513.6  513.6  530.7  0.16  %
Patoruzu Inc dba Sharkey's Cuts for Kids (#) 18121 Tuckerton Road, Ste 130, Cypress, TX 18102 Personal and Laundry Services Term Loan Prime plus 2.75% 6/20/2030 13.2  13.2  10.4  —  %
Firefly Developement LLC dba Firefly Earthworks (#) 4810 Vicksburg St., Dallas, TX 06510 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/19/2045 298.2  298.2  299.2  0.09  %
Coffeestamp LLC (#) 2511 S Jefferson Ave, St. Louis, MO 28405 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/17/2030 4.4  4.4  3.9  —  %
Mid Ohio Hospitality, LLC dba Bucks Bar and Grill (#) 192 E Main St, Mansfield, OH 02110 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/17/2045 227.5  227.5  256.0  0.08  %
Forest Scientific Corporation (#) 668 Elm St., Tionesta, PA 76710 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/17/2030 72.7  72.7  75.1  0.02  %
Kanga Lean, Inc. dba F45 Training Trinity (#) 3139 Little Rd Space A-5, Trinity, FL 77802 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/16/2030 56.2  56.2  47.0  0.01  %
Integrated Equipment Inc; Intergrated Elastomers Inc (#) 5701 Brittmoore Rd, Houston, TX 63044 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/13/2045 1,240.6  1,240.6  1,395.8  0.43  %
Stretch of NW Georgia, LLC dba Stretch Zone (#) 1430 Towne Lake Parkway, Ste 26100, Woodstock, GA 98036 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/13/2030 14.2  14.2  11.2  —  %
Signet Media dba Signet Media inc. (#) 630 S 1st St, San Jose, CA 11378 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/13/2030 333.1  333.1  344.2  0.11  %
Astoria-Pacific Inc (#) 15130 SE 82nd Dr, Clackamas, OR 80831 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 3/13/2030 121.1  121.1  125.2  0.04  %
Mark Allen Taylor dba Taylor Auction (#) 20 & 68 Westfield Road, Nicholls, GA 60455 Personal and Laundry Services Term Loan Prime plus 2.75% 3/13/2030 134.7  134.7  114.6  0.04  %
Rapid Trucking and (#) 4225 W Capitol Ave, West Sacramento, CA 30518 Truck Transportation Term Loan Prime plus 2.75% 3/13/2045 756.7  756.7  851.5  0.26  %
Native Fields Landscaping LLC and My Two Girls LLC (#) 73 Taylor Road, Wharton, NJ 07960 Administrative and Support Services Term Loan Prime plus 2.75% 11/13/2045 479.0  479.0  498.1  0.15  %
GQ Investments LLC (#) 5772 Miami Lakes Dr, Miami Lakes, FL 11967 Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 3/12/2030 145.3  145.3  114.5  0.04  %
C3 Capital, Inc (#) 10010 North Hampton Cove Lane, Indianapolis, IN 78754 Nonstore Retailers Term Loan Prime plus 2.75% 3/11/2030 548.7  548.7  532.0  0.16  %
Blue Dot Trading Inc (#) 3100 NW 72nd Ave, Miami, FL 94102 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/10/2030 54.5  54.5  42.9  0.01  %
8
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 324,391
Quarles Service Systems, Inc. (#) 1740 September Ave, Memphis, TN 30096 Administrative and Support Services Term Loan Prime plus 2.75% 3/10/2045 95.4  95.4  99.7  0.03  %
The Ugly Mug's Coffee and Tea Inc. (#) 1390 Broadway Ste C, Placerville, CA 63119 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/9/2030 36.9  36.9  29.1  0.01  %
Peter & Suzanne Scott, Inc., Phillip Showen & Bryan Phelan (#) 2342 NY- 37, Port Covington, NY 21223 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/6/2030 135.7  135.7  130.3  0.04  %
KR Enterprises, Inc. dba Carriage Inn (#) 1065 Tower Hill Road, North Kingstown, RI 33483 Accommodation Term Loan Prime plus 2.75% 3/6/2045 317.6  317.6  327.8  0.10  %
Outcome Driven Innovation dba Spracht; Celltek, ODI, ODI Security (#) 974 Commercial St, Palo Alto, CA 11778 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/6/2030 375.5  375.5  295.7  0.09  %
Advans IT Services, Inc. (#) 65 Boston Post Rd W Ste 390, Marlborough, MA 11722 Other Information Services Term Loan Prime plus 2.75% 3/6/2030 121.1  121.1  95.4  0.03  %
Big Brand Management LTD. CO. dba Ivox Media (#) 512 E 11th St, Houston, TX 80904 Real Estate Term Loan Prime plus 2.75% 3/6/2030 64.2  64.2  58.8  0.02  %
Minifox Inc. dba Pho Hoa and Jazen Tea (#) 10624 South Eastern Ave Stes R & S, Hendersen, NV 11792 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/5/2030 72.7  72.7  58.5  0.02  %
Jones Roger Sherman Inn, Inc. dba Jones Roger Sherman Inn (#) 195 Oenoke Ridge, New Canaan, CT 44114 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/4/2030 28.8  28.8  29.8  0.01  %
Chet Lemon Enterprises, Inc. dba All American Sports (#) 1544 Lane Park Cut off, Tavares, FL 33073 Personal and Laundry Services Term Loan Prime plus 2.75% 3/3/2031 167.7  167.7  174.5  0.05  %
14th State Learning, LLC dba Sylvan Learning, LLC (#) 1 Market Pl #10, Essex Junction, VA 10010 Educational Services Term Loan Prime plus 2.75% 3/2/2030 49.9  49.9  39.8  0.01  %
Toju Bay Inc. dba Fiesta Americana Restaurand and Club (#) 1622-1624 N. Mannheim Road, Stone Park, IL 10005 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2045 452.2  452.2  492.6  0.15  %
LCSM Logistics Inc (#) 15735 Spectrum Dr, Addison, TX 11788 Couriers and Messengers Term Loan Prime plus 2.75% 2/28/2030 81.9  81.9  64.5  0.02  %
Custom Garages (#) 110 2nd Ave South, Pacheco, CA 20005 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2030 133.5  133.5  111.0  0.03  %
Crux Solutions LLC dba Waddell's Riverside Funeral Directors (#) 6938 Westover St., Houston, TX 95054 Personal and Laundry Services Term Loan Prime plus 2.75% 2/27/2045 80.3  80.3  85.3  0.03  %
Breakers Electric, LLC dba Merrill Sports (#) 13600 Mustang Dr, Mead, CO 43035 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/27/2030 10.1  10.1  8.0  —  %
GRSC, Inc. (#) 1643 NW Dove Ct, Stuart, FL 94107 Construction of Buildings Term Loan Prime plus 2.75% 2/27/2030 21.7  21.7  18.6  0.01  %
M & L ENTERPRIZES, LLC (#) 2401 Wrightsville Ave, Wilmington, NC 32827 Food and Beverage Stores Term Loan Prime plus 2.75% 2/26/2030 48.1  48.1  49.7  0.02  %
Feras Alshadaida dba Allura Dairy (#) 8809 N Grove Ave, Rancho Cucamonga, CA 47303 Food and Beverage Stores Term Loan Prime plus 2.75% 2/26/2030 58.2  58.2  48.3  0.01  %
Abe Chahrour Investment, LLC (#) 4001 S Wayne Road, Wayne, MI 10016 Administrative and Support Services Term Loan Prime plus 2.75% 2/25/2045 22.0  22.0  24.8  0.01  %
9
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 324,391
Skimino Enterprises LLC (#) 197 Ewell Road, Williamsburg, VA 33414 Support Activities for Transportation Term Loan Prime plus 2.75% 2/21/2030 72.2  72.2  56.9  0.02  %
Bell Oak LLC dba Bell Oak Academy & Paradise Strategics LLC (#) 7215 Waelti Dr, Melbourne, FL 34689 Social Assistance Term Loan Prime plus 2.75% 2/21/2045 374.1  374.1  372.7  0.11  %
Sherwood Sporthorses Inc. (#) 20502 Forestview, Magnolia, TX 10001 Personal and Laundry Services Term Loan Prime plus 2.75% 5/21/2046 137.8  137.8  154.8  0.05  %
Bora Enterprises, LLC (#) 1921 Las Plumas Ave Ste B, San Jose, CA 32653 Truck Transportation Term Loan Prime plus 2.75% 2/21/2030 12.3  12.3  9.7  —  %
Alex Roit Chiropractic, P. C (#) 55 Northern Blvd, Ste 103, Great Neck, NY 10017 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/19/2030 19.2  19.2  15.1  —  %
Little Feet Academy of Jacksonville, LLC (#) 10265 Normandy Blvd, Jacksonville, FL 11803 Social Assistance Term Loan Prime plus 2.75% 2/17/2045 46.8  46.8  47.7  0.01  %
All Modes Transportation & Logistics LLC (#) 4313 Collingtree Dr, Rockledge, FL 33432 Support Activities for Transportation Term Loan Prime plus 6.5% 2/14/2030 12.1  12.1  11.2  —  %
Romo Medical Equiptment LLC (#) 3453 North Panam Expressway, San Antonio, TX 07726 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 2/14/2030 481.3  481.3  379.0  0.12  %
Lesher Transportation and Shipping, LLC (#) 116 North Austin St., Oak Grove, MO 32174 Truck Transportation Term Loan Prime plus 2.75% 2/13/2030 13.7  13.7  12.7  —  %
Red Rock Government Serviice, LLC (#) 45240 Business Court, Sterling, VA 76126 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/13/2030 164.8  164.8  147.4  0.05  %
Shaw, Ltd dba Fitness 1440 North Coventry (#) 54-58 Glocker Way, Pottstown, PA 02169 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/13/2030 58.5  58.5  49.2  0.02  %
Damiano Global Corp. (#) 333 Birch Hills Dr, Rochester, NY 30319 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/10/2030 48.1  48.1  37.9  0.01  %
Fortson Janitorial Inc (#) 462-482 Chattahoochee St., Cornelia, GA 10941 Nonstore Retailers Term Loan Prime plus 2.75% 2/5/2045 106.5  106.5  119.9  0.04  %
2'N1 Home and lawn LLC dba N1 Home an Lawn LLC (#) 1300 Ridenour Blvd, Kennesaw, GA 66203 Administrative and Support Services Term Loan Prime plus 6.5% 2/3/2030 12.1  12.1  11.2  —  %
A1 Radon Services, LLC (#) 9980 Dell Road, Eden Prairie, MN 63005 Waste Management and Remediation Services Term Loan Prime plus 2.75% 1/31/2030 85.9  85.9  67.6  0.02  %
Thisaflycloset, LC (#) 12408 Kingsview St., Bowie, MD 13152 Clothing and Clothing Accessories Stores Term Loan Prime plus 6.5% 1/30/2030 12.0  12.0  11.1  —  %
Adorable Home Heath Care LLC (#) 6110 W Capitol Dr, Milwaukee, WI 32801 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/30/2030 40.2  40.2  31.6  0.01  %
AA WST LLC (#) 321 White Dogwood Lane, Ocoee, FL 76022 Nonstore Retailers Term Loan Prime plus 2.75% 1/30/2030 21.2  21.2  18.9  0.01  %
Spinnaker PSL Inc., Spinnaker Subs- N-Shine& Spinnaker Vero Inc (#) 6967 Hancock Dr, Port St Lucie, FL 63136 Printing and Related Support Activities Term Loan Prime plus 2.75% 1/30/2045 313.3  313.3  315.2  0.10  %
Daftarnow Inc dba Venture X Parsippany (#) 8 Campus Dr. Ste 105, Parsippany, NJ 81631 Real Estate Term Loan Prime plus 2.75% 7/30/2030 185.8  185.8  146.9  0.05  %
3 Fat Labs Inc. and Energy Conservation Solution Inc. (#) 2001 S County Road 400 W, Greencastle, IN 62002 Rental and Leasing Services Term Loan Prime plus 2.75% 1/30/2045 278.4  278.4  286.5  0.09  %
10
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 324,391
Codame Enterprises LLC dba Firehouse Subs (#) 1547 Main St., Dunedin, FL 11222 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/29/2030 101.2  101.2  79.7  0.02  %
Havana Knights LLC (#) 65 Lindsey Lane, Havana, FL 11241 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/27/2030 37.8  37.8  32.8  0.01  %
Amina Financial Solutions LLC dba Expat Tax Solutions (#) 1433 Chestnut St., Macon, GA 46032 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/24/2030 20.1  20.1  15.8  —  %
Affinity Integrated Solutions Inc. (#) 115 Pomona Dr, Greensboro, NC 11753 Administrative and Support Services Term Loan Prime plus 2.75% 1/23/2045 297.0  297.0  305.3  0.09  %
Affinity Integrated Solutions Inc (#) 115 Pomona Dr, Greensboro, NC 63105 Administrative and Support Services Term Loan Prime plus 2.75% 1/23/2030 215.3  215.3  169.5  0.05  %
Align Sports Management, LLC (#) 15822 Caminito Cantaras, Del Mar, CA 48309 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 1/22/2030 21.5  21.5  17.1  0.01  %
Emmalina LLC (#) 3602 Rock Bay Dr, Louisville, KY 35406 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/21/2030 6.4  6.4  5.8  —  %
Motorsport Imagery, Inc (#) 16362 Cherokee Rd, Brooksville, FL 44221 Apparel Manufacturing Term Loan Prime plus 2.75% 1/17/2030 21.5  21.5  18.4  0.01  %
Lyon Cubs LLC dba Dayton Valley Learning Center (#) 357 Dayton Valley Road, Dayton, NV 07033 Social Assistance Term Loan Prime plus 2.75% 1/16/2045 166.1  166.1  171.4  0.05  %
VetMed LLC (#) 908 4th Ave, Decatur, AL 63141 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/10/2030 83.7  83.7  65.9  0.02  %
Jordi X Kellogg, M.D.,P.C (#) 9200 SE 91st Ave STE 340, Happy Valley, OR 10013 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/10/2030 59.8  59.8  47.1  0.01  %
Luster Custom Homes LLC (#) 18801 North Thompson Peak Parkway, Ste 240, Scottsdale, AZ 94903 Construction of Buildings Term Loan Prime plus 2.75% 1/10/2030 44.2  44.2  34.8  0.01  %
CV Flores LLC dba A All Animal Control (#) 2140 E Southlake Blvd L-503, Southlake, TX 60647 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/9/2030 5.6  5.6  4.6  —  %
Global Information Technology, Inc (#) 1 Cragwood Rd, Ste 101, South Plainfield, NJ 38562 Administrative and Support Services Term Loan Prime plus 2.75% 12/31/2029 539.5  539.5  424.8  0.13  %
Nick's Country Kitchen, LLC (#) 3 Flanders Road, Bethlehem, CT 63146 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/31/2044 284.2  284.2  298.5  0.09  %
Bearwaters Brewing Company (#) 101 Park St, Canton, NC 63144 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/31/2044 254.6  254.6  274.6  0.08  %
Pecos Entertainment LLC dba State Theater (#) 421 South Oak St, Pecos, TX 33064 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 12/31/2029 123.6  123.6  127.7  0.04  %
Kwik Stop dba Dilpreet Hundai (#) 1001 Sacramento Ave, West Sacramento, CA 10023 Gasoline Stations Term Loan Prime plus 2.75% 12/30/2044 239.2  239.2  244.4  0.08  %
Jauchem & Meeh Inc.dba Gregory Meeh Design;Jermy Chernick Design;J&M S (#) 524 Sackett St., Brooklyn, NY 10065 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/30/2029 261.4  261.4  237.9  0.07  %
VIP Construction Group Inc. (#) 3332 W Mulberry Dr, Mequon, WI 63134 Construction of Buildings Term Loan Prime plus 2.75% 12/30/2029 59.4  59.4  61.3  0.02  %
Spinnaker Vero Inc. (#) 983 12th St., Vero Beach, FL 18504 Printing and Related Support Activities Term Loan Prime plus 2.75% 12/30/2044 778.4  778.4  773.4  0.24  %
11
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 324,391
Kiddie Garden Child Development Center, LLC (#) 2809 W. Atkinson Ave, Milwaukee, WI 30102 Social Assistance Term Loan Prime plus 2.75% 12/30/2044 42.5  42.5  45.8  0.01  %
Destination Hope, Inc. and The Academy for Addiction Professionals, In (#) 6555 NW 9th Ave, Fort Lauderdale, FL 60476 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/30/2044 371.2  371.2  382.4  0.12  %
Destination Hope, Inc, TrilogyTreatment & Wellness Center, Inc, The Ac (#) 6555 NW 9th Ave, Fort Lauderdale, FL 10006 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/30/2029 345.6  345.6  276.8  0.09  %
Larry J. Frick dba L & S Trucking (#) 157571 E Wausau Ave, Wausau, WI 63026 Truck Transportation Term Loan Prime plus 2.75% 12/30/2029 47.1  47.1  40.7  0.01  %
Home Decor Liquidators, LLC dba Home Decor Outlets;Home Decor Mattress (#) 8780 Pershall Rd, Hazelwood, MO 93023 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/30/2029 939.0  939.0  776.6  0.24  %
Vance Ewing LLC (#) 22940 Harlan Ln, St. Robert, MO 11968 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/30/2029 106.9  106.9  110.3  0.03  %
Mankamana Holdings, LLc dba Perfect Brow Art, Mankamana Holdings, LLC (#) 7302 Kirby Ave, Lubbock, TX 63033 Gasoline Stations Term Loan Prime plus 2.75% 12/27/2029 130.7  130.7  118.5  0.04  %
Irony LLC dba Mulberry’s Garment Care (#) 2579 Fairview Ave North, Roseville, MN 63134 Personal and Laundry Services Term Loan Prime plus 2.75% 12/27/2029 991.1  991.1  787.4  0.24  %
QXC Communications, Inc (#) 4541 N Dixie Hwy, Boca Raton, FL 94063 Telecommunications Term Loan Prime plus 2.75% 12/27/2029 499.1  499.1  392.2  0.12  %
Tatoo Tony's Under My Skin LLC (#) 73 Memorial Parkway, Atlantic Highlands, NJ 33463 Personal and Laundry Services Term Loan Prime plus 2.75% 12/27/2044 98.8  98.8  111.2  0.03  %
Pro-Tek Pest Control, Inc, Pro-Tek Nurseries, LLC, Pro-Tek Irrigation (#) 8712 60th Terrace South, Lake Worth, FL 97008 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2029 177.1  177.1  148.6  0.05  %
American Landscaping Company and Ground Effects Landscaping, LLC (#) 6151 A St., Anchorage, AK 84058 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2044 639.2  639.2  700.8  0.22  %
American Landscaping Company (#) 6151 S St., Anchorage, AK 83687 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2029 308.0  308.0  290.9  0.09  %
313 Air Duct LLC Dba Jouny Cleaning Services, M & J Restoration Emerge (#) 25150 W Warren Ave., Dearborn Heights, MI 84058 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2044 247.1  247.1  261.8  0.08  %
313 Air Duck LLC dba Jouny Cleaning Services, M & J Restoration Emerge (#) 25150 W Warren Ave., Dearborn Heights, MI 98001 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2029 154.0  154.0  132.9  0.04  %
Watearth Inc (#) 3371 Glendale Blvd Ste 208, Los Angeles, CA 63105 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/27/2029 44.4  44.4  34.9  0.01  %
Protek Pest Control, Inc. Pro-tek Nurseries LLC, Pro-Tek Irrigation (#) 8712 60TH TER South, Lake Worth, FL 80112 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2044 140.9  140.9  154.6  0.05  %
12
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 324,391
A Family Member Homecare Group Inc, A Family Member Homecare Holdings, (#) 11788 Sample Road, Coral Springs, FL 84058 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/27/2044 117.4  117.4  120.5  0.04  %
K&S Hardware LLC dba Gopher Ace (#) 1865 Wayzata Blvd, Long Lake, MN 08028 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/27/2029 59.4  59.4  55.7  0.02  %
Icebox Cafe L.C. and Icebox Pantry, LLC (#) 219 NE 3rd St., Hallendale Beach, FL 10018 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/26/2030 421.6  421.6  354.1  0.11  %
Bhatti LLC 2, Bhatti LLC (#) 1451 Coral Ridge Ave, Coralville, IA 63147 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/26/2029 107.0  107.0  87.1  0.03  %
Ink! Coffee Company (#) 2851 Larimer St., Denver, CO 63026 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/24/2029 489.8  489.8  384.9  0.12  %
Synergistic-Designs, LLC (#) 493 Wilson Mill Road, New Wilmington, PA 10016 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/24/2029 7.1  7.1  5.6  —  %
Richwood Enterprises, LLC, Richwood Transport LLC, Richwood Transport (#) 2564 Branch St., Middleton, WI 63132 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/24/2029 335.3  335.3  291.4  0.09  %
Aitheras Aviation Group, LLC and International Aviation Sales, Ltd. (#) 2301 N Marginal Rd, Cleveland, OH 10024 Air Transportation Term Loan Prime plus 2.75% 12/23/2029 501.5  501.5  418.1  0.13  %
Food Civilization Services LLC and 1701 W 15th St LLC (#) 512 E 11th St., Houston, TX 48507 Real Estate Term Loan Prime plus 2.75% 12/23/2044 148.3  148.3  165.2  0.05  %
512 E 11th Street LLC and Big Brand Management Ltd. Co. (#) 512 E 11th St, Houston, TX 14203 Real Estate Term Loan Prime plus 2.75% 12/23/2044 329.9  329.9  358.5  0.11  %
The Lamkin Group LLC and National Championship Enterprises LLC (#) 901 Lily Creek Road, Ste 102, Louisville, KY 11788 Rental and Leasing Services Term Loan Prime plus 2.75% 12/23/2029 634.6  634.6  499.6  0.15  %
Shaddai Aesthetics Inc (#) 706 W. 34th St., Austin, TX 33063 Personal and Laundry Services Term Loan Prime plus 2.75% 12/20/2029 18.0  18.0  14.1  —  %
Romain Tower Inc. (#) 215 S Persimmon St, Tomball, TX 07410 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/20/2044 888.1  888.1  876.3  0.27  %
Chris Farley DVM PA. dba Farley Veterinary Clinic (#) 6487 Taft St., Hollywood, FL 33463 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/20/2029 12.8  12.8  13.2  —  %
Freedom Enterprises, Inc (#) 2431 14th Ave SE, Watertown, SD 75074 Truck Transportation Term Loan Prime plus 2.75% 12/20/2029 309.2  309.2  256.0  0.08  %
Macon Arts Center LLC (#) 4570 Pio Nono Ave, Macon, GA 10312 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/20/2044 617.8  617.8  670.2  0.21  %
Freedom Enterprises, Inc - New RE company to be formed (#) 2431 14th Ave SE, Watertown, SD 32413 Truck Transportation Term Loan Prime plus 2.75% 12/20/2044 205.4  205.4  220.9  0.07  %
La Tradicion Cubana Inc (#) 1336 SW 8th St., Miami, FL 94041 Miscellaneous Store Retailers Term Loan Prime plus 6.5% 12/20/2029 12.0  12.0  11.0  —  %
ACC International LLC (#) 200 N Furnace St, Birdsboro, PA 10036 Administrative and Support Services Term Loan Prime plus 2.75% 12/20/2044 318.8  318.8  319.4  0.10  %
13
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 324,391
Kuros, LLC (#) 21221 Baron Lake Dr, Cedaredge, CO 32204 Accommodation Term Loan Prime plus 2.75% 12/19/2044 392.9  392.9  441.6  0.14  %
MBK IT Services Inc. (#) 626 Trailwood Ct., Garland, TX 10304 Nonstore Retailers Term Loan Prime plus 2.75% 12/19/2029 20.5  20.5  21.2  0.01  %
Kuros, LLC (#) 21221 Baron Lake Dr, Cedaredge, CO 60473 Accommodation Term Loan Prime plus 2.75% 11/19/2045 43.8  43.8  49.5  0.02  %
United Capital Group LLC (#) 23022 La Cadena Dr, Laguna Hills, CA 81004 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/19/2029 306.1  306.1  257.7  0.08  %
GDIM Enterprises Inc dba AAMCO (#) 1657 Whiskey Rd., Aiken, SC 33018 Repair and Maintenance Term Loan Prime plus 2.75% 12/19/2029 18.5  18.5  16.4  0.01  %
RWBB LLC (#) 4120 7th Ave, Kenosha, WI 18104 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/19/2029 15.8  15.8  13.7  —  %
New Casa Technologies, LLC (#) 7928 S 70th Lane, Laveen, AZ 94108 Truck Transportation Term Loan Prime plus 2.75% 12/19/2029 7.7  7.7  6.2  —  %
Nebulos, LLC (#) 5428 Twilight Way, Parker, CO 11201 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/19/2029 59.4  59.4  53.4  0.02  %
Premier Gaming Solutions Inc (#) 17 South Grand Ave, Pasadena, CA 11701 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/18/2029 10.7  10.7  11.0  —  %
Skyfall LLC dba EZ Self Storage (#) 2705 US Hwy 45 North, Henderson, TN 07960 Real Estate Term Loan Prime plus 2.75% 12/18/2044 144.6  144.6  162.5  0.05  %
The Burlington Academy of Learning LLC (#) 10 Covey Rd, Burlington, CT 10006 Social Assistance Term Loan Prime plus 2.75% 12/18/2029 47.5  47.5  49.0  0.02  %
Sago Technologies Inc. dba Jak Ecig (#) 785 Woodfern Dr, Hampshire, IL 22304 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/17/2029 223.4  223.4  230.5  0.07  %
HADD Corp (#) 364 Rugby Road, Cedarhurst, NY 18106 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 12/17/2029 12.0  12.0  11.0  —  %
Signco America LP & Sparkle corporation Inc. (#) 7938 Wright Rd, Houston, TX 18901 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/16/2044 1,235.7  1,235.7  1,388.7  0.43  %
J and K Project Management Consultants LLC (#) 350 Mc Donnell St, Lewisville, TX 60563 Construction of Buildings Term Loan Prime plus 2.75% 12/16/2044 309.8  309.8  345.7  0.11  %
J and K Project Management Consultants dba A. C. T. Construction (#) 350 Mc Donnell St, Lewisville, TX 63026 Construction of Buildings Term Loan Prime plus 2.75% 12/16/2029 197.5  197.5  201.7  0.06  %
Farain Saremi dba USA Produce (#) 461 G St., Los Banos, CA 63376 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/16/2044 469.5  469.5  496.3  0.15  %
Dr Steven J Seidel (#) 42 Campeau Place, Bergenfield, NJ 10019 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/13/2029 77.2  77.2  60.9  0.02  %
Nulane Entertainment LLC (#) 4100 W. Alameda Ave # 300, Burbank, CA 10591 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/13/2029 7.1  7.1  5.6  —  %
Math Enrichment, LLC (#) 1009 E Capitol Expressway, San Jose, CA 32168 Educational Services Term Loan Prime plus 2.75% 12/13/2029 190.1  190.1  149.4  0.05  %
Jen Macias LLC dba Duende (#) 2301 NW Thurman St., Portland, OR 19087 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/13/2029 7.7  7.7  6.1  —  %
The Crane Guys, LLC (#) 14480 Alondra Blvd, La Mirada, CA 06032 Rental and Leasing Services Term Loan Prime plus 2.75% 12/13/2029 1,186.7  1,186.7  1,035.2  0.32  %
14
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 324,391
Essex Indoor Golf Center LLC (#) 23 Saybrook Road, Essex, CT 07034 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/13/2029 74.9  74.9  64.9  0.02  %
The Floor Covering Warehouse, Inc (#) 112 Orchard St., Stamford, CT 27407 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/13/2044 237.2  237.2  266.6  0.08  %
WURA LLC dba Dickey's Barbecue Pit (#) 4325 E. University Dr, Ste 40, Prosper, TX 92618 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/13/2029 86.3  86.3  70.8  0.02  %
Belle Properties Northwest, Inc. (#) 223 Ave B, Snohomish, WA 75219 Personal and Laundry Services Term Loan Prime plus 2.75% 12/12/2044 129.7  129.7  139.2  0.04  %
Abylex, Inc and Worpex LLC (#) 7473 Reese Rd #2, Sacramento, CA 63026 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/12/2044 93.9  93.9  83.3  0.03  %
Joyner5, Inc.dba British Swim School (#) 1000 Settlers Landing Court, Wake Forest, NC 86351 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/12/2029 21.4  21.4  16.8  0.01  %
Stockton TRI Industries, LLC (#) 2141 E Anderson St, Stockton, CA 92555 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/12/2044 1,094.9  1,094.9  1,163.8  0.36  %
Professional Plumbing Services of Nela, LLC (#) 99 Plum St, West Monroe, LA 49548 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/11/2029 17.1  17.1  16.2  —  %
CCD Construction Services LLC dba Clearwater Outdoor Design, CCD Exca (#) 175 W Borgfeld Dr, San Antonio, TX 10005 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/11/2044 111.2  111.2  117.3  0.04  %
Vaughn Chiropractic, PLLC dba Catalyst Chiropractic and Rehab (#) 10904 Baltimore St NE, Blaine, MN 63117 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/11/2029 39.5  39.5  31.1  0.01  %
Chambers Funeral Home & Crematorium PA & Riverdale Park Crematory, LLC (#) 5801 Cleveland Ave, Riverdale, MD 07090 Personal and Laundry Services Term Loan Prime plus 2.75% 12/11/2044 296.6  296.6  333.3  0.10  %
Ciel Du Mel LLC dba Lala's Creamery (#) 134 Petaluma Blvd North, Petalumaca, CA 15206 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/10/2029 15.7  15.7  13.1  —  %
Helping Hands Group Daycare dba Dawn to Dusk Learning and Child Care L (#) 10 Tremont Road, Tremont, PA 90010 Social Assistance Term Loan Prime plus 2.75% 12/10/2044 38.5  38.5  41.2  0.01  %
SLCP Transport, LLC dba Aamco (#) 1407 Lomaland Dr, El Paso, TX 92037 Repair and Maintenance Term Loan Prime plus 2.75% 12/10/2029 59.4  59.4  53.4  0.02  %
Elita 7, LLC and Behavioral Nutrition Inc. (#) 16 Marble St., Worchester, MA 11205 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/9/2029 285.1  285.1  263.2  0.08  %
DB Talak LLC (#) 2018 SE 6th Ave, Portland, OR 95828 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/6/2044 151.8  151.8  170.6  0.05  %
Scott's Hardware, Inc., dba Medford Inc (#) 200 Tuckerton Road, Medford, NJ 63141 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 6.5% 12/6/2029 12.0  12.0  11.0  —  %
Bay Area Metal Fabricarion LLC (#) 510 -512 Stone Road, Benicia, CA 02118 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/6/2029 130.0  130.0  111.9  0.03  %
The Stout Group LLC (#) 10850 NW 138th St, Hialeah Gardens, FL 62002 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/6/2029 228.2  228.2  194.9  0.06  %
Glen Lamb dba Lambs Tree And Plant Health Care (#) 413 Pond Meadow Road, Westbrook, CT 63125 Administrative and Support Services Term Loan Prime plus 2.75% 12/6/2029 17.8  17.8  15.4  —  %
15
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 324,391
Ohanyan LLC dba Nestle Toll House Caf'e By Chip (#) 14006 Riverside Dr, Store No. 9270, Sherman Oaks, CA 27606 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/6/2029 40.3  40.3  34.6  0.01  %
Wolf Pack, LLC (#) 939 South 25th East, Ste. 115, Ammon, ID 90066 Management of Companies and Enterprises Term Loan Prime plus 2.75% 3/6/2030 216.2  216.2  181.9  0.06  %
Natalie Enterprise Inc (#) 2500 Grand Ave, Billings, MT 10017 Administrative and Support Services Term Loan Prime plus 2.75% 12/6/2029 19.3  19.3  19.9  0.01  %
Mazhar Family, Inc dba Edible Arrangements (#) 601 Portion Road, Store #17, Lake Ronkonkoma, NY 63141 Nonstore Retailers Term Loan Prime plus 2.75% 12/6/2029 64.2  64.2  51.2  0.02  %
Eagle Eye Truck Lines LLC and Eagle Eye Logistics LLC (#) 560 56th St SW, Grand Rapids, MI 11235 Truck Transportation Term Loan Prime plus 2.75% 12/6/2029 1,045.7  1,045.7  841.2  0.26  %
Used Tire Express 1, Corp (#) 437 N. Battlefield, Chesapeake, VA 10016 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/5/2029 82.0  82.0  68.4  0.02  %
Standard Capital Corp (#) 2377 Wessington Dr, Virginia Beach, VA 28716 Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 12/5/2029 12.0  12.0  11.0  —  %
Clearwater Engineering Inc (#) 301 N River St., Derby, KS 06905 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 12/5/2029 560.9  560.9  482.1  0.15  %
Hook Line and Schooner Vinings LLC (#) 400 West Village Way #3009, Smyrna, GA 11717 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/4/2029 21.4  21.4  18.7  0.01  %
Soto Injury Law Firm, PA and My Attorney Inc (#) 2050 Capital Circle NE Ste B, Tallahassee, FL 11101 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/3/2029 59.3  59.3  46.7  0.01  %
Mega Sales Detergent Distributor, LLC (#,^) 1 Ackerman Ave, Clifton, NJ 75074 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/29/2029 47.2  47.2  37.1  0.01  %
Loading Arms Plus Inc (#) 5401 Mitchelldale St., Ste B4, Houston, TX 98296 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/27/2029 74.9  74.9  60.3  0.02  %
Behind the Scenes Chicago, LLC dba Paramount Events (#) 1750 W Lake St., Chicago, IL 92782 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/27/2029 439.0  439.0  370.4  0.11  %
Alice's Tea Cup, ATC !! LLC and ATC 111, LLC (#) 102 W 73rd St., New York, NY 19460 Food Manufacturing Term Loan Prime plus 2.75% 11/27/2029 257.3  257.3  206.8  0.06  %
Keith E Burks dba 3B's Chalk It Up (#) 22540 Foothill Blvd, Hayward, CA 28134 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/27/2029 12.8  12.8  11.9  —  %
Codorado, Inc. dba Dentalmart (#,^) 10 Glorieta Road, Sante Fe, NM 20151 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/27/2029 9.9  9.9  7.8  —  %
American Bio Source, LLC dba Dieselgreen Fuels (#) 2522 N Hwy 287, Decatur, TX 80918 Waste Management and Remediation Services Term Loan Prime plus 2.75% 11/27/2029 54.1  54.1  55.8  0.02  %
Haversack Holdings LLC (#) 101 S Tryon St., Charlotte, NC 06610 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/27/2029 118.1  118.1  92.8  0.03  %
Roots'n Shoots, LLC (#) 86 Boston Rd, Chelmsford, MA 91605 Administrative and Support Services Term Loan Prime plus 2.75% 11/27/2029 10.1  10.1  7.9  —  %
Kanti Group Inc, Marina 84 Sport Bar & Grill LLC and Pub 52 Sports (#) 2440 Wesr State Rd 84, Fort Lauderdale, FL 98296 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/27/2029 142.6  142.6  114.4  0.04  %
Ford Custom Renovation LLC (#,^) 405 Broadway St., Muncy, PA 75225 Construction of Buildings Term Loan Prime plus 2.75% 11/26/2029 7.8  7.8  6.2  —  %
16
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 324,391
Ultra Flow Dispense, LLC (#) 820 Prospect Hill Road, Windsor, CT 59875 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/26/2029 96.8  96.8  76.9  0.02  %
ADPM Inc. (#,^) 77 Main St, Amesbury, MA 95348 Real Estate Term Loan Prime plus 2.75% 11/26/2029 44.9  44.9  35.3  0.01  %
Fullmer's Landscaping, Inc. (#) 9547 W Third St., Dayton, OH 70380 Administrative and Support Services Term Loan Prime plus 2.75% 11/26/2029 184.1  184.1  153.5  0.05  %
B.S Carrier LLC and United Truck & Trailer Repair LLC (#) 3716 Garman Road, Salem, VA 48603 Truck Transportation Term Loan Prime plus 2.75% 11/25/2029 223.2  223.2  210.2  0.06  %
Hurricane Group, Inc.dba Crate Club Group (#) 101 San Patricio Ave, Ste 860, Guaynabo, PR 60018 Other Information Services Term Loan Prime plus 2.75% 11/25/2029 47.2  47.2  37.1  0.01  %
S&C Cookies, Inc (#,^) 1969 Jericho Turnpike, East Northport, NY 04841 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/22/2029 53.1  53.1  41.9  0.01  %
A&N Design Studios Inc dba Door3 Business Application (#) 22 Cortlandt St., New York, NY 77433 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/22/2029 115.7  115.7  98.4  0.03  %
Cum Laude Enterprises, LLC (#) 15218 Penn Hills Lane, Houston, TX 33016 Nonstore Retailers Term Loan Prime plus 2.75% 11/22/2029 18.1  18.1  16.4  0.01  %
Best Choice Meats, Inc, (#,^) 12646 S Springfield Ave, Alsip, IL 21146 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/22/2044 1,327.6  1,327.6  1,418.2  0.44  %
ZUMI LLC dba Allstate Insurance (#,^) 1537 W 79th St, Chicago, IL 16353 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 11/22/2029 11.3  11.3  11.5  —  %
Peanut Butter & Co Inc (#,^) 119 West 57th St., Ste 300, New York, NY 75207 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/22/2029 177.1  177.1  139.2  0.04  %
Place Vendome Holding Co. Inc.dba R&F Marketing (#) 308 Glenwood Road, Swainsboro, GA 44904 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/22/2044 429.2  429.2  402.7  0.12  %
Place Vendome Holding Co Inc.dba R&F Marketing (#) 610 East Main St., Swainsboro, GA 72032 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/22/2029 223.2  223.2  200.5  0.06  %
Weeping Willow Kennel Inc (#,^) 6041 Hammond School Road, Salisbury, MD 30189 Personal and Laundry Services Term Loan Prime plus 2.75% 11/21/2029 4.3  4.3  4.4  —  %
Coral Springs Family Wellness LLC (#) 2902 North University Dr, Coral Springs, FL 31554 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/21/2030 118.3  118.3  94.2  0.03  %
Semplice Cafe LLC (#,^) 209 N Main St., Breckenridge, CO 63104 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/21/2029 17.0  17.0  13.8  —  %
The Rollin' Trapp LLC (#,^) 1731 Prevatt Rd, Dothan, AL 95691 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/21/2029 7.5  7.5  6.6  —  %
Pen's Electric Company (#) 504 Fairfax Ave, Nashville, TN 34655 Specialty Trade Contractors Term Loan Prime plus 6.5% 11/21/2029 11.9  11.9  10.9  —  %
Cobb Roofing LLC (#,^) 8101 NW 10th St, Oklahoma City, OK 77041 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/21/2029 50.7  50.7  39.8  0.01  %
AMH Construction, Inc. (#,^) 30 South Ivey Lane, Orlando, FL 95113 Construction of Buildings Term Loan Prime plus 2.75% 11/20/2044 271.5  271.5  292.0  0.09  %
AMH Construction, Inc. (#,^) 30 South Ivey Lane, Orlando, FL 97015 Construction of Buildings Term Loan Prime plus 2.75% 11/20/2029 70.9  70.9  67.0  0.02  %
Cable Management LLC (#,^) 290 Pratt St., Meriden, CT 07885 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/20/2029 129.9  129.9  110.7  0.03  %
17
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 324,391
AD Learning Group, LLC dba The Learning Experience & AD Learning NH LL (#,^) 181 Shunpike Road, Cromwell, CT 33014 Social Assistance Term Loan Prime plus 2.75% 11/18/2029 129.9  129.9  102.0  0.03  %
Ryan & Selena LLC dba Head of the Class Learning Center (#,^) 1836 Kathleen Road, Lakeland, FL 46236 Social Assistance Term Loan Prime plus 2.75% 11/18/2044 439.8  439.8  461.2  0.14  %
Lindsley Excavating LLC (#,^) 92 Town Line Road, Fulton, NY 38116 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/15/2029 181.9  181.9  167.1  0.05  %
MToxins Venom Lab LLC (#,^) 717 Oregon St., Oshkosh, WI 33122 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/15/2044 100.0  100.0  101.7  0.03  %
Champions Of Diversity Media Inc dba Champions of Diversity: Politics (#,^) 5100 Transamerica Dr, Columbus, OH 95667 Administrative and Support Services Term Loan Prime plus 2.75% 11/15/2044 71.6  71.6  77.6  0.02  %
SSH Princeton LLC dba Stumpy's Hatchet House of Princeton (#) 745 Alexander Road, Ste 1-3, Princeton, NJ 01752 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/15/2030 87.6  87.6  69.0  0.02  %
Winning Sales Plan Inc (#,^) 17811 Fairhaven Gateway, Cypress, TX 02852 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/14/2029 47.2  47.2  48.7  0.02  %
Bucklin Sumner & Associates LLC dba Bucklin Sumner & Associates LLC (#) 650 NE Holladay St. Ste 1600, Portland, OR 77008 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 6.5% 11/14/2029 11.9  11.9  10.9  —  %
Ninth Avenue, LLC (#) Empire Mall, 5000 W Empire Place, Room 916, Sioux Falls, SD 06840 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/14/2030 59.8  59.8  49.2  0.02  %
Sean McNamara (#) 5639 Wood Lane, Allentown, PA 89502 Nonstore Retailers Term Loan Prime plus 6.5% 11/14/2029 11.9  11.9  10.9  —  %
Rockin Robin Music Lessons LLC (#,^) 9029 Hwy 6, Ste 160, Missouri City, TX 94303 Educational Services Term Loan Prime plus 2.75% 11/14/2029 8.8  8.8  6.9  —  %
The Pinnacle Development Group Inc dba The Goddard School (#) 105 Springside Dr, Akron, OH 12937 Social Assistance Term Loan Prime plus 6.5% 11/14/2029 11.9  11.9  10.9  —  %
HH Wireless Connect LLC (#,^) 48267 Deer Trail Dr, Canton, MI 05452 Electronics and Appliance Stores Term Loan Prime plus 2.75% 11/12/2029 7.8  7.8  6.1  —  %
SSD Designs LLC (#,^) 486 Vance St, Forest City, NC 32778 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 1/12/2030 332.9  332.9  293.7  0.09  %
NJ Floats, Inc (#) 327 Route 202/206, Bedminster Township, NJ 91730 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 12/12/2045 102.1  102.1  115.3  0.04  %
Adrienne's Gourmet Foods, Imagine Baking, Inc (#,^) 1034 Hancock St., Sandusky, OH 94553 Food Manufacturing Term Loan Prime plus 2.75% 11/12/2029 500.1  500.1  475.0  0.15  %
James Richard Farkas Jr. dba Lil Black Bear Inn (#,^) 8072 State Road 46 East, Nashville, TN 75001 Accommodation Term Loan Prime plus 2.75% 11/12/2044 107.9  107.9  110.9  0.03  %
Ameen Enterprises, LLC dba Bargain Town (#,^) 1111 E Washington St, Stephenville, TX 28403 Gasoline Stations Term Loan Prime plus 2.75% 11/12/2029 118.1  118.1  117.9  0.04  %
18
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 324,391
Steven French dba French Woodworking (#,^) 1101 Horizon Dr Ste 101, Fairfield, CA 60165 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/12/2044 61.7  61.7  69.3  0.02  %
Potomac Nail Spa Corporation (#,^) 14901 Potomac Town Place,, Woodbridge, VA 80542 Personal and Laundry Services Term Loan Prime plus 2.75% 11/12/2029 49.2  49.2  39.0  0.01  %
Adrienne's Gourmet Foods, Imagine Baking Inc (#,^) 1034 Hancock St., Sandusky, OH 77087 Food Manufacturing Term Loan Prime plus 2.75% 11/12/2044 401.0  401.0  450.7  0.14  %
Two Roses Salon 1, Inc.dba National Fluid Power Institute and NFPI (#,^) 908 S Jefferson St., Amarillo, TX 34994 Educational Services Term Loan Prime plus 2.75% 11/12/2029 373.2  373.2  326.4  0.10  %
Integrated Vascular Services LLC (#,^) 1452 Franklin Ave, Salem, OR 48154 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/8/2029 75.6  75.6  60.0  0.02  %
Airbar Inc (#,^) 5 N Station Plaza, Great Neck, NY 23188 Personal and Laundry Services Term Loan Prime plus 2.75% 11/8/2029 20.4  20.4  16.1  —  %
East River Plumbing, LLC (#,^) 997 E Loop, Priest River, ID 95133 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/8/2044 49.4  49.4  53.0  0.02  %
Link Recreational, Inc (#,^) 304 Business Hwy 53, Minong, WI 32221 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/7/2044 388.7  388.7  422.0  0.13  %
Link Recreational, Inc (#,^) 304 Business Hwy 53, Minong, WI 11021 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/7/2029 809.0  809.0  650.0  0.20  %
WE MAKE DIFFERENCES, LLC (#,^) 1380 Main St., Waltham, MA 77355 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/7/2029 6.0  6.0  5.7  —  %
Lake Pontchartrain Properties, LLC (#,^) 6001-6201 France Road, New Orleans, LA 32955 Accommodation Term Loan Prime plus 2.75% 11/7/2044 1,135.6  1,135.6  1,276.2  0.39  %
Dear Valley Sports Shop LLC (#) 507 Bamboo Road, Boone, NC 32940 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 6.5% 11/7/2029 12.0  12.0  11.0  —  %
21 Air, LLC, 21 Cargo Inc, JW Aviation LLC, Freighter 27044 LLC (#,^) 3650 NW 82 Ave, Doral, FL 78219 Air Transportation Term Loan Prime plus 2.75% 11/6/2029 968.5  968.5  761.0  0.23  %
Sunburst Trout Farm, LLC (#,^) 314 Industrial Park Dr, Waynesville, NC 34952 Fishing, Hunting and Trapping Term Loan Prime plus 2.75% 10/31/2044 229.2  229.2  253.4  0.08  %
C&P Trading and Sales Inc (#,^) 950 Peninsula Corporate Circle Ste 3010, Boca Raton, FL 34761 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/31/2029 234.6  234.6  184.6  0.06  %
11900 Marshfield Station Inc (#,^) 11900 S Marshfield Ave, Calumet Park, IL 20166 Gasoline Stations Term Loan Prime plus 2.75% 10/31/2044 1,234.1  1,234.1  1,339.5  0.41  %
Guru Kirpa, Inc (#,^) 3006 New Castle Ave, New Castle, DE 53216 Gasoline Stations Term Loan Prime plus 2.75% 10/31/2044 192.8  192.8  197.6  0.06  %
Jessie's Radiator and Automotive (#,^) 1777 N Ventura Ave, Ventura, CA 64075 Repair and Maintenance Term Loan Prime plus 2.75% 10/31/2029 14.9  14.9  13.4  —  %
ABC Sandblasting, LLC (#,^) 14029 56th St. NW, Williston, ND 34698 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/31/2029 230.1  230.1  188.0  0.06  %
Fave Realty, Inc. (#,^) 217-84 Hempstead Ave, Jamaica, NY 55347 Real Estate Term Loan Prime plus 2.75% 10/31/2044 115.4  115.4  129.7  0.04  %
Kerzner Contracting Corp (#,^) 1620 Ocean Ave, Bohemia, NY 30152 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/31/2029 105.6  105.6  83.1  0.03  %
19
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Dub Industries LLC (#,^) 4112 Veiled Falls Dr, Pflugerville, TX 46135 Nonstore Retailers Term Loan Prime plus 2.75% 10/31/2029 66.7  66.7  60.7  0.02  %
L& F Gullo Service Corp (#,^) 520 Main St, Westbury, NY 07054 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/31/2029 164.3  164.3  129.1  0.04  %
The Committed Pig LLC (#,^) 28 West Park Place, Morristown, NJ 32714 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2029 261.7  261.7  270.0  0.08  %
D & H Construction Services, Inc. (#,^) 711 Hospital St., Richmond, VA 20721 Construction of Buildings Term Loan Prime plus 2.75% 10/31/2029 131.5  131.5  110.1  0.03  %
Automotive Solutions, LLC (#,^) 1910 W. Dupont Road, Fort Wayne, IN 27402 Repair and Maintenance Term Loan Prime plus 2.75% 10/31/2044 293.7  293.7  313.3  0.10  %
Sunburst Trout Farm, LLC (#,^) 314 Industrial Park Dr, Waynesville, NC 30531 Fishing, Hunting and Trapping Term Loan Prime plus 2.75% 10/31/2029 63.4  63.4  65.4  0.02  %
Automotive Standard, LLC (#,^) 4028 Coldwater Road, Fort Wayne, IN 19465 Repair and Maintenance Term Loan Prime plus 2.75% 10/31/2044 135.7  135.7  146.3  0.05  %
MJ Group, Inc (#,^) 26691 Loma Verde, Mission Viejo, CA 31201 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2029 20.1  20.1  16.0  —  %
Maine Service Corp (#,^) 59-24 55th St., Maspeth, NY 14622 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 10/31/2029 117.4  117.4  121.1  0.04  %
Mariscos El Oceano, Inc. (#,^) 5960 S Archer Ave, Chicago, IL 32333 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2044 123.3  123.3  135.4  0.04  %
BGB Leasing Inc and BGB Leasing Co. (#,^) 50 Industrial Park Rd, Princeton, KY 34601 Truck Transportation Term Loan Prime plus 2.75% 10/30/2029 1,089.2  1,089.2  951.0  0.29  %
Paul Wintner dba P & R Props (#,^) 23901 Calabasas Road, Calabasas, CA 89403 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/30/2029 52.8  52.8  41.5  0.01  %
Blue Agave & Brothers, LLC dba Blue Apachie Mexican Restaurant and Blu (#,^) 905 Savoy Road, Youngsville, LA 27407 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/30/2029 82.2  82.2  66.1  0.02  %
BGB Leasing Co. (#,^) 50 Industrial Park Road, Princeton, KY 92014 Truck Transportation Term Loan Prime plus 2.75% 10/30/2044 88.8  88.8  99.8  0.03  %
Lightning Strike Distributing, LLC dba Jedidiah's Jerky & Gournet Snac (#,^) 9912 Arizona Dr, Mohave Valley, AZ 40245 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/30/2029 61.0  61.0  49.3  0.02  %
Plastic Depot, Inc (#,^) 363 East Alondra Blvd, Gardena, CA 85255 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 10/30/2029 148.6  148.6  117.0  0.04  %
OWL Inc, (#,^) 5300 S Orange Blossom Trail, Orlando, FL 35601 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 10/28/2029 199.5  199.5  156.8  0.05  %
Corple Enterprises, Inc (#,^) 17887 US-380, Ponder, TX 07080 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/28/2029 147.2  147.2  143.3  0.04  %
Proximo Consulting Services Inc (#,^) 2500 Plaza 5, Jersey City, NJ 97086 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/28/2029 70.4  70.4  55.3  0.02  %
Perisseia Physicians LLC (#,^) 1644 Lebanon Road, Lawrenceville, GA 28716 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/28/2044 394.5  394.5  401.2  0.12  %
Marnon Vending LLC dba Naturals 2 Go San Antonio (#,^) 6713 Biscay Hbr, San Antonio, TX 76092 Nonstore Retailers Term Loan Prime plus 2.75% 10/28/2029 7.5  7.5  6.6  —  %
20
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Landmark Ventures USA, Inc (#,^) 475 Park Ave S, 25th Floor, New York, NY 54403 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 10/25/2029 98.6  98.6  77.5  0.02  %
iLoka Inc. dba NewCloud Networks (#,^) 160 Inverness Dr W, Ste 150, Englewood, CO 32960 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 10/25/2029 93.9  93.9  96.9  0.03  %
Four Ace Electrical Services Corporation (#,^) 3723 Far Niente Way, Sacramento, CA 63042 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/25/2029 11.3  11.3  9.0  —  %
Diamond Solutions LLC (#,^) 8321 E Gelding Dr, Scottsdale, AZ 33309 Machinery Manufacturing Term Loan Prime plus 2.75% 10/25/2029 12.0  12.0  9.4  —  %
IV Purpose Inc (#) 1489 Fulton St., Brooklyn, NY 79772 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/25/2029 36.3  36.3  30.4  0.01  %
Jbang LLC, WM Bang LLC, Bang Investments LLC (#) 125 Westchester Ave, White Plains, NY 06751 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2029 69.7  69.7  67.9  0.02  %
Sultan's Palace L.L.C. (#,^) 8125 West Sahara Ave, Ste 300, Las Vegas, NV 53209 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/24/2029 19.8  19.8  16.7  0.01  %
Fimac Inc dba American Educational Services (#,^) 26300 La Alameda, Ste 200, Mission Viejo, CA 65584 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/23/2029 21.1  21.1  16.9  0.01  %
James Clark and Company, Inc. (#) 8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 53092 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 10/22/2029 11.9  11.9  10.9  —  %
Pyle Garage Doors OKC, INC dba Precision Door Service OKC (#,^) 8860 S Sunnylane Road, Oklahoma City, OK 95605 Repair and Maintenance Term Loan Prime plus 2.75% 10/22/2029 14.1  14.1  11.1  —  %
Todd's Car Wash, LLC (#,^) 5505 Johnston St., Lafayette, LA 33309 Repair and Maintenance Term Loan Prime plus 2.75% 10/18/2044 339.0  339.0  381.0  0.12  %
Roughcut LLC (#,^) 41540 National Rd, Belmont, OH 48127 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/17/2029 442.5  442.5  456.5  0.14  %
UNIQUE PAVER INSTALLATIONS, INC. (#,^) 4930 Mars Hill Road, Bogart, GA 48127 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/17/2029 21.1  21.1  17.9  0.01  %
Owens Family and Cosmetic Dentistry PLLC (#,^) 403 E College St., Pulaski, TN 99518 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/17/2029 255.0  255.0  211.9  0.07  %
Pine Mountain Residential LLC (#) 10240 Cosmopolitan Circle, Parker, CO 33467 Specialty Trade Contractors Term Loan Prime plus 6.5% 10/16/2029 11.9  11.9  10.9  —  %
Powerlift Dumbwaiters, Inc (#) 2444 Georgia Slide Road, Georgetown, CA 33467 Machinery Manufacturing Term Loan Prime plus 6.5% 10/16/2029 11.7  11.7  10.7  —  %
The Cow Harbor Beer Company LLC dba Sand City Brewing Co. (#) 19 Scudder Ave, Northport, NY 79424 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 10/1/2030 270.1  270.1  228.9  0.07  %
Glenda D Brewer dba Bargain Store (#) 107 Tabernacle Church Road, Candor, NC 33431 General Merchandise Stores Term Loan Prime plus 6.5% 10/11/2029 11.9  11.9  10.9  —  %
S&D Beauty Spa Inc dba Elite Nails, dba Bella's Nails &dba Onyx Nail b (#,^) 5604 Slide Road, Lubbock, TX 55356 Personal and Laundry Services Term Loan Prime plus 2.75% 10/11/2029 146.7  146.7  118.3  0.04  %
Q2 Ventures, LLC (#,^) 2805 W Arimo Road, Arimo, ID 07716 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/8/2029 166.7  166.7  162.8  0.05  %
Paketo LLC dba West Loop UPS Store (#,^) 623 W Lake St., Chicago, IL 90039 Couriers and Messengers Term Loan Prime plus 2.75% 10/4/2029 15.5  15.5  12.6  —  %
21
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
MVE, Inc dba Mid-Valley Engineering (#,^) 1117 L St., Modesto, CA 33135 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/30/2029 1,156.8  1,156.8  957.7  0.30  %
A Child's Dream Educational Center LLC (#,^) 4127 NW 34th St., Gainesville, FL 77008 Social Assistance Term Loan Prime plus 2.75% 9/30/2044 177.3  177.3  189.3  0.06  %
Meldi Maa, Inc dba The River Complex (#,^) 74 S Main St., Woonsocket, RI 53562 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2044 416.7  416.7  452.2  0.14  %
Atlantic Pacific Hospitality Solutions Inc dba North Beach Bistro (#,^) 725 Atlantic Blvd, Atlantic Beach, FL 57201 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2029 8.8  8.8  6.9  —  %
SPIRE Manufacturing Solutions LLC (#,^) 1440 Newport Road, Colorado Springs, CO 80205 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/30/2044 1,001.0  1,001.0  1,124.9  0.35  %
In Power Motors, LLC, In-Power Motors II LLC, In-Power Motors III LLC (#,^) 2301 W. Buckeye Road, Phoenix, AZ 33024 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/30/2044 615.5  615.5  629.4  0.19  %
International Protection Group, LLC (#,^) 481 8th Ave Ste 1130, New York, NY 16142 Administrative and Support Services Term Loan Prime plus 2.75% 9/30/2029 77.0  77.0  73.0  0.02  %
AV Strategy, Inc (#,^) 9468 American Eagle Way Ste 100, Orlando, FL 52241 Rental and Leasing Services Term Loan Prime plus 2.75% 9/30/2029 242.6  242.6  212.7  0.07  %
Joseph P Fusco DDS PC (#,^) 77 N Centre Ave, Rockville Centre, NY 77008 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2029 61.8  61.8  48.7  0.02  %
A Child's Dream Educational Center LLC (#,^) 4127 NW 34th St., Gainsville, FL 55113 Social Assistance Term Loan Prime plus 2.75% 9/30/2029 175.8  175.8  139.0  0.04  %
Heart and Vascular Associates of Tampa, LLC (#,^) 17 David Blvd, Tampa, FL 78705 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2044 762.9  762.9  761.3  0.23  %
DG Business Solutions, Inc (#,^) 11008 Rene St., Lenexa, KS 19508 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/30/2029 209.9  209.9  167.2  0.05  %
Crown Waste Corp (#,^) 1 Plainview Road, Bethpage, NY 44114 Waste Management and Remediation Services Term Loan Prime plus 2.75% 9/30/2029 46.6  46.6  40.3  0.01  %
Bev's Sweets LLC (#,^) 3778 Hwy 254, Cleveland, GA 40243 Administrative and Support Services Term Loan Prime plus 2.75% 9/30/2044 210.5  210.5  227.2  0.07  %
50 Taps, LLC dba Colorado Taproom & Grill (#,^) 19539 Hess Road Ste Ste #101, Parker, CO 57201 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2029 72.3  72.3  58.0  0.02  %
Hoagie Barmichaels Inc (#,^) 1101 River Road, New Windsor, NY 91105 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/27/2044 111.3  111.3  109.4  0.03  %
Universe Appliance Repairs Inc. (#,^) 3790 Merrick Road, Seaford, NY 92653 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 578.5  578.5  572.3  0.18  %
Zima Dining Inc. dba Country Kitchen (#,^) 1497 N Mt. Vernon Ave, Colton, CA 75043 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/27/2029 58.8  58.8  60.5  0.02  %
Wagner & Sons Inc (#,^) 22365 Alydar Dr, Lexington Park, MO 81413 Nonstore Retailers Term Loan Prime plus 2.75% 9/27/2029 17.5  17.5  13.9  —  %
Double H Services, LLC, C&T Oil Field Services, LLC and Brian S. Holma (#,^) 3721 North 162nd St., Garber, OK 31206 Support Activities for Mining Term Loan Prime plus 2.75% 9/27/2029 956.2  956.2  838.3  0.26  %
Aztec Machine & Repair Inc, Cranrd & Material (#,^) 1715 N 1st St, Bloomfield, NM 85339 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 701.6  701.6  711.3  0.22  %
Stiegelbauer Associates Inc. (#,^) 63 Flushing Ave Unit 342, Brooklyn, NY 80134 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2029 186.5  186.5  147.1  0.05  %
22
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Cherry and Candlewood Inc dba Aamco (#,^) 3029 South St., Long beach, CA 38340 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 424.2  424.2  476.7  0.15  %
Titan Laser Screed Concrete Services, LLC (#,^) 8908 Wildlife Lane, Sanford, FL 77375 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2029 46.6  46.6  38.4  0.01  %
Zmetra Clearspan Structures LLC (#,^) 2 Old Worcester Road, Webster, MA 81413 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 9/27/2044 430.8  430.8  484.2  0.15  %
Universe Appliance Repairs Inc. (#,^) 3790 Merrick Road, Seaford, NY 29803 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2029 618.0  618.0  528.8  0.16  %
Santa Fe Flooring LLC (#,^) 3711 Paseo Del Norte NE, Albuquerque, NM 70503 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 9/26/2029 465.4  465.4  388.0  0.12  %
MeShare Inc. (#,^) 1401 Interstate Dr, Champaign, IL 06013 Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 9/26/2029 1,166.1  1,166.1  1,015.7  0.31  %
Adam's Construction & General Contracting LLC (#,^) 7808 N Custer Road, Freesoil, MI 11516 Construction of Buildings Term Loan Prime plus 2.75% 9/26/2029 63.8  63.8  53.4  0.02  %
Anderson's Outdoor Adventures, LLC (#,^) 4060 SW County Rd 232, Bell, FL 28790 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/25/2029 21.0  21.0  20.7  0.01  %
Quality Machine of Iowa, Inc (#,^) 1040 4th Ave, Audubon, IA 77041 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/25/2029 62.9  62.9  64.8  0.02  %
Byler, Wolfe, Lutsch and Kampfer CPAs, Inc (#,^) 360 East State St., Salem, OH 60140 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/25/2044 52.7  52.7  50.8  0.02  %
Luv 2 Play Nor Cal, LLC (#,^) 82 Clarksville Road, Folsom, CA 75057 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/25/2029 105.0  105.0  85.2  0.03  %
Flamingo Bowl, Inc (#,^) 3301 N 23rd St., McAllen, TX 75057 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/24/2029 190.1  190.1  168.3  0.05  %
Unified Utility Services LLC (#,^) 206 Frankie Lane, Ladson, SC 93635 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/20/2044 155.6  155.6  174.6  0.05  %
Standard Real Estate Services LLC (#) 500 West Silver Spring Dr, Ste K 200,, Glendale, WI 97210 Real Estate Term Loan Prime plus 6.5% 9/19/2029 11.8  11.8  10.8  —  %
Payne's Enviromental Service, LLC dba Bamaco (#,^) 5617 Causeway Blvd, Tampa, FL 90638 Administrative and Support Services Term Loan Prime plus 2.75% 9/18/2044 513.3  513.3  520.1  0.16  %
Host Marketing, LLC (#) 206 Bell Lane, Ste B, West Monroe, LA 95121 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 9/18/2029 11.8  11.8  10.8  —  %
Vancole Investments, Inc. dba Smoothie King #913 &;Dream Developmenf G (#,^) 876 Virginia Ave, Hapeville, GA 07621 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2029 11.2  11.2  8.8  —  %
Natalie Hart LLC dba Lady of Luxury &dba Country Sugar Events, dba Que (#) 1702 Fawn Gate St, San Antonio, TX 06426 Personal and Laundry Services Term Loan Prime plus 2.75% 12/17/2029 52.8  52.8  47.6  0.01  %
Win Health Institute, LLC (#,^) 711 E Valley Rd, Basalt, CO 06902 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/17/2029 7.0  7.0  5.8  —  %
Game Station, Inc. (#,^) 2917 1st Ave SE, Cedar Rapids, IA 91505 Rental and Leasing Services Term Loan Prime plus 2.75% 9/16/2029 18.9  18.9  16.7  0.01  %
Bay Bowl Inc dba Shasta Lanes (#,^) 11093 Black Marble Way, Redding, CA 75078 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/13/2044 529.3  529.3  594.1  0.18  %
The Steel Method LLC dba Sneeze It (#,^) 250 Passaic Ave Ste 200, Fairfield, NJ 95828 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/12/2029 157.4  157.4  124.2  0.04  %
23
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
New Flow Plumbing and Rooter Inc. (#,^) 6718 Katherin Ave, Van Nuys, CA 98290 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/12/2029 45.5  45.5  36.3  0.01  %
ACSS CPA, LLC (#,^) 1016 S Texas Blvd, Weslaco, TX 27587 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/12/2044 39.4  39.4  41.1  0.01  %
Oak Park Social LLC (#) 14691 W 11 Mile Rd, Oak Park, MI 95205 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/12/2045 134.7  134.7  137.5  0.04  %
Prime Precision Machining, LLC (#,^) 845 Mandoline Ave, Madison Heights, MI 17981 Real Estate Term Loan Prime plus 2.75% 9/11/2044 267.9  267.9  277.5  0.09  %
Prime Precision Machining, LLC (#,^) 845 Mandoline Ave, Madison Heights, MI 94952 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/11/2029 200.8  200.8  169.5  0.05  %
Family Insight, P.C. (#,^) 3433 Brambleton Ave, Ste 104A, Roanoke, VA 20737 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2029 233.4  233.4  228.9  0.07  %
Miami Squeeze Inc dba Miami Squeeze, LLC (#,^) 18315 W. Dixie Hwy, North Miami Beach, FL 79935 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/11/2029 107.8  107.8  92.7  0.03  %
Softcare247, LLC (#) 4191 Naco Perrin Blvd, San Antonio, TX 55449 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 9/11/2029 11.8  11.8  10.8  —  %
Covert Recordings LLC (#,^) 31-65 138th St. Apartment 3K, Flushing, NY 78260 Rental and Leasing Services Term Loan Prime plus 2.75% 9/11/2029 11.0  11.0  11.0  —  %
Body on Cue Health and Fitness LLC (#,^) 129 A Orpha Dr, Middlebury, IN 01603 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/6/2029 42.0  42.0  33.8  0.01  %
Eco Electric LLC (#,^) 5380 Cameron St, Las Vegas, NV 08055 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/5/2029 62.0  62.0  48.7  0.02  %
Philly Games Inc.dba Queen & Rock Game Cafe (#,^) 607-609 S 2nd St., Philadelphia, PA 11779 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/5/2029 58.3  58.3  46.2  0.01  %
SVT Masonry Limited Liability Company (#,^) 1208 Houghton Lane, Bennington, VT 33018 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/5/2029 71.1  71.1  67.5  0.02  %
Thawk LLC (#,^) 1110 Willow Glen Dr, Yuba City, CA 59102 Administrative and Support Services Term Loan Prime plus 2.75% 8/30/2029 7.6  7.6  6.0  —  %
No Push Backs, LLC (#) 2223 Dungan Ave, Bensalem, PA 06498 Personal and Laundry Services Term Loan Prime plus 6.5% 8/30/2029 11.4  11.4  10.4  —  %
Dog House Sportfishing Charters Inc (#) 83413 Overseas Hwy, Islamorada, FL 49548 Scenic and Sightseeing Transportation Term Loan Prime plus 6.5% 8/30/2029 11.7  11.7  10.7  —  %
Double Scoop Ice Cream, LLC (#,^) 2970 Stonecrest Pass, Lithonia, GA 83406 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/29/2044 95.2  95.2  98.9  0.03  %
3C Consumer Network & Designs LLC (#,^) 7676 Hillmont St., Ste 109, Houston, TX 67037 Real Estate Term Loan Prime plus 2.75% 8/29/2029 13.9  13.9  11.7  —  %
Camror LTD dba Jersey Mike's (#,^) 5946 Meijer Dr, Cincinnati, OH 30008 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/29/2030 83.2  83.2  85.9  0.03  %
The BMF Media Group LLC (#,^) 50 West 23rd St., 7th floor, New York, NY 23320 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/29/2029 347.6  347.6  272.6  0.08  %
Crown Heights Bunch O Bagels & More Inc & 361 Bagel Holding LLC (#,^) 361 Troy Ave, Brooklyn, NY 94510 Food and Beverage Stores Term Loan Prime plus 2.75% 8/29/2029 37.1  37.1  38.2  0.01  %
Esquire Mini Mart LLC & Morgan Store Building LLC (#,^) 12595 S Somerton Ave, Yuma, AZ 23456 Food and Beverage Stores Term Loan Prime plus 2.75% 8/29/2029 47.5  47.5  44.0  0.01  %
24
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Groton Bowling Center and Entertainment Inc (#,^) 27 Kings Hwy, Groton, CT 97214 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/29/2044 930.1  930.1  976.9  0.30  %
HRS2, LLC (#,^) 5410 Pipers Creek Court, Sugar Land, TX 01824 Nonstore Retailers Term Loan Prime plus 2.75% 8/28/2029 214.6  214.6  203.4  0.06  %
Khari E. J. Myers dba Khari Imagery & 190 Minerva LLC (#,^) 190 Minerva St., Tonawanda, NY 60612 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/28/2044 59.0  59.0  66.2  0.02  %
DB Talak LLC (#,^) 2018 SE 6th Ave, Portland, OR 07011 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/28/2029 81.1  81.1  83.5  0.03  %
Blue Eagle Transport Inc.,Golden Eagle Tran and Green Eagle Transpor (#,^) 377 Boston Post Road, Milford, CT 32308 Couriers and Messengers Term Loan Prime plus 2.75% 8/28/2029 416.9  416.9  350.9  0.11  %
Linsey Schwertdfeger,, Inc. (#,^) 740 Dennery Rd, San Diego, CA 76234 Repair and Maintenance Term Loan Prime plus 2.75% 8/28/2029 65.7  65.7  53.0  0.02  %
The Hometown Welcome Program, Inc & Fredric Anthony Gushwa (#,^) 107 S Nottawa St, Sturgis, MI 28280 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/27/2029 90.3  90.3  79.1  0.02  %
Maryland Urgent Care, Inc. (#,^) 9831 Greenbelt Rd Ste 208 (Unit H-2), Lanham, MD 94541 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/27/2044 45.4  45.4  48.5  0.01  %
ADA Internacional Inc (#,^) 10891 La Reina Road, Ste 100, Delray Beach, FL 33312 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/26/2029 20.9  20.9  16.4  0.01  %
Crystal S. Prado dba Crystal Clear Accounting (#) 34099 Tuscan Creek Way, Temecula, CA 77092 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 8/26/2029 3.0  3.0  2.7  —  %
The Pet Stop, LLC (#,^) 106 South Washington St., Pleasantville, IA 87508 Personal and Laundry Services Term Loan Prime plus 2.75% 8/23/2029 7.0  7.0  5.7  —  %
Elite Motors LLC (#,^) 1046-1050 Orange Ave, West Haven, CT 17756 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 8/23/2029 81.1  81.1  83.5  0.03  %
PJT Logistics, Inc. (#,^) 2-4 Commerce Way, Auburn, NY 06095 Truck Transportation Term Loan Prime plus 2.75% 8/23/2029 46.4  46.4  47.7  0.01  %
JLT Foods, LLC (#,^) 3294 Long Meadow Court, West Bloomfield Township, MI 10023 Food Manufacturing Term Loan Prime plus 2.75% 8/23/2029 19.5  19.5  15.4  —  %
SRJ construction Corp (#,^) 8358 W Oakland Park Blvd. #203E, Sunrise, FL 01913 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/23/2029 10.4  10.4  8.5  —  %
MS Integrated Psychotherapy & Counseling, LLC (#,^) 1157 Main St., Clifton, NJ 24153 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/22/2029 68.8  68.8  60.5  0.02  %
The Roux Southern Kitchen, LLC (#,^) 252 FM 3162, Sandia, TX 45417 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/22/2029 16.8  16.8  17.1  0.01  %
MB Nursery LLC dba The Garden Center (#,^) 15562 HWY-South, Whitehouse, TX 00968 Administrative and Support Services Term Loan Prime plus 2.75% 8/21/2029 86.2  86.2  88.2  0.03  %
Metro R Services Inc. and Metal & Roof Supplies, Inc. (#,^) 20 Universal Place, Carlstadt, NJ 30401 Repair and Maintenance Term Loan Prime plus 2.75% 8/21/2029 179.6  179.6  166.2  0.05  %
Auto Unique LLC (#,^) 305 W Main St., Mayo, FL 11731 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 8/20/2044 12.1  12.1  13.6  —  %
25
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
William Martinez dba Bad Ass Coffee of Hawaii (#) 14101 Main St., Ste 4101, Hesperia, CA 77062 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/20/2029 21.3  21.3  17.3  0.01  %
Signature Rooms, Inc. (#,^) 2066 Route 112, Medford, NY 10007 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 8/19/2029 156.4  156.4  161.1  0.05  %
AJN Innovations LLC dba Burgerim (#) 6704 Main St., Miami Lakes, FL 30401 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/15/2030 96.1  96.1  77.6  0.02  %
American Healthy Vending, Inc (#,^) 5951 NW 151 St., Hialeah, FL 10019 Nonstore Retailers Term Loan Prime plus 2.75% 8/15/2029 98.5  98.5  84.0  0.03  %
Accent Home Services LLC dba Benjamin Franklin Plumbing of Kansas City (#,^) 7748 Troost Ave, Kansas City, MO 60803 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/15/2029 104.3  104.3  94.2  0.03  %
Accelerate Educational Solutions, LLC dba Tutor My Success (#,^) 135 Clove Branch Road, Hopewell Junction, NY 60620 Educational Services Term Loan Prime plus 2.75% 8/14/2029 16.0  16.0  12.6  —  %
Ranson Excavating, Inc (#,^) 8343 Kaula Dr, Fair Oaks, CA 80424 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/13/2029 13.9  13.9  10.9  —  %
KM Electrical Services, Inc (#,^) 4348 Waialae Ave Unit 315, HONOLULU, HI 37212 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/12/2029 71.8  71.8  56.7  0.02  %
Love Playing LLC (#) 2200 Eastridge Loop, San Jose, CA 73127 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/9/2030 169.3  169.3  143.0  0.04  %
Elixir Enterprises, LLC dba Guilford Renee's (#,^) 637 Boston Post Road, Guilford, CT 36301 Food and Beverage Stores Term Loan Prime plus 2.75% 8/8/2029 18.1  18.1  14.3  —  %
A & S Services LLC dba Kona Ice of Troy (#) 3888 Lightner Road, Vandalia, OH 21804 Food Services and Drinking Places Term Loan Prime plus 6.5% 8/7/2029 11.7  11.7  10.7  —  %
Suite Luxury, Inc (#,^) 1410 Pine Ridge Road, Ste 13, Naples, FL 33065 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 8/7/2029 17.4  17.4  13.7  —  %
Accord Law, APC (#,^) 82555 Grass Flat Lane, Indio, CA 32811 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/2/2029 7.0  7.0  5.5  —  %
Leader Engineering-Fabrication, Inc. (#,^) 695 Independence DrIive, Napoleon, OH 32811 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 8/2/2029 116.0  116.0  119.5  0.04  %
Joseph Centonze dba Off Kilter Kilts (#,^) 27720 Ave Scott, Santa Clarita, CA 06450 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 7/31/2029 4.8  4.8  3.8  —  %
East Coast Flight Services, Inc and Aviation Consulting Enterprise, LL (#,^) 27603 Parkway Road, Easton, MD 77459 Air Transportation Term Loan Prime plus 2.75% 7/31/2029 529.7  529.7  446.2  0.14  %
Billy Auto Inc (#,^) 632 N Broadway, Amityville, NY 54902 Repair and Maintenance Term Loan Prime plus 2.75% 7/31/2044 319.3  319.3  318.1  0.10  %
Healthcare Holdings of America, LLC, Senior Market Advisors, Inc, CHA (#,^) 6201 Centennial Blvd, Nashville, TN 77433 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/31/2029 408.8  408.8  385.0  0.12  %
La Mount Group LLC (#,^) 3111 Princeton Road, Hamilton, OH 13069 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2029 234.9  234.9  184.2  0.06  %
Genecco Produce, Inc. & Leo Genecco & Sons, Inc. (#,^) 1850 Rochester Road, Canadaigua, NY 57106 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 7/31/2029 709.2  709.2  652.7  0.20  %
Living Spring Home Health Inc. (#,^) 18350 Kedzie Ave Ste 204, Homewood, IL 18106 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/31/2029 124.3  124.3  109.0  0.03  %
26
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
St. Francis Home Health Inc (#,^) 5246 SW 8th St 103B, Coral Gables, FL 33805 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/31/2029 69.1  69.1  54.2  0.02  %
Humd, LLC dba La Rosa Chicken and Grill (#) 3111 N. University Dr, Coral Springs, FL 44333 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/31/2030 128.3  128.3  106.7  0.03  %
Gray Rock Quarry, LLC and William E Dailey III (#,^) 54 West Milton Rd, Milton, VT 97232 Mining (except Oil and Gas) Term Loan Prime plus 2.75% 7/31/2044 442.9  442.9  402.3  0.12  %
Canyon Lake Kids Academy, LLC (#,^) 130 Charter Oak Dr, Canyon Lake, TX 43228 Social Assistance Term Loan Prime plus 2.75% 7/31/2044 96.5  96.5  102.1  0.03  %
Quick and Quality Services dba Bella Roma Pasta & Pizza & Farshad Fari (#,^) 28940 Golden Lantern, Laguna Niguel, CA 06416 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2029 10.5  10.5  9.0  —  %
Dant A Sandras, D.D.S. LLC (#,^) 13373 Hwy 3235, Larose, LA 44870 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/30/2029 198.6  198.6  162.8  0.05  %
Jbelis Stop N' Go, LLC dba Planet Smoothie (#,^) 2565 E 17th St, Ammons, ID 79101 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2029 18.0  18.0  14.5  —  %
Aeromax Industries, Inc, HITM, Inc and TMCB LLC (#,^) 9027 Canoga Ave, Canoga Park, CA 22191 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 7/30/2044 773.6  773.6  769.1  0.24  %
Grad Street LLC (#) 2437 Corinth Ave Apt 130, Los Angeles, CA 48187 Nonstore Retailers Term Loan Prime plus 6.5% 7/30/2029 11.7  11.7  10.7  —  %
Platt & Associates, LLC dba Flag Staff Apparel, Platt & Associates, LL (#,^) 288 North Industrial Park Dr, Liberty, MS 47448 Apparel Manufacturing Term Loan Prime plus 2.75% 7/30/2044 55.3  55.3  60.6  0.02  %
Micheal Birch and Tracy M. Pierce (#,^) E 2947 H-44, Traunik, MI 44870 Gasoline Stations Term Loan Prime plus 2.75% 7/29/2044 53.7  53.7  58.0  0.02  %
Moore Chiropractic Center, P.A. (#,^) 936 Roosevelt Trail Unit 1 & 2, Windham, ME 44460 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/26/2029 8.4  8.4  8.4  —  %
Sou's LLC (#,^) 739 NE MLK Blvd, Portland, OR 76401 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/26/2029 5.5  5.5  4.9  —  %
Power Associates Inc. (#,^) 2766 West Good CT, Boise, ID 07921 Real Estate Term Loan Prime plus 2.75% 7/26/2029 13.8  13.8  10.8  —  %
Dan Dahlin Inc. (#,^) 16465 MN-65, Ham Lake, MN 83856 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/26/2044 401.7  401.7  450.9  0.14  %
Franklin Care Pharmacy Incorporated (#,^) 520 N Franklintown Road, Baltimore, MD 11021 Health and Personal Care Stores Term Loan Prime plus 2.75% 7/25/2029 50.0  50.0  51.5  0.02  %
A&W ALF, LLC dba A & W Assisted Living Facility (#,^) 6600 Liberty Road, Gwynn Oak, MD 28607 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 7/24/2044 98.3  98.3  107.9  0.03  %
Hardrock Alpha Enterprises, LLC (#,^) 5101 Stine Road, Bakersfield, CA 54859 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/19/2029 14.5  14.5  11.8  —  %
700 Services Inc.dba 700 Credit Repair (#,^) 1201 N Goliad St., Rockwall, TX 54859 Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 7/19/2029 6.9  6.9  5.4  —  %
Lawrence Adeyemo & Co LLC (#) 209-34 112 Ave, Queens Village, NY 02451 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 7/19/2029 9.3  9.3  8.5  —  %
JDM2 Water Station LLC (#,^) 125 Chestnut Hill Dr, York, PA 33166 Nonstore Retailers Term Loan Prime plus 2.75% 7/18/2029 192.8  192.8  172.0  0.05  %
Ameritube, LLC (#,^) 1000 North Hwy 77, Hillsboro, TX 07090 Primary Metal Manufacturing Term Loan Prime plus 2.75% 7/18/2029 108.9  108.9  112.2  0.03  %
27
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Bonfire Hot Yoga LLC (#,^) 3665 SW Hall Blvd, Beaverton, OR 70126 Educational Services Term Loan Prime plus 2.75% 7/18/2029 7.6  7.6  6.2  —  %
Baton Rouge Cargo Services Inc (#,^) 6013 McRaven Road, Jackson, MS 60827 Support Activities for Transportation Term Loan Prime plus 2.75% 7/17/2044 287.4  287.4  296.1  0.09  %
The Bean Coffee Co. LLC (#) 112 South Main St., Spring Hill, KS 46805 Food Services and Drinking Places Term Loan Prime plus 6.5% 7/17/2029 11.7  11.7  10.6  —  %
Garage Floor Coating of MN.com,LLC (#,^) 6701 West 23rd St., St. Louis Park, MN 93001 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/16/2044 980.1  980.1  987.2  0.30  %
Bouquet Canyon Kennels (#,^) 29973 Bouquet Canyon Road, Santa Clarita, CA 11378 Personal and Laundry Services Term Loan Prime plus 2.75% 7/16/2044 296.0  296.0  292.6  0.09  %
Adam Family Bowl Inc (#,^) 1504 Chestnut St., Mishawaka, IN 28786 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/16/2044 130.7  130.7  138.3  0.04  %
Beacon Metal Fabricators, Inc. (#,^) 5425-D Hamilton Ave, Cleveland, OH 11429 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 7/12/2029 64.5  64.5  58.4  0.02  %
VGI Medical LLC (#,^) 10401 S Belcher Road, Largo, FL 11716 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 7/12/2044 320.6  320.6  359.8  0.11  %
Last Touch, LLC (#,^) 1612 Jackson St., Spirit Lake, IA 23219 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/11/2044 99.7  99.7  101.0  0.03  %
D DeGregoria LLC dba The UPS Store 4235 Massapequa (#,^) 4940 Merrick Road, Massapequa Park, NY 78660 Couriers and Messengers Term Loan Prime plus 2.75% 7/10/2029 73.0  73.0  59.2  0.02  %
Menskha Inc (#) 88 High St., Mountclair, NJ 28786 Ambulatory Health Care Services Term Loan Prime plus 6.5% 7/10/2029 11.7  11.7  10.6  —  %
Nash-Delphia LLC (#,^) 2135 Gallatin Pike N, Store 4, Madison, TN 33487 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 7/2/2029 13.7  13.7  10.8  —  %
Anderson Companies LLC (#,^) 3015 S White Horse Pike, Hammonton, NJ 07311 Administrative and Support Services Term Loan Prime plus 2.75% 6/28/2044 203.1  203.1  211.4  0.07  %
Advance Transit LLC (#,^) 574-614 Tonnelle Ave, Jersey City, NJ 10601 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/28/2044 746.0  746.0  794.4  0.24  %
Jian Yang and Kanger House LLC (#,^) 48 Horse Hill Road, Cedar Knolls, NJ 11216 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 6/27/2029 109.8  109.8  86.4  0.03  %
Port Huron Ophthalmology, PLLC dba Black River Optical (#,^) 1033 River St., Port Huron, MI 90248 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2029 13.7  13.7  10.7  —  %
Kim Howard Corp dba NPN Machine Tools (#,^) 9130 Wayfarer Ln, Houston, TX 30043 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/28/2029 197.2  197.2  202.7  0.06  %
Baobab Asset Management LLC (#,^) 2 Greenwich Office Park, Ste 260, Greenwich, CT 42445 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/28/2029 45.8  45.8  35.8  0.01  %
Southern Specialties Transportation LLC (#,^) 116 Toledo Dr, Lafayette, LA 76259 Truck Transportation Term Loan Prime plus 2.75% 6/28/2029 156.8  156.8  149.7  0.05  %
Nevada Recycling and Salvage LTD, AMCB LLC (#,^) 1085 Telegraph St, Reno, NV 91302 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/28/2044 1,226.5  1,226.5  1,221.9  0.38  %
Balboa Fashion LLC (#,^) 1016 S. Towne Ave, Unit 123, Los Angeles, CA 86440 Apparel Manufacturing Term Loan Prime plus 2.75% 6/28/2029 6.9  6.9  5.4  —  %
K & K Restaurant LLC (#,^) 6607 S Central Ave, Phoenix, AZ 95834 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/28/2044 132.5  132.5  144.4  0.04  %
28
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Crestview Ridge Farms LLC (#,^) 1172 Co Road 956, Ashland, OH 46818 Crop Production Term Loan Prime plus 2.75% 6/28/2044 527.9  527.9  554.0  0.17  %
Richmond Street Partners, LLC (#,^) 200 E Chestnut St, Chicago, IL 19720 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 6/28/2029 87.4  87.4  69.4  0.02  %
Specialty Surgery Center, Inc. (#,^) 5505 Peachtree Dunwoody Road Stes 640,645, Atlanta, GA 70592 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2029 1,158.8  1,158.8  1,005.9  0.31  %
Sundown Audio, LLC (#,^) 514 West 21St St., Newton, NC 58801 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 6/28/2044 891.9  891.9  896.5  0.28  %
Upul's Travel Service & Tours Inc (#,^) 654 Shoppers Lane, Covina, CA 32839 Administrative and Support Services Term Loan Prime plus 2.75% 6/28/2029 251.7  251.7  197.0  0.06  %
Big Picture Group LLC (#,^) 935 N La Jolla, Los Angeles, CA 60638 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/28/2029 137.2  137.2  107.4  0.03  %
5161 LLC (#,^) 1478 E Mountain Dr, Santa Barbara, CA 42445 Nonstore Retailers Term Loan Prime plus 2.75% 6/28/2029 1,086.8  1,086.8  973.1  0.30  %
Upul's Travel Service & Tours Inc (#,^) 654 Shopping Lane, Covina, CA 78249 Administrative and Support Services Term Loan Prime plus 2.75% 6/28/2044 343.5  343.5  325.9  0.10  %
Good News Cafe, LLC (#,^) 694 Main St. South, Woodbury, CT 92691 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/28/2044 245.4  245.4  246.4  0.08  %
NJ Floats Inc (#,^) 66 Twin Oaks Road, Bridgewater, NJ 80112 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2044 172.6  172.6  193.8  0.06  %
Pawfection Pet Services LLC (#,^) 177 W Cottonwood Ln, Ste 12, Casa Grande, AZ 10016 Personal and Laundry Services Term Loan Prime plus 2.75% 6/27/2029 9.6  9.6  7.6  —  %
Tim's Truck Capital & Auto Sales, Inc (#,^) 904 Suncook Valley Hwy, Epsom, NH 89117 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/27/2029 194.5  194.5  200.0  0.06  %
Ailky Corporation & Wyspen (#,^) 352 Bedford St., Lakeville, MA 91730 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/27/2029 44.6  44.6  34.9  0.01  %
Boucherie US Inc (#,^) 251 Little Falls Dr, Wilmington, DE 38478 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/27/2029 1,077.8  1,077.8  843.3  0.26  %
Moon Landscaping, Inc, Moon Group, Inc moon Nursery, Inc, Moon Site Ma (#,^) 145 Moon Rd, Chesapeake City, MD 85260 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/27/2029 1,144.4  1,144.4  1,071.9  0.33  %
S & T Hardware Inc (#,^) 2300 Nooseneck Hill, Coventry, RI 92691 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/27/2044 197.4  197.4  221.6  0.07  %
Shooter's Gun Club, LLC (#) 2429 Iowa St. Stes B, C and D, Lawrence, KS 73135 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/27/2030 175.3  175.3  143.7  0.04  %
BB Services, LLC (#,^) 580 39 Road, Palisade, CO 70506 Truck Transportation Term Loan Prime plus 2.75% 6/27/2029 103.7  103.7  85.6  0.03  %
Crescent Event Productions, Inc (#,^) 1327 Wood Branch Dr, Charlotte, NC 48221 Administrative and Support Services Term Loan Prime plus 2.75% 6/27/2029 320.4  320.4  265.1  0.08  %
Kaz Ramen, L.L.C. (#,^) 22413 Barton Road, Grand Terrace, CA 80134 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2029 20.6  20.6  16.3  0.01  %
Tekoa Enterpises, Inc (#,^) 1033 Cannon Bridge Road, Cordova, SC 95634 Truck Transportation Term Loan Prime plus 2.75% 6/26/2029 52.5  52.5  44.7  0.01  %
29
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Selective Automotive & Accessories Group, Inc (#,^) 2221 Pelham Parkway, Pelham, AL 27229 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/26/2029 228.6  228.6  199.2  0.06  %
Soft Touch Tissue & Paper LLC (#,^) 1491 Hammond St., Bangor, ME 78572 Paper Manufacturing Term Loan Prime plus 2.75% 6/26/2044 230.7  230.7  259.0  0.08  %
Child Care Ventures LLC dba Childcare Adventures ELC (#,^) 3542 Glendale Ave, Toledo, OH 43718 Social Assistance Term Loan Prime plus 2.75% 6/26/2044 144.8  144.8  140.7  0.04  %
RWBB Enterprises, LLC (#,^) 4120 7th Ave, Kenosha, WI 60661 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2044 74.6  74.6  79.7  0.02  %
Perfect Water LLC (#,^) 183 Russ St., San Francisco, CA 11768 Nonstore Retailers Term Loan Prime plus 2.75% 6/26/2029 66.4  66.4  58.8  0.02  %
JFK Transportation Inc (#,^) 4 Mechanic St., Natick, MA 32955 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/26/2029 95.8  95.8  80.0  0.02  %
All-City Towing LLC, Jeffrey James Piller (#,^) 1213 W Mallory Ave, Milwaukee, WI 79414 Support Activities for Transportation Term Loan Prime plus 2.75% 6/26/2029 370.5  370.5  338.0  0.10  %
Lynx Inspection Technologies LLC (#,^) 8101 Miller Rd 2, Houston, TX 83214 Support Activities for Mining Term Loan Prime plus 2.75% 6/26/2044 566.4  566.4  635.8  0.20  %
Soft Touch Tissue & Paper LLC (#) 1491 Hammond, Bangor, MA 30622 Paper Manufacturing Term Loan Prime plus 2.75% 12/26/2029 107.0  107.0  110.4  0.03  %
Paradise Towing & Recovery Inc (#,^) 1115 S Homer Blvd, Sanford, NC 32837 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2029 98.1  98.1  90.6  0.03  %
Vanchoc Transport Inc (#,^) 137 3rd St, Brooklyn, NY 34135 Rental and Leasing Services Term Loan Prime plus 2.75% 6/25/2029 39.8  39.8  35.1  0.01  %
Spartan Technology Solutions, Inc (#,^) 125 Venture Blvd, Spartanburg, SC 02895 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/25/2044 479.4  479.4  479.4  0.15  %
Professional Tire Limited Liability Company (#,^) 6655 Country Road 32, Norwich, NY 30528 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2044 136.9  136.9  140.1  0.04  %
Worldwide Capital Management Inc. (#,^) 6 Venture Ste 305, Irvine, CA 80916 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/25/2029 132.7  132.7  103.9  0.03  %
567 Logistics, LLC (#,^) 1924 Ruffin Mill Road, Colonial Heights, VA 32605 Support Activities for Transportation Term Loan Prime plus 2.75% 6/25/2029 45.8  45.8  38.3  0.01  %
Paradise Towing & Recovery Inc (#,^) 1115 S. Horner Blvd, Sanford, NC 10001 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2044 72.2  72.2  81.1  0.02  %
Krsto, LLC dba Italian Butter Breadsticks (#,^) 34683 Nova Dr, Clinton Twp, MI 11570 Food Manufacturing Term Loan Prime plus 2.75% 6/24/2044 187.2  187.2  197.3  0.06  %
Sweets By Karla LLC (#,^) 3273 South John Young Parkway, Kissimmee, FL 32605 Food Manufacturing Term Loan Prime plus 2.75% 6/24/2029 11.7  11.7  9.2  —  %
Scissor Kids Inc (#,^) 63 Hebron Ave, Ste F, Glastonbury, CT 11714 Personal and Laundry Services Term Loan Prime plus 2.75% 6/24/2029 14.8  14.8  11.9  —  %
Peninsula Self Defense LLC (#,^) 2766 Bay Road, Redwood City, CA 85009 Educational Services Term Loan Prime plus 2.75% 6/21/2029 4.8  4.8  4.0  —  %
Port Diesel L.L.C. (#) 3212 Alex Trask Dr, Castle Hayne, NC 95354 Repair and Maintenance Term Loan Prime plus 6.5% 6/21/2029 11.6  11.6  10.5  —  %
Small Batch Creations Inc. dba The Office Bar & Grill (#,^) 295 E WASHINGTON AVE, SUNNYVALE, CA 73701 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/21/2029 54.7  54.7  42.8  0.01  %
30
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Gribben & Associates, Inc (#,^) 18201 Von Karman,Ste 300, Irvine, CA 32771 Truck Transportation Term Loan Prime plus 2.75% 6/21/2029 660.5  660.5  516.8  0.16  %
LuLuBelle's Mountain Banana Bread LLC (#) 1063 Carousel Rd, Lake Arrowhead, CA 33606 Food Manufacturing Term Loan Prime plus 2.75% 9/21/2045 216.4  216.4  226.5  0.07  %
William Rose Inc (#,^) 1 Grace Cove Rd, New Shoreham, RI 32233 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/21/2044 85.9  85.9  75.8  0.02  %
Campuscuts LLC (#) 930 Robtrice Ct, Edmond, OK 66215 Personal and Laundry Services Term Loan Prime plus 6.5% 6/21/2029 7.0  7.0  6.3  —  %
AA Horseplay, LLC (#) 34565 Ranch Dr, Brownsville, OR 20653 Animal Production and Aquaculture Term Loan Prime plus 6.5% 6/20/2029 11.6  11.6  10.5  —  %
Central Texas Hygiene, LLC (#,^) 10201 McKalla Place, Austin, TX 11205 Administrative and Support Services Term Loan Prime plus 2.75% 6/20/2029 80.6  80.6  63.0  0.02  %
International Institute for Learning Inc. (#,^) 110 E 59th St ,31st floor, New York, NY 01571 Educational Services Term Loan Prime plus 2.75% 6/19/2029 274.6  274.6  214.9  0.07  %
Providence Management Environmental, LLC, Tindol Energy Group, LLC (#,^) 6570 W Hwy 67, Cleburne, TX 92324 Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/19/2029 255.9  255.9  251.2  0.08  %
Beck's Pub & Grill LLC (#,^) N6630 WI-49, Weyauwega, WI 11783 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/19/2044 68.7  68.7  73.4  0.02  %
Zion Motors Inc (#,^) 6949 Wall Triana Hwy, Madison, AL 87413 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/19/2044 59.6  59.6  60.6  0.02  %
Bader Furniture Company Inc. (#,^) 704 N Liberty St., Shamokin, PA 30618 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 6/19/2029 6.9  6.9  7.1  —  %
Bonadi Inc. dba Polished Salon (#) 9858 W Sample Rd, Coral Springs, FL 90805 Personal and Laundry Services Term Loan Prime plus 6.5% 6/17/2029 11.6  11.6  10.5  —  %
American Demolition, Inc (#,^) 401 N Kuner Rd, Brighton, CO 12553 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/17/2029 174.0  174.0  178.9  0.06  %
JLM Consulting LP (#,^) 3981 E Dunrobin Dr., Springfield, MO 11783 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/17/2029 18.1  18.1  14.2  —  %
3 Rusty Nails, LLC dba The Gathering Place at 3 Rusty Nails (#,^) 3830 Doctor M.L.K. Jr Blvd, Anderson, IN 87113 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 6/14/2044 85.9  85.9  92.4  0.03  %
Comarco Quality Pork Products Inc, Comarco Pork Products of FL LLC (#,^) 501 Jackson St, Camden, NJ 49411 Food Manufacturing Term Loan Prime plus 2.75% 6/14/2029 284.0  284.0  249.3  0.08  %
Kego 2 LLC dba Jon Smith Subs 80025 (#,^) 2001 W. Southlake Blvd Ste 143, Southlake, TX 32619 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/14/2029 98.4  98.4  81.1  0.03  %
A & S Services LLC dba Kona Ice of Troy (#,^) 3888 Lightner Road, Vandalia, OH 61822 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/14/2044 44.2  44.2  47.0  0.01  %
Law Office of Paula Padilla PLLC (#) 2211 E Highland Ave Ste 130, Phoenix, AZ 44460 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 6/13/2029 4.6  4.6  4.2  —  %
Picon Motors LLC dba The New Young's Motors (#,^) 199-211 Central Ave, Orange, NJ 50025 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/12/2029 213.8  213.8  207.9  0.06  %
Ivesters Transportation, Inc (#,^) 4299 South 2675 West, Roy, UT 95682 Truck Transportation Term Loan Prime plus 2.75% 6/11/2029 228.5  228.5  188.9  0.06  %
GT Performance Plus Inc (#,^) 4210 College St., Beaumont, TX 29456 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/11/2044 97.3  97.3  103.8  0.03  %
31
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
GT Performance Plus Inc (#,^) 4210 College St., Beaumont, TX 78501 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/11/2029 69.9  69.9  56.0  0.02  %
Independent Transport, LLC dba Independent Water (#,^) 3739 E Ridgeway Road, Orange, CA 33619 Nonstore Retailers Term Loan Prime plus 2.75% 6/10/2029 187.0  187.0  167.2  0.05  %
Smith and Son Plumbing, LLC (#,^) 15922 Eldorado Parkway, Ste 500-1579, Frisco, TX 71291 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/10/2029 76.0  76.0  63.8  0.02  %
Archer Cleaners Inc (#) 1514 W. 33rd St., Chicago, IL 53217 Personal and Laundry Services Term Loan Prime plus 6.5% 6/10/2029 11.6  11.6  10.5  —  %
Neely Motorsports, Inc dba Earl's Store #1;Earl's Performance Plumbing (#,^) 15825-15827 Hawthorne Blve, Lawndale, CA 52402 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/7/2044 237.3  237.3  248.7  0.08  %
J&A Elliott Company (#,^) 1118 Thornberry Dr, Clarksville, TN 30354 Nonstore Retailers Term Loan Prime plus 2.75% 6/7/2029 9.6  9.6  9.9  —  %
Johnny's Boy LLC (#,^) 127 East King St., Martinsburg, WV 96003 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/7/2044 99.4  99.4  103.0  0.03  %
Throop Family Holding Inc dba Klamath Basin Metals and Supply, dba Rog (#,^) 7130 Crater Lake Hwy, White City, OR 78248 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/7/2029 36.6  36.6  31.5  0.01  %
Allison K. Chipak dba Still Photography (#) 195 Terrace Place, Apt. 2, Brooklyn, NY 07004 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 6/6/2029 11.6  11.6  10.5  —  %
Skin Beauty Bar Inc (#,^) 749 8th St., Washington, DC 91405 Personal and Laundry Services Term Loan Prime plus 2.75% 6/6/2029 4.8  4.8  3.8  —  %
Jamestown Quick Stop LLC (#,^) 3097 24th Ave, Hudsonville, MI 48237 Food and Beverage Stores Term Loan Prime plus 2.75% 6/5/2044 68.3  68.3  69.4  0.02  %
Preferred Manufacturing Services Inc (#,^) 4261 Business Dr, Cameron Park, CA 78217 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/5/2029 434.8  434.8  447.0  0.14  %
Oasis Senior Advisors Franchise Systems, LLC (#,^) 24870 Burnt Pine Dr, Bonita Springs, FL 24018 Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Term Loan Prime plus 2.75% 6/4/2029 279.0  279.0  278.3  0.09  %
Evoke Growth Advisory LLC (#,^) 2600 Brookwood Way Dr, Unit 311, Rolling Meadows, IL 59701 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/3/2029 6.9  6.9  5.4  —  %
V & M Transportation LLC (#,^) 1307 27th St. Apt B, North Bergen, NJ 48071 Truck Transportation Term Loan Prime plus 2.75% 5/31/2029 11.9  11.9  9.3  —  %
G.S.A.T. Restoration Inc. dba Paul Davis Restoration & Remodeling of G (#,^) 1450 Oakbrook Dr, Norcross, GA 46840 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/31/2029 106.9  106.9  87.3  0.03  %
Martin Inventory Management, LLC (#,^) 304 1/2 Main St., Edgefield, SC 89118 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/31/2029 45.5  45.5  45.9  0.01  %
Morey Publishing LLC (#,^) 575 Underhill Blvd, Ste 216, Syosset, NY 48071 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/31/2029 56.8  56.8  45.1  0.01  %
SSD Designs, LLC (#,^) 486 Vance St., Forest City, NC 05201 Chemical Manufacturing Term Loan Prime plus 2.75% 5/30/2044 416.6  416.6  459.8  0.14  %
Aspen Welding LLC (#,^) 28803 US-6, Rifle, CO 85206 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 5/30/2044 401.4  401.4  420.1  0.13  %
Inside & Out Maintenance LLC (#,^) 1698 SW Pancoast St., Port St Lucie, FL 19147 Administrative and Support Services Term Loan Prime plus 2.75% 5/30/2029 90.9  90.9  71.9  0.02  %
32
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
AGR, Inc (#,^) 2-255555 Kaumualii Hwy, Kalaheo, HI 95991 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2044 770.8  770.8  844.6  0.26  %
Brooklyn Breakfast Shop LLC (#,^) 7707 S IH 35 Frontage Rd #730, Austin, TX 19020 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2029 4.5  4.5  4.0  —  %
Canela Media Inc (#,^) 2715 Palomino Circle, La Jolla, CA 33036 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/29/2029 108.0  108.0  90.3  0.03  %
PD Financial LLC (#,^) 364 Parsippany Road, Unit 7-B, Parsippany, NJ 11213 Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 5/28/2044 48.0  48.0  50.4  0.02  %
SV Enterprise LLC dba Haagen-Dazs (#,^) 1885 Briargate Pkwy, Space D-413, Colorado Springs, CO 30038 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/24/2029 84.3  84.3  66.1  0.02  %
Top Notch Roofing, Inc (#,^) 46 Cherry St., Milton, VT 10010 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/23/2029 111.9  111.9  92.1  0.03  %
MCM Design LLC (#) 5926 Vinings Vintage Way, Mableton, GA 06340 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 5/23/2029 9.2  9.2  8.4  —  %
2820 US HWY 98 N LLC dba Total Package Car Wash (#) 2820 US Hwy 98 N, Lakeland, FL 45150 Repair and Maintenance Term Loan Prime plus 2.75% 5/23/2029 121.4  121.4  122.3  0.04  %
McGuckin & Pyle Inc (#,^) 120 Corporate Ln, New Bern, NC 77040 Machinery Manufacturing Term Loan Prime plus 2.75% 5/23/2044 302.2  302.2  316.5  0.10  %
Clowers Trucking By Faith LLC (#) 705 E Brookwood PL, Valdosta, GA 85365 Truck Transportation Term Loan Prime plus 6.5% 5/23/2029 11.4  11.4  10.3  —  %
ES&A, INC., A LAW CORPORATION (#,^) 1003 Bishop St., Honolulu, HI 97214 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/22/2029 102.3  102.3  81.3  0.03  %
Gratitude Training, LLC (#,^) 1901 N Federal Hwy, Ste 212, Pompano Beach, FL 06460 Administrative and Support Services Term Loan Prime plus 2.75% 5/22/2029 68.2  68.2  53.5  0.02  %
Bloomquist Communications Inc. dba FastSigns 42501 (#,^) 131 East Trinity Place, Decatur, GA 14150 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 5/22/2029 13.6  13.6  10.9  —  %
Anchor Up Fitness and Nutrition, LLC (#,^) 2464 US-29, Pensacola, FL 92154 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/21/2029 18.4  18.4  16.3  0.01  %
Kappa Investments LLC dba Buddy's Home Furnishings (#,^) 365 Lowe's Dr, Ste H, Danville, VA 92592 Rental and Leasing Services Term Loan Prime plus 2.75% 5/17/2029 394.5  394.5  310.9  0.10  %
Covalent Holding LLC (#,^) 18 West Chestnut St.,Unit 2F, Chicago, IL 20706 Nonstore Retailers Term Loan Prime plus 2.75% 5/17/2029 221.0  221.0  199.6  0.06  %
BD Branson Victorian LLC dba Branson Surrey Inn (#,^) 430 a/k/a 450 South Hwy 165, Branson, MO 33446 Accommodation Term Loan Prime plus 2.75% 5/17/2029 232.2  232.2  238.7  0.07  %
AMP Trucking Inc (#,^) 1030 Gettysburg Ave, Clovis, CA 33351 Truck Transportation Term Loan Prime plus 2.75% 5/16/2029 237.2  237.2  185.6  0.06  %
CJNR LLC dba Chenney Bear Cafe, Elma Lodge & Suites, Parkhurst Motel, (#,^) 208 East Main St., Elma, WA 50225 Accommodation Term Loan Prime plus 2.75% 5/16/2029 17.1  17.1  17.5  0.01  %
Cut To The Chase 502 LLC (#,^) 6903 Lakegreen Ct, Louisville, KY 06516 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/16/2029 3.1  3.1  2.6  —  %
Two Pie Lovers LLC dba Pizza Outpost (#,^) 302 E. Millitary Hwy U1122, Brackettville, TX 78383 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/10/2044 42.9  42.9  45.7  0.01  %
33
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
The Lobster Pot Inc (#,^) 119 Hope St., Bristol, RI 07011 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/10/2044 361.4  361.4  388.1  0.12  %
Crystal D. Walls dba Crystal's Cleaning Service (#) 26 Cooper Rd, Byhalia, MS 75791 Administrative and Support Services Term Loan Prime plus 6.5% 5/9/2029 9.2  9.2  8.4  —  %
Aloha To Go LLC (#,^) 5903 Seminole Blvd, Seminole, FL 07072 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/9/2029 14.1  14.1  11.1  —  %
Blue Country Firearms LLC (#,^) 221 N Main St, Kingsfisher, OK 32066 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/8/2044 20.6  20.6  20.1  0.01  %
NYM Solutions Inc.dba NYM Solutions, Inc (#) 1250 NW 7th St. Ste 201, Miami, FL 92345 Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 5/6/2029 11.6  11.6  10.5  —  %
Folklore Music Exchange LLC (#,^) 617 Tennessee Ave, Charleston, WV 11763 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/6/2029 4.7  4.7  3.7  —  %
Life View Prenatal Imagery, LLC (#,^) 312 79th Ave North, Myrtle Beach, SC 33014 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/3/2029 5.5  5.5  4.6  —  %
Mark Garvin dba Tipsy Canyon Winery (#,^) 150 Upper Joe Creek Road, Manson, WA 33014 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 5/3/2044 104.2  104.2  116.8  0.04  %
EPIFAB,LLC (#,^) 1341 Brooks St. Unit D, Ontario, CA 95628 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 5/3/2029 19.4  19.4  16.6  0.01  %
Global Enterprises LLC dba Verdi Pizza (#,^) 3111 S Valley View Blvd, Las Vegas, NV 12533 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/3/2029 19.0  19.0  14.8  —  %
Art Amore Studios, LLC (#,^) 6507 Jester Blvd, Ste #107, Austin, TX 64131 Educational Services Term Loan Prime plus 2.75% 5/3/2029 5.0  5.0  3.9  —  %
Modern Trousseau, LLC (#,^) 125 Bradley Road, Woodbridge, CT 96816 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 5/1/2029 284.2  284.2  270.9  0.08  %
Disability Resolution P.A. (#) 1619 Malon Bay Dr, Orlando, FL 95122 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 4/30/2029 2.7  2.7  2.5  —  %
DeVega Juice Co, - East Cobb, LLC dba Clean Juice Johnson Ferry (#,^) 1205 Johnson Ferry Rd Ste 124, Marietta, GA 06437 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2029 58.3  58.3  56.3  0.02  %
Midlothian Hardware, Inc dba Grills True Value (#,^) 475 West 147th St, Midlothian, IL 45377 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 4/29/2029 36.1  36.1  37.2  0.01  %
ASM Partners LLC (#,^) 1619 Roberts Dr SE, Mableton, GA 91355 Nonstore Retailers Term Loan Prime plus 2.75% 4/26/2029 220.7  220.7  197.1  0.06  %
Sona USA, Inc (#,^) 15280 NW 79th Ct Ste 109, Miami Lakes, FL 92203 Telecommunications Term Loan Prime plus 2.75% 4/26/2029 149.1  149.1  128.7  0.04  %
Pellegrin Marine Transportation, LLC (#,^) 117 Country Village Dr, Raceland, LA 43545 Support Activities for Transportation Term Loan Prime plus 2.75% 4/26/2029 116.8  116.8  100.0  0.03  %
Benevolent International Inc (#,^) 2781 Saturn St. Ste F, Brea, CA 34108 Administrative and Support Services Term Loan Prime plus 2.75% 4/26/2029 71.6  71.6  56.1  0.02  %
Jones Roger Sherman Inn, Inc. (#,^) 195 Oenoke Ridge, New Canaan, CT 33134 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/25/2029 132.1  132.1  135.8  0.04  %
La Dolce Vita LLC. (#,^) 196 N. Holiday Road, Miramar Beach, FL 11701 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/25/2044 461.5  461.5  500.8  0.15  %
34
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
La Dolce Vita, LLC, La Dolce Vita Watersports LLC, LDV Golf Cart & Bil (#,^) 196 N. Holiday Road, Miramar Beach, FL 45011 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/25/2029 451.8  451.8  386.1  0.12  %
Quality Living Medical Alert, LLC (#,^) 1882 Capital Circle NE, Ste 104, Tallahassee, FL 37620 Social Assistance Term Loan Prime plus 2.75% 4/24/2029 49.7  49.7  44.2  0.01  %
ER & DC McPherson Holdings, LLC (#,^) 6957 W Broward Blvd., Plantation, FL 33065 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/19/2029 43.8  43.8  35.0  0.01  %
All My Best Inc. (#,^) 4320 Anthony Court Stes 1,2,3, Rocklin, CA 05468 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 4/19/2029 56.5  56.5  47.1  0.01  %
Expert Building Services LLC (#,^) 74 Roosevelt St., Pequannock Township, NJ 60430 Administrative and Support Services Term Loan Prime plus 2.75% 4/17/2029 18.4  18.4  14.4  —  %
Rello, Inc. dba ID Salon (#) 8063 Jericho Turnpike, Woodbury, NY 21601 Personal and Laundry Services Term Loan Prime plus 6.5% 4/17/2029 5.5  5.5  5.0  —  %
2Choice2Friends dba 2 N 1 Salad Bar and Grill (#) 901 W Braker Lane, Austin, TX 14424 Food Services and Drinking Places Term Loan Prime plus 6.5% 4/17/2029 11.5  11.5  10.4  —  %
Bottles on Broadway, LLC (#,^) 1083 North Broadway, North Massapequa, NY 37209 Food and Beverage Stores Term Loan Prime plus 2.75% 4/17/2029 116.3  116.3  93.8  0.03  %
Modern Demo & Services LLC (#,^) 10161 W Park Run Dr, Las Vegas, NV 92376 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2029 112.9  112.9  90.4  0.03  %
Pranamji Inc dba Ohara's Beverage Spot (#,^) 2300 Levit Road, Lorain, OH 70373 Food and Beverage Stores Term Loan Prime plus 2.75% 4/16/2044 46.3  46.3  46.6  0.01  %
Cormac Enterprises, Inc (#,^) 1205 38th Ave North, Myrtle Beach, SC 90064 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/16/2029 20.3  20.3  16.3  0.01  %
Bill Berger LLC (#,^) 8728 Tireman Ave, Detroit, MI 04062 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 4/12/2029 8.1  8.1  6.4  —  %
J.T. ONeill Company, LLC (#,^) 19972 Willowin Farm Lane, Purceville, VA 39645 Real Estate Term Loan Prime plus 2.75% 4/12/2029 8.8  8.8  6.9  —  %
Samco Food Corp dba C-Town Supermarket (#,^) 1761 Nostrand Ave, Brooklyn, NY 83406 Food and Beverage Stores Term Loan Prime plus 2.75% 4/12/2029 90.3  90.3  70.7  0.02  %
Gilpin Enterprises, LLC dba Jon Smith Subs (#,^) 17790 State Road 54, Lutz, FL 55304 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/12/2029 71.7  71.7  58.7  0.02  %
Southern Gulf Construction, Inc. (#,^) 367 Pine Island Road, North Fort Myers, FL 91301 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/12/2029 100.5  100.5  93.7  0.03  %
CK Heating and Cooling LLC (#,^) 10017 Pebble Beach Dr, St. Louis, MO 49891 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/12/2029 18.5  18.5  14.6  —  %
P. Moss Enterprises, LLC dba Garage Experts-Mid Atlantic (#,^) 3563 South River Terrace, Edgewater, MD 27858 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/12/2029 39.8  39.8  32.9  0.01  %
Maxiflex LLC (#,^) 512 Verret St., New Orleans, LA 21223 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/11/2029 56.5  56.5  58.0  0.02  %
VRGE Strategies LLC (#,^) 1155 15th St NW, Washington, DC 21207 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/10/2029 122.8  122.8  96.1  0.03  %
Georgetown Milling Co, LLC (#,^) 9001 Wentworth Springs Road, Georgetown, CA 11429 Wood Product Manufacturing Term Loan Prime plus 2.75% 4/9/2029 11.5  11.5  9.6  —  %
35
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
FRAJOVI Urban Air, LLC dba Urban Air Trampoline& Adventure Park (#,^) 1256 Indian Head Road, Toms River, NJ 75087 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 1/8/2030 546.2  546.2  544.9  0.17  %
Bose and Avinder, Inc.and Carmel and Preet Inc (#,^) 28201 Date Palm Dr, Cathedral City, CA 97005 Gasoline Stations Term Loan Prime plus 2.75% 4/5/2029 52.0  52.0  53.4  0.02  %
Marnon Enterprise LLC (#,^) 6713 Biscay Hbr, San Antonio, TX 93313 Administrative and Support Services Term Loan Prime plus 2.75% 4/5/2029 4.3  4.3  3.4  —  %
Ren Investment Group Inc dba True Positon Manufacturing (#,^) 40 Sandra Dr, South Windsor, CT 90021 Machinery Manufacturing Term Loan Prime plus 2.75% 3/29/2029 720.6  720.6  645.4  0.20  %
J Brothers Enterprises, LLC (#,^) 1101 NW 12TH Ave, Ava, MO 11762 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/29/2044 630.9  630.9  668.2  0.21  %
La Favorita Radio Network (#,^) 4043 Geer Rd, Hughson, CA 90046 Broadcasting (except Internet) Term Loan Prime plus 2.75% 3/29/2029 336.3  336.3  306.4  0.09  %
EJ & James Transport LLC (#,^) 3100 Drewsky Lane Unit 108, Fort Mills, SC 51360 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 8.5  8.5  8.0  —  %
Pizzaplex L3C (#,^) 4458 West Vernor Hwy, Detroit, MI 37115 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2029 40.2  40.2  36.1  0.01  %
Stillwater Ventures, LLC (#,^) 8272 W. Sunset Blvd, Los Angeles, CA 93108 Nonstore Retailers Term Loan Prime plus 2.75% 3/29/2029 373.4  373.4  357.5  0.11  %
Bayco Enterprises, Inc (#,^) 128 Cowesett Ave, West Warwick, RI 89502 Gasoline Stations Term Loan Prime plus 2.75% 3/29/2044 194.4  194.4  223.9  0.07  %
Bhatti LLC dba Auntie Ann's & Bhatti LLC 1 (#,^) 7219 Silver Mist Ave, North Chesterfield, VA 55426 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2029 148.0  148.0  130.0  0.04  %
Reliable Power Group Inc. dba Batteries + bulbs Pensacola (#,^) 6895 N. 9th Ave Ste B, Pensacola, FL 28658 Repair and Maintenance Term Loan Prime plus 2.75% 3/29/2029 89.7  89.7  79.1  0.02  %
Bright Freight Solution, LLC (#,^) 1112 N Main St, Manteca, CA 06831 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 1,076.5  1,076.5  996.1  0.31  %
Hamsons Inc. (#,^) 4900 Hopyard Road, Pleasanton, CA 30342 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/29/2029 168.3  168.3  147.8  0.05  %
Royalty Freight Inc. (#,^) 3728 W McKinley Ave, Fresno, CA 60611 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 384.2  384.2  362.3  0.11  %
Key HR Associates, Inc dba Parents Choice for Kids (#,^) 3150 West Park Dr, Burnsville, MN 46545 Social Assistance Term Loan Prime plus 2.75% 3/29/2044 443.8  443.8  475.4  0.15  %
Raven's Place LLC (#,^) 13031 S Western Ave, Blue Island, IL 39209 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2044 672.4  672.4  728.2  0.22  %
StillBasi Holdings, Inc. dba Buxton Auto Transport (#,^) 9371 Jackson Rd, Sacramento, CA 06798 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 269.3  269.3  248.3  0.08  %
NuBe Business Group LLC (#,^) 2140 44th St SE, Ste 201, Grand Rapids, MI 33952 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/29/2044 40.1  40.1  46.2  0.01  %
Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery (#,^) 229 Medical Park Road, Ste 310, Mooresville, NC 44805 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2044 820.8  820.8  871.5  0.27  %
Felipe Antonio Del Valle M.D. P.A. (#,^) 7190 SW 87th Ave Ste 203, Miami, FL 33771 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2029 13.5  13.5  11.8  —  %
36
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Peak Performance Associates LLC dba Nova Hypnosis and Wellnes (#,^) 10420 Hunter View Rd, Vienna, VA 07042 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/29/2029 53.9  53.9  47.3  0.01  %
Complete Care IT LLC (#,^) 4801 South University Dr Ste 125, Davie, FL 44114 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/29/2029 47.1  47.1  41.5  0.01  %
Knoxville Room Service (#,^) 10670 Parkside Dr, Knoxville, TN 91390 Food and Beverage Stores Term Loan Prime plus 2.75% 3/29/2029 6.1  6.1  5.5  —  %
Outtasight Careers, LLC dba Gecko Hospitality (#,^) 109 W Fern St., Tampa, FL 76645 Administrative and Support Services Term Loan Prime plus 2.75% 3/29/2029 46.7  46.7  41.0  0.01  %
Turtle Shirts, LLC (#,^) 10241 Metro Pkwy# 108, Ft Myers, FL 66083 Printing and Related Support Activities Term Loan Prime plus 2.75% 3/29/2029 48.2  48.2  43.3  0.01  %
Skaggs RV Outlet ,LLC (#,^) 301 Commerce Dr, Elizabethtown, KY 85122 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/28/2029 224.2  224.2  233.7  0.07  %
Cleland Pharmacy LLC (#,^) 202 S First St., Wakeeney, KS 07927 Health and Personal Care Stores Term Loan Prime plus 2.75% 3/28/2029 20.2  20.2  21.0  0.01  %
J.C. Pallet Company, Inc. (#,^) 18427 New Kent Hwy, Barhamsville, VA 08037 Wood Product Manufacturing Term Loan Prime plus 2.75% 3/28/2029 403.9  403.9  391.9  0.12  %
Four Seasons Laser Center Inc. (#,^) 4720 NW 2nd Ave Unit D104 and Unit D-105, Boca Raton, FL 07307 Personal and Laundry Services Term Loan Prime plus 2.75% 3/28/2029 13.5  13.5  13.2  —  %
RG Productions LLC (#,^) 2414 W Battlefield Ste H, Springfield, MO 77075 Rental and Leasing Services Term Loan Prime plus 2.75% 3/28/2029 139.5  139.5  131.0  0.04  %
Custom Vinyl Products LLC (#,^) 260 Enterprise Dr, Newport News, VA 85042 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/28/2044 990.3  990.3  1,082.5  0.33  %
GS Bath Inc (#,^) 5335 E. Kaviland Ave, Fresno, CA 48060 Truck Transportation Term Loan Prime plus 2.75% 3/28/2029 280.5  280.5  262.8  0.08  %
Planet X Tobacco & Gift, LLC (#,^) 900 West Northern Lights Blvd, Anchorage, AK 91723 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/28/2044 228.2  228.2  262.5  0.08  %
Cocomo Joe's LLC (#,^) 3949 New Road, Youngstown, OH 91723 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2029 3.1  3.1  2.9  —  %
PA Sobol Partners LLC dba Sobal (#,^) 206 Rohrerstown Rd, Lancaster, PA 08807 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/28/2029 46.1  46.1  42.0  0.01  %
Ocean Trans LLC and Dehal Trucking LLC (#,^) 1415 W Anderson St., Stockton, CA 03234 Truck Transportation Term Loan Prime plus 2.75% 3/27/2029 67.2  67.2  70.1  0.02  %
Cinco Fit LLC dba Cinco Fit (#,^) 23010 Highland Knolls Blvd, Ste G, Katy, TX 28273 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/27/2029 148.1  148.1  130.1  0.04  %
Danielle Vance LPC, LLC dba Danielle Vance MA, LPC (#,^) 2543 Eliot St., Denver, CO 21915 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/27/2029 5.1  5.1  4.5  —  %
DC AG, LLC dba Big B Sales (#,^) 674 LA- 8, Sicily Island, LA 02816 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/27/2044 574.9  574.9  618.3  0.19  %
Heritage Hills Athletics 1, LLC and Heritage Hills Athletics 1, LLC (#,^) 2880 Carol Rd, East York, PA 66046 Personal and Laundry Services Term Loan Prime plus 2.75% 3/26/2044 1,222.6  1,222.6  1,334.2  0.41  %
District 5 Boutique LLC (#,^) 317 N Farview Ave, Paramus, NJ 02347 Nonstore Retailers Term Loan Prime plus 2.75% 3/26/2029 112.2  112.2  98.6  0.03  %
37
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
J & C May Properties, LLC (#,^) 315 Sylamore Ave, Mountain View, AR 19807 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/22/2044 1,108.9  1,108.9  1,138.3  0.35  %
Virginia Industrial Plastics, Inc. (#,^) 2454 N East Side Hwy,, Elkton, VA 43614 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/22/2044 290.0  290.0  333.6  0.10  %
Gary Krause dba Gary Krause Landscaping & Design (#,^) 489 Hamilton Road, Jacksonville, OR 81526 Administrative and Support Services Term Loan Prime plus 2.75% 3/22/2029 5.4  5.4  5.1  —  %
Skyways, LTD (#,^) 350 15th St. NW, Huron, SD 29039 Support Activities for Transportation Term Loan Prime plus 2.75% 3/22/2029 740.7  740.7  656.3  0.20  %
Virginia Industrial Plastics, Inc. (#,^) 2454 North East Side Hwy, Elkton, VA 04401 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/22/2029 243.0  243.0  253.3  0.08  %
Pitman Holding LLC (#,^) 1116 E Main St, Richmond, VA 04401 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/21/2029 6.7  6.7  6.2  —  %
American Trails Transport, LLC (#,^) 8704 Grand Ave, Billings, MT 35124 Truck Transportation Term Loan Prime plus 2.75% 3/21/2029 49.4  49.4  45.9  0.01  %
Dependable Lawn Care, Inc. (#,^) 2320 138th St., Blue Island, IL 01760 Personal and Laundry Services Term Loan Prime plus 2.75% 3/21/2044 186.3  186.3  211.6  0.07  %
Dependable Lawn Care, Inc. (#,^) 2320 138TH ST, Blue Island, IL 53221 Personal and Laundry Services Term Loan Prime plus 2.75% 3/21/2029 469.1  469.1  435.7  0.13  %
Michigan Neurosurgical Institute, P.C.,,Optical Spine,LLC, MNI Great L (#,^) 9400 South Saginaw St., Unit 1, Grand Blanc, MI 23834 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/20/2044 347.2  347.2  371.0  0.11  %
Sound Manufacturing Inc (#,^) 1 Williams Lane, Old Saybrook, CT 94103 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/20/2029 44.8  44.8  39.4  0.01  %
Michigan Neurosurgical Institute P.C. (#,^) 9400 South Saginaw St., Unit 1, Grand Blanc, MI 77049 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/20/2029 162.7  162.7  143.6  0.04  %
Mega Trucking LLC and Olyimpian Industries LLC (#,^) 5979 NW 151st St, Miami Lakes, FL 53140 Truck Transportation Term Loan Prime plus 2.75% 3/20/2029 358.8  358.8  341.8  0.11  %
Marvellous Print & Ship LLC (#,^) 605 W Main St, Oxford, KS 27330 Printing and Related Support Activities Term Loan Prime plus 2.75% 3/19/2029 3.0  3.0  2.7  —  %
Frontline Selling LLC (#,^) 6505 Shiloh Road,Units 300,310 and 320, Alpharetta, GA 11231 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/19/2029 280.5  280.5  292.3  0.09  %
Game Station, Inc. (#,^) 2917 1st Ave SE, Cedar Rapids, IA 27330 Rental and Leasing Services Term Loan Prime plus 2.75% 3/19/2029 235.6  235.6  219.0  0.07  %
Panetcarne Inc.dba Jersey Mike's Subs Greenfield (#,^) 23077 Greenfield Road, Southfield, MI 06033 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2029 83.6  83.6  75.2  0.02  %
B & W Towing LLC (#,^) 701 Addison Road, Painted Post, NY 92618 Support Activities for Transportation Term Loan Prime plus 2.75% 3/15/2029 51.6  51.6  53.8  0.02  %
Vanchoc Transport Inc (#,^) 137 3rd St, Brooklyn, NY 13815 Rental and Leasing Services Term Loan Prime plus 2.75% 3/15/2029 78.5  78.5  68.9  0.02  %
Stepping Stones Children's Academy LLC (#,^) 1655 E Warm Springs Road, Las Vegas, NV 29306 Social Assistance Term Loan Prime plus 2.75% 3/15/2044 366.8  366.8  403.3  0.12  %
Screening Services Group, LLC (#,^) 8670 Wilshire Blvd, Beverly Hills, CA 48035 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 3/14/2029 252.6  252.6  228.2  0.07  %
38
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Space Express, LLC (#,^) 2775 Burris Road, Davie, FL 34746 Truck Transportation Term Loan Prime plus 2.75% 3/12/2029 127.1  127.1  114.6  0.04  %
Mill Creek Early Childhood Program LLC (#,^) 510 South Batavia Ave, Batavia, IL 73430 Social Assistance Term Loan Prime plus 2.75% 8/11/2029 57.1  57.1  50.4  0.02  %
Alpine Remediation, Inc, T & M Holdings, LLC (#,^) 14252 W 44th Ave Unit F, Golden, CO 92612 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/8/2029 78.6  78.6  74.3  0.02  %
Precise Air Systems, Inc (#,^) 5467 W San Fernando Road, Los Angeles, CA 02807 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/8/2029 234.6  234.6  208.9  0.06  %
Kalloren Provel LLC (#,^) 6919 Oak Ridge Commerce Way, Austell, GA 17847 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/8/2044 275.4  275.4  303.1  0.09  %
D & S Village Hardware LLC dba Cedar Mountain Country Store & Samantha (#,^) 76 Ranch Road a/k/a 3695 Movie Ranch Road, Duck Creek, UT 92352 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/8/2044 197.3  197.3  220.7  0.07  %
Wildflour Bakery & Cafe LLC (#,^) 5137 Clareton Dr Ste 100,110 & 120, Agoura Hills, CA 28429 Food Manufacturing Term Loan Prime plus 2.75% 3/8/2029 78.5  78.5  69.0  0.02  %
SG Welch Inc dba Sparks Auto Service (#,^) 19138 Molalla Ave, Oregon City, OR 94063 Repair and Maintenance Term Loan Prime plus 2.75% 3/8/2029 56.1  56.1  50.3  0.02  %
Seeds of Knowledge Creative Learning Center LLC (#,^) 15101 West McNichols Road, Detroit, MI 97327 Social Assistance Term Loan Prime plus 2.75% 3/7/2044 22.0  22.0  24.6  0.01  %
Doble Rentals, L.L.C , Doble Rentals 2, LLC, Doble Rentals 3, LLC (#,^) 487 Elizabeth Lake Rd, Waterford, MI 78758 Rental and Leasing Services Term Loan Prime plus 2.75% 3/4/2029 141.4  141.4  124.2  0.04  %
Monkey Bones LLC (#,^) 3361 Dayton Xenia Road, Beavercreek, OH 17872 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2044 19.0  19.0  21.9  0.01  %
NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC (#,^) 20 Silver Fox Lane, Sussex, NJ 10022 Food Manufacturing Term Loan Prime plus 2.75% 2/28/2029 44.6  44.6  43.5  0.01  %
Wooter Apparel, Inc (#,^) 727 Page Ave., Staten Island, NY 76033 Nonstore Retailers Term Loan Prime plus 2.75% 2/28/2029 44.6  44.6  39.9  0.01  %
Shah Medical Center SC & Heeena Shyamani (#,^) 484 Summit St, Elgin, IL 35757 Hospitals Term Loan Prime plus 2.75% 2/28/2044 247.9  247.9  255.0  0.08  %
Legacy Roof Contractors LLC (#,^) 32091 Broken Branch Circle, Spanish Fort, AL 80601 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2044 294.0  294.0  313.9  0.10  %
Woodard Electric Services, Inc. (#,^) 1600 Carter Cove Road, Hayesville, NC 33065 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2029 19.3  19.3  17.2  0.01  %
Matrix Z LLC (#) 800 SW 21st Terrace, Ft Lauderdale, FL 46013 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 6.5% 2/27/2029 11.4  11.4  11.5  —  %
Merdad Dentistry PLLC dba Easy Dental Care (#,^) 7522 Old Linton Hall Road, Gainesville, VA 45377 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/26/2029 14.0  14.0  12.3  —  %
Harbor Management Company Inc dba Jamba Juice (#,^) 5501 Josh Birmingham Pkwy Concourse A, Charlotte, NC 76092 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/22/2029 133.7  133.7  118.9  0.04  %
EasyBooks, Inc. (#,^) 949 Turquoise St., San Diego, CA 08104 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/22/2029 5.4  5.4  4.7  —  %
39
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Mia Restoration Inc dba PuroClean and Puroclean of Morristown NJ (#,^) 3633 B Hill Road, Parsippany, NJ 07080 Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/21/2029 36.8  36.8  33.3  0.01  %
Citiline Cafe At Jacobs Plaza, LLC dba Citiline Cafe (#,^) 12140 Wickchester Ln STE 130, Houston, TX 84067 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/20/2029 43.3  43.3  38.1  0.01  %
Bowl 360 Inc. (#,^) 98-18 Rockaway Blvd, Ozone Park, NY 77707 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/19/2029 145.0  145.0  137.1  0.04  %
Rob Barletta's Hockey School, Inc (#,^) 2130 Providence Hwy, Walpole, MA 60608 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 2/19/2029 97.0  97.0  101.1  0.03  %
Bowl 360 Inc. (#,^) 98-18 Rockaway Blvd, Far Rockaway, NY 75035 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/19/2029 124.3  124.3  109.8  0.03  %
Outler Transportation Services,LLC (#,^) 3775 Carriage Downs CT SW, Snellville, GA 77707 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 2/19/2029 40.1  40.1  35.9  0.01  %
M & M Burgers Inc dba Checkers (#,^) 530 Willis Ave, Bronx, NY 37043 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2029 103.1  103.1  92.6  0.03  %
Integris Roofing, Inc (#,^) 1174 Yellostone Dr, Lake Arrowhead, CA 97503 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/15/2029 20.1  20.1  17.6  0.01  %
Tony Herring & Associates, Inc (#,^) 211 West Camellia Dr, Slidell, LA 55104 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 2/14/2029 13.4  13.4  13.9  —  %
Gateway Veterinary Services, P.C. dba Liberty Animal Clinic (#,^) 9212 Liberty Ave, Ozone Park, NY 25401 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/14/2044 135.1  135.1  155.5  0.05  %
Par-Man, Inc. dba Rockstar Tattoo (#,^) 450 Fremont St #109 and 113, Las Vegas, NV 11218 Health and Personal Care Stores Term Loan Prime plus 2.75% 2/14/2029 55.7  55.7  49.4  0.02  %
KHSE Parks, Inc. (#,^) 600 West Charles St., Matthews, NC 90260 Administrative and Support Services Term Loan Prime plus 2.75% 2/14/2029 71.6  71.6  62.9  0.02  %
Precedence Enterprises LLC dba Spartan Junk Removal (#,^) 8101 Sandy Spring Road Ste 250N, Laurel, MD 49426 Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/8/2029 14.3  14.3  13.3  —  %
Pamletics LLC dba F45 (#,^) 22015 IH 10 West, San Antonio, TX 29456 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/8/2029 3.3  3.3  3.2  —  %
Shepherd Fitness, LLC dba Workout Anytime Ooltewah (#,^) 9408 Apison Pike, Ste 11, Ooltewah, TN 95682 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/8/2029 150.7  150.7  140.1  0.04  %
EJGR Corp dba Brite Energy Solutions (#,^) 87 Main St. Upper Level, Hastings-on-Hudson, NY 20003 Utilities Term Loan Prime plus 2.75% 2/8/2029 55.7  55.7  49.1  0.02  %
Creative Counseling Nashville PLLC (#,^) 4119 Gallatin Pike, Nashville, TN 34134 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/7/2029 2.0  2.0  1.7  —  %
RIHAHN INC dba RDBL, INC. (#,^) 1397 McGuire Road, Lamar, AR 33065 Forestry and Logging Term Loan Prime plus 2.75% 2/5/2029 6.1  6.1  6.4  —  %
Hernando Beach Motel Inc.,The Purple Cow House of Pancake Inc (#,^) 4291 Shoal Line Blvd, Hernando Beach, FL 11791 Accommodation Term Loan Prime plus 2.75% 2/1/2029 13.4  13.4  13.9  —  %
Jesus and Son's Landscape Contractors, LLC (#,^) 4371 Durham Court, Denver, CO 07047 Administrative and Support Services Term Loan Prime plus 2.75% 2/1/2029 51.3  51.3  46.4  0.01  %
Employer Resource Services LLC dba Data Pool (#,^) 500 Research Rd, Richmond, VA 30093 Administrative and Support Services Term Loan Prime plus 2.75% 1/31/2029 32.1  32.1  28.2  0.01  %
40
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
MYC Motors Inc (#,^) 3808 Vegas Dr, Las Vegas, NV 29824 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 1/30/2044 73.3  73.3  84.3  0.03  %
FNF LLC dba WineStyles (#,^) 11109 Old Seward Hwy, Anchorage, AK 81650 Food and Beverage Stores Term Loan Prime plus 2.75% 1/22/2029 219.3  219.3  192.8  0.06  %
IGWT Coffee, LLC dba PJ's Coffee of New Orleans (#,^) 414 Union St, Nashville, TN 28043 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/18/2029 73.1  73.1  64.2  0.02  %
MMC Investors, LLC dba Clean Juice (#,^) 2879 W 95th St. Ste 195, Naperville, IL 34987 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/18/2029 78.7  78.7  70.6  0.02  %
Hilco Athletics & Graphics Inc (#,^) 55 Green Hill St., West Warwick, RI 92037 Apparel Manufacturing Term Loan Prime plus 2.75% 1/16/2044 67.1  67.1  77.3  0.02  %
Fluid Connections LLC dba BurgerIM (#,^) 174 El Cerrito Plaza, El Cerrito, CA 07054 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/11/2029 55.4  55.4  51.8  0.02  %
CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster (#,^) 309 Coronado Dr, Clearwater Beach, FL 78744 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/11/2029 79.8  79.8  71.2  0.02  %
HSR Tacos LLC dba California Tortilla (#,^) 11694 Sudley Manor Dr, Manassas, VA 96741 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/11/2029 48.3  48.3  42.5  0.01  %
Rashed and Shabila LLC (#,^) 14865 Hwy 92, Woodstock, GA 80920 Gasoline Stations Term Loan Prime plus 2.75% 1/4/2029 19.9  19.9  18.7  0.01  %
Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC (#,^) 215 S Persimmon St,, Tomball, TX 30126 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/31/2028 210.6  210.6  185.0  0.06  %
The Chop House Inc. (#,^) 191 Old Tower Hill Rd., South Kingstown, RI 28562 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/31/2043 544.4  544.4  587.0  0.18  %
Capitol Fitness Inc. dba Anytime Fitness Shelby (#,^) 49045 Van Dyke Ave, Shelby Charter Township, MI 23320 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/28/2028 15.8  15.8  14.6  —  %
Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institut (#,^) 10911 Bonita Beach Rd SE Unit 104 A & 104B, Bonita Springs, FL 30030 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 12/28/2043 18.3  18.3  21.1  0.01  %
Superior Concepts Acquisition Corp (#,^) 1710 Tiles Court, Grand Haven, MI 33805 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/28/2043 497.4  497.4  523.3  0.16  %
Nix and Nix Funeral Home North Inc, (#,^) 1621 W. Dauphin St., Philadelphia, PA 32505 Personal and Laundry Services Term Loan Prime plus 2.75% 12/28/2043 556.7  556.7  626.4  0.19  %
Superior Concepts Acquisition Corp (#,^) 1710 Tiles Ct, Grand Haven, MI 05468 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/28/2028 105.5  105.5  97.4  0.03  %
American Rewinding of NC Inc dba MTS (#,^) 1825 N Rocky River Rd, Monroe, NC 96813 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/28/2028 376.5  376.5  348.5  0.11  %
Omega Funeral and Cremation Services,LLC (#,^) 9503 Kenwood Road, Cincinnati, OH 33062 Personal and Laundry Services Term Loan Prime plus 2.75% 12/28/2043 333.6  333.6  361.4  0.11  %
Fave Realty Inc. (#,^) 74 Larkfield Road, East Northport, NY 65616 Real Estate Term Loan Prime plus 2.75% 12/27/2043 120.6  120.6  138.7  0.04  %
Green Valley Landscape Management Inc. dba Apopka Mower and Equipment (#,^) 2975 W Orange Blossom Trail, Apopka, FL 98541 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2043 452.4  452.4  484.8  0.15  %
Medworxs Inc. (#,^) 6857 Timbers Dr, Evergreen, CO 24540 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/27/2028 9.2  9.2  8.1  —  %
41
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
East Breeze LLC dba Historic Springdale Pub and Eatery (#,^) 32302 East Historic Columbia River Hwy, Corbett, OR 60610 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2043 125.2  125.2  139.1  0.04  %
Reservations Unlimited LLC (#) 312 W Main St., Red River, NM 40291 Real Estate Term Loan Prime plus 2.75% 12/26/2043 138.9  138.9  154.6  0.05  %
BD Branson Victorian LLC dba Branson Victorian Inn (#,^) 450 South Hwy 165, Branson, MO 02809 Accommodation Term Loan Prime plus 2.75% 12/24/2043 485.1  485.1  541.5  0.17  %
RM Hawkins LLC (#,^) 5141 Topaz Dr, Colorado Springs, CO 93161 Nonstore Retailers Term Loan Prime plus 2.75% 12/24/2028 264.0  264.0  246.7  0.08  %
Timios Enterprises Corp dba Palm Court (#,^) 1912 N Arlington Heights Rd., Arlington Heights, IL 78832 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/24/2043 690.7  690.7  756.7  0.23  %
LP Industries, Inc and Playground Packages, LLC (#,^) 2040 Norwood, Lenoir, NC 91762 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/21/2028 83.1  83.1  73.1  0.02  %
Fifth Wheel Truck Stop 001, Inc. (#,^) 3767 South Golden State Blvd, Fresno, CA 38611 Gasoline Stations Term Loan Prime plus 2.75% 12/21/2028 92.6  92.6  81.1  0.03  %
Kyle M Walker DDS, PC (#,^) 1402 W Park Ave, Orange, TX 25302 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2028 99.0  99.0  86.7  0.03  %
Burgess and Dudley, Incorporated (#,^) 24462 NW 9th Place, Newberry, FL 73750 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/21/2028 208.9  208.9  192.1  0.06  %
Diamond Estates LLC (#,^) 110 Court St Ste 1, Cromwell, CT 33772 Construction of Buildings Term Loan Prime plus 2.75% 12/21/2028 66.0  66.0  57.8  0.02  %
Royalty Freight Inc (#,^) 3728 W McKinley Ave, Fresno, CA 29572 Truck Transportation Term Loan Prime plus 2.75% 12/21/2028 85.8  85.8  75.2  0.02  %
The Law Office of Jared E. Shapiro, P.A (#,^) 7777 Glades Rd, Ste 100, Boca Raton, FL 33125 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2028 9.9  9.9  8.7  —  %
Sesolinc GRP, Inc. (#,^) 806 Randy Lowery Road, Statesboro, GA 78750 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/21/2028 330.2  330.2  312.6  0.10  %
D.A.F.S Transport, LLC (#,^) 207 S. Teresa St., Monahans, TX 82821 Truck Transportation Term Loan Prime plus 2.75% 12/21/2028 568.6  568.6  570.0  0.18  %
ETS Tree Service Inc and Eastern Tree Service, Inc (#,^) 4813 Pinson Valley Parkway, Birmingham, AL 30068 Administrative and Support Services Term Loan Prime plus 2.75% 12/21/2028 202.5  202.5  189.9  0.06  %
Precision Bytes LLC dba Tower Connect (#,^) 607 West Magnolia Ave, Fort Worth, TX 32828 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2028 114.2  114.2  100.1  0.03  %
Baseline Health, LLC & Baseline Health Management, LLC (#,^) 1101 Stewart Ave Ste 104, Garden City, NY 70394 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2028 104.6  104.6  93.7  0.03  %
Cammarata Associates LLC (#,^) 5 Greentree Center, Marlton, NJ 06525 Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 12/21/2028 66.0  66.0  57.8  0.02  %
Accel Compression Inc.,Accel Workover Services Inc dba Mica Tool & Tur (#,^) 4500 S Country Rd, Odessa, TX 60445 Rental and Leasing Services Term Loan Prime plus 2.75% 6/21/2044 166.8  166.8  192.2  0.06  %
C&D Trucking & Equipment Service, Inc. (#,^) 4015 Jennings Rd, Cleveland, OH 33016 Repair and Maintenance Term Loan Prime plus 2.75% 12/21/2043 114.4  114.4  131.5  0.04  %
Graff Excavating, Inc (#,^) 803 E State St., Toledo, IA 11797 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/20/2028 172.1  172.1  153.4  0.05  %
42
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Alaska Motor Home Inc (#,^) 6633 Brayton Dr, Anchorage, AK 30126 Rental and Leasing Services Term Loan Prime plus 2.75% 12/20/2028 264.1  264.1  250.2  0.08  %
Flashii App, Inc. (#,^) 75 E Santa Clara St, San Jose, CA 28277 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/20/2028 55.0  55.0  57.1  0.02  %
Local Liberty Inc dba The Wardsboro Country Store (#,^) 23 Main St., Wardsboro, VT 33317 Food and Beverage Stores Term Loan Prime plus 2.75% 12/20/2043 151.5  151.5  168.4  0.05  %
Yellow Fin Marine Services LLC, K Marine XI, LLC K Marine VIII, LLC (#,^) 2043 Coteau Road, Houma, LA 95677 Rental and Leasing Services Term Loan Prime plus 2.75% 12/20/2028 440.5  440.5  449.3  0.14  %
Healthy and Fresco LLC (#,^) 1671 Belle Isle Ave Ste 110- Office C, Mount Pleasant, SC 32308 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/20/2029 40.5  40.5  36.9  0.01  %
Hotel Compete, LLC (#,^) 223 W Jackson Blvd, Chicago, IL 32550 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/20/2028 55.0  55.0  48.2  0.01  %
CK Green Partners, LLC dba Reis and Irvy"s Columbus (#,^) 5010 Augusta Dr, Westerville, OH 55082 Nonstore Retailers Term Loan Prime plus 2.75% 3/20/2029 167.5  167.5  160.0  0.05  %
Roots N Shoots, LLC & Yardplus LLC (#,^) 86 Boston Road, Chelmsford, MA 06840 Administrative and Support Services Term Loan Prime plus 2.75% 12/20/2028 47.5  47.5  42.7  0.01  %
Accent Comfort Services, LLC (#,^) 5035 W. W.T. Harris Blvd Ste C, Mecklenburg, NC 29577 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/19/2028 60.5  60.5  53.5  0.02  %
Marlin Lighting LLC (#,^) 7207 B Lockport Pl, Lorton, VA 44052 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/19/2028 90.9  90.9  79.7  0.02  %
Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral chapel ll (#) G-2340 West Carpenter Road, Flint, MI 21037 Personal and Laundry Services Term Loan Prime plus 2.75% 9/19/2044 410.7  410.7  457.1  0.14  %
The Cromer Company (#,^) 9800 NW 78th Ave, Hialeah Gardens, FL 78758 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/19/2028 440.2  440.2  387.4  0.12  %
JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo (#,^) 316 NW 24th St., Miami, FL 89145 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/19/2029 66.0  66.0  62.1  0.02  %
Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena (#,^) 4477 E 11th Ave, Hialeah, FL 95634 Food Manufacturing Term Loan Prime plus 2.75% 12/14/2028 279.5  279.5  257.6  0.08  %
Alpha Omega Trucking LLC (#,^) 14432-14452 Stateline Road, Brookings, OR 33458 Truck Transportation Term Loan Prime plus 2.75% 12/14/2028 61.6  61.6  64.1  0.02  %
YBL Restaurant Group LLC dba Tropisueno (#,^) 75 Yerba Buena Lane, San Francisco, CA 48204 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/14/2029 336.5  336.5  298.3  0.09  %
Healthy Human, LLC (#,^) 1007 Johnnie Dodds Blvd., Ste 123, Mount Pleasant, SC 92234 Nonstore Retailers Term Loan Prime plus 2.75% 12/14/2028 110.0  110.0  96.4  0.03  %
Ventures TBD LLC dba The Bottle Tree (#,^) 102 Davis St., Belmont, NC 02871 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/14/2043 96.4  96.4  103.5  0.03  %
Peanut Butter & Co., Inc. (#,^) 119 West 57th St., Ste 300, New York, NY 33903 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/14/2028 220.1  220.1  192.9  0.06  %
Alpha Landscape Contractors, Inc (#,^) 2823 Fllintstone Road, Millers, MD 66204 Administrative and Support Services Term Loan Prime plus 2.75% 1/14/2029 293.8  293.8  272.5  0.08  %
43
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974 (#,^) 196-15 Northern Blvd, Flushing, NY 20132 Food and Beverage Stores Term Loan Prime plus 2.75% 12/14/2028 13.9  13.9  12.2  —  %
Fitness Orlando LLC & Fitness Orlando Oviedo, LLC (#,^) 160 Tuskawilla Rd Ste 1214, Winter Springs, FL 20005 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/14/2028 241.9  241.9  222.1  0.07  %
Aero Consulting and Engineering Inc (#,^) 7941 NW 3rd St., Plantation, FL 11226 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/14/2028 13.2  13.2  11.6  —  %
L&M Services, LLC (#,^) 560 Main St., Milford, UT 78249 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/14/2043 195.2  195.2  213.4  0.07  %
Stony Creek Wellness Group, LLC (#,^) 264 Church St, Guilford, CT 91367 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/14/2043 96.4  96.4  107.3  0.03  %
Sound Contracting LLC (#,^) 148 Holmgren Place, Girdwood, AK 63114 Construction of Buildings Term Loan Prime plus 2.75% 12/14/2028 36.8  36.8  34.6  0.01  %
Sound Contracting LLC (#,^) 148 Holmgren Place, Girdwood, AK 70114 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/14/2043 192.3  192.3  208.3  0.06  %
Plan B Burger LLC (#,^) 484 Farmington Ave, Hartford, CT 33328 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/13/2029 925.3  925.3  854.3  0.26  %
Burton Realty Co., Inc dba Anchor Realty, Northeast (#,^) 2200 Michener St, Ste 12, Philadelphia, PA 55306 Real Estate Term Loan Prime plus 2.75% 12/13/2028 266.8  266.8  233.8  0.07  %
OC Helicopters LLC (#,^) 19711 Campus Dr Ste 260, Santa Ana, CA 37922 Air Transportation Term Loan Prime plus 2.75% 12/13/2028 79.0  79.0  82.1  0.03  %
The Miller Center for Esthetic Excellence, (#,^) 22 Old Short Hills Road,, Livingston, NJ 33604 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/13/2043 378.2  378.2  388.4  0.12  %
D for Dream LLC dba Blo Blow Dry Bar Inc (#,^) 460 East 3rd Ave, New York, NY 33173 Personal and Laundry Services Term Loan Prime plus 2.75% 5/13/2029 66.7  66.7  58.7  0.02  %
Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash (#,^) 2 Center Road,, Old Saybrook, CT 33966 Repair and Maintenance Term Loan Prime plus 2.75% 12/13/2043 954.0  954.0  1,018.0  0.31  %
Tier1 Solutions LLC (#,^) 1000 Essington Road, Ste 111, Joliet, IL 22181 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/12/2029 9.0  9.0  7.9  —  %
Behind The Scenes Chicago, LLC dba Paramount Events (#,^) 1750 W Lake St, Chicago, IL 93772 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/12/2029 225.8  225.8  223.1  0.07  %
Ashwood Food Services Inc. dba Jake Rooney's (#,^) 119 Brooks Road, Harwich Port, MA 48209 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/12/2043 209.9  209.9  235.9  0.07  %
Airstrike Firefighters LLC (#,^) 18115 62nd Ave NE, Kenmore, WA 65608 Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 12/12/2028 1,100.5  1,100.5  1,054.0  0.32  %
Mateo Enterprise Inc dba El Milagro Market (#,^) 575 Panama Lane, Bakersfield, CA 95326 Food and Beverage Stores Term Loan Prime plus 2.75% 12/12/2043 117.1  117.1  125.8  0.04  %
Mateo Enterprise Inc dba El Milagro Market (#,^) 575 Panama Lane, Bakerfield, CA 32504 Food and Beverage Stores Term Loan Prime plus 2.75% 1/12/2029 52.9  52.9  46.5  0.01  %
Ashwood Food Services, Incorporated dba Jake Rooney's (#,^) 119 Brooks Rd, Harwich Port, MA 29715 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/12/2029 59.5  59.5  55.1  0.02  %
TFE Resources ,LTD (#,^) 11 Easter Court Ste G, Owings Mills, MD 28117 Utilities Term Loan Prime plus 2.75% 1/11/2029 526.5  526.5  478.4  0.15  %
44
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Oregon Medical Training Private Career School Inc. (#,^) 1126 Gateway Loop, Ste 108, Springfield, OR 95826 Educational Services Term Loan Prime plus 2.75% 1/11/2029 35.2  35.2  31.0  0.01  %
Duck's Nuts Inc dba Pet Place Market (#,^) 212 Bendigo Blvd. N, North Bend, WA 95336 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 1/11/2029 38.1  38.1  36.0  0.01  %
Hilltop Wine Shop, Inc dba Hiltop Wine Shop (#,^) 7505 Highland Road, White Lake, MI 02893 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/11/2043 124.9  124.9  136.4  0.04  %
Googlyoogly, LLC dba Bi-Rite Supermarket (#,^) 10867 W Jefferson Ave, River Rouge, MI 90048 Food and Beverage Stores Term Loan Prime plus 2.75% 12/11/2043 198.2  198.2  212.9  0.07  %
B&B Bodega of Delray LLC (#,^) 190 NE 2nd Ave, Delray Beach, FL 06074 Food and Beverage Stores Term Loan Prime plus 2.75% 1/11/2029 13.3  13.3  11.8  —  %
EMES Supply, LLC (#,^) 35622 Vine St., EastLake, OH 94588 General Merchandise Stores Term Loan Prime plus 2.75% 1/11/2029 110.1  110.1  99.1  0.03  %
White Wilson & Associates LLC (#,^) 16238 Louis Ave., South Holland, IL 93725 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/11/2043 41.5  41.5  44.5  0.01  %
Team Henry, LLC dba Kelly Automotive of Deltona (#,^) 1290 Doyle Rd, Deltona, FL 23011 Repair and Maintenance Term Loan Prime plus 2.75% 12/10/2043 381.9  381.9  408.8  0.13  %
ZLM Services LLC (#,^) 51343 Oro Rd, Shelby Township, MI 44515 Administrative and Support Services Term Loan Prime plus 2.75% 1/10/2029 35.2  35.2  31.0  0.01  %
Shining Star Kids, Inc. dba Brain Balance (#,^) 17323 Ventura Blvd, Encino, CA 19610 Educational Services Term Loan Prime plus 2.75% 1/7/2029 77.2  77.2  68.3  0.02  %
Food Service Industry Consultants Inc. (#,^) 1465 Kelly Johnson Blvd, Colorado Springs, CO 99503 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/7/2029 63.0  63.0  55.6  0.02  %
CET Inc (#,^) 4709 N El Capitan Ave. Ste 205, Fresno, CA 65807 Truck Transportation Term Loan Prime plus 2.75% 1/6/2029 1,082.9  1,082.9  992.2  0.31  %
Metro R Services Inc. and Metal & Roof Supplies Inc. (#,^) 20 Universal Place, Carlstadt, NJ 33498 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/6/2029 182.9  182.9  190.6  0.06  %
Unique Home Solutions Inc. and Unique Home Solutions of Ohio (#,^) 5550 Progress Road, Indianapolis, IN 80211 Construction of Buildings Term Loan Prime plus 2.75% 1/5/2029 220.3  220.3  229.6  0.07  %
Little West LLC, 340 Group LLC, Retail West LLc, Andrew W Walker, Cass (#,^) 342 South La Brea Ave, Los Angeles, CA 42701 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/5/2029 77.1  77.1  68.6  0.02  %
Levine Daycare Inc dba Kids R Kids (#,^) 415 Woodbury Road, Orlando, FL 23603 Social Assistance Term Loan Prime plus 2.75% 1/5/2029 237.9  237.9  221.8  0.07  %
Consulting Solutions, Inc and Mark Luciani (#,^) 3000 N Federal Hwy, Ste 1, Fort Lauderdale, FL 17603 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/5/2029 50.6  50.6  44.5  0.01  %
Access Staffing, LLC (#,^) 360 Lexington Ave 8th Floor, New York, NY 77494 Administrative and Support Services Term Loan Prime plus 2.75% 1/4/2029 171.2  171.2  150.4  0.05  %
Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill (#,^) 24480 W 10 Mile RD, Southfield, MI 95206 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/4/2029 34.8  34.8  33.0  0.01  %
The Altitude Group LLC (#,^) 949 A Clint Moore Road, Boca Raton, FL 71368 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/4/2029 125.5  125.5  110.8  0.03  %
Swantown Inn and Spa, LLC (#,^) 1431 11th Ave SE, Olympia, WA 07652 Accommodation Term Loan Prime plus 2.75% 1/3/2029 11.9  11.9  12.4  —  %
York Concrete Corp (#,^) 1 Plumb CT., Huntington Station, NY 17402 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/3/2043 195.2  195.2  222.3  0.07  %
45
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors (#,^) 13762 W State Rd 84, Davie, FL 22827 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/30/2028 109.5  109.5  109.4  0.03  %
Microplex Co, Third Market LLC (#,^) 244 Spokane Ave, Whitefish, MT 97530 Food and Beverage Stores Term Loan Prime plus 2.75% 12/30/2028 144.4  144.4  126.8  0.04  %
Tammy's Place LLC (#,^) 235 North Mosby Ave, Littleton, NC 72560 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2044 427.5  427.5  489.0  0.15  %
Water Station Holdings LLC (#,^) 1104 N Keystone Ave, Indianapolis, IN 57350 Nonstore Retailers Term Loan Prime plus 2.75% 12/30/2028 606.6  606.6  581.7  0.18  %
Hernando Beach Motel LLC,The Purple Cow House o APancake AInc. (#,^) 4291 Shoal Line Blvd, Hernando Beach, FL 08527 Accommodation Term Loan Prime plus 2.75% 11/30/2043 219.4  219.4  252.0  0.08  %
Cabrera's Auto Services LLC (#,^) 2206 N Central Ave, Chicago, IL 22827 Repair and Maintenance Term Loan Prime plus 2.75% 11/30/2043 79.1  79.1  87.3  0.03  %
JJB Production LLC (#,^) 458 N 7th St., Newark, NJ 59106 Administrative and Support Services Term Loan Prime plus 2.75% 12/29/2028 6.4  6.4  5.7  —  %
Albert M. Quashie, DDS, PC (#,^) 3331 Toledo Terrace Ste 308, Hyattsville, MD 23219 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/29/2043 63.5  63.5  68.7  0.02  %
Albert M Quashie, DDS, PC (#,^) 3331 Toledo Terrace Ste 308, Hyattsville, MD 60406 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/29/2028 76.7  76.7  73.7  0.02  %
Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up Te (#,^) 3626 CR 203, Liverpool, TX 33014 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/28/2043 419.9  419.9  482.4  0.15  %
True Love Christian Academy LLC (#,^) 466 E Raines Rd, Memphis, TN 48439 Social Assistance Term Loan Prime plus 2.75% 12/28/2043 41.0  41.0  46.5  0.01  %
Level Up Gaming, Inc (#,^) 1132 Creighton Road, Pensacola, FL 06475 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 11/28/2043 87.7  87.7  92.9  0.03  %
Extreme Granite Corp (#,^) 251 NW 1st St., Deerfield Beach, FL 48439 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/28/2043 182.8  182.8  206.9  0.06  %
Best Global Alternative North, LLC (#,^) 69 Lewis Ave, Atlantic Beach, NY 52402 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/21/2028 76.6  76.6  67.1  0.02  %
BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC, Exe (#,^) 12930 Worldgate Dr, Herndon, VA 14870 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2028 1,144.7  1,144.7  1,184.5  0.37  %
M.A.W. Enterprises LLC dbaY-Not Pizza (#,^) 45 E Main St., New Palestine, IN 30005 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/21/2028 19.7  19.7  18.4  0.01  %
Thames Aquatic Club, LLC (#,^) 14 Iron St., Ledyard, CT 89119 Educational Services Term Loan Prime plus 2.75% 10/21/2029 40.4  40.4  42.4  0.01  %
On Call Electrical of Georgia LLC (#,^) 2120 Plaster Bridge Rd NE, Atlanta, GA 48075 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/20/2043 647.8  647.8  699.4  0.22  %
Commonwealth Warehouse Inc (#,^) 11013 Kenwood Rd., Cincinnati, OH 11231 Warehousing and Storage Term Loan Prime plus 2.75% 12/20/2028 370.6  370.6  351.7  0.11  %
K & A Automotive Inc (#,^) 2070 Nooseneck Hill Rd, Coventry, RI 33314 Gasoline Stations Term Loan Prime plus 2.75% 11/19/2043 119.1  119.1  134.0  0.04  %
High Desert Transport, Inc. (#,^) 2015 Woodspring Terrace, Henderson, NV 90211 Truck Transportation Term Loan Prime plus 2.75% 12/19/2028 66.5  66.5  60.7  0.02  %
46
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Cali Fit Meals (#,^) 3450 East Orangethrope Ave, Anaheim, CA 97045 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2028 54.7  54.7  48.1  0.01  %
Cocomo Joe's LLC (#,^) 3949 New Road, Youngstown, OH 60510 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2028 0.6  0.6  0.5  —  %
Saunders Management LLC dba Northern Light Espresso Bar and Cafe (#,^) 536 Spruce St, Scranton, PA 30168 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/16/2028 35.4  35.4  36.9  0.01  %
Beau & HB Inc dba Beau's Billiard, Bowling & Arcade (#,^) 100 Village Road, Port Lavaca, TX 91301 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/16/2029 37.9  37.9  38.0  0.01  %
Beau & HB Inc dba Beau's Billard, Bowling & Arcade (#,^) 100 Village RD, Port Lavaca, TX 90039 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/16/2043 68.5  68.5  74.7  0.02  %
Allegro Assisted Living Services of Texas LLC (#,^) 3400 Remington Dr, Plano, TX 80403 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 11/15/2043 74.1  74.1  85.1  0.03  %
Schafer Fisheries Inc. (#,^) 21985 Waller Rd, Fulton, IL 48235 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/14/2028 43.7  43.7  45.4  0.01  %
US Dedicated LLC (#,^) 13410 SE 26th Circle, Vancouver, WA 60169 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/9/2028 377.3  377.3  337.3  0.10  %
Salon Femi LLC (#,^) 1107 Broad St., Bloomfield, NJ 45432 Personal and Laundry Services Term Loan Prime plus 2.75% 12/9/2028 6.6  6.6  6.3  —  %
McNeill Stokes (#,^) 5372 Whitehall Pl SE, Mableton, GA 10307 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/8/2028 5.9  5.9  5.2  —  %
Vancole Investments, Inc. dba Smoothie King #913 (#,^) 876 Virginia Ave, Hapeville, GA 60120 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/7/2044 408.3  408.3  438.5  0.14  %
Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC (#,^) 460 Park Ave, Floor 16, New York, NY 08816 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/1/2028 284.4  284.4  249.3  0.08  %
JP Dhillon's Foods LLC (#,^) 840 El Paseo de Saratoga, San Jose, CA 36527 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/1/2029 86.5  86.5  76.2  0.02  %
Modutech Marine Inc (#,^) 2218 Marine View Dr, Tacoma, WA 28904 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 12/1/2028 328.4  328.4  341.5  0.11  %
Steele Security, LLC dba Signal 88 Security of San Antonio (#,^) 11230 West Ave, Ste 2210, San Antonio, TX 20155 Administrative and Support Services Term Loan Prime plus 2.75% 10/31/2028 96.6  96.6  85.8  0.03  %
Abington Caregivers, LLC (#,^) 7804 Montgomery Ave Unit 3-6, Elkins Park, PA 33312 Social Assistance Term Loan Prime plus 2.75% 11/30/2043 122.4  122.4  135.3  0.04  %
C.A.T.I. Armor, LLC (#,^) 435 Packard Hwy, Charlotte, MI 92109 Apparel Manufacturing Term Loan Prime plus 2.75% 10/30/2043 205.0  205.0  222.0  0.07  %
Organic Juice Bar Wexford LLC dba The OJB "The Organic Juice Bar" (#,^)  1500 Village Run Road, Wexford, PA 28208 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2029 71.7  71.7  64.4  0.02  %
UK, LLC dba Pita Pit (#,^) 20038 West Valley HWY, Kent, WA 28205 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/30/2029 54.4  54.4  49.4  0.02  %
Ohio Gold & Pawn LLC, Our New Building LLC and Corey Fischer (#,^) 3970 Everhard Road, NW, Canton, OH 77079 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/26/2028 127.3  127.3  132.4  0.04  %
The Face Place, LLC dba Classic Aesthetics (#,^) 4268 Cahaba Heights CT Ste 115, Vestavia, AL 30039 Personal and Laundry Services Term Loan Prime plus 2.75% 10/25/2028 8.7  8.7  7.7  —  %
47
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Bellas Sports Pub, Inc dba Brewmasters Tavern (#,^) 1152 Main St., Coventry, RI 02081 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/24/2043 67.5  67.5  77.0  0.02  %
Shovels and Whiskey LLC (#,^) 446 SE Washington St, Hillsboro, OR 11417 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 10/16/2043 74.6  74.6  83.7  0.03  %
Hackstaff Restaurants LLC (#,^) 248 W 1st. St. Ste 201, Reno, NV 89113 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2029 142.0  142.0  127.7  0.04  %
TA Coleman, LLC dba Tom's Truck Shop (#,^) 2101 Route 610, Woodbine, NJ 92532 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/12/2028 5.1  5.1  4.9  —  %
Cater To You Agency, LLC, dba Cater To You (#,^) 1319 Sherrick Road SE, Canton, OH 10455 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/11/2043 21.9  21.9  23.8  0.01  %
MB Click It Photography, LLC (#,^) 100 Manchester Ranch Place, Aynor, SC 70458 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/10/2043 37.3  37.3  41.6  0.01  %
Faydon, Inc (#,^) 1905 W Baker St., Ste A, Plant City, FL 28105 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 10/10/2028 65.2  65.2  67.8  0.02  %
Wellfleet Consulting Inc. (#,^) 2275 Research Blvd Ste # 500, Rockville, MD 11417 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/9/2028 13.0  13.0  11.4  —  %
Apps Inc and Market Share Inc. (#,^) 80 Main St., Old Saybrook, CT 89101 Telecommunications Term Loan Prime plus 2.75% 10/5/2028 77.7  77.7  68.1  0.02  %
Moore Care LLC (#,^) 8550 United Plaza Blvd., Baton Rouge, LA 10706 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/4/2028 45.1  45.1  39.6  0.01  %
JAM Media Solutions LLC (#,^) 11 Netherwood Terrace, East Orange, NJ 11010 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/28/2028 768.2  768.2  695.9  0.21  %
Throop Family Holdings, Inc (#,^) 7130 Crater Lake, White City, OR 34607 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/28/2043 623.9  623.9  675.0  0.21  %
A-1 Van Sevices, Inc. (#,^) 154 Sandy Creek Road, Verona, PA 78249 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/28/2028 91.4  91.4  89.9  0.03  %
SwabCo Inc. (#,^) 2341 East Ellis St., Leveland, TX 72846 Support Activities for Mining Term Loan Prime plus 2.75% 9/28/2043 911.0  911.0  996.5  0.31  %
Rami Technology USA, LLC (#,^) 10400 NW 33rd St., Miami, FL 33033 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 9/28/2028 155.1  155.1  137.2  0.04  %
Burd Brothers Inc. (#,^) 4005 Borman Dr, Batavia, OH 37216 Truck Transportation Term Loan Prime plus 2.75% 9/28/2028 462.0  462.0  444.9  0.14  %
La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge (#,^) 4646 SE 11th Place, Cape Coral, FL 37363 Food and Beverage Stores Term Loan Prime plus 2.75% 9/28/2043 321.3  321.3  356.6  0.11  %
Blackwater Diving, LLC (#,^) 112 Forrest Road, Morgan City, LA 37219 Support Activities for Mining Term Loan Prime plus 2.75% 9/27/2028 687.8  687.8  621.0  0.19  %
Quality Electric & Data (#,^) 85 Franklin Rd Unit 9B, Dover, NJ 89108 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2028 85.8  85.8  83.0  0.03  %
Blue Seven, LLC (#,^) 11111 San Jose Blvd, Ste 70, Jacksonville, FL 94530 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/27/2029 52.0  52.0  47.9  0.01  %
Quality Electric & Data Inc. (#,^) 85 Franklin RD Unit 9B, Dover, NJ 60564 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2043 126.0  126.0  134.5  0.04  %
LG Law Center, Inc (#,^) 15452 Amar Road, La Puente, CA 80239 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/27/2028 12.9  12.9  11.7  —  %
48
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Action Barricade Company, LLC and Barricade Holding LLC (#,^) 1802 N 27th Ave, Phoenix, AZ 20109 Rental and Leasing Services Term Loan Prime plus 2.75% 9/27/2028 265.8  265.8  257.9  0.08  %
Catherine Brandon, PSY.D., Inc dba Kenneth A Deluca, PH.D., & Associat (#,^) 35888 Center Ridge Road, Ste 5 & 6, North Ridgeville, OH 99515 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2028 101.9  101.9  89.7  0.03  %
TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc.,Tag-A (#,^) 777 South Flagler Dr Ste 800W, West Palm Beach, FL 02816 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/27/2028 107.5  107.5  101.8  0.03  %
US Shipping Trans Inc, Esteem Trucking Inc (#,^) 16102 Sweetwater Court, Lathrop, CA 49417 Truck Transportation Term Loan Prime plus 2.75% 9/26/2028 715.3  715.3  709.1  0.22  %
Dentistry By Design, P.C (#,^) 315 Walt Whitman Road Ste 204-205, South Huntington, NY 02879 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/26/2028 12.9  12.9  11.6  —  %
Ace Auto Recovery, Inc. (#,^) 1209 North Lane Ave, Jacksonville, FL 49417 Administrative and Support Services Term Loan Prime plus 2.75% 9/26/2043 155.2  155.2  171.9  0.05  %
LTS School, Inc. (#,^) 3731 NW 9th Ave, Deerfield Beach, FL 30188 Educational Services Term Loan Prime plus 2.75% 9/26/2043 98.2  98.2  112.8  0.03  %
Above and Beyond Preschool LLC (#,^) 672-678 Camellia Dr, Royal Palm Beach, FL 77375 Social Assistance Term Loan Prime plus 2.75% 9/26/2043 535.9  535.9  598.5  0.18  %
Newsome Mobile Notary LLC (#,^) 8153 12th Ave SW, Seattle, WA 28110 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/25/2028 4.5  4.5  3.9  —  %
Steadfast Support Services, LLC (#,^) 1432 Crooked Stick Dr, O'Fallon, MO 45242 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 9/25/2028 9.1  9.1  8.0  —  %
Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes (#,^) 7219 Silver Mist Ave, North Chesterfield, VA 34135 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/25/2028 107.4  107.4  97.9  0.03  %
Phillip Ramos Upholstery Inc. (#,^) 3835 Elm St., Denver, CO 08065 Repair and Maintenance Term Loan Prime plus 2.75% 9/24/2028 13.3  13.3  11.6  —  %
 D & D Optics Inc dba Sterling Optical (#,^) 1487 East LaSalle Dr, Bismark, ND 87558 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2028 46.4  46.4  41.5  0.01  %
DC Lofty, LLC, (#,^) 301 I St. NW, Washington, DC 19610 Accommodation Term Loan Prime plus 2.75% 9/21/2028 19.3  19.3  17.2  0.01  %
Southern Services and Equipment, Inc (#,^) 321 Bayou Rd, Saint Bernard, LA 32712 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/21/2028 366.8  366.8  352.0  0.11  %
Southern Services and Equipment, Inc. (#,^) 321 Bayou Rd, Saint Bernard, LA 80439 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/21/2043 203.4  203.4  215.4  0.07  %
MillClem Corporation & Monticello Corporation (#,^) 16660 Oak St., Dillwyn, VA 11731 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/21/2043 321.1  321.1  368.4  0.11  %
The Garden Club, LLC (#,^) 125 South DuBuque St., Iowa City, IA 97019 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/21/2028 5.7  5.7  5.0  —  %
Tables and Bars Services, Inc and Tables and Bars Rentals, LLC (#,^) 5051 Peachtree Corners Circle Ste #200, Norcross, GA 19120 Administrative and Support Services Term Loan Prime plus 2.75% 9/20/2028 15.5  15.5  14.5  —  %
Watearth Inc (#,^) 445 South Figuerora Ste 3128, Los Angeles, CA 65616 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/19/2028 19.3  19.3  17.0  0.01  %
Super Station Inc (#,^) 8855 N Country Road 25A, Pique, OH 30461 Gasoline Stations Term Loan Prime plus 2.75% 9/19/2043 203.0  203.0  232.9  0.07  %
49
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Consal (#,^) 35000 Pacific Hwy, Federal Way, WA 77630 Truck Transportation Term Loan Prime plus 2.75% 9/19/2028 409.9  409.9  358.7  0.11  %
Lewis River Golf Course, Inc. (#,^) 3209 Lewis River Road, Woodland, WA 93725 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/19/2043 485.0  485.0  556.5  0.17  %
M&P RV LLC dba M&P RV (#,^) 10 Century Lane, Dillsburg, PA 33434 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/19/2043 106.0  106.0  121.5  0.04  %
C3 Capital, Inc (#,^) 10010 N. Hampton Cove Lane, Indianapolis, IN 32669 Nonstore Retailers Term Loan Prime plus 2.75% 9/19/2028 550.6  550.6  539.3  0.17  %
DB Talak LLC (#,^) 2018 SE 6th Ave, Portland, OR 93722 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/18/2043 147.5  147.5  161.0  0.05  %
E & G Enterprises LLC dba Comfort Keepers (#,^) 220 Middle St., Franklin, VA 33134 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/18/2028 5.2  5.2  4.5  —  %
Pastel de Feira LLC dba Original Pastel De Feira (#,^) 4244 Pine Ridge CT, Weston, FL 11803 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2028 5.2  5.2  4.9  —  %
Glendale Grill Inc, Roddy Cameron, Jr & John K Symasko (#,^) 65 Glendale St., Easthampton, MA 28645 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2043 169.8  169.8  186.3  0.06  %
Culmination Motorsports, Inc. (#,^) 160 W 91st Ave, Unit B, Anchorage, AK 08053 Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2043 542.8  542.8  619.8  0.19  %
L&M Equipment, Inc (#,^) Mile 2.5 Alaska Peninsula Hwy, Naknek, AK 44109 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/14/2043 1,212.6  1,212.6  1,342.7  0.41  %
Baby's on Broadway LLC (#,^) 47 East Broadway, Little Falls, MN 76104 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/14/2028 43.0  43.0  40.6  0.01  %
J & C Garcia LLC (#,^) 26 Broad St., Alexander City, AL 11530 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/14/2028 63.6  63.6  57.1  0.02  %
Rihahn Inc. dba RDBL, Inc (#,^) 1397 McGuire Road, Lamar, AR 79756 Forestry and Logging Term Loan Prime plus 2.75% 9/14/2028 118.4  118.4  111.4  0.03  %
QBS, LLC dba Sterling Optical Exton (#,^) 211 W Lincoln Hwy, Exton, PA 79768 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/14/2028 69.9  69.9  61.8  0.02  %
Innovim LLC (#,^) 6401 Golden Triangle Dr Ste 200, Greenbelt, MD 35215 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/14/2028 98.4  98.4  86.1  0.03  %
Innovative Network Solutions Inc (#,^) 31567 West 10 Mile Road, Farmington Hills, MI 95113 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/13/2028 107.5  107.5  97.2  0.03  %
Underground Productions LLC dba 31 Escape (#,^) 1731 Decatur Hwy, Fultandale, AL 01824 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/13/2043 95.8  95.8  109.9  0.03  %
Rancho Paving, Inc (#,^) 339 Cypress Lane, El Cajon, CA 05355 Repair and Maintenance Term Loan Prime plus 2.75% 9/10/2028 161.2  161.2  161.0  0.05  %
Pool Guard of LA (#,^) 10866 Washington Blvd, Apartment #24, Culver City, CA 33180 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/7/2028 19.3  19.3  17.0  0.01  %
Dr. G's Urgent Care LLC (#,^) 1425 S Congress Ave, Delray Beach, FL 33016 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/7/2028 19.3  19.3  16.9  0.01  %
MurlinComputerCompany LLC dba Murlin Computer, (#,^) 3000 Erika Ave, Sedalia, MO 21040 Repair and Maintenance Term Loan Prime plus 2.75% 9/7/2028 13.4  13.4  12.1  —  %
50
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Pelican Executives Suites, LLC (#,^) 2200 Colorado Ave Sutie 131, Santa Monica, CA 22079 Administrative and Support Services Term Loan Prime plus 2.75% 9/7/2028 273.1  273.1  238.9  0.07  %
Asheville Spine and Nerve Institute PC (#,^) 190 Broadway St Ste 205, Asheville, NC 52342 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/7/2043 87.8  87.8  100.2  0.03  %
NY Tent, LLC dba Tent Company of New York LLC, NY Tent Parent LLC, Dav (#,^) 140141 Lakeland Ave, Bohemia, NY 11040 Rental and Leasing Services Term Loan Prime plus 2.75% 9/7/2028 276.7  276.7  265.0  0.08  %
Trolley Express Philly, Inc dba Shuttlebee &Honeybee Transportation LL (#,^) 3401 Market St. Ste 200, Philadelphia, PA 11318 Support Activities for Transportation Term Loan Prime plus 2.75% 9/6/2028 8.0  8.0  7.4  —  %
Living Centers Inc. dba Veranda House Senior Living (#,^) 5129 E 5th St, Katy, TX 33324 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 8/31/2043 408.6  408.6  468.7  0.14  %
National Stone LTD and NSI Group Inc (#) 804-810 W Shady Grove Road, Grand Prairie, TX 99587 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 8/31/2044 302.0  302.0  348.4  0.11  %
LACCRB LLC dba PostNet (#,^) 3250 Retail Dr Ste 120, Carson City, NV 10019 Printing and Related Support Activities Term Loan Prime plus 2.75% 11/30/2028 13.0  13.0  11.7  —  %
XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports Worl (#,^) 825 Courtland St., Orlando, FL 06437 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/30/2043 435.9  435.9  500.1  0.15  %
Stat Constructor L.P (#,^) 9573 US Hwy 220, Stoneville, NC 21102 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/30/2028 88.7  88.7  92.0  0.03  %
Extreme Engineering, Inc. (#,^) 598 Oliver Dr, Troy, MI 99587 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/29/2028 106.6  106.6  94.2  0.03  %
ARVAmethod LLC (#,^) 516 N Ogden Ave # 150, Chicago, IL 94103 Personal and Laundry Services Term Loan Prime plus 2.75% 8/29/2028 2.0  2.0  1.8  —  %
Greenfield Hill Wines & Spirits, LLC (#,^) 65 Hillside Road, Fairfield, CT 32708 Food and Beverage Stores Term Loan Prime plus 2.75% 8/29/2028 78.5  78.5  69.5  0.02  %
Kotyark LLC dba Gibsonton Motel (#,^) 11545 US Hwy 41S, Gibsonton, FL 97415 Accommodation Term Loan Prime plus 2.75% 8/29/2043 79.9  79.9  91.7  0.03  %
JFK Transportation Inc (#,^) 4 Mechanic St, Natick, MA 37774 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 8/28/2028 136.0  136.0  121.6  0.04  %
Graphish Studio, Inc. (#,^) 231 Main St., Stamford, CT 33013 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/28/2028 6.4  6.4  5.6  —  %
Montana Life Group, LLC (#,^) 8 N 9th Ave, Bozeman, MT 29464 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 8/24/2028 6.4  6.4  5.6  —  %
Finn & Emma LLC (#,^) 1275 Bloomfield Ave Building 5 Unit 28B, Fairfield, NJ 28012 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 8/24/2028 105.3  105.3  92.1  0.03  %
Atlas Geo-Constructors LLC (#,^) 3466 Thomasville Road Winston, Winston-Salem, NC 06475 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/24/2028 64.0  64.0  64.4  0.02  %
Evans and Paul LLC, Evans & Paul Unlimited Corp (#,^) 140 Dupont St., Plainview, NY 84751 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 8/24/2028 74.5  74.5  67.4  0.02  %
Wearware Inc dba FlyWire Cameras (#,^) 2204 Blackmoor Park Lane, Lexington, KY 07039 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 8/24/2028 19.2  19.2  17.2  0.01  %
51
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Zash LLC dba Papa Murphy's take 'N' Bake Pizza (#,^) 2303 White Bear Ave, Maplewood, MN 44255 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/23/2028 36.0  36.0  33.5  0.01  %
Buffalo Biodiesel Inc. (#,^) 225 Sawyer Ave, Tonawanda, NY 32225 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/21/2028 1,058.3  1,058.3  1,061.6  0.33  %
 Ginekis Enterprises, Inc dba Locanda Veneta (#,^) 8638 W Third St., Los Angeles, CA 92707 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/20/2028 72.5  72.5  63.8  0.02  %
Geo Tek Alaska, Inc (#,^) 2756 Commercial Dr, Anchorage, AK 10016 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/17/2044 124.2  124.2  136.9  0.04  %
ATI Jet, Inc. (#,^) 7007 Boeing Dr, El Paso, TX 02646 Air Transportation Term Loan Prime plus 2.75% 8/16/2028 174.1  174.1  168.8  0.05  %
Lewins Law, P.C. (#,^) 7920 Belt Line Rd Ste 650, Dallas, TX 06105 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/16/2028 15.4  15.4  13.4  —  %
GS Bath Inc (#,^) 5335 E Kaviland Ave, Fresno, CA 60435 Truck Transportation Term Loan Prime plus 2.75% 8/15/2028 490.6  490.6  491.6  0.15  %
Pamletics LLC dba F45 (#,^) 22015 IH 10 West, San Antonio, TX 98028 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/14/2028 37.5  37.5  34.7  0.01  %
L.A. Insurance Agency GA 10 LLC (#,^) 6655 Tara Blvd. Ste 401, Jonesboro, GA 60612 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 8/10/2028 9.6  9.6  8.4  —  %
Crystal Shores Inc. dba Shorewood Laundromat (#,^) 700 West Jefferson St., Shorewood, IL 19702 Personal and Laundry Services Term Loan Prime plus 2.75% 8/9/2028 19.1  19.1  17.5  0.01  %
David D. Sullivan dba DMS Construction (#,^) 6400 Charwood Place, Bakersfield, CA 93307 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/9/2028 11.5  11.5  10.1  —  %
Palanuk & Associates, Inc.dba Wolfpk (#,^) 28110 SE Fern Dr, Boring, OR 93307 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/8/2028 87.4  87.4  77.2  0.02  %
CJNR, LLC (#,^) 208 East Main St., Elma, WA 21117 Accommodation Term Loan Prime plus 2.75% 8/7/2043 117.9  117.9  135.3  0.04  %
Mercedes Cab Company, Inc (#,^) 35 Alden St., Providence Town, MA 44095 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 8/7/2028 110.9  110.9  100.7  0.03  %
Ron's Pool and Spa Services LLC (#,^) 1419 NE 30th St., Pompano, FL 46218 Personal and Laundry Services Term Loan Prime plus 2.75% 8/3/2028 3.2  3.2  2.8  —  %
Alma Jacobsen,ODD Family Eye Care & Contact Lens LLC (#,^) 1700 Nottingham Way Ste 12A, Hamilton, NJ 98045 Health and Personal Care Stores Term Loan Prime plus 2.75% 8/3/2028 51.4  51.4  45.7  0.01  %
20th Century Lanes, Inc dba West Seattle Bowl (#,^) 4505 39 Ave SW, Seattle, WA 33444 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/3/2028 96.0  96.0  95.0  0.03  %
Millwork Unlimited, Incorporated (#,^) 8264 Pine Cay Road, Wellington, FL 48383 Wholesale Electronic Markets and Agents and Brokers Term Loan Prime plus 2.75% 8/2/2028 6.4  6.4  5.6  —  %
Accel Compression Inc., Accel Workover Services, Inc (#,^) 4500 S Country Road, Odessa, TX 32725 Rental and Leasing Services Term Loan Prime plus 2.75% 8/1/2043 296.0  296.0  319.0  0.10  %
Accel Compression Inc., Accel Workover Services Inc. dba Mica Tool & T (#,^) 4500 S. Country Road 1310, Odessa, TX 60473 Rental and Leasing Services Term Loan Prime plus 2.75% 8/1/2028 394.8  394.8  386.7  0.12  %
Samy Optical LLC dba Site for Sore Eyes (#,^) 1350 Travis Blvd Ste 1507A, Fairfield, CA 33444 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/1/2028 94.0  94.0  82.3  0.03  %
52
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
CSL Services Inc (#,^) 7905 Browning Rd, Ste.312,314,316, Pennsauken, NJ 91316 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/27/2028 463.6  463.6  434.0  0.13  %
Nunez Enterprises Corporation dba La Casa (#,^) 3330 Piedmont RD NE, Atlanta, GA 93722 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 7/26/2028 6.7  6.7  5.9  —  %
Relevant Elephant ,LLC (#,^) ON320 Woodvale St, Winfield, IL 33306 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/25/2028 5.1  5.1  4.5  —  %
Top Shelf Towing and Road Service, LLC (#,^) 25 Sycamore St., Carnegie, PA 90036 Support Activities for Transportation Term Loan Prime plus 2.75% 7/24/2028 10.8  10.8  9.5  —  %
TR Nails, LLC dba Simple Nails (#,^) 158 Great Road, Bedford, MA 33487 Personal and Laundry Services Term Loan Prime plus 2.75% 7/20/2028 52.9  52.9  46.2  0.01  %
ZA Trucking LLC (#,^) 5945 York Way, East Lansing, MI 11746 Truck Transportation Term Loan Prime plus 2.75% 7/17/2028 8.7  8.7  8.3  —  %
674 Club LLC (#,^) 674 N Orleans, Chicago, IL 98501 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/17/2043 253.2  253.2  290.5  0.09  %
Mother's Cantina LLC dba Mother's Cantina (#,^) 2810 Philadephia Ave Unit #10, Ocean City, MD 60639 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/13/2028 58.2  58.2  52.0  0.02  %
HQTRONICS LLC (#,^) 10135 South Roberts Rd Ste 209, Palos Hills, IL 27850 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 7/13/2028 52.9  52.9  46.3  0.01  %
Smart-tel Communications LLC (#,^) 9720 W. Colfax Ave Ste 100, Lakewood, CO 33325 Administrative and Support Services Term Loan Prime plus 2.75% 7/13/2028 17.9  17.9  18.6  0.01  %
Smoove Move Productions, LLC dba Smoove Move Productions (#,^) 3932 North 16th St., Omaha, NE 46201 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 7/12/2028 9.1  9.1  9.4  —  %
Talent Logistix, LLC, Pinpoint Staffing LLC & ITC 2.0 LLC (#,^) 6350 Shadeland Ave, Indianpolis, IN 07107 Administrative and Support Services Term Loan Prime plus 2.75% 7/3/2028 52.9  52.9  48.2  0.01  %
Vital Inspection Professionals, Inc. dba VIP (#,^) 180 Airpark Industrial Rd, Alabaster, AL 20782 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/3/2028 263.5  263.5  256.6  0.08  %
US Cargo Express, LLC (#,^) 4735 22 Mile Road, Utica, MI 11205 Support Activities for Transportation Term Loan Prime plus 2.75% 7/2/2043 82.0  82.0  94.1  0.03  %
Bio-Haz Solutions, Inc (#,^) 23 Tonolli Road, Nesquehoning, PA 32504 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/29/2029 222.4  222.4  222.7  0.07  %
Bio-Haz Solutions, Inc. (#,^) 23 Tonoli Road, Nesquehoning, PA 38109 Waste Management and Remediation Services Term Loan Prime plus 2.75% 5/29/2044 360.0  360.0  373.8  0.12  %
M J Losito Electrical Contractor's, Inc (#,^) 98 Wooster St., Bethel, CT 77577 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2028 19.3  19.3  17.9  0.01  %
Corptek Solutions LLC (#,^) 2363 N. Hwy # 287 Ste # 111, Mansfield, TX 33441 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/28/2028 39.9  39.9  34.8  0.01  %
Critter Cabana, LLC dba Critter Cabana (#,^) 516 East Main St., Newberg, OR 46163 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/28/2028 70.4  70.4  61.5  0.02  %
National Dredging Services of North Florida, Inc. (#,^) 1537 Northwest Main Blvd., Lake City, FL 45242 Repair and Maintenance Term Loan Prime plus 2.75% 6/27/2043 27.8  27.8  31.9  0.01  %
RLW4 Builders LLC (#,^) 152 Tuckahoe Lane, Southhampton, NY 06339 Construction of Buildings Term Loan Prime plus 2.75% 6/27/2043 966.1  966.1  1,108.3  0.34  %
53
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, In (#,^) 299 Utica Ave, Brooklyn, NY 30324 Food Manufacturing Term Loan Prime plus 2.75% 6/27/2043 342.5  342.5  382.2  0.12  %
Julie Cooper-Bierman dba Forever Shopper (#,^) 7435 Piute Creek Dr, Corona, CA 20170 Nonstore Retailers Term Loan Prime plus 2.75% 6/27/2028 13.5  13.5  11.8  —  %
National Dredging Services of North Florida, Inc. (#,^) 1537 Northwest Main Blvd., Lake City, FL 89012 Repair and Maintenance Term Loan Prime plus 2.75% 6/27/2028 44.7  44.7  46.3  0.01  %
Nick's Country Kitchen, LLC (#,^) 3 Flanders RD, Building #1, Bethlehem, CT 02816 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/27/2028 18.9  18.9  16.8  0.01  %
InUSA Ventures, Inc (#,^) 508 Hyacinthus Court, San Ramon, CA 11509 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/27/2028 42.0  42.0  36.7  0.01  %
Bengals, Inc. dba Royal Liquor Mart (#,^) 3714 E State St., Rockford, IL 44515 Food and Beverage Stores Term Loan Prime plus 2.75% 6/26/2043 102.6  102.6  111.7  0.03  %
Peter Thomas Roth Labs LLC, & June Jacobs Labs, LLC, (#,^) 460 Park Ave, Floor 16, New York, NY 92806 Health and Personal Care Stores Term Loan Prime plus 2.75% 6/26/2028 777.3  777.3  703.0  0.22  %
Sun Pools, Inc (#,^) 130 Holiday LN, Albany, KY 18503 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 6/25/2043 295.6  295.6  300.2  0.09  %
Sun Pools, Inc dba Sun Fiberglass Pools (#,^) 130 Holiday Lane, Albany, KY 77979 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 6/25/2028 656.6  656.6  598.5  0.18  %
DPF Filters Inc. (#,^) 2832 Golden State Blvd., Madera, CA 77979 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/25/2028 57.7  57.7  51.9  0.02  %
Martha Beauty Supply And Braiding, Inc. (#,^) 538 E Boughton Road, Bolingbrook, IL 30097 Personal and Laundry Services Term Loan Prime plus 2.75% 6/22/2043 134.9  134.9  154.6  0.05  %
Sushi Prime, LLC and Vasilia Investments (#,^) 32 SE 2nd Ave, Delray Beach, FL 20878 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/22/2028 231.0  231.0  215.6  0.07  %
The Desert House Assisted Living ,LLC dba The Desert House Assisted Li (#,^) 11055 E Grove St, Mesa, AZ 61252 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 6/22/2043 76.0  76.0  84.9  0.03  %
Mr. Lube, Inc (#,^) 721 E Westpoint Dr., Wasilla, AK 98683 Repair and Maintenance Term Loan Prime plus 2.75% 6/22/2043 654.6  654.6  695.4  0.21  %
Mr. Lube, Inc. (#,^) 721 E. West Point Dr, Wasilla, AK 85034 Repair and Maintenance Term Loan Prime plus 2.75% 6/22/2028 516.8  516.8  497.4  0.15  %
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC (#,^) 300 Harold Dow Hwy, Eliot, ME 07003 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/21/2028 119.7  119.7  117.7  0.04  %
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC (#,^) 300 Harold Dow Hwy, Elliot, ME 30354 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/21/2043 235.2  235.2  254.1  0.08  %
Independent Life LLC (#,^) 4955 S Durango Dr, Ste124, Las Vegas, NV 34102 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/21/2028 104.3  104.3  91.0  0.03  %
Lilo Holdings LLC (#,^) 1000 Roosevelt Ave, Cartaret, NJ 98422 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/20/2028 16.0  16.0  14.4  —  %
Mid America Motorworks, Inc and Yager Holdings L.P (#,^) 2900 North 3rd St., Effingham, IL 78213 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/19/2043 484.4  484.4  554.9  0.17  %
54
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Jones Roger Sherman Inn, Inc. (#,^) 195 Oenoke Ridge, New Canaan, CT 19027 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/19/2028 369.0  369.0  382.2  0.12  %
Colovic Hackettstown Dairy LLC (#,^) 22 Route 57, Hackettstown, NJ 48813 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/19/2043 265.5  265.5  303.3  0.09  %
Allen Theatre and Back Stage Cafe LLC (#,^) 36 East. Main St., Annville, PA 60659 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 6/18/2043 121.7  121.7  137.0  0.04  %
Schumacker Recreation, LLC (#,^) 5325 S University Dr, Davie, FL 98032 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/18/2028 126.0  126.0  130.6  0.04  %
Venzix Ventures Inc. dba Venzix (#,^) 750 Legend Oak Dr, Fountain, CO 97123 Nonstore Retailers Term Loan Prime plus 2.75% 6/15/2028 11.1  11.1  10.8  —  %
Northway Exit 29 Campground, Inc dba Adirondacks Jellystone Parks & Pa (#,^) 4035 Blue Ridge Road, North Hudson, NY 96825 Accommodation Term Loan Prime plus 2.75% 6/15/2043 208.9  208.9  239.3  0.07  %
Softrol Systems Inc dba Softrol Systems (#,^) 1100 Northpoint Pkwy SE, Acworth, GA 89501 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 6/15/2028 740.8  740.8  657.9  0.20  %
Dianne Williams and Louis Williams dba Sweetlips Store (#,^) 3870 Sweet Lips Rd, Henderson, TN 35243 Food and Beverage Stores Term Loan Prime plus 2.75% 6/15/2043 44.7  44.7  49.6  0.02  %
Oil Palace Inc. (#,^) 10408 Hwy 64 East, Tyler, TX 44709 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/15/2043 140.2  140.2  160.9  0.05  %
Tele Tax Express Inc (#,^) 166 Getty Ave, Paterson, NJ 08270 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2028 18.9  18.9  18.8  0.01  %
Team Sandy Blanton Realty, Inc (#,^) 1225 West Gregory St, Pensacola, FL 29511 Real Estate Term Loan Prime plus 2.75% 6/14/2043 94.1  94.1  99.2  0.03  %
E & J Sims Co. LLC (#,^) 28 Broad St., Bloomfield, NJ 33567 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/14/2028 42.0  42.0  38.3  0.01  %
Mastiff Studios LLC (#,^) 2919 West Colorado Ave, Colorado Springs, CO 79809 Educational Services Term Loan Prime plus 2.75% 6/13/2043 41.3  41.3  46.9  0.01  %
Ciasom LLC dba Mosaic (#,^) 1040-1042 Richard Ave, Santa Clara, CA 15147 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/11/2028 151.3  151.3  132.9  0.04  %
Beyond Grooming LLC and Michelle McWatters (#,^) 1200 Old Martindale Rd, San Marcos, TX 33904 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/8/2043 41.5  41.5  47.1  0.01  %
Camp K-9 Pet Resort & Spa, Inc. (#,^) 18501 Le Claire Ave, Tinley Park, IL 45103 Personal and Laundry Services Term Loan Prime plus 2.75% 6/8/2028 6.9  6.9  6.2  —  %
Skyways LTD,Jet 60 LLC,Mendean Jonath, Inc,Jet AOG, Inc & Jonathan Men (#,^) 426 15th St. NW, Huron, SD 33172 Support Activities for Transportation Term Loan Prime plus 2.75% 6/8/2043 365.3  365.3  390.5  0.12  %
Icebox Cafe, L.C. and Icebox Cafe at Doral,LLC (#,^) 1855 Purdy Ave, Miami Beach, FL 07017 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2028 665.1  665.1  594.9  0.18  %
Applied Behavioral Consulting, Inc (#,^) 422 Blooming Grove Tpke, New Windsor, NY 97603 Social Assistance Term Loan Prime plus 2.75% 6/7/2043 48.3  48.3  54.5  0.02  %
H S Corporation dba Lake Anna Lodge (#,^) 5152 Courthouse Rd, Spotsylvania, VA 79336 Accommodation Term Loan Prime plus 2.75% 6/7/2043 126.8  126.8  145.3  0.04  %
Anurag, LLC dba Oakwood Package Store (#,^) 191-195 Oakwood Ave, West Hartford, CT 90010 Food and Beverage Stores Term Loan Prime plus 2.75% 6/6/2043 132.7  132.7  142.0  0.04  %
55
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Hardway Inc and A F C Leasing, Inc (#,^) 12533 S. 73rd East Place, Bixby, OK 07801 Rental and Leasing Services Term Loan Prime plus 2.75% 6/6/2028 246.8  246.8  215.4  0.07  %
Sowells Consulting Engineers, LLC (#,^) 13430 Northwest Freeway #260, Houston, TX 91744 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/6/2028 18.9  18.9  16.6  0.01  %
Funtime ,LLC dba Indoor Playgrounds International (#,^) 13200 West Foxfire Dr Ste 144, Surprise, AZ 70380 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/5/2028 211.2  211.2  184.5  0.06  %
SSD Designs LLC (#,^) 10840 Bay Hill Club Dr, Charlotte, NC 44039 Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/5/2028 62.4  62.4  55.1  0.02  %
Mastrocinque Restaurant Management Company LLC dba Santionii's Itali (#,^) 3535 Hwy 17 Unit 14 &15, Fleming Island, FL 07801 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/1/2028 52.6  52.6  53.2  0.02  %
BTD Feed & Nutrition, LLC dba Thomaston Feed Cheshire (#,^) 943 South Main St., Cheshire, CT 33401 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/1/2028 42.0  42.0  36.7  0.01  %
Awan Business Management Group LLC, Awan Sign Company lLLC &Awan Promo (#,^) 14429 South Wallin Dr, Plainfield, IL 32223 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/31/2043 266.3  266.3  295.1  0.09  %
Seraj Wireless, LLC (#,^) 132 Madison Ave, Albany, NY 85009 Electronics and Appliance Stores Term Loan Prime plus 2.75% 5/31/2028 104.2  104.2  107.9  0.03  %
SSMV LLC dba Burgerim (#,^) 115 Pelham Road, Ste 1, Greenville, SC 19702 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/30/2028 55.3  55.3  53.4  0.02  %
Eagle Aggregate Transportation, LLC (#,^) 4401 N I-35 Ste #113, Denton, TX 33411 Truck Transportation Term Loan Prime plus 2.75% 5/30/2028 72.9  72.9  67.5  0.02  %
Crowley Ventures, LLC (#,^) 665 Worthington Rd, Westerville, OH 11746 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2028 62.2  62.2  55.4  0.02  %
Iloka, Inc dba New Cloud Networks (#,^) 160 Inverness Dr. W Ste 150, Englewood, CO 23237 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/25/2028 208.4  208.4  195.3  0.06  %
Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze LanC (#,^) 3 Williams Ave, Mystic, CT 32254 Accommodation Term Loan Prime plus 2.75% 5/25/2043 1,245.1  1,245.1  1,426.5  0.44  %
Adow Pools LLC (#,^) 393 Glenbrook Road, Stamford, CT 63366 Personal and Laundry Services Term Loan Prime plus 2.75% 5/25/2028 145.9  145.9  131.2  0.04  %
Starship, LLC dba Tint World Smyrna (#,^) 2274 S Atlanta Road SE, Smyrna, GA 95330 Repair and Maintenance Term Loan Prime plus 2.75% 5/25/2043 95.0  95.0  107.1  0.03  %
Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery (#,^) 59 West Main St, Broadalbin, NY 80207 Accommodation Term Loan Prime plus 2.75% 10/25/2043 196.6  196.6  225.9  0.07  %
Dream Spa LLC and Dream Spa Greenwich LLC (#,^) 1220 Post Road East, Westport, CT 98106 Personal and Laundry Services Term Loan Prime plus 2.75% 5/25/2028 83.5  83.5  73.9  0.02  %
Seaside Acupuncture LLC (#,^) 1041 Johnnie Dodds Blvd, Ste 2-C, Mount Pleasant, SC 94520 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/24/2043 48.2  48.2  53.0  0.02  %
DMA Equipment LLC (#,^) 700 Lee St., Elk Grove Village, IL 52240 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/24/2043 251.5  251.5  271.0  0.08  %
Chem-Flotronics, Inc. (#,^) 195 Paterson Ave, Little Falls, NJ 70085 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 5/22/2028 83.4  83.4  74.7  0.02  %
56
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Yakov Levy M.D., P.C. (#,^) 70-31 108th St., Forest Hills, NY 20001 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/18/2028 28.2  28.2  25.0  0.01  %
Mark A Espinoza, DDS PLLC dba Central Dental Care (#,^) 9315 N Central Ave, Phoenix, AZ 70085 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/18/2028 52.3  52.3  45.6  0.01  %
On Stage Enterprises LLC, On Stage Theaters Branson, LLC, On Stage Th (#,^) 4570 W Post Road Ste #100, Las Vegas, NV 30092 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 5/17/2028 208.4  208.4  181.9  0.06  %
JVLS LLC dba Vaccines 2 Go (#,^) 4060 Johns Creek Parkway, Ste H,, Suwanee, GA 58503 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/17/2028 6.9  6.9  6.0  —  %
Joshua One Limited Liability Company dba Genesis Personal Fitness (#,^) 28 North State St. Unit 100, Newtown, PA 77389 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/16/2043 309.5  309.5  330.6  0.10  %
Clore Construction LLC (#,^) 21220 FM 1420, Harlingen, TX 43068 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 5/16/2028 124.6  124.6  116.2  0.04  %
Fireplace Outlet Inc (#,^) 8216 Main St., Williamsville, NY 90071 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 5/15/2028 18.8  18.8  19.4  0.01  %
James T. Hendel dba Autotexx Mobile Auto Repair (#,^) 5857 Hwy101 North, Rockmart, GA 98674 Repair and Maintenance Term Loan Prime plus 2.75% 5/15/2028 6.3  6.3  6.5  —  %
Galore Salon & Extension Lounge Inc dba Pretty Chic Hair & Lashes (#,^) 5714 Edmondson Pike Ste 24, Nashville, TN 95330 Personal and Laundry Services Term Loan Prime plus 2.75% 5/14/2028 3.7  3.7  3.3  —  %
Bote Virginia Beach, Inc. dba Bote Virginia Beach (#,^) 1080 Nimmo Pkwy, Ste 104, Virginia Beach, VA 23851 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/11/2028 9.3  9.3  8.3  —  %
Circle and Square, Inc dba Stamford Kumon (#,^) 50 Forest St. Ste 902, Stamford, CT 45356 Educational Services Term Loan Prime plus 2.75% 5/11/2028 35.4  35.4  31.0  0.01  %
Adhara, LLC (#,^) 18123 E Appleway Ave, Spokane Valley, WA 98003 Personal and Laundry Services Term Loan Prime plus 2.75% 5/11/2043 42.2  42.2  46.4  0.01  %
Daniel Woodward, DC PLLC dba Doc's Body Shop (#,^) 3084 N Goliad St., Ste 114, Rockwall, TX 46236 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/11/2028 31.8  31.8  27.8  0.01  %
Baby Gentry's Childcare & Learning Academy (#,^) 4203 Shenandoah Dr, Dayton, OH 97214 Social Assistance Term Loan Prime plus 2.75% 5/10/2028 9.4  9.4  8.2  —  %
Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer (#,^) 310 Arlington Ave Unit 329, Charlotte, NC 01027 Educational Services Term Loan Prime plus 2.75% 5/9/2043 699.0  699.0  800.8  0.25  %
Schmaltz Operations LLC dba Companion Camp (#,^) 3408 Castle Rock Farm Road, Pittsboro, NC 20770 Personal and Laundry Services Term Loan Prime plus 2.75% 5/7/2028 50.0  50.0  48.5  0.01  %
Container Shipping, LLC (#,^) 533 Nova Rd Ste 213B, Ormond Beach, FL 19341 Support Activities for Transportation Term Loan Prime plus 2.75% 5/4/2028 41.7  41.7  36.4  0.01  %
Wilbur Standford Jr Trucking and Excavating, LLC (#,^) 7505 North Chases Lake Road, Watson, NY 99633 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/3/2028 200.1  200.1  198.1  0.06  %
Olmsted LLC and 626 Van LLC dba Maison Yaki (#,^) 659 Vanderbilt Ave, Brooklyn, NY 07072 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/1/2029 206.5  206.5  187.2  0.06  %
Brenden Kehren Development LLC (#,^) 14689 Gemara Road, Sparta, WI 35068 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/30/2028 2.5  2.5  2.2  —  %
57
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Metropolitan Solutions Inc. (#,^) 1420 Chestnut St., Portsmouth, VA 31061 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/30/2043 170.7  170.7  173.8  0.05  %
Sunlinc Inc (#,^) 170 Canterbury Court, East Windsor, NJ 98812 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/30/2028 8.1  8.1  7.0  —  %
Saltamontes Tire Company, LLC (#,^) 1955 Boston Ave, Brodgeport, CT 31061 Repair and Maintenance Term Loan Prime plus 2.75% 4/30/2043 98.7  98.7  109.0  0.03  %
Corona Dance, LLC dba Huracan Dance Studio (#,^) 480 West Main St., Stamford, CT 74131 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 4/30/2028 9.9  9.9  8.6  —  %
Rory James Contracting LLC (#,^) 33 Bennett Place, Amityville, NY 89183 Construction of Buildings Term Loan Prime plus 2.75% 4/27/2028 13.3  13.3  11.6  —  %
Kastoria Inc. dba Bantam Pizza (#,^) 768 Bantam Road, Bantam, CT 28801 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2028 12.4  12.4  11.0  —  %
Suraj Enterprises, Inc. (#,^) 11720 W. Airport Road, Meadows Place, TX 92020 Food and Beverage Stores Term Loan Prime plus 2.75% 4/27/2028 258.0  258.0  246.5  0.08  %
Little Angels Daycare and Learning Center LLC (#,^) 4551 Summit Blvd, West Palm Beach, FL 65301 Social Assistance Term Loan Prime plus 2.75% 4/27/2043 154.8  154.8  177.4  0.05  %
RWT Corporation dba Welding Works (#,^) 32 New Road, Madison, CT 19104 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/26/2028 429.5  429.5  395.6  0.12  %
Pledge 4 Hope LLC (#,^) 53 Bayberry Loop South, Purvis, MS 80134 Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 4/26/2028 12.4  12.4  10.9  —  %
LMH Optics LLC dba Sterling Optical (#,^) 1272 Smallwood Dr West, Waldorf, MD 33445 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/26/2028 41.3  41.3  36.2  0.01  %
K&S Hardware LLC (#,^) 1865 W Wayzata Blvd, Long Lake, MN 75034 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 4/26/2028 18.6  18.6  16.2  0.01  %
Matrix Z, LLC (#,^) 800 SW 21st Terrace, Ft Lauderdale, FL 90232 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 4/26/2028 65.3  65.3  65.6  0.02  %
RWT Corporation dba Welding Works (#,^) 32 New Road, Madison, CT 90404 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/26/2043 204.8  204.8  209.6  0.06  %
Joe & Sons Service, Inc (#,^) 855 Atwood Ave, Cranston, RI 89706 Repair and Maintenance Term Loan Prime plus 2.75% 4/24/2028 86.8  86.8  89.9  0.03  %
Just for Boats LLC (#,^) 459 Dupre Road, McClellanville, SC 27048 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2043 16.9  16.9  19.3  0.01  %
Spitnale's Garage LLC (#,^) 3761 Mahoning Ave, Youngstown, OH 60642 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2043 58.0  58.0  63.4  0.02  %
Rosemarie Products Company LLC (#,^) 5400 Crooked Tree Dr, Mason, OH 33534 Health and Personal Care Stores Term Loan Prime plus 2.75% 4/18/2028 12.4  12.4  10.8  —  %
Means Enterprises LLC (#,^) 4150 Legacy Dr N Ste # 412, Frisco, TX 06901 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 4/18/2028 5.8  5.8  5.2  —  %
James L Shoemaker APCC (#,^) 221 W Judge Perez Dr, Chalmette, LA 06824 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/18/2028 13.3  13.3  11.6  —  %
Veterinary Preventive Care, LLC (#,^) 945 Riverview Ct, Xenia, OH 01760 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/18/2028 38.7  38.7  35.3  0.01  %
A New Dawn Psychotherapy Associates, LLC (#,^) 308 E Broad St, Bethlehem, PA 48084 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/18/2043 84.3  84.3  89.7  0.03  %
58
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Southern HVAC LLC (#,^) 119 Ouachita 212, Camden, AZ 59715 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2043 21.7  21.7  22.8  0.01  %
Southern Oaks Athletic Club, LLC (#,^) 15253 Shenandoah Ave, BATON ROUGE, LA 40509 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/17/2043 353.2  353.2  397.8  0.12  %
Southern HVAC LLC (#,^) 119 Ouachita 212, Camden, AR 11803 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2028 32.7  32.7  31.3  0.01  %
1301 Starks Inc. (#,^) 1301 West Atkinson Ave, Milwaukee, WI 27107 Food and Beverage Stores Term Loan Prime plus 2.75% 4/16/2028 18.6  18.6  19.2  0.01  %
Patricia A. Freeman & Samuel C. Freeman dba Teenas Pizza (#,^) 35 E Main St., Pekin, IN 55025 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/13/2043 40.4  40.4  44.6  0.01  %
Precision Components Group Inc (#,^) 190 Doty Circle, West Springfield, MA 14150 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 4/11/2028 18.6  18.6  18.0  0.01  %
Sexy Nails Center LLC (#,^) 57 Passaic St., Garfield, NJ 90048 Personal and Laundry Services Term Loan Prime plus 2.75% 4/10/2043 195.1  195.1  220.7  0.07  %
Mark Baker (#,^) 1653 Evalie Dr, Fairfield, OH 30060 Truck Transportation Term Loan Prime plus 2.75% 4/9/2028 8.1  8.1  7.4  —  %
Innovation Transport LLC (#,^) 1 International Blvd, Ste 400, Mahwah, NJ 99501 Truck Transportation Term Loan Prime plus 2.75% 4/6/2028 42.4  42.4  41.0  0.01  %
Newsome Mobile Notary LLC (#,^) 8153 12th Ave SW, Seattle, WA 75254 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/5/2028 4.3  4.3  3.8  —  %
Shree Lakshminarayyn Grocery Stores LLC (#,^) 3307 Charles St., Rockford, IL 79925 Gasoline Stations Term Loan Prime plus 2.75% 4/5/2043 115.6  115.6  128.1  0.04  %
Bean City Bar and Grill LLC (#,^) N 2505 Bean City Road, New London, WI 93725 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/4/2043 77.0  77.0  87.6  0.03  %
America's Little Leaders Academy, Inc (#,^) 2570 NW 152nd Terrace, Opa-Locka, FL 76107 Social Assistance Term Loan Prime plus 2.75% 3/30/2043 21.6  21.6  25.1  0.01  %
Payne's Environmental Services LLC (#,^) 5617 Causeway Blvd, Tampa, FL 97009 Administrative and Support Services Term Loan Prime plus 2.75% 3/30/2028 185.9  185.9  187.2  0.06  %
Michael S Brown Physical Therapy, P.C (#,^) 300 Hempstead Tpke Ste. 3 & 4, Hempstead, NY 93306 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/30/2028 81.0  81.0  77.5  0.02  %
Fifth Wheel Truck Stop 001 (#,^) 3767 S Golden State Blvd, Fresno, CA 30236 Gasoline Stations Term Loan Prime plus 2.75% 3/30/2043 1,103.8  1,103.8  1,235.1  0.38  %
B&C Texas Leasing Inc.,M & W Hot Oill, Inc (#,^) 8124 Sprague Road, Odessa, TX 02657 Truck Transportation Term Loan Prime plus 2.75% 3/30/2043 259.7  259.7  292.9  0.09  %
Master Roofing and Siding Inc. (#,^) 25 Robert Pitt Dr Ste 213, Monsey, NY 33414 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/30/2028 217.4  217.4  208.1  0.06  %
Technical Ordnance Solutions,LLC (#,^) 9950 Business Circle, Ste 13, Naples, FL 98116 Fabricated Metal Product Manufacturing Term Loan 7.75% 3/30/2028 988.5  988.5  860.8  0.27  %
Alaska Industrial Paint LLC (#,^) 229 Whitney Road Unit B, Anchorage, AK 33064 Repair and Maintenance Term Loan Prime plus 2.75% 3/30/2043 214.5  214.5  246.7  0.08  %
GQ Investments,LLC (#,^) 5772 Miami Lakes Dr East, Miami, FL 60404 Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 3/30/2028 172.7  172.7  167.7  0.05  %
Romancing the Stone (#,^) 140 Centre of New England Blvd, Coventry, RI 98541 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/30/2043 335.3  335.3  382.4  0.12  %
59
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Boulevard Books Inc. (#,^) 1195 Castleton Ave, Staten Island, NY 79765 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/30/2043 85.9  85.9  100.8  0.03  %
Alaska Industrial Paint LLC (#,^) 229 Whitney Road, Unit B, Anchorage, AK 85007 Repair and Maintenance Term Loan Prime plus 2.75% 3/30/2028 102.3  102.3  106.3  0.03  %
B&C Texas Leasing Inc and M&W Hot Oil, Inc. (#,^) 8124 Sprague Road, Odessa, TX 78257 Truck Transportation Term Loan Prime plus 2.75% 3/30/2028 803.8  803.8  813.8  0.25  %
Kaz Wellness, LLC dba Grounded Wellness Center (#,^) 104 Clover Court, Bartlett, IL 79765 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2028 13.0  13.0  12.9  —  %
Lou & Choo Enterprises Inc. (#,^) 2101 West Hunting Park Ave, Philadelphia, PA 30305 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2044 104.6  104.6  118.4  0.04  %
Cartwright Termite & Pest Control Inc. and Cartwright Termite &Pest Co (#,^) 1376 Broadway, El Cajon, CA 01453 Administrative and Support Services Term Loan Prime plus 2.75% 3/28/2028 183.1  183.1  183.6  0.06  %
Corning Lumber Company Inc & Frank R Close & Son Inc dba True Valley C (#,^) 111 E. Laurel St., Willows, CA 68137 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/28/2028 71.8  71.8  75.2  0.02  %
Clancy 15 LLC and Allied Molded Products LLC (#,^) 1145 13th Ave East, Palmetto, FL 60190 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/28/2043 207.0  207.0  232.9  0.07  %
Clancy 15 LLC and Allied Molded Products LLC (#,^) 1145 13th Ave East, Palmetto, FL 74344 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/28/2028 127.7  127.7  128.4  0.04  %
Montage Mountain Resorts, LP (#,^) 1000 Montage Mountain Rd, Scranton, PA 15106 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/28/2043 1,202.3  1,202.3  1,411.1  0.43  %
K.C. Communications, Inc. (#,^) 2715 Saturn St., Brea, CA 32746 Telecommunications Term Loan Prime plus 2.75% 3/27/2028 51.3  51.3  53.7  0.02  %
Towing Professionals of Arizona Inc dba Shamrock Towing & All Valley I (#,^) 2801 W Osborn Road, Phoenix, AZ 30029 Support Activities for Transportation Term Loan Prime plus 2.75% 3/26/2043 518.2  518.2  571.2  0.18  %
Towing Professionals of Arizona Inc dba Shamrock Towing, All Valley Im (#,^) 2801 W Osborn Road, Phoenix, AZ 33624 Support Activities for Transportation Term Loan Prime plus 2.75% 3/26/2028 123.0  123.0  120.9  0.04  %
Aque Investment Group LLC (#,^) 3838 N. Sam Houston Parkway E, Houston, TX 68110 Real Estate Term Loan Prime plus 2.75% 3/23/2028 217.8  217.8  228.1  0.07  %
All Regional Recyclers of Wood LLC dba ARROW (#,^) 104 Wooster St., Bethal, CT 11791 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2028 107.6  107.6  108.6  0.03  %
Denton BioFuels LLC and Amercian BioSource, LLC (#,^) 624 W. University Dr.#359, Denton, TX 60465 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2028 73.1  73.1  72.9  0.02  %
Shweiki Media Inc dba Study Breaks Magazine (#,^) 4954 Space Center Dr, San Antonio, TX 60654 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/23/2028 61.5  61.5  64.4  0.02  %
Sunshine Tents and Event Rentals LLC (#,^) 2322 SW 58th Terrace, West Park, FL 48823 Rental and Leasing Services Term Loan Prime plus 2.75% 3/23/2028 50.8  50.8  53.3  0.02  %
Cable Management, LLC (#,^) 200 Pratt St., Meriden, CT 10549 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2028 65.9  65.9  67.4  0.02  %
Kajun Martial Arts LLC (#,^) 36546 Mission St., Prairieville, LA 21842 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/23/2028 18.4  18.4  17.8  0.01  %
New York Label & Box Corp (#,^) 50 Oval Dr, Islandia, NY 01730 Printing and Related Support Activities Term Loan Prime plus 2.75% 3/23/2043 1,202.3  1,202.3  1,374.8  0.42  %
60
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Sofasco, Inc (#,^) 182 Garber Lane, Winchester, VA 80215 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/23/2043 96.2  96.2  107.6  0.03  %
GeoTek Alaska, Inc (#,^) 2756 Commercial Dr, Anchorage, AK 35007 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/21/2043 817.6  817.6  936.3  0.29  %
Rexco Foods LLC dba Papa John's (#,^) 18640 Fm 1488 Ste C, Magnolia, TX 46220 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/20/2028 34.9  34.9  33.3  0.01  %
RTSP Union LLC (#,^) 2438 Route 22 East, Union, NJ 48317 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 9/20/2028 1,035.0  1,035.0  1,032.9  0.32  %
Cest Chic Concepts, LLC dba Salon Cest Chic (#,^) 15231 Hall Station Road Unit 104, Bowie, MD 18240 Personal and Laundry Services Term Loan Prime plus 2.75% 3/19/2028 9.2  9.2  9.0  —  %
Petroleum Equipment & Services, Inc (#,^) 5631 Silverado Way Unit G, Anchorage, AK 76063 Support Activities for Mining Term Loan Prime plus 2.75% 3/16/2028 205.1  205.1  214.8  0.07  %
Camerabots Media, LLC (#,^) 4501 Ford Ave Ste 207, Alexandria, VA 87106 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 3/16/2028 12.3  12.3  11.9  —  %
Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe (#,^) 2217 Richmond Road, Williamsburg, VA 11203 Repair and Maintenance Term Loan Prime plus 2.75% 3/15/2043 499.2  499.2  575.5  0.18  %
CTD Operations Inc (#,^) 219 Saint Nazaire Rd STE G, Broussard, LA 32055 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2028 54.8  54.8  53.1  0.02  %
Bear Bones, Inc. (#,^) 43 Libson St., Lewiston, ME 97132 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 3/15/2043 21.6  21.6  25.1  0.01  %
Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe (#,^) 2217 Richmond Road, Williamsburg, VA 11968 Repair and Maintenance Term Loan Prime plus 2.75% 9/15/2043 74.2  74.2  85.8  0.03  %
Rojenco II, Inc. (#,^) 4357 Shore Dr, Virginia Beach, VA 94582 Repair and Maintenance Term Loan Prime plus 2.75% 3/15/2043 387.1  387.1  446.3  0.14  %
Rojenco II,Inc. (#,^) 4357 Shore Dr, Virginia Beach, VA 92881 Repair and Maintenance Term Loan Prime plus 2.75% 9/15/2043 74.2  74.2  85.8  0.03  %
Summit Insights Group LLC (#,^) 19 Briant Parkway, Summit, NJ 32055 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 3/14/2028 37.2  37.2  35.5  0.01  %
Dante Ultimate Cleaning Service LLC (#,^) 16969 River Park Dr, Covington, LA 42602 Administrative and Support Services Term Loan Prime plus 2.75% 3/9/2028 8.4  8.4  8.4  —  %
SRG Waterfront LLC (#,^) 88 District Square SW, Washington, DC 93637 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/9/2028 238.4  238.4  230.0  0.07  %
2b Mom Inc dba Mom's the Word Maternity (#,^) 3150 18th St., Ste 435, San Francisco, CA 10022 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 3/9/2028 79.7  79.7  76.2  0.02  %
Treft Systems Inc (#,^) 1050 Kings Hwy North Ste #107, Cherry HIll, NJ 99654 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/8/2028 12.3  12.3  11.8  —  %
Unpainted Arizona, LLC dba Westside Bowl (#,^) 2617 Mahoning Ave, Youngstown, OH 85208 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/7/2043 100.8  100.8  115.1  0.04  %
Espinoza & Salinas Group Ltd dba Credit 360 Consulting (#,^) 17806 IH 10Ste 300, SAN ANTONIO, TX 60440 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/2/2028 4.1  4.1  4.0  —  %
Stepping Stones Childrens Academy (#,^) 720 Rancho Del Norte Dr, Las Vegas, NV 03903 Social Assistance Term Loan Prime plus 2.75% 3/2/2043 244.8  244.8  283.5  0.09  %
61
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
BC Bishop Enterprises LLC dba 9Round Pooler (#,^) 105-107 Grand Central Blvd, Pooler, GA 99654 Educational Services Term Loan Prime plus 2.75% 3/2/2028 6.9  6.9  6.7  —  %
The Law Offices of Samuel R Miller LLC (#,^) 7405 Lake Worth Road, Lake Worth, FL 03903 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/28/2043 114.3  114.3  133.9  0.04  %
Connie Engelbrecht (#,^) 20640 Raven Dr, Eagle River, AK 90802 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 2/28/2028 2.4  2.4  2.4  —  %
Merciful Heavenly Homes, LLC (#,^) 401 Dillar's Mill Road, Tyner, NC 84401 Nursing and Residential Care Facilities Term Loan 8% 2/28/2043 62.9  62.9  59.0  0.02  %
Urban Fitness Group LLC dba Crunch Fitness Group LLC (#,^) 2800 S IH-35, Ste 220, Round Rock, TX 89113 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2028 182.2  182.2  190.9  0.06  %
Carey Collision Repairs Inc. (#,^) 295 D Bucheimer Road, Fredrick, MD 07008 Repair and Maintenance Term Loan Prime plus 2.75% 2/27/2028 61.0  61.0  59.3  0.02  %
Betty's Catering Corp, Betty's Decoration & Wedding Center Inc. (#,^) 94-33 Corona Ave, Corona, NY 06840 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/26/2043 342.5  342.5  401.3  0.12  %
Purely Seed LLC (#,^) 11515 Lake Lane, Ste 102, Chisago, MN 01581 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 2/26/2028 101.7  101.7  97.1  0.03  %
Carries Cakes and Catering, Inc dba Carrie's Cakes and Confections (#,^) 4308 Holland Road, Virginia Beach, VA 62401 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/23/2028 4.0  4.0  3.8  —  %
Jackpine Technologies Corporation (#,^) 1 Mill & Main Pl., Ste 330, Maynard, MA 07840 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 2/22/2028 30.2  30.2  31.6  0.01  %
Crossfit iQ LLC (#,^) 346 Pike Road, Bay 8 & 9, West Palm Beach, FL 46254 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/21/2028 34.6  34.6  33.6  0.01  %
Wellfleet Consulting Inc. (#,^) 2275 Research Blvd Ste 500, Rockville, MD 33328 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/21/2028 12.2  12.2  11.7  —  %
New View Media Group LLC (#,^) 1 Old Wolfe Road Ste 205, Budd Lake, NJ 75707 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 2/16/2028 67.1  67.1  70.3  0.02  %
Town & Country Transportation Co. (#,^) 191-193 Arch St., New Britain, CT 17003 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 2/16/2028 53.8  53.8  56.4  0.02  %
Lulinjett LLC dba All American Printing & Design (#,^) 4621 Bayshore Road, Fort Myers, FL 12855 Printing and Related Support Activities Term Loan Prime plus 2.75% 2/14/2043 102.0  102.0  119.5  0.04  %
Margab Inc dba Smoothie King (#,^) 14200 SW 8th St Unit #102, Miami, FL 97089 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/13/2028 10.4  10.4  10.1  —  %
JumboMarkets, Inc. (#,^) 15500 SW Trail Dr, Indiantown, FL 38340 Food and Beverage Stores Term Loan Prime plus 2.75% 2/13/2028 168.8  168.8  165.1  0.05  %
Tony Herring & Associates, Inc. (#,^) 211 West Camellia Dr, Slidell, LA 80817 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 2/9/2028 6.7  6.7  7.0  —  %
Start "UP "Dreams, Inc dba SDC Concrete and Start"UP" Dream Constructi (#,^) 30521 134th St SE, Sultan, WA 07503 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/9/2028 60.8  60.8  60.3  0.02  %
Quality Machine of Iowa, Inc (#,^) 1040 4th Ave, Audubon, IA 30102 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 2/9/2028 1,135.7  1,135.7  1,144.0  0.35  %
Apps Inc., Market Share, and Singular Leaseholdings LLC (#,^) 800 Village Walk #159, Guilford, CT 75217 Telecommunications Term Loan Prime plus 2.75% 2/8/2028 425.1  425.1  406.1  0.13  %
62
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
De La Vega LLC dba De La Vega Deland and De La Vega Oviedo (#,^) 128 North Woodland Blvd, Deland, FL 32502 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/7/2028 64.1  64.1  62.9  0.02  %
Macrotech Integrated Management Solutions dba Extreme Lawn Care (#,^) 2425 Durrance LN, Ormond Beach, FL 07003 Repair and Maintenance Term Loan Prime plus 2.75% 2/5/2028 9.8  9.8  10.2  —  %
Midlothian Hardware Inc dba Grills True Value (#,^) 4751 West 147th St., Midlothian, IL 71111 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 2/2/2028 12.2  12.2  12.8  —  %
Chace Building Supply of CT Inc., (#,^) 90 Route 171, Woodstock, CT 80904 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 1/31/2043 287.3  287.3  336.7  0.10  %
USA General Investment LLC dba Braniff Paint and Body Shop (#,^) 2290 NW 21st Terrace, Miami, FL 95050 Repair and Maintenance Term Loan Prime plus 2.75% 1/31/2028 12.1  12.1  11.8  —  %
Rocco'sLandscaping LLC (#,^) 151 Kitts Lane, Newington, CT 92653 Administrative and Support Services Term Loan Prime plus 2.75% 1/31/2043 71.9  71.9  84.3  0.03  %
WydeBodi, LLC dba Wyde Bodi Auto Tags (#,^) 706 North 37th St., Philadelphia, PA 78666 Support Activities for Transportation Term Loan Prime plus 2.75% 1/30/2043 45.5  45.5  52.5  0.02  %
New Phaze Packaging Inc (#,^) 9533 Irondale Ave, Los Angeles, CA 60478 Paper Manufacturing Term Loan Prime plus 2.75% 1/26/2043 919.8  919.8  1,076.6  0.33  %
Concrete Services LLC and James Ward (#,^) 24 County Road 901, Jemison, AL 22551 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/25/2028 80.6  80.6  80.1  0.02  %
Parati USA Inc (#,^) 1018 Wilt Ave, Ridgefield, NJ 57350 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 1/25/2028 13.6  13.6  13.0  —  %
Southside BBQ Corp (#,^) 16032 South Hwy 16, Cherokee, TX 33139 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/25/2028 15.7  15.7  16.5  0.01  %
Flair Interiors, Inc dba Giant Don's Flooring America (#,^) 7725 Old Seward Hwy, Anchorage, AK 12553 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 1/24/2028 110.9  110.9  116.2  0.04  %
Tier1 Solutions LLC (#,^) 1000 Essington Road, Juliet, IL 77040 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/23/2028 6.0  6.0  5.9  —  %
Friend Contractors, LLC (#,^) 1950 Mill Bay Road, Kodiak, AK 28277 Construction of Buildings Term Loan Prime plus 2.75% 1/19/2043 223.0  223.0  254.4  0.08  %
Lavish Specs Inc (#,^) 262 Glen St., Glen Cove, NY 74008 Machinery Manufacturing Term Loan Prime plus 2.75% 1/19/2028 6.0  6.0  5.8  —  %
Weeping Willow Kennels, Inc. (#,^) 6041 Hammond School Road, Salisbury,, MD 06107 Personal and Laundry Services Term Loan Prime plus 2.75% 1/19/2028 8.5  8.5  8.9  —  %
MedWorxs Inc. (#,^) 6857 Timbers Dr., Evergreen, CO 32003 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/18/2028 63.5  63.5  60.7  0.02  %
Lou & Choo Enterprises Inc dba Lou & Choo Lounge (#,^) 2101,2103 & 2105 West Hunting Park Ave, Philadelphia, PA 06410 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/18/2043 110.4  110.4  125.5  0.04  %
Specialized Dairy Processors LLC and Nathaly Zapata (#,^) 2200 N Commerce Parkway, Weston, FL 01128 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/16/2028 52.4  52.4  50.1  0.02  %
Work of Heart Inc dba Little Nest Portraits (#) 1000 Merdian Blvd, Ste 112, Franklin, TN 12202 Professional, Scientific, and Technical Services Term Loan 7.5% 1/10/2028 5.2  5.2  4.5  —  %
Human Resource Time Manager LLC (#,^) 2737 Humphrey St., East Elmhurst, NY 60544 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/8/2028 12.5  12.5  13.1  —  %
63
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Sandfree Systems LLC (#,^) 116 Cricket Ave Ste B, Ardmore, PA 76207 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/5/2028 6.0  6.0  6.3  —  %
Crad Holding LLC dba Neighborhood Laundry of Bloomfield (#,^) 60 Dodd St., Bloomfield, NJ 29615 Personal and Laundry Services Term Loan Prime plus 2.75% 1/5/2028 50.4  50.4  48.4  0.01  %
Social Link LLC (#,^) 41Peabody St., Nashville, TN 43082 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/29/2027 9.0  9.0  8.6  —  %
Farec, Inc (#) 30250 W Nine Mile Road, Farmington, MI 06355 Amusement, Gambling, and Recreation Industries Term Loan 7.5% 12/29/2042 242.4  242.4  222.7  0.07  %
Morrocco Method, Inc (#,^) 800 Farroll Rd, Grover Beach, CA 06906 Chemical Manufacturing Term Loan Prime plus 2.75% 12/27/2042 696.8  696.8  806.5  0.25  %
O'Rourke's Diner, LLC (#,^) 728 Main St., Middleton, CT 85020 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/22/2027 3.0  3.0  3.1  —  %
Anderson Farms Inc (#) 271 West Hwy 30, Burley, ID 30024 Truck Transportation Term Loan 7.5% 12/22/2027 4,304.3  4,304.3  3,758.4  1.16  %
Medical Plaza of Boro Park PC (#,^) 1266 51St 1st Floor, Brooklyn, NY 12025 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/22/2027 40.4  40.4  38.5  0.01  %
Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diag (#,^) 12351 Gateway Park Place, Draper, UT 18940 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/22/2027 622.3  622.3  598.5  0.18  %
Salida Family Chiropractic-PPLC dba Salida Sport and Spine (#,^) 203 G St., Salida, CO 11375 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/22/2027 9.6  9.6  9.1  —  %
Landmark Ventures USA Inc (#,^) 475 Park Ave South 25th Floor, New York, NY 29464 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 12/22/2027 50.0  50.0  47.6  0.01  %
Muckamuck Trucks, Inc. (#,^) 510 S Spring St., Ukiah, CA 14221 Truck Transportation Term Loan Prime plus 2.75% 12/22/2027 11.0  11.0  11.1  —  %
CT Auto Spa LLC (#,^) 39 Albany Turnpike, West Simsbury, CT 75087 Repair and Maintenance Term Loan Prime plus 2.75% 12/21/2027 172.0  172.0  179.8  0.06  %
Blue Lagoon Resort, LLC dba Hill View Cottages (#,^) 3670 Lake Shore Dr, Lake George, NY 37211 Accommodation Term Loan Prime plus 2.75% 12/21/2042 180.3  180.3  211.0  0.07  %
DHD Enterprise LLC dba Edible Arrangements #1699 (#,^) 828 Washington Ave, Miami Beach, FL 99016 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/21/2027 18.2  18.2  17.9  0.01  %
DBMS Consulting, Inc. (#,^) 164 West 83rd St.- Units CF1 and CF2, New York, NY 23454 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/20/2027 60.0  60.0  60.6  0.02  %
Best Quality Home Care LLC (#,^) 317 S Berry St., Centralia, WA 45417 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/19/2027 5.6  5.6  5.3  —  %
Auto Excellance of Fort Myers Inc. (#,^) 3105 Fowler St., Fort Myers, FL 03862 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/19/2042 101.7  101.7  119.0  0.04  %
1-0 Granny's Helpful Hands, LLC (#,^) 705 East Lake St., Minneapolis, MN 30223 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/15/2027 18.0  18.0  17.3  0.01  %
Ocean Trans LLC & Dehal Trucking LLC (#,^) 1415 W. Anderson St., Stockton, CA 13343 Truck Transportation Term Loan Prime plus 2.75% 12/15/2042 598.3  598.3  665.8  0.21  %
Peanut Butter & Co., Inc (#,^) 119 West 57th St., Ste 300, New York, NY 23704 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/15/2027 179.9  179.9  171.5  0.05  %
64
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
JMD Aviation Holdings, LLC (#,^) 8050 North West 90th St., Medley, FL 33314 Rental and Leasing Services Term Loan Prime plus 2.75% 12/15/2027 399.8  399.8  417.9  0.13  %
Capital Containers LLC (#,^) 7610 Auburn Blvd #4B, Citrus Heights, CA 32174 Truck Transportation Term Loan Prime plus 2.75% 12/15/2027 12.4  12.4  12.0  —  %
Legion Bowl, Inc & Legion Pub Inc (#,^) 661 Park St., Cranston, RI 06604 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/15/2042 319.1  319.1  373.4  0.12  %
Beale Street Blues Company Inc.dba B.B. King's Club-Memphis (#,^) 149 Monroe Ave, Memphis, TN 55356 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/14/2027 805.6  805.6  772.0  0.24  %
Barcade Holdings, LLC ,Barcade LLC,& Barcade New Haven LLC (#,^) 148 West 24th St., New York, NY 07419 Management of Companies and Enterprises Term Loan Prime plus 2.75% 12/14/2027 50.4  50.4  48.6  0.01  %
KR Calvert & Co, LLC (#,^) 113 Seaboard Lane #C-270, Franklin, TN 33312 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/14/2027 418.0  418.0  399.4  0.12  %
Atlas Geo-Constructors, LLC (#,^) 3466 Thomasville Road, Winston Salem, NC 11701 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/14/2027 243.1  243.1  247.1  0.08  %
Royalty Freight Inc (#,^) 3728 W Mckinley Ave, Fresno, CA 20603 Truck Transportation Term Loan Prime plus 2.75% 12/14/2027 533.3  533.3  508.3  0.16  %
AADJ Empire Inc and AADJ Galaxy Inc. (#,^) 1599 Post Road, Warwick, RI 06750 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/14/2042 173.5  173.5  195.2  0.06  %
Heung Kyun Im (#,^) 6235 Conlan Bay Dr, Houston, TX 06902 Nonstore Retailers Term Loan Prime plus 2.75% 12/14/2027 12.4  12.4  11.8  —  %
Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc. d (#,^) 34 35th St., Brooklyn, NY 33415 Food Manufacturing Term Loan Prime plus 2.75% 12/14/2027 77.2  77.2  79.8  0.02  %
LP Industries Inc. dba Childforms (#,^) 2040 Norwood St. SW, Lenoir, NC 77477 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 12/14/2027 60.3  60.3  61.6  0.02  %
Hardway Inc & AFC Leasing Inc (#,^) 12533 S. 73rd E. Place, Bixby, OK 39475 Rental and Leasing Services Term Loan Prime plus 2.75% 12/13/2027 721.9  721.9  688.0  0.21  %
Nichols Fire and Security LLC (#,^) 1906 Vanderhorn Dr, Memphis, TN 06443 Administrative and Support Services Term Loan Prime plus 2.75% 12/13/2042 83.8  83.8  95.4  0.03  %
LPB LPB Property Management Inc dba Wilderness View Cabins & Ellijay C (#,^) 498 Wilderness View, Chatsworth, GA 46552 Real Estate Term Loan Prime plus 2.75% 12/12/2042 95.7  95.7  111.9  0.03  %
Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation (#,^) 3031 Patrick St, Kissimmee, FL 02920 Air Transportation Term Loan 8.25% 12/12/2027 430.9  430.9  373.5  0.12  %
Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC (#,^) 1120 Wren School Road, Piedmont, SC 33411 Gasoline Stations Term Loan Prime plus 2.75% 12/12/2027 39.7  39.7  37.8  0.01  %
Clore Construction LLC (#,^) 21220 FM 1420, Harlingen, TX 43068 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/12/2027 368.4  368.4  372.4  0.11  %
Big Picture Group LLC (#,^) 935 N La Jolla, Los Angeles, CA 29458 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/12/2027 299.7  299.7  293.9  0.09  %
A-1 Van Services Inc (#,^) 154 Sandy Creek Road, Verona, PA 45040 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/12/2027 575.3  575.3  584.9  0.18  %
65
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
The Ohio Valley Group Inc dba Ohio Valley Landscapes & Design (#,^) 16965 Park Circle Dr, Chagrin Falls, OH 06443 Administrative and Support Services Term Loan Prime plus 2.75% 12/12/2027 12.0  12.0  11.7  —  %
Clear Sound Communications, Inc (#,^) 680 Old Medford Ave, Medford, NY 18018 Administrative and Support Services Term Loan Prime plus 2.75% 12/8/2027 3.0  3.0  2.9  —  %
AV Strategy Inc (#,^) 9468 American Eagle Way Ste 100, Orlando, FL 70043 Rental and Leasing Services Term Loan Prime plus 2.75% 12/8/2027 353.8  353.8  352.8  0.11  %
JVLS LLC dba Vaccines 2 Go (#,^) 4060 Johns Creek Parkway, Ste H, Suwanee, GA 75034 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/7/2027 12.0  12.0  11.4  —  %
Kim Howard Corp dba NPN Machine Tools (#,^) 9130 Wayfarer Lane, Houston, TX 45385 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/7/2042 562.5  562.5  657.5  0.20  %
IHC Hardware Inc. (#,^) 614 Broad St., Story City, IA 70817 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/6/2042 95.7  95.7  106.9  0.03  %
ODS Inc (#,^) 626 N Delsea Dr, Glassboro, NJ 71701 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/6/2027 39.2  39.2  38.8  0.01  %
Healthcare Interventions, Inc dba Brightstar Healthcare of & Brightsta (#,^) 5300 W. Atlantic Ave. Ste 501, Delray Beach, FL 47165 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/4/2027 12.0  12.0  11.4  —  %
Oil Palace, Inc. (#,^) 10408 Hwy 64 East, Tyler, TX 01089 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/4/2042 945.4  945.4  1,106.1  0.34  %
Salud Bar & Grill LLC (#,^) 1413 Bushwick Ave, Brooklyn, NY 61108 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/1/2027 45.0  45.0  43.0  0.01  %
Linda Jean Howard Riley dba The Rusty Bolt (#,^) 22345 W. Rt 66, Seligman, AZ 45014 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/1/2042 20.1  20.1  23.5  0.01  %
Utara LLC (#,^) 214 Pine St, Sandpoint, ID 98106 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/1/2027 18.6  18.6  18.4  0.01  %
Square1 Partners, LLC (#,^) 1088 Greenbriar Lane, Northbrook, IL 07495 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 12/1/2027 49.8  49.8  47.4  0.01  %
WTI Distribution Inc (#,^) 5491 E Francis St, Ontario, CA 54961 Support Activities for Transportation Term Loan Prime plus 2.75% 11/30/2027 31.7  31.7  31.8  0.01  %
Fortress Verve Inc, Maurice R. Margules and Antonie C. Reinhard (#,^) 1 Jackson St., Troy, NY 11552 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/30/2027 83.2  83.2  87.0  0.03  %
Skin Beauty Bar Inc. and Tameka J. Mathis (#,^) 749 8th St. SE 2nd Floor, Washington, DC 73764 Personal and Laundry Services Term Loan Prime plus 2.75% 11/30/2027 7.1  7.1  6.9  —  %
J. Venture Holdings, LLC (#,^) 2285 St. Andrews Ave, Zachary, LA 93725 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/30/2027 9.9  9.9  10.3  —  %
Our Playhouse Preschool, LLC (#,^) 3501 NC Hwy 54 W, Chapel hill, NC 33054 Social Assistance Term Loan Prime plus 2.75% 11/29/2042 224.7  224.7  262.9  0.08  %
OPH Lexington, Inc (#,^) 235 Walton Ave, Lexington, KY 02816 Social Assistance Term Loan Prime plus 2.75% 11/29/2042 182.8  182.8  213.9  0.07  %
Beacon Brewing LLC and C' Sons, LLC (#,^) 700 Lincoln St., Lagrange, GA 99501 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/27/2042 121.3  121.3  142.0  0.04  %
Webtez Inc dba Mod Vans (#,^) 1673 Donlon St., Ste 202, Ventura, CA 34112 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/22/2027 55.5  55.5  53.1  0.02  %
66
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Step Up Academy of the Arts, LLC (#,^) 2258A Wigwam Parkway, Henderson, NV 60523 Educational Services Term Loan Prime plus 2.75% 11/22/2027 12.5  12.5  11.9  —  %
JMD Corporation dba Dart's True Value (#,^) 121 South Main St., Payette, ID 10952 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/22/2027 14.8  14.8  14.9  —  %
Grumpy's Restaurant Company, LLC (#,^) 834 Kingsley Ave, Orange Park, FL 10310 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/21/2027 56.3  56.3  53.8  0.02  %
PB Market LLC dba Pure Barre (#,^) 164-C Market St, Charleston, SC 66941 Educational Services Term Loan Prime plus 2.75% 11/21/2027 86.0  86.0  82.1  0.03  %
Cali Fit Meals (#,^) 3450 East Orangethrope Ave, Anaheim, CA 34221 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/21/2027 17.8  17.8  17.9  0.01  %
B Lam LLC (#,^) 9419 Kenwood Road, Cincinnati, OH 19140 Personal and Laundry Services Term Loan Prime plus 2.75% 11/20/2042 173.3  173.3  200.4  0.06  %
Maya Motel, LLC dba Town House Motel (#,^) 1701 Washington Ave, Waco, TX 85017 Accommodation Term Loan Prime plus 2.75% 11/17/2042 54.5  54.5  63.7  0.02  %
Southern Specialty Contractor, LLC & Ronald David Holbrook Jr. (#,^) 1990 Flippen Road, Stockbridge, GA 18505 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/17/2027 42.0  42.0  40.3  0.01  %
SSI Refrigerated Express Inc. and Robert M Stallone (#,^) 1001 E. Cooley Dr Ste 102, Colton, CA 92821 Truck Transportation Term Loan Prime plus 2.75% 11/17/2027 49.8  49.8  48.2  0.01  %
H & H Hotshot Services, Inc. (#,^) 5455 N. 51st Ave Ste 30, Glendale, AZ 11749 Couriers and Messengers Term Loan Prime plus 2.75% 11/16/2027 55.5  55.5  54.5  0.02  %
Murf & Sons LLC (#,^) 3821 Pleasant Hill Road, Store #B-107, Kissimmee, FL 78218 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/16/2027 131.8  131.8  127.0  0.04  %
J R Wholesale Tires & Auto Center, LLC (#,^) 822 Cameron Lane, Lugoff, SC 06450 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/15/2042 12.9  12.9  15.1  —  %
Auto Rx LLC,J&P Auto Repair Inc (#,^) 91 & 95 Woodbury Road, Hicksville, NY 33023 Repair and Maintenance Term Loan Prime plus 2.75% 11/15/2042 187.6  187.6  219.1  0.07  %
Marcaco LLC (#,^) 124 Lincoln Ave, Colonie, NY 76201 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 11/15/2042 498.6  498.6  583.4  0.18  %
Paramount Dance Studios Inc. and Homestead Dance Supply (#,^) 112 N Krome Ave, Homestead, FL 22602 Educational Services Term Loan Prime plus 2.75% 10/14/2043 450.5  450.5  518.4  0.16  %
Wing King at the Gardens LLC (#,^) 4235 South Fort Apache Road, Ste 250, Las Vegas, NV 77032 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/10/2027 7.7  7.7  7.3  —  %
Hofgard & Co, Inc dba Hofgard Benefits and James Marsh (#,^) 400 S. McCaslin Blvd, Ste 201, Louisville, CO 99501 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 11/8/2027 11.9  11.9  11.3  —  %
JNP Delivery Inc (#,^) 4500 North Providence # 7, Appleton, WI 77354 Couriers and Messengers Term Loan Prime plus 2.75% 11/7/2027 47.5  47.5  49.0  0.02  %
His Loving Hands Christian Academy, Inc. (#,^) 15020 Harrison St., Miami, FL 78233 Social Assistance Term Loan Prime plus 2.75% 11/6/2042 87.7  87.7  101.4  0.03  %
S & S Auto Body Shop Inc. (#,^) 5001 W. Clay St., Richmond, VA 34994 Repair and Maintenance Term Loan Prime plus 2.75% 11/3/2042 152.7  152.7  178.5  0.06  %
67
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Sterling Campbell Insurance Agency, Inc (#,^) 36359 North Gantzel Road Ste 102, San Tan Valley, AZ 20721 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 11/3/2027 5.9  5.9  5.7  —  %
Top Quality Dent Service LLC (#,^) 1541 Vapor Trail, Colorado Springs, CO 99518 Repair and Maintenance Term Loan Prime plus 2.75% 11/2/2027 4.7  4.7  4.5  —  %
 Edge Studios Inc Radiant Yoga LLC (#,^) 448 Howe Ave, Sacramento, CA 04240 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/1/2027 52.4  52.4  50.7  0.02  %
Rachael Reel dba Rachel Reel Insurance Age (#,^) 208 Bank St., Lenoir, TN 23455 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 10/31/2027 5.9  5.9  5.6  —  %
Berza TLG,LLC dba The Little Gym of Lake Charles (#,^) 1301 E McNeese St., Ste 201, Lake Charles, LA 23455 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/31/2027 33.3  33.3  32.2  0.01  %
The Five Lakes LLC (#,^) 13705 Holmes Road, Kansas City, MO 70518 Educational Services Term Loan Prime plus 2.75% 10/30/2042 453.3  453.3  530.4  0.16  %
Die Hard Used Car Sales (#,^) 1668 West Grand Ave, Phoenix, AZ 23188 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/30/2042 53.9  53.9  63.0  0.02  %
Sage Oil LLC (#,^) 8913 Egyptian Ave, Las Vegas, NV 23188 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/27/2027 7.9  7.9  7.6  —  %
Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle T (#,^) 377 Boston Post Road Unit B, Milford, CT 07901 Couriers and Messengers Term Loan Prime plus 2.75% 10/27/2027 29.4  29.4  28.6  0.01  %
Ashore Ventures Inc dba PuroClean Professional Restoration (#,^) 909 SE Everett Mall Way Ste A-140, Everett, WA 94110 Repair and Maintenance Term Loan Prime plus 2.75% 10/27/2027 11.4  11.4  11.1  —  %
Suzie LLC dba Tony D's Restaurant (#,^) 92 Huntington St., New London, CT 15332 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/25/2042 83.5  83.5  97.2  0.03  %
Grand Blanc Lanes, Inc. (#,^) 5301 S. Saginaw Road, Flint, MI 70345 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/25/2027 11.8  11.8  12.3  —  %
Schafer Fisheries Inc (#,^) 21985 Waller Road, Fulton, IL 20005 Food Manufacturing Term Loan Prime plus 2.75% 10/25/2027 27.4  27.4  28.6  0.01  %
Island Refrigeration & AC Inc (#,^) 3201 Flagler Ave, Unit 510 & 511, Key West, FL 89031 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/18/2042 126.5  126.5  145.0  0.04  %
Looky Enterprises, LLC (#,^) 1175 Surlington Ave, Ste 101, Leland, NC 99577 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/18/2027 52.3  52.3  50.7  0.02  %
Blueridge Armor LLC (#,^) 1495 Hwy 74-A Bypass, Ste 150192, Spindale, NC 78681 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 10/17/2027 6.5  6.5  6.5  —  %
H and K Dry Cleaning LLC ,Quintero Shopping Center LLC,Aqua Laundry, L (#,^) 1227 Burnside Ave, East Hartford, CT 33467 Electronics and Appliance Stores Term Loan 7.5% 10/17/2042 61.5  61.5  57.7  0.02  %
Albas Bar & Grill LLC (#,^) 221 Self Main St., Homer City, PA 21701 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/13/2042 43.9  43.9  49.1  0.02  %
Cortez Landscaping, LLC (#,^) 4 Powder Road, Norwalk, CT 55013 Administrative and Support Services Term Loan Prime plus 2.75% 10/13/2027 15.1  15.1  15.0  —  %
On Call Services LLC (#,^) 15060 281St Ave NW, Zimmerman, MN 27980 Construction of Buildings Term Loan Prime plus 2.75% 10/13/2027 14.1  14.1  14.8  —  %
Pro Anderson, LLC (#,^) 1092 Hampton Inn Way, Ste 400, Jacksonville, NC 33411 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/11/2027 42.5  42.5  40.9  0.01  %
68
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Sandbox Ventures LLC (#,^) 1857 A Elmdale Ave, Glenview, IL 01754 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/11/2027 15.4  15.4  15.7  —  %
Eye Optique Inc. (#,^) 10800 Alpharetta Hwy, Ste 220, Roswell, GA 20850 Health and Personal Care Stores Term Loan Prime plus 2.75% 10/5/2027 11.8  11.8  11.2  —  %
Ains Holding Company LLC (#,^) 121 Fulton St., New York, NY 07828 Management of Companies and Enterprises Term Loan Prime plus 2.75% 10/2/2027 69.2  69.2  67.1  0.02  %
Becky Lou Corp dba Rent A Center (#,^) 3578 Route 611, Ste 210, Bartonsville, PA 06051 Rental and Leasing Services Term Loan Prime plus 2.75% 10/2/2027 71.4  71.4  71.0  0.02  %
Dan Cline Transport Inc. (#,^) 501 State Dr, Mount Vernon, MO 32720 Truck Transportation Term Loan Prime plus 2.75% 9/29/2030 839.6  839.6  834.2  0.26  %
Harco Metal Products Inc (#,^) 7895 East Acoma Dr Ste 102, Scottsdale, AZ 34956 Primary Metal Manufacturing Term Loan Prime plus 2.75% 9/29/2042 468.7  468.7  521.0  0.16  %
Threads of Time LLC (#,^) 207 S Buchanan St., Danville, IL 50025 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 9/29/2042 131.0  131.0  148.8  0.05  %
Sashshel Corporation (#,^) 676 Franklin Blvd, Somerset, NJ 32174 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/29/2042 202.3  202.3  236.7  0.07  %
Miechella Suzette Decker (#,^) 3515 Main St., Exmore, VA 33184 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/29/2042 94.5  94.5  110.5  0.03  %
Chicago American Manufacturing LLC, Dockside Steel ProcessingLLC and S (#,^) 4500 W 47th St., Chicago, IL 60445 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/29/2042 1,180.0  1,180.0  1,354.4  0.42  %
Rhode Island Tennis Management LLC (#,^) 636 Centerville Road, Warwick, RI 19104 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2042 524.0  524.0  594.5  0.18  %
Pets A Go Go LLC (#,^) 589 North State Road, Briarcliff Manor, NY 91311 Personal and Laundry Services Term Loan Prime plus 2.75% 9/28/2042 188.7  188.7  217.7  0.07  %
Nicholson Lumber Co Inc. (#,^) 377 Main St., Nicholson, PA 06111 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/28/2030 182.6  182.6  193.0  0.06  %
Rhode Island Tennis Management LLC (#,^) 636 Centerville Road, Warwick, RI 77008 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2042 364.9  364.9  414.0  0.13  %
National Media Services, Inc (#,^) 5091 Lexington Blvd, Fort Meyers, FL 06281 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/28/2027 14.6  14.6  13.9  —  %
Complete Care IT LLC (#,^) 4801 South University Dr, Ste 125, Davie, FL 07657 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/27/2027 11.5  11.5  10.9  —  %
Technologist Inc (#,^) 3120 Farview Dr, Ste 610, Falls Church, VA 76832 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/27/2027 192.7  192.7  201.0  0.06  %
Inspirations Food Design, Inc (#,^) 1338 Memorial Ave, West Springfield, MA 99502 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/26/2042 443.9  443.9  507.4  0.16  %
KB Waterjet Cutting LLC (#,^) 4330 Parker Lane, Addis, LA 21804 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/22/2027 7.9  7.9  7.8  —  %
JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn (#,^) 4864 Arthur Kill Road Units 102,103,104 & 105, Staten Island, NY 11542 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/22/2027 17.4  17.4  16.7  0.01  %
Sallee Pro-Custom Fabrication Shop LLC (#,^) 8865 North County Road 600 W, Scipio, IN 99615 Repair and Maintenance Term Loan Prime plus 2.75% 9/21/2027 7.0  7.0  7.3  —  %
69
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Insight Diagnostic Technologist Services (#,^) 2030 Forest Ave, Ste 110, San Jose, CA 60139 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2027 256.3  256.3  250.1  0.08  %
Commonwealth Diagnostics International, Inc (#,^) 39 Norman St. a/k/a 1 Holyoke Square, Salem, MA 07003 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2027 982.5  982.5  1,024.7  0.32  %
NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York (#,^) 1401 Lakeland Ave, Bohemia, NY 19140 Rental and Leasing Services Term Loan Prime plus 2.75% 9/20/2027 799.0  799.0  815.0  0.25  %
Imagine By Carleen, Inc. (#,^) 1404 Del Prado Blvd. South, Units 100 & 105, Cape Coral, FL 80439 Personal and Laundry Services Term Loan Prime plus 2.75% 9/20/2027 5.8  5.8  6.0  —  %
Sound Manufacturing, Inc. & Monster Power Equipment, Inc. (#,^) 51 Donnelley Road, Old Saybrook, CT 32955 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/20/2027 154.9  154.9  157.2  0.05  %
Max Home Deliveries, Inc (#,^) 77 Van Buren St., Port Jefferson Station, NY 11369 Couriers and Messengers Term Loan Prime plus 2.75% 9/20/2027 62.3  62.3  61.8  0.02  %
Denek Contracting Inc and Denek Leasing LLC (#,^) 451 E. Wilson Ave, Pontiac, MI 19003 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/20/2042 199.6  199.6  233.2  0.07  %
Montessori Community School (#,^) 123 South Navarra Dr, Scotts Valley, CA 37210 Social Assistance Term Loan Prime plus 2.75% 9/20/2042 259.7  259.7  296.2  0.09  %
CR Park Incorporated dba Define Body and Mind (#,^) 49 W. Allandale Ave, Allendale, NJ 93433 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/20/2027 63.5  63.5  62.2  0.02  %
CIS BIG DOG, LLC (#,^) 8920 US HWY, 62 WEST, Cynthiana, KY 84119 Administrative and Support Services Term Loan Prime plus 2.75% 9/19/2027 50.3  50.3  52.5  0.02  %
Stone's Construction and Remodeling, LLC (#,^) 5210 Kaylin Dr, Akron, OH 19702 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/19/2027 4.1  4.1  3.9  —  %
Party By Design Inc. (#,^) 61 Strafello Dr, Avon, MA 04092 Personal and Laundry Services Term Loan Prime plus 2.75% 9/18/2042 1,147.5  1,147.5  1,295.8  0.40  %
Li Family Spokane LLC (#,^) 21 E. Lincoln Road, Spokane, WA 10016 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2042 366.4  366.4  423.5  0.13  %
Tarleton & Family Landscaping, LLC (#,^) 125 E Center St., Midland Park, NJ 06457 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/15/2027 64.8  64.8  63.1  0.02  %
Clinton Food Market LLC (#,^) 196 East Main St., Clinton, CT 37076 Gasoline Stations Term Loan Prime plus 2.75% 9/15/2042 243.6  243.6  277.3  0.09  %
Alaska Motor Home Inc (#,^) 6633 Brayton Dr, Anchorage, AK 83318 Rental and Leasing Services Term Loan Prime plus 2.75% 9/13/2027 258.0  258.0  245.3  0.08  %
Nails By Mercede LLC (#,^) 2994 and 2996 Edgewater Dr, Orlando, FL 60139 Personal and Laundry Services Term Loan Prime plus 2.75% 9/13/2027 11.1  11.1  11.1  —  %
Fox Valley Rentals & Investments, LLC (#,^) 2906 E. Newberry St., Appleton, WI 81201 Food Services and Drinking Places Term Loan Prime plus 3.75% 9/13/2027 5.9  5.9  6.2  —  %
Town & Country Transportation Co. and Popco, LLC. (#,^) 191 Arch St., New Britain, CT 84020 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/12/2042 160.8  160.8  187.8  0.06  %
Rajbai Maa Inc. dba Nara Lounge (#,^) 244-252 Atwells Ave, Providence, RI 89146 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/12/2042 369.3  369.3  412.8  0.13  %
Morgan Lynn Kerstetter dba Catherine School of Dance (#,^) 315 Mill St. 3rd Floor, Danville, PA 93950 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/11/2027 5.8  5.8  6.1  —  %
70
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Health & Performance Center, LLC (#,^) 1862 Craigshire Road, Saint Louis, MO 95482 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2027 15.9  15.9  15.1  —  %
Foxtail, LLC and Tottly New Services Corp (#,^) 1481 Highland Ave, Cheshire, CT 12845 Social Assistance Term Loan Prime plus 2.75% 9/8/2042 277.5  277.5  316.1  0.10  %
Echelon Planning Group, LLC dba Echelon Financial Services and Echelon (#,^) 5 Greenleaf Dr, Unit 201, Portsmouth, NH 97101 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 9/8/2027 5.8  5.8  6.1  —  %
Crazy Beatz Productions LLC (#,^) 20014 NE 138th St., Kearney, MO 33139 Motion Picture and Sound Recording Industries Term Loan Prime plus 3.75% 9/7/2027 4.2  4.2  4.2  —  %
South Fulton Landscape & Nursery, Inc. (#,^) 3415 Enon Road, College Park, GA 19355 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/7/2042 95.2  95.2  111.2  0.03  %
Dreaming Big Learning Center Inc (#,^) 3301 W Oak St, Kissimmee, FL 10024 Social Assistance Term Loan Prime plus 2.75% 9/5/2042 361.5  361.5  410.9  0.13  %
Big Coop's Trucking LLC (#,^) 3066 Misty Creek Dr., Swartz, MI 98531 Truck Transportation Term Loan Prime plus 2.75% 9/1/2027 77.6  77.6  78.3  0.02  %
Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Tran (#,^) 377 Boston Post Road, Milford, CT 28031 Couriers and Messengers Term Loan Prime plus 2.75% 8/31/2027 294.9  294.9  286.2  0.09  %
Parlay Disributors LLC (#,^) 20 Medford Ave, Ste 104, Patchogue, NY 55407 Educational Services Term Loan Prime plus 2.75% 8/25/2027 85.7  85.7  82.4  0.03  %
Lake County Tow LLC (#,^) 15409 Country Road 565A, Clermont, FL 95206 Support Activities for Transportation Term Loan Prime plus 2.75% 8/25/2042 83.2  83.2  94.4  0.03  %
InUSA Ventures Inc dba InUSA Services (#,^) 3015 San Pablo Ave, Ste 511, Berkeley, CA 15225 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 8/24/2027 19.3  19.3  18.3  0.01  %
Genuine Ventures LLC and Seaweed Ventures LLC (#,^) 432 S Franklin St, Juneau, AK 33166 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/24/2030 469.9  469.9  480.5  0.15  %
R & R Strength & Conditioning Corp dba Crossfit Light House Point (#,^) 3701 NE 12th St., Pompano Beach, FL 70056 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/23/2042 78.4  78.4  91.6  0.03  %
Delicias de Minas Restaurant, LLC (#,^) 168-170 McWhorter St., Newark, NJ 70056 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/22/2027 157.0  157.0  163.2  0.05  %
Damiano Global Corp (#,^) 333 Birch Hills Dr, Rochester, NY 02910 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/21/2027 17.4  17.4  17.5  0.01  %
L&V Auto Sales, Inc. (#,^) 1504 West Franklin Blvd., Gastonia, NC 77041 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 8/21/2027 13.9  13.9  14.5  —  %
Tier1 Solutions LLC (#,^) 1000 Essington Road Ste. 109 & 111, Joliet, IL 28645 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/18/2027 14.5  14.5  14.1  —  %
Tony Herring & Associates, Inc (#,^) 211 West Camellia Dr, Slidell, LA 02888 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 8/17/2027 5.8  5.8  5.5  —  %
Chester's World Enterprise LLC (#,^) 140 W Alameda Dr, Ste 104, Tempe, AZ 10011 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/16/2027 17.4  17.4  17.0  0.01  %
D'Amato & Sons Construction, Inc. (#,^) 117 Oak St., Amityville, NY 11232 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/11/2027 6.4  6.4  6.3  —  %
Roundhay Partners LLC and Roundhay Farming LLC (#,^) 6160 Granite Spring Road, Somerset, CA 37067 Crop Production Term Loan 8.25% 8/8/2042 902.1  902.1  768.2  0.24  %
71
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
L & J Corporate Services Inc (#,^) 866 NW 110th Ave, Coral Springs, FL 38134 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/4/2027 5.1  5.1  4.8  —  %
Furniture Masters Limited Liability Company (#,^) 160 Mount Pleasant Ave, Newark, NJ 74008 Repair and Maintenance Term Loan Prime plus 2.75% 8/3/2027 6.9  6.9  6.6  —  %
HMG Strategy LLC, (#,^) 191 Post Road W., Westport, CT 44023 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/2/2027 36.6  36.6  34.8  0.01  %
Hope Health Care, LLC (#,^) 2945 Main St., Stratford, CT 90046 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 7/31/2027 2.7  2.7  2.6  —  %
Raffi's Inc dba Atlantic Auto Center (#,^) 1809 Roane St., Richmond, VA 29673 Repair and Maintenance Term Loan Prime plus 2.75% 7/31/2027 10.9  10.9  11.4  —  %
Royal Blue Investments, Inc. and Cleland Pharmacy LLC (#,^) 202 S. 1st St., Wakeeny, KS 34741 Health and Personal Care Stores Term Loan Prime plus 2.75% 7/31/2042 50.3  50.3  58.4  0.02  %
Sharon G McMillen, MA Psychologist, Inc. (#,^) 216 West Main St, Kingwood, WV 30705 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/28/2027 14.2  14.2  13.5  —  %
Work of Heart Inc dba Little Nest Portraits (#,^) 1000 Merdian Blvd, Ste 112, Franklin, TN 77065 Professional, Scientific, and Technical Services Term Loan 7.5% 7/28/2027 46.0  46.0  40.1  0.01  %
HQTRONIC LLC (#,^) 10135 S. Roberts Road, Ste. 209, Palos Hills, IL 15147 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 7/27/2027 17.2  17.2  16.3  0.01  %
Oberon IT, Inc. (#,^) 1404 W. Walnut Hill Lane, Irving, TX 11763 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/26/2027 167.2  167.2  165.7  0.05  %
Gilles Peress Studio LLC (#,^) 76 Lafayette Ave, Brooklyn, NY 32837 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/25/2027 48.2  48.2  45.8  0.01  %
Obok LLC (#,^) 2720 S. Havana St., Unit H, Aurora, CO 77075 Food Manufacturing Term Loan Prime plus 2.75% 7/21/2027 9.2  9.2  9.2  —  %
Lil Tots' Learning Center LLC (#,^) 3042 S 78th St, Tampa, FL 82601 Social Assistance Term Loan Prime plus 2.75% 7/21/2042 28.5  28.5  33.3  0.01  %
Ocean Trans LLC (#,^) 1415 W Andersonr Way, Stockton, CA 30024 Truck Transportation Term Loan Prime plus 2.75% 7/21/2027 29.9  29.9  28.5  0.01  %
Matrix Z LLC (#,^) 800 SW 21st Terrace, Fort Lauderdale, FL 08028 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 3.75% 7/19/2027 5.8  5.8  6.2  —  %
Aitheras Aviation Group, LLC(OH) , Aitheras Aviation Group, LLC(FL) (#,^) 2301 N Marginal Road, Cleveland, OH 30039 Air Transportation Term Loan Prime plus 2.75% 7/18/2027 630.0  630.0  601.9  0.19  %
Wildflour Bakery & Cafe, LLC (#,^) 5137 Clareton Dr, Ste 100,110 & 120, Agoura Hills, CA 33484 Food Manufacturing Term Loan Prime plus 2.75% 7/17/2027 17.2  17.2  17.9  0.01  %
Koep Companies dba Pipestone True value (#,^) 207 East Main St., Pipestone, MN 75707 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/14/2042 310.1  310.1  348.3  0.11  %
Rocks Auto Exchange LLC (#,^) 518 East.Main St., Westfield, IN 86337 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 7/13/2027 9.8  9.8  9.3  —  %
McCord Holdings, Inc. dba Fast Signs 176101 (#,^) 7640 N. Wickham Road, Melbourne, FL 60062 Administrative and Support Services Term Loan Prime plus 2.75% 7/7/2027 14.3  14.3  13.8  —  %
Thrifty Market Inc dba Thrifty Foods (#,^) 702 10th St., Wheatland, WY 83864 Food and Beverage Stores Term Loan Prime plus 2.75% 7/6/2027 82.0  82.0  80.5  0.02  %
72
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
The Country House Restaurant, LLC and Pelton Real Estate, LLC (#,^) 677 US Route 7, Pittsford, VT 91761 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2042 48.1  48.1  55.7  0.02  %
Hamilton & Associates Real Estate and Investments Firm LLC (#,^) 11776 West Sample Road, Coral Springs, FL 40502 Real Estate Term Loan Prime plus 2.75% 6/30/2042 51.2  51.2  58.7  0.02  %
JWH Designs, LLC (#,^) 1111 Boston Post Road, Rye, NY 12180 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/30/2027 80.4  80.4  76.4  0.02  %
J&M Civil Construction Services LLC (#,^) 1221 County Road 4371, Decatur, TX 11207 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/30/2027 73.1  73.1  69.5  0.02  %
New Chicago Wholesale Bakery Inc. (#,^) 795 Touhy Ave, Elk Grove Village, IL 78209 Food Manufacturing Term Loan Prime plus 2.75% 6/30/2027 11.3  11.3  11.6  —  %
J. T. O'Neill Company, L.L.C (#,^) 19972 Willowin Farm Lane, Purcellville, VA 33069 Real Estate Term Loan Prime plus 2.75% 6/30/2027 11.4  11.4  10.8  —  %
Oakhill Farms, LLC (#,^) 15 Carl St., Johnston, RI 12174 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2030 83.4  83.4  89.3  0.03  %
Best Bees Company (#,^) 839 Albany St., Boston, MA 32073 Animal Production and Aquaculture Term Loan Prime plus 2.75% 6/29/2027 17.0  17.0  16.1  —  %
Stiegelbauer Associates Inc. (#,^) 63 Flushing Ave, Unit 101, Building 280, Brooklyn, NY 45242 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2027 233.0  233.0  242.4  0.07  %
Intellixion LLC (#,^) 7447 Egan Dr, Ste 110 A, Savage, MN 89074 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/29/2027 2.8  2.8  2.7  —  %
Ocean Trans LLC and Dehal Trucking LLC (#,^) 760 W. Charter Way, Stockton, CA 29401 Truck Transportation Term Loan Prime plus 2.75% 6/29/2027 476.3  476.3  451.8  0.14  %
Greensboro Plastic Surgical Associates, PA (#,^) 2716 Henry St., Greensboro, NC 93003 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/29/2042 547.3  547.3  620.2  0.19  %
Malhame & Company Publishers & Importers Inc. (#,^) 180 Orville Road, Bohemia, NY 83661 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/29/2027 68.4  68.4  65.0  0.02  %
Akal Express Inc. dba Truck Trailer Service Stop (#,^) 2901 I 40 West, Vega, TX 93722 Repair and Maintenance Term Loan Prime plus 2.75% 6/28/2042 56.9  56.9  66.0  0.02  %
Old Dominion Transportation Group, Inc. (#,^) 1308 Devils Reach Road, Woodbridge, VA 92707 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/28/2027 765.1  765.1  738.6  0.23  %
Foxhop Fitness, LLC (#,^) 4211 NW Federal Hwy, Jensen Beach, FL 93706 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/28/2027 69.0  69.0  66.0  0.02  %
Citibin, Inc. (#,^) 254 36th St., Unit 25, Brooklyn, NY 30281 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 6/27/2027 94.6  94.6  89.8  0.03  %
Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC (#,^) 211 East 25th St., Norfolk, VA 45036 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 6/27/2030 204.7  204.7  217.6  0.07  %
WB Cleaners Inc. DBA $2.75 Cleaners (#,^) 5101 University Park Way, Winston-Salem, NC 92324 Personal and Laundry Services Term Loan Prime plus 2.75% 6/27/2027 12.4  12.4  12.9  —  %
Four Seasons Laser Center Inc. (#,^) 4720 NW 2nd Ave Unit D-104 and Unit D-105, Boca Raton, FL 76701 Personal and Laundry Services Term Loan Prime plus 2.75% 6/26/2042 211.4  211.4  240.1  0.07  %
Ains Holding Company, LLC (#,^) 122 West 26th St., New York, NY 74131 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2027 841.7  841.7  812.1  0.25  %
73
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Northern Industries, LLC (#,^) W 5585 Dehart Dr, Tomahawk, WI 11801 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/23/2042 54.7  54.7  63.8  0.02  %
Vella Construction Enterprises, Inc. dba Vella Construction (#,^) 318 28th Ave, San Mateo, CA 34746 Construction of Buildings Term Loan Prime plus 2.75% 6/23/2027 17.0  17.0  16.2  —  %
Birches Group, LLC (#,^) 228 East 45th St. 12th FL South, New York, NY 29078 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/22/2027 37.8  37.8  35.9  0.01  %
Scarlet Spartan Inc.dba FastSigns of Brighton (#,^) 533 W. Grand River Ave, Brighton, MI 89147 Administrative and Support Services Term Loan Prime plus 2.75% 6/19/2027 17.6  17.6  17.4  0.01  %
Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC (#,^) 11535 Carmel Commons Blvd. Ste 200, Charlotte, NC 14606 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/16/2042 378.9  378.9  421.3  0.13  %
All Regional Recyclers of Wood LLC dba ARROW,Superior Carting,LLC dba (#,^) 104 Wooster St., Bethel, CT 17225 Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/15/2042 294.7  294.7  332.7  0.10  %
JAM Media Solutions, LLC (#,^) 4744 Tackawanna St., Philadelphia, PA 80027 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/15/2027 24.5  24.5  23.3  0.01  %
Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero (#,^) 577 Main Ave, Paterson, NJ 33176 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2042 87.7  87.7  101.2  0.03  %
Susan Hughes dba Aloha Junction B and B (#,^) 19-4037 Olapalapa Road, Volcano, HI 53950 Accommodation Term Loan Prime plus 2.75% 6/14/2042 59.3  59.3  69.2  0.02  %
Hull's Kitchen, LLC and HK Too, LLC (#,^) 19 Hull Shore Dr, Hull, MA 54913 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/14/2042 91.3  91.3  106.5  0.03  %
ESA 365 Corp and Lucathor Realty LLC (#,^) 2420 Grand Ave, Baldwin, NY 85140 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/14/2042 21.3  21.3  24.4  0.01  %
Yachting Solutions LLC (#,^) 229 Commercial St., Rockport, ME 23230 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/12/2027 89.9  89.9  90.7  0.03  %
Refoleen Inc dba Spice and Tea Exchange (#,^) 849 E Commerce St. Ste 121, San Antonio, TX 80905 Food and Beverage Stores Term Loan Prime plus 2.75% 6/8/2027 2.7  2.7  2.5  —  %
Skydive California, LLC (#,^) 25001 S Kasson Rd, Tracy, CA 95825 Educational Services Term Loan Prime plus 2.75% 6/2/2027 41.6  41.6  43.3  0.01  %
SCW, LLC dba Arthur Murray Dance Studio (#,^) 2383 Old Dixwell Ave, Hamden, CT 37771 Educational Services Term Loan Prime plus 2.75% 6/2/2042 138.4  138.4  157.3  0.05  %
Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder (#,^) 246 East Belt Blvd, Richmond, VA 70607 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/1/2042 43.2  43.2  49.6  0.02  %
Sage Oil LLC (#,^) 8913 Egyptian Ave, Las Vegas, NV 85007 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 5/31/2027 16.9  16.9  16.2  —  %
Ricnet III, Inc. dba Edible Arrangements (#,^) 716 Foxcroft Ave, Martinsburg, WV 89143 Food and Beverage Stores Term Loan Prime plus 2.75% 5/31/2027 11.3  11.3  10.8  —  %
Funtime, LLC and Universal Entertainment Group LLC (#,^) 13200 W. Foxfire Dr #144, Surprise, AZ 64154 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/31/2027 50.0  50.0  48.0  0.01  %
Haroon Baig,Inc.dba US1 Petrol (#,^) 1280-1290 Dixwell Ave, Hamden, CT 06460 Gasoline Stations Term Loan Prime plus 2.75% 5/31/2042 249.8  249.8  291.4  0.09  %
74
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Chet Lemon Enterprises LLC dba All American Sports (#,^) 1544 Lane Park Cutoff, Tavares, FL 98208 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/26/2042 750.1  750.1  874.8  0.27  %
Eagle Wood Works LLC (#,^) 1448 Horsehead Road, Lugoff, SC 06320 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 5/26/2027 9.0  9.0  8.9  —  %
Hurricane Group, Inc. (#,^) 312 West Fourth St., Carson City, NV 61252 Other Information Services Term Loan Prime plus 2.75% 5/26/2027 56.2  56.2  53.3  0.02  %
Swantown Inn & Spa LLC (#,^) 1431 11th Ave SE, Olympia, WI 91423 Accommodation Term Loan Prime plus 2.75% 5/26/2042 120.3  120.3  139.9  0.04  %
Jung Design Inc. (#,^) 10857 Pine Bluff Dr, Fisher, IN 49002 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/25/2027 6.7  6.7  6.4  —  %
Beyond Waves A Unique Salon LLC and Lori Ann Carlson (#,^) 2290 Foxon Rd Route 80, North Branford, CT 10013 Personal and Laundry Services Term Loan Prime plus 2.75% 5/25/2027 10.5  10.5  10.0  —  %
Locavore LLC dba Paloma Restaurant (#,^) 401 S. Guadalupe St., Santa Fe, NM 33544 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/25/2027 37.5  37.5  36.5  0.01  %
Abdul Naushad MD PC dba Advanced Pain Centers (#,^) 2865 James Blvd, Poplar Bluff, MO 54403 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/25/2042 372.6  372.6  429.9  0.13  %
Innovim, LLC (#,^) 6401 Golden Triangle Dr Ste 200, Greenbelt, MD 55402 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/24/2027 228.6  228.6  216.8  0.07  %
Prestige Construction of Florida, LLC (#,^) 1404 Yorktown St. Ste E, Deland, FL 28160 Construction of Buildings Term Loan Prime plus 2.75% 5/23/2042 318.4  318.4  356.5  0.11  %
Tres K Deli,Grocery,Fruit and Meat Inc. (#,^) 125 West Tremont Ave, Bronx, NY 30076 Food and Beverage Stores Term Loan Prime plus 2.75% 5/19/2027 6.2  6.2  6.2  —  %
Hayden Trucking LLC (#,^) 11540 Eagle Vista Dr, Fort Worth, TX 47933 Truck Transportation Term Loan Prime plus 2.75% 5/19/2027 103.8  103.8  107.8  0.03  %
 Iron Men Home Repair, Inc. and Ironmen House Lifting Inc. (#,^) 132 North Wellwood Ave, Lindenhurst, NY 60026 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/19/2042 551.3  551.3  629.7  0.19  %
Mr. B's Bicycles & Mopeds, Inc. (#,^) 1870 S. 4th Ave, Yuma, AZ 85260 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/18/2042 138.9  138.9  158.2  0.05  %
Waterford Plumbing Co, Inc. (#,^) 2425 W. Cuyler Ave, Chicago, IL 18321 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/18/2027 37.5  37.5  36.0  0.01  %
Bay Car Wash LLC (#,^) 952 South Commercial St. and West Magnolia, Aransas Pass, TX 10038 Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2042 114.3  114.3  130.7  0.04  %
Computech Computers Inc. (#,^) 40-24 76th St., Office #2B, Elmhurst, NY 23350 Educational Services Term Loan Prime plus 2.75% 5/17/2027 37.5  37.5  35.5  0.01  %
5 Stars Learning Center Inc (#,^) 14 Paine Ave, Irvington, NJ 77386 Social Assistance Term Loan Prime plus 2.75% 5/16/2042 58.4  58.4  66.6  0.02  %
Arco Electrical Contractors Inc. dba Arco Construction Group (#,^) 22-24 South Seventh St., Elizabeth, NJ 61832 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/16/2027 266.6  266.6  265.1  0.08  %
Sanderson Distribution Inc. (#,^) 100 Daniel Dr, Alamo, CA 65712 Truck Transportation Term Loan Prime plus 2.75% 5/12/2027 7.9  7.9  7.5  —  %
B G F Bobby Q's Inc (#,^) 447 N. Main St., Freeport, NY 02886 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/11/2027 5.6  5.6  5.8  —  %
75
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Estelle Finkel Educational Associates,LLC (#,^) 125 West Mount Pleasant Ave, Livingston, NJ 33919 Educational Services Term Loan Prime plus 2.75% 5/11/2027 90.1  90.1  85.5  0.03  %
Labmates,LLC (#,^) 141 Watertown Road, Thomaston, CT 11369 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 5/10/2027 74.9  74.9  76.6  0.02  %
NHS, LLC (#,^) 212 N Douglas Ave, Ellsworth, KS 10510 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/9/2027 66.3  66.3  64.9  0.02  %
Innovation Transport, LLC (#,^) 1 International Blvd, Mahwah, NJ 33328 Truck Transportation Term Loan Prime plus 2.75% 5/9/2027 58.4  58.4  59.6  0.02  %
NHS, LLC (#,^) 212 N Douglas Ave, Ellsworth, KS 18446 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/9/2042 20.7  20.7  22.7  0.01  %
Benchmark Building, Inc. (#,^) 1439 Stargazer Terrace, Sanford, FL 84751 Construction of Buildings Term Loan Prime plus 2.75% 5/5/2027 16.9  16.9  16.0  —  %
Cable Management LLC (#,^) 290 Pratt St., Meriden, CT 01089 Waste Management and Remediation Services Term Loan Prime plus 2.75% 5/3/2027 43.0  43.0  43.4  0.01  %
Fine Arts Center of Easley, Inc. dba Midtown Music (#,^) 117 S. Pendleton St., Easley, SC 94607 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/2/2042 113.0  113.0  131.8  0.04  %
Love and Glory Learning Center, Inc. (#,^) 4911 N. 42nd St., Tampa, FL 47273 Social Assistance Term Loan Prime plus 2.75% 4/28/2042 73.7  73.7  83.5  0.03  %
Sneads Ferry Foods, Inc. dba DQ Grill & Chill (#,^) 920 Hwy 210, Sneads Ferry, NC 95128 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2042 611.4  611.4  690.2  0.21  %
JMA Inc. dba Primecut and Mezzo; Primecut at Marquee (#,^) 393 Charles St., Providence, RI 33904 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2042 209.6  209.6  244.4  0.08  %
Asheville's Fun Depot, LLC (#,^) 7 Roberts Road, Asheville, NC 02816 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/26/2027 64.9  64.9  67.6  0.02  %
Resident Research, LLC (#,^) 4400 Morris Park Dr Ste M, Charlotte, NC 11776 Other Information Services Term Loan Prime plus 2.75% 4/24/2027 65.4  65.4  62.0  0.02  %
Getting Even LLC dba The Zoo Health Club (#,^) 377 South Willow St., Ste B 2-1, Manchester, NH 06475 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/21/2027 5.6  5.6  5.4  —  %
Ralph's Hair Salon, Inc. (#,^) 175 NW 14th St., Homestead, FL 48341 Personal and Laundry Services Term Loan Prime plus 2.75% 4/21/2042 47.2  47.2  54.2  0.02  %
Condron Brothers LLC DBA Luv 2 Play (#,^) 4790 La Sierra Ave, Riverside, CA 44312 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/19/2027 88.7  88.7  87.2  0.03  %
Butternuts Beer and Ale LLC (#,^) 4021 Hwy 51, Garrattsville, NY 41031 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 4/12/2027 54.7  54.7  56.9  0.02  %
The Altitude Group, LLC and Core Home Security, LLC (#,^) 949 Clint Moore Road, Unit 949A, Boca Raton, FL 02322 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/31/2027 32.8  32.8  32.9  0.01  %
Citizens Lanes, LLC (#,^) 5100 Goodson Connector Road, Union City, GA 99208 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 3/31/2042 567.5  567.5  533.6  0.16  %
Bear Trail Lodge LLC (#,^) Mile 1 Bear Trail Road, King Salmon, AK 07432 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/31/2042 522.6  522.6  617.9  0.19  %
Landmark Ventures USA, Inc. (#,^) 475 Park Ave South 25th Floor, New York, NY 92121 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 3/31/2027 138.0  138.0  138.5  0.04  %
76
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Applied Integrated Technologies, Inc. (#,^) 7120 Samuel Morse Dr #150, Columbia, MD 34449 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/31/2027 92.1  92.1  92.4  0.03  %
Golden Hen Inc. dba Cafe (#,^) 468 W. Cheltenham Ave, Philadelphia, PA 06413 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/31/2027 47.7  47.7  48.0  0.01  %
KWG Industries LLC dba Peterson & Marsh Metal Industries (#,^) 330 Roycefield Road Unit B, Hillsborough, NJ 06051 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/30/2027 22.1  22.1  23.1  0.01  %
Sea Smoke Barbeque, Corp and Danwen LLC (#,^) 20 Island Farm Road, Oak Bluffs, MA 99507 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/30/2042 223.6  223.6  262.1  0.08  %
Schafer Fisheries Inc. (#,^) 21985 Waller Road, Fulton, IL 32804 Food Manufacturing Term Loan Prime plus 2.75% 3/30/2042 233.9  233.9  277.0  0.09  %
Douglas K. Soderblom . dba Loma Linda Optometry (#,^) 25815 Barton Rdad, Unit C104, Loma Linda, CA 03801 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2027 73.6  73.6  75.0  0.02  %
Discount Price, LLC dba Robert's Market (#,^) 2 Hill Road, Franklin, NH 64060 Gasoline Stations Term Loan Prime plus 2.75% 3/29/2042 195.1  195.1  229.2  0.07  %
Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham (#,^) 1221 Kentucky Mills Dr, Louisville, KY 17821 Accommodation Term Loan Prime plus 2.75% 3/29/2042 999.1  999.1  1,182.5  0.36  %
H and H Hotshot Services, Inc. dba AA Hotshot & Logistics (#,^) 5455 N 51st St., # 30, Glendale, AZ 06410 Couriers and Messengers Term Loan Prime plus 2.75% 3/29/2030 80.1  80.1  82.4  0.03  %
New England Country Day School, Inc. and Thomas D. Walker (#,^) 27 Kenosia Ave, Danbury, CT 34741 Social Assistance Term Loan Prime plus 2.75% 3/28/2042 356.7  356.7  417.6  0.13  %
American Pharmaceutical Innovation Company, LLC (#,^) 1425 Centre Circle, Downers Grove, IL 30349 Chemical Manufacturing Term Loan Prime plus 2.75% 3/28/2027 5.2  5.2  5.2  —  %
Pecos Entertainment LLC dba State Theater and Pecos Inn LLC dba Econo (#,^) 421 S. Oak St., Pecos, TX 33710 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 3/27/2042 388.0  388.0  459.3  0.14  %
Heil & Hornik LLC dba Elysium Tennis (#,^) 7637 C. Commerce Place, Plain City, OH 48473 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/27/2042 877.0  877.0  1,026.0  0.32  %
Denton Bio Fuels LLC and American Bio Source LLC (#,^) 624 W. University Dr. Ste 359, TX, TX 33016 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2027 43.8  43.8  44.7  0.01  %
JBK Truck Trailer and Bus Inc. (#,^) 8669 South State Road 67, Camby, IN 39440 Repair and Maintenance Term Loan Prime plus 2.75% 3/23/2042 83.9  83.9  98.0  0.03  %
Color Graphic Press, Inc. (#,^) 42 Main St., Nyack, NY 39440 Printing and Related Support Activities Term Loan Prime plus 2.75% 3/23/2027 88.3  88.3  92.5  0.03  %
Executive Fitness & Nutrition Inc. (#,^) 8610 Roosevelt Ave Ste 2, Jackson Heights, NY 27601 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/23/2027 14.8  14.8  15.5  —  %
Baton Rouge Cargo Services Inc. and 6507 Westport, LLC (#,^) 6507 Westport Ave, Shreveport, LA 34711 Truck Transportation Term Loan Prime plus 2.75% 3/22/2042 608.2  608.2  715.6  0.22  %
Vehicle Safety Supply LLC (#,^) 707 Femimore Road, Mamaroneck, NY 11772 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/21/2027 16.6  16.6  16.6  0.01  %
J Sivilis LLC dba Pet Wants (#,^) 3883 Catalina Dr, Cocoa, FL 94702 Personal and Laundry Services Term Loan Prime plus 2.75% 3/17/2027 3.5  3.5  3.6  —  %
The Purple Cow House of Pancake Inc (#,^) 6 & 10 Skowhegan Road, Fairfield, ME 64801 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/16/2042 151.8  151.8  179.5  0.06  %
77
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. T.C. of (#,^) 5880 US Hwy6, Portage, IN 99801 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/16/2027 220.6  220.6  231.0  0.07  %
Reservoir International LLC (#,^) 502 Parks McMillan Dr, Raeford, NC 33064 Educational Services Term Loan Prime plus 2.75% 3/16/2027 57.5  57.5  59.5  0.02  %
1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa M (#,^) 6510 North Broadway, Saint Louis, MO 14622 Truck Transportation Term Loan Prime plus 2.75% 3/13/2027 486.2  486.2  486.8  0.15  %
Dwayne Bernard Tate (#,^) 1238 Woodcliff Court SW, Lilburn, GA 74133 Truck Transportation Term Loan Prime plus 2.75% 3/10/2027 7.7  7.7  7.9  —  %
Elegant Occasions, LLC dba E Productions (#,^) 3650 Coral Ridge Dr Units 103-104, Coral Springs, FL 28052 Personal and Laundry Services Term Loan Prime plus 2.75% 3/10/2042 555.1  555.1  649.1  0.20  %
E & P Holdings 1 LLC and Evans & Paul Unlimited Corp. and Evans & P (#,^) 140 Dupont St., Plainview, NY 60435 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 3/9/2027 91.9  91.9  92.8  0.03  %
Anthony LLC dba Star of Woodward Market (#,^) 5730 Woodward Ave, Detroit, MI 70458 Food and Beverage Stores Term Loan Prime plus 2.75% 3/9/2042 108.9  108.9  128.7  0.04  %
Allegro Assisted Living Of Texas (#,^) 3400 Remington Dr, Plano, TX 85282 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 3/6/2027 70.7  70.7  74.0  0.02  %
Podium Auto Sales Inc and RRS Property, LLC (#,^) 246 S. Dixie Hwy, Pompano Beach, FL 11701 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/3/2042 85.8  85.8  100.2  0.03  %
SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express (#,^) 1001 E. Cooley Dr Ste 102, Colton, CA 33071 Truck Transportation Term Loan Prime plus 2.75% 2/28/2027 169.3  169.3  169.5  0.05  %
Weeping Willow Kennels, Inc and Aileen N Black (#,^) 6041 Hammond School Road, Salisbury, MD 95684 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2042 132.2  132.2  155.2  0.05  %
Getting Even LLC dba The Zoo Health Club (#,^) 377 South Willow St. Unit B2-1, Manchester, NH 10013 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2027 70.2  70.2  71.2  0.02  %
Total Document Solutions Inc and,TDS Services, LLC (#,^) 2515 North Shiloh Dr, Fayetteville, AR 23222 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 2/27/2030 254.4  254.4  266.8  0.08  %
McNally Enterprises Inc. (#,^) 1010 N. Grove St., Anaheim, CA 06880 Administrative and Support Services Term Loan Prime plus 2.75% 2/27/2027 46.9  46.9  47.6  0.01  %
Teracore Inc. (#,^) 3300 Holcomb Bridge Road, Ste 226, Norcross, GA 67672 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/27/2027 119.3  119.3  119.4  0.04  %
B & J Bicycle Shop Inc. (#,^) 1620 E. Sample Rd, Pompano Beach, FL 13057 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 2/24/2027 4.6  4.6  4.8  —  %
TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant (#,^) 2235 S. Power Rd Ste 118, Mesa, AZ 06614 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/24/2027 54.8  54.8  57.1  0.02  %
3W Enterprises LLC (#,^) 2727 Industrial Parkway, Elkhart, IN 26537 Textile Product Mills Term Loan Prime plus 2.75% 2/24/2042 61.3  61.3  72.2  0.02  %
Ameritube, LLC and Ravone Properties, LLC (#,^) 1000 North State. Hwy 77, Hillsboro, TX 95206 Primary Metal Manufacturing Term Loan Prime plus 2.75% 2/14/2042 173.4  173.4  205.0  0.06  %
Sushiya Inc. (#,^) 72 S. Main St, Hanover, NH 33312 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/10/2027 13.7  13.7  13.8  —  %
78
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Maximo Canot dba Wash and Dry Laundrymat (#,^) 34 Morningside Ave, Yonkers, NY 80014 Personal and Laundry Services Term Loan Prime plus 2.75% 2/10/2042 130.0  130.0  153.1  0.05  %
Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC (#,^) 2808 Court St., Port Allen, LA 44114 Truck Transportation Term Loan Prime plus 2.75% 2/10/2042 233.7  233.7  274.9  0.08  %
Marvic Enterprises Inc dba Jordan's Liquor (#,^) 199 Taunton Ave, East Providence, RI 33619 Food and Beverage Stores Term Loan Prime plus 2.75% 2/10/2042 206.8  206.8  242.9  0.07  %
Harrison Logging Company LLC (#,^) 255 Ray Crain Road, Indian Mound, TN 91301 Forestry and Logging Term Loan Prime plus 2.75% 2/9/2027 77.4  77.4  79.0  0.02  %
8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C. (#,^) 174-176 Mountain Ave, Springfield, NJ 56164 Repair and Maintenance Term Loan Prime plus 2.75% 2/7/2042 309.3  309.3  359.8  0.11  %
DBMS Consulting, Inc. (#,^) 164 West 83rd St. Units CF1 and CF2, New York, NY 32940 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/1/2042 174.9  174.9  203.5  0.06  %
Brandco, LLC (#,^) 2151 Consulate Dr Ste 21, Orlando, FL 05763 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/31/2027 31.5  31.5  31.6  0.01  %
Chidlren's House Learning, Inc and Tarps Investment Group (#,^) 720 Wilbraham Road, Springfield, MA 76234 Social Assistance Term Loan Prime plus 2.75% 1/31/2042 302.7  302.7  353.9  0.11  %
Fave Realty Inc. (#,^) 1875 Grand Ave, Baldwin, NY 91761 Real Estate Term Loan Prime plus 2.75% 1/30/2042 51.4  51.4  60.2  0.02  %
SRC Publishing LLC (#,^) 8690 Waterford Bend St., Las Vegas, NV 60007 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 1/27/2027 16.2  16.2  16.2  0.01  %
Fox Valley Rentals & Investments LLC and Brian M Tomaszewski (#,^) 2906 E. Newberry St., Appleton, WI 33065 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/20/2042 40.1  40.1  46.8  0.01  %
Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc. (#,^) 5245 Bucks Bar Road, Placerville, CA 60504 Beverage and Tobacco Product Manufacturing Term Loan 8.25% 1/19/2030 230.9  230.9  215.0  0.07  %
Jolibe LLC and Jolibe Atelier LLC (#,^) 357 w 36th #401, New York, NY 33406 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/18/2027 7.6  7.6  7.7  —  %
Eickmann Management Group LLC dba Jimmy Johns of Dundee (#,^) 568 Techumseh St., Dundee, MI 27405 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/17/2027 71.8  71.8  75.2  0.02  %
Fullbro Trust dba Menemsha Blues (#,^) 2 Basin Road, Chilmark, MA 11780 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 1/13/2027 16.2  16.2  17.0  0.01  %
Echelon Enterprises, Inc (#,^) 16701 E. Iliff Ave, Aurora, CO 02119 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 1/10/2027 35.3  35.3  36.9  0.01  %
Metropolitan Solutions Group Inc. (#,^) 1420 Chestnut St., Portsmouth, VA 79092 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/19/2041 258.6  258.6  298.7  0.09  %
Means Enterprises LLC dba FastFrame Frisco (#,^) 4112-4150 Legacy Dr/5729 Leabanon Road Unit 412, Frisco, TX 22192 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/16/2026 14.9  14.9  15.0  —  %
Soon Im. Chin dba Stan C-Store (#,^) 4014 E Stan Schlueter Loop, Killeen, TX 54484 Gasoline Stations Term Loan Prime plus 2.75% 12/15/2041 199.8  199.8  235.2  0.07  %
79
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Sempco, Inc. (#,^) 51 -55 Lake St. Unit #2-6, Nashua, NH 11232 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/15/2041 39.5  39.5  46.6  0.01  %
New Chicago Wholesale Bakery, Inc. (#,^) 795 Touhy Ave, Elk Grove Village, IL 94403 Food Manufacturing Term Loan Prime plus 2.75% 12/15/2041 426.1  426.1  495.5  0.15  %
Techni-Pro Institute LLC (#,^) 414 NW 35th St., Boca Raton, FL 10011 Educational Services Term Loan Prime plus 2.75% 12/15/2026 135.1  135.1  136.3  0.04  %
Elita 7, LLC (#,^) 16 Marble St., Worcester, MA 23504 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/15/2041 669.9  669.9  785.5  0.24  %
HMG Strategy, LLC (#,^) 191 Post Road West, Westport, CT 06106 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/14/2026 33.8  33.8  33.7  0.01  %
Trison Enterprises Inc.dba Lee's Automotive (#,^) 13281 Aurora Ave N, Seattle, WA 10017 Repair and Maintenance Term Loan Prime plus 2.75% 12/14/2041 383.2  383.2  448.3  0.14  %
AGG Management Team LLC dba Chevron (#,^) 2615 S Dixie Hwy, West Palm Beach, FL 33178 Gasoline Stations Term Loan Prime plus 2.75% 12/14/2041 269.5  269.5  317.9  0.10  %
Roast Beef Levittown LLC dba Arby's (#,^) 2080 Hempstead Turnpike, East Meadow, NY 96785 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/13/2026 151.1  151.1  157.8  0.05  %
Success Advertising Inc. dba Success Communivstion Gr (#,^) 26 Eastmans Road, Parsippany, NJ 19124 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/13/2041 438.6  438.6  516.5  0.16  %
Wayfarer Bicycle LLC (#,^) 118-120 Ocean Ave, New London, CT 06801 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/13/2041 87.0  87.0  100.8  0.03  %
Recycling Revolution,LLC (#,^) 4190 Collins Road, Unadilla, GA 11520 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/9/2041 86.2  86.2  100.4  0.03  %
eCommerce Direct, LLC (#,^) 3440 Gannett Ave, Des Moines, IA 04856 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/9/2026 553.0  553.0  560.3  0.17  %
Mack Team Enterprises Inc.dba The UPS Store #6815 (#,^) 38200 Ave of the States, Fort Gordon, GA 07055 Couriers and Messengers Term Loan Prime plus 2.75% 12/9/2026 14.6  14.6  14.8  —  %
Hanson's Greeks LLC (#,^) 8132 N. 87th Place, Ste A, Scottsdale, AZ 78205 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/8/2026 8.0  8.0  8.3  —  %
New Life Hospital LLC (#,^) 17400 Red Oak Dr, Houston, TX 95301 Hospitals Term Loan Prime plus 2.75% 12/8/2041 1,145.1  1,145.1  1,351.1  0.42  %
Imagine By Carleen Inc. (#,^) 1404 Del Prado Blvd. Units 100 & 105, Cape Coral, FL 18040 Personal and Laundry Services Term Loan Prime plus 2.75% 12/8/2041 49.4  49.4  57.6  0.02  %
Yachting Solutions LLC (#,^) 229 Commercial St., Rockport, ME 23224 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/7/2029 57.4  57.4  60.6  0.02  %
Lilo Holdings LLC (#,^) 1000 Roosevelt Ave., Cartaret, NJ 25401 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/5/2026 11.6  11.6  11.8  —  %
Noso Development LLC (#,^) 4 Walker Way, Albany, NY 98501 Construction of Buildings Term Loan Prime plus 2.75% 12/1/2026 53.5  53.5  53.4  0.02  %
Quick Ship, LLC (#,^) 448 W. 19th St, Houston, TX 20743 Couriers and Messengers Term Loan Prime plus 2.75% 11/30/2026 7.4  7.4  7.4  —  %
Studio Find It Georgia, Inc. (#,^) 1415 Constitution Road SE, Atlanta, GA 87109 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/30/2026 5.3  5.3  5.3  —  %
Imaginarium Foods LLC, (#,^) 751 N. Cable Road, Lima, OH 06471 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2042 351.3  351.3  412.2  0.13  %
80
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
RD Management, LLC (#,^) 2302 N. Kings Hwy, Myrtle Beach, SC 63901 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2026 150.9  150.9  151.3  0.05  %
Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence,LLC (#,^) 1 Pebble Wood Lane, Palm Coast, FL 29078 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 11/30/2041 63.4  63.4  74.9  0.02  %
Usman Jalil, LLC dba Food Mart (#,^) 147 N Washington St., Plainville, CT 92663 Gasoline Stations Term Loan Prime plus 2.75% 11/29/2041 218.9  218.9  253.4  0.08  %
Access Staffing, LLC (#,^) 360 Lexington Ave 8th Floor, New York, NY 34944 Administrative and Support Services Term Loan Prime plus 2.75% 11/29/2026 869.4  869.4  868.3  0.27  %
CRK Mens, LLC dba Spiff for Men (#,^) 750 Third Ave, New York, NY 53402 Personal and Laundry Services Term Loan Prime plus 2.75% 11/23/2026 72.9  72.9  73.3  0.02  %
WPN Recycling Company LLC (#,^) 5101 Andard Ave, Baltimore, MD 85034 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/23/2026 15.9  15.9  16.6  0.01  %
Hafa Adai Signs and Graphics LLC dba Fastsigns of Auburn -#281901 (#,^) 1835 Auburn Way N Ste B, Auburn, WA 95334 Administrative and Support Services Term Loan Prime plus 2.75% 11/23/2026 42.3  42.3  42.5  0.01  %
Bouquet Restaurant LLC (#,^) 519 Main St., Covington, KY 76179 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/22/2041 91.0  91.0  107.4  0.03  %
JBK Truck Trailer and Bus Inc. (#,^) 8669 S. State Road 67, Camby, IN 81212 Repair and Maintenance Term Loan Prime plus 2.75% 11/22/2041 389.8  389.8  455.0  0.14  %
Broms Asset Management LLC (#,^) 215 East 79th St. Apt 9E, New York, NY 10453 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 11/22/2026 86.8  86.8  86.7  0.03  %
6E Technologies LLC (#,^) 11001 West 120th Ave, Ste 400, Broomfield, CO 11757 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/22/2026 110.4  110.4  113.5  0.03  %
Skaggs RV Outlet LLC (#,^) 301 Commerce Dr, Elizabethtown, KY 60618 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/21/2026 70.6  70.6  73.7  0.02  %
Catherine Christine Morin dba Purr-Fect Pets (#,^) 1915 North Austin Ave, Georgetown, TX 78336 Personal and Laundry Services Term Loan Prime plus 2.75% 11/17/2026 13.2  13.2  13.2  —  %
Stratmar Systems Inc dba Stratmar Retail Services (#,^) 109 Willett Ave, Port Chester, NY 48083 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/16/2026 48.3  48.3  50.5  0.02  %
Hoosier Health Plus, LLC (#,^) 520 East 8th St., Anderson, IN 85364 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/15/2026 66.1  66.1  69.0  0.02  %
J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value (#,^) 640 Dubois St., Du Bois, PA 11373 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/10/2026 161.6  161.6  168.4  0.05  %
J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value (#,^) 640 Dubois St., Dubois, PA 07111 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/10/2041 438.5  438.5  513.9  0.16  %
Hackensack Steel Corporation and Luzerne Ironworks Inc (#,^) 300 Sly St., Swoyersville, PA 07202 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/10/2026 176.0  176.0  183.8  0.06  %
Panther Ironworks and Rigging Solutions LLC (#,^) 1028 Washburn Switch Road, Shelby, NC 33064 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/10/2026 112.7  112.7  115.2  0.04  %
Big Apple Entertainment Partners LLC (#,^) 1221 Brickell Ave, Ste 2660, Miami, FL 12095 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/9/2026 123.5  123.5  123.4  0.04  %
81
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Dyer Properties, LLC and Bayview Pharmacy, Inc. (#,^) 3844 Post Road, Warwick, RI 94507 Health and Personal Care Stores Term Loan Prime plus 2.75% 11/9/2041 225.4  225.4  262.1  0.08  %
MIK LLC dba Firehouse Subs (#,^) 17250 Royalton Rd, Strongsville, OH 11520 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/9/2026 157.3  157.3  157.7  0.05  %
Fine Line Interiors, Inc. (#,^) 2530 SW 30th Ave, Hallandale Beach, FL 06787 Repair and Maintenance Term Loan Prime plus 2.75% 11/4/2041 61.2  61.2  72.2  0.02  %
131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero (#,^) 13215 Miles Ave, Cleveland, OH 92106 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/3/2041 112.3  112.3  132.0  0.04  %
Veracruz Shabo, LLC(EPC) Waterfalls Quick Lube LLC (OC) (#,^) 1325 Broad St., Central Falls, RI 67439 Repair and Maintenance Term Loan Prime plus 2.75% 11/1/2041 111.4  111.4  130.7  0.04  %
Glocecol LLC (#,^) 10302 NW South River Dr, Bay #18, Miami, FL 07495 Administrative and Support Services Term Loan Prime plus 2.75% 11/1/2026 52.9  52.9  55.3  0.02  %
Bloomquist Communications Inc. (#,^) 131 East Trinity Place, Decatur, GA 06450 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2026 41.8  41.8  41.8  0.01  %
Moolchan Enterprises LLC dba Staying Green (#,^) 2650 S.W. 154 Ave, Davie, FL 12866 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2026 7.7  7.7  8.0  —  %
Woodstock Enterprises Corp dba True Scent Candle Co (#,^) 191 2nd Ave, Warwick, RI 32771 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 10/31/2041 83.0  83.0  96.2  0.03  %
Elite Structures Inc (#,^) 401 Old Quitman Road, Abel, GA 11106 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/27/2029 180.2  180.2  192.2  0.06  %
Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC (#,^) 200 North Branford Road, Branford, CT 02110 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 10/24/2026 296.7  296.7  309.9  0.10  %
Worldwide Estate, Inc. dba Washington Heights Manor (#,^) 10620 W. Greenwood Terrace, Milwaukee, WI 95060 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 10/21/2041 209.9  209.9  247.7  0.08  %
Gold Wind Logistics LLC (#,^) 2830 Beech Daly Rd, Inkster, MI 28277 Truck Transportation Term Loan Prime plus 2.75% 10/20/2041 163.7  163.7  193.1  0.06  %
Speaker City, Inc. dba Rollin Thunder (#,^) 246 East Belt Blvd, Richmond, VA 03103 Electronics and Appliance Stores Term Loan Prime plus 2.75% 10/14/2041 117.0  117.0  137.1  0.04  %
Maine Service Corp (#,^) 59-22 55th St., Maspeth, NY 80015 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 10/13/2026 114.5  114.5  119.1  0.04  %
Justin Partlow (#,^) 100 Independence Place, Ste 414, Tyler, TX 33030 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 10/13/2026 13.6  13.6  13.6  —  %
Reliable Recovery Services LLC (#,^) 2401 West Mcdowell Road, Phoenix, AZ 74133 Support Activities for Transportation Term Loan Prime plus 2.75% 10/7/2026 78.5  78.5  80.2  0.02  %
Wyspen Corporation dba Charlestown Ace (#,^) 5 Austin St., Charlestown, MA 92505 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 10/3/2026 25.1  25.1  25.1  0.01  %
Ailky Corporation (#,^) 352 Beford St., Lakeville, MA 30045 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 10/3/2026 165.4  165.4  166.8  0.05  %
JJA Transportation Management Inc. (#,^) 15 Church St., Upland, PA 33487 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2026 36.2  36.2  36.1  0.01  %
Seaway LLC and Reklaw LLC dba Allure Lounge (#,^) 415 -417 Halsey Dr, Newark, NJ 21046 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2041 128.2  128.2  151.3  0.05  %
82
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
CNC Precision Machine, Inc. (#,^) 18360 Industrial Circle, Burton, OH 02557 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/28/2041 1,191.9  1,191.9  1,390.3  0.43  %
Beadon Inc (#,^) 2601 Old Ocean City Rd, Salisbury, MD 99613 Food and Beverage Stores Term Loan Prime plus 2.75% 9/28/2026 15.5  15.5  16.1  —  %
Kyle M Walker DDS, PC (#,^) 1402 West Park Ave, Orange, TX 40299 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2026 158.3  158.3  159.3  0.05  %
Reynolds Fence & Guardrail Inc. (#,^) 9320 Machado Dr, Indian Trail, NC 11706 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/27/2026 433.7  433.7  449.3  0.14  %
Luv 2 Play Nor Cal, LLC dba Luv 2 Play (#,^) 82 Clarksville Road, Folsom, CA 85301 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/27/2026 36.2  36.2  36.6  0.01  %
TPFC,LLC dbaThe Picture Frame Company (#,^) 5957 Glenway Ave, Cincinnati, OH 92354 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/26/2041 54.8  54.8  64.0  0.02  %
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch (#,^) 24201 North Hwy 1, Fort Bragg, CA 98036 Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 9/26/2026 6.2  6.2  6.5  —  %
PeopleBest Inc. (#,^) 19442 Mesa Dr, Villa Park, CA 03235 Administrative and Support Services Term Loan Prime plus 2.75% 9/26/2026 10.3  10.3  10.3  —  %
Cuppiecakes LLC (#,^) 313 S Main St., McGregor, TX 11372 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/21/2041 21.0  21.0  24.4  0.01  %
Wrecking Crew Media LLC (#,^) 229 Commercial Ave, Pittsburgh, PA 76201 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/21/2026 34.4  34.4  34.3  0.01  %
Consulting Solutions Inc. and Mark Luciani (#,^) 3000 N Federal Hwy 1-1A, Fort Lauderdale, FL 10960 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2026 16.2  16.2  16.7  0.01  %
Benoit's Towing and Recovery LLC (#,^) 301 Tabor Rd, Swanton, VT 46113 Support Activities for Transportation Term Loan Prime plus 2.75% 9/20/2026 5.8  5.8  5.8  —  %
Metropet Dog Center, Inc (#,^) 2057 West Shore Road, Warwick, RI 33065 Personal and Laundry Services Term Loan Prime plus 2.75% 9/13/2041 101.9  101.9  119.2  0.04  %
Marquis Cattle Company (#,^) 805 US Hwy 87, Belt, MT 63147 Animal Production and Aquaculture Term Loan Prime plus 2.75% 9/13/2026 34.8  34.8  36.2  0.01  %
SRA Mechanicial Inc (#,^) 1186 Ocean Ave, Bayshore, NY 48202 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/6/2041 40.5  40.5  47.6  0.01  %
Animal Intrusion Prevention Systems Holding Company, LLC dba Critter C (#,^) 1362-1366 W. Carrier Parkway, Grand Prairie, TX 33073 Administrative and Support Services Term Loan Prime plus 2.75% 8/30/2026 93.0  93.0  93.5  0.03  %
Raem Corporation dba Dryclean Express (#,^) 557 West Whitney Road, Fairport, NY 92324 Personal and Laundry Services Term Loan Prime plus 2.75% 8/29/2041 67.5  67.5  79.4  0.02  %
Warren Dale Warrington dba Custom Paint and Body (#,^) 705 S Market Ave, Fort Pierce, FL 92806 Repair and Maintenance Term Loan Prime plus 2.75% 8/26/2041 94.3  94.3  110.5  0.03  %
Albert Basse Associates Inc (#,^) 175 Campanelli Parkway, Stoughton, MA 72704 Printing and Related Support Activities Term Loan Prime plus 2.75% 8/25/2026 42.1  42.1  43.8  0.01  %
Rosmel Pools Inc (#,^) 9300 NW 25th St. Ste 103, Miami, FL 36305 Repair and Maintenance Term Loan Prime plus 2.75% 8/25/2026 15.3  15.3  15.4  —  %
Avery Management Inc. dba Whetstone Upholstery (#,^) 1122 N Bloulevard, Richmond, VA 46516 Repair and Maintenance Term Loan Prime plus 2.75% 8/25/2026 7.0  7.0  6.9  —  %
TR Companies LLC dba Liberty Rental 4 U (#,^) 410 N Church Road, Liberty, MO 33064 Rental and Leasing Services Term Loan Prime plus 2.75% 8/25/2026 33.8  33.8  33.7  0.01  %
83
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC (#,^) 726-740 South Fleming St., Sebastian, FL 48184 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2041 492.0  492.0  579.3  0.18  %
Luv 2 Play Temecula, LLC (#,^) 26469 Ynez Road, Temecula, CA 76645 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/15/2026 40.9  40.9  40.7  0.01  %
2 Cool Beans LLC dba Menchies's Frozen Yogurt (#,^) 11331 Thienes Ave, South El Monte, CA 02914 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/11/2026 56.2  56.2  56.0  0.02  %
Grayson O Company (#,^) 6509 Newell Ave, Kannapolis, NC 62278 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 8/10/2041 581.9  581.9  685.3  0.21  %
Paul Belanger dba Paul Belanger Landscaping (#,^) 2595 Military Ave, Los Angeles, CA 70767 Administrative and Support Services Term Loan Prime plus 2.75% 8/9/2026 10.2  10.2  10.2  —  %
The Hungry Rhino LLC (#,^) 47 South Main St., Windsor Locks, CT 10013 Real Estate Term Loan Prime plus 2.75% 7/29/2041 70.8  70.8  82.6  0.03  %
Little Tree Huggers Child Care LLC (#,^) 38620 9 Mile Road, Farmington Hills, MI 37079 Social Assistance Term Loan Prime plus 2.75% 7/29/2041 130.1  130.1  153.2  0.05  %
303 Tower Drive LLC (#,^) 303 Tower Dr, Ste A, Middletown, NY 63108 Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2041 371.9  371.9  436.5  0.13  %
USA General Investment LLC dba Braniff Paint and Body Shop (#,^) 2290 NW 21st Terrace, Miami, FL 11235 Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2026 15.1  15.1  15.3  —  %
Big Apple Entertainment Partners LLC dba Ripley's Believe It or Not (#,^) 1221 Brickell Ave, Ste 2660, Miami, FL 33428 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/28/2026 202.0  202.0  201.2  0.06  %
676 Club LP dba The Green Door Tavern/The Drifter (#,^) 676 and 678 North Orleans ST, Chicago, IL 11510 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/28/2041 622.6  622.6  732.3  0.23  %
Intrepid Trinity LLC (#,^) 680 Douglas Ave, Providence, RI 06512 Nonstore Retailers Term Loan Prime plus 2.75% 7/28/2041 58.1  58.1  68.0  0.02  %
Apple Tree NC Inc dba Williams Farm & Garden Center (#,^) 1309 Old Cherry Point Road, New Bern, NC 77015 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/28/2041 320.3  320.3  372.1  0.11  %
EPEC Juice LLC dba Jamba Juice (#,^) 810 Ninth St., Ste 128, Durham, NC 10018 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026 56.2  56.2  56.0  0.02  %
Pinco Pizza LLC dba Jet's Pizza (#,^) 10845 N. Tatum Blvd Ste A 100, Phoenix, AZ 48131 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026 49.4  49.4  51.5  0.02  %
JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar (#,^) 1 West Main St., Patchogue, NY 89123 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026 84.1  84.1  83.8  0.03  %
The Grasso Companies, LLC and Grasso Pavement Maintenance, LLC (#,^) 485 Pepper St., Norwalk, CT 22312 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 7/26/2026 60.8  60.8  62.1  0.02  %
My Sainath Inc dba Motel 6 (#,^) 1008 E Crest Dr, Waco, TX 33426 Accommodation Term Loan Prime plus 2.75% 7/22/2041 283.7  283.7  333.2  0.10  %
Robert G Larson State Farm Insurance (#,^) 7922 Jamaica Ave, Woodhaven, NY 80013 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/22/2026 15.1  15.1  15.1  —  %
Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Sho (#,^) 1502 Hwy 157, Mansfield, TX 02882 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 7/18/2026 10.6  10.6  10.6  —  %
84
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Franklin Firm LLC dba Luv 2 Play (#,^) 1310 East Stan Schleuter Loop, Killeen, TX 35244 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/15/2041 149.5  149.5  174.9  0.05  %
RM Hawkins LLC dba Pure Water Tech West (#,^) 5140 Topaz Dr, Colorado Springs, CO 01603 Nonstore Retailers Term Loan Prime plus 2.75% 7/7/2026 33.4  33.4  34.7  0.01  %
Nevey's LLC dba Stark Food III (#,^) 6315 W. Fond Du Lac Ave, Milwaukee, WI 68025 Food and Beverage Stores Term Loan Prime plus 2.75% 6/30/2041 273.5  273.5  321.6  0.10  %
VMA Technologies LLC (#,^) 120 South Serenata Dr Unit 332, Ponte Vedra Beach, FL 95205 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/30/2026 14.9  14.9  14.8  —  %
Corning Lumber Company Inc and Frank R Close and Son Inc dba Close Pai (#,^) 1314 Sixth St., Orland, CA 76542 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/30/2029 150.8  150.8  161.5  0.05  %
Martin Inventory Management LLC (#,^) 304 1/2 Main St., Edgefield, SC 60007 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/30/2026 16.4  16.4  17.1  0.01  %
P L H Pharmaco Inc dba Farmacia San Jose (#,^) 149 48th St., Union City, NJ 98311 Health and Personal Care Stores Term Loan Prime plus 2.75% 6/30/2026 111.6  111.6  116.3  0.04  %
Desert Tacos LLC (#,^) 245 East Bell Road Ste A-2, Phoenix, AZ 32754 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2026 67.4  67.4  69.6  0.02  %
WGI, LLC dba Williams Grant Inn (#,^) 154 High St., Bristol, RI 23976 Accommodation Term Loan Prime plus 2.75% 6/29/2041 113.8  113.8  133.1  0.04  %
O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc (#,^) 626 Delsea Dr N, Glassboro, NJ 06320 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/29/2026 93.1  93.1  93.5  0.03  %
KWG Industries, LLC dba Peterson & Marsh Metal Industries (#,^) 330 Roycefield Road, Unit B, Hillsborough, NJ 06880 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/29/2041 282.0  282.0  330.5  0.10  %
E & P Holdings 1 LLC and Evans & Paul LLC (#,^) 140 Dupont St, Plainview, NY 07054 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 6/28/2026 89.6  89.6  90.1  0.03  %
JumboMarkets Inc dba Rines Jumbomarkets (#,^) 15500 SW Trail Dr, Indiantown, FL 33990 Food and Beverage Stores Term Loan Prime plus 2.75% 6/24/2026 33.3  33.3  33.1  0.01  %
Island Time Investments, LLC dba Swantown Inn Bed & Breakfast (#,^) 1431 11th Ave SE, Olympia, WA 50321 Accommodation Term Loan Prime plus 2.75% 6/24/2041 93.9  93.9  110.4  0.03  %
Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy (#,^) 27 Main St., Monroe, CT 77090 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/23/2041 462.1  462.1  534.7  0.16  %
Visual Advantage LLC dba Signs Now Perryberg (#,^) 23248 Dunbridge Road, Perrysburg, OH 04856 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/23/2041 84.6  84.6  98.4  0.03  %
Long Island Comedy LLC dba Governors and New York Comedy, LLC (#,^) 90 A Division Ave, Levittown, NY 93465 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/23/2041 173.9  173.9  202.7  0.06  %
Bagelicious, LLC (#,^) 945 S Main St, Cheshire, CT 33004 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/17/2026 36.3  36.3  36.2  0.01  %
Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Tr (#,^) 377 Boston Post Road, Milford, CT 68025 Couriers and Messengers Term Loan Prime plus 2.75% 6/16/2026 355.7  355.7  353.6  0.11  %
NKJ Lusby Donuts LLC (#,^) 174 Village Center Dr, Lusby, MD 12205 Food and Beverage Stores Term Loan Prime plus 2.75% 6/16/2026 15.0  15.0  14.9  —  %
85
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Jai-Alexia Consulting, Inc. (#,^) 14660 Paddock Dr, Wellington, FL 45805 Couriers and Messengers Term Loan Prime plus 2.75% 6/15/2026 7.9  7.9  7.8  —  %
Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares (#,^) 1137 West St., Southington, CT 77008 Social Assistance Term Loan Prime plus 2% 6/15/2041 474.2  474.2  522.6  0.16  %
Luv 2 Play AZ LLC (#,^) 15495 Bell Road, Surprise, AZ 45121 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/10/2026 41.9  41.9  43.5  0.01  %
Refoleen Inc dba Spice and Tea Exchange (#,^) 849 East Commerce St., Ste 121, San Antonio, TX 29572 Food and Beverage Stores Term Loan Prime plus 2.75% 6/10/2026 57.5  57.5  57.1  0.02  %
Larry H. Patterson and Rainbow Movers, Inc (#,^) 2325 Hollers Ave, Bronx, NY 30316 Truck Transportation Term Loan Prime plus 2.75% 6/6/2026 15.0  15.0  14.9  —  %
Solvit Inc and Solvit North Inc (#,^) 65 Farmington Valley Dr, Plainville, CT 06062 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/3/2026 164.5  164.5  166.5  0.05  %
AP5 LLC dba Krauser's Food Store (#,^) 5 Pond Point Road, Milford, CT 95448 Food and Beverage Stores Term Loan Prime plus 2.75% 6/2/2041 179.6  179.6  211.2  0.07  %
ATI Jet Inc (#,^) 7007 Boeing Dr, El Paso, TX 10017 Air Transportation Term Loan Prime plus 2.75% 5/31/2026 388.1  388.1  391.6  0.12  %
Angelo Faia dba AVF Construction (#,^) 55 Arbour Lane, Sewell, NJ 21226 Construction of Buildings Term Loan Prime plus 2.75% 5/27/2041 92.0  92.0  107.1  0.03  %
Premier Athletic Center of Ohio, Inc (#,^) 8957 Kingsridge Dr, Centerville, OH 98002 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/27/2026 57.5  57.5  59.8  0.02  %
Jack Frost Firewood Inc. and David Dubinsky (#,^) 3168 Holland Road, Virginia Beach, VA 46113 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/26/2041 190.9  190.9  221.9  0.07  %
Southwest Division Inc (#,^) 2103 NE 3rd Terrace, Cape Coral, FL 41011 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 5/26/2026 5.4  5.4  5.5  —  %
International Kitchen Supply LLC (#,^) 3466 North Hwy 11, West Union, SC 10075 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/25/2026 122.8  122.8  124.5  0.04  %
Groth Lumber Co. Inc. dba True Value (#,^) 6747 Pacific Ave, Wright, MN 50023 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/25/2026 14.8  14.8  15.4  —  %
Island Life Graphics Inc dba FASTSIGNS #576 (#,^) 1925 S 14th St. No. 7, Amelia Island, FL 78626 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 5/24/2026 14.8  14.8  14.8  —  %
Powerspec Inc (#,^) 1 Linsley Place, Metuchen, NJ 10573 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/24/2026 57.1  57.1  56.8  0.02  %
Horseshoe Barbecue, LLC (#,^) 6555, 6565, 6575 N. Sandario Road, Tucson, AZ 46012 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/23/2029 7.4  7.4  7.9  —  %
Pro Auto Repair LLC (#,^) 204 F St. SW, Quincy, WA 15801 Repair and Maintenance Term Loan Prime plus 2.75% 5/20/2026 4.8  4.8  5.0  —  %
National Air Cargo Holdings Inc (#,^) 5955 TG Lee Blvd., Ste 500, Orlando, FL 18709 Air Transportation Term Loan Prime plus 2.75% 5/20/2026 490.0  490.0  509.3  0.16  %
Elderfriend Inc dba Granny Nannies dba GN Live Scan (#,^) 1499 W. Palmetto Park Rd., Ste #115, Boca Raton, FL 28150 Social Assistance Term Loan Prime plus 2.75% 5/20/2026 8.4  8.4  8.3  —  %
Dedicated Incorporated (#,^) 2916 North 39th St., Phoenix, AZ 28466 Administrative and Support Services Term Loan Prime plus 2.75% 5/18/2041 43.0  43.0  50.3  0.02  %
86
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
J&A Laundromat Inc. (#,^) 225 East Park Ave, Long Beach, NY 33131 Personal and Laundry Services Term Loan Prime plus 2.75% 5/18/2026 44.4  44.4  44.5  0.01  %
HBA LLC dba Palmetto Twist-Vista (#,^) 1225-1229 Lincoln St., Columbia, SC 02886 Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2026 12.7  12.7  12.8  —  %
Studio Find It Georgia Inc (#,^) 3399 Peachtree Road NE, Ste 400, Atlanta, GA 44136 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/13/2026 15.0  15.0  15.1  —  %
FJN Catering Inc (#,^) 106 Main St., Mineola, NY 33009 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/13/2041 243.1  243.1  285.8  0.09  %
Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano (#,^) 11 Kirby Road, Cromwell, CT 33426 Social Assistance Term Loan Prime plus 2.75% 5/12/2041 122.6  122.6  142.7  0.04  %
Sabir Inc. dba Bear Diner (#,^) 603 Pulaski Hwy, Bear, DE 33178 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/11/2041 114.4  114.4  134.1  0.04  %
Gator D'Lites LLC dba D'Lites Emporium (#,^) 4216 NW 16th Blvd, Gainsville, FL 33331 Food and Beverage Stores Term Loan Prime plus 2.75% 5/5/2026 14.8  14.8  14.7  —  %
Keller, Fishback & Jackson LLP (#,^) 28720 Canwood St., Agoura Hills, CA 10305 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/29/2026 83.8  83.8  87.1  0.03  %
Loriet LLC (#,^) 5001 Vivienda Way, Sarasota, FL 47390 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 4/29/2026 4.9  4.9  4.8  —  %
Hard Exercise Works Winter Park LLC (#,^) 11551 University Blvd, Ste. 4C Building 1, Orlando, FL 33311 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/29/2026 26.5  26.5  26.3  0.01  %
Marc S. Rosenberg P.C. dba Mammuth and Rosenberg (#,^) 401 East City Ave Ste 122, Bala Cynwyd, PA 01852 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/29/2026 14.6  14.6  14.5  —  %
Warner Home Comfort, LLC dba Smith Piping (#,^) 1571 Canton Rd., NW, Carrollton, OH 53224 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/29/2041 76.2  76.2  88.7  0.03  %
Alpha Omega Trucking LLC (#,^) 14432-52 State Line Road, Brookings, OR 85123 Truck Transportation Term Loan Prime plus 2.75% 4/29/2041 162.3  162.3  190.8  0.06  %
May-Craft Fiberglass Products Inc (#,^) 96 Hillsboro Road, Four Oaks, NC 33166 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 4/29/2041 228.7  228.7  268.8  0.08  %
Empowerschool LLC and Empower Autism Academy, LLC (#,^) 1250 South A. W. Grimes Road, Round Rock, TX 02888 Social Assistance Term Loan Prime plus 2.75% 4/29/2041 140.3  140.3  165.0  0.05  %
Costume World Inc (#,^) 950 South Federal Hwy, Deerfield Beach, FL 85009 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 4/28/2041 1,153.3  1,153.3  1,356.0  0.42  %
Pecos Inn LLC dba Econo Lodge (#,^) 2207 W Third St., Pecos, TX 11378 Accommodation Term Loan Prime plus 2.75% 4/28/2041 621.9  621.9  729.2  0.22  %
Accent Comfort Services, LLC (#,^) 5035-C West W. T. Harris Blvd, Charlotte, NC 07102 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/26/2026 58.4  58.4  58.1  0.02  %
Automotive Core Recycling, LLC and 828 Old Colony Road, LLC (#,^) 27-29 Cooper St., Meriden, CT 92253 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/22/2041 231.0  231.0  266.2  0.08  %
AAA Mill Direct, Inc. dba Carpet Mill Outlets (#,^) 1 North Armistead Ave, Hampton, VA 21804 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 4/21/2026 5.1  5.1  5.3  —  %
Sushiya Inc (#,^) 72 South Main St., Hanover, NH 77568 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/12/2026 56.8  56.8  57.4  0.02  %
87
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Waterfalls Quick Lube LLC and Veracruz Shabo LLC (#,^) 1325 Broad St., Central Falls, RI 28079 Repair and Maintenance Term Loan Prime plus 2.75% 4/6/2041 250.5  250.5  293.1  0.09  %
KNS Early Learning Academy LLC (#,^) 57 Merritt St. SE, Marietta, GA 77630 Social Assistance Term Loan Prime plus 2.75% 4/6/2041 47.2  47.2  54.8  0.02  %
Christian Soderquist dba Soderquist Plumbing and Heating LLC (#,^) 7 Oak Dr, Sandy Hook, CT 45238 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/31/2041 52.3  52.3  62.1  0.02  %
Vehicle Safety Supply LLC (#,^) 15 East 72nd St., Ste 14-H, New York, NY 95630 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/31/2026 14.4  14.4  14.8  —  %
Dana A. Farley dba Independent Cabinets (#,^) 5805 NE Minder Rd, Poulsbo, WA 03042 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/31/2041 59.9  59.9  71.1  0.02  %
Cameo Carter, MD A Professional Corporation dba The Garden Pediatric G (#,^) 101 East Redlands Blvd., Ste 106, Redlands, CA 90250 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/31/2026 48.1  48.1  49.2  0.02  %
Men of Steel Enterprises LLC and Vogelbacher Properties LLC (#,^) 2039 US Route 130, Burlington, NJ 95437 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/31/2041 362.8  362.8  426.0  0.13  %
MTS Car Service LLC (#,^) 9 Gibson Court Apt# 1, Norwalk, CT 05488 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 3/30/2026 6.7  6.7  6.9  —  %
Tom Sawyer Country Restaurant LLC and AM 3208 LLC (#,^) 3208 Forest Hills Blvd, Palm Springs, FL 01923 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/30/2041 237.5  237.5  281.7  0.09  %
Beale Street Blues Company-West Palm Beach, LLC dba Lafayette’s-West P (#,^) 550 Rosemary Ave, Ste 236, West Palm Beach, FL 33487 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 3/30/2026 60.1  60.1  61.7  0.02  %
NOSO Development, LLC (#,^) 4 Walker Way, Albany, NY 76557 Construction of Buildings Term Loan Prime plus 2.75% 3/30/2026 120.2  120.2  122.8  0.04  %
Wyldewood Cellars, Inc. (#,^) 951 East 119th St, Mulvane, KS 33306 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 3/30/2041 960.1  960.1  1,129.5  0.35  %
Gordon Rogers and Heidi Rogers dba Stone House Motor Inn (#,^) 162 Danielson Pike, Foster, RI 15212 Accommodation Term Loan Prime plus 2.75% 3/30/2026 14.6  14.6  15.2  —  %
Barrocas Gym LLC dba Snap Fitness (#,^) 260 West Main St., Avon, CT 75119 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/29/2026 12.4  12.4  12.9  —  %
Marathon Engineering Corporation (#,^) 5615 2nd St. W, Lehigh Acres, FL 30701 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/28/2041 41.5  41.5  49.2  0.02  %
PHCDC1 LLC dba Quarter + Glory and Public House Collective, Corp. (#,^) 2017 14th St. NW, Washington, DC 28466 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2026 32.1  32.1  33.0  0.01  %
Revolution Physical Therapy LLC dba Apex Network Physical Therapy (#,^) 2705 Dougherty Ferry Road Ste 104, St. Louis, MO 59644 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2026 14.6  14.6  15.0  —  %
International Construction Inc (#,^) 53955 Gratiot Ave, Chesterfield, MI 31415 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 3/24/2041 43.7  43.7  51.6  0.02  %
ActKnowledge, Inc (#,^) 365 5th Ave, New York, NY 11706 Personal and Laundry Services Term Loan Prime plus 2.75% 3/24/2026 80.2  80.2  83.5  0.03  %
Precious Care LLC and Precious Care Management LLC (#,^) 186-06 Union Turnpike, Fresh Meadows, NY 34982 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/21/2026 355.6  355.6  363.5  0.11  %
88
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Taylors Zinn Enterprises Inc dba Eons Auto Care Inc (#,^) 330 West Harden St., Graham, NC 33172 Repair and Maintenance Term Loan Prime plus 2.75% 3/18/2041 74.4  74.4  88.2  0.03  %
Kekoa Enterprises Inc dba Signarama Sandy (#,^) 8942 South 700 East, Sandy, UT 23230 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/18/2026 31.7  31.7  32.4  0.01  %
Brian T Rice dba BD Logging (#,^) 800 3rd St Apt B, St Marys, WV 30824 Forestry and Logging Term Loan Prime plus 2.75% 3/17/2026 1.2  1.2  1.2  —  %
K Soles Corp dba Max Collections (#,^) 3208 Oakcliff Industrial St., Doraville, GA 28082 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/16/2026 14.4  14.4  14.7  —  %
R & D Enterprises Inc dba My Pool Man (#,^) 291 North Texas Ave., Orlando, FL 29732 Administrative and Support Services Term Loan Prime plus 2.75% 3/15/2026 32.1  32.1  32.7  0.01  %
HEWZ, LLC dba Hard Exercise Works (#,^) 5684 West Sample Road, Coral Springs, FL 48335 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/14/2026 14.4  14.4  14.7  —  %
Mustafa Inc and Raouf Properties LLC (#,^) 3538 Pin Oak Dr, San Antonio, TX 90064 Food and Beverage Stores Term Loan Prime plus 2.75% 3/14/2041 68.5  68.5  81.1  0.03  %
Dupre Capital LLC dba Fastsigns (#,^) 215 Quartermaster Court, Jeffersonville, IN 07095 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/11/2026 37.5  37.5  38.2  0.01  %
ABCs & 123s Infant and Child Care Center LP (#,^) 13419 Hwy 290E., Bldg 5, Manor, TX 10941 Social Assistance Term Loan Prime plus 2.75% 3/11/2026 7.2  7.2  7.4  —  %
Step Up Academy of the Arts LLC (#,^) 2558 Wigwam Pkwy Ste A, Henderson, NV 28560 Educational Services Term Loan Prime plus 2.75% 3/9/2026 5.1  5.1  5.3  —  %
Faith Summit Supply Inc dba Summit Supply and Summit True Value (#,^) 8584 US Business Hwy 277, Haskell, TX 02908 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/9/2026 14.4  14.4  14.9  —  %
Swerve Salon LLC (#,^) 1419 N Wells St., Chicago, IL 11772 Personal and Laundry Services Term Loan Prime plus 2.75% 3/8/2026 50.7  50.7  51.7  0.02  %
J & W Hardwood Flooring Inc (#,^) 14967 Madison St, Brighton, CO 92078 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/7/2026 4.8  4.8  4.9  —  %
Labmates LLC and POV Holdings LLC (#,^) 141 Watertown Road, Thomaston, CT 19403 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/4/2041 100.7  100.7  119.4  0.04  %
Hueston and Company CPA LLC (#,^) 8792 East State Road 70, Ste B, Bradenton, FL 32712 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/4/2026 5.2  5.2  5.4  —  %
Almost Home Daycare LLC (#,^) 35 Copps Hill Road, Ridgefield, CT 27705 Social Assistance Term Loan Prime plus 2.75% 3/3/2026 34.5  34.5  35.9  0.01  %
The River Beas, LLC dba Subway and Punam Singh (#,^) 5516 Baltimore Ave, Hyattsville, MD 30533 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2041 124.9  124.9  147.9  0.05  %
Consulting Solutions, Inc. and Mark Luciani (#,^) 3000 N Federal Hwy, STE 1, Fort Lauderdale, FL 06468 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/28/2026 7.5  7.5  7.8  —  %
Living Essentials HVAC Corp (#,^) 42 West St., Apt 24, Randolph, MA 33021 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2026 9.5  9.5  9.7  —  %
Powerpits CS1, LLC dba Pita Pit (#,^) 2008 S Texas Ave, College Station, TX 11421 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2026 2.0  2.0  2.1  —  %
Drug Detection Laboratories, Inc. and Minh Tran (#,^) 9700 Business Park Dr, Sacramento, CA 76063 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/28/2026 12.5  12.5  12.8  —  %
Aaradhya LLC dba Market Square Laundry (#,^) 7727 Crittenden St., Philadelphia, PA 06109 Personal and Laundry Services Term Loan Prime plus 2.75% 2/23/2026 49.0  49.0  50.1  0.02  %
89
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Blackstones Hairdressing LLC (#,^) 2 Ave of the Americas, New York, NY 92025 Personal and Laundry Services Term Loan Prime plus 2.75% 2/23/2026 33.2  33.2  33.9  0.01  %
R & K Contracting Inc (#,^) 3605 NW 31st Ave, Fort Lauderdale, FL 95301 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/18/2026 10.0  10.0  10.4  —  %
Jersey Shore Marina & Boat Sales, Inc. (#,^) 841 Route 70 East, Brick, NJ 52060 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/12/2041 576.2  576.2  682.7  0.21  %
Ei3 Corporation (#,^) 136 Summit Ave, Montvale, NJ 29824 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/12/2026 207.0  207.0  215.6  0.07  %
Gilmore Heights Dental Holdings, LTD and Chas Rob LLC (#,^) 2250 Warrensville Center Road, University Heights, OH 53218 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/12/2029 232.8  232.8  247.2  0.08  %
B for Blonde, LLC dba Blo Blow Dry Bar (#,^) 142 East 49th St., New York, NY 06117 Personal and Laundry Services Term Loan Prime plus 2.75% 2/12/2026 39.7  39.7  40.6  0.01  %
Base USA, Inc. (#,^) 2215 NW 2nd Ave, Miami, FL 95963 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 2/2/2026 31.7  31.7  33.0  0.01  %
Zouk Ltd dba Palma (#,^) 28 Cornelia St., New York, NY 85022 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/29/2026 14.1  14.1  14.7  —  %
SuzyQue's LLC dba SuzyQue's (#,^) 34 South Valley Road, West Orange, NJ 33122 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/28/2026 14.0  14.0  14.5  —  %
Tammy Lavertue (#,^) 24 Wakefield St., Rochester, NH 02809 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 1/28/2026 7.0  7.0  7.3  —  %
Wildflour Bakery & Cafe LLC (#,^) 5137 Clareton Dr., Ste 100, Agoura Hills, CA 08844 Social Assistance Term Loan Prime plus 2.75% 1/28/2026 39.1  39.1  40.7  0.01  %
Gendron Funeral and Cremation Services, Inc. (#,^) 135 North Lime Ave, Sarasota, FL 80214 Personal and Laundry Services Term Loan Prime plus 2.75% 1/11/2041 103.2  103.2  122.2  0.04  %
Dolarian Realty LLC and OV's Restaurant Inc (#,^) 34 Old Colony Ave, East Taunton, MA 91311 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/5/2041 62.2  62.2  73.7  0.02  %
Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt (#,^) 1196 Inverness Lane, Stow, OH 98501 Food and Beverage Stores Term Loan Prime plus 2.75% 12/29/2025 69.4  69.4  71.2  0.02  %
MCF Forte LLC (#,^) 1245 W Baseline Rd Unit 105, Mesa, AZ 34744 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/29/2025 11.6  11.6  11.8  —  %
Panditos LLC dba White Lotus Home (#,^) 431 Raritan Ave, Highland Park, NJ 06468 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/28/2025 9.8  9.8  10.0  —  %
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc (#,^) 24201 North Hwy 1, Fort Bragg, CA 35242 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/23/2040 93.9  93.9  110.7  0.03  %
800 on the Trax LLC and Matrix Z LLC (#,^) 800 SW 21st Terrace, Fort Lauderdale, FL 11756 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 12/23/2040 228.7  228.7  269.4  0.08  %
Premier Athletic Center of Ohio Inc. and Gates Investments and Wade Ga (#,^) 8957 Kingsridge Dr, Centerville, OH 93465 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/22/2028 651.0  651.0  696.3  0.21  %
Joyce Outdoor Advertising Chicago LLC (#,^) 2443 West 16th St., Chicago, IL 33063 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/22/2040 275.8  275.8  324.8  0.10  %
Hattingh Incorporated dba Prosthetic Care Facility (#,^) 4415 Woodridge Pkwy, Ste 180, Leesburg, VA 06460 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2025 11.1  11.1  11.4  —  %
90
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Trip Consultants U.S.A. Inc. (#,^) 311 85th St., Brooklyn, NY 10475 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/18/2025 102.6  102.6  104.5  0.03  %
Labmates LLC (#,^) 141 Watertown Road, Thomaston, CT 78205 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/18/2040 148.8  148.8  176.0  0.05  %
Accent Tag and Label Inc (#,^) 2201 Rittenhouse St, Des Moines, IA 28110 Printing and Related Support Activities Term Loan Prime plus 2.75% 12/18/2040 607.3  607.3  716.1  0.22  %
Abbondanza Market LLC dba Hampton Falls Village Market (#,^) 82 Lafayette Road, Hampton Falls, NH 33414 Food and Beverage Stores Term Loan Prime plus 2.75% 12/18/2025 36.6  36.6  37.5  0.01  %
Moments to Remember USA LLC dba Retain Loyalty (#,^) 1250 Sanders Ave SW, Massillon, OH 63026 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/16/2025 53.4  53.4  55.2  0.02  %
New York Home Health Care Equipment, LLC (#,^) 30 Hopper St., Westbury, NY 79925 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/16/2025 638.2  638.2  663.1  0.20  %
Abitino's JFK LLC dba Abitino's (#,^) Terminal 8 JFK ExpressWay Airport, Jamaica, NY 12205 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2022 49.3  49.3  49.2  0.02  %
Swalm Street LLC and New York Home Health Care Equipment LLC (#,^) 30 Hopper St., Westbury, NY 33909 Ambulatory Health Care Services Term Loan 7.5% 12/16/2040 303.6  303.6  286.6  0.09  %
JAG Unit 1, LLC (#,^) 1 West Main St., Patchogue, NY 08080 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2025 154.3  154.3  157.2  0.05  %
Evans & Paul LLC and E&P Holdings I LLC (#,^) 140 Dupont St., Plainview, NY 23453 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 12/15/2025 83.5  83.5  85.5  0.03  %
Basista Family Limited Partnership and UPE, Inc. (#,^) 3401 Brecksville Rd, Richfield, OH 29696 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/14/2040 313.7  313.7  369.7  0.11  %
DC Enterprises Ltd. dba Lakeview True Value (#,^) 318 North F St., Lakeview, OR 55798 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/14/2025 13.9  13.9  14.4  —  %
Cares, Inc dba Dumpling Grounds Day Care Center (#,^) 4508 Blakiston St., Philadelphia, PA 33029 Social Assistance Term Loan Prime plus 2.75% 12/10/2025 4.6  4.6  4.8  —  %
Custom Exteriors, Inc. (#,^) 2142 Rheem Dr, Ste E, Pleasanton, CA 98848 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/9/2025 61.7  61.7  63.3  0.02  %
Sushiya, Inc. (#,^) 72-74 South Main St., Hanover, NH 32822 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/8/2025 67.1  67.1  68.8  0.02  %
LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC (#,^) 880 Lowcountry Blvd, Mount Pleasant, SC 53402 Repair and Maintenance Term Loan Prime plus 2.75% 12/4/2040 459.7  459.7  542.7  0.17  %
Japp Business Inc dba Pick and Eat and Japp Drink Corp. (#,^) 4179 Broadway, New York, NY 33486 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2025 75.7  75.7  77.8  0.02  %
DWeb Studio, Inc. (#,^) 10800 E. Bethany Dr, Ste 275, Aurora, CO 17013 Educational Services Term Loan Prime plus 2.75% 11/25/2025 6.8  6.8  7.0  —  %
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC (#,^) 726-740 South Fleming St., Sebastian, FL 97415 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 11/23/2040 655.4  655.4  618.6  0.19  %
Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy (#,^) 3105 107th Ave, Doral, FL 27524 Health and Personal Care Stores Term Loan Prime plus 2.75% 11/20/2025 55.0  55.0  56.2  0.02  %
91
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
S.B.B. Enterprises Inc dba Williamston Hardware (#,^) 139 S Putnam St., Williamston, MI 44615 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/19/2040 99.2  99.2  116.2  0.04  %
Key Pix Productions Inc. dba Air Bud Entertainment (#,^) 22525 Pacific Coast Hwy, Malibu, CA 32808 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 11/18/2040 503.1  503.1  595.0  0.18  %
E.S.F.P. LLC dba Volusia Van and Storage (#,^) 1203 N US 1, Ormond Beach, FL 79772 Truck Transportation Term Loan Prime plus 2.75% 11/11/2025 54.4  54.4  55.6  0.02  %
Green Life Lawnscapes LLC dba Green Life Lawn Care (#,^) 1820 NE Jensen Beach Blvd, Jensen Beach, FL 33441 Administrative and Support Services Term Loan Prime plus 2.75% 11/6/2025 83.6  83.6  86.8  0.03  %
JumboMarkets Inc dba Rines Jumbomarkets (#,^) 15500 SW Trail Dr, Indiantown, FL 30310 Food and Beverage Stores Term Loan Prime plus 2.75% 11/4/2025 186.5  186.5  193.8  0.06  %
Financial Network Recovery Inc (#,^) 250 E Easy St. Ste 1, Simi Valley, CA 28269 Administrative and Support Services Term Loan Prime plus 2.75% 10/26/2025 24.0  24.0  24.5  0.01  %
ADMO Inc dba Mid States Equipment (#,^) 16180 Westwoods Business Park, Ellisville, MO 28461 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 10/8/2025 13.5  13.5  13.8  —  %
Recycling Consultants, Inc. and Prairie State Salvage and Recycling In (#,^) PO Box 468, Wood River, IL 06482 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2027 413.8  413.8  434.9  0.13  %
SCJEN Management Inc dba Bowl of Heaven (#,^) 43958 Pacific Common Blvd, Fremont, CA 95603 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2025 42.6  42.6  43.4  0.01  %
Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas Cit (#,^) 7748 Troost Ave, Kansas City, MO 10021 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/30/2028 47.9  47.9  51.2  0.02  %
Barub Realty LLC and Barub LLC dba Woodlawn Cabinets (#,^) 1838 Adee Ave, Baychester, NY 03755 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/30/2040 129.9  129.9  153.7  0.05  %
R.H. Hummer Jr., Inc. (#,^) 2141 P Ave, Williamsburg, IA 02863 Truck Transportation Term Loan Prime plus 2.75% 9/30/2025 241.0  241.0  250.4  0.08  %
Binky's Vapes LLC (#,^) 10539 Greenbelt Road Ste 102, Lanham, MD 30060 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/30/2025 13.3  13.3  13.6  —  %
RIM Investments LLC and RIM Architects LLC (#,^) 645 G St. Ste 400, Anchorage, AK 92373 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/28/2040 363.2  363.2  427.5  0.13  %
Greensward of Marco Inc. (#,^) 54 Marco Lake Dr, Marco Island, FL 06082 Administrative and Support Services Term Loan Prime plus 2.75% 9/28/2040 79.6  79.6  93.8  0.03  %
The Grasso Companies LLC and Grasso Pavement Maintenance LLC Veranda L (#,^) 485 Pepper St., Monroe, CT 98370 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/28/2025 288.8  288.8  299.4  0.09  %
Sandlot Ventures LLC and Sandbox Ventures LLC (#,^) 1857A Elmdale Ave, Glenview, IL 33406 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/25/2040 413.0  413.0  484.2  0.15  %
Prestigious LifeCare for Seniors LLC (#,^) 5701 North Pine Island Road, Tamarac, FL 67120 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/25/2025 5.8  5.8  6.0  —  %
Yachting Solutions LLC (#,^) 229 Commercial St, Rockport, ME 02825 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/25/2040 876.2  876.2  1,027.3  0.32  %
Daniel W. Stark dba Mountain Valley Lodge and RV Park (#,^) 223 Hwy 80, Rodeo, NM 95334 Accommodation Term Loan Prime plus 2.75% 9/25/2040 12.3  12.3  14.5  —  %
92
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn (#,^) 10 West Orvis St., Massena, NY 06854 Accommodation Term Loan Prime plus 2.75% 9/24/2040 568.9  568.9  669.5  0.21  %
Finish Strong Inc dba FASTSIGNS St Peters (#,^) 98 North Hillview Dr, St Peters, MO 06001 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 9/23/2025 29.6  29.6  30.1  0.01  %
Sound Manufacturing Inc (#,^) 51 Donnelley Road, Old Saybrook, CT 10016 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/21/2025 29.3  29.3  30.1  0.01  %
IIoka Inc dba New Cloud Networks (#,^) 160 Inverness Dr W Ste 150, Englewood, CO 63122 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/21/2025 395.8  395.8  402.1  0.12  %
Vanderhoof LLC dba Soxfords (#,^) 11 Sellecks Walk, Pound Ridge, NY 07079 Apparel Manufacturing Term Loan Prime plus 2.75% 9/18/2025 9.0  9.0  9.1  —  %
MiJoy Inc dba Imo's Pizza (#,^) 215 South Kirkwood Road, Kirkwood, MO 93510 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/18/2025 4.9  4.9  5.0  —  %
Naeem Khan LTD (#,^) 260 West 36h St., New York, NY 07728 Apparel Manufacturing Term Loan Prime plus 2.75% 9/17/2025 74.0  74.0  75.2  0.02  %
FirstVitals Health and Wellness Inc (#,^) 1288 Ala Moana Blvd Ste 27E, Honolulu, HI 94607 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/15/2025 88.7  88.7  90.1  0.03  %
Almost Home Daycare LLC (#,^) 35 Copps Hill Road, Ridgefield, CT 22182 Social Assistance Term Loan Prime plus 2.75% 9/11/2025 6.4  6.4  6.7  —  %
Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc (#,^) 170 Main St., North Kingstown, RI 17111 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/8/2040 127.4  127.4  150.4  0.05  %
Empower Autism Academy (#,^) 1250 South A. W. Grimes Road, Round Rock, TX 84070 Social Assistance Term Loan Prime plus 2.75% 9/4/2040 623.6  623.6  736.2  0.23  %
Elite Institute LLC dba Huntington Learning Center (#,^) 13526 Village Park Dr Ste 214, Orlando, FL 30340 Educational Services Term Loan Prime plus 2.75% 8/28/2025 8.9  8.9  9.0  —  %
3000 CSI Property LLC and Consulting Solutions Inc (#,^) 3000 N Federal Hwy, Ste 1, Fort Lauderdale, FL 33071 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/20/2040 127.8  127.8  150.7  0.05  %
God Be Glorified Inc dba GBG Inc (#,^) 40 West. 162nd St, South Holland, IL 47130 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 8/20/2025 30.9  30.9  31.4  0.01  %
GDP Gourmet LLC dba Joe and John's Pizza Restaurant (#,^) 136 New Jersey Ave, Absecon, NJ 67204 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/19/2040 131.6  131.6  154.7  0.05  %
Gold Jet Corp. (#,^) 2472 Broadway, New York, NY 06471 Couriers and Messengers Term Loan Prime plus 2.75% 8/14/2025 41.7  41.7  42.9  0.01  %
SKJ Inc dba Subway (#,^) 401 S Woodlawn Ave, Bloomington, IN 78653 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/13/2025 49.0  49.0  50.0  0.02  %
LP Industries Inc dba Childforms (#,^) 110 Charleston Dr, Mooresville, NC 79521 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 7/29/2025 72.3  72.3  74.8  0.02  %
Beale Street Blues Company-West Palm Beach LLC dba Lafayette's-West Pa (#,^) 550 Rosemary Ave, Ste 236, West Palm Beach, FL 18015 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 7/24/2025 38.1  38.1  39.0  0.01  %
Smart Artists Inc. (#,^) 450 West 24th St. Ste 1C, New York, NY 06787 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 7/23/2025 12.9  12.9  13.2  —  %
Free Ion Advisors LLC (#,^) 322 Evandale Road, Scarsdale, NY 06877 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/21/2025 37.0  37.0  37.6  0.01  %
93
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Murrayville Donuts, Inc dba Dunkin' Donuts (#,^) 2304 N College Rd, Wilmington, NC 97045 Food and Beverage Stores Term Loan Prime plus 2.75% 7/15/2040 330.7  330.7  387.7  0.12  %
Union 2 LLC dba The Standard (#,^) 1520 Broadway, Fort Myers, FL 33306 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/10/2025 63.0  63.0  64.9  0.02  %
Jonathan E Nichols and Nichols Fire and Security LLC (#,^) 1906 Vanderhorn Dr, Memphis, TN 77840 Administrative and Support Services Term Loan Prime plus 2.75% 6/30/2025 42.5  42.5  44.1  0.01  %
Thrifty Market, Inc. dba Thrifty Foods (#,^) 702 10th St, Wheatland, WY 95827 Food and Beverage Stores Term Loan Prime plus 2.75% 6/30/2030 214.0  214.0  229.5  0.07  %
Summit Beverage Group LLC (#,^) 211 Washington Ave, Marion, VA 70605 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 8/29/2030 223.6  223.6  240.6  0.07  %
TJU-DGT Inc dba The Lorenz Cafe (#,^) 714-718 Lorenz Ave, Pittsburgh, PA 33127 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2029 15.2  15.2  16.3  0.01  %
Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling (#,^) 13886 Campo Road, Jamul, CA 48189 Gasoline Stations Term Loan Prime plus 2.75% 6/26/2040 343.7  343.7  404.1  0.12  %
SofRep, Inc dba Force 12 Media (#,^) 930 Tahoe Blvd Ste 802-543, Incline Village, NV 07645 Other Information Services Term Loan Prime plus 2.75% 6/26/2025 36.9  36.9  37.4  0.01  %
CEM Autobody LLC dba Dawn's Autobody (#,^) 7 Division St, Keyport, NJ 44118 Repair and Maintenance Term Loan Prime plus 2.75% 6/26/2040 122.4  122.4  143.7  0.04  %
E & G Enterprises LLC dba Comfort Keepers (#,^) 220 Middle St., Franklin, VA 10017 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2025 12.8  12.8  12.9  —  %
Ohs Auto Body, Inc. dba Ohs Body Shop (#,^) 3560 Hwy 93 South, Kalispell, MT 91301 Repair and Maintenance Term Loan 7.22% 6/25/2040 1,104.4  1,104.4  1,035.8  0.32  %
Wolf Enviro Interests, LLC and Enviromax Services Inc (#,^) 18002 Mueschke Road, Cypress, TX 10014 Administrative and Support Services Term Loan Prime plus 2.75% 6/25/2040 222.9  222.9  259.9  0.08  %
Evinger PA One, Inc. dba Postal Annex, Falcon (#,^) 7661 McLaughlin Road, Falcon, CO 03867 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/24/2025 12.7  12.7  13.1  —  %
RJI Services, Inc. (#,^) 353 E Angeleno Ste G, Burbank, CA 11223 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/23/2025 12.5  12.5  12.7  —  %
Real Help LLC dba Real Help Decorative Concrete (#,^) 2221 Broadway St., Buffalo, NY 34237 Administrative and Support Services Term Loan Prime plus 2.75% 6/22/2025 30.1  30.1  31.1  0.01  %
PM Cassidy Enterprises, Inc. dba Junk King (#,^) 960 Matley Lane, Ste 20 & 21, Bldg B, Reno, NV 02718 Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/19/2025 7.4  7.4  7.5  —  %
KRN Logistics, LLC and Newsome Trucking, Inc (#) 2262 Hwy 53 W, Jasper, GA 08203 Truck Transportation Term Loan Prime plus 2.75% 6/19/2025 293.3  293.3  301.7  0.09  %
Inverted Healthcare Staffing of Florida LLC dba Interim Healthcare Tra (#,^) 111 N Pompano Beach Blvd., Pompano Beach, FL 85202 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/18/2025 26.4  26.4  26.8  0.01  %
AM PM Properties, LLC and AM PM Willington, LLC (#,^) 1308 Stafford Road, Storrs Mansfield, CT 08904 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/17/2040 78.5  78.5  92.5  0.03  %
Mirage Plastering Inc and Mpire LLC and Mpire II LLC (#,^) 1802 W Grant Road Ste 114, Tucson, AZ 95437 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/12/2040 125.5  125.5  145.7  0.04  %
Eldredge Tavern LLC dba Gonyea's Tavern (#,^) 150 Main St., Pascoag, RI 45459 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2040 50.9  50.9  60.0  0.02  %
94
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
ViAr Visual Communications, Inc. dba Fastsigns 281701 (#,^) 4721 University Way NE, Seattle, WA 60657 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/5/2025 35.2  35.2  35.8  0.01  %
Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta (#,^) 234 Rock Road, Glen Rock, NJ 20176 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/5/2025 8.6  8.6  8.7  —  %
Video Vault & Tanning LLC and Mosaic Salon LLC (#) W7003 Parkview Dr, Ste A & B, Greenville, WI 11101 Rental and Leasing Services Term Loan Prime plus 2.75% 6/4/2040 60.5  60.5  71.3  0.02  %
Medworxs LLC (#,^) 10901 W. Toller Dr, Littleton, CO 50321 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/3/2025 70.9  70.9  72.0  0.02  %
XCESSIVE THROTTLE, INC dba Jake's Roadhouse (#,^) 5980 Lamar St., Arvada, CO 03844 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2025 4.6  4.6  4.6  —  %
Villela CPA PL (#,^) 777 Brickell Ave, Ste 500, Miami, FL 06787 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/27/2025 5.0  5.0  5.1  —  %
Douglas Posey and Sally Watkinson dba Audrey's Farmhouse (#,^) 2188 Brunswyck Road, Wallkill, NY 07764 Accommodation Term Loan Prime plus 2.75% 5/20/2040 157.2  157.2  184.9  0.06  %
15 McArdle LLC and No Other Impressions Inc (#,^) 15 McArdle St., Rochester, NY 78238 Printing and Related Support Activities Term Loan Prime plus 2.75% 5/15/2040 166.1  166.1  195.0  0.06  %
Guard Dogs MFS LLC (#,^) 9460 Mistwater Close, Roswell, GA 33431 Repair and Maintenance Term Loan Prime plus 2.75% 5/8/2025 34.7  34.7  35.2  0.01  %
South Park Properties LLC and Midlothian Hardware LLC (#,^) 4751 147th St., Midlothian, IL 11772 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/6/2040 43.1  43.1  50.8  0.02  %
Matthew Taylor and Landon Farm LLC (#,^) 6103 N Church St, Greensboro, NC 11803 Personal and Laundry Services Term Loan Prime plus 2.75% 5/4/2040 90.6  90.6  105.3  0.03  %
Cares Inc dba Dumpling Grounds Day Care Center (#,^) 4508 Blakiston St., Philadelphia, PA 24014 Social Assistance Term Loan Prime plus 2.75% 5/1/2040 73.1  73.1  86.2  0.03  %
Diamond Solutions LLC (#,^) 7655 E Gelding Dr, Ste B2, Scottsdale, AZ 80129 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/21/2025 10.6  10.6  10.8  —  %
Giacchino Maritime Consultants Inc (#,^) 5219 Tamiami Court, Cape Coral, FL 19136 Personal and Laundry Services Term Loan Prime plus 2.75% 4/17/2025 12.4  12.4  12.5  —  %
Sound Coaching Inc (#,^) 4749 Main St. Ste 3, Bridgeport, CT 94588 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 4/14/2025 24.4  24.4  24.8  0.01  %
Faramarz Nikourazm dba Car Clinic Center (#,^) 10707 Shady Trail, Dallas, TX 27519 Repair and Maintenance Term Loan Prime plus 2.75% 4/3/2040 66.2  66.2  77.7  0.02  %
Copper Beech Financial Group LLC (#,^) 1223 North Church St., Moorestown, NJ 10033 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 3/30/2025 67.7  67.7  69.9  0.02  %
Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes and Trac (#,^) 40 Buzzard Ridge Road, Sequim, WA 27103 Accommodation Term Loan Prime plus 2.75% 3/27/2040 271.1  271.1  321.0  0.10  %
Shellhorn and Hill Inc dba Total Fleet Service (#,^) 501 South Market St, Wilmington, DE 33930 Nonstore Retailers Term Loan Prime plus 2.75% 3/27/2040 930.9  930.9  1,098.1  0.34  %
Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC (#,^) 5600 N. River Road #925, Rosemont, IL 33487 Real Estate Term Loan Prime plus 2.75% 3/27/2025 670.5  670.5  688.2  0.21  %
95
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Shorr Enterprises Inc dba New Design Furniture Manufacturers (#,^) 3033 NW 28 St., Lauderdale Lakes, FL 80014 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/27/2025 57.7  57.7  59.6  0.02  %
Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC (#,^) 800 James Ave, Scranton, PA 32958 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/26/2040 48.5  48.5  57.3  0.02  %
Zero-In Media Inc (#,^) 1123 Broadway Ste 704, New York, NY 14617 Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 3/25/2025 12.2  12.2  12.5  —  %
Loriet LLC (#,^) 5001 Vivienda Way, Sarasota, FL 33309 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/24/2025 6.5  6.5  6.7  —  %
Shelton Incorporated dba Mrs. Winners (#,^) 4509 N. Henry Blvd., Stockbridge, GA 20817 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/20/2040 101.1  101.1  119.5  0.04  %
Jaymie Hazard dba Indigo Hair Studio and Day Spa (#,^) 2016 Warwick Ave, Warwick, RI 90265 Personal and Laundry Services Term Loan Prime plus 2.75% 3/20/2040 38.4  38.4  45.3  0.01  %
R & R Security and Investigations Inc dba Pardners Lake Buchanan (#,^) 15615 State Route 29, Buchanan Dam, TX 35630 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/19/2040 76.6  76.6  90.5  0.03  %
MMS Realty, LLC and Molecular MS Diagnostics LLC (#,^) 1224 Greenwich Ave, Warwick, RI 32174 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/18/2040 144.4  144.4  170.3  0.05  %
Royal Crest Motors LLC (#,^) 769 Amesbury Rd, Haverhill, MA 34956 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/16/2040 82.0  82.0  96.7  0.03  %
Luigi's on Main LLC and Luigi's Main Street Pizza Inc (#,^) 491 Montauk Hwy, Eastport, NY 06088 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/4/2025 6.1  6.1  6.3  —  %
Baystate Firearms and Training, LLC (#) 215 Newbury St., Peabody, MA 32208 Educational Services Term Loan Prime plus 2.75% 2/27/2025 31.5  31.5  32.4  0.01  %
Pace Motor Lines, Inc. (#,^) 1425 Honeyspot Road Extension, Stratford, CT 33912 Truck Transportation Term Loan Prime plus 2.75% 2/26/2025 34.9  34.9  36.1  0.01  %
Kingseal LLC dba Desoto Health and Rehab Center (#,^) 475 Nursing Home Dr, Arcadia, FL 37188 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 2/26/2040 1,145.2  1,145.2  1,353.4  0.42  %
Nelson Financial Services LLC (#,^) 20015 N 83rd Place, Scottsdale, AZ 95630 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/24/2025 6.6  6.6  6.8  —  %
Kiddie Steps 4 You Inc. (#,^) 1700 West 63rd St., Chicago, IL 63021 Social Assistance Term Loan Prime plus 2.75% 2/19/2040 55.4  55.4  65.3  0.02  %
Triangle Trash LLC dba Bin There Dump That (#,^) 188 Northbend Dr, Youngsville, NC 10018 Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/18/2025 39.6  39.6  40.8  0.01  %
Dean 1021 LLC dba Pure Pita (#,^) 106 Central Ave, Westfield, NJ 64131 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/29/2025 46.7  46.7  48.1  0.01  %
Limameno LLC dba Sal's Italian Ristorante (#,^) 861 Yamato Rd, Bay #2, Boca Raton, FL 78704 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/23/2025 43.6  43.6  44.9  0.01  %
Palmabak Inc dba Mami Nora's (#,^) 4614 Capital Blvd, Raleigh, NC 18510 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/22/2025 3.2  3.2  3.3  —  %
Jung Design Inc (#,^) 10857 Pine Bluff Dr, Fishers, IN 99501 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/20/2022 1.9  1.9  2.0  —  %
Grand Blanc Lanes, Inc. and H, H and H, LLC (#,^) 5301 S Saginaw Rd, Flint, MI 06468 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/31/2039 118.5  118.5  140.0  0.04  %
96
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Evans and Paul LLC (#,^) 140 Dupont St., Plainview, NY 84070 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/30/2024 125.2  125.2  129.4  0.04  %
First Prevention and Dialysis Center, LLC (#) 17940 NW 27th Ave, Miami Gardens, FL 06605 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/30/2024 142.0  142.0  146.9  0.05  %
Bowlerama Inc (#,^) 3031 New Castle Ave, New Castle, DE 04856 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2039 1,074.9  1,074.9  1,267.9  0.39  %
The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast (#,^) 114-115 Medical Center Ave, Sebring, FL 33312 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/23/2039 473.3  473.3  556.3  0.17  %
Thermoplastic Services Inc and Paragon Plastic Sheet, Inc (#,^) 1700 W 4th St., Dequincy, LA 13662 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 12/23/2039 446.3  446.3  526.4  0.16  %
Beale Street Blues Company-West Palm Beach, LLC dba Lafayette Music Ha (#,^) 550 South Rosemary Ave Ste 236, West Palm Beach, FL 59860 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/22/2024 96.6  96.6  99.3  0.03  %
MM and M Management Inc dba Pizza Artista (#,^) 5409 Johnston St., Lafayette, LA 62401 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/19/2025 25.3  25.3  26.0  0.01  %
B.S. Ventures LLC dba Dink's Market (#,^) 48649 Hwy 58, Oakridge, OR 36518 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/19/2039 48.0  48.0  56.6  0.02  %
Will Zac Management LLC dba Papa John's (#) 2410 West Jefferson St., Ste B, Joliet, IL 33020 Food Services and Drinking Places Term Loan 6.25% 12/19/2024 69.7  69.7  67.8  0.02  %
The Jewelers Inc. dba The Jewelers of Las Vegas (#,^) 2400 Western Ave, Las Vegas, NV 46140 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 12/19/2024 637.9  637.9  653.7  0.20  %
B & W Towing, LLC and Boychucks Fuel LLC (#,^) 701 Addison Road, Painted Post, NY 80112 Repair and Maintenance Term Loan Prime plus 2.75% 12/17/2039 142.3  142.3  167.4  0.05  %
Kemmer LLC and Apples Tree Top Liquors LLC (#) 1300 S Jackson St., Salem, IN 11377 Food and Beverage Stores Term Loan Prime plus 2.75% 12/4/2039 123.8  123.8  145.6  0.04  %
Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman (#,^) 988 Hemlock St., Cannon Beach, OR 06877 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2039 106.0  106.0  124.9  0.04  %
Legacy Estate Planning Inc dba American Casket Enterprises (#,^) 2176 Route 119 North, Greensburg, PA 95112 Personal and Laundry Services Term Loan Prime plus 2.75% 11/21/2024 21.3  21.3  21.8  0.01  %
DC Real LLC and DC Enterprises LTD dba Lakeview True Value (#,^) 318 North F St., Lakeview, OR 02852 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/20/2039 106.8  106.8  125.9  0.04  %
Heartland American Properties LLC and Skaggs RV Outlet LLC (#,^) 301 Commerce Dr, Elizabethtown, KY 80231 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/31/2039 425.5  425.5  501.5  0.15  %
DNT Storage and Properties LLC (#,^) 38 Old National Pike, West Alexander, PA 75081 Real Estate Term Loan Prime plus 2.75% 10/10/2039 90.4  90.4  106.6  0.03  %
Sound Manufacturing Inc (#,^) 51 Donnelley Road, Old Saybrook, CT 10025 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/10/2024 92.2  92.2  94.7  0.03  %
Doctors Express Management of Central Texas LLC (#,^) 3614 SW HK Dodgen Loop, Ste F, Temple, TX 95827 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2024 3.2  3.2  3.3  —  %
Smith Spinal Care Center P.C. and James C. Smith (#,^) 1103 Russell Parkway, Warner Robins, GA 07826 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2039 25.5  25.5  30.1  0.01  %
97
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Michael Rey Jr. and Lynn J. Williams (EPC) and GIG Petcare dba Hickory (#,^) 900 Alpine Road, Bridgeville, PA 28117 Personal and Laundry Services Term Loan Prime plus 2.75% 10/3/2039 109.3  109.3  128.9  0.04  %
Sumad LLC dba BrightStar Care of Encinitas (#,^) 680 Fletcher Pkwy, Ste 206, El Cajon, CA 06854 Administrative and Support Services Term Loan Prime plus 2.75% 10/2/2024 26.5  26.5  27.3  0.01  %
Roccos LLC and Sullo Pantalone Inc dba Rocco's (#,^) 79 Beach Road Units B13 and B14, Vineyard Haven, MA 34145 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2039 226.7  226.7  266.8  0.08  %
Gordon E Rogers dba Stonehouse Motor Inn (#,^) 162 Danielson Pike, Foster, RI 33063 Accommodation Term Loan Prime plus 2.75% 9/26/2039 51.0  51.0  60.0  0.02  %
Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out (#,^) 308 Kennedy St. NW, Washington, DC 53168 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/23/2024 12.9  12.9  13.2  —  %
Ryan Crick and Pamela J. Crick and Crick Enterprises Inc (#,^) 3390 W. Andrew Johnson Hwy, Greeneville, TN 19808 Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2039 129.0  129.0  151.9  0.05  %
Modern Leather Goods Repair Shop Inc (#,^) 2 West 32nd St., Ste 401, New York, NY 86403 Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2024 28.3  28.3  28.9  0.01  %
Animal Intrusion Prevention Systems Holding Company, LLC (#,^) 3330 N Beach St., Fort Worth, TX 15601 Administrative and Support Services Term Loan Prime plus 2.75% 9/15/2024 149.1  149.1  152.9  0.05  %
Tavern Properties LLC and Wildwood Tavern LLC (#,^) 6480 West Touhy Ave, Niles, IL 19020 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2039 379.1  379.1  446.0  0.14  %
Indy East Smiles Youth Dentistry LLC dba Prime Smile East (#,^) 5430 E. Washington St., Indianapolis, IN 92835 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2024 308.2  308.2  314.9  0.10  %
B&P Diners LLC dba Engine House Restaurant (#,^) 71 Lafayette St.,, Salem, MA 10018 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/10/2024 39.1  39.1  40.0  0.01  %
Lamjam LLC (EPC) Goldsmith Lambros Inc (OC) (#) 7137 Little River Turnpike, Annandale, VA 91935 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 8/27/2024 59.7  59.7  61.4  0.02  %
Atlas Auto Body Inc dba Atlas Auto Sales (#,^) 20 Providence St., West Warwick, RI 59901 Repair and Maintenance Term Loan Prime plus 2.75% 8/22/2039 45.6  45.6  53.6  0.02  %
Alpha Preparatory Academy LLC (#,^) 4462 Mink Livsey Road, Snellville, GA 11222 Social Assistance Term Loan Prime plus 2.75% 8/15/2039 129.0  129.0  151.8  0.05  %
Katie Senior Care LLC dba Home Instead Senior Care (#,^) 222E Eufaula St Ste 220, Norman, OK 91502 Social Assistance Term Loan Prime plus 2.75% 8/15/2024 51.1  51.1  52.2  0.02  %
Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook (#,^) 10463 Hamer Rd, Georgetown, OH 00830 Motor Vehicle and Parts Dealers Term Loan 6% 8/8/2039 122.6  122.6  116.0  0.04  %
Almost Home Property LLC and Almost Home Daycare LLC (#,^) 35 Copps Hill Road, Ridgefield, CT 14212 Social Assistance Term Loan Prime plus 2.75% 8/7/2039 659.5  659.5  776.2  0.24  %
iFood, Inc. dba Steak N Shake (#,^) 5900 Duraleigh Road, Raleigh, NC 89502 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2024 185.6  185.6  190.7  0.06  %
575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST (#,^) 575 Columbus Ave, New Haven, CT 12561 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2039 18.0  18.0  21.2  0.01  %
98
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Honeyspot Investors LLP and Pace Motor Lines Inc (#,^) 1425 Honeyspot Road Extension, Stratford, CT 70062 Truck Transportation Term Loan Prime plus 2.75% 7/24/2039 132.1  132.1  155.5  0.05  %
Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC (#,^) 15 Stonebridge, Cranston, RI 06268 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/17/2039 86.3  86.3  101.5  0.03  %
AMG Holding, LLC and Stetson Automotive, Inc (#,^) 309 Route 9, Waretown, NJ 91604 Repair and Maintenance Term Loan Prime plus 2.75% 6/30/2039 181.2  181.2  213.3  0.07  %
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP (#,^) 4920 Lincoln Ave Route 53, Lisle, IL 95835 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/30/2024 45.6  45.6  47.0  0.01  %
Honeyspot Investors LLP and Pace Motor Lines Inc (#,^) 1425 Honeyspot Road Extension, Stratford, CT 85745 Truck Transportation Term Loan Prime plus 2.75% 6/30/2039 770.2  770.2  906.8  0.28  %
iFood, Inc. dba Steak N Shake (#,^) 2840 E Millbrook Rd, Raleigh, NC 11212 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2039 554.9  554.9  650.8  0.20  %
JPM Investments LLC and Carolina Family Foot Care P.A. (#) 122 N. Main St., Fuquay Varina, NC 54942 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2039 128.4  128.4  150.7  0.05  %
Zinger Hardware and General Merchant Inc (#) 4001 North Lamar Blvd Ste 300, Austin, TX 07452 Building Material and Garden Equipment and Supplies Dealers Term Loan 7.25% 6/26/2024 37.5  37.5  36.5  0.01  %
Nikobella Properties LLC and JPO Inc dba Village Car Wash (#) 1372 South US Route 12, Fox Lake, IL 80127 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2039 444.1  444.1  521.2  0.16  %
Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Val (#,^) 1313 West Park St. #1, Livingston, MT 80003 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/20/2039 205.5  205.5  241.2  0.07  %
Sico & Walsh Insurance Agency Inc and The AMS Trust (#) 106 Concord Ave, Belmont, MA 10801 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 6/6/2039 81.5  81.5  95.8  0.03  %
Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel (#,^) 15637 St Clair Ave, Cleveland, OH 30076 Food and Beverage Stores Term Loan Prime plus 2.75% 6/3/2024 7.6  7.6  7.8  —  %
Long Island Barber Institute Inc (#,^) 266 Greenwich St., Hempstead, NY 43545 Educational Services Term Loan Prime plus 2.75% 6/2/2039 48.9  48.9  57.3  0.02  %
Pocono Coated Products, LLC (#,^) 100 Sweetree St., Cherryville, NC 19601 Printing and Related Support Activities Term Loan Prime plus 2.75% 5/30/2024 10.2  10.2  10.5  —  %
Jonesboro Health Food Center LLC (#,^) 1321 Stone St., Jonesboro, AR 11952 Health and Personal Care Stores Term Loan Prime plus 2.75% 5/27/2024 28.7  28.7  29.2  0.01  %
Hae M. and Jin S. Park dba Buford Car Wash (#,^) 1163 Buford Hwy, Sugar Hill, GA 01970 Repair and Maintenance Term Loan Prime plus 2.75% 5/15/2039 146.2  146.2  171.5  0.05  %
The River Beas LLC and Punam Singh (#,^) 11704 Centurion Way, Potomac, MD 33904 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/8/2039 79.2  79.2  92.9  0.03  %
AS Boyals LLC dba Towne Liquors (#,^) 117 South Broad St., Woodbury City, NJ 29579 Food and Beverage Stores Term Loan Prime plus 2.75% 4/29/2039 95.4  95.4  112.1  0.03  %
Complete Body & Paint, Inc. (#,^) 32220 Michigan Ave, Wayne, MI 93401 Repair and Maintenance Term Loan Prime plus 2.75% 4/23/2039 18.2  18.2  21.3  0.01  %
99
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Gerami Realty, LC (EPC) Sherrill Universal City Corral, LP dba Golden (#,^) 2301 Pat Booker Rd, Universal City, TX 75220 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/23/2027 48.7  48.7  51.5  0.02  %
Island Wide Realty LLC and Long Island Partners, Inc. dba Realty Execu (#,^) 201-203-205 West Merrick Road, Valley Stream, NY 33071 Real Estate Term Loan Prime plus 2.75% 4/22/2039 90.7  90.7  106.6  0.03  %
Wilshire Media Systems Inc (#,^) 2649 Townsgate Rd. Ste 500, Westlake Village, CA 46077 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2024 80.9  80.9  82.6  0.03  %
1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC (#,^) 1899 State Route 35, South Amboy, NJ 70601 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/9/2039 98.2  98.2  115.4  0.04  %
Little People's Village II LLC (OC) and Iliopoulos Realty LLC (EPC) (#,^) 6522 Haverford Ave, Philadelphia, PA 33930 Social Assistance Term Loan Prime plus 2.75% 3/31/2039 80.8  80.8  95.0  0.03  %
Dantanna's Tavern LLC (#,^) 6615 Roswell Road NE #30, Sandy Springs, GA 08057 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2024 74.6  74.6  76.8  0.02  %
Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle (#,^) 16701 E. Iliff Ave, Aurora, CO 33311 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 3/31/2039 392.4  392.4  462.2  0.14  %
Little People's Village II LLC (OC) and Iliopoulos Realty LLC (EPC) (#,^) 6522 Haverford Ave, Philadelphia, PA 19801 Social Assistance Term Loan Prime plus 2.75% 3/31/2039 89.1  89.1  104.8  0.03  %
Kemmer, LLC (EPC) and Pitts Package Store, Inc.(OC) (#,^) 201 S. Main St., Salem, IN 60018 Food and Beverage Stores Term Loan Prime plus 2.75% 3/31/2039 103.0  103.0  121.1  0.04  %
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC (#,^) 4401 N I-35 #113, Denton, TX 00830 Truck Transportation Term Loan Prime plus 2.75% 3/31/2024 317.6  317.6  326.5  0.10  %
636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co (#) 636 South Center St., New Washington, OH 34235 Primary Metal Manufacturing Term Loan Prime plus 2.75% 3/20/2039 68.3  68.3  80.3  0.02  %
Cormac Enterprises and Wyoming Valley Beverage Incorporated (#,^) 63 S Wyoming Ave, Edwardsville, PA 80516 Food and Beverage Stores Term Loan Prime plus 2.75% 3/20/2039 96.6  96.6  113.6  0.04  %
Kinisi, Inc. dba The River North UPS Store (#,^) 301 West Grand Ave, Chicago, IL 02889 Administrative and Support Services Term Loan Prime plus 2.75% 3/18/2024 3.4  3.4  3.5  —  %
R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern (#,^) 3111 and 3135 Delsea Dr, Franklinville, NJ 01960 Food and Beverage Stores Term Loan Prime plus 2.75% 2/28/2039 364.2  364.2  427.9  0.13  %
Summit Beverage Group LLC (#,^) 211 Washington Ave, Marion, VA 44256 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 2/28/2024 149.3  149.3  153.1  0.05  %
Faith Memorial Chapel LLC (#,^) 600 9th Ave North, Bessemer, AL 33004 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039 186.5  186.5  219.1  0.07  %
952 Boston Post Road Realty, LLC and HNA LLC dba Styles International (#,^) 952 Boston Post Road, Milford, CT 11941 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039 180.4  180.4  212.0  0.07  %
96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki (#,^) 96 Mill St., Berlin, CT 55119 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/12/2039 122.8  122.8  144.4  0.04  %
100
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
JWB Industries, Inc. dba Carteret Die Casting (#,^) 74 Veronica Ave, Somerset, NJ 06615 Primary Metal Manufacturing Term Loan Prime plus 2.75% 2/11/2024 119.2  119.2  122.1  0.04  %
986 Dixwell Avenue Holding Company, LLC(EPC) and Mughali Foods, LLC db (#,^) 986 Dixwell Ave, Hamden, CT 34266 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/7/2039 86.8  86.8  102.0  0.03  %
Sarah Sibadan dba Sibadan Agency (#,^) 102-05 101st Ave, Ozone Park, NY 08030 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 1/27/2039 112.5  112.5  132.3  0.04  %
Icore Enterprises Inc dba Air Flow Filters Inc (#,^) 151 W 24th St, Hialeah, FL 33431 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 1/15/2024 9.1  9.1  9.3  —  %
Nutmeg North Associates LLC (OC) Steeltech Building Products Inc (#,^) 636 Nutmeg Road North, South Windsor, CT 11102 Construction of Buildings Term Loan Prime plus 2.75% 12/31/2038 793.4  793.4  932.1  0.29  %
Amboy Woodbridge Realty LLC and United Premium Foods LLC (#) One Amboy Ave, Woodbridge, NJ 16046 Food Manufacturing Term Loan 6% 6/14/2024 453.4  453.4  442.1  0.14  %
KK International Trading Corporation (#,^) 219 Lafayette Dr, Syosset, NY 33056 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/23/2028 127.9  127.9  137.4  0.04  %
Kurtis Sniezek dba Wolfe's Foreign Auto (#,^) 712 5th St., New Brighton, PA 70633 Repair and Maintenance Term Loan Prime plus 2.75% 12/20/2038 77.1  77.1  90.5  0.03  %
TAK Properties LLC and Kinderland Inc (#,^) 1157 Commerce Ave, Longview, WA 27577 Social Assistance Term Loan Prime plus 2.75% 12/18/2038 350.9  350.9  411.5  0.13  %
TOL LLC dba Wild Birds Unlimited (#,^) 320 W. Main St., Avon, CT 89102 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/13/2023 7.6  7.6  7.7  —  %
920 CHR Realty LLC (EPC) V. Garofalo Carting Inc (OC) (#,^) 920 Crooked Hill, Brentwood, NY 97463 Waste Management and Remediation Services Term Loan Prime plus 2.75% 12/10/2038 362.6  362.6  425.4  0.13  %
DKB Transport Corp (#,^) 555 Water Works Road, Old Bridge, NJ 14870 Truck Transportation Term Loan Prime plus 2.75% 12/5/2038 120.4  120.4  141.3  0.04  %
Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle (#,^) 1455 S Richland Creek Rd, Sugar HIll, GA 07866 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/3/2038 90.4  90.4  106.0  0.03  %
Spectrum Development LLC and Solvit Inc & Solvit North, Inc (#,^) 65 Farmington Valley Dr, Plainville, CT 47167 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/2/2023 153.2  153.2  156.5  0.05  %
BVIP Limousine Service LTD (#,^) 887 W Liberty, Medina, OH 28270 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 11/27/2038 66.2  66.2  77.7  0.02  %
AcuCall LLC (#,^) 824 U.S Hwy 1, Ste 335, North Palm Beach, FL 10003 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/21/2023 6.3  6.3  6.4  —  %
Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL (#,^) 3039-3043 Hedley, Springfield, IL 70634 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/18/2023 17.9  17.9  18.3  0.01  %
Polpo Realty, LLC(EPC) Polpo Restaurant, LLC (OC) (#,^) 554 Old Post Road #3, Greenwich, CT 16115 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/6/2038 55.1  55.1  64.7  0.02  %
Mid-Land Sheet Metal Inc (#,^) 125 E Fesler St., Santa Maria, CA 76133 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/31/2038 118.5  118.5  139.0  0.04  %
101
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Master CNC Inc & Master Properties LLC (#,^) 11825 29 Mile Road, Washington, MI 19472 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2038 515.1  515.1  603.8  0.19  %
1 North Restaurant Corp dba 1 North Steakhouse (#,^) 322 W. Montauk Hwy, Hampton Bays, NY 10011 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2038 181.8  181.8  213.2  0.07  %
Janice B. McShan and The Metropolitan Day School, LLC (#,^) 2817 Lomb Ave, Birmingham, AL 35244 Social Assistance Term Loan Prime plus 2.75% 10/31/2023 16.8  16.8  17.2  0.01  %
Greenbrier Technical Services, Inc (#,^) 407 E. Edgar Ave, Ronceverte, WV 15376 Repair and Maintenance Term Loan Prime plus 2.75% 10/24/2023 48.3  48.3  49.4  0.02  %
Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd (#,^) 77 Mill Road, Freeport, NY 28786 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/24/2038 127.9  127.9  150.1  0.05  %
Discount Wheel and Tire of Broken Bow Inc (#,^) 1202 S Park Dr, Broken Bow, OK 76504 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/30/2038 192.6  192.6  225.8  0.07  %
Lenoir Business Partners LLC (EPC) LP Industries, Inc dba Childforms (#,^) 2040 Norwood, Lenoir, NC 31088 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038 254.0  254.0  298.0  0.09  %
LP Industries, Inc dba Childforms (#,^) 110 Charleston Dr, Ste 105-107, Morresville, NC 85048 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038 103.5  103.5  121.5  0.04  %
Cencon Properties LLC and Central Connecticut Warehousing Company, In (#,^) 37 Commons Court, Waterbury, CT 92020 Warehousing and Storage Term Loan Prime plus 2.75% 9/30/2038 297.0  297.0  348.4  0.11  %
Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC (#,^) 12150 Annapolis Road, Ste 301, Glenn Dale, MD 33040 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2038 288.4  288.4  338.2  0.10  %
Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Ho (#,^) 17 Pearl St., Mystic, CT 06840 Personal and Laundry Services Term Loan Prime plus 2.75% 9/26/2038 86.1  86.1  100.8  0.03  %
Eastside Soccer Dome, Inc . (#,^) 11919 S Ave O, Chicago, IL 34104 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2038 399.1  399.1  467.3  0.14  %
Southeast Chicago Soccer, Inc. (#,^) 10232 S Ave N, Chicago, IL 12601 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2038 44.5  44.5  52.1  0.02  %
Kiddie Steps 4 You Inc. (#,^) 1700 West 63rd St., Chicago, IL 07724 Social Assistance Term Loan Prime plus 2.75% 9/25/2038 78.0  78.0  91.2  0.03  %
Diamond Memorials Incorporated (#,^) 800 Broad St., Clifton, NJ 92154 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/25/2023 1.7  1.7  1.7  —  %
Faith Memorial Chapel LLC (#,^) 600 9th Ave North, Bessemer, AL 10001 Personal and Laundry Services Term Loan Prime plus 2.75% 9/20/2038 230.5  230.5  269.7  0.08  %
Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta (#,^) 11585 Jones Bridge Road, Ste 4G, Johns Creek, GA 37743 Educational Services Term Loan Prime plus 2.75% 9/20/2023 17.6  17.6  18.0  0.01  %
Maynard Enterprises Inc dba Fastsigns of Texarkana (#,^) 3735 Mall Dr, Texarkana, TX 60714 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/18/2023 6.2  6.2  6.3  —  %
Grafio Inc dba Omega Learning Center-Acworth (#,^) 5330 Brookstone Dr, Ste 320, Acworth, GA 35630 Educational Services Term Loan Prime plus 2.75% 9/13/2023 62.9  62.9  64.2  0.02  %
The Berlerro Group, LLC dba Sky Zone (#,^) 111 Rodeo Dr, Edgewood, NY 46219 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/12/2023 162.7  162.7  165.9  0.05  %
102
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Sound Manufacturing Inc (#,^) 51 Donnelley Road, Old Saybrook, CT 33040 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/12/2028 35.8  35.8  38.3  0.01  %
Prospect Kids Academy Inc (#,^) 532 St Johns Place, Brooklyn, NY 01970 Educational Services Term Loan Prime plus 2.75% 9/11/2038 106.9  106.9  125.2  0.04  %
B for Brunette dba Blo (#,^) 50 Glen Cove Rd, Greenvale, NY 93003 Personal and Laundry Services Term Loan Prime plus 2.75% 9/10/2023 20.5  20.5  20.9  0.01  %
Schmaltz Holdings, LLC (EPC) and Schmaltz Operations, LLC dba Companio (#,^) 3408 Castle Rock Farm Road, Pittsboro, NC 33930 Personal and Laundry Services Term Loan Prime plus 2.75% 9/4/2038 191.8  191.8  224.3  0.07  %
ACI Northwest Inc. (#,^) 6600 N Government Way, Coeur D Alene, ID 02893 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 8/30/2023 199.8  199.8  203.9  0.06  %
Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis (#,^) 15150 Evans St., Gulfport, MS 03053 Social Assistance Term Loan Prime plus 2.75% 8/30/2023 16.0  16.0  16.3  0.01  %
IlOKA Inc dba Microtech Tel and NewCloud Networks (#,^) 160 Inverness Dr W Ste 100, Englewood, CO 22003 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/30/2023 240.5  240.5  245.2  0.08  %
Ramard Inc and Advanced Health Sciences Inc (#,^) 4561 Ironworks Pike, Ste 161, Lexington, KY 32118 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/28/2023 69.4  69.4  70.7  0.02  %
RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins (#,^) 1815 De Paul St., Colorado Springs, CO 73069 Nonstore Retailers Term Loan Prime plus 2.75% 8/26/2023 29.5  29.5  30.1  0.01  %
JSIL LLC dba Blackstones Hairdressing (#,^) 19 East 7th St., New York, NY 30039 Personal and Laundry Services Term Loan Prime plus 2.75% 8/16/2023 7.1  7.1  7.3  —  %
Caribbean Concepts, Inc. dba Quick Bleach (#,^) 120 East 56th St., St.#730, New York, NY 48334 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/12/2023 8.2  8.2  8.4  —  %
Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC (#,^) 38 Carmen Lane, Monroe, CT 02921 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/24/2023 4.3  4.3  4.4  —  %
Harbor Ventilation Inc and Estes Investment, LLC (#,^) 509 East Park St., Livingston, MT 04005 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2038 2.0  2.0  2.4  —  %
Angkor Restaurant Inc (#,^) 10 Traverse St., Providence, RI 06615 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/19/2038 79.5  79.5  93.1  0.03  %
Tri County Heating and Cooling Inc. (#,^) 509 East Park St., Livingston, MT 08758 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2023 31.5  31.5  32.2  0.01  %
Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC (#,^) 1 Poppy Ave, Neptune, NJ 33157 Truck Transportation Term Loan Prime plus 2.75% 7/17/2023 19.4  19.4  19.7  0.01  %
GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat (#,^) 411 Sharp St., Millville, NJ 60532 Personal and Laundry Services Term Loan Prime plus 2.75% 6/28/2038 83.0  83.0  97.2  0.03  %
Maxiflex LLC (#,^) 512 Verret St., New Orleans, LA 78756 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/28/2023 15.6  15.6  15.9  —  %
2161 Highway 6 Trail, LLC, (EPC) R. H. Hummer JR., Inc. (Co-Borrower) (#,^) 2141 P Ave, Williamsburg, IA 11518 Truck Transportation Term Loan Prime plus 2.75% 6/19/2026 367.4  367.4  385.1  0.12  %
103
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services (#,^) 200 North Branford Road, Branford, CT 22408 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 6/18/2028 561.1  561.1  599.8  0.18  %
KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc (#,^) 24 Elm St., Montpelier, VT 30513 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/14/2023 120.7  120.7  122.7  0.04  %
Elite Structures Inc (#,^) 401 Old Quitman Road, Adel, GA 08755 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/12/2038 748.0  748.0  873.6  0.27  %
(EPC) Absolute Desire LLC and Mark H. Szierer (OC) Sophisticated Smile (#,^) 85 Reaville Ave, Flemington, NJ 30044 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/5/2038 160.4  160.4  187.3  0.06  %
Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD and (#,^) 4640 Monticello Ave, Ste 8A, Williamsburg, VA 28021 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/28/2023 21.2  21.2  21.5  0.01  %
Ryan D. Thornton and Thornton & Associates LLC (#,^) 800 Bethel St., Ste 200, Honolulu, HI 41048 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 5/24/2023 17.1  17.1  17.4  0.01  %
Peanut Butter & Co., Inc. (#,^) 250 West 54th St., New York, NY 34223 Food Manufacturing Term Loan Prime plus 2.75% 4/30/2023 33.0  33.0  33.5  0.01  %
1258 Hartford TPKE, LLC (EPC) and Phelps and Sons, Inc (OC) (#,^) 1258 Hartford Turnpike, Vernon, CT 11580 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/29/2038 105.6  105.6  123.4  0.04  %
A & M Commerce, Inc. dba Cranberry Sunoco (#,^) 398 Baltimore Blvd, Westminster, MD 19020 Gasoline Stations Term Loan Prime plus 2.75% 3/27/2038 279.7  279.7  326.4  0.10  %
Xela Pack, Inc. and Aliseo and Catherine Gentile (#,^) 8300 Boettner Road, Saline, MI 11801 Paper Manufacturing Term Loan Prime plus 2.75% 3/27/2028 176.1  176.1  187.9  0.06  %
American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center (#,^) 3937 Sherman Ave, Saint Joseph, MO 30328 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2038 455.5  455.5  531.5  0.16  %
Michael A.and HeatherR. Welsch dba Art & FrameEtc. (#,^) 2819 West T C Jester Blvd., Houston, TX 47167 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/22/2038 57.2  57.2  66.7  0.02  %
Truth Technologies Inc dba Truth Technologies Inc. (#,^) 2341 Cheshire Lane, Naples, FL 35630 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/21/2023 27.8  27.8  28.2  0.01  %
Sound Manufacturing, Inc. and Monster Power Equipment Inc. (#,^) 51 Donnelley Road, Old Saybrook, CT 08215 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/15/2023 155.9  155.9  158.5  0.05  %
Bakhtar Group LLC dba Malmaison (#,^) 3401 K St. NW, Washington, DC 18704 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2023 29.9  29.9  30.4  0.01  %
Osceola River Mill, LLC(EPC) Ironman Machine, Inc.(OC) (#,^) 27 Hungerford St., Pittsfield, MA 12065 Machinery Manufacturing Term Loan Prime plus 2.75% 2/20/2038 72.9  72.9  85.0  0.03  %
Java Warung, LLC (#,^) 1915 N Richmond St., Appleton, WI 67107 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/19/2038 43.2  43.2  50.4  0.02  %
Retain Loyalty LLC (#,^) 1250 Sanders Ave SW, Massillon, OH 28512 Printing and Related Support Activities Term Loan Prime plus 2.75% 2/15/2038 93.7  93.7  109.3  0.03  %
North Country Transport, LLC (#,^) 10 LaCrosse St., Ste 14, Hudson Falls, NY 93940 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 2/6/2023 4.9  4.9  5.0  —  %
104
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Sherill Universal City dba Golden Corral LP (#,^) 2301 Pat Booker Rd, Universal City, TX 08322 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/28/2038 372.8  372.8  435.1  0.13  %
Macho LLC (EPC) Madelaine Chocolate Novelties Inc(OC) dba The Madelai (#,^) 96-03 Beach Channel Dr, Rockaway Beach, NY 06037 Food Manufacturing Term Loan Prime plus 2.75% 12/31/2037 422.6  422.6  493.2  0.15  %
Babie Bunnie Enterprises Inc dba Triangle Mothercare (#,^) 8516 Swarthmore Dr, Raleigh, NC 02719 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/28/2027 25.5  25.5  27.1  0.01  %
Polpo Realty LLC (EPC) & Polpo Restaurant LLC (OC) dba Polpo Restauran (#,^) 554 Old Post Road #3, Greenwich, CT 33991 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2037 445.2  445.2  519.6  0.16  %
Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC (#,^) 38 Carmen Lane, Monroe, CT 76148 Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 11/28/2037 191.7  191.7  223.2  0.07  %
D&L Rescources, Inc. dba The UPS Store (#,^) 8930 State Road # 84, Davie, FL 11215 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/27/2022 2.8  2.8  2.8  —  %
Richmond Hill Mini Market, LLC (#,^) 101 Richmond Hill Ave, Stamford, CT 15066 Food and Beverage Stores Term Loan Prime plus 2.75% 11/27/2037 154.9  154.9  180.4  0.06  %
DRV Enterprise, Inc. dba Cici's Pizza # 339 (#,^) 5771 East Fowler Ave, Temple Terrace, FL 30327 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/26/2022 17.1  17.1  17.4  0.01  %
U & A Food and Fuel, Inc. dba Express Gas & Food Mart (#,^) 1345 Wampanoag Trail, East Providence, RI 08816 Gasoline Stations Term Loan Prime plus 2.75% 11/21/2037 80.7  80.7  94.0  0.03  %
Pioneer Windows Manufacturing Corp, Pioneer Windows (#,^) 3 Expressway Plaza, Suuite 221, Roslyn Heights, NY 75218 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 11/21/2022 80.7  80.7  81.8  0.03  %
R & J Petroleum LLC (EPC) Manar USA, Inc. (OC) (#,^) 305 Quincy Shore Dr, Quincy, MA 06001 Gasoline Stations Term Loan Prime plus 2.75% 11/20/2037 150.9  150.9  175.7  0.05  %
St Judes Physical Therapy P.C. (#,^) 7712 Fourth Ave, Brooklyn, NY 29572 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/19/2022 5.8  5.8  5.9  —  %
Hi-Def Imaging, Inc. dba SpeedPro Imaging (#,^) 3580 Progress Dr, Unit Q, Bensalem, PA 11717 Printing and Related Support Activities Term Loan Prime plus 2.75% 11/9/2022 6.3  6.3  6.4  —  %
Reidville Hydraulics Mfg Inc dba Summit (#,^) 175 Industrial Lane, Torrington, CT 08857 Machinery Manufacturing Term Loan Prime plus 2.75% 11/2/2037 220.3  220.3  256.5  0.08  %
Big Apple Entertainment Partners, LLC d/b/a Ripley's Believe It or Not (#,^) 234 West 42nd St., New York, NY 30518 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/26/2022 50.3  50.3  51.0  0.02  %
University Park Retreat, LLC dba Massage Heights (#,^) 5275 University Parkway # 110, Bradenton, FL 33444 Personal and Laundry Services Term Loan Prime plus 2.75% 9/27/2022 20.0  20.0  20.2  0.01  %
O'Rourkes Diner LLC dba O'Rourke's Diner (#,^) 728 Main St., Middletown, CT 92324 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/19/2037 54.6  54.6  63.4  0.02  %
AJK Enterprise LLC dba AJK Enterprise LLC (#) 1901 Naylor Road, SE, Washington, DC 33432 Truck Transportation Term Loan Prime plus 2.75% 8/27/2022 4.0  4.0  4.0  —  %
Suncoast Aluminum Furniture, Inc (#,^) 6291 Thomas Road, Fort Myers, FL 70615 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 8/17/2037 299.5  299.5  348.1  0.11  %
Hofgard & Co., Inc. dba HofgardBenefits (#,^) 400 S McCaslin Blvd Ste 201, Louisville, CO 07042 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/27/2022 26.0  26.0  26.3  0.01  %
105
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Central Tire, Inc. dba Cooper Tire & Auto Services (#,^) 1111 S Tillotson Ave, Muncie, IN 72401 Repair and Maintenance Term Loan Prime plus 2.75% 6/29/2037 238.3  238.3  276.9  0.09  %
KIND-ER-ZZ Inc dba Kidville (#,^) 30 Maple St., Summit, NJ 74728 Educational Services Term Loan Prime plus 2.75% 6/15/2022 11.5  11.5  11.6  —  %
Graphish Studio, Inc. and Scott Fishoff (#,^) 231 Main St., Stanford, CT 11747 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2022 4.6  4.6  4.6  —  %
ALF, LLC (EPC) Mulit-Service Eagle Tires (OC) (#,^) 1985 B St., Colorado Springs, CO 11208 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 5/31/2037 51.7  51.7  59.9  0.02  %
Tracey Vita-Morris dba Tracey Vita's School of Dance (#,^) 4181 9th Ave West, Bradenton, FL 20769 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 5/10/2022 5.0  5.0  5.1  —  %
Tanner Optical, Inc. dba Murphy Eye Care (#,^) 305 Shirley Ave, Douglas, GA 06801 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/27/2022 1.7  1.7  1.7  —  %
Access Staffing, LLC (#,^) 360 Lexington Ave, 8th Floor, New York, NY 06515 Administrative and Support Services Term Loan Prime plus 2.75% 3/30/2022 45.8  45.8  46.3  0.01  %
Manuel P. Barrera and Accura Electrical Contractor, Inc. (#,^) 6187 NW 167th St. Unit H3, Miami, FL 11717 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/23/2028 61.8  61.8  65.9  0.02  %
Shweiki Media, Inc. dba Study Breaks Magazine (#,^) 4954 Space Center Dr, San Antonio, TX 60629 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/22/2027 660.6  660.6  698.0  0.22  %
ATI Jet, Inc. (#) 7007 Boeing Dr, El Paso, TX 80909 Air Transportation Term Loan Prime plus 2.75% 12/28/2026 520.5  520.5  548.6  0.17  %
J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company (#,^) 2900 South 20th St., Philadelphia, PA 70601 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/22/2036 138.4  138.4  159.9  0.05  %
K's Salon, LLC d/b/a K's Salon (#,^) 162 West 84th St., New York, NY 33712 Personal and Laundry Services Term Loan Prime plus 2.75% 12/20/2021 12.6  12.6  12.7  —  %
15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs dba Pion (#,^) 3 Expressway Plaza, Ste 221, Roslyn Heights, NY 15137 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/16/2021 44.8  44.8  45.1  0.01  %
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc (#) 325 N. Milwaukee Ave, Ste G1, Wheeling, IL 06518 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 10/26/2021 12.6  12.6  12.7  —  %
28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma (#,^) 28-28 1/2 Cornelia St., New York, NY 52361 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/25/2021 3.1  3.1  3.2  —  %
39581 Garfield, LLC and Tricounty Neurological Associates, P.C. (#,^) 39581 Garfield Road, Clinton Township, MI 06405 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2036 21.9  21.9  25.3  0.01  %
Robert E. Caves, Sr. and American Plank dba Caves Enterprises (#,^) 40515 Pumpkin Center Road, Hammond, LA 90064 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2021 40.1  40.1  40.4  0.01  %
39581 Garfield, LLC and Tri County Neurological Associates, P.C. (#,^) 39581 Garfield Road, Clinton Township, MI 34223 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2036 64.5  64.5  74.5  0.02  %
Michael S. Decker & Janet Decker dba The Hen House Cafe (#) 401 Caribou St., Simla, CO 70809 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/30/2036 13.1  13.1  15.1  —  %
106
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Trademark Equipment Company Inc and David A. Daniel (#,^) 5690 Pine Lane Circle, Bessemer, AL 10019 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/19/2036 107.1  107.1  123.5  0.04  %
Valiev Ballet Academy, Inc (#,^) 635 - 637 Londonderry Lane, Denton, TX 17578 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 8/12/2036 34.0  34.0  39.2  0.01  %
LaHoBa, LLC d/b/a Papa John's (#,^) 3001 Pontchartrain Dr, Slidell, LA 92614 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/3/2036 61.7  61.7  71.2  0.02  %
Lavertue Properties LLP dba Lavertue Properties (#,^) 24 Wakefield St., Rochester, NH 12198 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/29/2036 35.7  35.7  41.1  0.01  %
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP (#,^) 4920 Lincoln Ave Route 53, Lisle, IL 11203 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/29/2036 279.1  279.1  321.9  0.10  %
Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co. (#,^) 1790 Broadway Ste 716, New York, NY 34109 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/3/2021 4.6  4.6  4.6  —  %
Profile Performance, Inc. and Eidak Real Estate, L.L.C. (#,^) 44600 Michigan Ave, Canton, MI 77037 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2036 100.5  100.5  115.7  0.04  %
Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store (#,^) 2267 Fernberg Trail, Ely, MN 92647 Nonstore Retailers Term Loan Prime plus 2.75% 4/18/2036 113.5  113.5  130.6  0.04  %
Michael S. Korfe dba North Valley Auto Repair (#,^) 7516 B 2nd St., NW, Albuquerque, NM 12839 Repair and Maintenance Term Loan Prime plus 2.75% 3/24/2036 12.2  12.2  14.0  —  %
Actknowledge, Inc dba Actknowledge (#,^) 365 Fifth Ave, New York, NY 33716 Personal and Laundry Services Term Loan Prime plus 2.75% 3/21/2021 4.2  4.2  4.2  —  %
SuzyQue’s LLC dba Suzy Que’s (#,^) 34 South Valley Road, West Orange, NJ 51817 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/11/2036 47.9  47.9  55.1  0.02  %
Little People’s Village, LLC dba Little People’s Village (#,^) 904 North 66th St., Philadelphia, PA 90048 Social Assistance Term Loan Prime plus 2.75% 1/31/2036 24.3  24.3  27.9  0.01  %
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc. (#,^) 64-68 North Central Ave, Valley Stream, NY 11590 Support Activities for Transportation Term Loan Prime plus 2.75% 1/28/2036 88.8  88.8  102.0  0.03  %
Shree OM Lodging, LLC dba Royal Inn (#,^) 2030 W. Northwest Hwy, Dallas, TX 02915 Accommodation Term Loan Prime plus 2.75% 12/17/2035 21.5  21.5  24.7  0.01  %
Lodin Medical Imaging, LLC dba Watson Imaging Center (#,^) 3915 Watson Road, St. Louis, MO 19020 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/1/2020 2.5  2.5  2.5  —  %
Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center (#,^) 2879 Limekiln Pike, Glenside, PA 06790 Repair and Maintenance Term Loan Prime plus 2.75% 11/30/2035 26.4  26.4  30.2  0.01  %
K9 Bytes, Inc & Epazz, Inc (#) 325 N. Milwaukee Ave, Ste G1, Wheeling, IL 19020 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 9/30/2020 0.1  0.1  —  —  %
Elan Realty, LLC and Albert Basse Asociates, Inc. (#,^) 175 Campanelli Park Way, Stroughton, MA 19020 Printing and Related Support Activities Term Loan Prime plus 2.75% 9/30/2035 176.0  176.0  201.7  0.06  %
Newsome Trucking Inc and Kevin Newsome (#,^) 2262 HWY 53W, Jasper, GA 47304 Truck Transportation Term Loan Prime plus 2.75% 9/2/2035 189.8  189.8  217.0  0.07  %
107
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery (#,^) 2320 2nd St., Albuquerque, NM 06790 Repair and Maintenance Term Loan Prime plus 2.75% 9/2/2035 38.5  38.5  44.1  0.01  %
I-90 RV & Auto Supercenter (#,^) 4505 South I-90 Service Road, Rapid City, SD 04011 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/29/2035 57.1  57.1  65.3  0.02  %
Tanner Optical Inc. dba Murphy Eye Care (#,^) 305 Shirley Ave, Douglas, GA 07631 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/22/2035 71.1  71.1  81.2  0.03  %
Lahoba,LLC dba Papa John's Pizza (#,^) 620 W. Judge Perez Dr, Chalmette, LA 6840 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/30/2034 32.0  32.0  36.4  0.01  %
Animal Intrusion Prevention Systems Holding Company, LLC (#,^) 3330 North Beach St., Haltom City, TX 10014 Administrative and Support Services Term Loan Prime plus 2.75% 3/29/2024 18.1  18.1  18.6  0.01  %
KMC RE, LLC & B&B Kennels (#,^) 6004 City Park Road, Austin, TX 10019 Personal and Laundry Services Term Loan Prime plus 2.75% 11/19/2034 43.6  43.6  49.6  0.02  %
ROVER REPAIRS (#,^) 301 MACDADE BLVD, COLLINGDALE, PA 98029 Repair and Maintenance Term Loan Prime plus 2.5% 11/28/2029 42.9  42.9  46.1  0.01  %
The Alba Financial Group, Inc. (#,^) 1420 Spring Hill Road, McLain, VA 71101 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan 6% 3/10/2021 1.7  1.7  1.7  —  %
D & D's Divine Beauty School of Esther, LLC (#,^) 5524 Germantown Ave, Philadelphia, PA 30701 Educational Services Term Loan 6% 8/1/2031 41.9  41.9  40.2  0.01  %
Bliss Coffee and Wine Bar, LLC (#) 1402-A Handlir Dr, Bel Air, MD 27614 Food Services and Drinking Places Term Loan 6% 11/30/2022 62.3  62.3  61.1  0.02  %
Connect Litigation Technology, Inc. (#,^) 1101 Ivy Hill Road, #4, Philadelphia, PA 30143 Professional, Scientific, and Technical Services Term Loan Prime plus 2% 10/18/2025 17.7  17.7  18.1  0.01  %
1911 East Main Street Holdings, Corp (#,^) 1911 East Main St., Endicott, NY 31750 Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2032 9.7  9.7  10.7  —  %
Water Works Laundromat, LLC (#) 968-970 Bergen St., Newark, NJ 77041 Personal and Laundry Services Term Loan Prime plus 2.25% 9/7/2027 130.1  130.1  135.8  0.04  %
Dave Kris, and MDK Ram Corp. (#,^) 15 Elm Park, Groveland, MA 32246 Food and Beverage Stores Term Loan Prime plus 2.75% 2/5/2026 21.0  21.0  22.0  0.01  %
Head To Toe Personalized Pampering, Inc. (#,^) 2331 North State Road 7, Lauderhill, FL 20166 Personal and Laundry Services Term Loan Prime plus 2.75% 1/27/2031 7.4  7.4  8.1  —  %
Christopher F. Bohon & Pamela D. Bohon (#,^) 11600 County Road 71, Lexington, AL 10523 Social Assistance Term Loan Prime plus 2.75% 10/28/2026 2.3  2.3  2.4  —  %
Mogas Limited (#,^) 47 Chestnut St., Elmer, NJ 33634 Gasoline Stations Term Loan Prime plus 2.75% 5/31/2030 54.3  54.3  59.3  0.02  %
Shree Om Lodging, LLC dba Royal Inn (#,^) 2030 W. Northwest Hwy, Dallas, TX 33434 Accommodation Term Loan Prime plus 2.75% 5/2/2030 52.1  52.1  56.8  0.02  %
Moonlight Multi Media Production, Inc. (#,^) 2700 West Cypress Creek Road, Fort Lauderdale, FL 33547 Other Information Services Term Loan 5.3% 2/1/2025 1.1  1.1  1.1  —  %
David M. Goens dba Superior Auto Paint & Body, Inc. (#) 1912 Manhattan Ave, Harvey, LA 23661 Repair and Maintenance Term Loan 6% 8/26/2024 9.9  9.9  9.7  —  %
McCallister Venture Group, LLC and Maw's Vittles, Inc. (#,^) 511 South Broad St., Brooksville, FL 11385 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2029 9.2  9.2  9.9  —  %
108
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Chong Hun Im dba Kim's Market (#,^) 730 East 28th St., Ogden, UT 10591 Food and Beverage Stores Term Loan Prime plus 2.5% 2/27/2024 4.3  4.3  4.4  —  %
Whirlwind Car Wash, Inc. (#) 1370 Le Anne Marie Circle, Columbus, OH 22407 Repair and Maintenance Term Loan Prime plus 2% 4/9/2029 12.1  12.1  12.7  —  %
Shuttle Car Wash, Inc. dba Shuttle Car Wash (#,^) 745 Cheney Hwy, Ttitusville, FL 71730 Repair and Maintenance Term Loan Prime plus 2.25% 11/10/2028 12.9  12.9  13.6  —  %
Min Hui Lin (#,^) 1916 Broad St., Lanett, AL Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2028 13.0  13.0  13.9  —  %
Delta Partners, LLC dba Delta Carwash (#,^) 5640 Indian Crest Lane, Olympia, WA 48326 Repair and Maintenance Term Loan Prime plus 2.5% 4/5/2029 33.0  33.0  35.3  0.01  %
Auto Sales, Inc. (#,^) 1925 State St., Hamden, CT 33469 Motor Vehicle and Parts Dealers Term Loan 6% 8/17/2023 3.8  3.8  3.7  —  %
Ralph Werner dba Werner Transmission Inc (#,^) 259 East Central Ave, Bangor, PA Gasoline Stations Term Loan Prime plus 2.75% 12/29/2021 0.6  0.6  0.6  —  %
Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC (#,^) 3118 Bayshore Ave, Brigantine, NJ 53076 Amusement, Gambling, and Recreation Industries Term Loan 6% 9/14/2023 23.7  23.7  23.2  0.01  %
OrthoQuest, P.C. (#,^) 2336 Wisteria Dr, Ste 430, Snellville, GA 33010 Ambulatory Health Care Services Term Loan Prime plus 2% 3/12/2022 1.1  1.1  1.1  —  %
Track Side Collision & Tire, Inc. (#,^) 98-16 160 Ave, Ozone Park, NY 20879 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 6/16/2025 3.1  3.1  3.2  —  %
Deesha Corporation, Inc. dba Best Inn & Suites (#,^) 9225 Parkway East, Birmingham, AL 94954 Accommodation Term Loan Prime plus 2.25% 2/14/2025 16.6  16.6  17.0  0.01  %
Randall D. & Patricia D. Casaburi dba Pat's Pizzazz (#,^) 386 Winsted Road, Torrington, CT 86326 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 3/13/2023 3.2  3.2  3.3  —  %
Gain Laxmi, Inc. dba Super 8 Motel (#,^) 14341 U.S. Hwy 431 South, Gunterville, AL 06430 Accommodation Term Loan Prime plus 2.25% 5/31/2023 9.5  9.5  9.6  —  %
Naseeb Corporation (#,^) 1696 North Broad St., Meriden, CT 18013 Accommodation Term Loan Prime plus 2.25% 3/31/2024 16.1  16.1  16.4  0.01  %
Stillwell Ave Prep School (#,^) 1990 Stillwell Ave, Brooklyn, NY 06019 Social Assistance Term Loan Prime plus 2.75% 1/14/2023 2.8  2.8  2.9  —  %
Alyssa Corp dba Knights Inn (#,^) 1105 Columbus Parkway, Opelika, AL 89101 Accommodation Term Loan Prime plus 2.25% 9/30/2023 30.3  30.3  30.7  0.01  %
Bhailal Patel dba New Falls Motel (#,^) 201 Lincoln Hwy, Fairless Hills, PA 22303 Accommodation Term Loan Prime plus 2.75% 3/27/2023 1.1  1.1  1.1  —  %
Pegasus Automotive, Inc. (#,^) 3981 Hylan Blvd, Staten Island, NY Gasoline Stations Term Loan Prime plus 2.75% 12/23/2022 3.6  3.6  3.6  —  %
P. Agrino, Inc. dba Andover Diner (#,^) 193 Main St., Andover, NJ Food Services and Drinking Places Term Loan Prime plus 2.75% 7/18/2021 1.4  1.4  1.4  —  %
Total SBA Unguaranteed Accrual Investments $ 356,418.8  $ 356,418.8  $ 366,131.3  112.87  %
109
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 324391
200 North 8th Street Associates LLC and Enchanted Acres Fa (*,#) 200 North 8th St., Reading, PA 11590 Food Manufacturing Term Loan 6.25% 5/4/2028 $ 445.6  $ 445.6  306.3  0.09  %
3SIXO Motorsports LLC dba 3SIXO Motorsports Shop (*,#,^) 217 W Main St., Centralia, WA 67672 Motor Vehicle and Parts Dealers Term Loan 7.75% 1/6/2029 $ 94.6  $ 94.6  60.1  0.02  %
6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc (*,#) 6 Price Ave, Norwalk, CT 38134 Administrative and Support Services Term Loan 8% 9/24/2039 $ 237.3  $ 237.3  227.3  0.07  %
Pauley Tree and Lawn Care Inc (*,#) 6 Price Ave, Norwalk, CT 89074 Administrative and Support Services Term Loan 8.25% 7/28/2025 $ 46.6  $ 46.6  44.6  0.01  %
Acton Hardware LLC and Mark Allgood & Jamie Allgood (*,#,^) 31814 Crown Valley Rd, Acton, CA 75050 Building Material and Garden Equipment and Supplies Dealers Term Loan 8% 3/24/2041 $ 117.1  $ 117.1  28.9  0.01  %
Advance Case Parts RE Holdings LLC and Advance Case Parts Inc (*,#) 12485-12489 NW 44th St., Coral Springs, FL 30318 Repair and Maintenance Term Loan 7.75% 3/31/2040 $ 318.3  $ 318.3  168.7  0.05  %
Alive Design, LLC (*,#) 234 Middle St., Middletown, CT 07105 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/13/2027 $ 11.8  $ 11.8  8.9  0.00  %
All About Kids and Families Medical Center, Inc. (*,#,^) 12086 FT Caroline Rd, Ste. 102,103,401,402,403, 501,502, Jacksonville, FL 23237 Ambulatory Health Care Services Term Loan 8.25% 1/13/2029 $ 364.9  $ 364.9  272.4  0.08  %
All Printing Solutions, Inc. dba Pryntcomm (*,#,^) 303 E. Sioux Ave., Pierre, SD 30905 Printing and Related Support Activities Term Loan 7.75% 6/27/2041 $ 491.8  $ 491.8  208.2  0.06  %
Allied Welding Inc. (*,#,^) 1820 N. Santa Fe Ave, Chillicothe, IL 33498 Fabricated Metal Product Manufacturing Term Loan 8.25% 12/15/2041 $ 716.0  $ 716.0  716.0  0.22  %
Amboy Group, LLC dba Tommy Moloney's (*,#) 1 Amboy Ave, Woodbridge, NJ 07052 Food Manufacturing Term Loan 6% 6/14/2024 $ 1,458.1  $ 1,458.1  1,458.1  0.45  %
Anglin Cultured Stone Products LLC (*,#,^) 877 Salem Church Road, Newark, DE 06880 Construction of Buildings Term Loan 8.25% 12/27/2042 $ 630.5  $ 630.5  329.2  0.10  %
Anglin Cultured Stone Products LLC dba Anglin Construction (*,#) 877 Salem Church Road, Newark, DE 20781 Specialty Trade Contractors Term Loan 8.25% 6/30/2025 $ 193.3  $ 193.3  141.7  0.04  %
Arclay ,LLC (*,#,^) 49 Geyser Road Ste 100, Saratoga Springs, NY 22042 Nonmetallic Mineral Product Manufacturing Term Loan 8% 5/5/2030 $ 137.1  $ 137.1  29.6  0.01  %
Arrow Freight Inc (*,#,^) 1000 Jorie Blvd Ste 250, Oak Brook, IL 08619 Truck Transportation Term Loan 8.25% 3/30/2028 $ 654.1  $ 654.1  21.7  0.01  %
Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud (*,#) 2646 South Road, Poughkeepsie, NY 33901 Gasoline Stations Term Loan 7.75% 9/26/2024 $ 15.7  $ 15.7  15.4  0.00  %
AWA Fabrication & Construction, L.L.C. (*,#) 811 Country Road #99, Headland, AL 10024 Fabricated Metal Product Manufacturing Term Loan 6% 4/30/2025 $ 34.4  $ 34.4  2.5  0.00  %
B&B Fitness and Barbell, Inc. dba Elevations Health Club (*,#) Route 611 North, Scotrun, PA 07004 Amusement, Gambling, and Recreation Industries Term Loan 6% 6/22/2035 $ 1,385.8  $ 1,385.8  335.6  0.10  %
B4 Fitness LLC dba The Zoo Health Club (*,#,^) 4 Beehive Dr, Epping, NH 43064 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 9/23/2026 $ 62.8  $ 62.8  30.6  0.01  %
110
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 324391
Baker Sales, Inc. d/b/a Baker Sales, Inc. (*,#) 60207 Camp Villere Road, Slidell, LA 94043 Nonstore Retailers Term Loan 6% 3/29/2036 $ 177.4  $ 177.4  62.3  0.02  %
Band Sawn Lumber,LLC and Nathan Ryan Adams (*,#,^) 1873 State Hwy 29, Johnstown, NY 28217 Wood Product Manufacturing Term Loan 7.75% 5/15/2042 $ 110.8  $ 110.8  53.6  0.02  %
Fieldstone Quick Stop LLC(OC) Barber Investments LLC (EPC) Thadius M B (*,#) 190 Route 3, South China, ME 02568 Gasoline Stations Term Loan 6% 9/30/2038 $ 400.4  $ 400.4  33.0  0.01  %
Bear Creek Entertainment LLC dba The Woods at Bear Creek (*,#,^) 3510 Bear Creek Road, Franklinville, NY 10703 Accommodation Term Loan Prime plus 2.75% 8/12/2041 $ 1,608.1  $ 1,669.4  488.0  0.15  %
Bear Creek Entertainment, LLC dba The Woods at Bear Creek (*,#) 3510 Bear Creek Road, Franklinville, NY 60025 Accommodation Term Loan 7.25% 12/30/2024 $ 85.4  $ 85.4  80.7  0.02  %
Bebos Inc dba Pizza Hut & Sunoco (*,#) 2003 West 5th St., Clifton, TX 18078 Gasoline Stations Term Loan 7.75% 3/28/2028 $ 214.1  $ 214.1  54.7  0.02  %
Bone Bar & Grill LLC (*,#) 3547 &3551 Philipsburg Bigler Hwy, West Decatur, PA 70791 Food Services and Drinking Places Term Loan 7% 6/30/2042 $ 73.4  $ 73.4  63.1  0.02  %
Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc. (*,#) 201 Highland Ave, East Syracuse, NY 93306 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 3/13/2039 $ 201.2  $ 201.2  145.2  0.04  %
BQRS, Inc. DBA Gresham Meineke Car Care Center (*,#,^) 18081 SE Division St., Portland, OR 54757 Repair and Maintenance Term Loan 8.25% 6/30/2027 $ 54.2  $ 54.2  45.2  0.01  %
Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps (*,#) 690 South Creek Road, West Chester, PA 75501 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 3/30/2031 $ 177.8  $ 177.8  175.3  0.05  %
Calhoun Satellite Communications Inc and Transmission Solutions Group (*,#) 1914 Tigertail Blvd, Dania, FL 93065 Broadcasting (except Internet) Term Loan 6.75% 2/27/2025 $ 724.2  $ 724.2  —  0.00  %
Calhoun Satellite Communications, Inc. (*,#) 1914 Tigertail Blvd, Dania Beach, FL 44236 Telecommunications Term Loan 7% 12/2/2026 $ 143.9  $ 143.9  33.6  0.01  %
Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC (*,#) 310 25th Ave N. St. Ste. 201, Nashville, TN 98074 Ambulatory Health Care Services Term Loan 7.75% 5/15/2025 $ 556.4  $ 556.4  69.7  0.02  %
Cardinal Homes Inc,.Alouette Holdings Inc.,Bret Berneche &,orothy M (*,#,^) 525 Barnsville Hwy, Wylliesburg, VA 28226 Wood Product Manufacturing Term Loan 8% 12/14/2026 $ 868.8  $ 868.8  832.3  0.26  %
Cardinal Homes Inc. and Bret A Berneche (*,#,^) 525 Barnesville Hwy, Wylliesburg, VA 48116 Wood Product Manufacturing Term Loan 8% 12/14/2041 $ 116.7  $ 116.7  111.8  0.03  %
Cardinal Homes, Inc (*,#,^) 525 Barnsville Hwy, Wylliesburg, VA 37179 Wood Product Manufacturing Term Loan 8.25% 10/27/2027 $ 95.7  $ 95.7  91.7  0.03  %
Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber (*,#) 320 Fair St., Kutztown, PA 27604 Transit and Ground Passenger Transportation Term Loan 7.5% 9/30/2027 $ 366.2  $ 366.2  361.0  0.11  %
111
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 324391
CD Game Exchange Inc. (*,#,^) 3719 N Mississippi, Portland, OR 97504 Merchant Wholesalers, Durable Goods Term Loan 8.25% 9/28/2026 $ 10.4  $ 10.4  10.3  0.00  %
Central Medical Clinic, PLLC- Clinica Central (*,#) 393 North Dunlap St. Ste LL26, LL34, LL38, St Paul, MN 81621 Ambulatory Health Care Services Term Loan 8.25% 6/7/2029 $ 307.2  $ 307.2  159.9  0.05  %
Chickamauga Properties, Inc., MSW Enterprises, LLP (*,#) 214 Sutherland Way, Rocky Face, GA 06902 Amusement, Gambling, and Recreation Industries Term Loan 6.25% 12/22/2035 $ 59.0  $ 59.0  54.9  0.02  %
Children First Home Health Care Inc (*,#,^) 1220 Broadcasting Rd Ste 202, Wyomissing, PA 60154 Ambulatory Health Care Services Term Loan 7.5% 12/27/2028 $ 282.4  $ 282.4  45.6  0.01  %
Clark Realty LLC (*,#,^) 4 Walker Way, Albany, NY 10001 Real Estate Term Loan 8% 8/29/2041 $ 73.3  $ 73.3  19.2  0.01  %
Clearwater Transportation LTD dba Thrifty Car Rental, Dollar Rent A Ca (*,#,^) 8790 Crownhill Blvd, San Antonio, TX 33619 Rental and Leasing Services Term Loan 8.25% 11/29/2027 $ 153.7  $ 153.7  17.2  0.01  %
CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC (*,#,^) 717 Titus Ave, Rochester, NY 91301 Food Services and Drinking Places Term Loan 8.25% 11/20/2040 $ 232.4  $ 232.4  60.9  0.02  %
Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck & Trai (*,#) 6900 Whitmore Lake Rd, Whitmore Lake, MI 28405 Repair and Maintenance Term Loan 6.75% 9/26/2039 $ 553.3  $ 553.3  489.3  0.15  %
Conference Services International ETC LLC (*,#,^) 4802 West Van Buren St., Phoenix, AZ 02646 Administrative and Support Services Term Loan 8% 8/14/2028 $ 597.0  $ 597.0  413.8  0.13  %
Custom Software, Inc. a Colorado Corporation dba M-33 Access (*,#) 380 E. Borden Road, Rose City, MI 48176 Professional, Scientific, and Technical Services Term Loan 6.25% 6/17/2021 $ 213.9  $ 213.9  107.9  0.03  %
CZAR Industries, Inc. (*,#,^) 1424 Heath Ave, Ewing, NJ 28203 Machinery Manufacturing Term Loan 8.25% 12/19/2027 $ 141.3  $ 141.3  61.1  0.02  %
D&G Capital LLC dba Miami Grill 277 (*,#,^) 2521 North Federal Hwy, Unit C, Boca Raton, FL 45459 Food Services and Drinking Places Term Loan 6.5% 12/16/2025 $ 44.4  $ 44.4  20.8  0.01  %
Darian L Hampton DDS PA and Darian L. Hampton (*,#) 3610 N Josey Lane Ste 104, Carrollton, TX 32550 Ambulatory Health Care Services Term Loan 8.25% 12/20/2028 $ 292.6  $ 292.6  3.1  0.00  %
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown (*,#,^) 2685 US Hwy 41, Calhoun, GA 06468 Support Activities for Transportation Term Loan 5.25% 12/28/2035 $ 1,316.8  $ 1,316.8  486.1  0.15  %
Douglas Printy Motorsports, Inc. dba Blackburn Trike (*,#) 1410 Medina Rd, Medina, OH 63129 Motor Vehicle and Parts Dealers Term Loan 8.25% 3/9/2040 $ 155.9  $ 155.9  86.2  0.03  %
Doxa Deo Inc dba Luv 2 Play (*,#,^) 1600 Village Market Blvd, Leesburg, VA 85281 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 2/28/2026 $ 81.3  $ 81.3  79.0  0.02  %
Dr. Richard Rolle JR, PLLC dba Rolle Oral & Facial Surgery PLLC (*,#,^) 1515 Shopton Road, Charlotte, NC 06437 Ambulatory Health Care Services Term Loan 7.5% 9/29/2042 $ 869.9  $ 869.9  586.8  0.18  %
Dr. Richard R. Rolle, Jr., PLLC dba Rolle Oral & Facial Surgery (*,#,^) 9615 Caldwell Commons Circle, Ste. B, Cornelius, NC 75181 Ambulatory Health Care Services Term Loan 7.5% 12/18/2027 $ 122.3  $ 122.3  —  0.00  %
Driven Warehouse/Distribution LLC (*,#) 271 East North Ave, Glendale, IL 89118 Truck Transportation Term Loan 8% 12/22/2027 $ 726.2  $ 726.2  393.1  0.12  %
112
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 324391
DTM Parts Supply Inc. (*,#) 31 Sageman St, Mount Vernon, NY 33069 Merchant Wholesalers, Durable Goods Term Loan 7% 6/2/2025 $ 45.5  $ 45.5  35.5  0.01  %
DuCharme Realty LLC and DuCharme Enterprises LLC dba Specialty (*,#) 1717 Hwy 200, Noxon, MT 20706 Wood Product Manufacturing Term Loan 8% 2/2/2040 $ 163.2  $ 163.2  50.8  0.02  %
Dynamic Dental Corporation (*,#,^) 3760 NW 126th Ave, Coral Springs, FL 33160 Merchant Wholesalers, Durable Goods Term Loan 7.5% 5/31/2029 $ 60.4  $ 60.4  27.7  0.01  %
E & I Holdings, LP & PA Farm Products, LLC (*,#) 1095 Mt Airy Road, Stevens, PA 30518 Food Manufacturing Term Loan 6% 4/30/2030 $ 4,705.2  $ 4,809.7  3,176.5  0.98  %
Earth First Recycling LLC (*,#,^) 400 Island Park Road, Easton, PA 95630 Merchant Wholesalers, Durable Goods Term Loan 8% 12/6/2027 $ 72.8  $ 72.8  70.8  0.02  %
Earth First Recycling, LLC and 191 Clark Road, LLC (*,#,^) 400 Island Park Road, Easton, PA 26003 Merchant Wholesalers, Durable Goods Term Loan 8% 6/5/2027 $ 338.0  $ 338.0  328.5  0.10  %
Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels (*,#,^) 11949 Borden Ave, San Fernando, CA 06510 Specialty Trade Contractors Term Loan 8.25% 12/31/2022 $ 43.9  $ 43.9  42.1  0.01  %
Ericon Inc. dba Quik Pik (*,#,^) 740 Davenport Ave, Freemont, NE 98247 Gasoline Stations Term Loan 8.25% 3/24/2027 $ 54.2  $ 54.2  —  0.00  %
Ericon, Inc. (*,#,^) 740 Davenport Ave, Fremont, NE 32778 Gasoline Stations Term Loan 8.25% 12/1/2041 $ 705.6  $ 705.6  656.7  0.20  %
Ericon, Inc. dba Quik Pik (*,#,^) 740 Davenport Ave, Freemont, NE 65080 Gasoline Stations Term Loan 8.25% 12/15/2041 $ 322.8  $ 322.8  —  0.00  %
ERT Group Inc and Curt's Tools Inspection Inc (*,#,^) 5229 142nd Dr. NW, Williston, ND 32958 Support Activities for Mining Term Loan Prime plus 2.75% 3/18/2041 $ 1,171.5  $ 1,171.5  896.3  0.28  %
Europlast Ltd (*,#) 100 Industrial Lane, Endeavor, WI 40516 Plastics and Rubber Products Manufacturing Term Loan 6% 9/26/2022 $ 312.9  $ 312.9  54.7  0.02  %
Evergreen Pallet LLC and Evergreen Recycle LLC (*,#,^) 302 W 53rd St N., Wichita, KS 64155 Wood Product Manufacturing Term Loan 7.25% 3/16/2026 $ 909.2  $ 909.2  391.4  0.12  %
Evernook Valley Milk LLC (*,#,^) 7448 Emmerson Road, Everson, WA 08638 Animal Production and Aquaculture Term Loan 7.5% 8/31/2042 $ 637.5  $ 637.5  453.1  0.14  %
Excel RP Inc (*,#,^) 6531 Park Ave, Allen Park, MI 91761 Machinery Manufacturing Term Loan 8.25% 8/30/2023 $ 66.8  $ 66.8  65.9  0.02  %
Excel RP Inc (*,#,^) 6531 Park Ave, Allen Park, MI 02889 Machinery Manufacturing Term Loan 8.25% 3/25/2026 $ 95.2  $ 95.2  60.1  0.02  %
Excel RP, Inc./Kevin and Joann Foley (*,#) 6531 Park Ave, Allen Park, MI 30117 Machinery Manufacturing Term Loan 8.25% 7/8/2028 $ 32.4  $ 32.4  32.0  0.01  %
Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC (*,#) 267 Saw Mill River Road, Elmsford, NY 33312 Specialty Trade Contractors Term Loan 6.75% 6/17/2025 $ 220.2  $ 220.2  —  0.00  %
Florida Apnea Diagnostics LLC (*,#,^) 2664 Cypress Ridge Blvd Ste. 101 & 102 A, Wesley Chapel, FL 44509 Ambulatory Health Care Services Term Loan 8.25% 10/20/2027 $ 143.4  $ 143.4  65.2  0.02  %
Frontier Sand LLC (*,#,^) 305 Country Hwy AA, New Auburn, WI 33014 Mining (except Oil and Gas) Term Loan 8.25% 11/30/2027 $ 463.6  $ 463.6  324.5  0.10  %
Galaforo Construction and Companies LLC (*,#,^) 1770 Stumpf Blvd, Terrytown, LA 54656 Construction of Buildings Term Loan 7.5% 12/15/2042 $ 33.6  $ 33.6  31.7  0.01  %
113
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 324391
Galaforo Construction LLC and Paul M Galaforo, Jr. (*,#) 1770 Stumpf Blvd, Terrytown, LA 08520 Construction of Buildings Term Loan 7.5% 12/15/2027 $ 329.0  $ 329.0  8.7  0.00  %
GEM2K, LLC dba Precision Precast Group (*,#,^) 4150 E Magnolia St., Phoenix, AZ 06854 Miscellaneous Manufacturing Term Loan 8.25% 5/19/2027 $ 140.4  $ 140.4  23.3  0.01  %
Grand Manor Realty, Inc. & Kevin LaRoe (*,#) 318 S. Halsted St., Chicago, IL 67107 Real Estate Term Loan 6% 2/20/2023 $ 19.0  $ 19.0  17.9  0.01  %
Graphics,Type and Color Enterprises Inc dba Clubflyers.com and GTC Med (*,#,^) 2300 NW 7th Ave, Miami, FL 61252 Printing and Related Support Activities Term Loan 8.25% 9/28/2041 $ 821.5  $ 821.5  798.3  0.25  %
H.M.C, Incorporated (*,#,^) 7190 Oakland Mills Rd Ste 10, Columbia, MD 20782 Furniture and Related Product Manufacturing Term Loan 8.25% 7/3/2028 $ 183.8  $ 183.8  178.6  0.06  %
Hagerstown Muffler, Inc. and JMS Muffler, Inc (*,#) 1390 Dual Hwy, Hagerstown, MD 32114 Repair and Maintenance Term Loan 8% 9/24/2040 $ 150.0  $ 150.0  145.8  0.04  %
Harrelson Materials Management,Inc (*,#) 1101 Russell Road, Shreveport, LA 33069 Waste Management and Remediation Services Term Loan 6% 6/24/2021 $ 465.2  $ 465.2  4.6  0.00  %
HDD Solutions, LLC (*,#) 6550 Progress Parkway, Cedar Hill, MO 31601 Heavy and Civil Engineering Construction Term Loan 8.25% 12/31/2028 $ 552.8  $ 552.8  339.0  0.10  %
HG Ventures, Inc. dba Diamond Head Trucking (*,#,^) 100 Phoenix Dr, Finleyville, PA 43512 Truck Transportation Term Loan 7.5% 6/29/2030 $ 808.0  $ 808.0  56.0  0.02  %
Home Again Restaurant LLC (*,#) 9524 Camp Lake Rd, Salem, WI 20175 Food Services and Drinking Places Term Loan 6.25% 6/30/2040 $ 0.4  $ 0.4  0.4  0.00  %
Impress Therapeutic Massage LLC (*,#,^) 3145 Suntree Blvd. Ste 102, Rockledge, FL 83814 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/8/2043 $ 60.6  $ 60.6  57.3  0.02  %
Insight Vision Care, PC, CRMOD Lubbock, P.C.,Vielm Vision Eyecare Inc (*,#,^) 4899 Griggs Road, Houston, TX 85123 Ambulatory Health Care Services Term Loan 7.75% 12/27/2043 $ 1,084.6  $ 1,084.6  241.1  0.07  %
J&K Fitness, LLC dba Physiques Womens Fitness Center (*,#) 2505 Verot School Road, Lafayette, LA 77018 Amusement, Gambling, and Recreation Industries Term Loan 8% 6/8/2036 $ 14.6  $ 14.6  7.7  0.00  %
J Olson Enterprises LLC and Olson Trucking Direct, Inc. (*,#) 311 Ryan St, Holmen, WI 27604 Truck Transportation Term Loan 6% 6/28/2025 $ 628.4  $ 628.4  20.7  0.01  %
JN Thompson Ent,Inc. (*,#,^) 400 5th Ave S Ste 100, Naples, FL 07461 Construction of Buildings Term Loan 7.75% 12/7/2028 $ 377.5  $ 377.5  50.3  0.02  %
Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto (*,#) 200 West Adams St, Cochranton, PA 07430 Motor Vehicle and Parts Dealers Term Loan 6.25% 10/29/2039 $ 11.1  $ 11.1  4.2  0.00  %
Kids at Heart,LLC dba Monster Mini Golf (*,#,^) 10 Newbury St., Danvers, MA 33127 Amusement, Gambling, and Recreation Industries Term Loan 6.75% 9/22/2026 $ 19.0  $ 19.0  13.8  0.00  %
Kidtastic LLC dba The Little Gym of Audubon (*,#,^) 2850 Audubon Dr, Audubon, PA 54915 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 7/27/2026 $ 44.9  $ 44.9  16.1  0.00  %
Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle, New York Bagle,N (*,#) 10287 Okeechobee Blvd #13, Royal Palm Beach, FL 77493 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/23/2029 $ 17.9  $ 17.9  17.7  0.01  %
Kostekos Inc dba New York Style Pizza (*,#) 10 South King St., Gloucester, NJ 52361 Food Services and Drinking Places Term Loan 8% 2/6/2040 $ 61.9  $ 61.9  11.7  0.00  %
114
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 324391
LA Diner Inc dba Loukas L A Diner (*,#) 3205 Route 22 East, Branchburg, NJ 37207 Food Services and Drinking Places Term Loan 7.25% 9/28/2037 $ 92.8  $ 92.8  88.5  0.03  %
LAN Doctors Inc (*,#) 14 Pierson Court, Mahwah, NJ 67204 Professional, Scientific, and Technical Services Term Loan 8.25% 8/28/2025 $ 59.8  $ 59.8  57.3  0.02  %
LAN Doctors Inc (*,#,^) 14 Pierson Court, Mahwah, NJ 91733 Professional, Scientific, and Technical Services Term Loan 8.25% 3/16/2026 $ 43.4  $ 43.4  35.6  0.01  %
Lan Doctors, Inc. (*,#,^) 14 Pierson Court, Mahwah, NJ 89143 Professional, Scientific, and Technical Services Term Loan 8.25% 12/7/2026 $ 203.3  $ 203.3  —  0.00  %
Linqserv Inc. (*,#,^) 1555 Lyell Ave, Rochester, NY 06801 Transit and Ground Passenger Transportation Term Loan 7.5% 11/9/2027 $ 285.6  $ 285.6  62.2  0.02  %
Lowgap Grocery & Grill LLC (*,#,^) 8773 West Pine St., Lowgap, NC 78738 General Merchandise Stores Term Loan 7.25% 3/24/2041 $ 48.0  $ 48.0  20.5  0.01  %
M & H Pine Straw Inc and Harris L. Maloy (*,#) 526 Perry House Rd, Fitzgerald, GA 19151 Merchant Wholesalers, Nondurable Goods Term Loan 7.5% 3/21/2023 $ 197.4  $ 197.4  58.1  0.02  %
M & H Pine Straw, Inc and Harris L. Maloy (*,#) 526 Perry House Rd, Fitzgerald, GA 84104 Support Activities for Agriculture and Forestry Term Loan 6% 4/30/2020 $ 44.6  $ 44.6  42.7  0.01  %
M & H Pine Straw, Inc.and Harris Maloy (*,#) 526 Perry House Rd, Fitzgerald, GA 76052 Merchant Wholesalers, Nondurable Goods Term Loan 7.5% 7/10/2020 $ 27.4  $ 27.4  26.3  0.01  %
M & H Pinestraw, Inc. and Harris L. Maloy (*,#) 526 Perry House Rd, Fitzgerald, GA 30060 Merchant Wholesalers, Nondurable Goods Term Loan 7.5% 12/15/2021 $ 133.8  $ 133.8  48.5  0.01  %
Magill Truck Line LLC and Jeff J. Ralls (*,#,^) 211 West 53rd St. N., Park City, KS 33142 Truck Transportation Term Loan 7.25% 3/11/2029 $ 185.5  $ 185.5  79.1  0.02  %
Mariam Diner Inc dba Country Kitchen Restaurant (*,#,^) 17393 Main St., Hesperia, CA 75001 Food Services and Drinking Places Term Loan 8% 3/18/2026 $ 42.8  $ 42.8  16.2  0.00  %
Matchless Transportation LLC dba First Class Limo (*,#) 31525 Aurora Road # 5, Solon, OH 93454 Transit and Ground Passenger Transportation Term Loan 6.25% 5/31/2020 $ 119.2  $ 119.2  11.9  0.00  %
MB Xpress Inc (*,#,^) 159 D'Arcy Parkway, Lathrop, CA 06416 Truck Transportation Term Loan 8.25% 9/19/2028 $ 1,110.1  $ 1,110.1  11.9  0.00  %
Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad (*,#,^) 780 S Peace Haven Road, Winston Salem, NC 78665 Electrical Equipment, Appliance, and Component Manufacturing Term Loan 7% 11/25/2025 $ 10.5  $ 10.5  4.8  0.00  %
MIT LLC (*,#,^) 11 North Peach ST., Medford, OR 54915 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/31/2042 $ 84.9  $ 84.9  62.8  0.02  %
Mojo Brands Media, LLC (*,#) 3260 University Blvd., Ste 100, Winter Park, FL 04358 Broadcasting (except Internet) Term Loan 6% 8/28/2023 $ 725.0  $ 725.0  111.6  0.03  %
Morris Glass and Construction Inc (*,#) 40058 Hwy 30, Astoria, OR 33309 Specialty Trade Contractors Term Loan 15% 10/1/2023 $ 373.1  $ 373.1  190.6  0.06  %
MTV Bowl, Inc. dba Legend Lanes (*,#) 4190 State Road, Cuyahoga Falls, OH 07054 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 6/30/2036 $ 191.5  $ 191.5  139.0  0.04  %
N Transport LLC (*,#,^) 5348 W Brown Ave, Fresno, CA 95988 Truck Transportation Term Loan 8% 11/20/2027 $ 385.5  $ 385.5  77.3  0.02  %
N Transport LLC (*,#,^) 294 N. Fruit Ave, Fresno, CA 92021 Truck Transportation Term Loan 8.25% 11/20/2042 $ 175.3  $ 175.3  143.3  0.04  %
Nando LLC dba Tall Timbers Banquet and Conference Center (*,#,^) 13831 National Rd SW, Reynoldsburg, OH 75050 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/20/2028 $ 12.7  $ 12.7  12.4  0.00  %
115
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 324391
Neville Galvanizing, Inc (*,#) 2983 Grand Ave, Pittsburgh, PA 11238 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/15/2042 $ 235.7  $ 235.7  —  0.00  %
New Image Building Services, Inc. dba New Image Repair Services (*,#) 1405 Combermere Dr., Troy, MI 44087 Repair and Maintenance Term Loan 7.75% 8/23/2037 $ 79.2  $ 79.2  58.2  0.02  %
Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC (*,#,^) 2520 Pennsylvania Ave, Ogden, UT 10022 Truck Transportation Term Loan 8.25% 6/20/2028 $ 513.2  $ 513.2  45.2  0.01  %
P & M Entertainment, LLC dba Luv 2 Play (*,#,^) 35 Lafayette Road Ste #8, North Hampton, NH 33331 Amusement, Gambling, and Recreation Industries Term Loan 6% 5/10/2028 $ 106.1  $ 106.1  74.0  0.02  %
Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Globa (*,#) 412 and 500 Main St., La Marque, TX 08844 Heavy and Civil Engineering Construction Term Loan 7% 9/28/2026 $ 570.7  $ 570.7  25.5  0.01  %
Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Serv (*,#,^) 412 and 500 Main St., La Marque, TX 10016 Heavy and Civil Engineering Construction Term Loan 7% 9/28/2041 $ 110.1  $ 110.1  70.4  0.02  %
Peter K Lee MD, PC dba Atlanta Primary Care (*,#,^) 211 Roberson Mill Road, Milledgeville, GA 43082 Ambulatory Health Care Services Term Loan 8.25% 9/13/2043 $ 859.6  $ 859.6  847.3  0.26  %
Peter K Lee MD, PC dba Atlanta Primary Care LLC (*,#,^) 5 Ashford Way, Hawkinsville, GA 60606 Ambulatory Health Care Services Term Loan 8.25% 9/13/2028 $ 381.0  $ 381.0  375.6  0.12  %
Play4Fun dba Luv 2 Play (*,#,^) 13722 Jamboree Road, Irvine, CA 71106 Amusement, Gambling, and Recreation Industries Term Loan 7.5% 3/7/2028 $ 148.1  $ 148.1  87.0  0.03  %
PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc., T (*,#,^) 2040 Dowdy Ferry, Dallas, TX 08226 Specialty Trade Contractors Term Loan 8.25% 12/19/2038 $ 494.7  $ 494.7  487.7  0.15  %
Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand and (*,#,^) 13851 S State HWY 34, Scurry, TX 74112 Specialty Trade Contractors Term Loan 8.25% 10/28/2025 $ 479.9  $ 479.9  323.2  0.10  %
PS Camping Inc. (*,#,^) 43595 US Hwy 50, Canon City, CO 07026 Accommodation Term Loan 8.25% 12/1/2027 $ 18.5  $ 18.5  18.2  0.01  %
PS Camping, Inc. dba Prospectors RV Resort (*,#,^) 43659&43595 US Hwy 50, Canon City, CO 38133 Accommodation Term Loan 8.25% 5/19/2042 $ 234.0  $ 234.0  230.7  0.07  %
Ramjay Inc. (*,#,^) 85 S. Bragg St. Ste 303, Alexandria, VA 55378 Transit and Ground Passenger Transportation Term Loan 8.25% 1/13/2027 $ 375.6  $ 375.6  80.0  0.02  %
Randall Miller Company, Inc and Boyz Transportation Services, LLC (*,#,^) 256 Blackley Rd, Bristole, TN 08540 Truck Transportation Term Loan 7.75% 7/31/2029 $ 772.8  $ 772.8  19.5  0.01  %
Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC (*,#,^) 85 SW 5th Ave, Delray Beach, FL 67119 Ambulatory Health Care Services Term Loan 7.75% 12/28/2028 $ 114.1  $ 114.1  9.2  0.00  %
Return to Excellence Inc (*,#,^) 176 Country Club Dr, Waynesville, NC 10580 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 1/27/2027 $ 15.6  $ 15.6  15.4  0.00  %
Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa (*,#) 176 Country Club Dr, Waynesville, NC 08201 Amusement, Gambling, and Recreation Industries Term Loan 8% 10/10/2039 $ 1,154.0  $ 1,154.0  1,137.6  0.35  %
Rich's Food Stores LLC dba Hwy 55 of Wallace (*,#,^) 611 East Southerland St., Wallace, NC 06457 Food Services and Drinking Places Term Loan 8.25% 9/14/2026 $ 99.3  $ 99.3  13.5  0.00  %
116
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 324391
Route 130 SCPI Holdings LLC (EPC) Route 130 SCPI Operations LLC (OC) d (*,#) 423-429 Route 156, Trenton, NJ 34145 Food Services and Drinking Places Term Loan 6.25% 9/30/2039 $ 279.5  $ 279.5  38.7  0.01  %
Sanabi Investment, LLC dba Oscar's Moving and Storage (*,#,^) 11421 N W 107th St., #13, Miami, FL 33444 Truck Transportation Term Loan 7.5% 6/20/2027 $ 95.9  $ 95.9  14.1  0.00  %
Sand Hill Associates, Ltd. dba Charlie O's Tavern on the Point (*,#,^) 2 Sand Hill Cove Road, Narragansett, RI 60803 Food Services and Drinking Places Term Loan 8.25% 12/27/2041 $ 413.0  $ 413.0  194.4  0.06  %
SDA Holdings LLC and Les Cheveux Salon Inc (*,#,^) 306 McClanahan St., Roanoke, VA 28211 Personal and Laundry Services Term Loan 7.5% 12/15/2040 $ 108.5  $ 108.5  51.7  0.02  %
Select Propane & Fuel Inc. and Select Fuel & Convenience LLC (*,#) 3822 State Route 3, Red Bud, IL 78220 Merchant Wholesalers, Nondurable Goods Term Loan 7.5% 2/10/2030 $ 524.2  $ 524.2  23.4  0.01  %
SG Linke LLC (*,#,^) 413 N Alfaya Trail P11, Orlando, FL 60632 Clothing and Clothing Accessories Stores Term Loan 8.25% 5/12/2027 $ 15.7  $ 15.7  15.5  0.00  %
Shaffer Automotive Repair, LLC (*,#) 1485 North McQueen Rd #1, Gilbert, AZ 28451 Repair and Maintenance Term Loan 7% 5/24/2030 $ 132.8  $ 132.8  37.7  0.01  %
Shane M. Howell and Buck Hardware and Garden Center, LLC (*,#) 1007 Lancaster Pike, Quarryville, PA 48507 Building Material and Garden Equipment and Supplies Dealers Term Loan 7.5% 12/27/2038 $ 113.4  $ 113.4  11.4  0.00  %
Soregard Inc (*,#,^) 605 Birch Dr, Maquoketa, IA 61523 Furniture and Related Product Manufacturing Term Loan 7.5% 6/30/2041 $ 152.8  $ 152.8  38.4  0.01  %
Sourceco Limited Liability Company (*,#,^) 17 Palmer Ave, West Long Branch, NJ 19425 Merchant Wholesalers, Nondurable Goods Term Loan 6.5% 12/17/2025 $ 27.2  $ 27.2  24.5  0.01  %
Sovereign Communications LLC (*,#) 26 E 3 Mile Rd,, Sault Sainte Marie, MI 60636 Broadcasting (except Internet) Term Loan 6.75% 2/7/2024 $ 627.4  $ 627.4  122.5  0.04  %
STK Ventures Inc dba JP Dock Service & Supply (*,#) 12548 N State Hwy 7, Climax Springs, MO 3301 Specialty Trade Contractors Term Loan 6% 5/9/2037 $ 31.6  $ 31.6  4.7  0.00  %
Street Magic Enterprise LLC dba New Lisbon Travel Mart (*,#,^) 1700 East Bridge St., New Lisbon, WI 07083 Gasoline Stations Term Loan 7.5% 11/7/2042 $ 419.0  $ 419.0  188.5  0.06  %
Summitsoft Corporation (*,#,^) 11105 Mockingbird Dr, Omaha, NE 07072 Publishing Industries (except Internet) Term Loan 7.75% 7/26/2028 $ 99.4  $ 99.4  10.3  0.00  %
Suncrest Stone Products LLC (*,#,^) 341 County Farm Road, Ashburn, GA 03103 Nonmetallic Mineral Product Manufacturing Term Loan 7.25% 8/29/2041 $ 612.5  $ 612.5  225.2  0.07  %
Suncrest Stone Products LLC (*,#,^) 341 County Farm Road, Ashburn, GA 21804 Nonmetallic Mineral Product Manufacturing Term Loan 7.5% 8/29/2026 $ 536.6  $ 536.6  136.5  0.04  %
T and B Boots Inc dba Takken's Shoes (*,#,^) 72 South Main St., Templeton, CA 15639 Clothing and Clothing Accessories Stores Term Loan 7.25% 6/17/2026 $ 204.5  $ 204.5  —  0.00  %
T and B Boots Inc dba Takken's Shoes (*,#) 72 South Main St., Templeton, CA 06518 Clothing and Clothing Accessories Stores Term Loan 7.25% 12/7/2026 $ 95.2  $ 95.2  81.2  0.03  %
Tarver-Henley Inc. and Tar-Hen LLC (*,#,^) 2125 College Ave, Jackson, AL 12205 Building Material and Garden Equipment and Supplies Dealers Term Loan 7.75% 6/21/2042 $ 97.8  $ 97.8  48.7  0.02  %
The Jig, LLC (*,#,^) 3115 Camp Phillips Road, Wausau, WI 08034 Food Services and Drinking Places Term Loan 8.25% 10/24/2042 $ 25.6  $ 25.6  25.2  0.01  %
117
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 324391
The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites (*,#,^) 29291 Amerihost Dr, Dowagiac, MI 85387 Accommodation Term Loan 8.25% 12/5/2041 $ 335.1  $ 335.1  321.0  0.10  %
The Woods at Bear Creek LLC and Bear Creek Entertainment LLC dba The (*,#) 3510 Bear Creek Road, Franklinville, NY 06001 Accommodation Term Loan 7% 9/29/2039 $ 489.6  $ 489.6  462.3  0.14  %
Transmission Solutions Group, Inc. and Calhoun Satellite Communicatio (*,#) 1007 &1009 Old Route 119, Hunker, PA 06514 Telecommunications Term Loan 7% 12/2/2041 $ 64.7  $ 64.7  —  0.00  %
TX Superior Communications, LLC (*,#,^) 6223 Krempen Ave, San Antonio, TX 18240 Specialty Trade Contractors Term Loan 8% 3/19/2028 $ 85.5  $ 85.5  21.4  0.01  %
United States Plastic Equipment LLC (*,#,^) 4447 OH-303, Mantua, OH 60406 Merchant Wholesalers, Durable Goods Term Loan 8.25% 12/13/2028 $ 137.1  $ 137.1  4.8  0.00  %
Victorian Restaurant and Tavern, LLC (*,#,^) 226 Maple Ave, Cheshire, CT 60465 Food Services and Drinking Places Term Loan 8.25% 2/22/2042 $ 104.4  $ 104.4  28.6  0.01  %
Webb Eye Associates, PA (*,#,^) 1720 S W W White Road, San Antonio, TX 18040 Ambulatory Health Care Services Term Loan 7.25% 7/19/2027 $ 71.2  $ 71.2  33.2  0.01  %
White Hawk Inc. (*,#,^) 2101 Dr. Martin Luther King Jr. Blvd, Stockton, CA 27106 Truck Transportation Term Loan 8.25% 12/15/2026 $ 917.5  $ 917.5  81.5  0.03  %
Wilban LLC (*,#,^) 454 US Hwy 22, Whitehouse Station, NJ 91605 Food Services and Drinking Places Term Loan 7.5% 3/11/2026 $ 93.2  $ 93.2  90.6  0.03  %
Wilban LLC (*,#) 454 US Hwy 22, Whitehouse Station, NJ 33122 Food Services and Drinking Places Term Loan 7.25% 3/28/2039 $ 238.6  $ 238.6  101.7  0.03  %
Zeeba Company, Inc dba Zeeba Rent-A-Van & 5 Star Rent- A-Van (*,#,^) 3200 Wilshire Blvd Ste 1000, Los Angeles, CA 23236 Transit and Ground Passenger Transportation Term Loan 7.75% 9/27/2028 $ 640.2  $ 640.2  460.4  0.14  %
Zahmel Restaurant Suppliers Corp dba Cash & Carry;Zahners Hardware;Zan (*,#,^) 33-51 11th St., Astoria, NY 70710 Merchant Wholesalers, Nondurable Goods Term Loan 8.25% 4/28/2027 $ 75.8  $ 75.8  63.2  0.02  %
Total Unguaranteed Non-Accrual SBA Investments $ 55,192.2  $ 55,358.0  $ 27,159.0  8.37  %
Total Unguaranteed SBA Investments $ 411,611.0  $ 411,776.8  $ 393,290.3  121.24  %
SBA Guaranteed Accrual Investments (4a)
Matrix Z LLC 800 SW 21st Terrace, Ft Lauderdale, FL 46013 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 6.5% 2/27/2029 11.4  11.4  12.6  —  %
Rello Inc. 8063 Jericho Turnpike, Woodbury, NY 21601 Personal and Laundry Services Term Loan Prime plus 6.5% 4/17/2029 5.5  5.5  6.1  —  %
2Choice2Friends LLC 901 W Braker Lane, Austin, TX 14424 Food Services and Drinking Places Term Loan Prime plus 6.5% 4/17/2029 11.5  11.5  12.8  —  %
Disability Resolution 1619 Malon Bay Dr, Orlando, FL 95122 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 4/30/2029 2.7  2.7  3.0  —  %
NYM Solutions Inc. 1250 NW 7th St. Ste 201, Miami, FL 92345 Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 5/6/2029 11.6  11.6  12.8  —  %
118
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Crystal Cleaning Service 26 Cooper Rd, Byhalia, MS 75791 Administrative and Support Services Term Loan Prime plus 6.5% 5/9/2029 9.2  9.2  10.2  —  %
Clowers Trucking by Faith LLC 705 E Brookwood PL, Valdosta, GA 85365 Truck Transportation Term Loan Prime plus 6.5% 5/23/2029 11.4  11.4  12.6  —  %
MCM Design LLC 5926 Vinings Vintage Way, Mableton, GA 06340 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 5/23/2029 9.2  9.2  10.2  —  %
Still Photography 195 Terrace Place, Apt. 2, Brooklyn, NY 07004 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 6/6/2029 11.6  11.6  12.9  —  %
Archer Cleaners Inc. 1514 W. 33rd St., Chicago, IL 53217 Personal and Laundry Services Term Loan Prime plus 6.5% 6/10/2029 11.6  11.6  12.9  —  %
Law Office of Paula Padilla PLLC 2211 E Highland Ave Ste 130, Phoenix, AZ 44460 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 6/13/2029 4.6  4.6  5.2  —  %
Bonadi Inc. 9858 W Sample Rd, Coral Springs, FL 90805 Personal and Laundry Services Term Loan Prime plus 6.5% 6/17/2029 11.6  11.6  12.9  —  %
AA Horseplay, LLC 34565 Ranch Dr, Brownsville, OR 20653 Animal Production and Aquaculture Term Loan Prime plus 6.5% 6/20/2029 11.6  11.6  12.9  —  %
Campuscuts LLC 930 Robtrice Ct, Edmond, OK 66215 Personal and Laundry Services Term Loan Prime plus 6.5% 6/21/2029 7.0  7.0  7.7  —  %
Port Diesel LLC 3212 Alex Trask Dr, Castle Hayne, NC 95354 Repair and Maintenance Term Loan Prime plus 6.5% 6/21/2029 11.6  11.6  12.9  —  %
Menshka Inc. 88 High St., Mountclair, NJ 28786 Ambulatory Health Care Services Term Loan Prime plus 6.5% 7/10/2029 11.7  11.7  13.0  —  %
The Bean Coffee Company, LLC 112 South Main St., Spring Hill, KS 46805 Food Services and Drinking Places Term Loan Prime plus 6.5% 7/17/2029 11.7  11.7  13.0  —  %
Lawrence Adeyemo & Co LLC 209-34 112 Ave, Queens Village, NY 02451 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 7/19/2029 9.3  9.3  10.4  —  %
Gradstreet LLC 2437 Corinth Ave Apt 130, Los Angeles, CA 48187 Nonstore Retailers Term Loan Prime plus 6.5% 7/30/2029 11.7  11.7  13.0  —  %
A&S Services LLC 3888 Lightner Road, Vandalia, OH 21804 Food Services and Drinking Places Term Loan Prime plus 6.5% 8/7/2029 11.7  11.7  13.0  —  %
Crystal Clear Accounting 34099 Tuscan Creek Way, Temecula, CA 77092 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 8/26/2029 3.0  3.0  3.3  —  %
Doghouse Sport Fishing Charters Inc. 83413 Overseas Hwy, Islamorada, FL 49548 Scenic and Sightseeing Transportation Term Loan Prime plus 6.5% 8/30/2029 11.7  11.7  13.0  —  %
No Push Back LLC 2223 Dungan Ave, Bensalem, PA 06498 Personal and Laundry Services Term Loan Prime plus 6.5% 8/30/2029 11.4  11.4  12.6  —  %
Softcare247 LLC 4191 Naco Perrin Blvd, San Antonio, TX 55449 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 9/11/2029 11.8  11.8  13.1  —  %
Host Marketing LLC 206 Bell Lane, Ste B, West Monroe, LA 95121 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 9/18/2029 11.8  11.8  13.1  —  %
Standard Real Estate Services LLC 500 West Silver Spring Dr, Ste K 200,, Glendale, WI 97210 Real Estate Term Loan Prime plus 6.5% 9/19/2029 11.8  11.8  13.1  —  %
Bargain Store 107 Tabernacle Church Road, Candor, NC 33431 General Merchandise Stores Term Loan Prime plus 6.5% 10/11/2029 11.9  11.9  13.2  —  %
119
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Powerlift Dumbwaiters Inc. 2444 Georgia Slide Road, Georgetown, CA 33467 Machinery Manufacturing Term Loan Prime plus 6.5% 10/16/2029 11.7  11.7  13.0  —  %
Pine Mountain Residential LLC 10240 Cosmopolitan Circle, Parker, CO 33467 Specialty Trade Contractors Term Loan Prime plus 6.5% 10/16/2029 11.9  11.9  13.2  —  %
James Clark and Company Inc. 8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 53092 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 10/22/2029 11.9  11.9  13.2  —  %
Deer Valley Sport Shop LLC 507 Bamboo Road, Boone, NC 32940 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 6.5% 11/7/2029 12.0  12.0  13.4  —  %
Sean McNamara 5639 Wood Lane, Allentown, PA 89502 Nonstore Retailers Term Loan Prime plus 6.5% 11/14/2029 11.9  11.9  13.3  —  %
Bucklin Sumner & Associates 650 NE Holladay St. Ste 1600, Portland, OR 77008 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 6.5% 11/14/2029 11.9  11.9  13.3  —  %
The Pinnacle Group 105 Springside Dr, Akron, OH 12937 Social Assistance Term Loan Prime plus 6.5% 11/14/2029 11.9  11.9  13.3  —  %
Pen’s Electric Company, Inc 504 Fairfax Ave, Nashville, TN 34655 Specialty Trade Contractors Term Loan Prime plus 6.5% 11/21/2029 11.9  11.9  13.3  —  %
Standard Capital Corp. 2377 Wessington Dr, Virginia Beach, VA 28716 Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 12/5/2029 12.0  12.0  13.4  —  %
Scott’s Hardware Inc 200 Tuckerton Road, Medford, NJ 63141 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 6.5% 12/6/2029 12.0  12.0  13.4  —  %
HADD Corp 364 Rugby Road, Cedarhurst, NY 18106 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 12/17/2029 12.0  12.0  13.4  —  %
La Tradicion Cubana Inc. 1336 SW 8th St., Miami, FL 94041 Miscellaneous Store Retailers Term Loan Prime plus 6.5% 12/20/2029 12.0  12.0  13.4  —  %
This is a Fly Closet LLC   12408 Kingsview St., Bowie, MD 13152 Clothing and Clothing Accessories Stores Term Loan Prime plus 6.5% 1/30/2030 12.0  12.0  13.4  —  %
2 N 1 Home and Lawn LLC 1300 Ridenour Blvd, Kennesaw, GA 66203 Administrative and Support Services Term Loan Prime plus 6.5% 2/3/2030 12.1  12.1  13.5  —  %
All Modes Transportation and Logistics 4313 Collingtree Dr, Rockledge, FL 33432 Support Activities for Transportation Term Loan Prime plus 6.5% 2/14/2030 12.1  12.1  13.5  —  %
Moon Group, Inc. 145 Moon Rd, Chesapeake City, MD 85260 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/27/2029 3,433.1  3,433.1  3,750.6  1.16  %
Beau & HB Inc. dba Beau’s Billard, Bowling & Arcade 100 Village Road, Port Lavaca, TX 91301 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/16/2029 113.8  113.8  125.6  0.04  %
Hackstaff Restaurants 248 W 1st. St. Ste 201, Reno, NV 89113 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2029 425.9  425.9  470.1  0.14  %
National Stone Management 804-810 W Shady Grove Road, Grand Prairie, TX 99587 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 8/31/2044 905.9  905.9  1,019.1  0.31  %
LuluBelle's Mountain Banana Bread LLC 1063 Carousel Rd, Lake Arrowhead, CA 33606 Food Manufacturing Term Loan Prime plus 2.75% 9/21/2045 649.3  649.3  743.5  0.23  %
120
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
AJN Innocations LLC 6704 Main St., Miami Lakes, FL 30401 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/15/2030 288.4  288.4  320.5  0.10  %
The Cow Harbor Beer Company 19 Scudder Ave, Northport, NY 79424 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 10/1/2030 810.3  810.3  900.5  0.28  %
NJ Floats 327 Route 202/206, Bedminster Township, NJ 91730 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 12/12/2045 306.4  306.4  352.0  0.11  %
Kuros LLC dba Alexander Lake Lodge 21221 Baron Lake Dr, Cedaredge, CO 60473 Accommodation Term Loan Prime plus 2.75% 11/19/2045 131.5  131.5  151.1  0.05  %
Emmalina LLC 3602 Rock Bay Dr, Louisville, KY 35406 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/21/2030 36.2  36.2  40.2  0.01  %
Sherwood Sporthorses Inc. 20502 Forestview, Magnolia, TX 10001 Personal and Laundry Services Term Loan Prime plus 2.75% 5/21/2046 413.4  413.4  474.9  0.15  %
Chet Lemon Enterprises 1544 Lane Park Cut off, Tavares, FL 33073 Personal and Laundry Services Term Loan Prime plus 2.75% 3/3/2031 503.2  503.2  559.8  0.17  %
Jones Roger Shermann Inn Inc. 195 Oenoke Ridge, New Canaan, CT 44114 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/4/2030 86.3  86.3  96.0  0.03  %
Native Fields Landscaping LLC 73 Taylor Road, Wharton, NJ 07960 Administrative and Support Services Term Loan Prime plus 2.75% 11/13/2045 1,436.8  1,436.8  1,650.3  0.51  %
American Pharmaceutical Innovation Company, LLC 1425 Centre Circle, Downers Grove, IL 30349 Chemical Manufacturing Term Loan Prime plus 2.75% 3/28/2027 46.9  46.9  46.9  0.01  %
Edel Family Management Corp 2207 Coney Island Ave, Brooklyn, NY 12589 PPP Term Loan 1.0% 4/30/2022 39.2  39.2  39.2  0.01  %
The Rabbi Grafman Endowment Fund for Temple Emanu-El 2100 Highland Ave South, Birmingham, AL 80909 PPP Term Loan 1.0% 4/30/2022 3.0  3.0  3.0  —  %
Surf Cup Sports 2037 Park Dale Ln, Encinitas, CA 91605 PPP Term Loan 1.0% 4/30/2022 19.0  19.0  19.0  0.01  %
AM House 22322 Burton St, Canoga Park, CA 38103 PPP Term Loan 1.0% 4/30/2022 7.7  7.7  7.7  —  %
Eat Here LLC 500 S Main St, Las Vegas, NV 31210 PPP Term Loan 1.0% 4/30/2022 4.8  4.8  4.8  —  %
Masood A. Rizvi, MD. 900 Pompton Ave, Ste B-1, Cedar Grove, NJ 92101 PPP Term Loan 1.0% 4/30/2022 3.8  3.8  3.8  —  %
Casetabs 3333 Michelson Dr, Ste 240, Irvine, CA 60091 PPP Term Loan 1.0% 4/30/2022 38.5  38.5  38.5  0.01  %
James D. Paliwoda, A Law Corporation 1000 Lakes Dr, Ste 230, West Covina, CA 92014 PPP Term Loan 1.0% 4/30/2022 12.3  12.3  12.3  —  %
Medical Review Service 13400 Marsh Landing, West Palm Beach, FL 80104 PPP Term Loan 1.0% 4/30/2022 31.3  31.3  31.3  0.01  %
North Carolina Custom Modulars, LLC 1936 US-64, Murphy, NC 20001 PPP Term Loan 1.0% 4/30/2022 7.8  7.8  7.8  —  %
Thrive TC LLC 4888 Town Center Pkwy, Ste 106, Jacksonville, FL 18966 PPP Term Loan 1.0% 5/4/2022 5.5  5.5  5.5  —  %
Kenco Inc 774 Mays Blvd, Ste 10-574, Incline Village, NV 20005 PPP Term Loan 1.0% 5/4/2022 2.4  2.4  2.4  —  %
121
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Glynwood Center, Inc. 362 Glynwood Rd, Cold Spring, NY 63026 PPP Term Loan 1.0% 5/4/2022 30.3  30.3  30.3  0.01  %
San Basilio, LLC 12305 SW 38th St., Ocala, FL 10018 PPP Term Loan 1.0% 5/4/2022 2.5  2.5  2.5  —  %
Stephen Binder DDS 3900 W Fullerton Ave, Chicago, IL 80439 PPP Term Loan 1.0% 5/4/2022 3.0  3.0  3.0  —  %
Mto Summerlin 10970 Rosemary Park Dr, Ste #100, Las Vegas, NV 11933 PPP Term Loan 1.0% 5/4/2022 4.8  4.8  4.8  —  %
Asthma & Allergy Medical Care, P.C. 68 Nassau Rd, Huntington, NY 11213 PPP Term Loan 1.0% 5/4/2022 16.1  16.1  16.1  —  %
SK8CLICK INC 17062 Westport Dr, Huntington Beach, CA 98109 PPP Term Loan 1.0% 5/4/2022 1.9  1.9  1.9  —  %
Provino's South, Inc. 14485 Hopewell Rd, Alpharetta, GA 34471 PPP Term Loan 1.0% 5/5/2022 18.2  18.2  18.2  0.01  %
Kore Surgical Inc 26636 Fond Du Lac Rd, Rancho Palos Verdes, CA 10036 PPP Term Loan 1.0% 5/5/2022 8.0  8.0  8.0  —  %
Buddy's Towing 830 Birch St, Daytona Beach, FL 11501 PPP Term Loan 1.0% 5/5/2022 4.0  4.0  4.0  —  %
EON.AI LLC 3401 North Miami Ave, Ste 211, Miami, FL 80202 PPP Term Loan 1.0% 5/5/2022 2.5  2.5  2.5  —  %
Superior Property Solutions 7009 E Country Highlands Dr, Floral City, FL 92626 PPP Term Loan 1.0% 5/5/2022 2.5  2.5  2.5  —  %
WHO Insurance Agency Inc 708 6th Ave SE #A, Decatur, AL 94607 PPP Term Loan 1.0% 5/5/2022 0.9  0.9  0.9  —  %
Ventum LLC 2775 South Hwy 40, Ste 4, Heber City, UT 43215 PPP Term Loan 1.0% 5/5/2022 8.1  8.1  8.1  —  %
MacLeod and Company 3161 Michelson Dr, Irvine, CA 33919 PPP Term Loan 1.0% 5/5/2022 7.5  7.5  7.5  —  %
Dance Daly Studio, LLC 24000 Alicia Parkway, #33, Mission Viejo, CA 92120 PPP Term Loan 1.0% 5/5/2022 5.2  5.2  5.2  —  %
Julius Schwarz LLC 50 Pascack Rd, Hillsdale, NJ 63376 PPP Term Loan 1.0% 5/5/2022 4.0  4.0  4.0  —  %
West & East Art Group 9 N Moore St, New York, NY 02347 PPP Term Loan 1.0% 5/5/2022 3.3  3.3  3.3  —  %
Soudan Metals Co 319 W 40th Pl, Chicago, IL 11776 PPP Term Loan 1.0% 5/5/2022 64.3  64.3  64.3  0.02  %
American Showcase Modulars, LLC 6281 US-29, Blairs, VA 63385 PPP Term Loan 1.0% 5/5/2022 6.7  6.7  6.7  —  %
Swirnow Capital Management Corp 500 Harborview Dr, Third Floor, Baltimore, MD 11794 PPP Term Loan 1.0% 5/5/2022 10.0  10.0  10.0  —  %
acaso master fund llc 6710 Benjamin Rd, Ste 100, Tampa, FL 17201 PPP Term Loan 1.0% 5/6/2022 0.7  0.7  0.7  —  %
122
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
GMS Racing LLC 1980 Festival Plaza Dr, Ste 770, Las Vegas, NV 80005 PPP Term Loan 1.0% 5/6/2022 130.0  130.0  130.0  0.04  %
D Bober LLC dba the Public Private Network 445 Hamilton Ave, Ste 1102, White Plains, NY 20036 PPP Term Loan 1.0% 5/6/2022 2.8  2.8  2.8  —  %
Ntrepid LLC 12801 Worldgate Dr, Ste 800, Herndon, VA 94612 PPP Term Loan 1.0% 5/6/2022 714.8  714.8  714.8  0.22  %
South Bay Cable 54125 Maranatha Dr, Idyllwild, CA 85034 PPP Term Loan 1.0% 5/6/2022 80.4  80.4  80.4  0.02  %
Basic L Corporation dba Action Industries 1120 Olympic Dr, Corona, CA 11570 PPP Term Loan 1.0% 5/7/2022 43.1  43.1  43.1  0.01  %
Fernway Solutions Inc. 34 Tidal Way, San Mateo, CA 33414 PPP Term Loan 1.0% 5/7/2022 3.8  3.8  3.8  —  %
KJM Medical, LLC 3012 Pinehurst Dr., Montgomery, AL 33014 PPP Term Loan 1.0% 5/7/2022 1.0  1.0  1.0  —  %
Nolan Construction 10 Fairway Dr, Deerfield Beach, FL 48507 PPP Term Loan 1.0% 5/7/2022 2.1  2.1  2.1  —  %
Care Values, Inc. 1905 Woodstock Rd, Ste 1250, Roswell, GA 28801 PPP Term Loan 1.0% 5/7/2022 14.1  14.1  14.1  —  %
Fried Chicken Kitchen LLC 1750 Market St, San Francisco, CA 91303 PPP Term Loan 1.0% 5/7/2022 42.7  42.7  42.7  0.01  %
Playback, Inc. 17 Ridge Ave, Natick, MA 78154 PPP Term Loan 1.0% 5/7/2022 4.7  4.7  4.7  —  %
Conglomerated Hosts, LTD 14485 Hopewell Rd, Alpharetta, GA 11780 PPP Term Loan 1.0% 5/8/2022 12.7  12.7  12.7  —  %
David A Beach, DMD, MS, PA 27605 Cashford Circle, Ste 101, Wesley Chapel, FL 80910 PPP Term Loan 1.0% 5/8/2022 6.6  6.6  6.6  —  %
Fleming Island Dental Care 1590 Island Ln, Ste 12, Fleming Island, FL 12207 PPP Term Loan 1.0% 5/8/2022 6.9  6.9  6.9  —  %
Dominion Glass & Mirror Inc. 14707-B Willard Road, Chantilly, VA 85282 PPP Term Loan 1.0% 5/8/2022 20.4  20.4  20.4  0.01  %
Allergy & Asthma Associates of Murray Hill, P.C. 35 E 35th St, Ste 202, New York, NY 14623 PPP Term Loan 1.0% 5/8/2022 17.1  17.1  17.1  0.01  %
Jeff O. Gonzalez, M.D., P.A. 2140 W 68th St, Ste 300, Hialeah, FL 94510 PPP Term Loan 1.0% 5/11/2022 2.1  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 Pediatrics 556 Eagle Rock Ave, Ste 106, Roseland, NJ 11050 PPP Term Loan 1.0% 5/11/2022 12.8  12.8  12.8  —  %
Sweet Dreams 480 Mondi Dr, Woodstock, GA 78028 PPP Term Loan 1.0% 5/11/2022 5.0  5.0  5.0  —  %
Legg's Welding Inc. 5871 Clay Hwy, Bickmore, WV 33312 PPP Term Loan 1.0% 5/11/2022 9.5  9.5  9.5  —  %
Drobu Media 1010 Brickell Ave Unit 4105, Miami, FL 78676 PPP Term Loan 1.0% 5/11/2022 2.1  2.1  2.1  —  %
123
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Urban Clarity 13 S Elliott Pl, Brooklyn, NY 11730 PPP Term Loan 1.0% 5/11/2022 2.1  2.1  2.1  —  %
Scott Zucker P.A. 633 S Andrews Ave, #203, Fort Lauderdale, FL 78070 PPP Term Loan 1.0% 5/11/2022 1.0  1.0  1.0  —  %
Landmark IV Realty Inc. 3990 Sheridan St, Ste 105, Hollywood, FL 88008 PPP Term Loan 1.0% 5/11/2022 0.9  0.9  0.9  —  %
Leader, Leader & Zucker, PLLC 633 S Andrews Ave, #201, Fort Lauderdale, FL 78213 PPP Term Loan 1.0% 5/11/2022 5.0  5.0  5.0  —  %
Therapeutic Equestrian Center Inc 115 Stonecrop Lane, Cold Spring, NY 76179 PPP Term Loan 1.0% 5/11/2022 6.5  6.5  6.5  —  %
Rodney and Bernstein P.A. 1925 Brickell Ave, Ste D-207, Miami, FL 92882 PPP Term Loan 1.0% 5/11/2022 17.1  17.1  17.1  0.01  %
Tyler Pidgeon Sole Proprietor 10200 Sporting Club Dr, Raleigh, NC 80903 PPP Term Loan 1.0% 5/11/2022 0.9  0.9  0.9  —  %
Altea Group LLC 4510 Cheltenham Dr, Bethesda, MD 32801 PPP Term Loan 1.0% 5/12/2022 1.2  1.2  1.2  —  %
Temple Emanu-El 2100 Highland Ave, Birmingham, AL 80903 PPP Term Loan 1.0% 5/12/2022 28.0  28.0  28.0  0.01  %
American Automotive Aftermarket Inc. 50 Dunham Rd, Billerica, MA 78701 PPP Term Loan 1.0% 5/12/2022 22.0  22.0  22.0  0.01  %
Stanton Schwartz Design Group LLC 346 Congress St, #201, Boston, MA 86336 PPP Term Loan 1.0% 5/12/2022 0.6  0.6  0.6  —  %
Ernst Architect, PLLC 177 W Broadway, 3rd Floor, New York, NY 80814 PPP Term Loan 1.0% 5/12/2022 17.6  17.6  17.6  0.01  %
Dental Designs of Fort Myers, LLC 3220 Forum Blvd, #104, Fort Myers, FL 11225 PPP Term Loan 1.0% 5/12/2022 34.8  34.8  34.8  0.01  %
RX Psychological Services, LLC 5300 McNutt Road, Ste 12, Santa Teresa, NM 10035 PPP Term Loan 1.0% 5/12/2022 2.1  2.1  2.1  —  %
KKAP El Sereno Laundry, LLC 4899 Huntington Dr North, Los Angeles, CA 80112 PPP Term Loan 1.0% 5/12/2022 1.8  1.8  1.8  —  %
KTF Consulting 2471 N Geneva Terrace, Chicago, IL 10016 PPP Term Loan 1.0% 5/12/2022 3.3  3.3  3.3  —  %
HL Group Inc. 16690 Swingley Ridge Road, Ste 100, Chesterfield, MO 78233 PPP Term Loan 1.0% 5/13/2022 16.0  16.0  16.0  —  %
Child Welfare League of America Inc. 727 15th St NW, Ste 1200, Washington, DC 77082 PPP Term Loan 1.0% 5/13/2022 20.0  20.0  20.0  0.01  %
Gray Global Advisors, LLC 300 New Jersey Ave NW, 9th Floor, Washington, DC 90067 PPP Term Loan 1.0% 5/13/2022 8.1  8.1  8.1  —  %
OrtenB Software 519 Lori Dr, Benicia, CA 80003 PPP Term Loan 1.0% 5/13/2022 0.8  0.8  0.8  —  %
Z Valet, Inc. 4221 Wilshire blvd, Ste 170-11, Los Angeles, CA 77007 PPP Term Loan 1.0% 5/13/2022 33.9  33.9  33.9  0.01  %
124
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Quality Pool Management 161 Rombout Rd, Poughkeepsie, NY 11788 PPP Term Loan 1.0% 5/13/2022 6.4  6.4  6.4  —  %
Weisner Steel Products 77 Moraga Way, Ste F, Orinda, CA 10021 PPP Term Loan 1.0% 5/13/2022 24.2  24.2  24.2  0.01  %
Myrna Casta 1801 Century Park E, Ste 1100, Los Angeles, CA 10034 PPP Term Loan 1.0% 5/13/2022 1.8  1.8  1.8  —  %
Fairview Ford Sales, Inc. 292 N G St, San Bernardino, CA 11554 PPP Term Loan 1.0% 5/13/2022 143.9  143.9  143.9  0.04  %
Deep Ellum Art Co. 3200 Commerce St, Dallas, TX 90255 PPP Term Loan 1.0% 5/14/2022 8.0  8.0  8.0  —  %
Stress Analysis Services, Inc. 3920 Ira Rd, Akron, OH 11201 PPP Term Loan 1.0% 5/14/2022 19.0  19.0  19.0  0.01  %
Sun Cloud Holdings LLC 65 Hemlock Ln, Highland Park, IL 32563 PPP Term Loan 1.0% 5/14/2022 0.8  0.8  0.8  —  %
Retrotope, Inc. 4300 El Camino Real, Ste 201, Los Altos, CA 78634 PPP Term Loan 1.0% 5/14/2022 28.3  28.3  28.3  0.01  %
Mastermind Alliance Wealth Solutions Inc. 5271 Arnica Way, Santa Rosa, CA 32814 PPP Term Loan 1.0% 5/14/2022 2.0  2.0  2.0  —  %
Ashford AFH 15527 Burke Ave N, Shoreline, WA 07305 PPP Term Loan 1.0% 5/14/2022 17.3  17.3  17.3  0.01  %
Meredith Ward Fine Art, Inc. 44 East 74th St., Ste G, New York, NY 27604 PPP Term Loan 1.0% 5/14/2022 3.2  3.2  3.2  —  %
Tuckahoe Animal Hospital PLLC 20 Depot Square, Tuckahoe, NY 86303 PPP Term Loan 1.0% 5/14/2022 14.0  14.0  14.0  —  %
Melbourne United Laser Vision 1478 Highland Ave, Ste A, Melbourne, FL 10028 PPP Term Loan 1.0% 5/14/2022 7.6  7.6  7.6  —  %
Martin Medical Group 4422 N 75th St, Unit 4012, Scottsdale, AZ 78413 PPP Term Loan 1.0% 5/14/2022 1.7  1.7  1.7  —  %
Dalva Bros Inc. 53 E 77th St, New York, NY 55356 PPP Term Loan 1.0% 5/14/2022 8.5  8.5  8.5  —  %
D. R. Horne & Company 117 Mercer St., Princeton, NJ 94612 PPP Term Loan 1.0% 5/14/2022 4.1  4.1  4.1  —  %
Uniglobal Pension Planning, Inc. 4114 Legato Road, Ste 300, Fairfax, VA 78660 PPP Term Loan 1.0% 5/15/2022 14.4  14.4  14.4  —  %
Dominic Orfitelli, LLC 7101 Elizabeth Dr, McLean, VA 78155 PPP Term Loan 1.0% 5/15/2022 3.1  3.1  3.1  —  %
James Hundshamer CPA 223 S Glendora Ave, Glendora, CA 33021 PPP Term Loan 1.0% 5/15/2022 7.0  7.0  7.0  —  %
Grossman LLP 745 5th Ave, Ste 500, New York, NY 80235 PPP Term Loan 1.0% 5/15/2022 7.1  7.1  7.1  —  %
Temecula Hot Yoga, LLC DBA Hot Yoga Healthy You 31773 Temecula Pkwy, Temecula, CA 34202 PPP Term Loan 1.0% 5/15/2022 1.7  1.7  1.7  —  %
Alpine Metal Products, Inc. 2000 St John St, Easton, PA 10567 PPP Term Loan 1.0% 5/15/2022 25.0  25.0  25.0  0.01  %
125
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Ranco Construction LLC 2 Coleman Ct, Southampton, NJ 63640 PPP Term Loan 1.0% 5/15/2022 52.9  52.9  52.9  0.02  %
Rumi K. Lakha D.O., Inc. 7136 Pacific Blvd, Ste 225, Huntington Park, CA 15206 PPP Term Loan 1.0% 5/15/2022 21.7  21.7  21.7  0.01  %
Chatham Pathology and Associates 5353 Reynolds St, Savannah, GA 95648 PPP Term Loan 1.0% 5/15/2022 16.8  16.8  16.8  0.01  %
Kevin C. McWilliams 225 W 35th St 14th Floor, New York, NY 22033 PPP Term Loan 1.0% 5/15/2022 3.0  3.0  3.0  —  %
Timothy G Greco, MD A Prof Corp 1260 Crestview Dr, Fullerton, CA 10075 PPP Term Loan 1.0% 5/15/2022 3.4  3.4  3.4  —  %
F T Brooks Inc. 1206 Powhatan St., Alexandria, VA 77056 PPP Term Loan 1.0% 5/15/2022 2.1  2.1  2.1  —  %
3 Options Consulting 2215 Palmer Pl, Tustin, CA 11215 PPP Term Loan 1.0% 5/15/2022 4.9  4.9  4.9  —  %
Marti E. Peck PhD 3990 Old Town Ave, Ste B100, San Diego, CA 33308 PPP Term Loan 1.0% 5/15/2022 2.3  2.3  2.3  —  %
Brookhollow Management Company 151 Kalmus Dr, F-1, Costa Mesa, CA 10011 PPP Term Loan 1.0% 5/15/2022 30.6  30.6  30.6  0.01  %
Mayer Fayes 18800 NE 29th Ave., Apt 114, Aventura, FL 94583 PPP Term Loan 1.0% 5/15/2022 0.6  0.6  0.6  —  %
Richard C. Watts, Inc. 1602 E 4th St, Santa Ana, CA 78266 PPP Term Loan 1.0% 5/18/2022 6.1  6.1  6.1  —  %
Paradise Shutters Inc 4353 Canton CT, Gulf Breeze, FL 80202 PPP Term Loan 1.0% 5/18/2022 2.4  2.4  2.4  —  %
M&A Services 320 East 53rd St., New York, NY 07083 PPP Term Loan 1.0% 5/18/2022 12.6  12.6  12.6  —  %
BEACHES JET SET PETS INC 949 12th Ave South, Jacksonville Beach, FL 10019 PPP Term Loan 1.0% 5/18/2022 9.5  9.5  9.5  —  %
Hotel Cheval, LLC 1021 Pine St, Paso Robles, CA 92071 PPP Term Loan 1.0% 5/18/2022 17.5  17.5  17.5  0.01  %
Kohcoon LLC 4060 Woodridge Rd, Miami, FL 78209 PPP Term Loan 1.0% 5/18/2022 2.9  2.9  2.9  —  %
Leader & Leader P.A. 633 S Andrews Ave, #201, Fort Lauderdale, FL 20814 PPP Term Loan 1.0% 5/18/2022 2.3  2.3  2.3  —  %
Michael J Scherb DMD PA 2143 South Us Hwy 1, Jupiter, FL 78660 PPP Term Loan 1.0% 5/18/2022 14.2  14.2  14.2  —  %
McGee Media LLC 156 Katonah Ave., Ste #202, Katonah, NY 80111 PPP Term Loan 1.0% 5/18/2022 106.0  106.0  106.0  0.03  %
te Neues Publishing Company LP 350 7th Ave, Ste 301, New York, NY 10010 PPP Term Loan 1.0% 5/18/2022 12.1  12.1  12.1  —  %
South City Construction 1111 Rancho Conejo Blvd, #205, Newbury Park, CA 91502 PPP Term Loan 1.0% 5/18/2022 24.0  24.0  24.0  0.01  %
Elixir Corporation 305 Shawnee North Dr, Ste 250, Suwanee, GA 43215 PPP Term Loan 1.0% 5/18/2022 11.3  11.3  11.3  —  %
126
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Olivenhain Capital Partners 3521 Fortuna Ranch Road, Encinitas, CA 10167 PPP Term Loan 1.0% 5/18/2022 5.4  5.4  5.4  —  %
Roselle-Stacy, Inc. 204 Sinclair Pl, Westfield, NJ 33326 PPP Term Loan 1.0% 5/18/2022 1.3  1.3  1.3  —  %
Lisa Stransky Real Estate LLC 10000 Falls Rd, Ste 300, Potomac, MD 33990 PPP Term Loan 1.0% 5/18/2022 4.7  4.7  4.7  —  %
JLR Realty Inc 119 Circle Dr, Manhasset, NY 30339 PPP Term Loan 1.0% 5/18/2022 3.1  3.1  3.1  —  %
Aldene Industrial Park 204 Sinclair Pl, Westfield, NJ 80918 PPP Term Loan 1.0% 5/18/2022 2.2  2.2  2.2  —  %
Doctors Despensary, LLC 6351 Vireo Ct, Lake Worth, FL 63108 PPP Term Loan 1.0% 5/18/2022 1.6  1.6  1.6  —  %
Yu-Song Yen DDS 5222 Balboa Ave, Ste 71, San Diego, CA 75074 PPP Term Loan 1.0% 5/18/2022 3.3  3.3  3.3  —  %
Wheelhouse Life Science Advisors 927 Regalo Way, San Ramon, CA 63144 PPP Term Loan 1.0% 5/18/2022 11.6  11.6  11.6  —  %
Keldon Paper Company 5960 Boxford Ave, Commerce, CA 91320 PPP Term Loan 1.0% 5/19/2022 11.9  11.9  11.9  —  %
Mark E Goldberg, esq. 130 North Main St., Port Chester, NY 10011 PPP Term Loan 1.0% 5/19/2022 2.1  2.1  2.1  —  %
John Woody Inc. 754 Harrison St, Jacksonville, FL 06484 PPP Term Loan 1.0% 5/19/2022 27.6  27.6  27.6  0.01  %
Chophouse 13 11362 San Jose Blvd, Ste 1, Jacksonville, FL 80922 PPP Term Loan 1.0% 5/19/2022 20.4  20.4  20.4  0.01  %
Shorstein & Shorstein PA 8265 Bayberry Rd, Jacksonville, FL 89519 PPP Term Loan 1.0% 5/19/2022 42.3  42.3  42.3  0.01  %
Doctors Medical Center of Walton County, PA 21 W Main Ave, Defuniak Springs, FL 78216 PPP Term Loan 1.0% 5/19/2022 21.9  21.9  21.9  0.01  %
Stephen Wang & Associates 950 3rd Ave, New York, NY 30281 PPP Term Loan 1.0% 5/19/2022 12.5  12.5  12.5  —  %
Mecca Resources Inc 3033 Riviera Dr, Ste 101, Naples, FL 80218 PPP Term Loan 1.0% 5/19/2022 6.3  6.3  6.3  —  %
Susan Surell 26 Diamond Crest Ct, Baltimore, MD 48304 PPP Term Loan 1.0% 5/19/2022 1.0  1.0  1.0  —  %
SHAWN KASSMAN ESQ., P.C. 110 Carleton Ave, Central Islip, NY 79907 PPP Term Loan 1.0% 5/19/2022 1.8  1.8  1.8  —  %
Sybil Hill 1479 Mossy Branch Way, Mt Pleasant, SC 33432 PPP Term Loan 1.0% 5/19/2022 0.8  0.8  0.8  —  %
Felica Zwebner Design LLC 115 W 29th St, New York, NY 95521 PPP Term Loan 1.0% 5/19/2022 0.8  0.8  0.8  —  %
Robert Giarrusso 9 Sabine Lane, Hardyston, NJ 95682 PPP Term Loan 1.0% 5/19/2022 0.6  0.6  0.6  —  %
Susan Iannelli 26 Court St, Ste 1805, Brooklyn, NY 32707 PPP Term Loan 1.0% 5/19/2022 1.0  1.0  1.0  —  %
127
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Sharrets, Paley, Carter & Blauvelt, PC 75 Broad St, New York, NY 33912 PPP Term Loan 1.0% 5/19/2022 13.8  13.8  13.8  —  %
CCG Advisors 817 W Peachtree St., Ste 205, Atlanta, GA 20003 PPP Term Loan 1.0% 5/19/2022 21.5  21.5  21.5  0.01  %
The Croft Offshore, LLC 1030 Bayside Ln, Weston, FL 80109 PPP Term Loan 1.0% 5/19/2022 1.3  1.3  1.3  —  %
ABRAHAM J DANIEL 18851 NE 29th Ave, #700, Aventura, FL 20003 PPP Term Loan 1.0% 5/19/2022 2.1  2.1  2.1  —  %
Sodales Partners LLC 11 Random Farms Circle, Chappaqua, NY 11949 PPP Term Loan 1.0% 5/19/2022 1.5  1.5  1.5  —  %
Mark Allen & Company, LLC 450 W 17th St, Unit 738, New York, NY 07960 PPP Term Loan 1.0% 5/19/2022 2.2  2.2  2.2  —  %
Susan Giarrusso 9 Sabine Ln, Franklin, NJ 92673 PPP Term Loan 1.0% 5/19/2022 0.3  0.3  0.3  —  %
SA Legends Lacrosse LLC 1011 Rancho Conejo Blvd, Newbury Park, CA 80207 PPP Term Loan 1.0% 5/19/2022 10.1  10.1  10.1  —  %
Laura Billon 1286 El Mercado Way,, Unit C, Oceanside, CA 11561 PPP Term Loan 1.0% 5/19/2022 0.1  0.1  0.1  —  %
Serge Loobkoff 215 S Santa Fe Ave, Ste 15, Los Angeles, CA 10019 PPP Term Loan 1.0% 5/19/2022 0.2  0.2  0.2  —  %
Florida Premier Cardiology LLC 11195 Jog Rd, Ste 6, Boynton Beach, FL 78130 PPP Term Loan 1.0% 5/19/2022 8.0  8.0  8.0  —  %
Specialty Coverage Insurance Agency (SPCIA) 1 Water St, 2nd Floor, Mystic, CT 10001 PPP Term Loan 1.0% 5/20/2022 3.2  3.2  3.2  —  %
Gregory A. Ebenfeld PA 11011 Sheridan St, Ste 113, Hollywood, FL 44131 PPP Term Loan 1.0% 5/20/2022 2.2  2.2  2.2  —  %
Caveonix 7777 Leesburg Pike, Ste 303 South, Falls Church, VA 06484 PPP Term Loan 1.0% 5/20/2022 31.0  31.0  31.0  0.01  %
Seamus Henchy and Associates 145 Hudson St, New York, NY 10010 PPP Term Loan 1.0% 5/20/2022 10.0  10.0  10.0  —  %
Drink Here LLC 6410 S DURANGO DR, Ste 100, Las Vegas, NV 18106 PPP Term Loan 1.0% 5/20/2022 4.6  4.6  4.6  —  %
Sunren International, LLC 1141 Orange Ave, Monrovia, CA 78230 PPP Term Loan 1.0% 5/20/2022 4.2  4.2  4.2  —  %
Melanie L Kemmerer, DMD, PLLC 110 SW Suwannee Ave, Branford, FL 91436 PPP Term Loan 1.0% 5/20/2022 2.9  2.9  2.9  —  %
Sierra Music Publications, Inc. 2711 N Idaho Rd, Liberty Lake, WA 07876 PPP Term Loan 1.0% 5/20/2022 1.6  1.6  1.6  —  %
AllianceRad LLC 425 N Ocean Blvd, Unit 4, Boca Raton, FL 91604 PPP Term Loan 1.0% 5/20/2022 2.1  2.1  2.1  —  %
Testicular Cancer Commons 5415 SW 149th Ave, Beaverton, OR 80915 PPP Term Loan 1.0% 5/20/2022 1.0  1.0  1.0  —  %
Krista Saloom 7210 Corporate Ct, Frederick, MD 63376 PPP Term Loan 1.0% 5/20/2022 1.3  1.3  1.3  —  %
128
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
GARDEN LTC LLC 10 EVANS Dr, BROOKVILLE, NY 34135 PPP Term Loan 1.0% 5/20/2022 1.3  1.3  1.3  —  %
DIXIE CONTRACT CARPET INC 7523 PHILIPS Hwy, Jacksonville, FL 78109 PPP Term Loan 1.0% 5/20/2022 42.9  42.9  42.9  0.01  %
KKAP Reseda Laundry LLC 18300 Vanowen St, Unit #5, Reseda, CA 80908 PPP Term Loan 1.0% 5/20/2022 0.4  0.4  0.4  —  %
RTP Corp. 2832 Center Port Cir, Pompano Beach, FL 78209 PPP Term Loan 1.0% 5/20/2022 39.2  39.2  39.2  0.01  %
KKAP Van Nuys Laundry, LLC 16105 Victory Blvd, Unit 9I, Van Nuys, CA 80602 PPP Term Loan 1.0% 5/20/2022 0.8  0.8  0.8  —  %
Brandy Cox, Inc 11818 Cupworth Ct, Huntersville, NC 28036 PPP Term Loan 1.0% 5/20/2022 0.8  0.8  0.8  —  %
Steven R Wynn Othidonics 1901 Westcliff Dr, Ste #1, Newport Beach, CA 80918 PPP Term Loan 1.0% 5/20/2022 2.5  2.5  2.5  —  %
Mark E Haddad MD Inc PO Box 791507, Paia, HI 81008 PPP Term Loan 1.0% 5/20/2022 1.5  1.5  1.5  —  %
The Duncraggen Realty Corp 708 W 192nd St, Ste 1K, New York, NY 92691 PPP Term Loan 1.0% 5/20/2022 0.8  0.8  0.8  —  %
Direct Resources Group 1520 4th Ave, Ste 500, Seattle, WA 48322 PPP Term Loan 1.0% 5/21/2022 31.3  31.3  31.3  0.01  %
Patricia Margolin 551 Spring Valley Rd, Paramus, NJ 32804 PPP Term Loan 1.0% 5/21/2022 0.9  0.9  0.9  —  %
Herion Productions LLC 95 Thomas Rd, Valatie, NY 31406 PPP Term Loan 1.0% 5/21/2022 1.2  1.2  1.2  —  %
Fernando Suarez Physical Therapy, PLLC 72-15 Grand Ave, Maspeth, NY 78745 PPP Term Loan 1.0% 5/21/2022 3.7  3.7  3.7  —  %
Gwendolyn Luce 4065 Laguna Way, Palo Alto, CA 11710 PPP Term Loan 1.0% 5/21/2022 0.8  0.8  0.8  —  %
Hamilton Technology Services 14115 West 59th Place, Arvada, CO 89118 PPP Term Loan 1.0% 5/21/2022 15.3  15.3  15.3  —  %
Routable AI Inc 32 Chester St., Apt 7, Somerville, MA 08043 PPP Term Loan 1.0% 5/21/2022 3.2  3.2  3.2  —  %
Michelle Euler 1709 Forest Bend Lane, Keller, TX 30188 PPP Term Loan 1.0% 5/21/2022 1.2  1.2  1.2  —  %
Lisa R. Drake PC 3325 Piedmont Rd NE, Unit 3002, Atlanta, GA 10010 PPP Term Loan 1.0% 5/21/2022 2.3  2.3  2.3  —  %
KKAP ELA Laundry, LLC 3845 East 3rd St, Los Angeles, CA 20016 PPP Term Loan 1.0% 5/21/2022 1.8  1.8  1.8  —  %
North Carolina Baptist Foundation, Inc. 201 Convention Dr, Cary, NC 08836 PPP Term Loan 1.0% 5/21/2022 27.6  27.6  27.6  0.01  %
Taylor SF Inc 333 Bush St., Ste 3705, San Francisco, CA 33315 PPP Term Loan 1.0% 5/21/2022 1.3  1.3  1.3  —  %
Carrie Risatti 307 Montana Ave, #201, Santa Monica, CA 80016 PPP Term Loan 1.0% 5/21/2022 1.7  1.7  1.7  —  %
129
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Todd Goodman Productions LLC DBA LA Light Photography 1112 Montana Ave, #381, Santa Monica, CA 29579 PPP Term Loan 1.0% 5/21/2022 1.8  1.8  1.8  —  %
INNERCONX 641 Ranch Rd, Weston, FL 94306 PPP Term Loan 1.0% 5/21/2022 7.7  7.7  7.7  —  %
Ultracare of Manhattan Ltd 800 Second Ave, Ste 905, New York, NY 07735 PPP Term Loan 1.0% 5/21/2022 90.0  90.0  90.0  0.03  %
Frank Betz Associates, Inc. 12045 Hwy 92, Woodstock, GA 90027 PPP Term Loan 1.0% 5/21/2022 20.9  20.9  20.9  0.01  %
Lemon Tree Entertainment, LLC 130 E 94th ST, 9D, New York, NY 80016 PPP Term Loan 1.0% 5/21/2022 1.9  1.9  1.9  —  %
Hoops 4 Health 875 Heather Ln, Winnetka, IL 50701 PPP Term Loan 1.0% 5/21/2022 3.4  3.4  3.4  —  %
Psychiatry Associates PC 1736 Oxmoor Rd, Ste 103, Birmingham, AL 33140 PPP Term Loan 1.0% 5/21/2022 5.0  5.0  5.0  —  %
YourHQ 1592 Union St., #505, San Francisco, CA 92191 PPP Term Loan 1.0% 5/22/2022 1.4  1.4  1.4  —  %
EAM Partners L.P. 3131 Maple Ave, Ste 13B, Dallas, TX 78016 PPP Term Loan 1.0% 5/22/2022 3.2  3.2  3.2  —  %
S & L Paper Corporation 3500 Hampton Rd, Oceanside, NY 91011 PPP Term Loan 1.0% 5/22/2022 12.9  12.9  12.9  —  %
Javalin Group LLC 9735 Rod Road, Johns Creek, GA 94578 PPP Term Loan 1.0% 5/22/2022 1.3  1.3  1.3  —  %
A & L Films, Inc. 16105 Meadowcrest Rd, Sherman Oaks, CA 33431 PPP Term Loan 1.0% 5/22/2022 2.3  2.3  2.3  —  %
Inner Pieces 171 Vidal Blvd, Decatur, GA 21202 PPP Term Loan 1.0% 5/22/2022 0.4  0.4  0.4  —  %
Maselan & Jones, P.C. One International Place, 8th Floor, Boston, MA 94401 PPP Term Loan 1.0% 5/22/2022 9.4  9.4  9.4  —  %
Utility Consulting Group LLC 23679 Calabasas Rd, #263, Calabasas, CA 19003 PPP Term Loan 1.0% 5/22/2022 53.0  53.0  53.0  0.02  %
Platinum Marketing 120 Windermere Dr, Blue Bell, PA 11231 PPP Term Loan 1.0% 5/22/2022 3.6  3.6  3.6  —  %
Fybr LLC 640 Cepi Dr, Ste C, Chesterfield, MO 90012 PPP Term Loan 1.0% 5/22/2022 27.3  27.3  27.3  0.01  %
Schlemmer Farms LLC 6167 State Line Rd., Convoy, oh 94103 PPP Term Loan 1.0% 5/22/2022 3.0  3.0  3.0  —  %
Black Hawk Inc PO BOX 476, BRISTOL, IN 32789 PPP Term Loan 1.0% 5/22/2022 14.4  14.4  14.4  —  %
Steeplechase Amusement Inc 11540 Clover Ave, Los Angeles, CA 21224 PPP Term Loan 1.0% 5/22/2022 4.2  4.2  4.2  —  %
Four Paws Animal Hospital PC 199 Broadway, Amityville, NY 27511 PPP Term Loan 1.0% 5/22/2022 4.4  4.4  4.4  —  %
L Corp 2190 Talmadge St., Los Angeles, CA 91016 PPP Term Loan 1.0% 5/22/2022 3.3  3.3  3.3  —  %
130
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
JK Belz & Associates Inc 10580 N McCarran Blvd, #115-222, Reno, NV 95691 PPP Term Loan 1.0% 5/22/2022 4.8  4.8  4.8  —  %
South Florida Imaging Consultants LLC 10754 Versailles Blvd, Wellington, FL 78641 PPP Term Loan 1.0% 5/22/2022 4.4  4.4  4.4  —  %
Stoker Construction Inc 56471 29 PALMS Hwy, YUCCA VALLEY, CA 30115 PPP Term Loan 1.0% 5/22/2022 14.5  14.5  14.5  —  %
JB Press LLC 82 Flamingo Rd, Roslyn, NY 27517 PPP Term Loan 1.0% 5/22/2022 1.4  1.4  1.4  —  %
BanzaiFly Inc 3861 Reklaw Dr, Studio City, CA 77459 PPP Term Loan 1.0% 5/22/2022 2.0  2.0  2.0  —  %
Anders Environmental LLC 1315 Hartford Dr, Boulder, CO 80918 PPP Term Loan 1.0% 5/22/2022 4.0  4.0  4.0  —  %
P3s Corp 21526 Privada Avila, San Antonio, TX 94530 PPP Term Loan 1.0% 5/22/2022 60.8  60.8  60.8  0.02  %
Youth Tennis San Diego Foundation 4490 W Point Loma Blvd, San Diego, CA 83816 PPP Term Loan 1.0% 5/22/2022 0.7  0.7  0.7  —  %
Jewish Community Foundation of the West 2130 21st St, Sacramento, CA 33021 PPP Term Loan 1.0% 5/22/2022 1.2  1.2  1.2  —  %
Cinema Vehicles 12580 Saticoy St, North Hollywood, CA 30339 PPP Term Loan 1.0% 5/22/2022 59.0  59.0  59.0  0.02  %
Provino's Italian Restaurant, Inc. 14485 Hopewell Rd, Alpharetta, GA 19508 PPP Term Loan 1.0% 5/26/2022 25.8  25.8  25.8  0.01  %
Bethany L. LaFlam 9 Acacia Tree Ln, Irvine, CA 32751 PPP Term Loan 1.0% 5/26/2022 1.7  1.7  1.7  —  %
Easy Content Media LLC 706 Van Nest Dr, Martinsville, NJ 19341 PPP Term Loan 1.0% 5/26/2022 5.8  5.8  5.8  —  %
Bar-Z Anderson LTD Co 1408 Wathen Ave, Austin, TX 11367 PPP Term Loan 1.0% 5/26/2022 5.0  5.0  5.0  —  %
The Desai Foundation 209 Burlington Rd, Ste 217, Bedford, MA 11368 PPP Term Loan 1.0% 5/26/2022 5.3  5.3  5.3  —  %
JM Robson LPCCS 4807 Rockside Rd, Ste 300, Independence, OH 34748 PPP Term Loan 1.0% 5/26/2022 0.8  0.8  0.8  —  %
Improving Communications 105 Haven Ave, Port Washington, NY 93109 PPP Term Loan 1.0% 5/26/2022 2.1  2.1  2.1  —  %
Kenneth R. Hughes 3620 Mt Diablo Blvd, Ste 203, Lafayette, CA 32963 PPP Term Loan 1.0% 5/26/2022 2.1  2.1  2.1  —  %
Drosihn Construction, Inc. 749 Atherton Ave, Novato, CA 32807 PPP Term Loan 1.0% 5/26/2022 2.6  2.6  2.6  —  %
163rd Avenue Investors, LLC 1435 163rd Ave, San Leandro, CA 45439 PPP Term Loan 1.0% 5/26/2022 2.9  2.9  2.9  —  %
2875 Sedgwick Owners Corp 708 W 192nd St, Ste 1K, New York, NY 91303 PPP Term Loan 1.0% 5/26/2022 1.3  1.3  1.3  —  %
KN Artist Management, LLC 3924 Poppyseed Place, Calabasas, CA 80220 PPP Term Loan 1.0% 5/26/2022 2.1  2.1  2.1  —  %
131
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Hunstiger Inc 9120 Rock Pond Way, Colorado Springs, CO 07757 PPP Term Loan 1.0% 5/26/2022 3.3  3.3  3.3  —  %
Larry Lawrence Realty, Inc. PO Box 2365, Olympic Valley, CA 33308 PPP Term Loan 1.0% 5/26/2022 4.7  4.7  4.7  —  %
Quickway Metal Fabricators 9 Murran Rd, P.O. Box 1378, Monticello, NY 11385 PPP Term Loan 1.0% 5/26/2022 5.9  5.9  5.9  —  %
DANGOLD, INC. 138-43 78th Rd, Flushing, NY 91303 PPP Term Loan 1.0% 5/26/2022 1.0  1.0  1.0  —  %
TK Food Concepts LLC 107 North 3rd St, Ste 3D, Brooklyn, NY 78704 PPP Term Loan 1.0% 5/26/2022 15.4  15.4  15.4  —  %
Jennifer Leigh Cobb 303 Port Royal Way, Pensacola, FL 78130 PPP Term Loan 1.0% 5/26/2022 0.2  0.2  0.2  —  %
44678 Valley Center LLC 1417 Antigua Way, Newport Beach, CA 95070 PPP Term Loan 1.0% 5/26/2022 3.0  3.0  3.0  —  %
Jennie Kwon Designs 643 S Olive St, Los Angeles, CA 45174 PPP Term Loan 1.0% 5/26/2022 5.4  5.4  5.4  —  %
Pacific CCI, Inc 880 W 1st St, #520, Los Angeles, CA 80013 PPP Term Loan 1.0% 5/27/2022 36.4  36.4  36.4  0.01  %
Onchip Systems 1953 O'Toole Way, San Jose, CA 80920 PPP Term Loan 1.0% 5/27/2022 12.8  12.8  12.8  —  %
J Partners LLC 4885 Rebel Trail, Atlanta, GA 92081 PPP Term Loan 1.0% 5/27/2022 2.1  2.1  2.1  —  %
Craig Iwai 848 S Myrtle Ave, Monrovia, CA 80226 PPP Term Loan 1.0% 5/27/2022 3.6  3.6  3.6  —  %
Scalini's, Inc. 14485 Hopewell Rd, Alpharetta, GA 80132 PPP Term Loan 1.0% 5/27/2022 17.7  17.7  17.7  0.01  %
Phillip Thomas Inc 210 E 68th St, Ste 9G, New York, NY 08755 PPP Term Loan 1.0% 5/27/2022 8.4  8.4  8.4  —  %
X-Pest 100 N Hill Dr, #40, Brisbane, CA 60620 PPP Term Loan 1.0% 5/27/2022 5.0  5.0  5.0  —  %
Evalyn Mosser Bookkeeping and Consulting 2436 N Federal Hwy, Ste 474, Lighthouse Point, FL 96745 PPP Term Loan 1.0% 5/27/2022 1.4  1.4  1.4  —  %
Hauser Family Foundation 10617 Charleston Dr, Vero Beach, FL 78610 PPP Term Loan 1.0% 5/27/2022 1.3  1.3  1.3  —  %
Paige Management LLC 254 Corsair Ave, Lauderdale-By-The-Sea, FL 44114 PPP Term Loan 1.0% 5/27/2022 1.1  1.1  1.1  —  %
AC Diel 17 Eton Ct, South Barrington, IL 60076 PPP Term Loan 1.0% 5/27/2022 1.0  1.0  1.0  —  %
Robert Frantz MD, Inc 1730 San Ysidro Dr, Beverly Hills, CA 94103 PPP Term Loan 1.0% 5/27/2022 2.1  2.1  2.1  —  %
Sports Academy Integrated Sports Medicine, LLC 1011 Rancho Conejo Blvd, Newbury Park, CA 80123 PPP Term Loan 1.0% 5/27/2022 31.4  31.4  31.4  0.01  %
132
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Jasmine Greenhow 4848 E Cactus Rd, Ste 505-473, Scottsdale, AZ 80210 PPP Term Loan 1.0% 5/27/2022 0.7  0.7  0.7  —  %
Butterfly Sunrise Corp 2261 Market St, #418, San Francisco, CA 11572 PPP Term Loan 1.0% 5/27/2022 1.3  1.3  1.3  —  %
Aqua Flies LLC PO Box 2216, Sebastopol, CA 85282 PPP Term Loan 1.0% 5/27/2022 1.0  1.0  1.0  —  %
Bent Tail, Inc. 824 Brooks Ave, Venice, CA 80134 PPP Term Loan 1.0% 5/27/2022 2.1  2.1  2.1  —  %
Actors and Others for Animals 11523 Burbank Blvd, North Hollywood, CA 78644 PPP Term Loan 1.0% 5/27/2022 5.6  5.6  5.6  —  %
Cabrillo Capital Group, Inc. 15404 Highland Valley Rd, Escondido, CA 29464 PPP Term Loan 1.0% 5/27/2022 4.2  4.2  4.2  —  %
Julie Evans Realtor 4 Hopscotch Ln, Savannah, GA 20036 PPP Term Loan 1.0% 5/27/2022 1.7  1.7  1.7  —  %
PlayWorks Counseling, LLC 4420 NE St Johns Road, Ste D, Vancouver, WA 63101 PPP Term Loan 1.0% 5/27/2022 0.6  0.6  0.6  —  %
AMAN PC 181 Westfield Ave, Clark, NJ 10001 PPP Term Loan 1.0% 5/27/2022 9.9  9.9  9.9  —  %
Joped, Inc. 1411 SE Indian St, Stuart, FL 06901 PPP Term Loan 1.0% 5/27/2022 14.4  14.4  14.4  —  %
Marguarite Clark Public Relations 2 New Chardon, Laguna Niguel, CA 90048 PPP Term Loan 1.0% 5/27/2022 3.4  3.4  3.4  —  %
Jenius Solutions 2772 Lansdowne Ln SE, Atlanta, GA 90040 PPP Term Loan 1.0% 5/27/2022 1.0  1.0  1.0  —  %
Frenchy's 1460 3rd St S, Jacksonville Beach, FL 33773 PPP Term Loan 1.0% 5/28/2022 8.6  8.6  8.6  —  %
Hoaka Property Company LLC PO Box 670, Kailua Kona, HI 93105 PPP Term Loan 1.0% 5/28/2022 40.0  40.0  40.0  0.01  %
Fourth Church 1270 Silverado St, La Jolla, CA 10016 PPP Term Loan 1.0% 5/28/2022 3.6  3.6  3.6  —  %
Daniel I Richman, MD 429 E 75th St, 6th Floor, New York, NY 19465 PPP Term Loan 1.0% 5/28/2022 16.8  16.8  16.8  0.01  %
SANDLER SEARCH ASSOCIATES, LLC 132 E 35th St, Apt 5E, New York, NY 07801 PPP Term Loan 1.0% 5/28/2022 8.7  8.7  8.7  —  %
Yoga Connection of Pembroke Pines, Inc 12592 Pines Blvd, #103, Pembroke Pines, FL 20036 PPP Term Loan 1.0% 5/28/2022 2.3  2.3  2.3  —  %
Studio U+A, LLC 231 W 29th St, Ste 1402, New York, NY 80907 PPP Term Loan 1.0% 5/28/2022 1.6  1.6  1.6  —  %
Studio LBV 6562 San Vicente Blvd, Los Angeles, CA 80232 PPP Term Loan 1.0% 5/28/2022 1.7  1.7  1.7  —  %
Naissan O Wesley, MD, Inc - A Medical Corporation 9201 W Sunset Blvd, Ste 602, Los Angeles, CA 78251 PPP Term Loan 1.0% 5/28/2022 12.3  12.3  12.3  —  %
richard noren llc 2101 Waukegan Rd, Ste 110, Bannockburn, IL 78130 PPP Term Loan 1.0% 5/28/2022 2.8  2.8  2.8  —  %
133
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Tinny Corporation 100 Bradley St, Middletown, CT 94114 PPP Term Loan 1.0% 5/28/2022 50.2  50.2  50.2  0.02  %
PPJ 2 Carsha Dr, Natick, MA 80132 PPP Term Loan 1.0% 5/28/2022 33.6  33.6  33.6  0.01  %
Dr. Tom Gallant DDS 8906 Colesville Rd, Silver Spring, MD 94086 PPP Term Loan 1.0% 5/28/2022 1.0  1.0  1.0  —  %
MLN Partners LLC 550 S Ocean Blvd, Boca Raton, FL 01062 PPP Term Loan 1.0% 5/28/2022 4.2  4.2  4.2  —  %
Tucker Investment Group, LLC 5010 Parkway Calabasas, Ste 105, Calabasas, CA 78620 PPP Term Loan 1.0% 5/28/2022 3.4  3.4  3.4  —  %
CHANCELLOR CONSULTING GROUP, INC 749 Atherton Ave, Novato, CA 78733 PPP Term Loan 1.0% 5/28/2022 4.2  4.2  4.2  —  %
Emeco 805 W Elm Ave, Hanover, PA 22102 PPP Term Loan 1.0% 5/28/2022 50.7  50.7  50.7  0.02  %
Sports Academy Venture Lab, Inc. 1011 Rancho Conejo Blvd, Newbury Park, CA 92604 PPP Term Loan 1.0% 5/28/2022 11.2  11.2  11.2  —  %
George Chien 12898 Woodmont Dr, Saratoga, CA 80903 PPP Term Loan 1.0% 5/28/2022 2.6  2.6  2.6  —  %
Law Office of Debrah B. Rosenthal, APC 120 Eucalyptus Ln, Costa Mesa, CA 02045 PPP Term Loan 1.0% 5/28/2022 2.7  2.7  2.7  —  %
Mamba and Mamacita Sports Foundation 1011 Rancho Conejo Blvd, Newbury Park, CA 80917 PPP Term Loan 1.0% 5/28/2022 3.3  3.3  3.3  —  %
TMCG Marketing Inc. dba The Marcom Group 1655 N Main St, #390, Walnut Creek, CA 80304 PPP Term Loan 1.0% 5/28/2022 5.5  5.5  5.5  —  %
TrueCustomerSuccess LLC 921 N Idaho St, San Mateo, CA 94608 PPP Term Loan 1.0% 5/28/2022 0.7  0.7  0.7  —  %
Tectonics Enterprises Inc 56471 29 PALMS Hwy, YUCCA VALLEY, CA 93065 PPP Term Loan 1.0% 5/28/2022 7.5  7.5  7.5  —  %
Julia Obadiah, PC 6370 SW Borland, Ste 200, Tualatin, OR 42701 PPP Term Loan 1.0% 5/28/2022 3.1  3.1  3.1  —  %
Jaron Presant, Inc. 752 Juanita Ave, Santa Barbara, CA 11965 PPP Term Loan 1.0% 5/28/2022 2.0  2.0  2.0  —  %
Pig Will Productions, Inc. 1957 N Bronson Ave, Los Angeles, CA 06810 PPP Term Loan 1.0% 5/29/2022 1.3  1.3  1.3  —  %
Construction Details, LLC 5412 Planting Field Lane, Flowery Branch, GA 10044 PPP Term Loan 1.0% 5/29/2022 2.1  2.1  2.1  —  %
Dawn Coleman-Hyman 2505 E 7 st, Long Beach, CA 80011 PPP Term Loan 1.0% 5/29/2022 1.2  1.2  1.2  —  %
Benjamin Leshin, M.D. P.C. 1267 Willis St, Redding, CA 80302 PPP Term Loan 1.0% 5/29/2022 2.1  2.1  2.1  —  %
Don Dietrich Inc. 240 Main St, Nyack, NY 94124 PPP Term Loan 1.0% 5/29/2022 3.3  3.3  3.3  —  %
Shalik, Morris & Company, LLC 80 Crossways Park Dr W, Woodbury, NY 78723 PPP Term Loan 1.0% 5/29/2022 108.3  108.3  108.3  0.03  %
134
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Strategic Code Solutions LLC 182 Summer St, Box 355, Kingston, MA 80863 PPP Term Loan 1.0% 5/29/2022 1.7  1.7  1.7  —  %
Elizabeth W. Shull 2600 Wamath Dr, Charlotte, NC 33467 PPP Term Loan 1.0% 5/29/2022 1.7  1.7  1.7  —  %
MANHATTAN RETINA & EYE CONSULTANTS 67 E 78th St., Unit 1c, New York, NY 71270 PPP Term Loan 1.0% 5/29/2022 2.8  2.8  2.8  —  %
TPR Ent. LTD 644 Fayette Ave, Mamaroneck, NY 85210 PPP Term Loan 1.0% 5/29/2022 6.0  6.0  6.0  —  %
Michael E. Cindrich, Attorney At Law 225 Broadway, Ste 2100, San Diego, CA 18106 PPP Term Loan 1.0% 5/29/2022 5.0  5.0  5.0  —  %
HCMA Consultants, Inc. 1802 Harper Rd, Ste 102, Beckley, WV 33469 PPP Term Loan 1.0% 5/29/2022 14.5  14.5  14.5  —  %
Electric Sales Associates, Inc 2121 N Commerce Pkwy, Weston, FL 80909 PPP Term Loan 1.0% 5/29/2022 20.0  20.0  20.0  0.01  %
Derco Construction, Inc. 1771 Blount Rd, #509, Pompano Beach, FL 46077 PPP Term Loan 1.0% 5/29/2022 5.3  5.3  5.3  —  %
Brink Design LLC 1088 Longley Ave NW, Atlanta, GA 80112 PPP Term Loan 1.0% 5/29/2022 2.9  2.9  2.9  —  %
7D Surgical USA Inc. 2711 Centerville Rd, Ste 400, Wilmington, DE 78216 PPP Term Loan 1.0% 5/29/2022 25.2  25.2  25.2  0.01  %
BY BABBA Inc 6 St Johns Ln, New York, NY 11379 PPP Term Loan 1.0% 5/29/2022 6.9  6.9  6.9  —  %
Joseph W Robb DDS Inc A Dental Corp 56 Penny Lane, Ste A, Watsonville, CA 78757 PPP Term Loan 1.0% 5/29/2022 9.5  9.5  9.5  —  %
Stix,LLC 7805 NW Beacon Square Blvd, Ste 201, Boca Raton, FL 78739 PPP Term Loan 1.0% 5/29/2022 3.3  3.3  3.3  —  %
LB Eatery, LLC 1781 Village Ln N, Wantagh, NY 80903 PPP Term Loan 1.0% 5/29/2022 3.9  3.9  3.9  —  %
DRAWINGROOM LLC 73 Milland Dr, Mill Valley, CA 81501 PPP Term Loan 1.0% 5/29/2022 2.1  2.1  2.1  —  %
NOVA Fisheries, Inc. 2532 Yale Ave. E, Seattle, WA 11434 PPP Term Loan 1.0% 5/29/2022 3.1  3.1  3.1  —  %
POTOMAC GLEN DAY SCHOOL 9908 S Glen Rd, Potomac, MD 04110 PPP Term Loan 1.0% 5/29/2022 13.9  13.9  13.9  —  %
SLS Partners Inc 6844 Spyglass Ln, Rancho Santa Fe, CA 55127 PPP Term Loan 1.0% 5/29/2022 2.7  2.7  2.7  —  %
Steve Kupfer Consulting 290 6th Ave, Brooklyn, NY 32068 PPP Term Loan 1.0% 5/29/2022 2.1  2.1  2.1  —  %
Dreyfus Advisors, LLC 448 Springer Rd., Fairfield, CT 78724 PPP Term Loan 1.0% 5/29/2022 2.1  2.1  2.1  —  %
Hawk Management LLC 2305 W Horizon Ridge Pkwy, #2024, Henderson, NV 10019 PPP Term Loan 1.0% 5/29/2022 18.9  18.9  18.9  0.01  %
Lenat & Partners, Inc. 1633 Old Bayshore Hwy, Ste 220, Burlingame, CA 10065 PPP Term Loan 1.0% 5/29/2022 1.5  1.5  1.5  —  %
135
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Knock Out Productions Inc. 21425 Dumetz Rd, Woodland Hills, CA 37209 PPP Term Loan 1.0% 5/29/2022 2.3  2.3  2.3  —  %
Southside Cleaning Service, Inc. 2969 Riverwood Terrace, Birmingham, AL 20018 PPP Term Loan 1.0% 5/29/2022 0.6  0.6  0.6  —  %
DELUCA MASONRY CONSTRUCTION LLC 4 Stone Cir, Norwood, MA 11372 PPP Term Loan 1.0% 5/29/2022 3.4  3.4  3.4  —  %
Atlanta Consulting Engineers, Inc. 500 Sun Valley Dr, Unit G2, Roswell, GA 85282 PPP Term Loan 1.0% 5/29/2022 9.3  9.3  9.3  —  %
Sirockman Management LLC 1600 Northside Dr NW, Ste 100, Atlanta, GA 33312 PPP Term Loan 1.0% 5/29/2022 2.1  2.1  2.1  —  %
Nicholas Thaler PHD 2950 S Bentley Ave, Unit 10, Los Angeles, CA 92821 PPP Term Loan 1.0% 5/29/2022 2.2  2.2  2.2  —  %
Atlas Compensation Partners , LLC. 2200 Anna Mae Dr, Coraopolis, PA 80917 PPP Term Loan 1.0% 5/29/2022 1.0  1.0  1.0  —  %
Scelsi & Associates LLC 76 E Euclid Ave, Haddonfield, NJ 80920 PPP Term Loan 1.0% 5/29/2022 9.9  9.9  9.9  —  %
Headhunter Inc 3380 SW 11th AVE, FT LAUDERDALE, FL 92069 PPP Term Loan 1.0% 5/29/2022 78.2  78.2  78.2  0.02  %
Hi Point, LLC 10798 LONESOME DOVE TRAIL, Waxahachie, TX 78130 PPP Term Loan 1.0% 5/29/2022 2.8  2.8  2.8  —  %
Construction Solutions and Services LLC 7698 Hoffy Cir, Lake Worth, FL 99801 PPP Term Loan 1.0% 5/29/2022 1.1  1.1  1.1  —  %
Curtis A Mellon, ReMax Anchor, MLS Detectives Group 3941 Tamiami Trail, Ste 3121, Punta Gorda, FL 89502 PPP Term Loan 1.0% 5/29/2022 4.1  4.1  4.1  —  %
Vicarious Music LLC 70 Berry St, Ste 2C, Brooklyn, NY 08033 PPP Term Loan 1.0% 5/29/2022 0.6  0.6  0.6  —  %
Raidah Hudson Dentistry 4374 S Laburnum Ave, Richmond, VA 80016 PPP Term Loan 1.0% 5/29/2022 2.5  2.5  2.5  —  %
Clifton Triplett 90 S Tranquil Path, Spring, TX 60630 PPP Term Loan 1.0% 5/29/2022 3.7  3.7  3.7  —  %
Benton Oil & Gas LLC 2700 Post Oak Blvd, #2700, Houston, TX 75605 PPP Term Loan 1.0% 5/29/2022 0.6  0.6  0.6  —  %
TLM Equities LLC 8 Saddle Ridge Rd, Old Westbury, NY 80904 PPP Term Loan 1.0% 5/29/2022 2.0  2.0  2.0  —  %
Xtreme Acro and Cheer Inc. 14702 Southlawn Ln, Rockville, MD 80112 PPP Term Loan 1.0% 5/29/2022 5.0  5.0  5.0  —  %
Jeffrey Bayer CPA, P.C. 240 Kent Ave, Brooklyn, NY 11709 PPP Term Loan 1.0% 5/29/2022 2.2  2.2  2.2  —  %
Josefa  F Simkin 266 Green Valley Rd, Freedom, CA 80621 PPP Term Loan 1.0% 5/29/2022 1.2  1.2  1.2  —  %
Calgo Mfg Inc 9930 Research Dr, Ste 100, Irvine, CA 94124 PPP Term Loan 1.0% 5/29/2022 2.0  2.0  2.0  —  %
Haley Glazer Geriatric Care Management, LLC 40 Bradway Ave, Ewing Township, NJ 30060 PPP Term Loan 1.0% 6/1/2022 3.3  3.3  3.3  —  %
136
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Snipers Lacrosse Inc 1024 W Heritage Club Cir, Delray Beach, FL 92071 PPP Term Loan 1.0% 6/1/2022 2.6  2.6  2.6  —  %
Makena Tech Solutions, Inc 232 N Lone Hill Ave, Glendora, CA 90024 PPP Term Loan 1.0% 6/1/2022 3.9  3.9  3.9  —  %
Michael A Friedman, MD 2675 N Decatur Rd, Decatur, GA 78130 PPP Term Loan 1.0% 6/1/2022 1.7  1.7  1.7  —  %
Kevin A. Swersey Wine Consultant, Inc. 612 Pondside Dr, White Plains, NY 30033 PPP Term Loan 1.0% 6/1/2022 0.2  0.2  0.2  —  %
Clozd 2801 N Thanksgiving Way, Ste 190, Lehi, UT 07720 PPP Term Loan 1.0% 6/1/2022 10.6  10.6  10.6  —  %
Triple Aught Foundation 24052 Watergap Road, Hiko, NV 80108 PPP Term Loan 1.0% 6/1/2022 6.7  6.7  6.7  —  %
Bonsecours Productions Inc. 420 Riverside Dr, New York, NY 20015 PPP Term Loan 1.0% 6/1/2022 1.2  1.2  1.2  —  %
Tova1 Corp 21 S Hope Chapel Rd, Jackson Township, NJ 11229 PPP Term Loan 1.0% 6/1/2022 8.4  8.4  8.4  —  %
Exclusive 30A Rentals, LLC 20 Mark Twain lane, Inlet Beach, FL 10456 PPP Term Loan 1.0% 6/1/2022 8.7  8.7  8.7  —  %
Eric Fischl 3724 24th St, #113, Long Island City, NY 10603 PPP Term Loan 1.0% 6/1/2022 1.9  1.9  1.9  —  %
Senior Resouces Guide LLC PO Box 6027, Denver, CO 80226 PPP Term Loan 1.0% 6/1/2022 2.7  2.7  2.7  —  %
Lori B. Birndorf, D.O., A Medical Corporation 12139 Riverside Dr, Valley Village, CA 77042 PPP Term Loan 1.0% 6/1/2022 3.0  3.0  3.0  —  %
James E. Schad 260 Hampton Farms Ct NE, Marietta, GA 92127 PPP Term Loan 1.0% 6/1/2022 2.1  2.1  2.1  —  %
VCSC 11627 Versailles Lakes Ln, Houston, TX 94301 PPP Term Loan 1.0% 6/1/2022 2.4  2.4  2.4  —  %
MRV Associates 19 Fox Meadow Rd, Scarsdale, NY 10044 PPP Term Loan 1.0% 6/1/2022 2.1  2.1  2.1  —  %
Welles & Montgomery LLC 770 Wildwood Rd NE, Atlanta, GA 07039 PPP Term Loan 1.0% 6/1/2022 0.7  0.7  0.7  —  %
Lubin & Meyer, PC 100 City Hall Plaza, Boston, MA 90805 PPP Term Loan 1.0% 6/1/2022 63.0  63.0  63.0  0.02  %
Broomstick Productions Inc 10866 Wilshire Blvd, 10th Floor, Los Angeles, CA 30030 PPP Term Loan 1.0% 6/1/2022 2.1  2.1  2.1  —  %
LAUREL RACQUET AND HEALTH CLUB INC 204 Fort Meade Rd, Laurel, MD 10168 PPP Term Loan 1.0% 6/1/2022 5.3  5.3  5.3  —  %
Special Events Staffing 1015 N Lake Ave, Ste 205, Pasadena, CA 33301 PPP Term Loan 1.0% 6/1/2022 54.6  54.6  54.6  0.02  %
BOWIE RACQUET AND FITNESS CLUB, INC 100 White Marsh Park Dr, Bowie, MD 10011 PPP Term Loan 1.0% 6/1/2022 28.1  28.1  28.1  0.01  %
Tiny Transformations 222 N Henry St, Apt 2, Brooklyn, NY 80016 PPP Term Loan 1.0% 6/1/2022 0.5  0.5  0.5  —  %
137
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
JAM Marketing, Inc. 736 Broadway, 4th Floor, New York, NY 80218 PPP Term Loan 1.0% 6/1/2022 1.1  1.1  1.1  —  %
Schroeder Arts Consulting LLC 35 W 90th St, Ste 9F, New York, NY 80206 PPP Term Loan 1.0% 6/1/2022 2.1  2.1  2.1  —  %
CATHY FRANKLIN 124 EAST 92ND St., NEW YORK, NY 85381 PPP Term Loan 1.0% 6/1/2022 2.1  2.1  2.1  —  %
R.E. Hazard Contracting Company 401 B St, Ste 2400, San Diego, CA 06457 PPP Term Loan 1.0% 6/1/2022 6.3  6.3  6.3  —  %
Sterling Creek Energy LLC 308 N Colorado St, Ste 200, Midland, TX 91911 PPP Term Loan 1.0% 6/1/2022 1.6  1.6  1.6  —  %
J. B. GOOD RESOURCES, LLC 257 Abercorn Circle, Chapel Hill, NC 10003 PPP Term Loan 1.0% 6/1/2022 1.1  1.1  1.1  —  %
Bull City Sue 228 Pineview Rd, Durham, NC 49418 PPP Term Loan 1.0% 6/1/2022 1.0  1.0  1.0  —  %
Get Wired Tec, Inc. 2192 Lysander Ave, Simi Valley, CA 80118 PPP Term Loan 1.0% 6/1/2022 4.0  4.0  4.0  —  %
A&J Enterprises, Inc. 250 Columbine Unit 503, Denver, CO 80921 PPP Term Loan 1.0% 6/1/2022 2.2  2.2  2.2  —  %
Steven F. Stratton 200 E Randolph St, Chicago, IL 33131 PPP Term Loan 1.0% 6/1/2022 2.1  2.1  2.1  —  %
Colgate McCallum Advisors Inc 5440 Harvest Hill Rd., #253, Dallas, TX 35403 PPP Term Loan 1.0% 6/1/2022 14.6  14.6  14.6  —  %
Hafner Research Associates LLC 12 Quarry Ridge Rd, Sandy Hook, CT 17963 PPP Term Loan 1.0% 6/1/2022 1.8  1.8  1.8  —  %
JD Digital Documentation 408 E. 4th St., Ste 301A, Bridgeport, PA 19464 PPP Term Loan 1.0% 6/1/2022 3.6  3.6  3.6  —  %
Richard A Stevenson DDS 6851 Belfort Oaks Pl, Jacksonville, FL 78132 PPP Term Loan 1.0% 6/1/2022 4.2  4.2  4.2  —  %
Eco Tekk 21136 N Andover Rd, Kildeer, IL 91001 PPP Term Loan 1.0% 6/1/2022 4.5  4.5  4.5  —  %
Franz Weber, Inc. PO Box 34000, Reno, NV 10004 PPP Term Loan 1.0% 6/1/2022 2.2  2.2  2.2  —  %
Bailey and Owens Construction 2649 Valleydale Rd, Birmingham, AL 81007 PPP Term Loan 1.0% 6/1/2022 17.5  17.5  17.5  0.01  %
Levin's Crosstown Supply Corp. 1347 Boston Rd, Bronx, NY 10003 PPP Term Loan 1.0% 6/1/2022 6.5  6.5  6.5  —  %
Egan-Wagner Corporation 2929 Two Paths Dr, Woodridge, IL 06807 PPP Term Loan 1.0% 6/1/2022 4.4  4.4  4.4  —  %
MW Engineering 2001 W Alameda Dr, Ste 201, Tempe, AZ 91201 PPP Term Loan 1.0% 6/1/2022 6.6  6.6  6.6  —  %
New Soho Gallery Inc., DBA Julie Saul Projects 1133 Broadway, Ste 733, New York, NY 53115 PPP Term Loan 1.0% 6/1/2022 2.1  2.1  2.1  —  %
Judy DeCanio 171 E 77th St, New York, NY 16142 PPP Term Loan 1.0% 6/1/2022 2.0  2.0  2.0  —  %
138
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Fedbiz Consulting Inc. 47522 Coldspring Pl, Sterling, VA 80203 PPP Term Loan 1.0% 6/1/2022 4.3  4.3  4.3  —  %
Quad Cities Autism Center Inc 2430 6th Ave, Moline, IL 80126 PPP Term Loan 1.0% 6/1/2022 14.6  14.6  14.6  —  %
The On The Line Company, Inc 101 Arch St, Ste 225, Boston, MA 10036 PPP Term Loan 1.0% 6/1/2022 9.7  9.7  9.7  —  %
FVC Associates Exec.Dev.&Strategy, Inc. 97 Aldrich St., Boston, MA 78642 PPP Term Loan 1.0% 6/1/2022 2.1  2.1  2.1  —  %
Barnhill Chiropractic Clinic 5270 Northwest 34th Blvd., Gainesville, FL 33426 PPP Term Loan 1.0% 6/1/2022 3.3  3.3  3.3  —  %
Guest Associates, Inc. 2707 Artie St SW, Bldg 300, Ste 2, Huntsville, AL 92618 PPP Term Loan 1.0% 6/1/2022 3.8  3.8  3.8  —  %
LG Networks Inc 8111 Lyndon B Johnson Fwy, Ste 700, Dallas, TX 10001 PPP Term Loan 1.0% 6/1/2022 15.1  15.1  15.1  —  %
Steve Solodoff 1523 Portola St, Davis, CA 80918 PPP Term Loan 1.0% 6/1/2022 2.1  2.1  2.1  —  %
Orange Park Travel 3657 St Johns Ave, Jacksonville, FL 06489 PPP Term Loan 1.0% 6/2/2022 6.3  6.3  6.3  —  %
Alessandra Santopietro 88 Leonard St, Apt 517, New York, NY 80921 PPP Term Loan 1.0% 6/2/2022 1.8  1.8  1.8  —  %
Pacific Design Directions, Inc. 8171 E Kaiser Blvd, Anaheim, CA 12553 PPP Term Loan 1.0% 6/2/2022 44.6  44.6  44.6  0.01  %
Paul T.C. Liu MD Inc. 2233 Huntington Dr, San Marino, CA 10465 PPP Term Loan 1.0% 6/2/2022 7.5  7.5  7.5  —  %
JAB Executive Services 11277 Gravitation Dr, Las Vegas, NV 92591 PPP Term Loan 1.0% 6/2/2022 2.1  2.1  2.1  —  %
Glyphix Studio Inc. 6964 Shoup Ave, Canoga Park, CA 10012 PPP Term Loan 1.0% 6/2/2022 4.9  4.9  4.9  —  %
E & J Frankel Limited 612 Pondside Dr, White Plains, NY 81623 PPP Term Loan 1.0% 6/2/2022 1.5  1.5  1.5  —  %
Trapwire Inc. 1818 Library St, Reston, VA 34233 PPP Term Loan 1.0% 6/2/2022 24.4  24.4  24.4  0.01  %
Chitra Kumar MD 5311 John F. Kennedy Blvd, West New York, NJ 80918 PPP Term Loan 1.0% 6/2/2022 2.9  2.9  2.9  —  %
Robert M. Worman, P.A 1200 S Pine Island Rd, Ste 220, Plantation, FL 94517 PPP Term Loan 1.0% 6/2/2022 1.2  1.2  1.2  —  %
Innervision Technology Relocation Company 3780 Kilroy Airport Way, Ste 200-300, Long Beach, CA 78734 PPP Term Loan 1.0% 6/2/2022 7.4  7.4  7.4  —  %
Marilyn Ontell Management 14 W 17th St, Ste 5S, New York, NY 22066 PPP Term Loan 1.0% 6/2/2022 0.3  0.3  0.3  —  %
Residential Origination Capital Mortgage Corp. 5698 Pirrone Rd, Salida, CA 80228 PPP Term Loan 1.0% 6/2/2022 4.5  4.5  4.5  —  %
Jessica Weber Design Inc 305 7th Ave, New York, NY 11701 PPP Term Loan 1.0% 6/2/2022 3.9  3.9  3.9  —  %
139
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
TK Digital Corporation 107 North 3rd St, Ste 3D, Brooklyn, NY 19525 PPP Term Loan 1.0% 6/2/2022 10.8  10.8  10.8  —  %
Provino's of North Gwinnett, Inc. 14485 Hopewell Rd, Alpharetta, GA 78015 PPP Term Loan 1.0% 6/2/2022 24.0  24.0  24.0  0.01  %
General Glass 3646 23rd Ave S, #105, Lake Worth, FL 11781 PPP Term Loan 1.0% 6/2/2022 13.3  13.3  13.3  —  %
Zola Electric Labs, Inc. 555 De Haro St, San Francisco, CA 78745 PPP Term Loan 1.0% 6/2/2022 50.0  50.0  50.0  0.02  %
Elena Napolitano MD, LLC 58 Summit Ct, Westfield, NJ 31324 PPP Term Loan 1.0% 6/2/2022 1.0  1.0  1.0  —  %
T-Cubed Ventures, LLC 3317 P St NW, Washington, DC 78746 PPP Term Loan 1.0% 6/2/2022 0.3  0.3  0.3  —  %
St. Jude Emergency Medical Group Inc. 9930 Research Dr, Irvine, CA 97759 PPP Term Loan 1.0% 6/2/2022 24.5  24.5  24.5  0.01  %
Breiner Psychological Services LLC 5825 Glenridge Dr, Bldg 3, Ste 101C, Atlanta, GA 78249 PPP Term Loan 1.0% 6/2/2022 1.2  1.2  1.2  —  %
Spruce Street Tap PO Box 1636, Asheville, NC 10012 PPP Term Loan 1.0% 6/2/2022 68.5  68.5  68.5  0.02  %
ICVM Group, INC. PO Box 761, Mattituck, NY 78244 PPP Term Loan 1.0% 6/2/2022 7.2  7.2  7.2  —  %
Black Orchard Studios, LLC 521 Eayrestown Rd, Southampton, NJ 80621 PPP Term Loan 1.0% 6/2/2022 1.0  1.0  1.0  —  %
Prime Refrigerant Services, LLC 511 Gates Creek Rd, Bradenton, FL 33012 PPP Term Loan 1.0% 6/2/2022 1.2  1.2  1.2  —  %
Swiet411, Inc. 247 Maxwell St, Decatur, GA 78216 PPP Term Loan 1.0% 6/2/2022 2.5  2.5  2.5  —  %
Wavecrest Sales LLC 501 NE Wavecrest Way, Boca Raton, FL 32789 PPP Term Loan 1.0% 6/2/2022 2.0  2.0  2.0  —  %
Alarm Specialist Inc 333 Old Tarrytown Rd, White Plains, NY 90245 PPP Term Loan 1.0% 6/2/2022 20.0  20.0  20.0  0.01  %
CLG LLC 5108 Baroque Cir NE, Atlanta, GA 80003 PPP Term Loan 1.0% 6/2/2022 2.1  2.1  2.1  —  %
HIGGINS CONSTRUCTION LLC 1626 Dunkirk Ln N, Plymouth, MN 45431 PPP Term Loan 1.0% 6/2/2022 4.2  4.2  4.2  —  %
RBR Associates, LLC 11720 Dancliff Trce, Alpharetta, GA 80905 PPP Term Loan 1.0% 6/2/2022 2.1  2.1  2.1  —  %
Life Without Fear Chiropractic Clinic LLC 1925 Justice Dr, Ste 170, Lexington, KY 78730 PPP Term Loan 1.0% 6/2/2022 2.5  2.5  2.5  —  %
Joseph B. Krauss, DDS 3351 El Camino Real, Ste 235, Atherton, CA 02116 PPP Term Loan 1.0% 6/2/2022 9.4  9.4  9.4  —  %
Flynn Gallagher Associates LLC 1980 Festival Plaza Dr, Ste 770, Las Vegas, NV 11373 PPP Term Loan 1.0% 6/2/2022 23.2  23.2  23.2  0.01  %
FGR Automation, LLC 1800 Sunset Harbor, Unit 1202, Miami Beach, FL 80918 PPP Term Loan 1.0% 6/3/2022 7.1  7.1  7.1  —  %
140
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Law Offices of Rajiv S Khanna PC 5225 N. Wilson Blvd, Arlington, VA 11713 PPP Term Loan 1.0% 6/3/2022 31.3  31.3  31.3  0.01  %
Travel Etcetera, Inc. 1107 S Fair Oaks Ave, Pasadena, CA 80210 PPP Term Loan 1.0% 6/3/2022 0.6  0.6  0.6  —  %
Samantha Hundshamer 8223 Leucite Ave, Rancho Cucamonga, CA 20910 PPP Term Loan 1.0% 6/3/2022 0.8  0.8  0.8  —  %
Porretta/Westenhagen Living Trust 6454 Van Nuys Blvd, Ste 150, Van Nuys, CA 80421 PPP Term Loan 1.0% 6/3/2022 6.9  6.9  6.9  —  %
Monument Management Systems LLC 2400 Sisson St, Baltimore, MD 18505 PPP Term Loan 1.0% 6/3/2022 8.8  8.8  8.8  —  %
Compass Management Services LLC 1711 Parklake Village Dr, Katy, TX 80014 PPP Term Loan 1.0% 6/3/2022 1.1  1.1  1.1  —  %
El Tigre Productions LLC 14 West 17th St., New York, NY 78752 PPP Term Loan 1.0% 6/3/2022 1.8  1.8  1.8  —  %
UVR Sculpture LLC 78 Ingraham St, Brooklyn, NY 78109 PPP Term Loan 1.0% 6/3/2022 9.8  9.8  9.8  —  %
Solomon Construction Consulting LLC 38 Turtle Cove Ln, Huntington, NY 92705 PPP Term Loan 1.0% 6/3/2022 0.7  0.7  0.7  —  %
Fisher Vista, Inc. 119 Marina Ave, Ste A, Aptos, CA 11370 PPP Term Loan 1.0% 6/3/2022 3.3  3.3  3.3  —  %
New York Construction Associates LLC 242 West 36th St., Ste 704, New York, NY 80249 PPP Term Loan 1.0% 6/3/2022 9.8  9.8  9.8  —  %
Ultimate Sports Medicine 3727 Buchanan St., Ste 203, San Francisco, CA 76502 PPP Term Loan 1.0% 6/3/2022 2.1  2.1  2.1  —  %
Princeton Van Service 92 north main St. bldg 4, WINDSOR, NJ 13088 PPP Term Loan 1.0% 6/3/2022 1.7  1.7  1.7  —  %
Crescent Oil and Gas, LLC 4925 Greenville Ave, Ste 600, Dallas, TX 91205 PPP Term Loan 1.0% 6/3/2022 2.1  2.1  2.1  —  %
David H.C. King, M.D., Inc. 320 Dardanelli Ln, Ste 23B, Los Gatos, CA 06103 PPP Term Loan 1.0% 6/3/2022 3.8  3.8  3.8  —  %
Renuart Enterprises Inc. (REI) 16950 SW 90th Ave, Palmetto Bay, FL 80006 PPP Term Loan 1.0% 6/3/2022 7.3  7.3  7.3  —  %
Integrated risk management services, llc 225 West 34th St., Ste 905, New York, NY 80907 PPP Term Loan 1.0% 6/3/2022 0.6  0.6  0.6  —  %
Subterranean Hair 263 W 7th St, San Pedro, CA 91367 PPP Term Loan 1.0% 6/3/2022 0.9  0.9  0.9  —  %
Steven R Bateh, DMD, PA 1305 N Orange Ave, #116, Green Cove Springs, FL 83815 PPP Term Loan 1.0% 6/3/2022 3.7  3.7  3.7  —  %
Apache Behavioral Health Services, Inc. 249 W Ponderosa St, Whiteriver, AZ 92506 PPP Term Loan 1.0% 6/3/2022 241.1  241.1  241.1  0.07  %
Saecularia LLC 1552 N Cahuenga Blvd, Los Angeles, CA 85260 PPP Term Loan 1.0% 6/3/2022 3.8  3.8  3.8  —  %
Bennett Elia 3304 Cole Ave, Ste 171, Dallas, TX 78114 PPP Term Loan 1.0% 6/3/2022 4.2  4.2  4.2  —  %
141
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
HAssan Medical Pain Relief and Wellness Center. DBA: Hassan Spine and Sports Medicine 316 Tennent Rd, Ste 202A, Morganville, NJ 92021 PPP Term Loan 1.0% 6/3/2022 1.5  1.5  1.5  —  %
Mazco Ventures LLC 3410 Montrose Blvd, Houston, TX 90017 PPP Term Loan 1.0% 6/3/2022 0.3  0.3  0.3  —  %
Parenteau Guidance 132 E 35th St, Apt 3J, New York, NY 11385 PPP Term Loan 1.0% 6/3/2022 0.9  0.9  0.9  —  %
Paul Leitner MD 8540 S Sepulveda Blvd, Ste 910, Los Angeles, CA 80215 PPP Term Loan 1.0% 6/3/2022 3.9  3.9  3.9  —  %
Ryan Berman Advisory, LLC 161 Falcon Rd, Guilford, CT 85260 PPP Term Loan 1.0% 6/3/2022 2.1  2.1  2.1  —  %
Linda Lane PR & Marketing 280 Edgewood Dr, West Palm Beach, FL 10309 PPP Term Loan 1.0% 6/3/2022 1.6  1.6  1.6  —  %
Heath Tinsley 1595 Sailing Club Rd, Camden, SC 11743 PPP Term Loan 1.0% 6/3/2022 0.4  0.4  0.4  —  %
Innovative Waste Solutions LLC 10300 W Charleston Blvd, Ste 13-B4, Las Vegas, NV 90505 PPP Term Loan 1.0% 6/3/2022 0.3  0.3  0.3  —  %
over the moon 619 Valley Rd, Montclair, NJ 90025 PPP Term Loan 1.0% 6/3/2022 3.4  3.4  3.4  —  %
Fiber Connect LLC 12 Buckingham Lane, Monterey, MA 10010 PPP Term Loan 1.0% 6/3/2022 4.7  4.7  4.7  —  %
Dr. Stuart Schlisserman, MD 211 Quarry Rd, Ste 203 MC5993, Stanford, CA 19465 PPP Term Loan 1.0% 6/3/2022 4.5  4.5  4.5  —  %
Griffin Land Corp. 115 North St, Ste 40, Litchfield, CT 10021 PPP Term Loan 1.0% 6/4/2022 2.1  2.1  2.1  —  %
Mohlar Hurley Partners 608 Santa Monica Blvd, Santa Monica, CA 85308 PPP Term Loan 1.0% 6/4/2022 1.8  1.8  1.8  —  %
Avlis Partners LLC 900 Golf View Ct, Dacula, GA 10037 PPP Term Loan 1.0% 6/4/2022 2.6  2.6  2.6  —  %
G2 Computers LLC 1116 Taylorsville Rd, Washington Crossing, PA 80918 PPP Term Loan 1.0% 6/4/2022 2.4  2.4  2.4  —  %
Children's Dispensary & Hospital Association 812 E Lasalle Ave, South Bend, IN 86305 PPP Term Loan 1.0% 6/4/2022 2.2  2.2  2.2  —  %
Realign by Randee, Inc. 730 Crystal Ct, Weston, FL 78132 PPP Term Loan 1.0% 6/4/2022 0.4  0.4  0.4  —  %
Breckenridge Technologies, LLC 2333 San Ramon Valley Blvd, Ste 460, San Ramon, CA 80528 PPP Term Loan 1.0% 6/4/2022 6.9  6.9  6.9  —  %
Chris Soukas Furs LLC 1050 Point Seaside Dr, Crystal Beach, FL 53216 PPP Term Loan 1.0% 6/4/2022 4.2  4.2  4.2  —  %
BRAS NW INC 317 NW Gilman Blvd, Ste 44, Issaquah, WA 27560 PPP Term Loan 1.0% 6/4/2022 1.1  1.1  1.1  —  %
142
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Metal Oxide Technologies LLC 8807 Emmott Rd, Ste 100, Houston, TX 11050 PPP Term Loan 1.0% 6/4/2022 25.2  25.2  25.2  0.01  %
Social Leadia 427 Country Ln, Louisville, KY 78681 PPP Term Loan 1.0% 6/4/2022 0.6  0.6  0.6  —  %
Prime Sales & Marketing, Inc. 3211 University Blvd SE, Ste A, Albuquerque, NM 80918 PPP Term Loan 1.0% 6/4/2022 24.7  24.7  24.7  0.01  %
Vreeke & Associates 845 E Easy St., Ste 101, Simi Valley, CA 37211 PPP Term Loan 1.0% 6/4/2022 8.8  8.8  8.8  —  %
THE MYOCARDITIS FOUNDATION 3518 Echo Mountain Dr, Kingwood, TX 32321 PPP Term Loan 1.0% 6/4/2022 2.2  2.2  2.2  —  %
Gerald A. Field d/b/a Gerald A. Field, Attorney at Law 11 Asylum St, Hartford, CT 75023 PPP Term Loan 1.0% 6/4/2022 1.6  1.6  1.6  —  %
Lisa Segmiller 17211 Bellhaven Walk Ct, Charllote, NC 86301 PPP Term Loan 1.0% 6/4/2022 1.2  1.2  1.2  —  %
MAYATEX, INC. 5015 S IH 35, Georgetown, TX 99223 PPP Term Loan 1.0% 6/4/2022 4.7  4.7  4.7  —  %
Rock Bottom Productions 1125 E Broadway, #249, Glendale, CA 78704 PPP Term Loan 1.0% 6/4/2022 1.4  1.4  1.4  —  %
Franciscan Poor Clares 720 HENRY CLAY AVE, NEW ORLEANS, LA 10022 PPP Term Loan 1.0% 6/4/2022 2.0  2.0  2.0  —  %
SKYMINA LLC 3105 Cedar Rd, Yorktown Heights, NY 20854 PPP Term Loan 1.0% 6/4/2022 2.1  2.1  2.1  —  %
Guardian Consulting Services, Inc. 3333 New Hyde Park Road, Ste 202, New Hyde Park, NY 78154 PPP Term Loan 1.0% 6/4/2022 8.0  8.0  8.0  —  %
Kitty and Vibe, Inc 126 13th St, 3rd Floor, Brooklyn, NY 78258 PPP Term Loan 1.0% 6/4/2022 0.6  0.6  0.6  —  %
Oncology and Hematology Associates of Central Jersey PA 2177 OAK TREE RD, Ste 104, Edison, NJ 02045 PPP Term Loan 1.0% 6/4/2022 12.0  12.0  12.0  —  %
Serlin Consulting LLC 1445 Gordon Terrace, Deerfield, IL 12547 PPP Term Loan 1.0% 6/4/2022 2.1  2.1  2.1  —  %
Amanda Thompson Design 4676 Dovefield Ln, Kannapolis, NC 80918 PPP Term Loan 1.0% 6/4/2022 0.3  0.3  0.3  —  %
Cartoon Collections, LLC 155 E 44th St, 29th Floor, New York, NY 48067 PPP Term Loan 1.0% 6/4/2022 4.4  4.4  4.4  —  %
Farrell Remodeling, Inc. 148 2nd St, Los Altos, CA 77479 PPP Term Loan 1.0% 6/4/2022 15.4  15.4  15.4  —  %
Aircel LLC 3033 Riviera Dr, Ste 101, Naples, FL 07728 PPP Term Loan 1.0% 6/4/2022 35.0  35.0  35.0  0.01  %
Make 3 Architecture 1075 Brady Ave NW, Atlanta, GA 04240 PPP Term Loan 1.0% 6/4/2022 4.0  4.0  4.0  —  %
Edgewater Services Co Ltd 225 Greenfield Pkwy, Ste 202, Liverpool, NY 20010 PPP Term Loan 1.0% 6/4/2022 3.7  3.7  3.7  —  %
143
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Eva Davis 4403 Chase Ave, Bethesda, MD 80005 PPP Term Loan 1.0% 6/4/2022 2.1  2.1  2.1  —  %
Human Capital Management and Performance, LLC. 6506 Mebane Oaks Rd, Mebane, NC 80918 PPP Term Loan 1.0% 6/4/2022 2.1  2.1  2.1  —  %
Robert Spransy CPA 257 Abercorn Cir, Chapel Hill, NC 30038 PPP Term Loan 1.0% 6/4/2022 1.5  1.5  1.5  —  %
Unity Worldwide Ministries Eastern Region 800 Blanton Ave, Richmond, VA 92109 PPP Term Loan 1.0% 6/4/2022 0.8  0.8  0.8  —  %
Melanie S. Francis, LCSW 116 W 23rd St., 5th Floor, New York, NY 80209 PPP Term Loan 1.0% 6/4/2022 1.6  1.6  1.6  —  %
Fry Investment Company 4241 N Winfield Scott Plaza, #201, Scottsdale, AZ 95336 PPP Term Loan 1.0% 6/4/2022 13.9  13.9  13.9  —  %
RAZL LLC 45 Coldstream Cir, Lincolnshire, IL 90505 PPP Term Loan 1.0% 6/4/2022 2.1  2.1  2.1  —  %
New Experience 1029 N Peachtree Parkway 268, Peachtree City, GA 78108 PPP Term Loan 1.0% 6/4/2022 6.9  6.9  6.9  —  %
Enhanced Affordable Management Company, LLC 4221 Wilshire Blvd, Ste 260, Los Angeles, CA 80134 PPP Term Loan 1.0% 6/4/2022 12.0  12.0  12.0  —  %
Socorro Corp 900 Wilshire Blvd, Ste 2400, Los Angeles, CA 78109 PPP Term Loan 1.0% 6/4/2022 2.1  2.1  2.1  —  %
Amanda Lopez 23411 aliso viejo parkway, Aliso Viejo, CA 30318 PPP Term Loan 1.0% 6/4/2022 0.5  0.5  0.5  —  %
Brodeur Kazanjian Beauty & Fashion LLC dba Queen Beauty 1675 E Morten Ave, #4112, Phoenix, AZ 80132 PPP Term Loan 1.0% 6/4/2022 5.9  5.9  5.9  —  %
Charm City Cakes 2936 Remington Ave, Baltimore, MD 93065 PPP Term Loan 1.0% 6/4/2022 5.5  5.5  5.5  —  %
James Reinish & Associates, Inc. 25 E 73rd St, New York, NY 33351 PPP Term Loan 1.0% 6/5/2022 3.4  3.4  3.4  —  %
Moody Creek Farms LLC 31257 VIA MARIA ELENA, Bonsall, CA 32164 PPP Term Loan 1.0% 6/5/2022 35.4  35.4  35.4  0.01  %
YMCA of West San Gabriel Valley 401 East Corto St., Alhambra, CA 44514 PPP Term Loan 1.0% 6/5/2022 15.7  15.7  15.7  —  %
National Postdoctoral Association 15800 Crabbs Branch Way, Derwood, MD 86004 PPP Term Loan 1.0% 6/5/2022 3.7  3.7  3.7  —  %
Laura A. Brevetti 575 5th Ave, 14th Floor, New York, NY 75033 PPP Term Loan 1.0% 6/5/2022 3.0  3.0  3.0  —  %
Superius Securities Group Inc 94 Grand Ave, Englewood, NJ 01720 PPP Term Loan 1.0% 6/5/2022 4.4  4.4  4.4  —  %
CATWALK, LLC fka VITRINE LLC 4300 Stevens Creek Blvd, Ste 126, San Jose, CA 96708 PPP Term Loan 1.0% 6/5/2022 0.6  0.6  0.6  —  %
Michelle Frost Real Estate Sales 3113 Roswell Road, Ste 101, Marietta, GA 85051 PPP Term Loan 1.0% 6/5/2022 2.1  2.1  2.1  —  %
144
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Nezhat Medical Center P.C. 5555 Peachtree Dunwoody Rd, Ste #276, Atlanta, GA 20036 PPP Term Loan 1.0% 6/5/2022 8.3  8.3  8.3  —  %
MS-IR LLC 88 Morningside Ave, Ste 7A, New York, NY 80237 PPP Term Loan 1.0% 6/5/2022 2.1  2.1  2.1  —  %
Michael S. Blank Realty 1870 Baldwin Rd. - Unit 69, Yorktown Heights, NY 11101 PPP Term Loan 1.0% 6/5/2022 1.3  1.3  1.3  —  %
PDT LLC 2812 Rivers Edge Rd, Louisville, KY 34736 PPP Term Loan 1.0% 6/5/2022 3.3  3.3  3.3  —  %
Hrach Khudatyan MD, Inc 134 N Glendale Ave, Glendale, CA 80903 PPP Term Loan 1.0% 6/5/2022 3.3  3.3  3.3  —  %
Corona Jackson Refrigeration Service, Inc. 59-6 Central Ave, Farmingdale, NY 78753 PPP Term Loan 1.0% 6/5/2022 2.8  2.8  2.8  —  %
Hight Accounting Services LLC 3209 E Wood Valley Rd NW, Atlanta, GA 06824 PPP Term Loan 1.0% 6/5/2022 0.5  0.5  0.5  —  %
Seattle Ventures LLC 2215 3rd Ave W, Seattle, WA 18977 PPP Term Loan 1.0% 6/5/2022 2.1  2.1  2.1  —  %
Nottingham Investment Company LLLP 1690 Derby Mesa Loop, Burns, CO 20833 PPP Term Loan 1.0% 6/5/2022 2.1  2.1  2.1  —  %
CT Business Enterprises 14703 Lyon Hill Ln, Huntersville, NC 89117 PPP Term Loan 1.0% 6/5/2022 0.5  0.5  0.5  —  %
Sherman Law Group, a Professional Law Corporation 9454 Wilshire Blvd, Beverly Hills, CA 78251 PPP Term Loan 1.0% 6/5/2022 4.2  4.2  4.2  —  %
Salon Vivace VA, LLC 680 Ingomar Rd, Wexford, PA 80014 PPP Term Loan 1.0% 6/5/2022 12.7  12.7  12.7  —  %
Statewide Interpreters 63 Milland Dr, Mill Valley, CA 92082 PPP Term Loan 1.0% 6/5/2022 11.7  11.7  11.7  —  %
The Fiedler Companies, Inc. 408 E 134th St, Bronx, NY 75225 PPP Term Loan 1.0% 6/5/2022 5.9  5.9  5.9  —  %
Chris Matheos 13726 Leadwell St, Van Nuys, CA 80138 PPP Term Loan 1.0% 6/5/2022 0.1  0.1  0.1  —  %
Custom Trades Company 129 Stonehedge Dr N, Greenwich, CT 10040 PPP Term Loan 1.0% 6/5/2022 0.5  0.5  0.5  —  %
The JW Agency LLC 707 Skokie Blvd, Ste 600, Northbrook, IL 61008 PPP Term Loan 1.0% 6/5/2022 3.6  3.6  3.6  —  %
Precision Landscape Management Inc 3130 Carter Jones Rd, Groveland, FL 78259 PPP Term Loan 1.0% 6/5/2022 19.0  19.0  19.0  0.01  %
Stonecrop Gardens Inc 81 Stonecrop Ln, Cold Spring, NY 20814 PPP Term Loan 1.0% 6/5/2022 16.7  16.7  16.7  0.01  %
Panache 639 Pilot House Dr, Newport News, VA 07066 PPP Term Loan 1.0% 6/5/2022 7.1  7.1  7.1  —  %
Justin W McClung d/b/a The McClung Group 55 N Altwood Cir, Spring, TX 30319 PPP Term Loan 1.0% 6/5/2022 4.2  4.2  4.2  —  %
145
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Door Four LLC 508 W 26th St., Ste 11A, New York, NY 95119 PPP Term Loan 1.0% 6/5/2022 13.2  13.2  13.2  —  %
Grandview Advisors Inc. 100 RIVERSIDE LN, Riverside, CT 94596 PPP Term Loan 1.0% 6/5/2022 1.5  1.5  1.5  —  %
Andrew S. Gaffney Foundation 245 South St, Morristown, NJ 80034 PPP Term Loan 1.0% 6/5/2022 1.4  1.4  1.4  —  %
The Law Offices of Bob Camors 1501 The Alameda, Ste 210, San Jose, CA 60103 PPP Term Loan 1.0% 6/5/2022 3.2  3.2  3.2  —  %
Ash Health Corp 316 Tennent Rd, Ste 202A, Morganville, NJ 29715 PPP Term Loan 1.0% 6/5/2022 1.7  1.7  1.7  —  %
Anne T. Carlon M.D. P.C. 425 E 58th St, #39A, New York, NY 13815 PPP Term Loan 1.0% 6/5/2022 12.4  12.4  12.4  —  %
SDG Engineering PC 121 Huntington Rd, Port Washington, NY 80219 PPP Term Loan 1.0% 6/5/2022 8.5  8.5  8.5  —  %
Active Reading Clinic 25 Hillcroft Way, Walnut Creek, CA 54984 PPP Term Loan 1.0% 6/5/2022 3.2  3.2  3.2  —  %
JD Randall group 4422 Sea Harbour Dr, Huntington Beach, CA 76109 PPP Term Loan 1.0% 6/5/2022 1.5  1.5  1.5  —  %
American Friends of the Israel Museum 545 5th Ave, Ste 920, New York, NY 78213 PPP Term Loan 1.0% 6/5/2022 13.2  13.2  13.2  —  %
STSE - DBA Plaza Auto 359 E Western Reserve Rd, Youngstown, OH 10011 PPP Term Loan 1.0% 6/5/2022 1.1  1.1  1.1  —  %
Green Rhino Recycling, LLC 2809 Academy Dr SE, Auburn, WA 86326 PPP Term Loan 1.0% 6/5/2022 2.2  2.2  2.2  —  %
Landmark Technologies LLC 4806 S St Andrews Ln, Spokane, WA 45014 PPP Term Loan 1.0% 6/5/2022 2.8  2.8  2.8  —  %
Jacqueline R. Moroco, D.D.S., M.S., P.A. 4600 Linton Blvd, Ste 330, Delray Beach, FL 22712 PPP Term Loan 1.0% 6/5/2022 14.3  14.3  14.3  —  %
Compacted Recycling Company LLC 2809 Academy Dr SE, Auburn, WA 94102 PPP Term Loan 1.0% 6/5/2022 1.1  1.1  1.1  —  %
LaFlower Construction, Inc. 23888 Madison St, Torrance, CA 06787 PPP Term Loan 1.0% 6/5/2022 0.1  0.1  0.1  —  %
DC Retina Docs PLLC 3317 P St NW, Washington, DC 78757 PPP Term Loan 1.0% 6/5/2022 0.6  0.6  0.6  —  %
Katherine W Luce 1220 University Dr, Ste 104, Menlo Park, CA 29936 PPP Term Loan 1.0% 6/5/2022 1.3  1.3  1.3  —  %
HYPRLABS INC. 400 Concar Dr, San Mateo, CA 98092 PPP Term Loan 1.0% 6/5/2022 10.4  10.4  10.4  —  %
Tmack Property Maintenance LLC 14 Knollwood Dr, East Hanover, NJ 32817 PPP Term Loan 1.0% 6/5/2022 1.6  1.6  1.6  —  %
Sea-Est Incorporated 1741 W Beaver St, Jacksonville, FL 80809 PPP Term Loan 1.0% 6/8/2022 25.6  25.6  25.6  0.01  %
Gwinnett Cemeteries, LLC 103 Crestview Church Rd, Warner Robins, GA 90291 PPP Term Loan 1.0% 6/8/2022 16.5  16.5  16.5  0.01  %
146
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Clint Dewey 155 E 31st St, Apt 4S, New York, NY 85260 PPP Term Loan 1.0% 6/8/2022 2.1  2.1  2.1  —  %
KP Auto Repair LLC 12917 Percheron Ln, Oak Hill, VA 10003 PPP Term Loan 1.0% 6/8/2022 1.3  1.3  1.3  —  %
Michael S Chlopak 1 Claridge Dr, Apt PH 14, Verona, NJ 08822 PPP Term Loan 1.0% 6/8/2022 1.4  1.4  1.4  —  %
Morgan Blakeley LLC 255 Saint Paul St, Apt #220, Denver, CO 50701 PPP Term Loan 1.0% 6/8/2022 0.7  0.7  0.7  —  %
Frank Nicholson Inc. 360 Massachusetts Ave, Acton, MA 28117 PPP Term Loan 1.0% 6/8/2022 8.6  8.6  8.6  —  %
John Merrick 3209 Centenary Ave, Dallas, TX 10024 PPP Term Loan 1.0% 6/8/2022 2.0  2.0  2.0  —  %
Music Center Inc. dba Haight Ashbury Music Center; dba Gelb Music 722 El Camino Real, Redwood City, CA 11021 PPP Term Loan 1.0% 6/8/2022 9.5  9.5  9.5  —  %
Korhan Beba 17 Oak Hill Rd, Branchburg, NJ 80919 PPP Term Loan 1.0% 6/8/2022 0.5  0.5  0.5  —  %
Grenville Owners Corp. 225 Bennett Ave, Ste 1K, New York, NY 80132 PPP Term Loan 1.0% 6/8/2022 3.2  3.2  3.2  —  %
Camfed U.S.A. Foundation 466 Geary St, Ste 400, San Francisco, CA 78154 PPP Term Loan 1.0% 6/8/2022 18.2  18.2  18.2  0.01  %
National Roofing 1237 Circle Ave, Forest Park, IL 86314 PPP Term Loan 1.0% 6/8/2022 52.5  52.5  52.5  0.02  %
Dental Designs of Naples 5048 Tamiami Trail N, Naples, FL 20016 PPP Term Loan 1.0% 6/9/2022 21.1  21.1  21.1  0.01  %
Ronald A. Williams Ltd 5540 Falmouth St Ste 303, Richmond, VA 80033 PPP Term Loan 1.0% 6/9/2022 3.8  3.8  3.8  —  %
National Foundation for Infectious Diseases (NFID) 7201 Wisconsin Ave, Ste 750, Bethesda, MD 78266 PPP Term Loan 1.0% 6/9/2022 9.9  9.9  9.9  —  %
The Junior League of Pensacola, Florida, Incorporated 2016 W. Garden St., Pensacola, FL 93110 PPP Term Loan 1.0% 6/9/2022 0.5  0.5  0.5  —  %
David Dee Fine Arts 1374 E Arlington Dr, Salt Lake City, UT 86004 PPP Term Loan 1.0% 6/9/2022 0.6  0.6  0.6  —  %
HERBERT CHARLES SCHWAT 1940 Biltmore St NW, Apt 32, Washington, DC 85704 PPP Term Loan 1.0% 6/9/2022 2.1  2.1  2.1  —  %
ATL Advisory LLC 76 Bellefair Rd, Rye Brook, NY 20781 PPP Term Loan 1.0% 6/9/2022 2.1  2.1  2.1  —  %
Kushnika, Inc. 14766 Live Oak Ln, Saratoga, CA 10036 PPP Term Loan 1.0% 6/9/2022 0.7  0.7  0.7  —  %
Gabriella New York, LLC 155 Wooster St., Unit 3W, New York, NY 94550 PPP Term Loan 1.0% 6/9/2022 3.1  3.1  3.1  —  %
Luxury Destinations 151 Melius Rd, Warren, CT 78217 PPP Term Loan 1.0% 6/9/2022 1.6  1.6  1.6  —  %
G&A Rehab, Inc 3333 Skypark Dr, Ste 220, Torrance, CA 80107 PPP Term Loan 1.0% 6/9/2022 15.8  15.8  15.8  —  %
147
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
CCR Investment Group dba Equity Finance Group 2271 W. Malvern ave, Ste 424, Fullerton, CA 07405 PPP Term Loan 1.0% 6/9/2022 5.1  5.1  5.1  —  %
OCC installations 12102 Manley St, Garden Grove, CA 08225 PPP Term Loan 1.0% 6/9/2022 0.7  0.7  0.7  —  %
Charm City Cakes West 8302 Melrose Ave, Los Angeles, CA 19109 PPP Term Loan 1.0% 6/9/2022 6.6  6.6  6.6  —  %
Cape fear kickboxing inc 7122 Market St, Ste 120, Wilmington, NC 90048 PPP Term Loan 1.0% 6/9/2022 4.9  4.9  4.9  —  %
Solstice Adventure, LLC 1521 Alton Rd, #802, Miami Beach, FL 06820 PPP Term Loan 1.0% 6/9/2022 0.9  0.9  0.9  —  %
Standard Wedding Band Co Inc 951 Franklin Ave, Garden City, NY 30339 PPP Term Loan 1.0% 6/10/2022 3.5  3.5  3.5  —  %
Michigan Braille Transcribing Fund 3500 N. Elm, Jackson, MI 95377 PPP Term Loan 1.0% 6/10/2022 4.7  4.7  4.7  —  %
Joy DiNapoli 154 Beach Ave, Larchmont, NY 19526 PPP Term Loan 1.0% 6/10/2022 1.0  1.0  1.0  —  %
PJH Partners LLC 455 East Paces Ferry Rd NE, Ste 214, Atlanta, GA 91324 PPP Term Loan 1.0% 6/10/2022 0.9  0.9  0.9  —  %
Christine Yi 111 E 30th St, Ste 8B, New York, NY 86001 PPP Term Loan 1.0% 6/10/2022 0.8  0.8  0.8  —  %
Intrepid 7 Quail Ridge Rd S, Rolling Hills, CA 91436 PPP Term Loan 1.0% 6/10/2022 6.9  6.9  6.9  —  %
J3 Consulting, LLC 1 Mountain Oaks Park, Glendale, CA 33411 PPP Term Loan 1.0% 6/10/2022 2.1  2.1  2.1  —  %
Don Marshall CPA Inc 3427 S Walker Ave, San Pedro, CA 80831 PPP Term Loan 1.0% 6/10/2022 1.0  1.0  1.0  —  %
Cassidy Holdings, LLC 7712 Hillside Dr, La Jolla, CA 60061 PPP Term Loan 1.0% 6/10/2022 1.2  1.2  1.2  —  %
AUREUS CAPITAL LLC 216 E Sheridan Pl, Lake Bluff, IL 80104 PPP Term Loan 1.0% 6/10/2022 1.3  1.3  1.3  —  %
Timothy F. Lester 8 Forest Dr, Westport, CT 90024 PPP Term Loan 1.0% 6/10/2022 0.5  0.5  0.5  —  %
Hamilton Hill LLC 905 W Main St, Durham, NC 17745 PPP Term Loan 1.0% 6/10/2022 4.3  4.3  4.3  —  %
Rain Wine National Corp 2608 SW River Shore Dr, Port St. Lucie, FL 10065 PPP Term Loan 1.0% 6/10/2022 2.1  2.1  2.1  —  %
Mora Investment Management 9 W Star Island Dr, Miami Beach, FL 80904 PPP Term Loan 1.0% 6/10/2022 1.2  1.2  1.2  —  %
Mark Friedman 210 W 101st St, Ste 5E, New York, NY 80211 PPP Term Loan 1.0% 6/10/2022 2.1  2.1  2.1  —  %
Grunberger Diamonds Incorporated 98 Cutter Mill Rd, Great Neck Plaza, NY 78216 PPP Term Loan 1.0% 6/10/2022 8.4  8.4  8.4  —  %
Examoto LLC 125 Booth Ln, Haverford, PA 78258 PPP Term Loan 1.0% 6/10/2022 5.3  5.3  5.3  —  %
148
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
Michael Slayton General Contracting, Inc 232 N Lonehill Ave, Glendora, CA 47043 PPP Term Loan 1.0% 6/11/2022 1.2  1.2  1.2  —  %
Joseph Haraszti 2810 East Del Mar Blvd, Ste 8A, Pasadena, CA 86406 PPP Term Loan 1.0% 6/11/2022 2.9  2.9  2.9  —  %
Statement Lawn and Landscape, Inc. 19520 W 95th St, Lenexa, KS 11357 PPP Term Loan 1.0% 6/11/2022 1.1  1.1  1.1  —  %
Alexis D. Bodenheimer 205 East 92nd St., Apt 27A, New York, NY 92008 PPP Term Loan 1.0% 6/11/2022 2.1  2.1  2.1  —  %
Augusta Grant Travel 1428 Hemingway Place, Naples, FL 11378 PPP Term Loan 1.0% 6/11/2022 0.7  0.7  0.7  —  %
NEUMENTUM, INC. 250 Colorado Ave, Palo Alto, CA 45439 PPP Term Loan 1.0% 6/11/2022 4.9  4.9  4.9  —  %
Paige Hoholik LLC 210 St Paul St, Denver, CO 80228 PPP Term Loan 1.0% 6/11/2022 2.1  2.1  2.1  —  %
Birdie Golf Ball Company 208 Margate Ct, Margate, FL 91103 PPP Term Loan 1.0% 6/11/2022 0.9  0.9  0.9  —  %
Rachel Dack Counseling LLC 6917 Arlington Rd, #222, Bethesda, MD 07013 PPP Term Loan 1.0% 6/11/2022 1.3  1.3  1.3  —  %
Law Office of Swati P Mantione, P.C. 12 Thadford St, East Northport, NY 99507 PPP Term Loan 1.0% 6/11/2022 2.1  2.1  2.1  —  %
Amanda Reynal Interiors 1417 Walnut St, Ste D, Des Moines, IA 80134 PPP Term Loan 1.0% 6/11/2022 1.8  1.8  1.8  —  %
Clark A Miller Sales LTD 1205 Tuscany Ct, Alpharetta, GA 78155 PPP Term Loan 1.0% 6/11/2022 0.6  0.6  0.6  —  %
Lucy McRae 1340 E 6th St, Los Angeles, CA 80918 PPP Term Loan 1.0% 6/11/2022 1.7  1.7  1.7  —  %
The Great Escape Room Tampa LLC 300 E Madison St, #301, Tampa, FL 01752 PPP Term Loan 1.0% 6/11/2022 4.7  4.7  4.7  —  %
Woodrow Orlando LLC DBA The Great Escape Room Orlando 525 Woodstead Ct, Longwood, FL 90042 PPP Term Loan 1.0% 6/11/2022 2.0  2.0  2.0  —  %
Mary Jane Marchisotto dba MJM Advisory, LLC 245 E 87th St, Apt 9F, New York, NY 78244 PPP Term Loan 1.0% 6/11/2022 0.6  0.6  0.6  —  %
Copperfield Investment & Development Company 1721 Crystal Ann Ave, Las Vegas, NV 78660 PPP Term Loan 1.0% 6/12/2022 1.2  1.2  1.2  —  %
Score OKC 18509 N Meridian Ave, Edmond, OK 02215 PPP Term Loan 1.0% 6/12/2022 3.0  3.0  3.0  —  %
Lead Tek Plating 27555 SW Boones Ferry Rd, Wilsonville, OR 78130 PPP Term Loan 1.0% 6/12/2022 20.0  20.0  20.0  0.01  %
Dan Counts & Associates, Inc. 1780 Prescott Ave, Monterey, CA 91436 PPP Term Loan 1.0% 6/12/2022 1.1  1.1  1.1  —  %
Diamondback Golf Course, LLC 500 Harborview Dr, Third Floor, Baltimore, MD 86303 PPP Term Loan 1.0% 6/12/2022 7.6  7.6  7.6  —  %
Josh Madonick Physical Therapy 86 Eucalyptus Rd, Petaluma, CA 11746 PPP Term Loan 1.0% 6/12/2022 0.3  0.3  0.3  —  %
149
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
RHBerman Consulting 161 Falcon Rd, Guilford, CT 92562 PPP Term Loan 1.0% 6/12/2022 2.1  2.1  2.1  —  %
MPYRE HOLDING CO 1723 23rd Ave, San Francisco, CA 10010 PPP Term Loan 1.0% 6/12/2022 1.7  1.7  1.7  —  %
NICK A. DEFILIPPIS, PHD, PC 990 Hammond Dr, Ste 575, Sandy Springs, GA 80907 PPP Term Loan 1.0% 6/12/2022 1.6  1.6  1.6  —  %
Orloff Eye Group, Inc. 1 Plume Grass Way, Westhampton, NY 78959 PPP Term Loan 1.0% 6/15/2022 4.8  4.8  4.8  —  %
Protestant Episcopal Church In The Diocese of California 2791 Driscoll Rd, Fremont, CA 90024 PPP Term Loan 1.0% 6/15/2022 2.5  2.5  2.5  —  %
The Great Escape Room New York LLC 1150 University Ave Bldg 5, Ste 12A, Rochester, NY 96146 PPP Term Loan 1.0% 6/15/2022 2.2  2.2  2.2  —  %
K.S.M Enterprises Inc. DBA Michaels Shell 2589 N Lakewood Blvd, Long Beach, CA 33614 PPP Term Loan 1.0% 6/15/2022 4.0  4.0  4.0  —  %
Bobbie Baron Inc. 1633 Broadway, New York, NY 35473 PPP Term Loan 1.0% 6/15/2022 2.1  2.1  2.1  —  %
DEAFLINK INC 57 Ludlow Ln, Palisades, NY 07751 PPP Term Loan 1.0% 6/15/2022 1.3  1.3  1.3  —  %
Joseph L. Lester, M.D., P.C. 2201 Evans Dr, Opelika, AL 06117 PPP Term Loan 1.0% 6/15/2022 5.5  5.5  5.5  —  %
Weber Brands, LLC 50 Pine Hill Rd, Great Neck, NY 85714 PPP Term Loan 1.0% 6/15/2022 2.1  2.1  2.1  —  %
Robert M. Tudisco, Esq. 90 Stebbins Ave, Eastchester, NY 63005 PPP Term Loan 1.0% 6/16/2022 1.4  1.4  1.4  —  %
Propel A Charter Management Group Inc 5200 Irwindale Ave, Irwindale, CA 80228 PPP Term Loan 1.0% 6/16/2022 29.8  29.8  29.8  0.01  %
Sunburst Decorative Rock, Inc 282 Live Oak Ave, Irwindale, CA 80921 PPP Term Loan 1.0% 6/16/2022 18.3  18.3  18.3  0.01  %
Nancy R. Reinish 336 Central Park West, New York, NY 89119 PPP Term Loan 1.0% 6/16/2022 2.1  2.1  2.1  —  %
The Great Escape Room Chicago 160 E Grand Ave, #400, Chicago, IL 07726 PPP Term Loan 1.0% 6/16/2022 3.9  3.9  3.9  —  %
Daydream Reels LLC 3615 N Kenilworth St, Arlington, VA 98422 PPP Term Loan 1.0% 6/16/2022 1.3  1.3  1.3  —  %
C Sensei Group LLC 1730 S Federal Hwy, Ste 280, Delray Beach, FL 80228 PPP Term Loan 1.0% 6/16/2022 2.1  2.1  2.1  —  %
Dockum Research Lab, Inc 844 E Mariposa St, Altadena, CA 91919 PPP Term Loan 1.0% 6/17/2022 6.4  6.4  6.4  —  %
306 Hollywood LLC 14 West 17th St., New York, NY 11590 PPP Term Loan 1.0% 6/17/2022 1.2  1.2  1.2  —  %
Irvine Optometry 17585 Harvard Ave,, Ste E, Irvine, CA 19608 PPP Term Loan 1.0% 6/17/2022 4.5  4.5  4.5  —  %
Double H Farms, LLC 15050 Golden Point Ln, Wellington, FL 85202 PPP Term Loan 1.0% 6/17/2022 12.9  12.9  12.9  —  %
150
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
The Nashville Dermatology And Skin Cancer Clinic, P.C. 2222 State St, Ste A, Nashville, TN 78745 PPP Term Loan 1.0% 6/17/2022 4.4  4.4  4.4  —  %
Harper Road Treatment Center 1802 Harper Rd, Ste 202, Beckley, WV 85543 PPP Term Loan 1.0% 6/18/2022 2.6  2.6  2.6  —  %
Sense Education, Inc. 1 W 85th St, New York, NY 11378 PPP Term Loan 1.0% 6/18/2022 12.0  12.0  12.0  —  %
PR Realty Management LLC 2207 Coney Island Ave, Brooklyn, NY 80603 PPP Term Loan 1.0% 6/18/2022 19.2  19.2  19.2  0.01  %
Roadtrip Productions Inc One Penn Plaza, Ste 3500, New York, NY 80915 PPP Term Loan 1.0% 6/19/2022 2.1  2.1  2.1  —  %
Hirezi & Hirezi, D.M.D., P.A. 4495 Baymeadows Rd, Jacksonville, FL 11201 PPP Term Loan 1.0% 6/22/2022 7.4  7.4  7.4  —  %
NTR Partners Administration LLC 11726 San Vicente Blvd, Ste 290, Los Angeles, CA 78744 PPP Term Loan 1.0% 6/22/2022 3.5  3.5  3.5  —  %
Bartman Bros. 11777 San Vicente Blvd, Ste 600, Los Angeles, CA 78223 PPP Term Loan 1.0% 6/22/2022 5.8  5.8  5.8  —  %
Kleopatra Productions, Inc. 4230 Gardendale, Ste 101, San Antonio, TX 75056 PPP Term Loan 1.0% 6/22/2022 2.1  2.1  2.1  —  %
PHILIP F. STOTTS 4985 Stonehaven Dr., Yorba Linda, CA 78260 PPP Term Loan 1.0% 6/22/2022 2.1  2.1  2.1  —  %
Rajan Shah MD PA 1060 Broad St, Newark, NJ 90048 PPP Term Loan 1.0% 6/22/2022 4.1  4.1  4.1  —  %
Surco Products, Inc. 14001 S Main St, Los Angeles, CA 20037 PPP Term Loan 1.0% 6/23/2022 7.5  7.5  7.5  —  %
Joel Diaz Training Camp, LLC. 40795 Adriatico Ct, Indio, CA 17578 PPP Term Loan 1.0% 6/23/2022 1.4  1.4  1.4  —  %
John J. McMahon 80 Main St, West Orange, NJ 94107 PPP Term Loan 1.0% 6/24/2022 2.1  2.1  2.1  —  %
Auto Trim Design of Northeastern New York Inc 83 Ellison St, Milton, VT 33073 PPP Term Loan 1.0% 6/24/2022 7.0  7.0  7.0  —  %
Steven Robert Justman aka Steven Justman 54 Banksville Rd, North Castle, NY 86004 PPP Term Loan 1.0% 6/24/2022 2.0  2.0  2.0  —  %
J. Li Brand LTD 63 Roebling St, #6L, Brooklyn, NY 10601 PPP Term Loan 1.0% 6/25/2022 3.5  3.5  3.5  —  %
John Berry Turbidy 1501 Silver King Dr, Aspen, CO 48301 PPP Term Loan 1.0% 6/29/2022 2.1  2.1  2.1  —  %
Hanson & Schwam Public Relations LLC 9350 Wilshire Blvd, #315, Beverly Hills, CA 08205 PPP Term Loan 1.0% 6/29/2022 0.8  0.8  0.8  —  %
Debra L. Holt 233 NW 36th St, Miami, FL 11375 PPP Term Loan 1.0% 6/30/2022 2.1  2.1  2.1  —  %
Kenneth Baer 16 Millstone Dr, East Windsor, NJ 33432 PPP Term Loan 1.0% 6/30/2022 0.5  0.5  0.5  —  %
Model Partner, LLC 19 William Close Ct, Warwick, NY 96744 PPP Term Loan 1.0% 6/30/2022 2.1  2.1  2.1  —  %
151
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a)
ARJ Medical LLC 2827 Frontier Trail, Atlanta, GA 10018 PPP Term Loan 1.0% 7/2/2022 1.0  1.0  1.0  —  %
David Raksin 1010 16th St, #543, San Francisco, CA 79772 PPP Term Loan 1.0% 7/9/2022 2.1  2.1  2.1  —  %
Constance Scharff 8584 Blue Grouse Way, Blaine, WA 75137 PPP Term Loan 1.0% 7/9/2022 0.7  0.7  0.7  —  %
Mazza Real Estate, LLC 402 Page St, Cary, NC 80905 PPP Term Loan 1.0% 7/15/2022 0.8  0.8  0.8  —  %
JP Davis Farms 10100 Suzanne Dr, River Ridge, LA 90405 PPP Term Loan 0.01 7/15/2022 1.2  1.2  1.2  —  %
Total SBA Guaranteed Accrual Investments $ 16,556.1  $ 16,556.1  $ 17,720.4  5.46  %
SBA Guaranteed Non-Accrual Investments (4b)
MIT LLC (*) 11 North Peach ST., Medford, OR 54915 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/31/2042 254.5  254.5  254.5  0.08  %
Neville Galvanizing, Inc (*) 2983 Grand Ave, Pittsburgh, PA 11238 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/15/2042 707.1  707.1  707.1  0.22  %
Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle, New York Bagle,N (*) 10287 Okeechobee Blvd #13, Royal Palm Beach, FL 77493 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/23/2029 101.6  101.6  101.6  0.03  %
Chavero's Auto (*) 1364 E Palma Vista Dr, Palmview, TX 33065 Motor Vehicle and Parts Dealers Term Loan Prime plus 6.5% 10/11/2029 12.5  12.5  12.5  —  %
Total SBA Guaranteed Non-Accrual Investments $ 1,075.7  $ 1,075.7  $ 1,075.7  0.33  %
Total SBA Guaranteed Investments $ 17,631.8  $ 17,631.8  $ 18,796.1  5.79  %
Total SBA Unguaranteed and Guaranteed Investments $ 429,242.8  $ 429,408.6  $ 412,086.4  127.03  %

Controlled Investments (5) (22)
Advanced Cyber Security Systems, LLC (*,#) (6) (21) 3880 Veterans Memorial Hwy. Suite 201, Bohemia, NY 11716 Data processing, Hosting, and Related Services 50% Membership Interest —% —  —  —  —  —  %
Term Loan 3% Dec 2014 381.0  381.0  —  —  %
Automated Merchant Services, Inc. (*,#) (7) (21) 12230 Forest Hill Blvd., Wellington, FL 33414 Data processing, Hosting, and Related Services 100% Common Stock —% —  —  —  —  —  %
CDS Business Services, Inc. (*,#) (8) 1985 Marcus Ave., Lake Success, NY 11042 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Common Stock —% —  —  4,428.0  2,250.0  0.69  %
Line of Credit 10% Dec 2020 6,560.0  6,560.0  6,560.0  2.02  %
152
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Controlled Investments (5) (22)
Newtek Technology Solutions, Inc. (*,#) (11) 1904 W. Parkside Lane Phoenix, AZ 85027 Data processing, Hosting, and Related Services 100% Common Stock —% —  —  8,384.0  9,500.0  2.93  %
Line of Credit 10% Nov 2028 10,821.0  10,821.0  10,821.0  3.34  %
Newtek Insurance Agency, LLC (*,#) (13) 1981 Marcus Ave., Lake Success, NY 11042 Insurance Carriers and Related Activities 100% Membership Interest —% —  —  135.0  2,215.0  0.68  %
PMTWorks Payroll, LLC (*,#) (9) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services 100% Membership Interest —% —  —  1,848.1  —  —  %
Term Loan 10% Oct 2021 435.0  435.0  —  —  %
Term Loan 10% May 2020 750.0  750.0  —  —  %
Term Loan 12% May 2020 500.0  500.0  —  —  %
Term Loan 10% July 2020 1,000.0  1,000.0  —  —  %
Small Business Lending, LLC (*,#) (12) (21) 1981 Marcus Ave., Lake Success, NY 11042 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Membership Interest —% —  —  598.0  6,848.4  2.11  %
Term Loan 10% June 2021 400.0  400.0  400.0  0.12  %
ADR Partners, LLC dba banc-serv Partners, LLC (*,#) (12) 8777 Purdue Rd, Indianapolis, IN 46268 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Membership Interest —% —  —  7,085.2  —  —  %
International Professional Marketing, Inc. (#) (16) 151 W. 30th St., New York, NY 10001 Professional, Scientific, and Technical Services 100% Common Stock —% —  —  4,000.0  4,150.0  1.28  %
Line of Credit Prime plus 0.5% April 2021 750.0  750.0  750.0  0.23  %
SIDCO, LLC (#) (16) 151 W. 30th St., New York, NY 10001 Professional, Scientific, and Technical Services 100% Membership Interest —% —  —  7,119.7  6,649.7  2.05  %
Line of Credit Prime plus 0.5% July 2020 100.0  225.0  225.0  0.07  %
Newtek Merchant Solutions, LLC (#) (11) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services 100% Membership Interest —% —  —  16,438.0  115,000.0  35.45  %
Mobil Money, LLC (#) (17) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services 100% Membership Interest —% —  —  2,980.0  2,500.0  0.77  %
Newtek Business Lending, LLC (*,#) (10) 14 East Washington St., Orlando, FL 32801
Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Membership Interest —% —  —  18,462.0  22,091.8  6.81  %
153
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Controlled Investments (5) (22)
Newtek Conventional Lending, LLC (#) (18) (23) 1981 Marcus Ave., Lake Success, NY 11042 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 50% Membership Interest —% —  —  16,682.0  18,125.0  5.59  %
Titanium Asset Management, LLC (*,#) (14) 1981 Marcus Ave., Lake Success, NY 11042 Administrative and Support Services Term Loan 10% March 2021 900.0  900.0  315.0  0.10  %
100% Membership Interest —% —  —  —  —  —  %
Excel WebSolutions, LLC (*,#) (15) 888 East Brighton Ave. Syracuse, NY 13205 Data processing, Hosting, and Related Services Term Loan 10% Sept 2020 159.2  159.2  —  —  %
100% Membership Interest — —  —  —  —  —  %
POS on Cloud, LLC (#) (20) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services Term Loan 10% Sept 2023 850.0  850.0  850.0  0.26  %
50.14% Membership Interest — —  —  —  —  —  %
Total Controlled Investments $ 23,606.2  $ 111,891.0  $ 209,250.9  64.51  %
Non-Control Investments (22)
EMCAP Loan Holdings, LLC (+,#) (19) (25) 1140 Reservoir Ave., Cranston, RI 02920 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 6.04% Membership Interest —% —  $ —  $ 1,000.0  $ 1,000.0  0.31  %
MVE, Inc. (#) 1117 L Street, Modesto, CA 95354 Professional, Scientific, and Technical Services Term Loan 5 Yr Tr plus 6.88% 1/1/2045 2,845.3  2,845.3  2,845.3  0.88  %
ARC Metal Stamping, LLC (#) 4111 Munson Hwy, Hudson, MI 49247 Machinery Manufacturing Term Loan 5 Yr Tr plus 7.43% 1/1/2045 5,464.5  5,464.5  5,464.5  1.68  %
National Air Cargo Holdings, Inc and LLS Holdings, LLC (#) 350 Windward Drive, Orchard Park, NY 14127 Support Activities for Transportation Term Loan 5 Yr Tr plus 7% 4/1/2045 6,969.2  6,969.2  6,969.2  2.15  %
Total Non-Control Investments $ 15,279.0  $ 16,279.0  $ 16,279.0  5.02  %
Total Investments $ 468,128.0  $ 557,578.6  $ 637,616.3  196.56  %
154
See accompanying notes to consolidated financial statements.

^ 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 September 30, 2020 are based off a Prime Rate equal to 3.25% and 1 month LIBOR equal to 0.14825%.
(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 nine months ended September 30, 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.
(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.).
(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) 100% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.)
(16) 100% owned by Newtek Business Services Holdco 2, Inc. (a subsidiary of Newtek Business Services Corp.).
(17) 100% owned by Newtek Business Services Holdco 4, Inc. (a subsidiary of Newtek Business Services Corp.).
(18) On May 20, 2019, the Company 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
155
See accompanying notes to consolidated financial statements.

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.
(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 September 30, 2020, 8.1% 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) The initial acquisition date for EMCAP Loan Holdings, LLC was April 25, 2018.

As of September 30, 2020, the federal tax cost of investments was $557,579,000 resulting in estimated gross unrealized gains and losses of $146,294,000 and $57,873,000, respectively.

156
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

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

SBA Unguaranteed Accrual Investments (1) (22) 271346
Global Information Technology, Inc (#) 1 Cragwood Rd, South Plainfield, NJ 07080 Administrative and Support Services Term Loan Prime plus 2.75% 12/31/2029 $ 567.5  $ 567.5  501.2  0.16  %
Nick's Country Kitchen, LLC (#) 3 Flanders Rd, Bethlehem, CT 06751 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/31/2044 $ 287.5  $ 287.5  308.3  0.10  %
Bearwaters Brewing Company (#) 101 Park St, Canton, NC 28716 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/31/2044 $ 257.5  $ 257.5  281.1  0.09  %
Pecos Entertainment LLC dba State Theater (#) 421 South Oak St, Pecos, TX 79772 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 12/31/2029 $ 130.0  $ 130.0  136.8  0.04  %
Spinnaker Vero Inc. (#) 983 12th St., Vero Beach, FL 32960 Printing and Related Support Activities Term Loan Prime plus 2.75% 12/30/2044 $ 787.5  $ 787.5  814.1  0.25  %
Kiddie Garden Child Development Center, LLC (#) 2809 W. Atkinson Ave, Milwaukee, WI 53209 Social Assistance Term Loan Prime plus 2.75% 12/30/2044 $ 43.0  $ 43.0  46.9  0.01  %
VIP Construction Group Inc. (#) 3332 W Mulberry Drive, Mequon, WI 53092 Construction of Buildings Term Loan Prime plus 2.75% 12/30/2029 $ 62.5  $ 62.5  65.2  0.02  %
Kwik Stop dba Dilpreet Hundai (#) 1001 Sacramento Ave, West Sacramento, CA 95605 Gasoline Stations Term Loan Prime plus 2.75% 12/30/2044 $ 242.0  $ 242.0  254.8  0.08  %
Jauchem & Meeh Inc.dba Gregory Meeh Design;Jermy Chernick Design;J&M S (#) 524 Sackett St., Brooklyn, NY 11217 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/30/2029 $ 275.0  $ 275.0  264.9  0.08  %
Home Decor Liquidators, LLC dba Home Decor Outlets;Home Decor Mattress (#) 4187 Pleasant Hill Rd, Duluth, GA 30096 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/30/2029 $ 987.5  $ 987.5  897.7  0.28  %
Destination Hope, Inc. and The Academy for Addiction Professionals, In (#) 6555 NW 9th Ave, Fort Lauderdale, FL 33309 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/30/2044 $ 375.0  $ 375.0  397.1  0.12  %
Larry J. Frick dba L & S Trucking (#) 157571 E Wausau Ave, Wausau, WI 54403 Truck Transportation Term Loan Prime plus 2.75% 12/30/2029 $ 49.5  $ 49.5  46.2  0.01  %
Vance Ewing LLC (#) 22940 Harlan Ln, St. Robert, MO 65584 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/30/2029 $ 112.5  $ 112.5  117.3  0.04  %
Destination Hope, Inc, TrilogyTreatment & Wellness Center, Inc (#) 6555 NW 9th Ave, Fort Lauderdale, FL 33309 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/30/2029 $ 363.8  $ 363.8  324.5  0.10  %
American Landscaping Company and Ground Effects Landscaping, LLC (#) 6151 A St., Anchorage, AK 99518 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2044 $ 646.7  $ 646.7  713.7  0.22  %
Mankamana Holdings, LLc dba Perfect Brow Art, Mankamana Holdings, LLC (#) 7302 Kirby Ave, Lubbock, TX 79424 Gasoline Stations Term Loan Prime plus 2.75% 12/27/2029 $ 137.5  $ 137.5  132.1  0.04  %
Irony LLC dba Mulberry’s Garment Care (#) 2579 Fairview Ave North, Roseville, MN 55113 Personal and Laundry Services Term Loan Prime plus 2.75% 12/27/2029 $ 1,042.5  $ 1,042.5  925.1  0.29  %
American Landscaping Company (#) 6151 A St., Anchorage, AK 99518 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2029 $ 326.3  $ 326.3  321.3  0.10  %
157
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 33467 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2029 $ 186.3  $ 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 48127 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2044 $ 250.0  $ 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 48127 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2029 $ 162.0  $ 162.0  151.0  0.05  %
Tatoo Tony's Under My Skin LLC (#) 73 Memorial Parkway, Atlantic Highlands, NJ 07716 Personal and Laundry Services Term Loan Prime plus 2.75% 12/27/2044 $ 100.0  $ 100.0  112.5  0.03  %
QXC Communications, Inc (#) 4541 N Dixie Hwy, Boca Raton, FL 33431 Telecommunications Term Loan Prime plus 2.75% 12/27/2029 $ 525.0  $ 525.0  464.5  0.14  %
K&S Hardware mLLC dba Gopher Ace (#) 1865 Wayzata Blvd, Long Lake, MN 55356 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/27/2029 $ 62.5  $ 62.5  61.3  0.02  %
Watearth Inc (#) 3371 Glendale Blvd Ste 208, Los Angeles, CA 90039 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/27/2029 $ 46.8  $ 46.8  41.2  0.01  %
A Family Member Homecare Group Inc, A Family Member Homecare Holdings, (#) 11788 Sample Rd, Coral Springs, FL 33065 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/27/2044 $ 118.8  $ 118.8  125.4  0.04  %
Protek Pest Control, Inc. Pro-tek Nurseries LLC, Pro-Tek Irrigation (#) 8712 60TH TER South, Lake Worth, FL 33467 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2044 $ 142.5  $ 142.5  157.4  0.05  %
Icebox Cafe L.C. and Icebox Pantry, LLC (#) 219 NE 3rd St., Hallendale Beach, FL 33009 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/26/2030 $ 242.9  $ 242.9  229.6  0.07  %
Bhatti LLC 2, Bhatti LLC (#) 1451 Coral Ridge Ave, Coralville, IA 52241 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/26/2029 $ 112.5  $ 112.5  101.3  0.03  %
Ink! Coffee Company (#) 2851 Larimer St., Denver, CO 80205 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/24/2029 $ 515.3  $ 515.3  454.3  0.14  %
Richwood Enterprises, LLC, Richwood Transport LLC, Richwood Transport (#) 2564 Branch St., Middleton, WI 53562 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/24/2029 $ 134.2  $ 134.2  137.4  0.04  %
Synergistic-Designs, LLC (#) 493 Wilson Mill Rd, New Wilmington, PA 16142 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/24/2029 $ 7.5  $ 7.5  6.6  —  %
Aitheras Aviation Group, LLC and International Aviation Sales, Ltd. (#) 2301 N Marginal Rd, Cleveland, OH 44114 Air Transportation Term Loan Prime plus 2.75% 12/23/2029 $ 527.5  $ 527.5  481.7  0.15  %
Food Civilization Services LLC and 1701 W 15th St LLC (#) 1701 W 15th St, Houston, TX 77008 Real Estate Term Loan Prime plus 2.75% 12/23/2044 $ 150.0  $ 150.0  167.3  0.05  %
512 E 11th Street LLC and Big Brand Management Ltd. Co. (#) 512 E 11th St, Houston, TX 77008 Real Estate Term Loan Prime plus 2.75% 12/23/2044 $ 333.8  $ 333.8  366.1  0.11  %
158
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 40243 Rental and Leasing Services Term Loan Prime plus 2.75% 12/23/2029 $ 667.5  $ 667.5  589.2  0.18  %
Chris Farley DVM PA. dba Farley Veterinary Clinic (#) 6487 Taft St., Hollywood, CA 33024 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/20/2029 $ 13.5  $ 13.5  14.2  —  %
Freedom Enterprises, Inc (#) 2431 14th Ave SE, Watertown, SD 57201 Truck Transportation Term Loan Prime plus 2.75% 12/20/2029 $ 325.0  $ 325.0  295.5  0.09  %
Shaddai Aesthetics Inc (#) 706 W 34th St., Austin, TX 78705 Personal and Laundry Services Term Loan Prime plus 2.75% 12/20/2029 $ 18.9  $ 18.9  16.7  0.01  %
ACC International LLC (#) 200 N Furnace St, Birdsboro, PA 19508 Administrative and Support Services Term Loan Prime plus 2.75% 12/20/2044 $ 322.5  $ 322.5  335.2  0.10  %
Romain Tower Inc. (#) 215 S Persimmon St, Tomball, TX 77375 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/20/2044 $ 897.5  $ 897.5  923.6  0.29  %
Macon Arts Center LLC (#) 4570 Pio Nono Ave, Macon, GA 31206 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/20/2044 $ 625.0  $ 625.0  684.8  0.21  %
Freedom Enterprises, Inc - New RE company to be formed (#) 2431 14th Ave SE, Watertown, SD 57201 Truck Transportation Term Loan Prime plus 2.75% 12/20/2044 $ 207.5  $ 207.5  226.1  0.07  %
La Tradicion Cubana Inc (#) 1336 SW 8th St., Miami, FL 33135 Miscellaneous Store Retailers Term Loan Prime plus 6.5% 12/20/2029 $ 12.5  $ 12.5  12.8  —  %
United Capital Group LLC (#) 23022 La Cadena Dr, Laguna Hills, CA 92653 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/19/2029 $ 322.0  $ 322.0  295.7  0.09  %
RWBB LLC (#) 4120 7th Ave, Kenosha, WI 53140 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/19/2029 $ 16.7  $ 16.7  15.6  —  %
Nebulos, LLC (#) 5428 Twilight Way, Parker, CO 80134 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/19/2029 $ 62.5  $ 62.5  59.8  0.02  %
New Casa Technologies, LLC (#) 7928 S 70th Lane, Laveen, AZ 85339 Truck Transportation Term Loan Prime plus 2.75% 12/19/2029 $ 8.3  $ 8.3  7.4  —  %
MBK IT Services Inc. (#) 626 Trailwood Ct., Garland, TX 75043 Nonstore Retailers Term Loan Prime plus 2.75% 12/19/2029 $ 21.6  $ 21.6  22.7  0.01  %
Kuros, LLC (#) 21221 Baron Lake Drive, Cedaredge, CO 81413 Accommodation Term Loan Prime plus 2.75% 12/19/2044 $ 397.5  $ 397.5  446.2  0.14  %
Kuros, LLC (#) 21221 Baron Lake Drive, Cedaredge, CO 81413 Accommodation Term Loan Prime plus 2.75% 3/19/2045 $ 9.3  $ 9.3  10.5  —  %
GDIM Enterprises Inc dba AAMCO (#) 1657 Whiskey Rd., Aiken, SC 29803 Repair and Maintenance Term Loan Prime plus 2.75% 12/19/2029 $ 19.5  $ 19.5  18.4  0.01  %
Skyfall LLC dba EZ Self Storage (#) 2705 US Hwy 45 N, Henderson, TN 38340 Real Estate Term Loan Prime plus 2.75% 12/18/2044 $ 146.3  $ 146.3  164.4  0.05  %
Premier Gaming Solutions Inc (#) 17 South Grand Ave, Passedena, CA 91105 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/18/2029 $ 11.3  $ 11.3  11.8  —  %
Louisiana Apple, LLC, Mountain Apple, LLC, Kentucky Apple, LLC (#) 3909 Ambassador Caffrey Pkwy Bldg 1, Lafayette, LA 70503 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/18/2029 $ 900.0  $ 900.0  793.6  0.25  %
159
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
The Burlington Academy of Learning LLC (#) 10 Covey Rd, Burlington, CT 06013 Social Assistance Term Loan Prime plus 2.75% 12/18/2029 $ 50.0  $ 50.0  52.5  0.02  %
Sago Technologies Inc. dba Jak Ecig (#) 785 Woodfern Drive, Hampshire, IL 60140 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/17/2029 $ 235.0  $ 235.0  246.9  0.08  %
Pamela Bruner Enterprises, LLC (#) 4370 Old US 25 Hwy, Zinconia, NC 28790 Personal and Laundry Services Term Loan Prime plus 2.75% 12/17/2029 $ 62.5  $ 62.5  57.6  0.02  %
HADD Corp (#) 364 Rugby Rd, Cedarhurst, NY 11516 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 12/17/2029 $ 12.5  $ 12.5  12.8  —  %
J and K Project Management Consultants LLC (#) 350 Mc Donnell St, Lewisville, TX 75057 Construction of Buildings Term Loan Prime plus 2.75% 12/16/2044 $ 313.4  $ 313.4  350.0  0.11  %
Signco America LP & Sparkle corporation Inc. (#) 7938 Wright Rd, Houston, TX 77041 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/16/2044 $ 1,250.0  $ 1,250.0  1,405.2  0.44  %
Farain Saremi dba USA Produce (#) 461 G St., Los Banos, CA 93635 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/16/2044 $ 475.0  $ 475.0  511.5  0.16  %
J and K Project Management Consultants dba A. C. T. Construction (#) 350 Mc Donnell St, Lewisville, TX 75057 Construction of Buildings Term Loan Prime plus 2.75% 12/16/2029 $ 207.8  $ 207.8  215.2  0.07  %
Nulane Entertainment LLC (#) 4100 W. Alameda Ave # 300, Burbank, CA 91505 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/13/2029 $ 7.5  $ 7.5  6.6  —  %
Dr Steven J Seidel (#) 42 Campeau Place, Bergenfield, NJ 07621 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/13/2029 $ 81.3  $ 81.3  71.8  0.02  %
WURA LLC dba Dickey's Barbecue Pit (#) 4325 E. University Drive Ste 40, Prosper, TX 75078 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/13/2029 $ 90.8  $ 90.8  82.1  0.03  %
Math Enrichment, LLC (#) 1009 E Capitol Expressway, San Jose, CA 95121 Educational Services Term Loan Prime plus 2.75% 12/13/2029 $ 200.0  $ 200.0  176.3  0.05  %
Jen Macias LLC dba Duende (#) 2301 NW Thurman St., Portland, OR 97210 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/13/2029 $ 8.1  $ 8.1  7.1  —  %
The Crane Guys, LLC (#) 14480 Alondra Blvd, La Mirada, CA 90638 Rental and Leasing Services Term Loan Prime plus 2.75% 12/13/2029 $ 1,250.0  $ 1,250.0  1,172.8  0.36  %
The Floor Covering Warehouse, Inc (#) 112 Orchard St., Stamford, CT 06902 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/13/2044 $ 240.0  $ 240.0  269.8  0.08  %
Essex Indoor Golf Center LLC (#) 23 Saybrook Rd, Essex, CT 06426 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/13/2029 $ 78.8  $ 78.8  73.6  0.02  %
Belle Properties Northwest, Inc. (#) 223 Ave B, Snohomish, WA 98290 Personal and Laundry Services Term Loan Prime plus 2.75% 12/12/2044 $ 131.3  $ 131.3  142.8  0.04  %
Stockton TRI Industries, LLC (#) 2141 E Anderson St., Stockton, CA 95205 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/12/2044 $ 1,107.5  $ 1,107.5  1,197.0  0.37  %
Joyner5, Inc.dba British Swim School (#) 1000 Settlers Landing Court, Wake Forest, NC 27587 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/12/2029 $ 22.5  $ 22.5  19.8  0.01  %
Abylex, Inc and Worpex LLC (#) 7473 Reese Rd #2, Sacremento, CA 95828 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/12/2044 $ 95.0  $ 95.0  91.3  0.03  %
160
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 20737 Personal and Laundry Services Term Loan Prime plus 2.75% 12/11/2044 $ 300.0  $ 300.0  337.3  0.10  %
Vaughn Chiropractic, PLLC dba Catalyst Chiropractic and Rehab (#) 10904 Baltimore St NE, Blaine, MN 55449 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/11/2029 $ 41.5  $ 41.5  36.7  0.01  %
CCD Construction Services LLC dba Clearwater Outdoor Design, CCD Exca (#) 175 W Borgfeld Drive, San Antonio, TX 78260 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/11/2044 $ 112.5  $ 112.5  121.0  0.04  %
Professional Plumbing Services of Nela, LLC (#) 99 Plum St., West Monroe, LA 71292 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/11/2029 $ 18.0  $ 18.0  17.8  0.01  %
Ciel Du Mel LLC dba Lala's Creamery (#) 134 Petaluma Blvd North, Petalumaca, CA 94952 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/10/2029 $ 16.5  $ 16.5  15.1  —  %
Helping Hands Group Daycare dba Dawn to Dusk Learning and Child Care L (#) 10 Tremont Rd, Tremont, PA 17981 Social Assistance Term Loan Prime plus 2.75% 12/10/2044 $ 39.0  $ 39.0  42.3  0.01  %
SLCP Transport, LLC dba Aamco (#) 1407 Lomaland Drive, El Paso, TX 79935 Repair and Maintenance Term Loan Prime plus 2.75% 12/10/2029 $ 62.5  $ 62.5  59.8  0.02  %
Elita 7, LLC and Behavioral Nutrition Inc. (#) 16 Marble St., Worchester, MA 01603 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/9/2029 $ 300.0  $ 300.0  291.4  0.09  %
Eagle Eye Truck Lines LLC and Eagle Eye Logistics LLC (#) 560 56th St SW, Grand Rapids, MI 49548 Truck Transportation Term Loan Prime plus 2.75% 12/6/2029 $ 1,100.0  $ 1,100.0  983.3  0.31  %
Bay Area Metal Fabricarion LLC (#) 510 -512 Stone Rd, Benicia, CA 94510 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/6/2029 $ 136.8  $ 136.8  127.2  0.04  %
The Stout Group LLC (#) 10850 NW 138th St, Hialeah Gardens, FL 33018 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/6/2029 $ 240.0  $ 240.0  222.4  0.07  %
DB Talak LLC (#) 2018 SE 6th Ave, Portland, OR 97214 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/6/2044 $ 153.5  $ 153.5  172.6  0.05  %
Scott's Hardware, Inc., dba Medford Inc (#) 200 Tuckerton Rd, Medford, NJ 08055 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 6.5% 12/6/2029 $ 12.5  $ 12.5  12.8  —  %
Mazhar Family, Inc dba Edible Arrangements (#) 601 Portion Rd, #17, Lake Ronkonkoma, NY 11779 Nonstore Retailers Term Loan Prime plus 2.75% 12/6/2029 $ 67.5  $ 67.5  60.0  0.02  %
Glen Lamb dba Lambs Tree And Plant Health Care (#) 413 Pond Meadow Rd, Westbrook, CT 06498 Administrative and Support Services Term Loan Prime plus 2.75% 12/6/2029 $ 18.8  $ 18.8  17.5  0.01  %
Natalie Enterprise Inc (#) 2500 Grand Ave, Billings, MT 59102 Administrative and Support Services Term Loan Prime plus 2.75% 12/6/2029 $ 20.3  $ 20.3  21.3  0.01  %
Wolf Pack, LLC (#) 939 South 25th East, Ste. 115, Ammon, ID 83406 Management of Companies and Enterprises Term Loan Prime plus 2.75% 3/6/2030 $ 224.5  $ 224.5  206.3  0.06  %
Ohanyan LLC dba Nestle Toll House Caf'e By Chip (#) 14006 Riverside Dr. #9270, Sherman Oaks, CA 91423 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/6/2029 $ 33.3  $ 33.3  31.3  0.01  %
Clearwater Engineering Inc (#) 301 N River St., Derby, KS 67037 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 12/5/2029 $ 590.0  $ 590.0  548.6  0.17  %
161
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Used Tire Express 1, Corp (#) 437 N. Battlefield, Chesapeake, VA 23320 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/5/2029 $ 86.3  $ 86.3  78.8  0.02  %
Standard Capital Corp (#) 2377 Wessington Drive, Virginia Beach, VA 23456 Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 12/5/2029 $ 12.5  $ 12.5  12.8  —  %
Hook Line and Schooner Vinings LLC (#) 400 West Village Way #3009, Smyrna, GA 30008 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/4/2029 $ 22.5  $ 22.5  21.1  0.01  %
Soto Injury Law Firm, PA and My Attorney Inc (#) 2050 Capital Circle NE Ste B, Tallahassee, FL 32308 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/3/2029 $ 62.5  $ 62.5  55.2  0.02  %
Mega Sales Detergent Distributor, LLC (#,^) 1 Ackerman Ave, Clifton, NJ 07011 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/29/2029 $ 50.0  $ 50.0  44.1  0.01  %
Loading Arms Plus Inc (#) 5401 Mitchelldale St., Ste B4, Houston, TX 77092 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/27/2029 $ 79.3  $ 79.3  70.9  0.02  %
Behind the Scenes Chicago, LLC dba Paramount Events (#) 1750 W Lake St., Chicago, IL 60612 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/27/2029 $ 464.6  $ 464.6  427.2  0.13  %
Keith E Burks dba 3B's Chalk It Up (#) 22540 Foothill Boulevard, Hayward, CA 94541 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/27/2029 $ 13.5  $ 13.5  13.2  —  %
American Bio Source, LLC dba Dieselgreen Fuels (#) 2522 N Hwy 287, Decatur, TX 76234 Waste Management and Remediation Services Term Loan Prime plus 2.75% 11/27/2029 $ 57.3  $ 57.3  60.2  0.02  %
Codorado, Inc. dba Dentalmart (#,^) 10 Glorieta Rd, Sante Fe, NM 87508 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/27/2029 $ 10.5  $ 10.5  9.3  —  %
Alice's Tea Cup, ATC !! LLC and ATC 111, LLC (#) 102 W 73rd St., New York, NY 10023 Food Manufacturing Term Loan Prime plus 2.75% 11/27/2029 $ 272.5  $ 272.5  243.4  0.08  %
Roots'n Shoots, LLC (#) 86 Boston Rd, Chelmsford, MA 01824 Administrative and Support Services Term Loan Prime plus 2.75% 11/27/2029 $ 10.7  $ 10.7  9.4  —  %
Haversack Holdings LLC (#) 101 S Tryon St., Charlotte, NC 28280 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/27/2029 $ 125.0  $ 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 33312 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/27/2029 $ 150.0  $ 150.0  133.8  0.04  %
ADPM Inc. (#,^) 77 Main St, Amesbury, MA 01913 Real Estate Term Loan Prime plus 2.75% 11/26/2029 $ 47.5  $ 47.5  41.9  0.01  %
Ultra Flow Dispense, LLC (#) 820 Prospect Hill Rd, Windsor, CT 06095 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/26/2029 $ 102.5  $ 102.5  91.0  0.03  %
Ford Custom Renovation LLC (#,^) 405 Broadway St., Muncy, PA 17756 Construction of Buildings Term Loan Prime plus 2.75% 11/26/2029 $ 8.3  $ 8.3  7.3  —  %
Fullmer's Landscaping, Inc. (#) 9547 W Third St., Dayton, OH 45417 Administrative and Support Services Term Loan Prime plus 2.75% 11/26/2029 $ 195.3  $ 195.3  178.2  0.06  %
B.S Carrier LLC and United Truck & Trailer Repair LLC (#) 3716 Garman Rd, Salem, VA 24153 Truck Transportation Term Loan Prime plus 2.75% 11/25/2029 $ 236.3  $ 236.3  232.2  0.07  %
Hurricane Group, Inc.dba Crate Club Group (#) 101 San Patricio Ave, Ste 860, Guaynabo, PR 00968 Other Information Services Term Loan Prime plus 2.75% 11/25/2029 $ 50.0  $ 50.0  44.1  0.01  %
S&C Cookies, Inc (#,^) 1969 Jericho Turnpike, East Northport, NY 11731 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/22/2029 $ 56.3  $ 56.3  49.7  0.02  %
162
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Peanut Butter & Co Inc (#,^) 119 West 57th St., Ste 300, New York, NY 10019 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/22/2029 $ 187.5  $ 187.5  165.3  0.05  %
Place Vendome Holding Co. Inc.dba R&F Marketing (#) 308 Glenwood Rd, Swainsboro, GA 30401 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/22/2044 $ 434.7  $ 434.7  433.0  0.13  %
Place Vendome Holding Co Inc.dba R&F Marketing (#) 610 East Main St., Swainsboro, GA 30401 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/22/2029 $ 236.2  $ 236.2  225.5  0.07  %
A&N Design Studios Inc dba Door3 Business Application (#) 22 Cortlandt St., New York, NY 10007 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/22/2029 $ 122.5  $ 122.5  113.1  0.04  %
Cum Laude Enterprises, LLC (#) 15218 Penn Hills Lane, Houston, TX 77062 Nonstore Retailers Term Loan Prime plus 2.75% 11/22/2029 $ 19.2  $ 19.2  18.4  0.01  %
Best Choice Meats, Inc, (#,^) 12646 S Springfield Ave, Alsip, IL 60803 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/22/2044 $ 1,344.7  $ 1,344.7  1,458.1  0.45  %
ZUMI LLC dba Allstate Insurance (#,^) 1537 W 79th St, Chicago, IL 60620 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 11/22/2029 $ 12.0  $ 12.0  12.3  —  %
Weeping Willow Kennel Inc (#,^) 6041 Hammond School Rd, Salisbury, MD 21804 Personal and Laundry Services Term Loan Prime plus 2.75% 11/21/2029 $ 4.5  $ 4.5  4.7  —  %
Coral Springs Family Wellness LLC (#) 2902 North University Drive, Coral Springs, FL 33065 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/21/2030 $ 59.1  $ 59.1  52.9  0.02  %
Semplice Cafe LLC (#,^) 209 N Main St., Breckenridge, CO 80424 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/21/2029 $ 18.0  $ 18.0  16.2  0.01  %
The Rollin' Trapp LLC (#,^) 1731 Prevatt Rd, Dothan, AL 36301 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/21/2029 $ 8.0  $ 8.0  7.5  —  %
Pen's Electric Company (#) 504 Fairfax Ave, Nashville, TN 37212 Specialty Trade Contractors Term Loan Prime plus 6.5% 11/21/2029 $ 12.5  $ 12.5  12.8  —  %
Cobb Roofing LLC (#,^) 8101 NW 10th St, Oklahoma City, OK 73127 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/21/2029 $ 53.7  $ 53.7  47.3  0.01  %
Cable Management LLC (#,^) 290 Pratt St., Meriden, CT 06450 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/20/2029 $ 137.5  $ 137.5  127.2  0.04  %
AMH Construction, Inc. (#,^) 30 South Ivey Lane, Orlando, FL 32811 Construction of Buildings Term Loan Prime plus 2.75% 11/20/2029 $ 75.0  $ 75.0  73.9  0.02  %
AMH Construction, Inc. (#,^) 30 South Ivey Lane, Orlando, FL 32811 Construction of Buildings Term Loan Prime plus 2.75% 11/20/2044 $ 275.0  $ 275.0  299.6  0.09  %
AD Learning Group, LLC dba The Learning Experience & AD Learning NH LL (#,^) 181 Shunpike Rd, Cromwell, CT 06416 Social Assistance Term Loan Prime plus 2.75% 11/18/2029 $ 137.5  $ 137.5  121.2  0.04  %
Ryan & Selena LLC dba Head of the Class Learning Center (#,^) 1836 Kathleen Rd, Lakeland, FL 33805 Social Assistance Term Loan Prime plus 2.75% 11/18/2044 $ 445.5  $ 445.5  477.1  0.15  %
SSH Princeton LLC dba Stumpy's Hatchet House of Princeton (#) 745 Alexander Rd, Ste 1-3, Princeton, NJ 08540 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/15/2030 $ 91.0  $ 91.0  80.4  0.02  %
163
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
MToxins Venom Lab LLC (#,^) 717 Oregon St., Oshkosh, WI 54902 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/15/2044 $ 101.3  $ 101.3  106.3  0.03  %
Champions Of Diversity Media Inc dba Champions of Diversity: Politics (#,^) 5100 Transamerica Drive, Columbus, OH 43228 Administrative and Support Services Term Loan Prime plus 2.75% 11/15/2044 $ 72.5  $ 72.5  79.4  0.02  %
Lindsley Excavating LLC (#,^) 92 Town Line Rd, Fulton, NY 13069 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/15/2029 $ 192.5  $ 192.5  186.3  0.06  %
The Pinnacle Development Group Inc dba The Goddard School (#) 105 Springside Drive, Akron, OH 44333 Social Assistance Term Loan Prime plus 6.5% 11/14/2029 $ 12.5  $ 12.5  12.8  —  %
Rockin Robin Music Lessons LLC (#,^) 9029 Hwy 6 Ste 160, Missouri City, TX 77459 Educational Services Term Loan Prime plus 2.75% 11/14/2029 $ 9.3  $ 9.3  8.2  —  %
Bucklin Sumner & Associates LLC dba Bucklin Sumner & Associates LLC (#) 650 NE Holladay St. Ste 1600, Portland, OR 97232 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 6.5% 11/14/2029 $ 12.5  $ 12.5  12.8  —  %
Winning Sales Plan Inc (#,^) 17811 Fairhaven Gateway, Cypress, TX 77433 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/14/2029 $ 50.0  $ 50.0  52.5  0.02  %
Sean McNamara (#) 5639 Wood Lane, Allentown, PA 18106 Nonstore Retailers Term Loan Prime plus 6.5% 11/14/2029 $ 12.5  $ 12.5  12.8  —  %
Ninth Avenue, LLC (#) 5000 W Empire Place, Rm 916, Sioux Falls, SD 57106 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/14/2030 $ 62.5  $ 62.5  56.6  0.02  %
Adrienne's Gourmet Foods, Imagine Baking, Inc (#,^) 1034 Hancock St., Sandusky, OH 44870 Food Manufacturing Term Loan Prime plus 2.75% 11/12/2029 $ 529.4  $ 529.4  523.1  0.16  %
Two Roses Salon 1, Inc.dba National Fluid Power Institute and NFPI (#,^) 908 S Jefferson St., Amarillo, TX 79101 Educational Services Term Loan Prime plus 2.75% 11/12/2029 $ 395.0  $ 395.0  371.1  0.12  %
Ameen Enterprises, LLC dba Bargain Town (#,^) 1111 E Washington St., Stephenville, TX 76401 Gasoline Stations Term Loan Prime plus 2.75% 11/12/2029 $ 125.0  $ 125.0  127.5  0.04  %
Adrienne's Gourmet Foods, Imagine Baking Inc (#,^) 1034 Hancock St., Sandusky, OH 44870 Food Manufacturing Term Loan Prime plus 2.75% 11/12/2044 $ 406.2  $ 406.2  456.7  0.14  %
Potomac Nail Spa Corporation (#,^) 14901 Potomac Town Place, Woodbridge, VA 22191 Personal and Laundry Services Term Loan Prime plus 2.75% 11/12/2029 $ 52.1  $ 52.1  46.2  0.01  %
Steven French dba French Woodworking (#,^) 1101 Horizon Drive Ste 101, Fairfield, CA 94533 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/12/2044 $ 62.5  $ 62.5  70.3  0.02  %
SSD Designs LLC (#,^) 486 Vance St, Forest City, NC 28043 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 1/12/2030 $ 350.0  $ 350.0  330.8  0.10  %
NJ Floats, Inc (#) 327 Rte 202/206, Bedminster Township, NJ 07921 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 5/12/2045 $ 26.3  $ 26.3  29.5  0.01  %
James Richard Farkas Jr. dba Lil Black Bear Inn (#,^) 8072 State Rd 46 E, Nashville, TN 47448 Accommodation Term Loan Prime plus 2.75% 11/12/2044 $ 109.3  $ 109.3  115.5  0.04  %
HH Wireless Connect LLC (#,^) 48267 Deer Trail Drive, Canton, MI 48187 Electronics and Appliance Stores Term Loan Prime plus 2.75% 11/12/2029 $ 8.3  $ 8.3  7.3  —  %
164
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Integrated Vascular Services LLC (#,^) 1452 Franklin Ave, Salem, OR 44460 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/8/2029 $ 80.0  $ 80.0  71.0  0.02  %
Airbar Inc (#,^) 5 N Station Plaza, Great Neck, NY 11021 Personal and Laundry Services Term Loan Prime plus 2.75% 11/8/2029 $ 21.6  $ 21.6  19.1  0.01  %
East River Plumbing, LLC (#,^) 997 E Loop, Priest River, ID 83856 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/8/2044 $ 50.0  $ 50.0  54.4  0.02  %
Link Rec of Minong, Inc (#,^) 304 Business Hwy 53, Minong, WI 54859 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/7/2044 $ 393.8  $ 393.8  431.5  0.13  %
WE MAKE DIFFERENCES, LLC (#,^) 1380 Main St., Waltham, MA 02451 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/7/2029 $ 6.3  $ 6.3  6.3  —  %
Link Rec of Minong, Inc (#,^) 304 Business Hwy 53, Minong, WI 54859 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/7/2029 $ 856.3  $ 856.3  764.8  0.24  %
Dear Valley Sports Shop LLC (#) 507 Bamboo Rd, Boone, NC 28607 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 6.5% 11/7/2029 $ 12.5  $ 12.5  12.8  —  %
Lake Pontchartrain Properties, LLC (#,^) 6001-6201 France Rd, New Orleans, LA 70126 Accommodation Term Loan Prime plus 2.75% 11/7/2044 $ 1,150.0  $ 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 33166 Air Transportation Term Loan Prime plus 2.75% 11/6/2029 $ 1,025.0  $ 1,025.0  903.8  0.28  %
C&P Trading and Sales Inc (#,^) 950 Peninsula Corporate Cir, Boca Raton, FL 33487 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/31/2029 $ 249.1  $ 249.1  219.8  0.07  %
Sunburst Trout Farm, LLC (#,^) 314 Industrial Park Drive, Waynesville, NC 28786 Fishing, Hunting and Trapping Term Loan Prime plus 2.75% 10/31/2044 $ 232.4  $ 232.4  257.9  0.08  %
11900 Marshfield Station Inc (#,^) 11900 S Marshfield Ave, Calumet Park, IL 60827 Gasoline Stations Term Loan Prime plus 2.75% 10/31/2044 $ 1,250.0  $ 1,250.0  1,370.0  0.43  %
D & H Construction Services, Inc. (#,^) 711 Hospital St., Richmond, VA 23219 Construction of Buildings Term Loan Prime plus 2.75% 10/31/2029 $ 139.2  $ 139.2  127.5  0.04  %
Automotive Solutions, LLC (#,^) 1910 W. Dupont Rd, Fort Wayne, IN 46818 Repair and Maintenance Term Loan Prime plus 2.75% 10/31/2044 $ 297.2  $ 297.2  322.0  0.10  %
Sunburst Trout Farm, LLC (#,^) 314 Industrial Park Dr, Waynesville, NC 28786 Fishing, Hunting and Trapping Term Loan Prime plus 2.75% 10/31/2029 $ 67.1  $ 67.1  70.5  0.02  %
Automotive Standard, LLC (#,^) 4028 Coldwater Rd, Fort Wayne, IN 46805 Repair and Maintenance Term Loan Prime plus 2.75% 10/31/2044 $ 137.3  $ 137.3  149.9  0.05  %
Mariscos El Oceano, Inc. (#,^) 5960 S Archer Ave, Chicago, IL 60638 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2044 $ 124.9  $ 124.9  137.9  0.04  %
Maine Service Corp (#,^) 59-24 22nd St., Maspeth, NY 11378 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 10/31/2029 $ 124.3  $ 124.3  130.6  0.04  %
Guru Kirpa, Inc (#,^) 3006 New Castle Ave, New Castle, DE 19720 Gasoline Stations Term Loan Prime plus 2.75% 10/31/2044 $ 195.3  $ 195.3  206.0  0.06  %
MJ Group, Inc (#,^) 26691 Loma Verde, Mission Viejo, CA 92691 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2029 $ 21.2  $ 21.2  18.8  0.01  %
Dub Industries LLC (#,^) 4112 Veiled Falls Drive, Pflugerville, TX 78660 Nonstore Retailers Term Loan Prime plus 2.75% 10/31/2029 $ 70.6  $ 70.6  68.0  0.02  %
165
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Fave Realty, Inc. (#,^) 217-84 Hempstead Ave, Jamaica, NY 11429 Real Estate Term Loan Prime plus 2.75% 10/31/2044 $ 116.9  $ 116.9  131.4  0.04  %
Kerzner Contracting Corp (#,^) 1620 Ocean Ave, Bohemia, NY 11716 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/31/2029 $ 111.9  $ 111.9  98.7  0.03  %
Jessie's Radiator and Automotive (#,^) 1777 N Ventura Ave, Ventura, CA 93001 Repair and Maintenance Term Loan Prime plus 2.75% 10/31/2029 $ 15.7  $ 15.7  15.0  —  %
The Committed Pig LLC (#,^) 28 West Park Place, Morristown, NJ 07090 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2029 $ 277.2  $ 277.2  291.3  0.09  %
L& F Gullo Service Corp (#,^) 520 Main St, Westbury, NY 11590 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/31/2029 $ 174.0  $ 174.0  153.4  0.05  %
ABC Sandblasting, LLC (#,^) 14029 56th St. NW, Williston, ND 58801 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/31/2029 $ 243.6  $ 243.6  219.8  0.07  %
Paul Wintner dba P & R Props (#,^) 23901 Calabasas Rd, Calabasas, CA 91302 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/30/2029 $ 55.9  $ 55.9  49.3  0.02  %
Blue Agave & Brothers, LLC dba Blue Apachie Mexican Restaurant and Blu (#,^) 905 Savoy Rd, Youngsville, LA 70592 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/30/2029 $ 87.0  $ 87.0  77.8  0.02  %
BGB Leasing Inc and BGB Leasing Co. (#,^) 50 Industrial Park Rd, Princeton, KY 42445 Truck Transportation Term Loan Prime plus 2.75% 10/30/2029 $ 1,153.6  $ 1,153.6  1,082.5  0.34  %
BGB Leasing Co. (#,^) 50 Industrial Park Rd, Princeton, KY 42445 Truck Transportation Term Loan Prime plus 2.75% 10/30/2044 $ 89.9  $ 89.9  101.1  0.03  %
Plastic Depot, Inc (#,^) 363 East Alondra Blvd, Gardena, CA 90248 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 10/30/2029 $ 157.4  $ 157.4  138.9  0.04  %
Lightning Strike Distributing, LLC dba Jedidiah's Jerky & Gournet Snac (#,^) 9912 Arizona Dr, Mohave Valley, AZ 86440 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/30/2029 $ 64.6  $ 64.6  57.9  0.02  %
OWL Inc, (#,^) 5300 S Orange Blossom Trail, Orlando, FL 32839 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 10/28/2029 $ 211.3  $ 211.3  186.3  0.06  %
Marnon Vending LLC dba Naturals 2 Go San Antonio (#,^) 6713 Biscay Hbr, San Antonio, TX 78249 Nonstore Retailers Term Loan Prime plus 2.75% 10/28/2029 $ 7.9  $ 7.9  7.5  —  %
Corple Enterprises, Inc (#,^) 17887 US-380, Ponder, TX 76259 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/28/2029 $ 155.9  $ 155.9  156.5  0.05  %
Proximo Consulting Services Inc (#,^) 2500 Plaza 5, Jersey City, NJ 07311 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/28/2029 $ 74.6  $ 74.6  65.8  0.02  %
Perisseia Physicians LLC (#,^) 1644 Lebanon Rd, Lawrenceville, GA 30043 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/28/2044 $ 399.4  $ 399.4  419.2  0.13  %
Diamond Solutions LLC (#,^) 8321 E Gelding Drive, Scottsdale, AZ 85260 Machinery Manufacturing Term Loan Prime plus 2.75% 10/25/2029 $ 12.7  $ 12.7  11.2  —  %
Four Ace Electrical Services Corporation (#,^) 3723 Far Niente Way, Sacramento, CA 95834 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/25/2029 $ 11.9  $ 11.9  10.7  —  %
Landmark Ventures USA, Inc (#,^) 475 Park Ave S, 25th Fl, New York, NY 10016 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 10/25/2029 $ 104.4  $ 104.4  92.1  0.03  %
166
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
iLoka Inc. dba NewCloud Networks (#,^) 160 Inverness Drive W Ste 150, Englewood, CO 80112 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 10/25/2029 $ 99.4  $ 99.4  104.5  0.03  %
Exclusive Physicians PLLC dba EPIC Primary Care,PLLC (#,^) 18463 Livernois Ave, Detroit, MI 48221 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/25/2029 $ 124.3  $ 124.3  110.5  0.03  %
IV Purpose Inc (#) 1489 Fulton St., Brooklyn, NY 11216 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/25/2029 $ 26.1  $ 26.1  24.3  0.01  %
Jbang LLC, WM Bang LLC, Bang Investments LLC (#) 125 Westchester Ave, White Plains, NY 10601 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2029 $ 20.0  $ 20.0  21.0  0.01  %
Sultan's Palace L.L.C. (#,^) 8125 West Sahara Ave, Ste 300, Las Vegas, NV 89117 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/24/2029 $ 21.0  $ 21.0  19.3  0.01  %
Fimac Inc dba American Educational Services (#,^) 26300 La Alameda Ste 200, Mission Viejo, CA 92691 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/23/2029 $ 22.4  $ 22.4  19.9  0.01  %
Pyle Garage Doors OKC, INC dba Precision Door Service OKC (#,^) 8860 S Sunnylane Rd, Oklahoma City, OK 73135 Repair and Maintenance Term Loan Prime plus 2.75% 10/22/2029 $ 14.7  $ 14.7  13.0  —  %
James Clark and Company, Inc. (#) 8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 10/22/2029 $ 12.4  $ 12.4  12.7  —  %
Todd's Car Wash, LLC (#,^) 5505 Johnston St., Lafayette, LA 70506 Repair and Maintenance Term Loan Prime plus 2.75% 10/18/2044 $ 343.4  $ 343.4  386.0  0.12  %
UNIQUE PAVER INSTALLATIONS, INC. (#,^) 4930 Mars Hill Rd, Bogart, GA 30622 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/17/2029 $ 22.5  $ 22.5  20.7  0.01  %
Owens Family and Cosmetic Dentistry PLLC (#,^) 403 E College St., Pulaski, TN 38478 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/17/2029 $ 270.8  $ 270.8  246.8  0.08  %
Roughcut LLC (#,^) 41540 National Rd, Belmont, OH 43718 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/17/2029 $ 468.6  $ 468.6  492.4  0.15  %
Pine Mountain Residential LLC (#) 10240 Cosmopolitan Circle, Parker, CO 80134 Specialty Trade Contractors Term Loan Prime plus 6.5% 10/16/2029 $ 12.4  $ 12.4  12.7  —  %
Powerlift Dumbwaiters, Inc (#) 2444 Georgia Slide Rd, Georgetown, CA 95634 Machinery Manufacturing Term Loan Prime plus 6.5% 10/16/2029 $ 12.5  $ 12.5  12.7  —  %
Naroh Manufacturing, LLC (#,^) 185 Gus Hipp Blvd, Rockledge, FL 32955 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/15/2029 $ 18.6  $ 18.6  17.3  0.01  %
Chavero's Auto Mart, LLC (#) 1364 E Palma Vista Drive, Palmview, TX 78572 Motor Vehicle and Parts Dealers Term Loan Prime plus 6.5% 10/11/2029 $ 12.5  $ 12.5  12.8  —  %
The Cow Harbor Beer Company LLC dba Sand City Brewing Co. (#) 19 Scudder Ave, Northport, NY 11768 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 7/11/2030 $ 91.0  $ 91.0  90.8  0.03  %
Glenda D Brewer dba Bargain Store (#) 107 Tabernacle Church Rd, Candor, NC 27229 General Merchandise Stores Term Loan Prime plus 6.5% 10/11/2029 $ 12.4  $ 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 79414 Personal and Laundry Services Term Loan Prime plus 2.75% 10/11/2029 $ 155.4  $ 155.4  139.1  0.04  %
167
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Q2 Ventures, LLC (#,^) 2805 W Arimo Rd, Arimo, ID 83214 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/8/2029 $ 176.5  $ 176.5  177.5  0.06  %
Paketo LLC dba West Loop UPS Store (#,^) 623 W Lake St., Chicago, IL 60661 Couriers and Messengers Term Loan Prime plus 2.75% 10/4/2029 $ 16.4  $ 16.4  14.7  —  %
Joseph P Fusco DDS PC (#,^) 77 N Centre Ave, Rockville Centre, NY 11570 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2029 $ 65.5  $ 65.5  57.9  0.02  %
International Protection Group, LLC (#,^) 481 8th Ave Ste 1130, New York, NY 10001 Administrative and Support Services Term Loan Prime plus 2.75% 9/30/2029 $ 81.6  $ 81.6  80.6  0.02  %
A Child's Dream Educational Center LLC (#,^) 4127 NW 34th St., Gainesville, FL 32605 Social Assistance Term Loan Prime plus 2.75% 9/30/2044 $ 179.6  $ 179.6  194.6  0.06  %
AV Strategy, Inc (#,^) 9402 American Eagle Way, Orlando, FL 32837 Rental and Leasing Services Term Loan Prime plus 2.75% 9/30/2029 $ 257.1  $ 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 85009 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/30/2044 $ 623.5  $ 623.5  656.8  0.20  %
MVE, Inc dba Mid-Valley Engineering (#,^) 1117 L St., Modesto, CA 95354 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/30/2029 $ 1,226.1  $ 1,226.1  1,114.6  0.35  %
SPIRE Manufacturing Solutions LLC (#,^) 1440 Newport Rd, Colorado Springs, CO 80916 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/30/2044 $ 1,014.1  $ 1,014.1  1,140.1  0.35  %
Meldi Maa, Inc dba The River Complex (#,^) 74 S Main St., Woonsocket, RI 02895 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2044 $ 422.8  $ 422.8  463.2  0.14  %
50 Taps, LLC dba Colorado Taproom & Grill (#,^) 19539 Hess Rd, Ste 101, Parker, CO 80134 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2029 $ 76.6  $ 76.6  68.4  0.02  %
Crown Waste Corp (#,^) 1 Plainview Rd, Bethpage, NY 11714 Waste Management and Remediation Services Term Loan Prime plus 2.75% 9/30/2029 $ 49.4  $ 49.4  46.1  0.01  %
Bev's Sweets LLC (#,^) 3778 Hwy 254, Cleveland, GA 30528 Administrative and Support Services Term Loan Prime plus 2.75% 9/30/2044 $ 213.3  $ 213.3  232.8  0.07  %
DG Business Solutions, Inc (#,^) 11008 Rene St., Lenexa, KS 66215 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/30/2029 $ 222.5  $ 222.5  197.7  0.06  %
A Child's Dream Educational Center LLC (#,^) 4127 NW 34th St., Gainsville, FL 32605 Social Assistance Term Loan Prime plus 2.75% 9/30/2029 $ 186.8  $ 186.8  165.3  0.05  %
Atlantic Pacific Hospitality Solutions Inc dba North Beach Bistro (#,^) 725 Atlantic Blvd, Atlantic Beach, FL 32233 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2029 $ 9.3  $ 9.3  8.2  —  %
Heart and Vascular Associates of Tampa, LLC (#,^) 17 David Boulevard, Tampa, FL 33606 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2044 $ 775.0  $ 775.0  803.1  0.25  %
Universe Appliance Repairs Inc. (#,^) 3790 Merrick Rd, Seaford, NY 11783 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 $ 586.1  $ 586.1  604.1  0.19  %
Aztec Machine & Repair Inc, Cranrd & Material (#,^) 1715 N 1st St, Bloomfield, NM 87413 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 $ 710.8  $ 710.8  744.4  0.23  %
Wagner & Sons Inc (#,^) 22365 Alydar Drive, Lexington Park, MO 20653 Nonstore Retailers Term Loan Prime plus 2.75% 9/27/2029 $ 18.5  $ 18.5  16.4  0.01  %
Zima Dining Inc. dba Country Kitchen (#,^) 1497 N Mt. Vernon Ave, Colton, CA 92324 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/27/2029 $ 62.3  $ 62.3  65.4  0.02  %
168
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 73701 Support Activities for Mining Term Loan Prime plus 2.75% 9/27/2029 $ 1,013.5  $ 1,013.5  953.1  0.30  %
Cherry and Candlewood Inc dba Aamco (#,^) 3029 South St., Long beach, CA 90805 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 $ 432.2  $ 432.2  485.9  0.15  %
Universe Appliance Repairs Inc. (#,^) 3790 Merrick Rd, Seaford, NY 11783 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2029 $ 655.1  $ 655.1  607.0  0.19  %
Titan Laser Screed Concrete Services, LLC (#,^) 8908 Wildlife Lane, Sanford, FL 32771 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2029 $ 49.4  $ 49.4  44.8  0.01  %
Total Pallet Consolidation LLC (#,^) 2800 Swanee Ave, Buford, GA 30618 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/27/2029 $ 18.5  $ 18.5  16.5  0.01  %
Stiegelbauer Associates Inc. (#,^) 63 Flushing Ave Unit 342, Brooklyn, NY 11205 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2029 $ 198.1  $ 198.1  175.0  0.05  %
Zmetra Clearspan Structures LLC (#,^) 2 Old Worcester Rd, Webster, MA 01571 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 9/27/2044 $ 436.9  $ 436.9  491.1  0.15  %
Hoagie Barmichaels Inc (#,^) 1101 River Rd, New Windsor, NY 12553 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/27/2044 $ 112.7  $ 112.7  115.7  0.04  %
Santa Fe Flooring LLC (#,^) 3711 Paseo Del Norte NE, Albuquerque, NM 87113 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 9/26/2029 $ 493.2  $ 493.2  450.1  0.14  %
MeShare Inc. (#,^) 1401 Interstate Drive, Champaign, IL 61822 Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 9/26/2029 $ 1,236.0  $ 1,236.0  1,157.7  0.36  %
Adam's Construction & General Contracting LLC (#,^) 7808 N Custer Rd, Freesoil, MI 49411 Construction of Buildings Term Loan Prime plus 2.75% 9/26/2029 $ 68.2  $ 68.2  62.4  0.02  %
Anderson's Outdoor Adventures, LLC (#,^) 4060 SW County Rd 232, Bell, FL 32619 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/25/2029 $ 22.2  $ 22.2  22.5  0.01  %
Byler, Wolfe, Lutsch and Kampfer CPAs, Inc (#,^) 360 East State St., Salem, OH 44460 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/25/2044 $ 53.4  $ 53.4  54.1  0.02  %
luv 2 Play Nor Cal, LLC (#,^) 82 Clarksville Rd, Folsom, CA 95682 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/25/2029 $ 111.7  $ 111.7  100.3  0.03  %
Quality Machine of Iowa, Inc (#,^) 1040 4th Ave, Audubon, IA 50025 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/25/2029 $ 67.1  $ 67.1  70.4  0.02  %
Flamingo Bowl, Inc (#,^) 3301 N 23rd St., McAllen, TX 78501 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/24/2029 $ 201.5  $ 201.5  190.6  0.06  %
Unified Utility Services LLC (#,^) 206 Frankie Lane, Ladson, SC 29456 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/20/2044 $ 157.6  $ 157.6  177.0  0.05  %
Standard Real Estate Services LLC (#) 500 W Silver Spring Dr. #K 200, Glendale, WI 53217 Real Estate Term Loan Prime plus 6.5% 9/19/2029 $ 12.4  $ 12.4  12.6  —  %
Host Marketing, LLC (#) 206 Bell Lane Ste B, West Monroe, LA 71291 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 9/18/2029 $ 12.4  $ 12.4  12.6  —  %
Payne's Enviromental Service, LLC dba Bamaco (#,^) 5617 Causeway Boulevard, Tampa, FL 33619 Administrative and Support Services Term Loan Prime plus 2.75% 9/18/2044 $ 521.0  $ 521.0  545.4  0.17  %
Vancole Investments, Inc. dba Smoothie King #913 &;Dream Developmenf G (#,^) 876 Virginia Ave, Hapeville, GA 30354 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2029 $ 11.9  $ 11.9  10.5  —  %
169
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Win Health Institute (#,^) 711 E Valley Rd, Basalt, CO 81621 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/17/2029 $ 7.4  $ 7.4  6.8  —  %
Natalie Hart LLC dba Lady of Luxury &dba Country Sugar Events, dba Que (#) 1702 Fawn Gate St, San Antonio, TX 78248 Personal and Laundry Services Term Loan Prime plus 2.75% 12/18/2029 $ 33.4  $ 33.4  33.7  0.01  %
Game Station, Inc. (#,^) 2917 1st Ave SE, Cedar Rapids, IA 52402 Rental and Leasing Services Term Loan Prime plus 2.75% 9/16/2029 $ 20.0  $ 20.0  18.9  0.01  %
Bay Bowl Inc dba Shasta Lanes (#,^) 11093 Black Marble Way, Redding, CA 96003 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/13/2044 $ 536.2  $ 536.2  602.3  0.19  %
Oak Park Social LLC (#) 14691 W 11 Mile Rd, Oak Park, MI 48237 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/12/2045 $ 96.9  $ 96.9  105.5  0.03  %
The Steel Method LLC dba Sneeze It (#,^) 250 Passaic Ave Ste 200, Fairfield, NJ 07004 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/12/2029 $ 166.9  $ 166.9  147.4  0.05  %
New Flow Plumbing and Rooter Inc. (#,^) 6718 Katherin Ave, Van Nuys, CA 91405 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/12/2029 $ 49.4  $ 49.4  43.9  0.01  %
ACSS CPA, LLC (#,^) 1016 S Texas Blvd, Weslaco, TX 78599 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/12/2044 $ 39.9  $ 39.9  42.6  0.01  %
Miami Squeeze Inc dba Miami Squeeze, LLC (#,^) 18315 W Dixie Hwy, North Miami Beach, FL 33160 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/11/2029 $ 114.2  $ 114.2  106.2  0.03  %
Covert Recordings LLC (#,^) 31-65 138th St., Apt 3K, Flushing, NY 11354 Rental and Leasing Services Term Loan Prime plus 2.75% 9/11/2029 $ 11.8  $ 11.8  12.0  —  %
Family Insight, P.C. (#,^) 3433 Brambleton Ave, Ste 104A, Roanoke, VA 24018 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2029 $ 245.4  $ 245.4  247.6  0.08  %
Prime Precision Machining, LLC (#,^) 845 Mandoline Ave, Madison Heights, MI 48071 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/11/2029 $ 206.9  $ 206.9  190.5  0.06  %
Prime Precision Machining, LLC (#,^) 845 Mandoline Ave, Madison Heights, MI 48071 Real Estate Term Loan Prime plus 2.75% 9/11/2044 $ 267.9  $ 267.9  284.9  0.09  %
Softcare247, LLC (#) 4191 Naco Perrin Blvd, San Antonio, TX 78217 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 9/11/2029 $ 12.4  $ 12.4  12.6  —  %
Body on Cue Health and Fitness LLC (#,^) 129 A Orpha Drive, Middlebury, IN 46840 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/6/2029 $ 44.5  $ 44.5  39.8  0.01  %
Eco Electric LLC (#,^) 5380 Cameron St, Las Vegas, NV 89118 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/5/2029 $ 65.8  $ 65.8  57.9  0.02  %
SVT Masonry Limited Liability Company (#,^) 1208 Houghton Lane, Bennington, VT 05201 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/5/2029 $ 75.4  $ 75.4  74.4  0.02  %
Smokin AZ, LLC dba Dickey's Barbecue Pit AZ (#,^) 1914 S Power Rd, Ste 101, Mesa, AZ 85206 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/5/2029 $ 65.5  $ 65.5  58.6  0.02  %
Philly Games Inc.dba Queen & Rock Game Cafe (#,^) 607-609 S 2nd St., Philadelphia, PA 19147 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/5/2029 $ 61.8  $ 61.8  54.7  0.02  %
Thawk LLC (#,^) 1110 Willow Glen Drive, Yuba City, CA 95991 Administrative and Support Services Term Loan Prime plus 2.75% 8/30/2029 $ 8.1  $ 8.1  7.2  —  %
No Push Backs, LLC (#) 2223 Dungan Ave, Bensalem, PA 19020 Personal and Laundry Services Term Loan Prime plus 6.5% 8/30/2029 $ 12.2  $ 12.2  12.4  —  %
170
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Dog House Sportfishing Charters Inc (#) 83413 Overseas Hwy, Islamorada, FL 33036 Scenic and Sightseeing Transportation Term Loan Prime plus 6.5% 8/30/2029 $ 12.3  $ 12.3  12.5  —  %
3C Consumer Network & Designs LLC (#,^) 7676 Hillmont St., Ste 109, Houston, TX 77040 Real Estate Term Loan Prime plus 2.75% 8/29/2029 $ 14.7  $ 14.7  13.5  —  %
Camror LTD dba Jersey Mike's (#,^) 5946 Meijer Drive, Cincinnati, OH 45150 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/29/2030 $ 87.5  $ 87.5  91.4  0.03  %
Esquire Mini Mart LLC & Morgan Store Building LLC (#,^) 12595 S Somerton Ave, Yuma, AZ 85365 Food and Beverage Stores Term Loan Prime plus 2.75% 8/29/2029 $ 50.4  $ 50.4  49.0  0.02  %
Groton Bowling Center and Entertainment Inc (#,^) 27 Kings Hwy, Groton, CT 06340 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/29/2044 $ 942.4  $ 942.4  1,010.2  0.31  %
Crown Heights Bunch O Bagels & More Inc & 361 Bagel Holding LLC (#,^) 361 Troy Ave, Brooklyn, NY 11213 Food and Beverage Stores Term Loan Prime plus 2.75% 8/29/2029 $ 39.3  $ 39.3  41.3  0.01  %
Double Scoop Ice Cream, LLC (#,^) 2970 Stonecrest Pass, Lithonia, GA 30038 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/29/2044 $ 96.4  $ 96.4  102.7  0.03  %
The BMF Media Group LLC (#,^) 50 West 23rd St., 7th fl, New York, NY 10010 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/29/2029 $ 368.7  $ 368.7  324.6  0.10  %
DB Talak LLC (#,^) 2018 SE 6th Ave, Portland, OR 97214 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/28/2029 $ 86.0  $ 86.0  90.3  0.03  %
HRS2, LLC (#,^) 5410 Pipers Creek Court, Sugar Land, TX 77479 Nonstore Retailers Term Loan Prime plus 2.75% 8/28/2029 $ 227.6  $ 227.6  224.5  0.07  %
Khari E. J. Myers dba Khari Imagery & 190 Minerva LLC (#,^) 190 Minerva St., Tonawanda, NY 14150 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/28/2044 $ 59.8  $ 59.8  67.2  0.02  %
Linsey Schwertdfeger,, Inc. (#,^) 740 Dennery Rd, San Diego, CA 92154 Repair and Maintenance Term Loan Prime plus 2.75% 8/28/2029 $ 69.7  $ 69.7  62.4  0.02  %
Blue Eagle Transport Inc.,Golden Eagle Tran and Green Eagle Transpor (#,^) 377 Boston Post Rd, Milford, CT 06460 Couriers and Messengers Term Loan Prime plus 2.75% 8/28/2029 $ 444.2  $ 444.2  407.5  0.13  %
The Hometown Welcome Program, Inc & Fredric Anthony Gushwa (#,^) 107 S Nottawa St, Sturgis, MI 49091 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/27/2029 $ 96.0  $ 96.0  90.2  0.03  %
Maryland Urgent Care, Inc. (#,^) 9831 Greenbelt Rd Ste 208 Unit H-2, Lanham, MD 20706 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/27/2044 $ 46.0  $ 46.0  49.9  0.02  %
ADA Internacional Inc (#,^) 10891 La Reina Rd, Ste 100, Delray Beach, FL 33446 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/26/2029 $ 22.1  $ 22.1  19.5  0.01  %
Crystal S. Prado dba Crystal Clear Accounting (#) 34099 Tuscan Creek Way, Temecula, CA 92592 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 8/26/2029 $ 3.2  $ 3.2  3.2  —  %
JLT Foods, LLC (#,^) 3294 Long Meadow Ct, West Bloomfield Township, MI 48324 Food Manufacturing Term Loan Prime plus 2.75% 8/23/2029 $ 20.6  $ 20.6  18.2  0.01  %
PJT Logistics, Inc. (#,^) 2-4 Commerce Way, Auburn, NY 13021 Truck Transportation Term Loan Prime plus 2.75% 8/23/2029 $ 49.2  $ 49.2  51.6  0.02  %
171
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Elite Motors LLC (#,^) 1046-1050 Orange Ave, West Haven, CT 06516 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 8/23/2029 $ 86.0  $ 86.0  90.3  0.03  %
SRJ construction Corp (#,^) 8358 W Oakland Park Blvd. #203E, Sunrise, FL 33351 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/23/2029 $ 11.1  $ 11.1  9.9  —  %
The Pet Stop, LLC (#,^) 106 S Washington St., Pleasantville, IA 50225 Personal and Laundry Services Term Loan Prime plus 2.75% 8/23/2029 $ 7.4  $ 7.4  6.7  —  %
MS Integrated Psychotherapy & Counseling, LLC (#,^) 1157 Main St., Clifton, NJ 07011 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/22/2029 $ 73.0  $ 73.0  68.8  0.02  %
The Roux Southern Kitchen, LLC (#,^) 252 FM 3162, Sandia, TX 78383 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/22/2029 $ 17.8  $ 17.8  18.4  0.01  %
MB Nursery LLC dba The Garden Center (#,^) 15562 HWY-South, Whitehouse, TX 75791 Administrative and Support Services Term Loan Prime plus 2.75% 8/21/2029 $ 91.1  $ 91.1  94.3  0.03  %
Metro R Services Inc. and Metal & Roof Supplies, Inc. (#,^) 20 Universal Place, Carlstadt, NJ 07072 Repair and Maintenance Term Loan Prime plus 2.75% 8/21/2029 $ 190.5  $ 190.5  185.1  0.06  %
Auto Unique LLC (#,^) 305 W Main St., Mayo, FL 32066 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 8/20/2044 $ 12.3  $ 12.3  13.8  —  %
William Martinez dba Bad Ass Coffee of Hawaii (#) 14101 Main St., Ste 4101, Hesperia, CA 92345 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/20/2029 $ 22.5  $ 22.5  20.2  0.01  %
Signature Rooms, Inc. (#,^) 2066 Route 112, Medford, NY 11763 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 8/19/2029 $ 165.9  $ 165.9  174.1  0.05  %
Accent Home Services LLC dba Benjamin Franklin Plumbing of Kansas City (#,^) 7748 Troost Ave, Kansas City, MO 64131 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/15/2029 $ 110.6  $ 110.6  105.9  0.03  %
American Healthy Vending, Inc (#,^) 5951 NW 151 St., Hialeah, FL 33014 Nonstore Retailers Term Loan Prime plus 2.75% 8/15/2029 $ 104.5  $ 104.5  96.6  0.03  %
AJN Innovations LLC dba Burgerim (#) 6704 Main St., Miami Lakes, FL 33014 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/15/2030 $ 24.6  $ 24.6  22.7  0.01  %
Accelerate Educational Solutions, LLC dba Tutor My Success (#,^) 135 Clove Branch Rd, Hopewell Jct, NY 12533 Educational Services Term Loan Prime plus 2.75% 8/14/2029 $ 17.0  $ 17.0  15.0  —  %
Ranson Excavating, Inc (#,^) 8343 Kaula Drive, Fair Oaks, CA 95628 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/13/2029 $ 14.7  $ 14.7  13.0  —  %
KM Electrical Services, Inc (#,^) 4348 Waialae Ave Unit 315, Honolulu, HI 96816 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/12/2029 $ 76.2  $ 76.2  67.3  0.02  %
Love Playing LLC (#) 2200 Eastridge Loop, San Jose, CA 95122 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/9/2030 $ 99.6  $ 99.6  94.6  0.03  %
Elixir Enterprises, LLC dba Guilford Renee's (#,^) 637 Boston Post Rd, Guilford, CT 06437 Food and Beverage Stores Term Loan Prime plus 2.75% 8/8/2029 $ 19.2  $ 19.2  17.0  0.01  %
Suite Luxury, Inc (#,^) 1410 Pine Ridge Rd, Ste 13, Naples, FL 34108 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 8/7/2029 $ 18.4  $ 18.4  16.3  0.01  %
A & S Services LLC dba Kona Ice of Troy (#) 3888 Lightner Rd, Vandalia, OH 45377 Food Services and Drinking Places Term Loan Prime plus 6.5% 8/7/2029 $ 12.3  $ 12.3  12.5  —  %
172
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Accord Law, APC (#,^) 82555 Grass Flat Lane, Indio, CA 92203 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/2/2029 $ 7.4  $ 7.4  6.5  —  %
Leader Engineering-Fabrication, Inc. (#,^) 695 Independence DrIive, Napoleon, OH 43545 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 8/2/2029 $ 123.0  $ 123.0  129.0  0.04  %
Billy Auto Inc (#,^) 632 N Broadway, Amityville, NY 11701 Repair and Maintenance Term Loan Prime plus 2.75% 7/31/2044 $ 323.6  $ 323.6  334.9  0.10  %
East Coast Flight Services, Inc and Aviation Consulting Enterprise, LL (#,^) 27603 Parkway Rd, Easton, MD 21601 Air Transportation Term Loan Prime plus 2.75% 7/31/2029 $ 562.2  $ 562.2  516.2  0.16  %
Healthcare Holdings of America, LLC, Senior Market Advisors, Inc, CHA (#,^) 6201 Centennial Blvd, Nashville, TN 37209 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/31/2029 $ 433.9  $ 433.9  426.3  0.13  %
Living Spring Home Health Inc. (#,^) 18350 Kedzie Ave Ste 204, Homewood, IL 60430 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/31/2029 $ 132.2  $ 132.2  124.4  0.04  %
Genecco Produce, Inc. & Leo Genecco & Sons, Inc. (#,^) 1850 Rochester Rd, Canadaigua, NY 14424 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 7/31/2029 $ 753.2  $ 753.2  729.4  0.23  %
Joseph Centonze dba Off Kilter Kilts (#,^) 27720 Ave Scott, Santa Clarita, CA 91355 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 7/31/2029 $ 8.0  $ 8.0  7.1  —  %
Canyon Lake Kids Academy, LLC (#,^) 130 Charter Oak Drive, Canyon Lake, TX 78133 Social Assistance Term Loan Prime plus 2.75% 7/31/2044 $ 97.8  $ 97.8  105.3  0.03  %
Quick and Quality Services dba Bella Roma Pasta & Pizza & Farshad Fari (#,^) 28940 Golden Lantern, Laguna Niguel, CA 92677 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2029 $ 11.1  $ 11.1  10.4  —  %
Humd, LLC dba La Rosa Chicken and Grill (#) 3111 N. University Drive, Coral Springs, FL 33065 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/31/2030 $ 134.3  $ 134.3  122.5  0.04  %
St. Francis Home Health Inc (#,^) 5246 SW 8th St 103B, Coral Gables, FL 33134 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/31/2029 $ 73.3  $ 73.3  64.6  0.02  %
La Mount Group LLC (#,^) 3111 Princeton Rd, Hamilton, OH 45011 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2029 249.3  249.3  219.5  0.07  %
Gray Rock Quarry, LLC and William E Dailey III (#,^) 54 West Milton Rd, Milton, VT 05468 Mining (except Oil and Gas) Term Loan Prime plus 2.75% 7/31/2044 448.8  448.8  437.8  0.14  %
Jbelis Stop N' Go, LLC dba Planet Smoothie (#,^) 2565 E 17th St, Ammons, ID 83406 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2029 19.1  19.1  17.0  0.01  %
Grad Street LLC (#) 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 Nonstore Retailers Term Loan Prime plus 6.5% 7/30/2029 12.3  12.3  12.5  —  %
Dant A Sandras, D.D.S. LLC (#,^) 13373 Hwy 3235, Larose, LA 70373 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/30/2029 210.7  210.7  190.4  0.06  %
Roman Tint Inc. (#,^) 1436 Ayala Dr, Unit M, Rialto, CA 92376 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/30/2029 8.1  8.1  7.4  —  %
Platt & Associates, LLC dba Flag Staff Apparel, Platt & Associates, LL (#,^) 288 North Industrial Park Drive, Liberty, MS 39645 Apparel Manufacturing Term Loan Prime plus 2.75% 7/30/2044 56.0  56.0  61.8  0.02  %
Aeromax Industries, Inc, HITM, Inc and TMCB LLC (#,^) 9027 Canoga Ave, Canoga Park, CA 91301 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 7/30/2044 785.5  785.5  812.0  0.25  %
173
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 27858 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/30/2029 15.2  15.2  14.4  —  %
Micheal Birch and Tracy M. Pierce (#,^) E 2947 H-44, Traunik, MI 49891 Gasoline Stations Term Loan Prime plus 2.75% 7/29/2044 54.4  54.4  59.4  0.02  %
Moore Chiropractic Center, P.A. (#,^) 936 Roosevelt Trail Unit 1 & 2, Windham, ME 04062 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/26/2029 8.9  8.9  9.1  —  %
Sou's LLC (#,^) 739 NE MLK Boulevard, Portland, OR 97221 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/26/2029 5.8  5.8  5.5  —  %
Power Associates Inc. (#,^) 2766 West Good CT, Boise, ID 83702 Real Estate Term Loan Prime plus 2.75% 7/26/2029 14.7  14.7  12.9  —  %
Dan Dahlin Inc. (#,^) 16465 MN-65, Ham Lake, MN 55304 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/26/2044 407.1  407.1  457.2  0.14  %
Franklin Care Pharmacy Incorporated (#,^) 520 N Franklintown Rd, Baltimore, MD 21223 Health and Personal Care Stores Term Loan Prime plus 2.75% 7/25/2029 53.0  53.0  55.6  0.02  %
A&W ALF, LLC dba A & W Assisted Living Facility (#,^) 6600 Liberty Rd, Gwynn Oak, MD 21207 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 7/24/2044 99.6  99.6  109.9  0.03  %
Lawrence Adeyemo & Co LLC (#) 209-34 112 Ave, Queens Village, NY 11429 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 7/19/2029 9.8  9.8  10.0  —  %
Hardrock Alpha Enterprises, LLC (#,^) 5101 Stine Rd, Bakersfield, CA 93313 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/19/2029 15.4  15.4  13.9  —  %
700 Services Inc.dba 700 Credit Repair (#,^) 1201 N Goliad St., Rockwall, TX 75087 Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 7/19/2029 7.3  7.3  6.5  —  %
Bonfire Hot Yoga LLC (#,^) 3665 SW Hall Blvd, Beaverton, OR 97005 Educational Services Term Loan Prime plus 2.75% 7/18/2029 8.1  8.1  7.3  —  %
JDM2 Water Station LLC (#,^) 125 Chestnut Hill Drive, York, PA 17408 Nonstore Retailers Term Loan Prime plus 2.75% 7/18/2029 204.6  204.6  194.5  0.06  %
Ameritube, LLC (#,^) 1000 N Hwy 77, Hillsboro, TX 76645 Primary Metal Manufacturing Term Loan Prime plus 2.75% 7/18/2029 116.1  116.1  121.8  0.04  %
The Bean Coffee Co. LLC (#) 112 South Main St., Spring Hill, KS 66083 Food Services and Drinking Places Term Loan Prime plus 6.5% 7/17/2029 12.3  12.3  12.5  —  %
Baton Rouge Cargo Services Inc (#,^) 6013 McRaven Rd, Jackson, MS 39209 Support Activities for Transportation Term Loan Prime plus 2.75% 7/17/2044 291.2  291.2  308.2  0.10  %
Garage Floor Coating of MN.com,LLC (#,^) 6701 West 23rd St., St. Louis Park, MN 55426 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/16/2044 993.7  993.7  1,036.1  0.32  %
Bouquet Canyon Kennels (#,^) 29973 Bouquet Canyon Rd, Santa Clarita, CA 91390 Personal and Laundry Services Term Loan Prime plus 2.75% 7/16/2044 299.9  299.9  308.9  0.10  %
Adam Family Bowl Inc (#,^) 1504 Chestnut St., Mishawaka, IN 46545 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/16/2044 132.4  132.4  142.7  0.04  %
Beacon Metal Fabricators, Inc. (#,^) 5425-D Hamilton Ave, Cleveland, OH 44114 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 7/12/2029 68.4  68.4  65.6  0.02  %
VGI Medical LLC (#,^) 10401 S Belcher Rd, Largo, FL 33771 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 7/12/2044 324.8  324.8  364.8  0.11  %
174
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Last Touch, LLC (#,^) 1612 Jackson St., Spirit Lake, IA 51360 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/11/2044 101.1  101.1  105.8  0.03  %
D DeGregoria LLC dba The UPS Store 4235 Massapequa (#,^) 4940 Merrick Rd, Massapequa Park, NY 11762 Couriers and Messengers Term Loan Prime plus 2.75% 7/10/2029 77.5  77.5  69.6  0.02  %
Menskha Inc (#) 88 High St., Mountclair, NJ 07042 Ambulatory Health Care Services Term Loan Prime plus 6.5% 7/10/2029 12.3  12.3  12.5  —  %
Nash-Delphia LLC (#,^) 2135 Gallatin Pike N, Store 4, Madison, TN 37115 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 7/2/2029 14.5  14.5  12.8  —  %
Southern Specialties Transportation LLC (#,^) 116 Toledo Drive, Lafayette, LA 70506 Truck Transportation Term Loan Prime plus 2.75% 6/28/2029 166.5  166.5  163.8  0.05  %
Nevada Recycling and Salvage LTD, AMCB LLC (#,^) 1085 Telegraph St, Reno, NV 89502 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/28/2044 1,245.5  1,245.5  1,278.8  0.40  %
Baobab Asset Management LLC (#,^) 3 Greenwich Office Park Ste 102, Greenwich, CT 06831 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/28/2029 48.7  48.7  42.3  0.01  %
Balboa Fashion LLC (#,^) 1016 S. Towne Ave, Unit 123, Los Angeles, CA 90021 Apparel Manufacturing Term Loan Prime plus 2.75% 6/28/2029 7.3  7.3  6.3  —  %
Crestview Ridge Farms LLC (#,^) 1172 Co Rd 956, Ashland, OH 44805 Crop Production Term Loan Prime plus 2.75% 6/28/2044 536.1  536.1  570.2  0.18  %
Specialty Surgery Center, Inc. (#,^) 5505 Peachtree Dunwoody Rd #640,645, Atlanta, GA 30342 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2029 1,241.9  1,241.9  1,149.5  0.36  %
K & K Restaurant LLC (#,^) 6607 S Central Ave, Phoenix, AZ 85042 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/28/2044 134.3  134.3  146.6  0.05  %
Kim Howard Corp dba NPN Machine Tools (#,^) 9130 Wayfarer Ln, Houston, TX 77075 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/28/2029 206.6  206.6  215.5  0.07  %
Port Huron Ophthalmology, PLLC dba Black River Optical (#,^) 1033 River St., Port Huron, MI 48060 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2029 14.6  14.6  12.7  —  %
Anderson Companies LLC (#,^) 3015 S White Horse Pike, Hammonton, NJ 08037 Administrative and Support Services Term Loan Prime plus 2.75% 6/28/2044 203.1  203.1  215.2  0.07  %
Richmond Street Partners, LLC (#,^) 200 E Chestnut St, Chicago, IL 60611 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 6/28/2029 93.0  93.0  81.6  0.03  %
Sundown Audio, LLC (#,^) 514 West 21St St., Newton, NC 28658 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 6/28/2044 903.8  903.8  933.7  0.29  %
NJ Floats Inc (#,^) 66 Twin Oaks Rd, Bridgewater, NJ 08807 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2044 175.0  175.0  195.2  0.06  %
Upul's Travel Service & Tours Inc (#,^) 654 Shopping Lane, Covina, CA 91723 Administrative and Support Services Term Loan Prime plus 2.75% 6/28/2044 348.1  348.1  345.9  0.11  %
Good News Cafe, LLC (#,^) 694 Main St. S, Woodbury, CT 06798 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/28/2044 248.6  248.6  256.7  0.08  %
H2O Mobile Group, Inc. dba Fantasea Scuba (#,^) 3781 Tamiami Trail, Port Charlotte, FL 33952 Educational Services Term Loan Prime plus 2.75% 6/28/2029 45.9  45.9  40.5  0.01  %
175
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Upul's Travel Service & Tours Inc (#,^) 654 Shoppers Lane, Covina, CA 91723 Administrative and Support Services Term Loan Prime plus 2.75% 6/28/2029 267.4  267.4  232.4  0.07  %
Big Picture Group LLC (#,^) 110 S Fairfax Ste 355, Fairfax, CA 90036 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/28/2029 146.1  146.1  127.0  0.04  %
5161 LLC (#,^) 1478 E Mountain Drive, Santa Barbara, CA 93108 Nonstore Retailers Term Loan Prime plus 2.75% 6/28/2029 1,154.3  1,154.3  1,090.0  0.34  %
Jian Yang and Kanger House LLC (#,^) 48 Horse Hill Rd, Cedar Knolls, NJ 07927 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 6/27/2029 116.9  116.9  102.0  0.03  %
Advance Transit LLC (#,^) 574-614 Tonnelle Ave, Jersey City, NJ 07307 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/28/2044 757.5  757.5  814.0  0.25  %
BB Services, LLC (#,^) 580 39 Rd, Palisade, CO 81526 Truck Transportation Term Loan Prime plus 2.75% 6/27/2029 110.1  110.1  98.8  0.03  %
Ailky Corporation & Wyspen (#,^) 352 Bedford St., Lakeville, MA 02347 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/27/2029 47.4  47.4  41.2  0.01  %
Boucherie US Inc (#,^) 251 Little Falls Drive, Wilmington, DE 19807 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/27/2029 1,144.7  1,144.7  994.9  0.31  %
Pawfection Pet Services LLC (#,^) 177 W Cottonwood Ln Ste 12, Casa Grande, AZ 85122 Personal and Laundry Services Term Loan Prime plus 2.75% 6/27/2029 10.2  10.2  8.9  —  %
Tim's Truck Capital & Auto Sales, Inc (#,^) 904 Suncook Valley Hwy, Epsom, NH 03234 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/27/2029 206.6  206.6  215.4  0.07  %
Moon Landscaping, Inc, Moon Group, Inc moon Nursery, Inc, Moon Site Ma (#,^) 145 Moon Rd, Chesapeake City, MD 21915 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/27/2029 1,220.1  1,220.1  1,185.3  0.37  %
Crescent Event Productions, Inc (#,^) 1327 Wood Branch Drive, Charlotte, NC 28273 Administrative and Support Services Term Loan Prime plus 2.75% 6/27/2029 340.3  340.3  305.9  0.09  %
S & T Hardware Inc (#,^) 2300 Nooseneck Hill, Coventry, RI 02816 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/27/2044 200.3  200.3  223.8  0.07  %
Shooter's Gun Club, LLC (#) 2429 Iowa St. Ste B-D, Lawrence, KS 66046 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/27/2030 131.6  131.6  118.7  0.04  %
Soft Touch Tissue & Paper LLC (#) 1491 Hammond, Bangor, MA 04401 Paper Manufacturing Term Loan Prime plus 2.75% 12/26/2029 113.3  113.3  118.5  0.04  %
Soft Touch Tissue & Paper LLC (#,^) 1491 Hammond St., Bangor, ME 04401 Paper Manufacturing Term Loan Prime plus 2.75% 6/26/2044 233.8  233.8  261.2  0.08  %
Tekoa Enterpises, Inc (#,^) 1033 Cannon Bridge Rd, Cordova, SC 29039 Truck Transportation Term Loan Prime plus 2.75% 6/26/2029 53.0  53.0  48.7  0.02  %
Kaz Ramen, L.L.C. (#,^) 22413 Barton Rd, Grand Terrace, CA 92313 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2029 21.9  21.9  19.1  0.01  %
Selective Automotive & Accessories Group, Inc (#,^) 2221 Pelham Parkway, Pelham, AL 35124 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/26/2029 243.2  243.2  225.7  0.07  %
Child Care Ventures LLC dba Childcare Adventures ELC (#,^) 3542 Glendale Ave, Toledo, OH 43614 Social Assistance Term Loan Prime plus 2.75% 6/26/2044 146.7  146.7  148.2  0.05  %
176
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
JFK Transportation Inc (#,^) 4 Mechanic St., Natick, MA 01760 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/26/2029 105.2  105.2  95.0  0.03  %
Lynx Inspection Technologies LLC (#,^) 8101 Miller Rd 2, Houston, TX 77049 Support Activities for Mining Term Loan Prime plus 2.75% 6/26/2044 574.0  574.0  641.2  0.20  %
All-City Towing LLC, Jeffrey James Piller (#,^) 1213 W Mallory Ave, Milwaukee, WI 53221 Support Activities for Transportation Term Loan Prime plus 2.75% 6/26/2029 393.5  393.5  376.0  0.12  %
RWBB Enterprises, LLC (#,^) 4120 7th Ave, Kenosha, WI 53140 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2044 75.6  75.6  81.4  0.03  %
Perfect Water LLC (#,^) 183 Russ St., San Francisco, CA 94103 Nonstore Retailers Term Loan Prime plus 2.75% 6/26/2029 70.5  70.5  66.1  0.02  %
Paradise Towing & Recovery Inc (#,^) 1115 S Homer Boulevard, Sanford, NC 27330 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2029 103.5  103.5  99.8  0.03  %
Vanchoc Transport Inc (#,^) 137 3rd St, Brooklyn, NY 11231 Rental and Leasing Services Term Loan Prime plus 2.75% 6/25/2029 42.4  42.4  39.6  0.01  %
Spartan Technology Solutions, Inc (#,^) 125 Venture Blvd, Spartanburg, SC 29306 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/25/2044 485.8  485.8  500.2  0.16  %
Professional Tire Limited Liability Company (#,^) 6655 Country Rd 32, Norwich, NY 13815 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2044 138.7  138.7  145.1  0.05  %
Paradise Towing & Recovery Inc (#,^) 1115 S. Horner Boulevard, Sanford, NC 27330 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2044 73.1  73.1  81.7  0.03  %
567 Logistics, LLC (#,^) 1924 Ruffin Mill Rd, Colonial Heights, VA 23834 Support Activities for Transportation Term Loan Prime plus 2.75% 6/25/2029 48.6  48.6  44.0  0.01  %
Worldwide Capital Management Inc. (#,^) 6 Venture Ste 305, Irvine, CA 92618 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/25/2029 141.0  141.0  122.5  0.04  %
Krsto, LLC dba Italian Butter Breadsticks (#,^) 4241 E McNicols Rd, Detroit, MI 48213 Food Manufacturing Term Loan Prime plus 2.75% 6/24/2044 189.7  189.7  202.4  0.06  %
Sweets By Karla LLC (#,^) 3273 South John Young Pkwy, Kissimmee, FL 34746 Food Manufacturing Term Loan Prime plus 2.75% 6/24/2029 12.5  12.5  10.9  —  %
Scissor Kids Inc (#,^) 63 Hebron Ave, Ste F, Glastonbury, CT 06033 Personal and Laundry Services Term Loan Prime plus 2.75% 6/24/2029 15.8  15.8  13.9  —  %
Elite Excavating Services LLC (#,^) 11 Rolling Ridge Dr Drive, Milton, PA 17847 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/21/2029 18.8  18.8  17.6  0.01  %
Peninsula Self Defense LLC (#,^) 2766 Bay Rd, Redwood City, CA 94063 Educational Services Term Loan Prime plus 2.75% 6/21/2029 5.1  5.1  4.6  —  %
Port Diesel L.L.C. (#) 3212 Alex Trask Drive, Castle Hayne, NC 28429 Repair and Maintenance Term Loan Prime plus 6.5% 6/21/2029 12.3  12.3  12.2  —  %
Small Batch Creations Inc. dba The Office Bar & Grill (#,^) 295 E Washington Ave, Sunnyvale, CA 94086 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/21/2029 58.2  58.2  50.6  0.02  %
LuLuBelle's Mountain Banana Bread LLC (#) 1063 Carousel Rd, Lake Arrowhead, CA 92352 Food Manufacturing Term Loan Prime plus 2.75% 4/21/2045 76.9  76.9  85.8  0.03  %
William Rose Inc (#,^) 1 Grace Cove Rd, New Shoreham, RI 02807 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/21/2044 87.0  87.0  82.5  0.03  %
177
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Campuscuts LLC (#) 930 Robtrice Ct, Edmond, OK 73430 Personal and Laundry Services Term Loan Prime plus 6.5% 6/21/2029 7.3  7.3  7.3  —  %
Gribben & Associates, Inc (#,^) 18201 Von Karman Ste 300, Irvine, CA 92612 Truck Transportation Term Loan Prime plus 2.75% 6/21/2029 701.8  701.8  609.9  0.19  %
AA Horseplay, LLC (#) 34565 Ranch Drive, Brownsville, OR 97327 Animal Production and Aquaculture Term Loan Prime plus 6.5% 6/20/2029 12.2  12.2  12.1  —  %
Central Texas Hygiene, LLC (#,^) 10201 McKalla Place, Austin, TX 78758 Administrative and Support Services Term Loan Prime plus 2.75% 6/20/2029 85.6  85.6  74.4  0.02  %
Beck's Pub & Grill LLC (#,^) N6630 WI-49, Weyauwega, WI 54983 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/19/2044 69.6  69.6  75.0  0.02  %
Bader Furniture Company Inc. (#,^) 704 N Liberty St., Shamokin, PA 17872 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 6/19/2029 7.3  7.3  7.6  —  %
Zion Motors Inc (#,^) 6949 Wall Triana Hwy, Madison, AL 35757 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/19/2044 60.4  60.4  62.9  0.02  %
Providence Management Environmental, LLC, Tindol Energy Group, LLC (#,^) 6570 W Hwy 67, Cleburne, TX 76033 Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/19/2029 263.4  263.4  265.0  0.08  %
International Institute for Learning Inc. (#,^) 110 E 59th St ,31st floor, New York, NY 10022 Educational Services Term Loan Prime plus 2.75% 6/19/2029 291.7  291.7  253.5  0.08  %
Bonadi Inc. dba Polished Salon (#) 9858 W Sample Rd, Coral Springs, FL 33065 Personal and Laundry Services Term Loan Prime plus 6.5% 6/17/2029 12.2  12.2  12.2  —  %
American Demolition, Inc (#,^) 401 N Kuner Rd, Brighton, CO 80601 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/17/2029 182.3  182.3  190.1  0.06  %
JLM Consulting LP (#,^) 3981 E Dunrobin Dr., Springfield, MO 65809 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/17/2029 19.2  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 46013 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 6/14/2044 87.0  87.0  94.2  0.03  %
Comarco Quality Pork Products Inc, Comarco Pork Products of FL LLC (#,^) 501 Jackson St, Camden, NJ 08104 Food Manufacturing Term Loan Prime plus 2.75% 6/14/2029 301.6  301.6  281.3  0.09  %
A & S Services LLC dba Kona Ice of Troy (#,^) 3888 Lightner Rd, Vandalia, OH 45377 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/14/2044 44.8  44.8  48.0  0.01  %
Kego 2 LLC dba Jon Smith Subs 80025 (#,^) 2001 W. Southlake Blvd Ste 143, Southlake, TX 76092 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/14/2029 104.1  104.1  93.5  0.03  %
Law Office of Paula Padilla (#) 2211 E Highland Ave Ste 130, Phoenix, AZ 85016 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 6/13/2029 4.9  4.9  4.9  —  %
Picon Motors LLC dba The New Young's Motors (#,^) 199-211 Central Ave, Orange, NJ 07080 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/12/2029 218.8  218.8  218.9  0.07  %
GT Performance Plus Inc (#,^) 4210 College St., Beaumont, TX 77707 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/11/2044 98.8  98.8  106.3  0.03  %
Ivesters Transportation, Inc (#,^) 4299 South 2675 West, Roy, UT 84067 Truck Transportation Term Loan Prime plus 2.75% 6/11/2029 243.5  243.5  218.7  0.07  %
178
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
GT Performance Plus Inc (#,^) 4210 College St., Beaumont, TX 77707 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/11/2029 74.5  74.5  65.7  0.02  %
Independent Transport, LLC dba Independent Water (#,^) 3739 E Ridgeway Rd, Orange, CA 92867 Nonstore Retailers Term Loan Prime plus 2.75% 6/10/2029 198.6  198.6  187.4  0.06  %
Archer Cleaners Inc (#) 1514 W 33rd St., Chicago, IL 60608 Personal and Laundry Services Term Loan Prime plus 6.5% 6/10/2029 12.2  12.2  12.1  —  %
Smith and Son Plumbing, LLC (#,^) 15922 Eldorado Parkway Ste 500-1579, Frisco, TX 75035 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/10/2029 80.2  80.2  72.8  0.02  %
Neely Motorsports, Inc dba Earl's Store #1;Earl's Performance Plumbing (#,^) 15825-15827 Hawthorne Blve, Lawndale, CA 90260 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/7/2044 240.6  240.6  255.7  0.08  %
J&A Elliott Company (#,^) 1118 Thornberry Dr, Clarksville, TN 37043 Nonstore Retailers Term Loan Prime plus 2.75% 6/7/2029 10.2  10.2  10.5  —  %
Throop Family Holding Inc dba Klamath Basin Metals and Supply, dba Rog (#,^) 7130 Crater Lake Hwy, White City, OR 97503 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/7/2029 38.9  38.9  35.8  0.01  %
Johnny's Boy LLC (#,^) 127 East King St., Martinsburg, WV 25401 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/7/2044 100.7  100.7  106.2  0.03  %
Allison K. Chipak dba Still Photography (#) 195 Terrace Place, Apt. 2, Brooklyn, NY 11218 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 6/6/2029 12.2  12.2  12.1  —  %
Skin Beauty Bar Inc (#,^) 749 8th St., Washington, DC 20003 Personal and Laundry Services Term Loan Prime plus 2.75% 6/6/2029 5.1  5.1  4.4  —  %
Pura Water Vending LLC (#,^) 4427 Mixedwood Drive, Ladson, SC 29456 Nonstore Retailers Term Loan Prime plus 2.75% 6/5/2029 66.2  66.2  62.4  0.02  %
Preferred Manufacturing Services Inc (#,^) 4261 Business Drive, Cameron Park, CA 95682 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/5/2029 461.8  461.8  481.6  0.15  %
Jamestown Quick Stop LLC (#,^) 3097 24th Ave, Hudsonville, MI 49426 Food and Beverage Stores Term Loan Prime plus 2.75% 6/5/2044 69.3  69.3  72.1  0.02  %
Oasis Senior Advisors Franchise Systems, LLC (#,^) 24870 Burnt Pine Drive, Bonita Springs, FL 34134 Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Term Loan Prime plus 2.75% 6/4/2029 303.8  303.8  306.5  0.10  %
Italian Heritage Tile and Stone Inc (#,^) 4748 Hopyard Rd, Pleasanton, CA 94588 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/4/2029 85.1  85.1  74.8  0.02  %
Evoke Growth Advisory LLC (#,^) 2600 Brookwood Way Dr. #311, Rolling Meadows, IL 60008 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/3/2029 7.3  7.3  6.3  —  %
Morey Publishing LLC (#,^) 6901 Jericho Turnpike, Syosset, NY 11791 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/31/2029 60.4  60.4  52.9  0.02  %
G.S.A.T. Restoration Inc. dba Paul Davis Restoration & Remodeling of G (#,^) 1450 Oakbrook Dr, Norcross, GA 30093 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/31/2029 113.6  113.6  101.3  0.03  %
V & M Transportation LLC (#,^) 1307 27th St. Apt B, North Bergen, NJ 07047 Truck Transportation Term Loan Prime plus 2.75% 5/31/2029 12.8  12.8  11.1  —  %
179
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Martin Inventory Management, LLC (#,^) 304 1/2 Main St., Edgefield, SC 29824 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/31/2029 48.3  48.3  49.3  0.02  %
Dynamic Dental Corporation (#,^) 3760 NW 126th Ave, Coral Springs, FL 33065 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/31/2029 60.4  60.4  53.0  0.02  %
Inside & Out Maintenance LLC (#,^) 1698 SW Pancoast St., Port St Lucie, FL 34987 Administrative and Support Services Term Loan Prime plus 2.75% 5/30/2029 96.8  96.8  84.7  0.03  %
Aspen Welding LLC (#,^) 28803 US-6, Rifle, CO 81650 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 5/30/2044 406.8  406.8  432.0  0.13  %
SSD Designs, LLC (#,^) 486 Vance St., Forest City, NC 28043 Chemical Manufacturing Term Loan Prime plus 2.75% 5/30/2044 422.2  422.2  465.1  0.14  %
AGR, Inc (#,^) 2-255555 Kaumualii Hwy, Kalaheo, HI 96741 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2044 781.2  781.2  856.3  0.27  %
Brooklyn Breakfast Shop LLC (#,^) 7707 S IH 35 Frontage Rd, Austin, TX 78744 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2029 4.8  4.8  4.5  —  %
Canela Media Inc (#,^) 2715 Palomino Circle, La Jolla, CA 92037 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/29/2029 114.8  114.8  103.9  0.03  %
PD Financial LLC (#,^) 364 Parsippany Rd, Unit 7-B, Parsippany, NJ 07054 Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 5/28/2044 48.7  48.7  51.8  0.02  %
SV Enterprise LLC dba Haagen-Dazs (#,^) 1885 Briargate Pkwy #D-413, Colorado Springs, CO 80920 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/24/2029 89.5  89.5  77.9  0.02  %
MCM Design LLC (#) 5926 Vinings Vintage Way, Mableton, GA 30126 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 5/23/2029 9.8  9.8  9.7  —  %
Top Notch Roofing, Inc (#,^) 46 Cherry St., Milton, VT 05468 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/23/2029 118.9  118.9  106.6  0.03  %
2820 US HWY 98 N LLC dba Total Package Car Wash (#) 2820 US Hwy 98 N, Lakeland, FL 33805 Repair and Maintenance Term Loan Prime plus 2.75% 5/23/2029 43.0  43.0  44.9  0.01  %
Clowers Trucking By Faith LLC (#) 705 E Brookwood PL, Valdosta, GA 31601 Truck Transportation Term Loan Prime plus 6.5% 5/23/2029 12.1  12.1  12.0  —  %
McGuckin & Pyle Inc (#,^) 120 Corporate Ln, New Bern, NC 28562 Machinery Manufacturing Term Loan Prime plus 2.75% 5/23/2044 306.3  306.3  325.4  0.10  %
ES&A, INC., A LAW CORPORATION (#,^) 1003 Bishop St., Honolulu, HI 96813 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/22/2029 108.8  108.8  95.4  0.03  %
Gratitude Training, LLC (#,^) 1901 N Federal Hwy #212, Pompano Beach, FL 33062 Administrative and Support Services Term Loan Prime plus 2.75% 5/22/2029 72.5  72.5  63.1  0.02  %
Bloomquist Communications Inc. dba FastSigns 42501 (#,^) 131 East Trinity Place, Decatur, GA 30030 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 5/22/2029 14.5  14.5  12.8  —  %
Anchor Up Fitness and Nutrition, LLC (#,^) 2464 US-29, Pensacola, FL 32505 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/21/2029 19.6  19.6  18.3  0.01  %
BD Branson Victorian LLC dba Branson Surrey Inn (#,^) 430 a/k/a 450 S Hwy 165, Branson, MO 65616 Accommodation Term Loan Prime plus 2.75% 5/17/2029 247.6  247.6  258.2  0.08  %
Covalent Holding LLC (#,^) 18 W Chestnut St. Unit 2F, Chicago, IL 60610 Nonstore Retailers Term Loan Prime plus 2.75% 5/17/2029 234.9  234.9  223.0  0.07  %
180
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
FibAire Communications, LLC Dba AireBeam (#,^) 13589 S. Sunland Gin Rd, Arizona City, AZ 85123 Telecommunications Term Loan Prime plus 2.75% 5/17/2029 53.7  53.7  51.1  0.02  %
Kappa Investments LLC dba Buddy's Home Furnishings (#,^) 365 Lowe's Drive Ste H, Danville, VA 24540 Rental and Leasing Services Term Loan Prime plus 2.75% 5/17/2029 419.3  419.3  366.0  0.11  %
AMP Trucking Inc (#,^) 1030 Gettysburg Ave, Clovis, CA 93161 Truck Transportation Term Loan Prime plus 2.75% 5/16/2029 252.1  252.1  219.1  0.07  %
CJNR LLC dba Chenney Bear Cafe, Elma Lodge & Suites, Parkhurst Motel, (#,^) 208 East Main St., Elma, WA 98541 Accommodation Term Loan Prime plus 2.75% 5/16/2029 18.1  18.1  18.9  0.01  %
Cut To The Chase 502 LLC (#,^) 6903 Lakegreen Ct, Louisville, KY 40291 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/16/2029 3.3  3.3  3.0  —  %
Aim High Leadership Center Four Inc. (#,^) 97-08 Rockaway Blvd, Jamaica, NY 11417 Educational Services Term Loan Prime plus 2.75% 5/16/2029 85.8  85.8  76.3  0.02  %
Zeb, LLC dba Papa John's (#,^) 10235 W Roosevelt Rd, Westchester, IL 60154 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/16/2029 48.3  48.3  42.6  0.01  %
Two Pie Lovers LLC dba Pizza Outpost (#,^) 302 E. Millitary Hwy U1122, Brackettville, TX 78832 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/10/2044 43.5  43.5  46.8  0.01  %
The Lobster Pot Inc (#,^) 119 Hope St., Bristol, RI 02809 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/10/2044 367.1  367.1  396.7  0.12  %
Crystal D. Walls dba Crystal's Cleaning Service (#) 10862 Nichols Blvd, Olive Branch, MS 38654 Administrative and Support Services Term Loan Prime plus 6.5% 5/9/2029 9.9  9.9  9.8  —  %
Aloha To Go LLC (#,^) 5903 Seminole Boulevard, Seminole, FL 33772 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/9/2029 14.9  14.9  13.0  —  %
Blue Country Firearms LLC (#,^) 221 N Main St, Kingsfisher, OK 73750 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/8/2044 20.9  20.9  21.2  0.01  %
Folklore Music Exchange LLC (#,^) 617 Tennessee Ave, Charleston, WV 25302 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/6/2029 5.0  5.0  4.3  —  %
NYM Solutions Inc.dba NYM Solutions, Inc (#) 1250 NW 7th St. Ste 201, Miami, FL 33125 Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 5/6/2029 12.2  12.2  12.1  —  %
Global Enterprises LLC dba Verdi Pizza (#,^) 3111 S Valley View Blvd, Las Vegas, NV 89102 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/3/2029 20.2  20.2  17.5  0.01  %
EPIFAB,LLC (#,^) 1341 Brooks St. Unit D, Ontario, CA 91762 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 5/3/2029 20.6  20.6  18.9  0.01  %
Art Amore Studios, LLC (#,^) 6507 Jester Blvd, Austin, TX 78750 Educational Services Term Loan Prime plus 2.75% 5/3/2029 5.4  5.4  4.7  —  %
Mark Garvin dba Tipsy Canyon Winery (#,^) 150 Upper Joe Creek Rd, Manson, WA 98831 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 5/3/2044 105.6  105.6  117.8  0.04  %
Life View Prenatal Imagery, LLC (#,^) 312 79th Ave North, Myrtle Beach, SC 29572 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/3/2029 5.9  5.9  5.3  —  %
Modern Trousseau, LLC (#,^) 125 Bradley Rd, Woodbridge, CT 06525 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 5/1/2029 302.1  302.1  296.8  0.09  %
181
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Disability Resolution P.A. (#) 1619 Malon Bay Drive, Orlando, FL 32828 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 4/30/2029 4.3  4.3  4.3  —  %
DeVega Juice Co, - East Cobb, LLC dba Clean Juice Johnson Ferry (#,^) 1205 Johnson Ferry Rd Ste 124, Marietta, GA 30068 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2029 61.8  61.8  61.3  0.02  %
Midlothian Hardware, Inc dba Grills True Value (#,^) 475 West 147th St, Midlothian, IL 60445 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 4/29/2029 38.4  38.4  40.1  0.01  %
Pellegrin Marine Transportation, LLC (#,^) 117 Country Village Drive, Raceland, LA 70394 Support Activities for Transportation Term Loan Prime plus 2.75% 4/26/2029 121.6  121.6  111.7  0.03  %
Sona USA, Inc (#,^) 15280 NW 79th Ct Ste 109, Miami Lakes, FL 33016 Telecommunications Term Loan Prime plus 2.75% 4/26/2029 158.6  158.6  146.3  0.05  %
Benevolent International Inc (#,^) 2781 Saturn St. Ste F, Brea, CA 82821 Administrative and Support Services Term Loan Prime plus 2.75% 4/26/2029 75.7  75.7  65.8  0.02  %
ASM Partners LLC (#,^) 1619 Roberts Drive SE, Mableton, GA 30126 Nonstore Retailers Term Loan Prime plus 2.75% 4/26/2029 234.7  234.7  221.3  0.07  %
Jones Roger Sherman Inn, Inc. (#,^) 195 Oenoke Ridge, New Canaan, CT 06840 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/25/2029 140.6  140.6  146.6  0.05  %
Alan Russell Moldof CPA dba Al Russell Moldof CPA (#) 15105 John J Delaney Dr. #D 170, Charlotte, NC 28277 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 4/25/2029 4.8  4.8  4.8  —  %
La Dolce Vita LLC. (#,^) 196 N. Holiday Rd, Miramar Beach, FL 32550 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/25/2044 467.7  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 32550 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/25/2029 480.5  480.5  440.7  0.14  %
Kenzington LLC (#,^) 324 Main St South, Stillwater, MN 55082 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 4/24/2029 3.1  3.1  2.7  —  %
Quality Living Medical Alert, LLC (#,^) 1882 Capital Circle NE, Ste 104, Tallahassee, FL 32308 Social Assistance Term Loan Prime plus 2.75% 4/24/2029 52.9  52.9  49.7  0.02  %
ER & DC McPherson Holdings, LLC (#,^) 6957 W Broward Blvd., Plantation, FL 33317 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/19/2029 46.5  46.5  40.9  0.01  %
All My Best Inc. (#,^) 4320 Anthony Court Ste 1,2,3, Rocklin, CA 95677 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 4/19/2029 60.1  60.1  54.3  0.02  %
Expert Building Services LLC (#,^) 74 Roosevelt St., Pequannock Township, NJ 07440 Administrative and Support Services Term Loan Prime plus 2.75% 4/17/2029 19.6  19.6  17.0  0.01  %
Rello, Inc. dba ID Salon (#) 8063 Jericho Turnpike, Woodbury, NY 11797 Personal and Laundry Services Term Loan Prime plus 6.5% 4/17/2029 5.8  5.8  5.8  —  %
Bottles on Broadway, LLC (#,^) 1083 N Broadway, North Massapequa, NY 11758 Food and Beverage Stores Term Loan Prime plus 2.75% 4/17/2029 123.7  123.7  109.5  0.03  %
2Choice2Friends dba 2 N 1 Salad Bar and Grill (#) 901 W Braker Lane, Austin, TX 78758 Food Services and Drinking Places Term Loan Prime plus 6.5% 4/17/2029 12.1  12.1  12.0  —  %
182
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Modern Demo & Services LLC (#,^) 10161 W Park Run Drive, Las Vegas, NV 89145 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2029 120.1  120.1  105.9  0.03  %
Pranamji Inc dba Ohara's Beverage Spot (#,^) 2300 Levit Rd, Lorain, OH 44052 Food and Beverage Stores Term Loan Prime plus 2.75% 4/16/2044 46.9  46.9  48.5  0.02  %
Cormac Enterprises, Inc (#,^) 1205 38th Ave North, Myrtle Beach, SC 29577 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/16/2029 21.6  21.6  19.1  0.01  %
Bill Berger LLC (#,^) 8728 Tireman Ave, Detroit, MI 48204 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 4/12/2029 8.7  8.7  7.5  —  %
Southern Gulf Construction, Inc. (#,^) 367 Pine Island Rd, North Fort Myers, FL 33903 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/12/2029 106.9  106.9  103.6  0.03  %
J.T. ONeill Company, LLC (#,^) 19972 Willowin Farm Lane, Purceville, VA 20132 Real Estate Term Loan Prime plus 2.75% 4/12/2029 9.4  9.4  8.1  —  %
Gilpin Enterprises, LLC dba Jon Smith Subs (#,^) 17790 State Rd 54, Lutz, FL 33458 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/12/2029 76.0  76.0  67.9  0.02  %
CK Heating and Cooling LLC (#,^) 10017 Pebble Beach Drive, St. Louis, MO 63114 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/12/2029 19.7  19.7  17.2  0.01  %
Samco Food Corp dba C-Town Supermarket (#,^) 1761 Nostrand Ave, Brooklyn, NY 11226 Food and Beverage Stores Term Loan Prime plus 2.75% 4/12/2029 95.5  95.5  83.0  0.03  %
P. Moss Enterprises, LLC dba Garage Experts-Mid Atlantic (#,^) 3563 South River Terrace, Edgewater, MD 21037 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/12/2029 42.3  42.3  38.1  0.01  %
Engineered Edibles, LLC (#,^) 7926 Santa Fe Drive, Overland Park, KS 66204 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/12/2029 8.7  8.7  7.5  —  %
VC Media Partners LLC (#,^) 22120 Clarendon St., Woodland Hills, CA 91367 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/12/2029 122.3  122.3  106.6  0.03  %
Maxiflex LLC (#,^) 512 Verret St., New Orleans, LA 70114 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/11/2029 60.1  60.1  62.6  0.02  %
VRGE Strategies LLC (#,^) 1155 15th St NW, Washington, DC 20005 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/10/2029 131.0  131.0  113.8  0.04  %
Georgetown Milling Co, LLC (#,^) 9001 Wentworth Springs Rd, Georgetown, CA 95634 Wood Product Manufacturing Term Loan Prime plus 2.75% 4/9/2029 12.3  12.3  11.1  —  %
FRAJOVI Urban Air, LLC dba Urban Air Trampoline& Adventure Park (#,^) 1256 Indian Head Rd, Toms River, NJ 08755 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 1/8/2030 575.0  575.0  583.3  0.18  %
Marnon Enterprise LLC (#,^) 6713 Biscay Hbr, San Antonio, TX 78249 Administrative and Support Services Term Loan Prime plus 2.75% 4/5/2029 4.6  4.6  4.0  —  %
Bose and Avinder, Inc.and Carmel and Preet Inc (#,^) 28201 Date Palm Drive, Cathedral City, CA 92234 Gasoline Stations Term Loan Prime plus 2.75% 4/5/2029 55.3  55.3  57.6  0.02  %
Ren Investment Group Inc dba True Positon Manufacturing (#,^) 40 Sandra Drive, South Windsor, CT 06074 Machinery Manufacturing Term Loan Prime plus 2.75% 3/29/2029 829.1  829.1  732.4  0.23  %
183
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
J Brothers Enterprises, LLC (#,^) 1101 NW 12TH Ave, Ava, MO 65608 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/29/2044 639.5  639.5  650.0  0.20  %
La Favorita Radio Network (#,^) 4043 Geer Rd, Hughson, CA 95326 Broadcasting (except Internet) Term Loan Prime plus 2.75% 3/29/2029 358.9  358.9  323.0  0.10  %
EJ & James Transport LLC (#,^) 3100 Drewsky Lane Unit 108, Fort Mills, SC 29715 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 9.0  9.0  8.4  —  %
Royalty Freight Inc. (#,^) 3728 W McKinley Ave, Fresno, CA 93772 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 413.5  413.5  385.0  0.12  %
Reliable Power Group Inc. dba Batteries + bulbs Pensacola (#,^) 6895 N. 9th Ave Ste B, Pensacola, FL 32504 Repair and Maintenance Term Loan Prime plus 2.75% 3/29/2029 95.5  95.5  83.1  0.03  %
Key HR Associates, Inc dba Parents Choice for Kids (#,^) 3150 West Park Drive, Burnsville, MN 55306 Social Assistance Term Loan Prime plus 2.75% 3/29/2044 449.9  449.9  463.0  0.14  %
Bright Freight Solution, LLC (#,^) 1112 N Main St, Manteca, CA 95336 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 1,158.3  1,158.3  1,058.5  0.33  %
Hamsons Inc. (#,^) 4900 Hopyard Rd, Pleasanton, CA 94588 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/29/2029 179.1  179.1  155.4  0.05  %
Pizzaplex L3C (#,^) 4458 West Vernor Hwy, Detroit, MI 48209 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2029 42.8  42.8  38.0  0.01  %
Bhatti LLC dba Auntie Ann's & Bhatti LLC 1 (#,^) 7219 Silver Mist Ave, North Chesterfield, VA 23237 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2029 157.9  157.9  137.0  0.04  %
NuBe Business Group LLC (#,^) 2140 44th St SE, Ste 201, Grand Rapids, MI 49508 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/29/2044 40.6  40.6  45.4  0.01  %
StillBasi Holdings, Inc. dba Buxton Auto Transport (#,^) 9371 Jackson Rd, Sacramento, CA 95826 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 286.6  286.6  261.1  0.08  %
Felipe Antonio Del Valle M.D. P.A. (#,^) 7190 SW 87th Ave Ste 203, Miami, FL 33173 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2029 14.3  14.3  12.4  —  %
Raven's Place LLC (#,^) 13031 S Western Ave, Blue Island, IL 60406 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2044 681.6  681.6  709.8  0.22  %
Stillwater Ventures, LLC (#,^) 8272 W. Sunset Blvd, Los Angeles, CA 90048 Nonstore Retailers Term Loan Prime plus 2.75% 3/29/2029 397.5  397.5  376.2  0.12  %
Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery (#,^) 229 Medical Park Rd, Ste 310, Mooresville, NC 28117 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2044 820.8  820.8  837.5  0.26  %
Outtasight Careers, LLC dba Gecko Hospitality (#,^) 109 W Fern St., Tampa, FL 33604 Administrative and Support Services Term Loan Prime plus 2.75% 3/29/2029 49.7  49.7  43.1  0.01  %
Turtle Shirts, LLC (#,^) 10241 Metro Pkwy# 108, Ft Myers, FL 33966 Printing and Related Support Activities Term Loan Prime plus 2.75% 3/29/2029 51.4  51.4  45.5  0.01  %
Bayco Enterprises, Inc (#,^) 128 Cowesett Ave, West Warwick, RI 02893 Gasoline Stations Term Loan Prime plus 2.75% 3/29/2044 197.0  197.0  219.9  0.07  %
Peak Performance Associates LLC dba Nova Hypnosis and Wellnes (#,^) 1485 Chain Bridge Rd #304-305, McLean, VA 22101 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/29/2029 57.3  57.3  49.8  0.02  %
184
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Knoxville Room Service (#,^) 10670 Parkside Drive, Knoxville, TN 37922 Food and Beverage Stores Term Loan Prime plus 2.75% 3/29/2029 6.4  6.4  5.8  —  %
Complete Care IT LLC (#,^) 4801 South University Drive Ste 125, Davie, FL 33328 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/29/2029 50.2  50.2  43.6  0.01  %
Skaggs RV Outlet ,LLC (#,^) 301 Commerce Drive, Elizabethtown, KY 42701 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/28/2029 238.9  238.9  248.7  0.08  %
J.C. Pallet Company, Inc. (#,^) 18427 New Kent Hwy, Barhamsville, VA 23011 Wood Product Manufacturing Term Loan Prime plus 2.75% 3/28/2029 429.9  429.9  412.3  0.13  %
Cleland Pharmacy LLC (#,^) 202 S First St., Wakeeney, KS 67672 Health and Personal Care Stores Term Loan Prime plus 2.75% 3/28/2029 21.5  21.5  22.4  0.01  %
Four Seasons Laser Center Inc. (#,^) 4720 NW 2nd Ave Unit D104-105, Boca Raton, FL 33498 Personal and Laundry Services Term Loan Prime plus 2.75% 3/28/2029 14.3  14.3  13.9  —  %
Planet X Tobacco & Gift, LLC (#,^) 900 W Northern Lights Blvd, Anchorage, AK 99503 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/28/2044 283.3  283.3  306.1  0.10  %
Children First Home Health Care, Inc. dba Health Calls (#,^) 1220 Broadcasting Rd Ste 202, Wyomissing, PA 19610 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/28/2029 131.7  131.7  114.2  0.04  %
RG Productions LLC (#,^) 2414 W Battlefield Ste H, Springfield, MO 65807 Rental and Leasing Services Term Loan Prime plus 2.75% 3/28/2029 148.8  148.8  138.2  0.04  %
GS Bath Inc (#,^) 5335 E. Kaviland Ave, Fresno, CA 93725 Truck Transportation Term Loan Prime plus 2.75% 3/28/2029 298.6  298.6  276.4  0.09  %
Custom Vinyl Products LLC (#,^) 260 Enterprise Drive, Newport News, VA 23603 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/28/2044 1,003.8  1,003.8  1,056.1  0.33  %
Cocomo Joe's LLC (#,^) 3949 New Rd, Youngstown, OH 44515 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2029 3.3  3.3  3.1  —  %
PA Sobol Partners LLC dba Sobal (#,^) 206 Rohrerstown Rd, Lancaster, PA 17603 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/28/2029 48.9  48.9  43.9  0.01  %
Cinco Fit LLC dba Cinco Fit (#,^) 23010 Highland Knolls Blvd, Ste G, Katy, TX 77494 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/27/2029 157.6  157.6  136.8  0.04  %
Ocean Trans LLC and Dehal Trucking LLC (#,^) 1415 W Anderson St., Stockton, CA 95206 Truck Transportation Term Loan Prime plus 2.75% 3/27/2029 71.1  71.1  74.1  0.02  %
Danielle Vance LPC, LLC dba Danielle Vance MA, LPC (#,^) 2543 Eliot St., Denver, CO 80211 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/27/2029 5.4  5.4  4.7  —  %
DC AG, LLC dba Big B Sales (#,^) 674 LA- 8, Sicily Island, LA 71368 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/27/2044 582.8  582.8  602.4  0.19  %
Heritage Hills Athletics 1, LLC and Heritage Hills Athletics 1, LLC (#,^) 2880 Carol Rd, East York, PA 17402 Personal and Laundry Services Term Loan Prime plus 2.75% 3/26/2044 1,239.3  1,239.3  1,301.4  0.40  %
District 5 Boutique LLC (#,^) 317 N Farview Ave, Paramus, NJ 07652 Nonstore Retailers Term Loan Prime plus 2.75% 3/26/2029 119.4  119.4  103.6  0.03  %
J & C May Properties, LLC (#,^) 315 Sylamore Ave, Mountain View, AR 72560 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/22/2044 1,124.0  1,124.0  1,105.0  0.34  %
185
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Virginia Industrial Plastics, Inc. (#,^) 2454 NE Side Hwy, Elkton, VA 22827 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/22/2044 294.0  294.0  327.8  0.10  %
Skyways, LTD (#,^) 350 15th St. NW, Huron, SD 57350 Support Activities for Transportation Term Loan Prime plus 2.75% 3/22/2029 788.5  788.5  690.1  0.21  %
Gary Krause dba Gary Krause Landscaping & Design (#,^) 489 Hamilton Rd, Jacksonville, OR 97530 Administrative and Support Services Term Loan Prime plus 2.75% 3/22/2029 5.7  5.7  5.3  —  %
Virginia Industrial Plastics, Inc. (#,^) 2454 NE Side Hwy, Elkton, VA 22827 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/22/2029 258.7  258.7  269.3  0.08  %
The Karate Dojo LLC (#,^) 21 S Hope Chapel Rd, Jackson, NJ 08527 Educational Services Term Loan Prime plus 2.75% 3/21/2029 4.3  4.3  3.7  —  %
Pitman Holding LLC (#,^) 1116 E Main St, Richmond, VA 23219 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/21/2029 7.2  7.2  6.5  —  %
American Trails Transport, LLC (#,^) 8704 Grand Ave, Billings, MT 59106 Truck Transportation Term Loan Prime plus 2.75% 3/21/2029 52.5  52.5  48.3  0.01  %
Dependable Lawn Care, Inc. (#,^) 2320 138th St., Blue Island, IL 60406 Personal and Laundry Services Term Loan Prime plus 2.75% 3/21/2029 500.2  500.2  459.0  0.14  %
Dependable Lawn Care, Inc. (#,^) 2320 138th St., Blue Island, IL 60406 Personal and Laundry Services Term Loan Prime plus 2.75% 3/21/2044 189.1  189.1  207.4  0.06  %
Mega Trucking LLC and Olyimpian Industries LLC (#,^) 5979 NW 151st St, Miami Lakes, FL 33014 Truck Transportation Term Loan Prime plus 2.75% 3/20/2029 383.0  383.0  360.6  0.11  %
Michigan Neurosurgical Institute P.C. (#,^) 9400 S Saginaw St., Unit 1, Grand Blanc, MI 48439 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/20/2029 173.2  173.2  150.9  0.05  %
Sound Manufacturing Inc (#,^) 1 Williams Lane, Old Saybrook, CT 06475 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/20/2029 47.8  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 48439 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/20/2044 352.0  352.0  361.5  0.11  %
Frontline Selling LLC (#,^) 6505 Shiloh Rd #300,310,320, Alpharetta, GA 30005 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/19/2029 298.6  298.6  310.6  0.10  %
Game Station, Inc. (#,^) 2917 1st Ave SE, Cedar Rapids, IA 52402 Rental and Leasing Services Term Loan Prime plus 2.75% 3/19/2029 250.8  250.8  230.4  0.07  %
Marvellous Print & Ship LLC (#,^) 605 W Main St., Oxford, KS 67119 Printing and Related Support Activities Term Loan Prime plus 2.75% 3/19/2029 3.2  3.2  2.8  —  %
Panetcarne Inc.dba Jersey Mike's Subs Greenfield (#,^) 23077 Greenfield Rd, Southfield, MI 48075 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2029 88.9  88.9  78.9  0.02  %
Stepping Stones Children's Academy LLC (#,^) 1655 E Warm Springs Rd, Las Vegas, NV 89119 Social Assistance Term Loan Prime plus 2.75% 3/15/2044 371.8  371.8  393.9  0.12  %
Vanchoc Transport Inc (#,^) 137 3rd St, Brooklyn, NY 11231 Rental and Leasing Services Term Loan Prime plus 2.75% 3/15/2029 83.7  83.7  72.7  0.02  %
B & W Towing LLC (#,^) 701 Addison Rd, Painted Post, NY 14870 Support Activities for Transportation Term Loan Prime plus 2.75% 3/15/2029 54.9  54.9  56.7  0.02  %
186
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Screening Services Group, LLC (#,^) 8670 Wilshire Blvd, Beverly Hills, CA 90211 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 3/14/2029 268.9  268.9  240.0  0.07  %
Space Express, LLC (#,^) 2775 Burris Rd, Davie, FL 33314 Truck Transportation Term Loan Prime plus 2.75% 3/12/2029 143.4  143.4  127.6  0.04  %
Mill Creek Early Childhood Program LLC (#,^) 510 South Batavia Ave, Batavia, IL 60510 Social Assistance Term Loan Prime plus 2.75% 8/11/2029 60.9  60.9  53.0  0.02  %
Precise Air Systems, Inc (#,^) 5467 W San Fernando Rd, Los Angeles, CA 90039 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/8/2029 251.2  251.2  220.9  0.07  %
Alpine Remediation, Inc, T & M Holdings, LLC (#,^) 14252 W 44th Ave Unit F, Golden, CO 80403 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/8/2029 83.7  83.7  78.1  0.02  %
Kalloren Provel LLC (#,^) 6919 Oak Ridge Commerce Way, Austell, GA 30168 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/8/2044 281.3  281.3  298.0  0.09  %
D & S Village Hardware LLC dba Cedar Mountain Country Store & Samantha (#,^) 3695 Movie Ranch Rd, Duck Creek, UT 84762 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/8/2044 200.0  200.0  215.9  0.07  %
Wildflour Bakery & Cafe LLC (#,^) 5137 Clareton Dr #100,110,120, Agoura Hills, CA 91301 Food Manufacturing Term Loan Prime plus 2.75% 3/8/2029 83.6  83.6  72.5  0.02  %
SG Welch Inc dba Sparks Auto Service (#,^) 19138 Molalla Ave, Oregon City, OR 97045 Repair and Maintenance Term Loan Prime plus 2.75% 3/8/2029 59.7  59.7  52.9  0.02  %
Seeds of Knowledge Creative Learning Center LLC (#,^) 15101 West McNichols Rd, Detroit, MI 48235 Social Assistance Term Loan Prime plus 2.75% 3/7/2044 22.3  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 48328 Rental and Leasing Services Term Loan Prime plus 2.75% 3/4/2029 150.5  150.5  130.6  0.04  %
Midwest Expediated Carrier Corporation (#,^) 2200 N Stonington Ave #120, Hoffman Estates, IL 60169 Support Activities for Transportation Term Loan Prime plus 2.75% 3/1/2029 14.3  14.3  12.4  —  %
Monkey Bones LLC (#,^) 3361 Dayton Xenia Rd, Beavercreek, OH 45432 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2044 19.3  19.3  21.5  0.01  %
Wooter Apparel, Inc (#,^) 727 Page Ave., Staten Island, NY 10307 Nonstore Retailers Term Loan Prime plus 2.75% 2/28/2029 47.5  47.5  42.0  0.01  %
NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC (#,^) 20 Silver Fox Lane, Sussex, NJ 07461 Food Manufacturing Term Loan Prime plus 2.75% 2/28/2029 48.4  48.4  46.5  0.01  %
KSW Agency Inc. (#,^) 330 Milltown Rd, Ste 22E, East Brunswick, NJ 08816 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 2/28/2029 14.3  14.3  14.9  —  %
Woodard Electric Services, Inc. (#,^) 1600 Carter Cove Rd, Hayesville, NC 28904 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2029 20.5  20.5  18.1  0.01  %
Shah Medical Center SC & Heeena Shyamani (#,^) 484 Summit St, Elgin, IL 60120 Hospitals Term Loan Prime plus 2.75% 2/28/2044 251.3  251.3  247.6  0.08  %
Legacy Roof Contractors LLC (#,^) 32091 Broken Branch Circle, Spanish Fort, AL 36527 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2044 297.1  297.1  305.0  0.09  %
187
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Matrix Z LLC (#) 800 SW 21st Terrace, Ft Lauderdale, FL 33312 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 6.5% 2/27/2029 12.0  12.0  11.9  —  %
Merdad Dentistry PLLC dba Easy Dental Care (#,^) 7522 Old Linton Hall Rd, Gainesville, VA 20155 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/26/2029 15.0  15.0  13.0  —  %
Harbor Management Company Inc dba Jamba Juice (#,^) 5501 Josh Birmingham Pkwy Concourse A, Charlotte, NC 28208 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/22/2029 142.5  142.5  125.1  0.04  %
EasyBooks, Inc. (#,^) 949 Turquoise St., San Diego, CA 92109 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/22/2029 5.7  5.7  4.9  —  %
Mia Restoration Inc dba PuroClean and Puroclean of Morristown NJ (#,^) 3633 B Hill Rd, Parsippany, NJ 07054 Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/21/2029 39.2  39.2  35.1  0.01  %
Gomez Advanced Wellness Center, Inc. (#,^) 2418 Central Ave, Charlotte, NC 28205 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/21/2044 148.6  148.6  156.5  0.05  %
Citiline Cafe At Jacobs Plaza, LLC dba Citiline Cafe (#,^) 12140 Wickchester Ln STE 130, Houston, TX 77079 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/20/2029 46.6  46.6  40.4  0.01  %
Bowl 360 Inc. (#,^) 98-18 Rockaway Blvd, Ozone Park, NY 11417 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/19/2029 154.5  154.5  144.3  0.04  %
Bowl 360 Inc. (#,^) 98-18 Rockaway Blvd, Far Rockaway, NY 11417 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/19/2029 132.5  132.5  115.5  0.04  %
Rob Barletta's Hockey School, Inc (#,^) 2130 Providence Hwy, Walpole, MA 02081 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 2/19/2029 103.3  103.3  107.6  0.03  %
Outler Transportation Services,LLC (#,^) 3775 Carriage Downs CT SW, Snellville, GA 30039 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 2/19/2029 42.7  42.7  37.8  0.01  %
M & M Burgers Inc dba Checkers (#,^) 530 Willis Ave, Bronx, NY 10455 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2029 109.4  109.4  97.0  0.03  %
Integris Roofing, Inc (#,^) 1174 Yellostone Drive, Lake Arrowhead, CA 92532 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/15/2029 21.4  21.4  18.5  0.01  %
Tony Herring & Associates, Inc (#,^) 211 West Camellia Drive, Slidell, LA 70458 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 2/14/2029 14.2  14.2  14.8  —  %
Gateway Veterinary Services, P.C. dba Liberty Animal Clinic (#,^) 9212 Liberty Ave, Ozone Park, NY 11417 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/14/2044 137.0  137.0  152.8  0.05  %
Par-Man, Inc. dba Rockstar Tattoo (#,^) 450 Fremont St #109 and 113, Las Vegas, NV 89101 Health and Personal Care Stores Term Loan Prime plus 2.75% 2/14/2029 59.5  59.5  52.2  0.02  %
KHSE Parks, Inc. (#,^) 600 West Charles St., Matthews, NC 28105 Administrative and Support Services Term Loan Prime plus 2.75% 2/14/2029 78.4  78.4  68.0  0.02  %
Precedence Enterprises LLC dba Spartan Junk Removal (#,^) 8101 Sandy Spring Rd Ste 250N, Laurel, MD 20707 Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/8/2029 15.6  15.6  14.3  —  %
Pamletics LLC dba F45 (#,^) 22015 IH 10 West, San Antonio, TX 78249 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/8/2029 3.6  3.6  3.4  —  %
Shepherd Fitness, LLC dba Workout Anytime Ooltewah (#,^) 9408 Apison Pike, Ste 11, Ooltewah, TN 37363 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/8/2029 160.2  160.2  147.0  0.05  %
188
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 10706 Utilities Term Loan Prime plus 2.75% 2/8/2029 59.4  59.4  51.7  0.02  %
Creative Counseling Nashville PLLC (#,^) 4119 Gallatin Pike, Nashville, TN 37216 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/7/2029 2.1  2.1  1.8  —  %
Better Dayz PT, Inc. dba Physical Therapy Now (#,^) 2804 NE 8th St. #203-206, Homestead, FL 33033 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/7/2029 21.4  21.4  18.7  0.01  %
D & G Elite Construction, Inc. (#,^) 217 Goldenrod Ave, Franklin Square, NY 11010 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/6/2029 123.6  123.6  128.7  0.04  %
RIHAHN INC dba RDBL, INC. (#,^) 1397 McGuire Rd, Lamar, AR 72846 Forestry and Logging Term Loan Prime plus 2.75% 2/5/2029 6.6  6.6  6.8  —  %
Hernando Beach Motel Inc.,The Purple Cow House of Pancake Inc (#,^) 4291 Shoal Line Boulevard, Hernando Beach, FL 34607 Accommodation Term Loan Prime plus 2.75% 2/1/2029 14.2  14.2  14.8  —  %
Jesus and Son's Landscape Contractors, LLC (#,^) 4371 Durham Court, Denver, CO 80239 Administrative and Support Services Term Loan Prime plus 2.75% 2/1/2029 54.6  54.6  48.8  0.02  %
Employer Resource Services LLC dba Data Pool (#,^) 500 Research Rd, Richmond, VA 23236 Administrative and Support Services Term Loan Prime plus 2.75% 1/31/2029 35.7  35.7  30.9  0.01  %
MYC Motors Inc (#,^) 3808 Vegas Drive, Las Vegas, NV 89108 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 1/30/2044 74.3  74.3  82.8  0.03  %
FNF LLC dba WineStyles (#,^) 11109 Old Seward Hwy, Anchorage, AK 99515 Food and Beverage Stores Term Loan Prime plus 2.75% 1/22/2029 233.8  233.8  203.0  0.06  %
IGWT Coffee, LLC dba PJ's Coffee of New Orleans (#,^) 414 Union St, Nashville, TN 37219 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/18/2029 77.9  77.9  67.6  0.02  %
MMC Investors, LLC dba Clean Juice (#,^) 2879 W 95th St. Ste 195, Naperville, IL 60564 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/18/2029 83.8  83.8  74.2  0.02  %
Hilco Athletics & Graphics Inc (#,^) 55 Green Hill St., West Warwick, RI 02816 Apparel Manufacturing Term Loan Prime plus 2.75% 1/16/2044 68.2  68.2  76.0  0.02  %
CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster (#,^) 309 Coronado Drive, Clearwater Beach, FL 33767 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/11/2029 84.7  84.7  74.5  0.02  %
Fluid Connections LLC dba BurgerIM (#,^) 174 El Cerrito Plaza, El Cerrito, CA 94530 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/11/2029 59.1  59.1  54.6  0.02  %
HSR Tacos LLC dba California Tortilla (#,^) 11694 Sudley Manor Drive, Manassas, VA 20109 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/11/2029 51.5  51.5  44.7  0.01  %
Rashed and Shabila LLC (#,^) 14865 Hwy 92, Woodstock, GA 30188 Gasoline Stations Term Loan Prime plus 2.75% 1/4/2029 21.2  21.2  19.7  0.01  %
Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC (#,^) 215 S Persimmon St., Tomball, TX 77375 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/31/2028 223.4  223.4  193.8  0.06  %
The Chop House Inc. (#,^) 191 Old Tower Hill Rd., South Kingstown, RI 02879 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/31/2043 552.0  552.0  572.4  0.18  %
189
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 48317 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/28/2028 17.1  17.1  15.5  —  %
Omega Funeral and Cremation Services,LLC (#,^) 9503 Kenwood Rd, Cincinnati, OH 45242 Personal and Laundry Services Term Loan Prime plus 2.75% 12/28/2043 339.3  339.3  353.6  0.11  %
American Rewinding of NC Inc dba MTS (#,^) 1825 N Rocky River Rd, Monroe, NC 28110 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/28/2028 402.6  402.6  368.3  0.11  %
Superior Concepts Acquisition Corp (#,^) 1710 Tiles Court, Grand Haven, MI 49417 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/28/2043 504.4  504.4  509.3  0.16  %
Superior Concepts Acquisition Corp (#,^) 1710 Tiles Ct, Grand Haven, MI 49417 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/28/2028 112.6  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 34135 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 12/28/2043 18.6  18.6  20.7  0.01  %
Nix and Nix Funeral Home North Inc, (#,^) 1621 W. Dauphin St., Philadelphia, PA 19132 Personal and Laundry Services Term Loan Prime plus 2.75% 12/28/2043 566.0  566.0  614.5  0.19  %
Fave Realty Inc. (#,^) 74 Larkfield Rd, East Northport, NY 11731 Real Estate Term Loan Prime plus 2.75% 12/27/2043 122.2  122.2  136.3  0.04  %
Medworxs Inc. (#,^) 6857 Timbers Drive, Evergreen, CO 80439 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/27/2028 9.9  9.9  8.5  —  %
East Breeze LLC dba Historic Springdale Pub and Eatery (#,^) 32302 E Historic Columbia Riv Hwy, Corbett, OR 97019 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2043 126.9  126.9  136.0  0.04  %
Children First Home Health Care Inc (#,^) 1220 Broadcasting Rd Ste 202, Wyomissing, PA 19610 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/27/2028 282.4  282.4  267.0  0.08  %
Green Valley Landscape Management Inc. dba Apopka Mower and Equipment (#,^) 2975 W Orange Blossom Trail, Apopka, FL 32712 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2043 459.9  459.9  473.8  0.15  %
Reservations Unlimited LLC (#) 312 W Main St., Red River, NM 87558 Real Estate Term Loan Prime plus 2.75% 12/26/2043 140.8  140.8  151.2  0.05  %
Timios Enterprises Corp dba Palm Court (#,^) 1912 N Arlington Hts Rd, Arlington Heights, IL 60004 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/24/2043 700.4  700.4  739.5  0.23  %
RM Hawkins LLC (#,^) 5141 Topaz Drive, Colorado Springs, CO 80918 Nonstore Retailers Term Loan Prime plus 2.75% 12/24/2028 281.6  281.6  260.3  0.08  %
BD Branson Victorian LLC dba Branson Victorian Inn (#,^) 450 South Hwy 165, Branson, MO 65616 Accommodation Term Loan Prime plus 2.75% 12/24/2043 492.5  492.5  530.6  0.16  %
Royalty Freight Inc (#,^) 3728 W McKinley Ave, Fresno, CA 93722 Truck Transportation Term Loan Prime plus 2.75% 12/21/2028 91.7  91.7  79.4  0.02  %
Kyle M Walker DDS, PC (#,^) 1402 W Park Ave, Orange, TX 77630 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2028 105.8  105.8  91.6  0.03  %
The Law Office of Jared E. Shapiro, P.A (#,^) 7777 Glades Rd Ste 100, Boca Raton, FL 33434 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2028 10.6  10.6  9.2  —  %
190
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Burgess and Dudley, Incorporated (#,^) 24462 NW 9th Place, Newberry, FL 32669 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/21/2028 223.5  223.5  203.1  0.06  %
Diamond Estates LLC (#,^) 110 Court St Ste 1, Cromwell, CT 06416 Construction of Buildings Term Loan Prime plus 2.75% 12/21/2028 70.5  70.5  61.1  0.02  %
Fifth Wheel Truck Stop 001, Inc. (#,^) 3767 South Golden State Blvd, Fresno, CA 93725 Gasoline Stations Term Loan Prime plus 2.75% 12/21/2028 100.0  100.0  86.6  0.03  %
Sesolinc GRP, Inc. (#,^) 806 Randy Lowery Rd, Statesboro, GA 30461 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/21/2028 352.3  352.3  329.7  0.10  %
ETS Tree Service Inc and Eastern Tree Service, Inc (#,^) 4813 Pinson Valley Parkway, Birmingham, AL 35215 Administrative and Support Services Term Loan Prime plus 2.75% 12/21/2028 216.1  216.1  200.4  0.06  %
D.A.F.S Transport, LLC (#,^) 207 S. Teresa St., Monahans, TX 79756 Truck Transportation Term Loan Prime plus 2.75% 12/21/2028 620.1  620.1  613.0  0.19  %
Precision Bytes LLC dba Tower Connect (#,^) 607 West Magnolia Ave, Fort Worth, TX 76104 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2028 121.9  121.9  105.6  0.03  %
Accel Compression Inc.,Accel Workover Services Inc dba Mica Tool & Tur (#,^) 4500 S Country Rd, Odessa, TX 79768 Rental and Leasing Services Term Loan Prime plus 2.75% 6/21/2044 169.0  169.0  188.7  0.06  %
LP Industries, Inc and Playground Packages, LLC (#,^) 2040 Norwood, Lenoir, NC 28645 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/21/2028 88.6  88.6  77.0  0.02  %
Cammarata Associates LLC (#,^) 5 Greentree Center, Marlton, NJ 08053 Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 12/21/2028 70.4  70.4  61.0  0.02  %
Baseline Health, LLC & Baseline Health Management, LLC (#,^) 1101 Stewart Ave Ste 104, Garden City, NY 11530 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2028 111.6  111.6  98.8  0.03  %
C&D Trucking & Equipment Service, Inc. (#,^) 4015 Jennings Rd, Cleveland, OH 44109 Repair and Maintenance Term Loan Prime plus 2.75% 12/21/2043 116.0  116.0  129.3  0.04  %
Roots N Shoots, LLC & Yardplus LLC (#,^) 86 Boston Rd, Chelmsford, MA 01824 Administrative and Support Services Term Loan Prime plus 2.75% 12/20/2028 50.7  50.7  45.0  0.01  %
Healthy and Fresco LLC (#,^) 1671 Belle Isle Ave, Ste 110 #C, Mt Pleasant, SC 29464 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/20/2029 43.2  43.2  38.8  0.01  %
Flashii App, Inc. (#,^) 75 E Santa Clara St, San Jose, CA 95113 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/20/2028 58.7  58.7  60.2  0.02  %
Graff Excavating, Inc (#,^) 803 E State St., Toledo, IA 52342 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/20/2028 183.7  183.7  161.8  0.05  %
Alaska Motor Home Inc (#,^) 6633 Brayton Drive, Anchorage, AK 99507 Rental and Leasing Services Term Loan Prime plus 2.75% 12/20/2028 281.8  281.8  264.0  0.08  %
Local Liberty Inc dba The Wardsboro Country Store (#,^) 23 Main St., Wardsboro, VT 05355 Food and Beverage Stores Term Loan Prime plus 2.75% 12/20/2043 153.7  153.7  164.8  0.05  %
Yellow Fin Marine Services LLC, K Marine XI, LLC K Marine VIII, LLC (#,^) 2043 Coteau Rd, Houma, LA 70364 Rental and Leasing Services Term Loan Prime plus 2.75% 12/20/2028 543.4  543.4  537.8  0.17  %
Hotel Compete, LLC (#,^) 223 W Jackson Blvd, Chicago, IL 60606 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/20/2028 58.7  58.7  50.8  0.02  %
191
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 43082 Nonstore Retailers Term Loan Prime plus 2.75% 3/20/2029 178.3  178.3  168.3  0.05  %
Marlin Lighting LLC (#,^) 7207 B Lockport Pl, Lorton, VA 22079 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/19/2028 95.6  95.6  82.8  0.03  %
The Cromer Company (#,^) 9800 NW 78th Ave, Hialeah Gardens, FL 33016 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/19/2028 469.7  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 48505 Personal and Laundry Services Term Loan Prime plus 2.75% 9/19/2044 416.5  416.5  446.5  0.14  %
Goodson's Garden, LLC dba Always Goldies Florist (#,^) 1812 Pulaski Hwy Ste A, Edgewood, MD 21040 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/19/2028 11.3  11.3  10.0  —  %
JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo (#,^) 316 NW 24th St., Miami, FL 33180 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/19/2029 70.1  70.1  65.2  0.02  %
Accent Comfort Services, LLC (#,^) 5035 W. W.T. Harris Blvd Ste C, Mecklenburg, NC 28269 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/19/2028 64.7  64.7  56.5  0.02  %
Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena (#,^) 4477 E 11th Ave, Hialeah, FL 33013 Food Manufacturing Term Loan Prime plus 2.75% 12/14/2028 298.3  298.3  271.7  0.08  %
Healthy Human, LLC (#,^) 1007 Johnnie Dodds Blvd, Ste 123, Mt Pleasant, SC 29464 Nonstore Retailers Term Loan Prime plus 2.75% 12/14/2028 117.4  117.4  101.7  0.03  %
Sound Contracting LLC (#,^) 148 Holmgren Place, Girdwood, AK 99587 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/14/2043 195.3  195.3  203.7  0.06  %
Stony Creek Wellness Group, LLC (#,^) 264 Church St, Guilford, CT 06437 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/14/2043 97.7  97.7  105.0  0.03  %
Sound Contracting LLC (#,^) 148 Holmgren Place, Girdwood, AK 99587 Construction of Buildings Term Loan Prime plus 2.75% 12/14/2028 39.2  39.2  36.5  0.01  %
Alpha Omega Trucking LLC (#,^) 14432-14452 Stateline Rd, Brookings, OR 97415 Truck Transportation Term Loan Prime plus 2.75% 12/14/2028 65.9  65.9  68.5  0.02  %
YBL Restaurant Group LLC dba Tropisueno (#,^) 75 Yerba Buena Lane, San Francisco, CA 94103 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/14/2029 359.1  359.1  314.4  0.10  %
Alpha Landscape Contractors, Inc (#,^) 2823 Fllintstone Rd, Millers, MD 21102 Administrative and Support Services Term Loan Prime plus 2.75% 1/14/2029 313.4  313.4  287.1  0.09  %
Ventures TBD LLC dba The Bottle Tree (#,^) 102 Davis St., Belmont, NC 28012 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/14/2043 97.7  97.7  101.0  0.03  %
Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974 (#,^) 196-15 Northern Blvd, Flushing, NY 11318 Food and Beverage Stores Term Loan Prime plus 2.75% 12/14/2028 14.8  14.8  12.9  —  %
Peanut Butter & Co., Inc. (#,^) 119 West 57th St., Ste 300, New York, NY 10019 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/14/2028 234.9  234.9  203.5  0.06  %
L&M Services, LLC (#,^) 560 Main St., Milford, UT 84751 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/14/2043 197.9  197.9  208.5  0.06  %
192
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Aero Consulting and Engineering Inc (#,^) 7941 NW 3rd St., Plantation, FL 33324 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/14/2028 14.1  14.1  12.2  —  %
Fitness Orlando LLC & Fitness Orlando Oviedo, LLC (#,^) 160 Tuskawilla Rd Ste 1214, Winter Springs, FL 32708 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/14/2028 258.8  258.8  234.8  0.07  %
Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash (#,^) 2 Center Rd, Old Saybrook, CT 06475 Repair and Maintenance Term Loan Prime plus 2.75% 12/13/2043 967.3  967.3  992.6  0.31  %
D for Dream LLC dba Blo Blow Dry Bar Inc (#,^) 460 East 3rd Ave, New York, NY 10016 Personal and Laundry Services Term Loan Prime plus 2.75% 5/13/2029 70.9  70.9  61.7  0.02  %
United States Plastic Equipment LLC (#,^) 4447 OH-303, Mantua, OH 44255 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/13/2028 137.1  137.1  118.8  0.04  %
Burton Realty Co., Inc dba Anchor Realty, Northeast (#,^) 2200 Michener St Ste 12, Philadelphia, PA 19115 Real Estate Term Loan Prime plus 2.75% 12/13/2028 284.6  284.6  246.6  0.08  %
The Miller Center for Esthetic Excellence, (#,^) 22 Old Short Hills Rd, Livingston, NJ 07039 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/13/2043 384.3  384.3  378.2  0.12  %
Plan B Burger LLC (#,^) 484 Farmington Ave, Hartford, CT 06105 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/13/2029 986.6  986.6  899.9  0.28  %
OC Helicopters LLC (#,^) 19711 Campus Drive Ste 260, Santa Ana, CA 92707 Air Transportation Term Loan Prime plus 2.75% 12/13/2028 84.7  84.7  88.1  0.03  %
Tier1 Solutions LLC (#,^) 1000 Essington Rd Ste 111, Joliet, IL 60435 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/12/2029 9.6  9.6  8.3  —  %
Behind The Scenes Chicago, LLC dba Paramount Events (#,^) 1750 W Lake St, Chicago, IL 60612 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/12/2029 240.8  240.8  235.1  0.07  %
Mateo Enterprise Inc dba El Milagro Market (#,^) 575 Panama Lane, Bakersfield, CA 93307 Food and Beverage Stores Term Loan Prime plus 2.75% 12/12/2043 118.8  118.8  122.7  0.04  %
Mateo Enterprise Inc dba El Milagro Market (#,^) 575 Panama Lane, Bakerfield, CA 93307 Food and Beverage Stores Term Loan Prime plus 2.75% 1/12/2029 56.4  56.4  48.9  0.02  %
Ashwood Food Services, Incorporated dba Jake Rooney's (#,^) 119 Brooks Rd, Harwich Port, MA 02646 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/12/2029 63.4  63.4  58.0  0.02  %
Ashwood Food Services Inc. dba Jake Rooney's (#,^) 119 Brooks Rd, Harwich Port, MA 02646 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/12/2043 212.8  212.8  231.0  0.07  %
Airstrike Firefighters LLC (#,^) 18115 62nd Ave NE, Kenmore, WA 98028 Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 12/12/2028 1,174.3  1,174.3  1,112.0  0.35  %
Anglin Cultured Stone Products LLC dba Anglin Construcion (#) 877 Salem Church Rd, Newark, DE 19702 Specialty Trade Contractors Term Loan 8.25% 1/12/2029 60.8  60.8  56.8  0.02  %
Duck's Nuts Inc dba Pet Place Market (#,^) 212 Bendigo Blvd. N, North Bend, WA 98045 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 1/11/2029 40.6  40.6  37.9  0.01  %
Hilltop Wine Shop, Inc dba Hiltop Wine Shop (#,^) 7505 Highland Rd, White Lake, MI 48383 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/11/2043 126.7  126.7  133.2  0.04  %
TFE Resources ,LTD (#,^) 11 Easter Court Ste G, Owings Mills, MD 21117 Utilities Term Loan Prime plus 2.75% 1/11/2029 561.4  561.4  503.9  0.16  %
193
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 97702 Educational Services Term Loan Prime plus 2.75% 1/11/2029 37.6  37.6  32.6  0.01  %
Googlyoogly, LLC dba Bi-Rite Supermarket (#,^) 10867 W Jefferson Ave, River Rouge, MI 46218 Food and Beverage Stores Term Loan Prime plus 2.75% 12/11/2043 200.9  200.9  207.7  0.06  %
White Wilson & Associates LLC (#,^) 16238 Louis Ave., South Holland, IL 60473 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/11/2043 42.1  42.1  43.4  0.01  %
EMES Supply, LLC (#,^) 35622 Vine St., EastLake, OH 44095 General Merchandise Stores Term Loan Prime plus 2.75% 1/11/2029 117.8  117.8  104.7  0.03  %
B&B Bodega of Delray LLC (#,^) 190 NE 2nd Ave, Delray Beach, FL 33444 Food and Beverage Stores Term Loan Prime plus 2.75% 1/11/2029 14.5  14.5  12.7  —  %
Team Henry, LLC dba Kelly Automotive of Deltona (#,^) 1290 Doyle Rd, Deltona, FL 32725 Repair and Maintenance Term Loan Prime plus 2.75% 12/10/2043 387.2  387.2  398.6  0.12  %
ZLM Services LLC (#,^) 51343 Oro Rd, Shelby Township, MI 33444 Administrative and Support Services Term Loan Prime plus 2.75% 1/10/2029 37.6  37.6  32.6  0.01  %
Food Service Industry Consultants Inc. (#,^) 1465 Kelly Johnson Blvd, Colorado Springs, CO 80920 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/7/2029 67.2  67.2  58.5  0.02  %
Shining Star Kids, Inc. dba Brain Balance (#,^) 17323 Ventura Blvd, Encino, CA 91316 Educational Services Term Loan Prime plus 2.75% 1/7/2029 82.3  82.3  71.9  0.02  %
3SIXO Motorsports LLC dba 3SIXO Motorsports Shop (#,^) 217 W Main St., Centralia, WA 98531 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 1/6/2029 94.6  94.6  82.6  0.03  %
CET Inc (#,^) 4709 N El Capitan Ave Ste 205, Fresno, CA 93722 Truck Transportation Term Loan Prime plus 2.75% 1/6/2029 1,154.6  1,154.6  1,045.1  0.32  %
Metro R Services Inc. and Metal & Roof Supplies Inc. (#,^) 20 Universal Place, Carlstadt, NJ 07072 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/6/2029 195.0  195.0  203.0  0.06  %
Unique Home Solutions Inc. and Unique Home Solutions of Ohio (#,^) 5550 Progress Rd, Indianapolis, IN 46241 Construction of Buildings Term Loan Prime plus 2.75% 1/5/2029 234.9  234.9  244.6  0.08  %
Levine Daycare Inc dba Kids R Kids (#,^) 415 Woodbury Rd, Orlando, FL 32828 Social Assistance Term Loan Prime plus 2.75% 1/5/2029 253.7  253.7  233.7  0.07  %
Consulting Solutions, Inc and Mark Luciani (#,^) 3000 N Federal Hwy Ste 1, Fort Lauderdale, FL 33306 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/5/2029 54.4  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 90036 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/5/2029 82.4  82.4  72.4  0.02  %
The Altitude Group LLC (#,^) 949 A Clint Moore Rd, Boca Raton, FL 33487 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/4/2029 130.9  130.9  114.3  0.04  %
Access Staffing, LLC (#,^) 360 Lexington Ave 8th Fl, New York, NY 10017 Administrative and Support Services Term Loan Prime plus 2.75% 1/4/2029 182.5  182.5  158.4  0.05  %
Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill (#,^) 24480 W 10 Mile RD, Southfield, MI 48033 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/4/2029 37.2  37.2  34.8  0.01  %
Swantown Inn and Spa, LLC (#,^) 1431 11th Ave SE, Olympia, WA 98501 Accommodation Term Loan Prime plus 2.75% 1/3/2029 12.7  12.7  13.2  —  %
194
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
York Concrete Corp (#,^) 1 Plumb CT., Huntington Station, NY 11746 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/3/2043 197.9  197.9  217.9  0.07  %
Hernando Beach Motel LLC,The Purple Cow House o APancake AInc. (#,^) 4291 Shoal Line Boulevard, Hernando Beach, FL 34607 Accommodation Term Loan Prime plus 2.75% 11/30/2043 222.4  222.4  247.8  0.08  %
Tammy's Place LLC (#,^) 235 North Mosby Ave, Littleton, NC 27850 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2044 436.0  436.0  481.7  0.15  %
Microplex Co, Third Market LLC (#,^) 244 Spokane Ave, Whitefish, MT 59937 Food and Beverage Stores Term Loan Prime plus 2.75% 12/30/2028 154.1  154.1  133.7  0.04  %
Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors (#,^) 13762 W State Rd 84, Davie, FL 33325 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/30/2028 116.8  116.8  115.4  0.04  %
Cabrera's Auto Services LLC (#,^) 2206 N Central Ave, Chicago, IL 60639 Repair and Maintenance Term Loan Prime plus 2.75% 11/30/2043 80.2  80.2  85.3  0.03  %
Water Station Holdings LLC (#,^) 1104 N Keystone Ave, Indianapolis, IN 46201 Nonstore Retailers Term Loan Prime plus 2.75% 12/30/2028 647.3  647.3  613.3  0.19  %
Albert M. Quashie, DDS, PC (#,^) 3331 Toledo Terrace Ste 308, Hyattsville, MD 20782 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/29/2043 64.4  64.4  67.1  0.02  %
JJB Production LLC (#,^) 458 N 7th St., Newark, NJ 07107 Administrative and Support Services Term Loan Prime plus 2.75% 12/29/2028 6.9  6.9  6.0  —  %
Albert M Quashie, DDS, PC (#,^) 3331 Toledo Terrace Ste 308, Hyattsville, MD 20782 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/29/2028 81.8  81.8  77.7  0.02  %
Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up Te (#,^) 3626 CR 203, Liverpool, TX 77577 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/28/2043 429.3  429.3  478.2  0.15  %
Level Up Gaming, Inc (#,^) 1132 Creighton Rd, Pensacola, FL 32504 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 11/28/2043 89.0  89.0  90.5  0.03  %
Extreme Granite Corp (#,^) 251 NW 1st St., Deerfield Beach, FL 33441 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/28/2043 185.4  185.4  202.6  0.06  %
True Love Christian Academy LLC (#,^) 466 E Raines Rd, Memphis, TN 38109 Social Assistance Term Loan Prime plus 2.75% 12/28/2043 41.5  41.5  45.5  0.01  %
BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC, Exe (#,^) 12930 Worldgate Drive, Herndon, VA 20170 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2028 1,188.9  1,188.9  1,221.9  0.38  %
Best Global Alternative North, LLC (#,^) 69 Lewis Ave, Atlantic Beach, NY 11509 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/21/2028 81.7  81.7  70.8  0.02  %
M.A.W. Enterprises LLC dbaY-Not Pizza (#,^) 45 E Main St., New Palestine, IN 46163 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/21/2028 21.0  21.0  19.4  0.01  %
Thames Aquatic Club, LLC (#,^) 14 Iron St., Ledyard, CT 06339 Educational Services Term Loan Prime plus 2.75% 10/21/2029 42.8  42.8  44.8  0.01  %
On Call Electrical of Georgia LLC (#,^) 2120 Plaster Bridge Rd NE, Atlanta, GA 30324 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/20/2043 656.9  656.9  682.6  0.21  %
195
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Commonwealth Warehouse Inc (#,^) 11013 Kenwood Rd., Cincinnati, OH 45242 Warehousing and Storage Term Loan Prime plus 2.75% 12/20/2028 395.5  395.5  371.0  0.12  %
High Desert Transport, Inc. (#,^) 2015 Woodspring Terrace, Henderson, NV 89012 Truck Transportation Term Loan Prime plus 2.75% 12/19/2028 71.0  71.0  64.0  0.02  %
K & A Automotive Inc (#,^) 2070 Nooseneck Hill Rd, Coventry, RI 02816 Gasoline Stations Term Loan Prime plus 2.75% 11/19/2043 120.8  120.8  131.2  0.04  %
Beau & HB Inc dba Beau's Billiard, Bowling & Arcade (#,^) 100 Village Rd, Port Lavaca, TX 77979 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/16/2029 41.1  41.1  40.7  0.01  %
Cocomo Joe's LLC (#,^) 3949 New Rd, Youngstown, OH 44515 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2028 0.6  0.6  0.5  —  %
Saunders Management LLC dba Northern Light Espresso Bar and Cafe (#,^) 536 Spruce St, Scranton, PA 18503 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/16/2028 37.9  37.9  39.4  0.01  %
Beau & HB Inc dba Beau's Billard, Bowling & Arcade (#,^) 100 Village Rd, Port Lavaca, TX 77979 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/16/2043 69.7  69.7  73.2  0.02  %
Cali Fit Meals (#,^) 3450 E Orangethrope Ave, Anaheim, CA 92806 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2028 58.4  58.4  50.8  0.02  %
Allegro Assisted Living Services of Texas LLC (#,^) 3400 Remington Dr, Plano, TX 75023 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 11/15/2043 93.9  93.9  104.6  0.03  %
Schafer Fisheries Inc. (#,^) 21985 Waller Rd, Fulton, IL 61252 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/14/2028 47.0  47.0  48.8  0.02  %
Salon Femi LLC (#,^) 1107 Broad St., Bloomfield, NJ 07003 Personal and Laundry Services Term Loan Prime plus 2.75% 12/9/2028 7.0  7.0  6.7  —  %
US Dedicated LLC (#,^) 13410 SE 26th Circle, Vancouver, WA 98683 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/9/2028 392.2  392.2  346.7  0.11  %
Jinwoo Sushi Inc (#,^) 6590 Sugarloaf Pkwy, Duluth, GA 30097 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/9/2028 20.7  20.7  21.5  0.01  %
McNeill Stokes (#,^) 5372 Whitehall Pl SE, Mableton, GA 30126 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/8/2028 6.3  6.3  5.5  —  %
Vancole Investments, Inc. dba Smoothie King #913 (#,^) 876 Virginia Ave, Hapeville, GA 30354 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/7/2044 414.5  414.5  427.7  0.13  %
JN Thompson Ent,Inc. (#,^) 400 5th Ave S Ste 100, Naples, FL 34102 Construction of Buildings Term Loan Prime plus 2.75% 12/7/2028 377.5  377.5  340.1  0.11  %
JP Dhillon's Foods LLC (#,^) 840 El Paseo de Saratoga, San Jose, CA 95130 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/1/2029 91.9  91.9  79.9  0.02  %
Modutech Marine Inc (#,^) 2218 Marine View Drive, Tacoma, WA 98422 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 12/1/2028 350.4  350.4  364.3  0.11  %
Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC (#,^) 460 Park Ave, Fl 16, New York, NY 10022 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/1/2028 303.5  303.5  262.9  0.08  %
Steele Security, LLC dba Signal 88 Security of San Antonio (#,^) 11230 West Ave Ste 2210, San Antonio, TX 78213 Administrative and Support Services Term Loan Prime plus 2.75% 10/31/2028 103.2  103.2  90.7  0.03  %
196
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Abington Caregivers, LLC (#,^) 7804 Montgomery Ave Unit 3-6, Elkins Park, PA 19027 Social Assistance Term Loan Prime plus 2.75% 11/30/2043 123.9  123.9  132.1  0.04  %
Organic Juice Bar Wexford LLC dba The OJB "The Organic Juice Bar" (#,^) 1500 Village Run Rd, Wexford, PA 15090 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2029 76.4  76.4  67.8  0.02  %
C.A.T.I. Armor, LLC (#,^) 435 Packard Hwy, Charlotte, MI 48813 Apparel Manufacturing Term Loan Prime plus 2.75% 10/30/2043 207.9  207.9  216.7  0.07  %
UK, LLC dba Pita Pit (#,^) 20038 West Valley HWY, Kent, WA 98032 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/30/2029 57.9  57.9  51.9  0.02  %
JAL Group, Inc. dba Brainy Boulevard Daycare (#,^) 3340-3342 West Bryn Mawr Ave, Chicago, IL 60659 Social Assistance Term Loan Prime plus 2.75% 10/29/2028 53.9  53.9  47.4  0.01  %
Ohio Gold & Pawn LLC, Our New Building LLC and Corey Fischer (#,^) 3970 Everhard Rd NW, Canton, OH 44709 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/26/2028 136.9  136.9  142.4  0.04  %
Reliant Trucking Inc. (#,^) 7197 Koamano St, Honolulu, HI 96825 Truck Transportation Term Loan Prime plus 2.75% 10/25/2028 123.4  123.4  114.0  0.04  %
The Face Place, LLC dba Classic Aesthetics (#,^) 4268 Cahaba Heights CT Ste 115, Vestavia, AL 35243 Personal and Laundry Services Term Loan Prime plus 2.75% 10/25/2028 9.3  9.3  8.1  —  %
Bellas Sports Pub, Inc dba Brewmasters Tavern (#,^) 1152 Main St., Coventry, RI 02816 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/24/2043 68.5  68.5  75.6  0.02  %
Shovels and Whiskey LLC (#,^) 446 SE Washington St, Hillsboro, OR 97123 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 10/16/2043 75.6  75.6  82.0  0.03  %
Hackstaff Restaurants LLC (#,^) 248 W 1st St. Ste 201, Reno, NV 89501 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2029 147.6  147.6  131.1  0.04  %
TA Coleman, LLC dba Tom's Truck Shop (#,^) 2101 Route 610, Woodbine, NJ 08270 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/12/2028 5.4  5.4  5.1  —  %
Cater To You Agency, LLC, dba Cater To You (#,^) 1319 Sherrick Rd SE, Canton, OH 44707 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/11/2043 22.3  22.3  23.2  0.01  %
Faydon, Inc (#,^) 1905 W Baker St., Ste A, Plant City, FL 33567 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 10/10/2028 69.6  69.6  72.0  0.02  %
MB Click It Photography, LLC (#,^) 100 Manchester Ranch Place, Aynor, SC 29511 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/10/2043 37.9  37.9  40.7  0.01  %
Wellfleet Consulting Inc. (#,^) 2275 Research Blvd Ste 500, Rockville, MD 20850 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/9/2028 13.9  13.9  12.1  —  %
Apps Inc and Market Share Inc. (#,^) 80 Main St., Old Saybrook, CT 06475 Telecommunications Term Loan Prime plus 2.75% 10/5/2028 88.2  88.2  76.4  0.02  %
Moore Care LLC (#,^) 8550 United Plaza Blvd., Baton Rouge, LA 79809 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/4/2028 48.3  48.3  41.8  0.01  %
JAM Media Solutions LLC (#,^) 11 Netherwood Terrace, East Orange, NJ 07017 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/28/2028 811.9  811.9  728.8  0.23  %
SwabCo Inc. (#,^) 2341 East Ellis St., Leveland, TX 79336 Support Activities for Mining Term Loan Prime plus 2.75% 9/28/2043 928.1  928.1  977.9  0.30  %
Rami Technology USA, LLC (#,^) 10400 NW 33rd St., Miami, FL 33172 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 9/28/2028 165.9  165.9  145.4  0.05  %
197
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 60625 Food Manufacturing Term Loan Prime plus 2.75% 9/28/2028 53.0  53.0  46.3  0.01  %
Burd Brothers Inc. (#,^) 4005 Borman Drive, Batavia, OH 45103 Truck Transportation Term Loan Prime plus 2.75% 9/28/2028 494.2  494.2  471.5  0.15  %
A-1 Van Sevices, Inc. (#,^) 154 Sandy Creek Rd, Verona, PA 15147 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/28/2028 97.7  97.7  95.3  0.03  %
Throop Family Holdings, Inc (#,^) 7130 Crater Lake, White City, OR 97603 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/28/2043 635.0  635.0  661.2  0.21  %
La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge (#,^) 4646 SE 11th Place, Cape Coral, FL 33904 Food and Beverage Stores Term Loan Prime plus 2.75% 9/28/2043 325.9  325.9  348.9  0.11  %
LG Law Center, Inc (#,^) 15452 Amar Rd, La Puente, CA 91744 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/27/2028 13.8  13.8  12.4  —  %
Blackwater Diving, LLC (#,^) 112 Forrest Rd, Morgan City, LA 70380 Support Activities for Mining Term Loan Prime plus 2.75% 9/27/2028 735.8  735.8  656.9  0.20  %
Quality Electric & Data (#,^) 85 Franklin Rd Unit 9B, Dover, NJ 07801 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2028 93.5  93.5  89.3  0.03  %
Blue Seven, LLC (#,^) 11111 San Jose Blvd, Ste 70, Jacksonville, FL 32223 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/27/2029 55.5  55.5  50.4  0.02  %
Action Barricade Company, LLC and Barricade Holding LLC (#,^) 1802 N 27th Ave, Phoenix, AZ 85009 Rental and Leasing Services Term Loan Prime plus 2.75% 9/27/2028 286.5  286.5  274.7  0.09  %
Quality Electric & Data Inc. (#,^) 85 Franklin RD Unit 9B, Dover, NJ 07801 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2043 128.4  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 44039 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2028 109.2  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 33401 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/27/2028 115.0  115.0  107.7  0.03  %
Dentistry By Design, P.C (#,^) 315 Walt Whitman Rd, #204/5, South Huntington, NY 11746 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/26/2028 13.8  13.8  12.3  —  %
US Shipping Trans Inc, Esteem Trucking Inc (#,^) 16102 Sweetwater Court, Lathrop, CA 95330 Truck Transportation Term Loan Prime plus 2.75% 9/26/2028 777.1  777.1  760.7  0.24  %
Above and Beyond Preschool LLC (#,^) 672-678 Camellia Drive, Royal Palm Beach, FL 33411 Social Assistance Term Loan Prime plus 2.75% 9/26/2043 544.7  544.7  587.1  0.18  %
LTS School, Inc. (#,^) 3731 NW 9th Ave, Deerfield Beach, FL 33064 Educational Services Term Loan Prime plus 2.75% 9/26/2043 99.6  99.6  111.0  0.03  %
Anglin Cultured Stone Products LLC dba Anglin Construction (#,^) 877 Salem Church Rd, Newark, DE 19702 Construction of Buildings Term Loan 8.25% 9/26/2028 95.5  95.5  81.1  0.03  %
198
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Ace Auto Recovery, Inc. (#,^) 1209 North Lane Ave, Jacksonville, FL 32254 Administrative and Support Services Term Loan Prime plus 2.75% 9/26/2043 157.7  157.7  168.5  0.05  %
Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes (#,^) 7219 Silver Mist Ave, North Chesterfield, VA 23237 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/25/2028 115.3  115.3  103.9  0.03  %
Newsome Mobile Notary LLC (#,^) 8153 12th Ave SW, Seattle, WA 98106 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/25/2028 4.8  4.8  4.2  —  %
Steadfast Support Services, LLC (#,^) 1432 Crooked Stick Drive, O'Fallon, MO 63366 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 9/25/2028 9.7  9.7  8.4  —  %
Phillip Ramos Upholstery Inc. (#,^) 3835 Elm St., Denver, CO 80207 Repair and Maintenance Term Loan Prime plus 2.75% 9/24/2028 14.2  14.2  12.3  —  %
DC Lofty, LLC, (#,^) 301 I St. NW, Washington, DC 20001 Accommodation Term Loan Prime plus 2.75% 9/21/2028 20.7  20.7  18.1  0.01  %
Southern Services and Equipment, Inc (#,^) 321 Bayou Rd, Saint Bernard, LA 70085 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/21/2028 402.2  402.2  381.0  0.12  %
Southern Services and Equipment, Inc. (#,^) 321 Bayou Rd, Saint Bernard, LA 70085 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/21/2043 207.9  207.9  211.6  0.07  %
MillClem Corporation & Monticello Corporation (#,^) 16660 Oak St., Dillwyn, VA 22936 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/21/2043 326.0  326.0  362.8  0.11  %
The Garden Club, LLC (#,^) 125 South DuBuque St., Iowa City, IA 52240 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/21/2028 6.2  6.2  5.4  —  %
D & D Optics Inc dba Sterling Optical (#,^) 1487 East LaSalle Drive, Bismark, ND 58503 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2028 49.7  49.7  43.9  0.01  %
Tables and Bars Services, Inc and Tables and Bars Rentals, LLC (#,^) 5051 Peachtree Corners Cir #200, Norcross, GA 30092 Administrative and Support Services Term Loan Prime plus 2.75% 9/20/2028 16.6  16.6  15.4  —  %
Sommer Auto Sales, Inc (#,^) 8670 E. Main St., Reynoldsburg, OH 43068 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/20/2028 329.4  329.4  341.5  0.11  %
Super Station Inc (#,^) 8855 N Country Rd 25A, Pique, OH 45356 Gasoline Stations Term Loan Prime plus 2.75% 9/19/2043 207.4  207.4  230.8  0.07  %
Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Consal (#,^) 35000 Pacific Hwy, Federal Way, WA 98003 Truck Transportation Term Loan Prime plus 2.75% 9/19/2028 432.2  432.2  374.0  0.12  %
Watearth Inc (#,^) 445 S Figuerora Ste 3128, Los Angeles, CA 90071 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/19/2028 20.7  20.7  17.9  0.01  %
Lewis River Golf Course, Inc. (#,^) 3209 Lewis River Rd, Woodland, WA 98674 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/19/2043 491.9  491.9  547.5  0.17  %
C3 Capital, Inc (#,^) 10010 N. Hampton Cove Lane, Indianapolis, IN 46236 Nonstore Retailers Term Loan Prime plus 2.75% 9/19/2028 621.2  621.2  598.5  0.19  %
M&P RV LLC dba M&P RV (#,^) 10 Century Lane, Dillsburg, PA 17019 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/19/2043 110.7  110.7  122.3  0.04  %
DB Talak LLC (#,^) 2018 SE 6th Ave, Portland, OR 97214 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/18/2043 149.5  149.5  157.4  0.05  %
E & G Enterprises LLC dba Comfort Keepers (#,^) 220 Middle St., Franklin, VA 23851 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/18/2028 5.5  5.5  4.8  —  %
199
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 01027 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2043 172.2  172.2  182.3  0.06  %
Pastel de Feira LLC dba Original Pastel De Feira (#,^) 4244 Pine Ridge CT, Weston, FL 33331 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2028 5.6  5.6  5.2  —  %
Culmination Motorsports, Inc. (#,^) 160 W 91st Ave Unit B, Anchorage, AK 99515 Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2043 550.5  550.5  608.3  0.19  %
Baby's on Broadway LLC (#,^) 47 E Broadway, Little Falls, MN 56345 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/14/2028 46.0  46.0  43.0  0.01  %
L&M Equipment, Inc (#,^) Mile 2.5 Alaska Peninsula Hwy, Naknek, AK 99633 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/14/2043 1,229.8  1,229.8  1,314.4  0.41  %
Innovim LLC (#,^) 6401 Golden Triangle Dr. #200, Greenbelt, MD 20770 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/14/2028 115.0  115.0  99.4  0.03  %
J & C Garcia LLC (#,^) 26 Broad St., Alexander City, AL 35010 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/14/2028 68.1  68.1  60.4  0.02  %
QBS, LLC dba Sterling Optical Exton (#,^) 211 W Lincoln Hwy, Exton, PA 19341 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/14/2028 74.7  74.7  65.3  0.02  %
Rihahn Inc. dba RDBL, Inc (#,^) 1397 McGuire Rd, Lamar, AR 72846 Forestry and Logging Term Loan Prime plus 2.75% 9/14/2028 126.2  126.2  117.5  0.04  %
Underground Productions LLC dba 31 Escape (#,^) 1731 Decatur Hwy, Fultandale, AL 35068 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/13/2043 97.2  97.2  108.2  0.03  %
Brewster Marketplace Pharmacy & Hardware, LLC (#,^) 811 Old Hwy 97, Brewster, WA 98812 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/13/2028 80.5  80.5  69.6  0.02  %
Innovative Network Solutions Inc (#,^) 31567 West 10 Mile Rd, Farmington Hills, MI 48336 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/13/2028 113.9  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 74131 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/13/2028 243.8  243.8  228.9  0.07  %
Rancho Paving, Inc (#,^) 339 Cypress Lane, El Cajon, CA 92020 Repair and Maintenance Term Loan Prime plus 2.75% 9/10/2028 172.5  172.5  170.4  0.05  %
Pool Guard of LA (#,^) 10866 Washington Blvd, Apt. #24, Culver City, CA 90232 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/7/2028 20.7  20.7  18.0  0.01  %
Dr. G's Urgent Care LLC (#,^) 1425 S Congress Ave, Delray Beach, FL 33445 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/7/2028 20.7  20.7  18.0  0.01  %
Pelican Executives Suites, LLC (#,^) 2200 Colorado Ave Ste 131, Santa Monica, CA 90404 Administrative and Support Services Term Loan Prime plus 2.75% 9/7/2028 285.7  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 11716 Rental and Leasing Services Term Loan Prime plus 2.75% 9/7/2028 296.7  296.7  281.1  0.09  %
MurlinComputerCompany LLC dba Murlin Computer, (#,^) 3000 Erika Ave, Sedalia, MO 65301 Repair and Maintenance Term Loan Prime plus 2.75% 9/7/2028 14.3  14.3  12.8  —  %
200
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Asheville Spine and Nerve Institute PC (#,^) 190 Broadway St., Ste 205, Asheville, NC 28801 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/7/2043 89.6  89.6  98.7  0.03  %
Trolley Express Philly, Inc dba Shuttlebee &Honeybee Transportation LL (#,^) 3401 Market St. Ste 200, Philadelphia, PA 19104 Support Activities for Transportation Term Loan Prime plus 2.75% 9/6/2028 11.7  11.7  10.7  —  %
LACCRB LLC dba PostNet (#,^) 3250 Retail Dr Ste 120, Carson City, NV 89706 Printing and Related Support Activities Term Loan Prime plus 2.75% 11/30/2028 14.0  14.0  12.3  —  %
Living Centers Inc. dba Veranda House Senior Living (#,^) 5129 E 5th St, Katy, TX 77493 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 8/31/2043 414.4  414.4  461.2  0.14  %
National Stone LTD and NSI Group Inc (#) 804-810 W Shady Grove Rd, Grand Prairie, TX 75050 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 8/31/2044 270.0  270.0  301.7  0.09  %
XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports Worl (#,^) 825 Courtland St., Orlando, FL 32804 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/30/2043 442.1  442.1  492.1  0.15  %
Stat Constructor L.P (#,^) 9573 US Hwy 220, Stoneville, NC 27048 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/30/2028 95.2  95.2  98.8  0.03  %
Extreme Engineering, Inc. (#,^) 598 Oliver Dr, Troy, MI 48084 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/29/2028 114.7  114.7  100.2  0.03  %
Kotyark LLC dba Gibsonton Motel (#,^) 11545 US Hwy 41S, Gibsonton, FL 33534 Accommodation Term Loan Prime plus 2.75% 8/29/2043 81.1  81.1  90.2  0.03  %
ARVAmethod LLC (#,^) 516 N Ogden Ave #150, Chicago, IL 60642 Personal and Laundry Services Term Loan Prime plus 2.75% 8/29/2028 2.2  2.2  1.9  —  %
Greenfield Hill Wines & Spirits, LLC (#,^) 65 Hillside Rd, Fairfield, CT 06824 Food and Beverage Stores Term Loan Prime plus 2.75% 8/29/2028 84.1  84.1  73.6  0.02  %
Graphish Studio, Inc. (#,^) 231 Main St., Stamford, CT 06901 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/28/2028 6.9  6.9  5.9  —  %
JFK Transportation Inc (#,^) 4 Mechanic St, Natick, MA 01760 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 8/28/2028 147.9  147.9  130.7  0.04  %
Atlas Geo-Constructors LLC (#,^) 3466 Thomasville Rd, Winston-Salem, NC 27107 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/24/2028 68.5  68.5  68.2  0.02  %
Montana Life Group, LLC (#,^) 8 N 9th Ave, Bozeman, MT 59715 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 8/24/2028 6.9  6.9  5.9  —  %
Finn & Emma LLC (#,^) 1275 Bloomfield Ave Bldg 5 Unit 28B, Fairfield, NJ 07004 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 8/24/2028 113.4  113.4  98.1  0.03  %
Wearware Inc dba FlyWire Cameras (#,^) 2204 Blackmoor Park Lane, Lexington, KY 40509 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 8/24/2028 20.6  20.6  18.2  0.01  %
Evans and Paul LLC, Evans & Paul Unlimited Corp (#,^) 140 Dupont St., Plainview, NY 11803 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 8/24/2028 79.9  79.9  71.5  0.02  %
Zash LLC dba Papa Murphy's take 'N' Bake Pizza (#,^) 2303 White Bear Ave, Maplewood, MN 55025 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/23/2028 38.6  38.6  35.6  0.01  %
201
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Buffalo Biodiesel Inc. (#,^) 225 Sawyer Ave, Tonawanda, NY 14150 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/21/2028 1,134.1  1,134.1  1,125.0  0.35  %
Ginekis Enterprises, Inc dba Locanda Veneta (#,^) 8638 W Third St., Los Angeles, CA 90048 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/20/2028 78.5  78.5  68.3  0.02  %
Wilkie J. Stadeker DDS (#,^) 123 Marble Mill Rd, Ste B, Marietta, GA 30060 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/17/2028 38.8  38.8  33.6  0.01  %
Geo Tek Alaska, Inc (#,^) 2756 Commercial Drive, Anchorage, AK 99501 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/17/2044 125.9  125.9  133.8  0.04  %
ATI Jet, Inc. (#,^) 7007 Boeing Drive, El Paso, TX 79925 Air Transportation Term Loan Prime plus 2.75% 8/16/2028 196.7  196.7  187.6  0.06  %
Lewins Law, P.C. (#,^) 7920 Belt Line Rd Ste 650, Dallas, TX 75254 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/16/2028 16.4  16.4  14.2  —  %
GS Bath Inc (#,^) 5335 E Kaviland Ave, Fresno, CA 93725 Truck Transportation Term Loan Prime plus 2.75% 8/15/2028 525.3  525.3  520.5  0.16  %
Pamletics LLC dba F45 (#,^) 22015 IH 10 West, San Antonio, TX 78257 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/14/2028 40.1  40.1  36.7  0.01  %
L.A. Insurance Agency GA 10 LLC (#,^) 6655 Tara Blvd Ste 401, Jonesboro, GA 30236 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 8/10/2028 10.3  10.3  8.9  —  %
David D. Sullivan dba DMS Construction (#,^) 6400 Charwood Place, Bakersfield, CA 93306 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/9/2028 12.3  12.3  10.7  —  %
Crystal Shores Inc. dba Shorewood Laundromat (#,^) 700 West Jefferson St., Shorewood, IL 60404 Personal and Laundry Services Term Loan Prime plus 2.75% 8/9/2028 20.4  20.4  18.5  0.01  %
Palanuk & Associates, Inc.dba Wolfpk (#,^) 28110 SE Fern Drive, Boring, OR 97009 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/8/2028 93.8  93.8  81.9  0.03  %
Mercedes Cab Company, Inc (#,^) 35 Alden St., Providence Town, MA 02657 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 8/7/2028 118.8  118.8  106.6  0.03  %
CJNR, LLC (#,^) 208 East Main St., Elma, WA 98541 Accommodation Term Loan Prime plus 2.75% 8/7/2043 119.6  119.6  133.2  0.04  %
Ron's Pool and Spa Services LLC (#,^) 1419 NE 30th St., Pompano, FL 33064 Personal and Laundry Services Term Loan Prime plus 2.75% 8/3/2028 3.4  3.4  3.0  —  %
20th Century Lanes, Inc dba West Seattle Bowl (#,^) 4505 39 Ave SW, Seattle, WA 98116 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/3/2028 102.8  102.8  100.6  0.03  %
Alma Jacobsen,ODD Family Eye Care & Contact Lens LLC (#,^) 1700 Nottingham Way Ste 12A, Hamilton, NJ 08619 Health and Personal Care Stores Term Loan Prime plus 2.75% 8/3/2028 55.1  55.1  48.5  0.02  %
Millwork Unlimited, Incorporated (#,^) 8264 Pine Cay Rd, Wellington, FL 33414 Wholesale Electronic Markets and Agents and Brokers Term Loan Prime plus 2.75% 8/2/2028 6.9  6.9  5.9  —  %
Accel Compression Inc., Accel Workover Services, Inc (#,^) 4500 S Country Rd, Odessa, TX 79765 Rental and Leasing Services Term Loan Prime plus 2.75% 8/1/2043 305.8  305.8  316.8  0.10  %
Samy Optical LLC dba Site for Sore Eyes (#,^) 1350 Travis Blvd Ste 1507A, Fairfield, CA 94533 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/1/2028 101.7  101.7  88.0  0.03  %
202
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 79765 Rental and Leasing Services Term Loan Prime plus 2.75% 8/1/2028 422.7  422.7  409.5  0.13  %
CSL Services Inc (#,^) 7905 Browning Rd, Ste.312,314,316, Pennsauken, NJ 08109 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/27/2028 496.8  496.8  460.0  0.14  %
Nunez Enterprises Corporation dba La Casa (#,^) 3330 Piedmont RD NE, Atlanta, GA 30305 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 7/26/2028 7.5  7.5  6.5  —  %
Sandlot Sports Inc dba Play it Again Sports (#,^) 814 N Main St., Leominster, MA 01453 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 7/26/2028 17.0  17.0  14.7  —  %
Summitsoft Corporation (#,^) 11105 Mockingbird Drive, Omaha, NE 68137 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 7/26/2028 117.4  117.4  102.0  0.03  %
Relevant Elephant ,LLC (#,^) ON320 Woodvale St, Winfield, IL 60190 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/25/2028 8.2  8.2  7.1  —  %
Fitness Central, Inc dba Fitness Central (#,^) 4335 PA Route 309, Schnecksville, PA 18078 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 7/25/2028 56.7  56.7  50.3  0.02  %
HAVL Enterprises Inc dba FedEx (#,^) 1447 Lake George Drive, Lake Mary, FL 32746 Couriers and Messengers Term Loan Prime plus 2.75% 7/24/2028 17.8  17.8  18.5  0.01  %
Top Shelf Towing and Road Service, LLC (#,^) 25 Sycamore St., Carnegie, PA 15106 Support Activities for Transportation Term Loan Prime plus 2.75% 7/24/2028 11.9  11.9  10.4  —  %
TR Nails, LLC dba Simple Nails (#,^) 158 Great Rd, Bedford, MA 01730 Personal and Laundry Services Term Loan Prime plus 2.75% 7/20/2028 56.6  56.6  49.0  0.02  %
ZA Trucking LLC (#,^) 5945 York Way, East Lansing, MI 48823 Truck Transportation Term Loan Prime plus 2.75% 7/17/2028 9.3  9.3  8.8  —  %
674 Club LLC (#,^) 674 N Orleans, Chicago, IL 60654 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/17/2043 256.9  256.9  285.9  0.09  %
Mother's Cantina LLC dba Mother's Cantina (#,^) 2810 Philadephia Ave Unit #10, Ocean City, MD 21842 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/13/2028 62.4  62.4  55.1  0.02  %
Smart-tel Communications LLC (#,^) 9720 W. Colfax Ave Ste 100, Lakewood, CO 80215 Administrative and Support Services Term Loan Prime plus 2.75% 7/13/2028 20.4  20.4  21.2  0.01  %
HQTRONICS LLC (#,^) 10135 S Roberts Rd Ste 209, Palos Hills, IL 60465 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 7/13/2028 56.7  56.7  49.0  0.02  %
Smoove Move Productions, LLC dba Smoove Move Productions (#,^) 3932 North 16th St., Omaha, NE 68110 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 7/12/2028 9.6  9.6  9.9  —  %
Talent Logistix, LLC, Pinpoint Staffing LLC & ITC 2.0 LLC (#,^) 6350 Shadeland Ave, Indianpolis, IN 46220 Administrative and Support Services Term Loan Prime plus 2.75% 7/3/2028 56.7  56.7  51.0  0.02  %
Vital Inspection Professionals, Inc. dba VIP (#,^) 180 Airpark Industrial Rd, Alabaster, AL 35007 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/3/2028 282.4  282.4  272.0  0.08  %
Deal to Win Inc (#,^) 575 Underhill Blvd Ste 216, Syosset, NY 11791 Nonstore Retailers Term Loan Prime plus 2.75% 7/3/2028 113.4  113.4  98.1  0.03  %
203
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
US Cargo Express, LLC (#,^) 4735 22 Mile Rd, Utica, MI 48317 Support Activities for Transportation Term Loan Prime plus 2.75% 7/2/2043 86.9  86.9  96.8  0.03  %
M J Losito Electrical Contractor's, Inc (#,^) 98 Wooster St., Bethel, CT 06801 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2028 46.7  46.7  43.6  0.01  %
Bio-Haz Solutions, Inc (#,^) 23 Tonolli Rd, Nesquehoning, PA 18240 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/29/2029 236.8  236.8  239.9  0.07  %
Bio-Haz Solutions, Inc. (#,^) 23 Tonoli Rd, Nesquehoning, PA 18240 Waste Management and Remediation Services Term Loan Prime plus 2.75% 5/29/2044 365.2  365.2  382.2  0.12  %
Critter Cabana, LLC dba Critter Cabana (#,^) 516 East Main St., Newberg, OR 97132 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/28/2028 75.5  75.5  69.2  0.02  %
Corptek Solutions LLC (#,^) 2363 N Hwy 287 Ste 111, Mansfield, TX 76063 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/28/2028 42.8  42.8  39.2  0.01  %
Julie Cooper-Bierman dba Forever Shopper (#,^) 7435 Piute Creek Dr, Corona, CA 92881 Nonstore Retailers Term Loan Prime plus 2.75% 6/27/2028 14.5  14.5  13.2  —  %
National Dredging Services of North Florida, Inc. (#,^) 1537 Northwest Main Blvd., Lake City, FL 32055 Repair and Maintenance Term Loan Prime plus 2.75% 6/27/2028 48.2  48.2  50.5  0.02  %
Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, In (#,^) 299 Utica Ave, Brooklyn, NY 11203 Food Manufacturing Term Loan Prime plus 2.75% 6/27/2043 347.4  347.4  385.0  0.12  %
InUSA Ventures, Inc (#,^) 508 Hyacinthus Court, San Ramon, CA 94582 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/27/2028 45.1  45.1  41.2  0.01  %
National Dredging Services of North Florida, Inc. (#,^) 1537 Northwest Main Blvd., Lake City, FL 32055 Repair and Maintenance Term Loan Prime plus 2.75% 6/27/2043 28.3  28.3  32.1  0.01  %
RLW4 Builders LLC (#,^) 152 Tuckahoe Lane, Southhampton, NY 11968 Construction of Buildings Term Loan Prime plus 2.75% 6/27/2043 980.0  980.0  1,112.0  0.35  %
Nick's Country Kitchen, LLC (#,^) 3 Flanders RD, Building #1, Bethlehem, CT 06751 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/27/2028 20.3  20.3  18.8  0.01  %
Bengals, Inc. dba Royal Liquor Mart (#,^) 3714 E State St., Rockford, IL 61108 Food and Beverage Stores Term Loan Prime plus 2.75% 6/26/2043 104.1  104.1  113.1  0.04  %
Peter Thomas Roth Labs LLC, & June Jacobs Labs, LLC, (#,^) 460 Park Ave, Fl 16, New York, NY 10022 Health and Personal Care Stores Term Loan Prime plus 2.75% 6/26/2028 833.7  833.7  783.0  0.24  %
Sun Pools, Inc (#,^) 130 Holiday LN, Albany, KY 42602 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 6/25/2043 299.9  299.9  308.5  0.10  %
DPF Filters Inc. (#,^) 2832 Golden State Blvd., Madera, CA 93637 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/25/2028 62.0  62.0  58.0  0.02  %
Sun Pools, Inc dba Sun Fiberglass Pools (#,^) 130 Holiday Lane, Albany, KY 42602 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 6/25/2028 704.2  704.2  665.2  0.21  %
Mr. Lube, Inc (#,^) 721 E Westpoint Drive., Wasilla, AK 99654 Repair and Maintenance Term Loan Prime plus 2.75% 6/22/2043 654.6  654.6  698.2  0.22  %
Mr. Lube, Inc. (#,^) 721 E. West Point Drive, Wasilla, AK 99654 Repair and Maintenance Term Loan Prime plus 2.75% 6/22/2028 542.6  542.6  534.1  0.17  %
204
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 85208 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 6/22/2043 77.1  77.1  85.5  0.03  %
Sushi Prime, LLC and Vasilia Investments (#,^) 32 SE 2nd Ave, Delray Beach, FL 33444 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/22/2028 248.3  248.3  238.5  0.07  %
Judy E. Moncrief C.P.A LLC (#,^) 910 Pierremont Rd, Ste311, Shreveport, LA 71106 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/22/2028 8.3  8.3  7.6  —  %
Martha Beauty Supply And Braiding, Inc. (#,^) 538 E Boughton Rd, Bolingbrook, IL 60440 Personal and Laundry Services Term Loan Prime plus 2.75% 6/22/2043 138.8  138.8  157.3  0.05  %
Independent Life LLC (#,^) 4955 S Durango Dr. #124, Las Vegas, NV 89113 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/21/2028 112.9  112.9  103.4  0.03  %
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC (#,^) 300 Harold Dow Hwy, Elliot, ME 03903 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/21/2043 238.6  238.6  257.7  0.08  %
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC (#,^) 300 Harold Dow Hwy, Eliot, ME 03903 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/21/2028 128.4  128.4  128.2  0.04  %
Lilo Holdings LLC (#,^) 933 Port Reading Ave, Port Reading, NJ 07064 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/20/2028 16.9  16.9  15.8  —  %
Colovic Hackettstown Dairy LLC (#,^) 22 Route 57, Hackettstown, NJ 07840 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/19/2043 269.9  269.9  304.6  0.09  %
Mid America Motorworks, Inc and Yager Holdings L.P (#,^) 2900 North 3rd St., Effingham, IL 62401 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/19/2043 494.4  494.4  560.4  0.17  %
Jones Roger Sherman Inn, Inc. (#,^) 195 Oenoke Ridge, New Canaan, CT 06840 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/19/2028 395.7  395.7  414.3  0.13  %
Schumacker Recreation, LLC (#,^) 5325 S University Drive, Davie, FL 33328 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/18/2028 135.2  135.2  141.5  0.04  %
Allen Theatre and Back Stage Cafe LLC (#,^) 36 East. Main St., Annville, PA 17003 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 6/18/2043 123.5  123.5  137.8  0.04  %
Softrol Systems Inc dba Softrol Systems (#,^) 1100 Northpoint Pkwy SE, Acworth, GA 30102 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 6/15/2028 794.7  794.7  736.6  0.23  %
Oil Palace Inc. (#,^) 10408 Hwy 64 E, Tyler, TX 75707 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/15/2043 142.2  142.2  161.4  0.05  %
Venzix Ventures Inc. dba Venzix (#,^) 750 Legend Oak Drive, Fountain, CO 80817 Nonstore Retailers Term Loan Prime plus 2.75% 6/15/2028 11.9  11.9  11.9  —  %
Dianne Williams and Louis Williams dba Sweetlips Store (#,^) 3870 Sweet Lips Rd, Henderson, TN 38340 Food and Beverage Stores Term Loan Prime plus 2.75% 6/15/2043 45.3  45.3  50.0  0.02  %
Northway Exit 29 Campground, Inc dba Adirondacks Jellystone Parks & Pa (#,^) 4035 Blue Ridge Rd, North Hudson, NY 12855 Accommodation Term Loan Prime plus 2.75% 6/15/2043 211.9  211.9  240.2  0.07  %
205
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 71111 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/14/2043 614.2  614.2  641.2  0.20  %
Barrett Appliance Distributors, Inc dba Barrett Appliance and Home Pr (#,^) 1760 Swan Lake Rd, Bossier City, LA 71111 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/14/2028 468.7  468.7  450.0  0.14  %
E & J Sims Co. LLC (#,^) 28 Broad St., Bloomfield, NJ 07003 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/14/2028 45.1  45.1  42.6  0.01  %
Tele Tax Express Inc (#,^) 166 Getty Ave, Paterson, NJ 07503 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2028 20.3  20.3  20.4  0.01  %
Team Sandy Blanton Realty, Inc (#,^) 1225 West Gregory St, Pensacola, FL 32502 Real Estate Term Loan Prime plus 2.75% 6/14/2043 95.6  95.6  101.3  0.03  %
Mastiff Studios LLC (#,^) 2919 West Colorado Ave, Colorado Springs, CO 80904 Educational Services Term Loan Prime plus 2.75% 6/13/2043 41.9  41.9  47.1  0.01  %
Ciasom LLC dba Mosaic (#,^) 1040-1042 Richard Ave, Santa Clara, CA 95050 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/11/2028 162.2  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 57350 Support Activities for Transportation Term Loan Prime plus 2.75% 6/8/2043 370.6  370.6  396.9  0.12  %
Beyond Grooming LLC and Michelle McWatters (#,^) 1200 Old Martindale Rd, San Marcos, TX 78666 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/8/2043 42.1  42.1  47.3  0.01  %
Camp K-9 Pet Resort & Spa, Inc. (#,^) 18501 Le Claire Ave, Tinley Park, IL 60478 Personal and Laundry Services Term Loan Prime plus 2.75% 6/8/2028 7.4  7.4  6.9  —  %
Icebox Cafe, L.C. and Icebox Cafe at Doral,LLC (#,^) 1855 Purdy Ave, Miami Beach, FL 33139 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2028 713.4  713.4  664.6  0.21  %
Applied Behavioral Consulting, Inc (#,^) 422 Blooming Grove Tpke, New Windsor, NY 12553 Social Assistance Term Loan Prime plus 2.75% 6/7/2043 49.0  49.0  54.8  0.02  %
H S Corporation dba Lake Anna Lodge (#,^) 5152 Courthouse Rd, Spotsylvania, VA 22551 Accommodation Term Loan Prime plus 2.75% 6/7/2043 128.6  128.6  145.8  0.05  %
Anurag, LLC dba Oakwood Package Store (#,^) 191-195 Oakwood Ave, West Hartford, CT 06107 Food and Beverage Stores Term Loan Prime plus 2.75% 6/6/2043 135.0  135.0  144.7  0.04  %
Sowells Consulting Engineers, LLC (#,^) 13430 Northwest Freeway #260, Houston, TX 77040 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/6/2028 20.3  20.3  18.7  0.01  %
Hardway Inc and A F C Leasing, Inc (#,^) 12533 S. 73rd East Place, Bixby, OK 74008 Rental and Leasing Services Term Loan Prime plus 2.75% 6/6/2028 265.0  265.0  242.5  0.08  %
Funtime ,LLC dba Indoor Playgrounds International (#,^) 13200 West Foxfire Drive Ste 144, Surprise, AZ 85378 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/5/2028 225.4  225.4  206.5  0.06  %
SSD Designs LLC (#,^) 10840 Bay Hill Club Drive, Charlotte, NC 28277 Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/5/2028 66.9  66.9  61.8  0.02  %
BTD Feed & Nutrition, LLC dba Thomaston Feed Cheshire (#,^) 943 South Main St., Cheshire, CT 06410 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/1/2028 46.3  46.3  42.4  0.01  %
206
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 32003 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/1/2028 56.5  56.5  57.5  0.02  %
Awan Business Management Group LLC, Awan Sign Company lLLC &Awan Promo (#,^) 14429 South Wallin Drive, Plainfield, IL 60544 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/31/2043 270.8  270.8  298.3  0.09  %
Seraj Wireless, LLC (#,^) 132 Madison Ave, Albany, NY 12202 Electronics and Appliance Stores Term Loan Prime plus 2.75% 5/31/2028 111.9  111.9  117.1  0.04  %
Brooks Seaplane Service Inc and Lunt Enterprises LLC (#,^) 105 Northern Blvd, Coeur d'Alene, ID 83814 Scenic and Sightseeing Transportation Term Loan Prime plus 2.75% 5/31/2028 132.3  132.3  121.1  0.04  %
SSMV LLC dba Burgerim (#,^) 115 Pelham Rd, Ste 1, Greenville, SC 29615 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/30/2028 59.6  59.6  58.7  0.02  %
Eagle Aggregate Transportation, LLC (#,^) 4401 N I-35 Ste 113, Denton, TX 76207 Truck Transportation Term Loan Prime plus 2.75% 5/30/2028 78.5  78.5  74.9  0.02  %
Crowley Ventures, LLC (#,^) 665 Worthington Rd, Westerville, OH 43082 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2028 66.8  66.8  62.0  0.02  %
Iloka, Inc dba New Cloud Networks (#,^) 160 Inverness Drive W Ste 150, Englewood, CO 80112 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/25/2028 223.7  223.7  215.7  0.07  %
Dream Spa LLC and Dream Spa Greenwich LLC (#,^) 1220 Post Rd East, Westport, CT 06880 Personal and Laundry Services Term Loan Prime plus 2.75% 5/25/2028 89.5  89.5  82.8  0.03  %
Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery (#,^) 59 West Main St, Broadalbin, NY 12025 Accommodation Term Loan Prime plus 2.75% 10/25/2043 199.4  199.4  226.5  0.07  %
Adow Pools LLC (#,^) 393 Glenbrook Rd, Stamford, CT 06906 Personal and Laundry Services Term Loan Prime plus 2.75% 5/25/2028 156.6  156.6  146.5  0.05  %
Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze LanC (#,^) 3 Williams Ave, Mystic, CT 06355 Accommodation Term Loan Prime plus 2.75% 5/25/2043 1,245.1  1,245.1  1,411.3  0.44  %
Starship, LLC dba Tint World Smyrna (#,^) 2274 S Atlanta Rd SE, Smyrna, GA 30080 Repair and Maintenance Term Loan Prime plus 2.75% 5/25/2043 96.6  96.6  107.9  0.03  %
DMA Equipment LLC (#,^) 700 Lee St., Elk Grove Village, IL 60007 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/24/2043 255.7  255.7  275.6  0.09  %
Seaside Acupuncture LLC (#,^) 1041 Johnnie Dodds Blvd #2C, Mt Pleasant, SC 29464 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/24/2043 48.9  48.9  53.6  0.02  %
Chem-Flotronics, Inc. (#,^) 195 Paterson Ave, Little Falls, NJ 07424 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 5/22/2028 89.5  89.5  83.5  0.03  %
Yakov Levy M.D., P.C. (#,^) 70-31 108th St., Forest Hills, NY 11375 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/18/2028 32.8  32.8  30.3  0.01  %
Mark A Espinoza, DDS PLLC dba Central Dental Care (#,^) 9315 N Central Ave, Phoenix, AZ 85020 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/18/2028 54.6  54.6  49.9  0.02  %
JVLS LLC dba Vaccines 2 Go (#,^) 4060 Johns Creek Parkway Ste H, Suwanee, GA 30024 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/17/2028 7.4  7.4  6.8  —  %
207
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 89118 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 5/17/2028 223.7  223.7  204.8  0.06  %
Clore Construction LLC (#,^) 21220 FM 1420, Harlingen, TX 78550 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 5/16/2028 134.1  134.1  128.8  0.04  %
Joshua One Limited Liability Company dba Genesis Personal Fitness (#,^) 28 North State St. Unit 100, Newtown, PA 18940 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/16/2043 314.4  314.4  336.4  0.10  %
James T. Hendel dba Autotexx Mobile Auto Repair (#,^) 5857 Hwy 101 N, Rockmart, GA 30153 Repair and Maintenance Term Loan Prime plus 2.75% 5/15/2028 6.7  6.7  7.0  —  %
Fireplace Outlet Inc (#,^) 8216 Main St., Williamsville, NY 14221 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 5/15/2028 20.1  20.1  21.1  0.01  %
Galore Salon & Extension Lounge Inc dba Pretty Chic Hair & Lashes (#,^) 5714 Edmondson Pike Ste 24, Nashville, TN 37211 Personal and Laundry Services Term Loan Prime plus 2.75% 5/14/2028 4.0  4.0  3.7  —  %
Circle and Square, Inc dba Stamford Kumon (#,^) 50 Forest St. Ste 902, Stamford, CT 06901 Educational Services Term Loan Prime plus 2.75% 5/11/2028 38.0  38.0  34.8  0.01  %
Bote Virginia Beach, Inc. dba Bote Virginia Beach (#,^) 1080 Nimmo Pkwy Ste 104, Virginia Beach, VA 23454 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/11/2028 10.1  10.1  9.3  —  %
Daniel Woodward, DC PLLC dba Doc's Body Shop (#,^) 3084 N Goliad St., Ste 114, Rockwall, TX 75087 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/11/2028 36.8  36.8  33.7  0.01  %
Adhara, LLC (#,^) 18123 E Appleway Ave, Spokane Valley, WA 99016 Personal and Laundry Services Term Loan Prime plus 2.75% 5/11/2043 42.9  42.9  47.0  0.01  %
Baby Gentry's Childcare & Learning Academy (#,^) 4203 Shenandoah Drive, Dayton, OH 45417 Social Assistance Term Loan Prime plus 2.75% 5/10/2028 10.1  10.1  9.3  —  %
P & M Entertainment, LLC dba Luv 2 Play (#,^) 35 Lafayette Rd, Ste 8, North Hampton, NH 03862 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/10/2028 108.6  108.6  103.2  0.03  %
Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer (#,^) 310 Arlington Ave Unit 329, Charlotte, NC 28203 Educational Services Term Loan Prime plus 2.75% 5/9/2043 711.1  711.1  806.0  0.25  %
Whitetail Nurseries Inc (#,^) 2050 S. Beltline Rd, Mesquite, TX 75181 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/9/2028 239.4  239.4  236.0  0.07  %
Oculi Entertainment Inc (#,^) 2000 W. Magnolia Blvd, Ste 100, Burbank, CA 91506 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 5/8/2028 19.9  19.9  18.3  0.01  %
Schmaltz Operations LLC dba Companion Camp (#,^) 3408 Castle Rock Farm Rd, Pittsboro, NC 27312 Personal and Laundry Services Term Loan Prime plus 2.75% 5/7/2028 53.7  53.7  53.0  0.02  %
Container Shipping, LLC (#,^) 533 Nova Rd Ste 213B, Ormond Beach, FL 32174 Support Activities for Transportation Term Loan Prime plus 2.75% 5/4/2028 44.7  44.7  41.0  0.01  %
Wilbur Standford Jr Trucking and Excavating, LLC (#,^) 7505 North Chases Lake Rd, Watson, NY 13343 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/3/2028 214.8  214.8  215.6  0.07  %
208
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
McIntosh Trail Management Service Organization, Inc. (#,^) 747 South Hill St., Griffin, GA 30223 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/1/2028 85.0  85.0  89.0  0.03  %
Olmsted LLC and 626 Van LLC dba Maison Yaki (#,^) 659 Vanderbilt Ave, Brooklyn, NY 11238 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/1/2029 220.4  220.4  207.4  0.06  %
Metropolitan Solutions Inc. (#,^) 1420 Chestnut St., Portsmouth, VA 23704 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/30/2043 173.3  173.3  178.5  0.06  %
Brenden Kehren Development LLC (#,^) 14689 Gemara Rd, Sparta, WI 54656 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/30/2028 2.7  2.7  2.4  —  %
Saltamontes Tire Company, LLC (#,^) 1955 Boston Ave, Brodgeport, CT 06604 Repair and Maintenance Term Loan Prime plus 2.75% 4/30/2043 100.2  100.2  110.1  0.03  %
Corona Dance, LLC dba Huracan Dance Studio (#,^) 480 West Main St., Stamford, CT 06902 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 4/30/2028 10.6  10.6  9.7  —  %
Sunlinc Inc (#,^) 170 Canterbury Court, East Windsor, NJ 08520 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/30/2028 8.7  8.7  7.9  —  %
Rory James Contracting LLC (#,^) 33 Bennett Place, Amityville, NY 11701 Construction of Buildings Term Loan Prime plus 2.75% 4/27/2028 14.3  14.3  13.1  —  %
Suraj Enterprises, Inc. (#,^) 11720 W. Airport Rd, Meadows Place, TX 77477 Food and Beverage Stores Term Loan Prime plus 2.75% 4/27/2028 277.6  277.6  271.3  0.08  %
Little Angels Daycare and Learning Center LLC (#,^) 4551 Summit Boulevard, West Palm Beach, FL 33415 Social Assistance Term Loan Prime plus 2.75% 4/27/2043 157.1  157.1  178.0  0.06  %
Kastoria Inc. dba Bantam Pizza (#,^) 768 Bantam Rd, Bantam, CT 06750 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2028 13.3  13.3  12.3  —  %
RWT Corporation dba Welding Works (#,^) 32 New Rd, Madison, CT 06443 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/26/2028 461.5  461.5  439.2  0.14  %
Pledge 4 Hope LLC (#,^) 53 Bayberry Loop South, Purvis, MS 39475 Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 4/26/2028 13.3  13.3  12.2  —  %
Matrix Z, LLC (#,^) 800 SW 21st Terrace, Ft Lauderdale, FL 33312 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 4/26/2028 68.0  68.0  69.2  0.02  %
K&S Hardware LLC (#,^) 1865 W Wayzata Blvd, Long Lake, MN 55356 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 4/26/2028 20.0  20.0  18.3  0.01  %
LMH Optics LLC dba Sterling Optical (#,^) 1272 Smallwood Dr West, Waldorf, MD 20603 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/26/2028 44.4  44.4  40.7  0.01  %
RWT Corporation dba Welding Works (#,^) 32 New Rd, Madison, CT 06443 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/26/2043 207.8  207.8  215.1  0.07  %
Joe & Sons Service, Inc (#,^) 855 Atwood Ave, Cranston, RI 02920 Repair and Maintenance Term Loan Prime plus 2.75% 4/24/2028 100.0  100.0  104.6  0.03  %
Spitnale's Garage LLC (#,^) 3761 Mahoning Ave, Youngstown, OH 44515 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2043 59.0  59.0  64.3  0.02  %
Just for Boats LLC (#,^) 459 Dupre Rd, McClellanville, SC 29458 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2043 17.2  17.2  19.4  0.01  %
209
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 43068 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/20/2028 18.0  18.0  16.9  0.01  %
Rosemarie Products Company LLC (#,^) 5400 Crooked Tree Drive, Mason, OH 45040 Health and Personal Care Stores Term Loan Prime plus 2.75% 4/18/2028 13.3  13.3  12.2  —  %
James L Shoemaker APCC (#,^) 221 W Judge Perez Drive, Chalmette, LA 70043 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/18/2028 14.3  14.3  13.1  —  %
A New Dawn Psychotherapy Associates, LLC (#,^) 308 E Broad St., Bethlehem, PA 18018 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/18/2043 85.5  85.5  91.3  0.03  %
Veterinary Preventive Care, LLC (#,^) 945 Riverview Ct, Xenia, OH 45385 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/18/2028 41.5  41.5  39.3  0.01  %
Means Enterprises LLC (#,^) 4150 Legacy Drive N Ste 412, Frisco, TX 75034 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 4/18/2028 6.7  6.7  6.2  —  %
Southern HVAC LLC (#,^) 119 Ouachita 212, Camden, AZ 71701 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2043 22.0  22.0  23.3  0.01  %
Southern Oaks Athletic Club, LLC (#,^) 15253 Shenandoah Ave, Baton Rouge, LA 70817 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/17/2043 358.7  358.7  400.5  0.12  %
Southern HVAC LLC (#,^) 119 Ouachita 212, Camden, AR 71701 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2028 35.2  35.2  34.4  0.01  %
1301 Starks Inc. (#,^) 1301 West Atkinson Ave, Milwaukee, WI 53206 Food and Beverage Stores Term Loan Prime plus 2.75% 4/16/2028 20.0  20.0  20.7  0.01  %
Patricia A. Freeman & Samuel C. Freeman dba Teenas Pizza (#,^) 35 E Main St., Pekin, IN 47165 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/13/2043 42.5  42.5  46.5  0.01  %
Precision Components Group Inc (#,^) 190 Doty Circle, West Springfield, MA 01089 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 4/11/2028 20.0  20.0  19.7  0.01  %
Sexy Nails Center LLC (#,^) 57 Passaic St., Garfield, NJ 07026 Personal and Laundry Services Term Loan Prime plus 2.75% 4/10/2043 197.9  197.9  221.7  0.07  %
Mark Baker (#,^) 1653 Evalie Dr, Fairfield, OH 45014 Truck Transportation Term Loan Prime plus 2.75% 4/9/2028 10.7  10.7  10.1  —  %
Innovation Transport LLC (#,^) 1 International Blvd, Ste 400, Mahwah, NJ 07495 Truck Transportation Term Loan Prime plus 2.75% 4/6/2028 45.5  45.5  44.9  0.01  %
Newsome Mobile Notary LLC (#,^) 8153 12th Ave SW, Seattle, WA 98106 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/5/2028 4.7  4.7  4.3  —  %
Shree Lakshminarayyn Grocery Stores LLC (#,^) 3307 Charles St., Rockford, IL 61108 Gasoline Stations Term Loan Prime plus 2.75% 4/5/2043 117.3  117.3  129.2  0.04  %
Bean City Bar and Grill LLC (#,^) N 2505 Bean City Rd, New London, WI 54961 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/4/2043 80.8  80.8  90.5  0.03  %
Alaska Industrial Paint LLC (#,^) 229 Whitney Rd, Unit B, Anchorage, AK 99501 Repair and Maintenance Term Loan Prime plus 2.75% 3/30/2043 217.7  217.7  239.1  0.07  %
Fifth Wheel Truck Stop 001 (#,^) 3767 S Golden State Blvd, Fresno, CA 93725 Gasoline Stations Term Loan Prime plus 2.75% 3/30/2043 1,126.5  1,126.5  1,188.2  0.37  %
Alaska Industrial Paint LLC (#,^) 229 Whitney Rd, Unit B, Anchorage, AK 99501 Repair and Maintenance Term Loan Prime plus 2.75% 3/30/2028 110.1  110.1  112.5  0.03  %
210
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 11552 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/30/2028 89.4  89.4  81.9  0.03  %
Romancing the Stone (#,^) 140 Centre of New England Blvd, Coventry, RI 02816 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/30/2043 340.3  340.3  369.3  0.11  %
B&C Texas Leasing Inc.,M & W Hot Oill, Inc (#,^) 8124 Sprague Rd, Odessa, TX 79764 Truck Transportation Term Loan Prime plus 2.75% 3/30/2043 263.5  263.5  281.3  0.09  %
Master Roofing and Siding Inc. (#,^) 25 Robert Pitt Dr Ste 213, Monsey, NY 10952 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/30/2028 233.8  233.8  214.0  0.07  %
Boulevard Books Inc. (#,^) 1195 Castleton Ave, Staten Island, NY 10310 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/30/2043 87.1  87.1  98.8  0.03  %
GQ Investments,LLC (#,^) 5772 Miami Lakes Drive East, Miami, FL 33014 Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 3/30/2028 185.7  185.7  173.4  0.05  %
B&C Texas Leasing Inc and M&W Hot Oil, Inc. (#,^) 8124 Sprague Rd, Odessa, TX 73764 Truck Transportation Term Loan Prime plus 2.75% 3/30/2028 864.6  864.6  854.1  0.27  %
Payne's Environmental Services LLC (#,^) 5617 Causeway Blvd, Tampa, FL 33619 Administrative and Support Services Term Loan Prime plus 2.75% 3/30/2028 200.0  200.0  196.1  0.06  %
Technical Ordnance Solutions,LLC (#,^) 9950 Business Cir. Ste 13, Naples, FL 34112 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/30/2028 1,138.5  1,138.5  1,049.3  0.33  %
America's Little Leaders Academy, Inc (#,^) 2570 NW 152nd Terrace, Opa-Locka, FL 33054 Social Assistance Term Loan Prime plus 2.75% 3/30/2043 22.0  22.0  24.4  0.01  %
Kaz Wellness, LLC dba Grounded Wellness Center (#,^) 104 Clover Court, Bartlett, IL 60103 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2028 14.0  14.0  13.4  —  %
Hot Shot Services, Inc and TFB, Ltd Co (#,^) 4111 Ellison St. NE, Albuquerque, NM 87109 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/29/2043 390.4  390.4  442.5  0.14  %
Lou & Choo Enterprises Inc. (#,^) 2101 W Hunting Park Ave, Philadelphia, PA 19140 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2044 105.8  105.8  113.1  0.04  %
Cartwright Termite & Pest Control Inc. and Cartwright Termite &Pest Co (#,^) 1376 Broadway, El Cajon, CA 92021 Administrative and Support Services Term Loan Prime plus 2.75% 3/28/2028 205.3  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 95988 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/28/2028 77.2  77.2  80.7  0.03  %
Clancy 15 LLC and Allied Molded Products LLC (#,^) 1145 13th Ave East, Palmetto, FL 34221 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/28/2043 210.3  210.3  223.7  0.07  %
Clancy 15 LLC and Allied Molded Products LLC (#,^) 1145 13th Ave E, Palmetto, FL 34221 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/28/2028 136.7  136.7  134.0  0.04  %
Montage Mountain Resorts, LP (#,^) 1000 Montage Mountain Rd, Scranton, PA 18505 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/28/2043 1,220.0  1,220.0  1,382.9  0.43  %
K.C. Communications, Inc. (#,^) 2715 Saturn St., Brea, CA 92821 Telecommunications Term Loan Prime plus 2.75% 3/27/2028 55.1  55.1  57.6  0.02  %
Towing Professionals of Arizona Inc dba Shamrock Towing, All Valley Im (#,^) 2801 W Osborn Rd, Phoenix, AZ 85017 Support Activities for Transportation Term Loan Prime plus 2.75% 3/26/2028 132.3  132.3  125.7  0.04  %
211
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 85017 Support Activities for Transportation Term Loan Prime plus 2.75% 3/26/2043 525.8  525.8  543.3  0.17  %
Cable Management, LLC (#,^) 200 Pratt St., Meriden, CT 06450 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2028 87.3  87.3  86.0  0.03  %
Aque Investment Group LLC (#,^) 3838 N Sam Houston Pkwy E, Houston, TX 77032 Real Estate Term Loan Prime plus 2.75% 3/23/2028 234.2  234.2  244.8  0.08  %
All Regional Recyclers of Wood LLC dba ARROW (#,^) 104 Wooster St., Bethal, CT 06801 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2028 115.8  115.8  113.9  0.04  %
Denton BioFuels LLC and Amercian BioSource, LLC (#,^) 624 W University Dr. #359, Denton, TX 76201 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2028 86.0  86.0  82.9  0.03  %
Sunshine Tents and Event Rentals LLC (#,^) 2322 SW 58th Terrace, West Park, FL 33023 Rental and Leasing Services Term Loan Prime plus 2.75% 3/23/2028 53.2  53.2  55.6  0.02  %
Shweiki Media Inc dba Study Breaks Magazine (#,^) 4954 Space Center Drive, San Antonio, TX 78218 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/23/2028 66.2  66.2  68.7  0.02  %
New York Label & Box Corp (#,^) 50 Oval Drive, Islandia, NY 11749 Printing and Related Support Activities Term Loan Prime plus 2.75% 3/23/2043 1,220.0  1,220.0  1,330.7  0.41  %
Sofasco, Inc (#,^) 182 Garber Lane, Winchester, VA 22602 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/23/2043 97.6  97.6  103.1  0.03  %
Kajun Martial Arts LLC (#,^) 36546 Mission St., Prairieville, LA 70769 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/23/2028 19.9  19.9  18.5  0.01  %
GeoTek Alaska, Inc (#,^) 2756 Commercial Drive, Anchorage, AK 99501 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/21/2043 829.6  829.6  906.9  0.28  %
RTSP Union LLC (#,^) 2438 Route 22 East, Union, NJ 07083 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 9/20/2028 1,107.2  1,107.2  1,071.5  0.33  %
Rexco Foods LLC dba Papa John's (#,^) 18640 Fm 1488 Ste C, Magnolia, TX 77354 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/20/2028 37.5  37.5  34.3  0.01  %
Cest Chic Concepts, LLC dba Salon Cest Chic (#,^) 15231 Hall Station Rd Unit 104, Bowie, MD 20721 Personal and Laundry Services Term Loan Prime plus 2.75% 3/19/2028 9.9  9.9  9.3  —  %
Petroleum Equipment & Services, Inc (#,^) 5631 Silverado Way Unit G, Anchorage, AK 99518 Support Activities for Mining Term Loan Prime plus 2.75% 3/16/2028 220.6  220.6  230.5  0.07  %
Camerabots Media, LLC (#,^) 4501 Ford Ave Ste 207, Alexandria, VA 22302 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 3/16/2028 13.3  13.3  12.4  —  %
Bear Bones, Inc. (#,^) 43 Libson St., Lewiston, ME 04240 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 3/15/2043 22.0  22.0  24.5  0.01  %
Rojenco II,Inc. (#,^) 4357 Shore Drive, Virginia Beach, VA 23455 Repair and Maintenance Term Loan Prime plus 2.75% 9/15/2043 75.3  75.3  83.2  0.03  %
Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe (#,^) 2217 Richmond Rd, Williamsburg, VA 23188 Repair and Maintenance Term Loan Prime plus 2.75% 3/15/2043 506.5  506.5  559.2  0.17  %
CTD Operations Inc (#,^) 219 Saint Nazaire Rd STE G, Broussard, LA 70518 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2028 58.7  58.7  54.6  0.02  %
212
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Rojenco II, Inc. (#,^) 4357 Shore Drive, Virginia Beach, VA 23455 Repair and Maintenance Term Loan Prime plus 2.75% 3/15/2043 392.8  392.8  433.6  0.13  %
Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe (#,^) 2217 Richmond Rd, Williamsburg, VA 23188 Repair and Maintenance Term Loan Prime plus 2.75% 9/15/2043 75.3  75.3  83.2  0.03  %
Summit Insights Group LLC (#,^) 19 Briant Parkway, Summit, NJ 07901 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 3/14/2028 40.0  40.0  36.5  0.01  %
Dante Ultimate Cleaning Service LLC (#,^) 16969 River Park Dr, Covington, LA 70345 Administrative and Support Services Term Loan Prime plus 2.75% 3/9/2028 9.0  9.0  8.7  —  %
SRG Waterfront LLC (#,^) 88 District Square SW, Washington, DC 20005 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/9/2028 264.7  264.7  245.0  0.08  %
2b Mom Inc dba Mom's the Word Maternity (#,^) 3150 18th St., Ste 435, San Francisco, CA 94110 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 3/9/2028 85.9  85.9  78.6  0.02  %
Bee Kidz Funzone Inc (#,^) 10301 Southern Blvd, Royal Palm Beach, FL 33411 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/9/2028 177.5  177.5  167.2  0.05  %
Integrity Machinery Moving, LLC (#,^) 9125 North Time Oil Rd, Portland, OR 97203 Support Activities for Transportation Term Loan Prime plus 2.75% 3/8/2028 19.9  19.9  20.7  0.01  %
Treft Systems Inc (#,^) 1050 Kings Hwy N Ste 107, Cherry HIll, NJ 08034 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/8/2028 13.2  13.2  12.2  —  %
Play4Fun dba Luv 2 Play (#,^) 13722 Jamboree Rd, Irvine, CA 92602 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/7/2028 158.4  158.4  150.8  0.05  %
Unpainted Arizona, LLC dba Westside Bowl (#,^) 2617 Mahoning Ave, Youngstown, OH 44509 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/7/2043 102.3  102.3  111.0  0.03  %
Espinoza & Salinas Group Ltd dba Credit 360 Consulting (#,^) 17806 IH 10 Ste 300, San Antonio, TX 78257 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/2/2028 4.4  4.4  4.1  —  %
BC Bishop Enterprises LLC dba 9Round Pooler (#,^) 105-107 Grand Central Blvd, Pooler, GA 31322 Educational Services Term Loan Prime plus 2.75% 3/2/2028 7.4  7.4  6.9  —  %
Stepping Stones Childrens Academy (#,^) 720 Rancho Del Norte Drive, Las Vegas, NV 89031 Social Assistance Term Loan Prime plus 2.75% 3/2/2043 248.4  248.4  276.1  0.09  %
Connie Engelbrecht (#,^) 20640 Raven Drive, Eagle River, AK 99577 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 2/28/2028 2.6  2.6  2.4  —  %
Merciful Heavenly Homes, LLC (#,^) 401 Dillar's Mill Rd, Tyner, NC 27980 Nursing and Residential Care Facilities Term Loan 8% 2/28/2043 62.9  62.9  59.7  0.02  %
Urban Fitness Group LLC dba Crunch Fitness Group LLC (#,^) 2800 S IH-35 Ste 220, Round Rock, TX 78681 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2028 196.2  196.2  205.0  0.06  %
The Law Offices of Samuel R Miller LLC (#,^) 7405 Lake Worth Rd, Lake Worth, FL 33467 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/28/2043 116.0  116.0  131.3  0.04  %
Carey Collision Repairs Inc. (#,^) 295 D Bucheimer Rd, Fredrick, MD 21701 Repair and Maintenance Term Loan Prime plus 2.75% 2/27/2028 65.7  65.7  61.5  0.02  %
213
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Purely Seed LLC (#,^) 11515 Lake Lane Ste 102, Chisago, MN 55013 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 2/26/2028 109.5  109.5  100.0  0.03  %
Betty's Catering Corp, Betty's Decoration & Wedding Center Inc. (#,^) 94-33 Corona Ave, Corona, NY 11373 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/26/2043 348.4  348.4  394.5  0.12  %
Carries Cakes and Catering, Inc dba Carrie's Cakes and Confections (#,^) 4308 Holland Rd, Virginia Beach, VA 23452 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/23/2028 4.3  4.3  4.0  —  %
Jackpine Technologies Corporation (#,^) Mill & Main Building 2 Ste 640, Maynard, MA 01754 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 2/22/2028 56.9  56.9  57.5  0.02  %
Crossfit iQ LLC (#,^) 346 Pike Rd, Bay 8-9, West Palm Beach, FL 33411 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/21/2028 37.2  37.2  34.9  0.01  %
Wellfleet Consulting Inc. (#,^) 2275 Research Blvd Ste 500, Rockville, MD 20850 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/21/2028 13.1  13.1  12.0  —  %
New View Media Group LLC (#,^) 1 Old Wolfe Rd Ste 205, Budd Lake, NJ 07828 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 2/16/2028 72.3  72.3  75.5  0.02  %
Town & Country Transportation Co. (#,^) 191-193 Arch St., New Britain, CT 06051 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 2/16/2028 58.4  58.4  61.0  0.02  %
Lulinjett LLC dba All American Printing & Design (#,^) 4621 Bayshore Rd, Fort Myers, FL 33917 Printing and Related Support Activities Term Loan Prime plus 2.75% 2/14/2043 103.7  103.7  117.4  0.04  %
Margab Inc dba Smoothie King (#,^) 14200 SW 8th St Unit #102, Miami, FL 33184 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/13/2028 11.2  11.2  10.5  —  %
JumboMarkets, Inc. (#,^) 15500 SW Trail Drive, Indiantown, FL 34956 Food and Beverage Stores Term Loan Prime plus 2.75% 2/13/2028 181.7  181.7  171.5  0.05  %
Tony Herring & Associates, Inc. (#,^) 211 West Camellia Drive, Slidell, LA 70458 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 2/9/2028 7.2  7.2  7.5  —  %
Quality Machine of Iowa, Inc (#,^) 1040 4th Ave, Audubon, IA 50025 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 2/9/2028 1,144.4  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 98294 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/9/2028 65.7  65.7  63.2  0.02  %
Apps Inc., Market Share, and Singular Leaseholdings LLC (#,^) 800 Village Walk #159, Guilford, CT 06437 Telecommunications Term Loan Prime plus 2.75% 2/8/2028 458.2  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 32720 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/7/2028 68.9  68.9  65.3  0.02  %
Macrotech Integrated Management Solutions dba Extreme Lawn Care (#,^) 2425 Durrance LN, Ormond Beach, FL 32174 Repair and Maintenance Term Loan Prime plus 2.75% 2/5/2028 10.5  10.5  11.0  —  %
Midlothian Hardware Inc dba Grills True Value (#,^) 4751 West 147th St., Midlothian, IL 60445 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 2/2/2028 13.1  13.1  13.7  —  %
M&R Wong LLC (#,^) 1345 North Shepherd Dr, Houston, TX 77008 Administrative and Support Services Term Loan Prime plus 2.75% 2/1/2028 10.4  10.4  9.5  —  %
214
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Chace Building Supply of CT Inc., (#,^) 90 Route 171, Woodstock, CT 06281 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 1/31/2043 292.2  292.2  330.8  0.10  %
Rocco'sLandscaping LLC (#,^) 151 Kitts Lane, Newington, CT 06111 Administrative and Support Services Term Loan Prime plus 2.75% 1/31/2043 73.0  73.0  82.6  0.03  %
USA General Investment LLC dba Braniff Paint and Body Shop (#,^) 2290 NW 21st Terrace, Miami, FL 33142 Repair and Maintenance Term Loan Prime plus 2.75% 1/31/2028 13.0  13.0  12.2  —  %
WydeBodi, LLC dba Wyde Bodi Auto Tags (#,^) 706 North 37th St., Philadelphia, PA 19104 Support Activities for Transportation Term Loan Prime plus 2.75% 1/30/2043 46.2  46.2  50.9  0.02  %
New Phaze Packaging Inc (#,^) 9533 Irondale Ave, Los Angeles, CA 91311 Paper Manufacturing Term Loan Prime plus 2.75% 1/26/2043 933.6  933.6  1,053.4  0.33  %
Parati USA Inc (#,^) 1018 Wilt Ave, Ridgefield, NJ 07657 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 1/25/2028 14.7  14.7  13.5  —  %
Concrete Services LLC and James Ward (#,^) 24 County Rd 901, Jemison, AL 35085 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/25/2028 86.9  86.9  83.8  0.03  %
Southside BBQ Corp (#,^) 16032 South Hwy 16, Cherokee, TX 76832 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/25/2028 16.9  16.9  17.7  0.01  %
Flair Interiors, Inc dba Giant Don's Flooring America (#,^) 7725 Old Seward Hwy, Anchorage, AK 99502 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 1/24/2028 119.5  119.5  124.9  0.04  %
Tier1 Solutions LLC (#,^) 1000 Essington Rd, Juliet, IL 60435 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/23/2028 6.5  6.5  6.1  —  %
Weeping Willow Kennels, Inc. (#,^) 6041 Hammond School Rd, Salisbury, MD 21804 Personal and Laundry Services Term Loan Prime plus 2.75% 1/19/2028 9.1  9.1  9.5  —  %
Lavish Specs Inc (#,^) 262 Glen St., Glen Cove, NY 11542 Machinery Manufacturing Term Loan Prime plus 2.75% 1/19/2028 6.5  6.5  6.0  —  %
Friend Contractors, LLC (#,^) 1950 Mill Bay Rd, Kodiak, AK 99615 Construction of Buildings Term Loan Prime plus 2.75% 1/19/2043 226.3  226.3  246.1  0.08  %
MedWorxs Inc. (#,^) 6857 Timbers Dr., Evergreen, CO 80439 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/18/2028 68.5  68.5  62.5  0.02  %
Lou & Choo Enterprises Inc dba Lou & Choo Lounge (#,^) 2101,2103,2105 W Hunting Park Ave, Philadelphia, PA 19140 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/18/2043 111.9  111.9  121.0  0.04  %
Specialized Dairy Processors LLC and Nathaly Zapata (#,^) 2200 N Commerce Parkway, Weston, FL 33326 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/16/2028 56.5  56.5  51.6  0.02  %
Human Resource Time Manager LLC (#,^) 2737 Humphrey St., East Elmhurst, NY 11369 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/8/2028 13.4  13.4  14.0  —  %
Impress Therapeutic Massage LLC (#,^) 3145 Suntree Blvd Ste 102, Rockledge, FL 32955 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/8/2043 61.4  61.4  68.1  0.02  %
Sandfree Systems LLC (#,^) 116 Cricket Ave Ste B, Ardmore, PA 19003 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/5/2028 6.5  6.5  6.8  —  %
Crad Holding LLC dba Neighborhood Laundry of Bloomfield (#,^) 60 Dodd St., Bloomfield, NJ 07003 Personal and Laundry Services Term Loan Prime plus 2.75% 1/5/2028 54.3  54.3  50.0  0.02  %
215
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Social Link LLC (#,^) 41 Peabody St., Nashville, TN 37210 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/29/2027 9.7  9.7  8.9  —  %
Farec, Inc (#) 30250 W Nine Mile Rd, Farmington, MI 48336 Amusement, Gambling, and Recreation Industries Term Loan 7.5% 12/29/2042 242.4  242.4  223.3  0.07  %
Morrocco Method, Inc (#,^) 800 Farroll Rd, Grover Beach, CA 93433 Chemical Manufacturing Term Loan Prime plus 2.75% 12/27/2042 707.3  707.3  785.3  0.24  %
Anglin Cultured Stone Products LLC (#,^) 877 Salem Church Rd, Newark, DE 19702 Construction of Buildings Term Loan Prime plus 2.75% 12/27/2042 630.5  630.5  660.5  0.20  %
Muckamuck Trucks, Inc. (#,^) 510 S Spring St., Ukiah, CA 95482 Truck Transportation Term Loan Prime plus 2.75% 12/22/2027 11.8  11.8  11.7  —  %
O'Rourke's Diner, LLC (#,^) 728 Main St., Middleton, CT 06457 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/22/2027 3.2  3.2  3.2  —  %
Dudeck Enterprise LLC dba Detail Garage Las Vegas (#,^) 2360 S Rainbow Blvd Ste 3, Las Vegas, NV 89146 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/22/2027 14.0  14.0  14.6  —  %
Anderson Farms Inc (#) 271 West Hwy 30, Burley, ID 83318 Truck Transportation Term Loan 7.5% 12/22/2027 1,084.7  1,084.7  914.2  0.28  %
Medical Plaza of Boro Park PC (#,^) 1266 51St 1st Floor, Brooklyn, NY 11219 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/22/2027 53.9  53.9  49.2  0.02  %
Landmark Ventures USA Inc (#,^) 475 Park Ave S 25th Fl, New York, NY 10016 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 12/22/2027 53.9  53.9  49.2  0.02  %
Salida Family Chiropractic-PPLC dba Salida Sport and Spine (#,^) 203 G St., Salida, CO 81201 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/22/2027 10.4  10.4  9.4  —  %
Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diag (#,^) 12351 Gateway Park Place, Draper, UT 84020 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/22/2027 671.4  671.4  620.0  0.19  %
Jacliff Investments Inc dba International Heal (#,^) 2355 South 1070 West, Ste D, Salt Lake City, UT 84119 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 12/22/2027 43.1  43.1  39.3  0.01  %
Blue Lagoon Resort, LLC dba Hill View Cottages (#,^) 3670 Lake Shore Drive, Lake George, NY 12845 Accommodation Term Loan Prime plus 2.75% 12/21/2042 181.1  181.1  204.8  0.06  %
CT Auto Spa LLC (#,^) 39 Albany Turnpike, West Simsbury, CT 06092 Repair and Maintenance Term Loan Prime plus 2.75% 12/21/2027 189.3  189.3  197.2  0.06  %
DHD Enterprise LLC dba Edible Arrangements #1699 (#,^) 828 Washington Ave, Miami Beach, FL 33139 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/21/2027 19.7  19.7  18.7  0.01  %
DBMS Consulting, Inc. (#,^) 164 W 83rd St. #CF1 & CF2, New York, NY 10024 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/20/2027 64.7  64.7  63.8  0.02  %
Best Quality Home Care LLC (#,^) 317 S Berry St., Centralia, WA 98531 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/19/2027 6.2  6.2  5.7  —  %
Auto Excellance of Fort Myers Inc. (#,^) 3105 Fowler St., Fort Myers, FL 33901 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/19/2042 103.3  103.3  116.8  0.04  %
Legion Bowl, Inc & Legion Pub Inc (#,^) 661 Park St., Cranston, RI 02910 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/15/2042 324.6  324.6  367.1  0.11  %
216
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
1-0 Granny's Helpful Hands, LLC (#,^) 705 East Lake St., Minneapolis, MN 55407 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/15/2027 19.4  19.4  17.9  0.01  %
Ocean Trans LLC & Dehal Trucking LLC (#,^) 1415 W. Anderson St., Stockton, CA 95206 Truck Transportation Term Loan Prime plus 2.75% 12/15/2042 598.7  598.7  628.5  0.20  %
JMD Aviation Holdings, LLC (#,^) 8050 NW 90th St., Medley, FL 33166 Rental and Leasing Services Term Loan Prime plus 2.75% 12/15/2027 431.3  431.3  447.5  0.14  %
Capital Containers LLC (#,^) 7610 Auburn Blvd #4B, Citrus Heights, CA 95610 Truck Transportation Term Loan Prime plus 2.75% 12/15/2027 19.4  19.4  18.1  0.01  %
Peanut Butter & Co., Inc (#,^) 119 West 57th St., Ste 300, New York, NY 10019 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/15/2027 194.1  194.1  177.0  0.05  %
Atlas Geo-Constructors, LLC (#,^) 3466 Thomasville Rd, Winston Salem, NC 27107 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/14/2027 262.3  262.3  261.2  0.08  %
KR Calvert & Co, LLC (#,^) 113 Seaboard Lane #C-270, Franklin, TN 37067 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/14/2027 435.9  435.9  399.0  0.12  %
Royalty Freight Inc (#,^) 3728 W Mckinley Ave, Fresno, CA 93722 Truck Transportation Term Loan Prime plus 2.75% 12/14/2027 587.9  587.9  536.2  0.17  %
AADJ Empire Inc and AADJ Galaxy Inc. (#,^) 1599 Post Rd, Warwick, RI 02888 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/14/2042 176.1  176.1  187.8  0.06  %
Heung Kyun Im (#,^) 6235 Conlan Bay Drive, Houston, TX 77041 Nonstore Retailers Term Loan Prime plus 2.75% 12/14/2027 13.3  13.3  12.2  —  %
Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc. d (#,^) 34 35th St., Brooklyn, NY 11232 Food Manufacturing Term Loan Prime plus 2.75% 12/14/2027 83.2  83.2  84.8  0.03  %
LP Industries Inc. dba Childforms (#,^) 2040 Norwood St. SW, Lenoir, NC 28645 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 12/14/2027 64.9  64.9  65.1  0.02  %
Beale Street Blues Company Inc.dba B.B. King's Club-Memphis (#,^) 149 Monroe Ave, Memphis, TN 38103 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/14/2027 869.2  869.2  798.7  0.25  %
Barcade Holdings, LLC ,Barcade LLC,& Barcade New Haven LLC (#,^) 148 West 24th St., New York, NY 10011 Management of Companies and Enterprises Term Loan Prime plus 2.75% 12/14/2027 54.4  54.4  50.4  0.02  %
Nichols Fire and Security LLC (#,^) 1906 Vanderhorn Drive, Memphis, TN 38134 Administrative and Support Services Term Loan Prime plus 2.75% 12/13/2042 85.0  85.0  92.2  0.03  %
Hardway Inc & AFC Leasing Inc (#,^) 12533 S. 73rd E. Place, Bixby, OK 74008 Rental and Leasing Services Term Loan Prime plus 2.75% 12/13/2027 778.6  778.6  710.1  0.22  %
Clore Construction LLC (#,^) 21220 FM 1420, Harlingen, TX 78550 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/12/2027 398.5  398.5  393.7  0.12  %
A-1 Van Services Inc (#,^) 154 Sandy Creek Rd, Verona, PA 15147 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/12/2027 620.7  620.7  618.2  0.19  %
Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation (#,^) 3031 Patrick St, Kissimmee, FL 34741 Air Transportation Term Loan Prime plus 2.75% 12/12/2027 446.7  446.7  407.4  0.13  %
217
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 29673 Gasoline Stations Term Loan Prime plus 2.75% 12/12/2027 43.0  43.0  39.2  0.01  %
Big Picture Group LLC (#,^) 110 S. Fairfax Ave, Los Angeles, CA 90036 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/12/2027 324.7  324.7  307.8  0.10  %
The Ohio Valley Group Inc dba Ohio Valley Landscapes & Design (#,^) 16965 Park Circle Drive, Chagrin Falls, OH 44023 Administrative and Support Services Term Loan Prime plus 2.75% 12/12/2027 12.9  12.9  12.2  —  %
LPB LPB Property Management Inc dba Wilderness View Cabins & Ellijay C (#,^) 498 Wilderness View, Chatsworth, GA 30705 Real Estate Term Loan Prime plus 2.75% 12/12/2042 97.2  97.2  109.7  0.03  %
Clear Sound Communications, Inc (#,^) 680 Old Medford Ave, Medford, NY 11763 Administrative and Support Services Term Loan Prime plus 2.75% 12/8/2027 3.2  3.2  3.0  —  %
AV Strategy Inc (#,^) 9402 American Eagle Way Ste 100, Orlando, FL 32837 Rental and Leasing Services Term Loan Prime plus 2.75% 12/8/2027 381.7  381.7  370.4  0.11  %
JVLS LLC dba Vaccines 2 Go (#,^) 4060 Johns Creek Pkwy, Ste H, Suwanee, GA 30024 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/7/2027 12.9  12.9  11.8  —  %
Kim Howard Corp dba NPN Machine Tools (#,^) 9130 Wayfarer Lane, Houston, TX 77075 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/7/2042 562.5  562.5  635.3  0.20  %
IHC Hardware Inc. (#,^) 614 Broad St., Story City, IA 50248 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/6/2042 97.2  97.2  102.5  0.03  %
ODS Inc (#,^) 626 N Delsea Drive, Glassboro, NJ 08028 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/6/2027 42.3  42.3  40.6  0.01  %
Oil Palace, Inc. (#,^) 10408 Hwy 64 E, Tyler, TX 75707 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/4/2042 961.7  961.7  1,087.7  0.34  %
Healthcare Interventions, Inc dba Brightstar Healthcare of & Brightsta (#,^) 5300 W Atlantic Ave Ste 501, Delray Beach, FL 33484 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/4/2027 12.9  12.9  11.8  —  %
Linda Jean Howard Riley dba The Rusty Bolt (#,^) 22345 W. Rt 66, Seligman, AZ 86337 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/1/2042 20.4  20.4  23.1  0.01  %
Salud Bar & Grill LLC (#,^) 1413 Bushwick Ave, Brooklyn, NY 11207 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/1/2027 48.5  48.5  44.5  0.01  %
Utara LLC (#,^) 214 Pine St, Sandpoint, ID 83864 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/1/2027 20.1  20.1  19.3  0.01  %
Square1 Partners, LLC (#,^) 1088 Greenbriar Lane, Northbrook, IL 60062 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 12/1/2027 54.3  54.3  49.5  0.02  %
Fortress Verve Inc, Maurice R. Margules and Antonie C. Reinhard (#,^) 1 Jackson St., Troy, NY 12180 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/30/2027 112.3  112.3  115.4  0.04  %
WTI Distribution Inc (#,^) 14277 Ramona Ave, Chino, CA 91710 Support Activities for Transportation Term Loan Prime plus 2.75% 11/30/2027 34.2  34.2  33.5  0.01  %
218
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Create- A- Stitch, Inc (#,^) 3585 SW 10th St., Pompano Beach, FL 33069 Printing and Related Support Activities Term Loan Prime plus 2.75% 11/30/2042 84.9  84.9  95.1  0.03  %
Frontier Sand LLC (#,^) 305 Country Hwy AA, New Auburn, WI 54757 Mining (except Oil and Gas) Term Loan Prime plus 2.75% 11/30/2027 463.6  463.6  468.2  0.15  %
Skin Beauty Bar Inc. and Tameka J. Mathis (#,^) 749 8th St. SE 2nd Fl, Washington, DC 20003 Personal and Laundry Services Term Loan Prime plus 2.75% 11/30/2027 7.7  7.7  7.2  —  %
J. Venture Holdings, LLC (#,^) 2285 St. Andrews Ave, Zachary, LA 70791 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/30/2027 10.7  10.7  11.1  —  %
Clearwater Transportation LTD dba Thrifty Car Rental, Dollar Rent A Ca (#,^) 8790 Crownhill Blvd, San Antonio, TX 78209 Rental and Leasing Services Term Loan 8.25% 11/29/2027 153.7  153.7  130.9  0.04  %
OPH Lexington, Inc (#,^) 235 Walton Ave, Lexington, KY 40502 Social Assistance Term Loan Prime plus 2.75% 11/29/2042 188.3  188.3  212.9  0.07  %
Our Playhouse Preschool, LLC (#,^) 3501 NC Hwy 54 W, Chapel hill, NC 27516 Social Assistance Term Loan Prime plus 2.75% 11/29/2042 231.7  231.7  262.0  0.08  %
Beacon Brewing LLC and C' Sons, LLC (#,^) 700 Lincoln St., Lagrange, GA 30204 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/27/2042 123.2  123.2  139.3  0.04  %
JMD Corporation dba Dart's True Value (#,^) 121 South Main St., Payette, ID 83661 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/22/2027 16.0  16.0  15.7  —  %
Webtez Inc dba Mod Vans (#,^) 1673 Donlon St., Ste 202, Ventura, CA 93003 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/22/2027 59.9  59.9  54.9  0.02  %
Step Up Academy of the Arts, LLC (#,^) 2258A Wigwam Parkway, Henderson, NV 89074 Educational Services Term Loan Prime plus 2.75% 11/22/2027 13.5  13.5  12.3  —  %
Cali Fit Meals (#,^) 3450 E Orangethrope Ave, Anaheim, CA 92806 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/21/2027 19.3  19.3  18.9  0.01  %
Grumpy's Restaurant Company, LLC (#,^) 834 Kingsley Ave, Orange Park, FL 32073 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/21/2027 60.9  60.9  55.7  0.02  %
PB Market LLC dba Pure Barre (#,^) 164-C Market St, Charleston, SC 29401 Educational Services Term Loan Prime plus 2.75% 11/21/2027 92.9  92.9  84.9  0.03  %
B Lam LLC (#,^) 9419 Kenwood Rd, Cincinnati, OH 45242 Personal and Laundry Services Term Loan Prime plus 2.75% 11/20/2042 175.9  175.9  195.3  0.06  %
TPE Midstream LLC, Dasham Company dba Sahm Co & S & S Ventures Inc. (#,^) 7799 South Regency Drive, Tulsa, OK 74131 Rental and Leasing Services Term Loan Prime plus 2.75% 11/17/2027 161.8  161.8  161.7  0.05  %
Maya Motel, LLC dba Town House Motel (#,^) 1701 Washington Ave, Waco, TX 76701 Accommodation Term Loan Prime plus 2.75% 11/17/2042 55.3  55.3  62.6  0.02  %
SSI Refrigerated Express Inc. and Robert M Stallone (#,^) 1001 E. Cooley Drive Ste 102, Colton, CA 92324 Truck Transportation Term Loan Prime plus 2.75% 11/17/2027 53.4  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 45036 Support Activities for Transportation Term Loan Prime plus 2.75% 11/17/2027 42.8  42.8  40.7  0.01  %
219
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Southern Specialty Contractor, LLC & Ronald David Holbrook Jr. (#,^) 1990 Flippen Rd, Stockbridge, GA 30281 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/17/2027 45.4  45.4  41.8  0.01  %
Murf & Sons LLC (#,^) 3821 Pleasant Hill Rd, Store #B-107, Kissimmee, FL 34746 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/16/2027 142.4  142.4  131.7  0.04  %
H & H Hotshot Services, Inc. (#,^) 5455 N. 51st Ave Ste 30, Glendale, AZ 85301 Couriers and Messengers Term Loan Prime plus 2.75% 11/16/2027 59.9  59.9  56.9  0.02  %
J R Wholesale Tires & Auto Center, LLC (#,^) 822 Cameron Lane, Lugoff, SC 29078 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/15/2042 13.1  13.1  14.8  —  %
Auto Rx LLC,J&P Auto Repair Inc (#,^) 91 & 95 Woodbury Rd, Hicksville, NY 11801 Repair and Maintenance Term Loan Prime plus 2.75% 11/15/2042 190.4  190.4  214.5  0.07  %
Marcaco LLC (#,^) 124 Lincoln Ave, Colonie, NY 12205 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 11/15/2042 609.4  609.4  680.2  0.21  %
Paramount Dance Studios Inc. and Homestead Dance Supply (#,^) 112 N Krome Ave, Homestead, FL 33033 Educational Services Term Loan Prime plus 2.75% 10/14/2043 457.5  457.5  501.6  0.16  %
Wing King at the Gardens LLC (#,^) 4235 S Fort Apache Rd, Ste 250, Las Vegas, NV 89147 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/10/2027 8.3  8.3  7.6  —  %
Linqserv Inc. (#,^) 1555 Lyell Ave, Rochester, NY 14606 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 11/9/2027 285.6  285.6  297.9  0.09  %
Hofgard & Co, Inc dba Hofgard Benefits and James Marsh (#,^) 400 S. McCaslin Blvd, Ste 201, Louisville, CO 80027 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 11/8/2027 12.8  12.8  11.7  —  %
JNP Delivery Inc (#,^) 4500 North Providence # 7, Appleton, WI 54913 Couriers and Messengers Term Loan Prime plus 2.75% 11/7/2027 95.8  95.8  92.7  0.03  %
His Loving Hands Christian Academy, Inc. (#,^) 15020 Harrison St., Miami, FL 33176 Social Assistance Term Loan Prime plus 2.75% 11/6/2042 89.0  89.0  98.9  0.03  %
S & S Auto Body Shop Inc. (#,^) 5001 W. Clay St., Richmond, VA 23230 Repair and Maintenance Term Loan Prime plus 2.75% 11/3/2042 160.1  160.1  180.0  0.06  %
Sterling Campbell Insurance Agency, Inc (#,^) 36359 N Gantzel Rd Ste 102, San Tan Valley, AZ 85140 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 11/3/2027 6.4  6.4  5.9  —  %
Top Quality Dent Service LLC (#,^) 1541 Vapor Trail, Colorado Springs, CO 80905 Repair and Maintenance Term Loan Prime plus 2.75% 11/2/2027 5.2  5.2  4.8  —  %
Edge Studios Inc Radiant Yoga LLC (#,^) 448 Howe Ave, Sacramento, CA 95825 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/1/2027 56.6  56.6  52.8  0.02  %
Rachael Reel dba Rachel Reel Insurance Age (#,^) 208 Bank St., Lenoir, TN 37771 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 10/31/2027 6.4  6.4  5.8  —  %
Berza TLG,LLC dba The Little Gym of Lake Charles (#,^) 1301 E McNeese St., Ste 201, Lake Charles, LA 70607 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/31/2027 36.0  36.0  33.5  0.01  %
Die Hard Used Car Sales (#,^) 1668 West Grand Ave, Phoenix, AZ 85007 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/30/2042 54.6  54.6  61.8  0.02  %
220
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
The Five Lakes LLC (#,^) 13705 Holmes Rd, Kansas City, MO 64154 Educational Services Term Loan Prime plus 2.75% 10/30/2042 460.3  460.3  520.6  0.16  %
Ashore Ventures Inc dba PuroClean Professional Restoration (#,^) 909 SE Everett Mall Way Ste A-140, Everett, WA 98208 Repair and Maintenance Term Loan Prime plus 2.75% 10/27/2027 12.4  12.4  11.6  —  %
Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle T (#,^) 377 Boston Post Rd Unit B, Milford, CT 06460 Couriers and Messengers Term Loan Prime plus 2.75% 10/27/2027 31.8  31.8  29.8  0.01  %
Sage Oil LLC (#,^) 8913 Egyptian Ave, Las Vegas, NV 89143 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/27/2027 8.5  8.5  7.9  —  %
Suzie LLC dba Tony D's Restaurant (#,^) 92 Huntington St., New London, CT 06320 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/25/2042 84.8  84.8  94.9  0.03  %
Grand Blanc Lanes, Inc. (#,^) 5301 S. Saginaw Rd, Flint, MI 48507 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/25/2027 12.7  12.7  13.3  —  %
Schafer Fisheries Inc (#,^) 21985 Waller Rd, Fulton, IL 61252 Food Manufacturing Term Loan Prime plus 2.75% 10/25/2027 29.7  29.7  31.0  0.01  %
Action Physical Therapy Yoga and Wellness Center Inc. (#,^) 5811 S Westnedge Ave, Portage, MI 49002 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/24/2027 19.2  19.2  19.4  0.01  %
Looky Enterprises, LLC (#,^) 1175 Surlington Ave, Ste 101, Leland, NC 28451 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/18/2027 56.5  56.5  52.8  0.02  %
Island Refrigeration & AC Inc (#,^) 3201 Flagler Ave, Unit 510 & 511, Key West, FL 33040 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/18/2042 130.0  130.0  142.4  0.04  %
Blueridge Armor LLC (#,^) 1495 Hwy 74-A Bypass, Ste 150192, Spindale, NC 28160 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 10/17/2027 7.0  7.0  6.8  —  %
H and K Dry Cleaning LLC ,Quintero Shopping Center LLC,Aqua Laundry, L (#,^) 1227 Burnside Ave, East Hartford, CT 06108 Electronics and Appliance Stores Term Loan 7.94% 10/17/2042 62.4  62.4  59.1  0.02  %
Albas Bar & Grill LLC (#,^) 221 Self Main St., Homer City, PA 15748 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/13/2042 43.9  43.9  46.5  0.01  %
Cortez Landscaping, LLC (#,^) 4 Powder Rd, Norwalk, CT 06854 Administrative and Support Services Term Loan Prime plus 2.75% 10/13/2027 16.3  16.3  15.7  —  %
On Call Services LLC (#,^) 15060 281St Ave NW, Zimmerman, MN 55398 Construction of Buildings Term Loan Prime plus 2.75% 10/13/2027 15.5  15.5  16.2  0.01  %
Crawfordsville Fitness LLC dba Planet Fitness (#,^) 1632 Bush Lane, Crawfordsville, IN 47933 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/13/2027 105.4  105.4  98.5  0.03  %
JD Ventures LLC and JD Roof Co LLC (#,^) 2101 Hillshire Circle, Memphis, TN 38133 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/12/2027 19.3  19.3  18.0  0.01  %
Pro Anderson, LLC (#,^) 1092 Hampton Inn Way, Ste 400, Jacksonville, NC 28546 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/11/2027 45.9  45.9  42.5  0.01  %
Sandbox Ventures LLC (#,^) 1857 A Elmdale Ave, Glenview, IL 60026 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/11/2027 16.2  16.2  16.3  0.01  %
221
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Eye Optique Inc. (#,^) 10800 Alpharetta Hwy, Ste 220, Roswell, GA 30076 Health and Personal Care Stores Term Loan Prime plus 2.75% 10/5/2027 12.7  12.7  11.6  —  %
Ains Holding Company LLC (#,^) 121 Fulton St., New York, NY 10038 Management of Companies and Enterprises Term Loan Prime plus 2.75% 10/2/2027 72.1  72.1  67.3  0.02  %
Becky Lou Corp dba Rent A Center (#,^) 3578 Route 611 Ste 210, Bartonsville, PA 18321 Rental and Leasing Services Term Loan Prime plus 2.75% 10/2/2027 77.3  77.3  74.7  0.02  %
Threads of Time LLC (#,^) 207 S Buchanan St., Danville, IL 61832 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 9/29/2042 133.0  133.0  143.8  0.04  %
Miechella Suzette Decker (#,^) 3515 Main St., Exmore, VA 23350 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/29/2042 97.5  97.5  110.3  0.03  %
Harco Metal Products Inc (#,^) 7895 E Acoma Drive Ste 102, Scottsdale, AZ 85260 Primary Metal Manufacturing Term Loan Prime plus 2.75% 9/29/2042 476.9  476.9  499.5  0.16  %
Sashshel Corporation (#,^) 676 Franklin Blvd, Somerset, NJ 08873 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/29/2042 205.8  205.8  232.8  0.07  %
Dan Cline Transport Inc. (#,^) 501 State Drive, Mount Vernon, MO 65712 Truck Transportation Term Loan Prime plus 2.75% 9/29/2030 886.0  886.0  841.9  0.26  %
Chicago American Manufacturing LLC, Dockside Steel ProcessingLLC and S (#,^) 4500 W 47th St., Chicago, IL 60632 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/29/2042 1,211.0  1,211.0  1,328.4  0.41  %
Nicholson Lumber Co Inc. (#,^) 377 Main St., Nicholson, PA 18446 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/28/2030 192.1  192.1  199.5  0.06  %
Rhode Island Tennis Management LLC (#,^) 636 Centerville Rd, Warwick, RI 02886 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2042 371.3  371.3  400.7  0.12  %
National Media Services, Inc (#,^) 5091 Lexington Blvd, Fort Meyers, FL 33919 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/28/2027 15.8  15.8  14.4  —  %
Pets A Go Go LLC (#,^) 589 North State Rd, Briarcliff Manor, NY 10510 Personal and Laundry Services Term Loan Prime plus 2.75% 9/28/2042 192.7  192.7  213.1  0.07  %
Rhode Island Tennis Management LLC (#,^) 636 Centerville Rd, Warwick, RI 02886 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2042 533.2  533.2  575.4  0.18  %
Complete Care IT LLC (#,^) 4801 South University Drive, Ste 125, Davie, FL 33328 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/27/2027 12.4  12.4  11.3  —  %
Technologist Inc (#,^) 1820 N Fort Myer Drive Ste 530, Arlington, VA 22209 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/27/2027 215.5  215.5  224.5  0.07  %
Inspirations Food Design, Inc (#,^) 1338 Memorial Ave, West Springfield, MA 01089 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/26/2042 455.9  455.9  497.0  0.15  %
Rollins Construction & Trucking LLC (#,^) 893 South 120 East, Milford, UT 84751 Construction of Buildings Term Loan Prime plus 2.75% 9/26/2027 278.9  278.9  285.8  0.09  %
KB Waterjet Cutting LLC (#,^) 4330 Parker Lane, Addis, LA 70710 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/22/2027 8.6  8.6  8.2  —  %
222
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 10309 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/22/2027 18.9  18.9  17.4  0.01  %
Sallee Pro-Custom Fabrication Shop LLC (#,^) 8865 North County Rd 600 W, Scipio, IN 47273 Repair and Maintenance Term Loan Prime plus 2.75% 9/21/2027 7.6  7.6  7.9  —  %
Sound Manufacturing, Inc. & Monster Power Equipment, Inc. (#,^) 51 Donnelley Rd, Old Saybrook, CT 06475 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/20/2027 168.0  168.0  167.0  0.05  %
Insight Diagnostic Technologist Services (#,^) 2030 Forest Ave, Ste 110, San Jose, CA 95128 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2027 262.8  262.8  248.3  0.08  %
Commonwealth Diagnostics International, Inc (#,^) 1 Holyoke Sq., Salem, MA 01970 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2027 1,063.3  1,063.3  1,107.2  0.34  %
Imagine By Carleen, Inc. (#,^) 1404 Del Prado Blvd S Unit 100, 105, Cape Coral, FL 33904 Personal and Laundry Services Term Loan Prime plus 2.75% 9/20/2027 6.3  6.3  6.4  —  %
NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York (#,^) 1401 Lakeland Ave, Bohemia, NY 11716 Rental and Leasing Services Term Loan Prime plus 2.75% 9/20/2027 867.3  867.3  868.1  0.27  %
CR Park Incorporated dba Define Body and Mind (#,^) 49 W. Allandale Ave, Allendale, NJ 07401 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/20/2027 68.7  68.7  65.2  0.02  %
Alpha Preparatory Academy LLC (#,^) 4462 Mink Livsey Rd, Snellville, GA 30039 Social Assistance Term Loan Prime plus 2.75% 9/20/2042 157.2  157.2  169.1  0.05  %
Montessori Community School (#,^) 123 South Navarra Drive, Scotts Valley, CA 95066 Social Assistance Term Loan Prime plus 2.75% 9/20/2042 284.7  284.7  308.1  0.10  %
Denek Contracting Inc and Denek Leasing LLC (#,^) 451 E. Wilson Ave, Pontiac, MI 48341 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/20/2042 203.0  203.0  229.4  0.07  %
Max Home Deliveries, Inc (#,^) 77 Van Buren St., Port Jefferson Station, NY 11776 Couriers and Messengers Term Loan Prime plus 2.75% 9/20/2027 67.5  67.5  65.0  0.02  %
CIS BIG DOG, LLC (#,^) 8920 US HWY, 62 WEST, Cynthiana, KY 41031 Administrative and Support Services Term Loan Prime plus 2.75% 9/19/2027 54.7  54.7  56.9  0.02  %
Stone's Construction and Remodeling, LLC (#,^) 5210 Kaylin Drive, Akron, OH 44319 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/19/2027 4.4  4.4  4.0  —  %
Party By Design Inc. (#,^) 61 Strafello Drive, Avon, MA 02322 Personal and Laundry Services Term Loan Prime plus 2.75% 9/18/2042 1,185.5  1,185.5  1,271.0  0.39  %
Li Family Spokane LLC (#,^) 21 E. Lincoln Rd, Spokane, WA 99208 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2042 372.0  372.0  413.2  0.13  %
Clinton Food Market LLC (#,^) 196 East Main St., Clinton, CT 06413 Gasoline Stations Term Loan Prime plus 2.75% 9/15/2042 253.8  253.8  275.1  0.09  %
Tarleton & Family Landscaping, LLC (#,^) 125 E Center St., Midland Park, NJ 07432 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/15/2027 70.2  70.2  66.0  0.02  %
Alaska Motor Home Inc (#,^) 6633 Brayton Dr, Anchorage, AK 99507 Rental and Leasing Services Term Loan Prime plus 2.75% 9/13/2027 279.3  279.3  254.3  0.08  %
Fox Valley Rentals & Investments, LLC (#,^) 2906 E. Newberry St., Appleton, WI 54915 Food Services and Drinking Places Term Loan Prime plus 3.75% 9/13/2027 6.4  6.4  6.6  —  %
223
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Nails By Mercede LLC (#,^) 2994 and 2996 Edgewater Drive, Orlando, FL 32804 Personal and Laundry Services Term Loan Prime plus 2.75% 9/13/2027 12.0  12.0  11.8  —  %
Town & Country Transportation Co. and Popco, LLC. (#,^) 191 Arch St., New Britain, CT 06051 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/12/2042 163.7  163.7  185.0  0.06  %
Rajbai Maa Inc. dba Nara Lounge (#,^) 244-252 Atwells Ave, Providence, RI 02903 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/12/2042 377.5  377.5  399.0  0.12  %
Health & Performance Center, LLC (#,^) 1862 Craigshire Rd, Saint Louis, MO 63146 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2027 17.2  17.2  15.6  —  %
Morgan Lynn Kerstetter dba Catherine School of Dance (#,^) 315 Mill St. 3rd Fl, Danville, PA 17821 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/11/2027 6.3  6.3  6.6  —  %
Foxtail, LLC and Tottly New Services Corp (#,^) 1481 Highland Ave, Cheshire, CT 06410 Social Assistance Term Loan Prime plus 2.75% 9/8/2042 281.8  281.8  306.3  0.10  %
Echelon Planning Group, LLC dba Echelon Financial Services and Echelon (#,^) 5 Greenleaf Drive, Unit 201, Portsmouth, NH 03801 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 9/8/2027 6.3  6.3  6.5  —  %
Crazy Beatz Productions LLC (#,^) 20014 NE 138th St., Kearney, MO 64060 Motion Picture and Sound Recording Industries Term Loan Prime plus 3.75% 9/7/2027 4.5  4.5  4.4  —  %
South Fulton Landscape & Nursery, Inc. (#,^) 3415 Enon Rd, College Park, GA 30349 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/7/2042 96.9  96.9  109.4  0.03  %
Dreaming Big Learning Center Inc (#,^) 3301 W Oak St, Kissimmee, FL 34741 Social Assistance Term Loan Prime plus 2.75% 9/5/2042 362.2  362.2  393.0  0.12  %
Big Coop's Trucking LLC (#,^) 3066 Misty Creek Drive., Swartz, MI 48473 Truck Transportation Term Loan Prime plus 2.75% 9/1/2027 85.0  85.0  83.8  0.03  %
Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Tran (#,^) 377 Boston Post Rd, Milford, CT 06460 Couriers and Messengers Term Loan Prime plus 2.75% 8/31/2027 321.1  321.1  300.6  0.09  %
Busby Outdoor LLC (#,^) 1734 Wansley Rd, Laurel, MS 39440 Real Estate Term Loan Prime plus 2.75% 8/29/2042 684.7  684.7  684.2  0.21  %
Busby Outdoor LLC (#,^) 1734 Wansley Rd, Laurel, MS 39440 Real Estate Term Loan Prime plus 2.75% 8/29/2042 537.9  537.9  537.5  0.17  %
Lake County Tow LLC (#,^) 15409 Country Rd 565A, Clermont, FL 34711 Support Activities for Transportation Term Loan Prime plus 2.75% 8/25/2042 84.5  84.5  91.3  0.03  %
Parlay Disributors LLC (#,^) 20 Medford Ave, Ste 104, Patchogue, NY 11772 Educational Services Term Loan Prime plus 2.75% 8/25/2027 93.1  93.1  86.0  0.03  %
InUSA Ventures Inc dba InUSA Services (#,^) 3015 San Pablo Ave, Ste 511, Berkeley, CA 94702 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 8/24/2027 20.9  20.9  19.0  0.01  %
Genuine Ventures LLC and Seaweed Ventures LLC (#,^) 432 S Franklin St, Juneau, AK 99801 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/24/2030 495.8  495.8  491.3  0.15  %
224
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 33064 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/23/2042 79.8  79.8  90.1  0.03  %
Delicias de Minas Restaurant, LLC (#,^) 168-170 McWhorter St., Newark, NJ 07105 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/22/2027 172.0  172.0  176.3  0.05  %
Damiano Global Corp (#,^) 333 Birch Hills Drive, Rochester, NY 14622 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/21/2027 18.8  18.8  18.6  0.01  %
L&V Auto Sales, Inc. (#,^) 1504 West Franklin Blvd., Gastonia, NC 28052 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 8/21/2027 15.0  15.0  15.7  —  %
Tier1 Solutions LLC (#,^) 1000 Essington Rd Ste. 109 & 111, Joliet, IL 60435 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/18/2027 15.7  15.7  14.8  —  %
Tony Herring & Associates, Inc (#,^) 211 West Camellia Drive, Slidell, LA 70458 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 8/17/2027 6.3  6.3  5.7  —  %
Chester's World Enterprise LLC (#,^) 140 W Alameda Drive, Ste 104, Tempe, AZ 85282 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/16/2027 18.8  18.8  17.9  0.01  %
D'Amato & Sons Construction, Inc. (#,^) 117 Oak St., Amityville, NY 11701 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/11/2027 6.9  6.9  6.6  —  %
L & J Corporate Services Inc (#,^) 866 NW 110th Ave, Coral Springs, FL 33071 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/4/2027 6.1  6.1  5.6  —  %
Furniture Masters Limited Liability Company (#,^) 160 Mount Pleasant Ave, Newark, NJ 07104 Repair and Maintenance Term Loan Prime plus 2.75% 8/3/2027 7.5  7.5  6.8  —  %
HMG Strategy LLC, (#,^) 191 Post Rd W., Westport, CT 06880 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/2/2027 41.3  41.3  37.6  0.01  %
Hope Health Care, LLC (#,^) 2945 Main St., Stratford, CT 06614 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 7/31/2027 8.7  8.7  7.9  —  %
Raffi's Inc dba Atlantic Auto Center (#,^) 1809 Roane St., Richmond, VA 23222 Repair and Maintenance Term Loan Prime plus 2.75% 7/31/2027 11.8  11.8  12.3  —  %
Royal Blue Investments, Inc. and Cleland Pharmacy LLC (#,^) 202 S. 1st St., Wakeeny, KS 67672 Health and Personal Care Stores Term Loan Prime plus 2.75% 7/31/2042 51.1  51.1  57.0  0.02  %
Sharon G McMillen, MA Psychologist, Inc. (#,^) 216 West Main St, Kingwood, WV 26537 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/28/2027 15.4  15.4  14.0  —  %
HQTRONIC LLC (#,^) 10135 S. Roberts Rd Ste 209, Palos Hills, IL 60465 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 7/27/2027 18.7  18.7  17.0  0.01  %
Oberon IT, Inc. (#,^) 1404 W. Walnut Hill Lane, Irving, TX 75038 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/26/2027 181.4  181.4  174.7  0.05  %
Gilles Peress Studio LLC (#,^) 76 Lafayette Ave, Brooklyn, NY 11217 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/25/2027 53.5  53.5  48.7  0.02  %
Obok LLC (#,^) 2720 S. Havana St., Unit H, Aurora, CO 80014 Food Manufacturing Term Loan Prime plus 2.75% 7/21/2027 9.9  9.9  9.7  —  %
Lil Tots' Learning Center LLC (#,^) 3042 S 78th St, Tampa, FL 33619 Social Assistance Term Loan Prime plus 2.75% 7/21/2042 28.9  28.9  32.7  0.01  %
Ocean Trans LLC (#,^) 760 W. Charter Way, Stockton, CA 95206 Truck Transportation Term Loan Prime plus 2.75% 7/21/2027 32.2  32.2  29.3  0.01  %
225
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Matrix Z LLC (#,^) 800 SW 21st Terrace, Fort Lauderdale, FL 33312 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 3.75% 7/19/2027 6.3  6.3  6.7  —  %
Aitheras Aviation Group, LLC(OH) , Aitheras Aviation Group, LLC(FL) (#,^) 2301 N Marginal Rd, Cleveland, OH 44114 Air Transportation Term Loan Prime plus 2.75% 7/18/2027 683.6  683.6  626.4  0.19  %
Wildflour Bakery & Cafe, LLC (#,^) 5137 Clareton Dr. #100, 110, 120, Agoura Hills, CA 91301 Food Manufacturing Term Loan Prime plus 2.75% 7/17/2027 18.6  18.6  19.4  0.01  %
Koep Companies dba Pipestone True value (#,^) 207 East Main St., Pipestone, MN 56164 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/14/2042 315.0  315.0  335.4  0.10  %
Rocks Auto Exchange LLC (#,^) 518 East Main St., Westfield, IN 46074 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 7/13/2027 10.9  10.9  9.9  —  %
McCord Holdings, Inc. dba Fast Signs 176101 (#,^) 7640 N. Wickham Rd, Melbourne, FL 32940 Administrative and Support Services Term Loan Prime plus 2.75% 7/7/2027 15.5  15.5  14.5  —  %
Thrifty Market Inc dba Thrifty Foods (#,^) 702 10th St., Wheatland, WY 82201 Food and Beverage Stores Term Loan Prime plus 2.75% 7/6/2027 87.8  87.8  83.5  0.03  %
New Chicago Wholesale Bakery Inc. (#,^) 795 Touhy Ave, Elk Grove Village, IL 60007 Food Manufacturing Term Loan Prime plus 2.75% 6/30/2027 12.3  12.3  12.7  —  %
The Country House Restaurant, LLC and Pelton Real Estate, LLC (#,^) 677 US Route 7, Pittsford, VT 05763 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2042 48.1  48.1  55.4  0.02  %
J. T. O'Neill Company, L.L.C (#,^) 19972 Willowin Farm Lane, Purcellville, VA 20132 Real Estate Term Loan Prime plus 2.75% 6/30/2027 12.3  12.3  12.1  —  %
Hamilton & Associates Real Estate and Investments Firm LLC (#,^) 11776 West Sample Rd, Coral Springs, FL 33065 Real Estate Term Loan Prime plus 2.75% 6/30/2042 52.1  52.1  59.3  0.02  %
JWH Designs, LLC (#,^) 1111 Boston Post Rd, Rye, NY 10580 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/30/2027 87.3  87.3  85.4  0.03  %
J&M Civil Construction Services LLC (#,^) 1221 County Rd 4371, Decatur, TX 76234 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/30/2027 79.7  79.7  77.9  0.02  %
Best Bees Company (#,^) 839 Albany St., Boston, MA 02119 Animal Production and Aquaculture Term Loan Prime plus 2.75% 6/29/2027 18.5  18.5  18.1  0.01  %
Stiegelbauer Associates Inc. (#,^) 63 Flushing Ave, #101, Bldg 280, Brooklyn, NY 11205 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2027 253.9  253.9  267.5  0.08  %
Ocean Trans LLC and Dehal Trucking LLC (#,^) 760 W. Charter Way, Stockton, CA 95206 Truck Transportation Term Loan Prime plus 2.75% 6/29/2027 514.4  514.4  502.2  0.16  %
Intellixion LLC (#,^) 7447 Egan Dr, Ste 110 A, Savage, MN 55378 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/29/2027 3.1  3.1  3.0  —  %
Malhame & Company Publishers & Importers Inc. (#,^) 180 Orville Rd, Bohemia, NY 11780 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/29/2027 73.9  73.9  72.2  0.02  %
Greensboro Plastic Surgical Associates, PA (#,^) 2716 Henry St., Greensboro, NC 27405 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/29/2042 557.7  557.7  630.0  0.20  %
Oakhill Farms, LLC (#,^) 15 Carl St., Johnston, RI 02919 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2030 87.9  87.9  94.9  0.03  %
226
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 79092 Repair and Maintenance Term Loan Prime plus 2.75% 6/28/2042 57.8  57.8  66.5  0.02  %
Foxhop Fitness, LLC (#,^) 4211 NW Federal Hwy, Jensen Beach, FL 34957 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/28/2027 76.5  76.5  75.2  0.02  %
Old Dominion Transportation Group, Inc. (#,^) 1308 Devils Reach Rd, Woodbridge, VA 22192 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/28/2027 831.8  831.8  823.0  0.26  %
Citibin, Inc. (#,^) 254 36th St., Unit 25, Brooklyn, NY 11232 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 6/27/2027 102.8  102.8  100.4  0.03  %
Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC (#,^) 211 East 25th St., Norfolk, VA 23504 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 6/27/2030 215.7  215.7  230.7  0.07  %
WB Cleaners Inc. DBA $2.75 Cleaners (#,^) 5101 University Park Way, Winston-Salem, NC 27106 Personal and Laundry Services Term Loan Prime plus 2.75% 6/27/2027 13.5  13.5  14.2  —  %
Ains Holding Company, LLC (#,^) 122 West 26th St., New York, NY 10011 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2027 887.7  887.7  878.3  0.27  %
Four Seasons Laser Center Inc. (#,^) 4720 NW 2nd Ave Units D-104 - 105, Boca Raton, FL 33498 Personal and Laundry Services Term Loan Prime plus 2.75% 6/26/2042 211.4  211.4  239.4  0.07  %
Rustic LLC (#,^) 4779 State Rd AA, Tebbetts, MO 65080 Personal and Laundry Services Term Loan Prime plus 2.75% 6/23/2042 15.7  15.7  16.9  0.01  %
Northern Industries, LLC (#,^) W 5585 Dehart Drive, Tomahawk, WI 54484 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/23/2042 55.6  55.6  64.4  0.02  %
Vella Construction Enterprises, Inc. dba Vella Construction (#,^) 318 28th Ave, San Mateo, CA 94403 Construction of Buildings Term Loan Prime plus 2.75% 6/23/2027 18.5  18.5  18.1  0.01  %
Birches Group, LLC (#,^) 228 East 45th St. 12th FL South, New York, NY 10017 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/22/2027 41.1  41.1  40.1  0.01  %
Scarlet Spartan Inc.dba FastSigns of Brighton (#,^) 533 W. Grand River Ave, Brighton, MI 48116 Administrative and Support Services Term Loan Prime plus 2.75% 6/19/2027 24.0  24.0  24.0  0.01  %
Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC (#,^) 11535 Carmel Cmns Blvd #200, Charlotte, NC 28226 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/16/2042 385.8  385.8  429.2  0.13  %
JAM Media Solutions, LLC (#,^) 4744 Tackawanna St., Philadelphia, PA 19124 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/15/2027 26.6  26.6  26.0  0.01  %
All Regional Recyclers of Wood LLC dba ARROW,Superior Carting,LLC dba (#,^) 104 Wooster St., Bethel, CT 06801 Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/15/2042 299.3  299.3  337.1  0.10  %
ESA 365 Corp and Lucathor Realty LLC (#,^) 2420 Grand Ave, Baldwin, NY 11520 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/14/2042 21.7  21.7  24.7  0.01  %
Hull's Kitchen, LLC and HK Too, LLC (#,^) 19 Hull Shore Dr, Hull, MA 02045 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/14/2042 92.8  92.8  107.4  0.03  %
Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero (#,^) 577 Main Ave, Paterson, NJ 07055 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2042 89.1  89.1  102.2  0.03  %
227
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 96785 Accommodation Term Loan Prime plus 2.75% 6/14/2042 59.7  59.7  69.2  0.02  %
Yachting Solutions LLC (#,^) 229 Commercial St., Rockport, ME 04856 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/12/2027 97.6  97.6  99.9  0.03  %
Refoleen Inc dba Spice and Tea Exchange (#,^) 849 E Commerce St. Ste 121, San Antonio, TX 78205 Food and Beverage Stores Term Loan Prime plus 2.75% 6/8/2027 2.9  2.9  2.8  —  %
SCW, LLC dba Arthur Murray Dance Studio (#,^) 2383 Old Dixwell Ave, Hamden, CT 06518 Educational Services Term Loan Prime plus 2.75% 6/2/2042 140.6  140.6  159.2  0.05  %
Skydive California, LLC (#,^) 25001 S Kasson Rd, Tracy, CA 95301 Educational Services Term Loan Prime plus 2.75% 6/2/2027 45.2  45.2  47.6  0.01  %
Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder (#,^) 246 East Belt Boulevard, Richmond, VA 23224 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/1/2042 44.0  44.0  50.2  0.02  %
Sage Oil LLC (#,^) 8913 Egyptian Ave, Las Vegas, NV 89143 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 5/31/2027 18.3  18.3  18.0  0.01  %
Ricnet III, Inc. dba Edible Arrangements (#,^) 716 Foxcroft Ave, Martinsburg, WV 25401 Food and Beverage Stores Term Loan Prime plus 2.75% 5/31/2027 12.3  12.3  12.1  —  %
Funtime, LLC and Universal Entertainment Group LLC (#,^) 13200 W. Foxfire Dr #144, Surprise, AZ 85387 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/31/2027 54.0  54.0  53.2  0.02  %
Impact Grounds Maintenance and Design, Inc.dba Impact Landscaping and (#,^) 6291 Chittenden Rd, Boston Heights, OH 44236 Administrative and Support Services Term Loan Prime plus 2.75% 5/31/2042 76.4  76.4  87.9  0.03  %
Haroon Baig,Inc.dba US1 Petrol (#,^) 1280-1290 Dixwell Ave, Hamden, CT 06514 Gasoline Stations Term Loan Prime plus 2.75% 5/31/2042 253.8  253.8  294.0  0.09  %
Chet Lemon Enterprises LLC dba All American Sports (#,^) 1544 Lane Park Cutoff, Tavares, FL 32778 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/26/2042 761.9  761.9  882.5  0.27  %
Hurricane Group, Inc. (#,^) 312 West Fourth St., Carson City, NV 89703 Other Information Services Term Loan Prime plus 2.75% 5/26/2027 61.1  61.1  59.7  0.02  %
Eagle Wood Works LLC (#,^) 1448 Horsehead Rd, Lugoff, SC 29078 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 5/26/2027 9.8  9.8  9.9  —  %
Mitchell Auto Repair, LLC and and C&M Mitchell, LLC (#,^) 8641 Ashwood Dr, Capital Heights, MD 20743 Repair and Maintenance Term Loan Prime plus 2.75% 5/26/2042 190.8  190.8  218.0  0.07  %
Swantown Inn & Spa LLC (#,^) 1431 11th Ave SE, Olympia, WI 98501 Accommodation Term Loan Prime plus 2.75% 5/26/2042 122.2  122.2  141.1  0.04  %
Jung Design Inc. (#,^) 10857 Pine Bluff Drive, Fisher, IN 46037 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/25/2027 7.3  7.3  7.2  —  %
Beyond Waves A Unique Salon LLC and Lori Ann Carlson (#,^) 2290 Foxon Rd Route 80, North Branford, CT 06471 Personal and Laundry Services Term Loan Prime plus 2.75% 5/25/2027 12.2  12.2  12.0  —  %
Locavore LLC dba Paloma Restaurant (#,^) 401 S. Guadalupe St., Santa Fe, NM 87501 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/25/2027 40.8  40.8  40.6  0.01  %
228
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 63901 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/25/2042 379.0  379.0  434.6  0.13  %
Innovim, LLC (#,^) 6401 Golden Triangle Dr. Ste 200, Greenbelt, MD 20770 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/24/2027 275.1  275.1  268.6  0.08  %
Gill Express Inc. and Gill Express 2 LLC (#,^) 2372 Walnut Ave, Livingston, CA 95334 Repair and Maintenance Term Loan Prime plus 2.75% 5/23/2042 325.7  325.7  367.0  0.11  %
Prestige Construction of Florida, LLC (#,^) 1404 Yorktown St. Ste E, Deland, FL 34944 Construction of Buildings Term Loan Prime plus 2.75% 5/23/2042 323.4  323.4  361.8  0.11  %
Iron Men Home Repair, Inc. and Ironmen House Lifting Inc. (#,^) 132 North Wellwood Ave, Lindenhurst, NY 11757 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/19/2042 560.0  560.0  636.9  0.20  %
Hayden Trucking LLC (#,^) 11540 Eagle Vista Drive, Fort Worth, TX 76179 Truck Transportation Term Loan Prime plus 2.75% 5/19/2027 170.5  170.5  174.3  0.05  %
Tres K Deli,Grocery,Fruit and Meat Inc. (#,^) 125 West Tremont Ave, Bronx, NY 10453 Food and Beverage Stores Term Loan Prime plus 2.75% 5/19/2027 6.7  6.7  6.8  —  %
Waterford Plumbing Co, Inc. (#,^) 2425 W. Cuyler Ave, Chicago, IL 60618 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/18/2027 40.8  40.8  40.2  0.01  %
Mr. B's Bicycles & Mopeds, Inc. (#,^) 1870 S. 4th Ave, Yuma, AZ 85364 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/18/2042 141.1  141.1  160.1  0.05  %
Bay Car Wash LLC (#,^) 952 S Commercial St & W Magnolia, Aransas Pass, TX 78336 Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2042 116.1  116.1  132.2  0.04  %
Computech Computers Inc. (#,^) 40-24 76th St., Office #2B, Elmhurst, NY 11373 Educational Services Term Loan Prime plus 2.75% 5/17/2027 40.8  40.8  39.8  0.01  %
5 Stars Learning Center Inc (#,^) 14 Paine Ave, Irvington, NJ 07111 Social Assistance Term Loan Prime plus 2.75% 5/16/2042 59.4  59.4  67.4  0.02  %
Batter & Company,LLC dba Batter Co. Dessert Collection (#,^) 1741 N.W. 33rd St., Pompano Beach, FL 33064 Food and Beverage Stores Term Loan Prime plus 2.75% 5/16/2027 43.8  43.8  43.3  0.01  %
Arco Electrical Contractors Inc. dba Arco Construction Group (#,^) 22-24 South Seventh St., Elizabeth, NJ 07202 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/16/2027 291.2  291.2  294.6  0.09  %
Band Sawn Lumber,LLC and Nathan Ryan Adams (#,^) 1873 State Hwy 29, Johnstown, NY 12095 Wood Product Manufacturing Term Loan Prime plus 2.75% 5/15/2042 110.8  110.8  124.6  0.04  %
Sanderson Distribution Inc. (#,^) 100 Daniel Drive, Alamo, CA 94507 Truck Transportation Term Loan Prime plus 2.75% 5/12/2027 8.6  8.6  8.4  —  %
SG Linke LLC (#,^) 413 N Alfaya Trail P11, Orlando, FL 32828 Clothing and Clothing Accessories Stores Term Loan 8.25% 5/12/2027 67.9  67.9  65.9  0.02  %
B G F Bobby Q's Inc (#,^) 447 N. Main St., Freeport, NY 11520 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/11/2027 6.1  6.1  6.4  —  %
Estelle Finkel Educational Associates,LLC (#,^) 125 West Mt. Pleasant Ave, Livingston, NJ 07039 Educational Services Term Loan Prime plus 2.75% 5/11/2027 99.4  99.4  97.0  0.03  %
229
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Labmates,LLC (#,^) 141 Watertown Rd, Thomaston, CT 06787 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 5/10/2027 81.5  81.5  84.2  0.03  %
NHS, LLC (#,^) 212 N Douglas Ave, Ellsworth, KS 67439 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/9/2042 21.1  21.1  23.2  0.01  %
Innovation Transport, LLC (#,^) 1 International Blvd, Mahwah, NJ 07495 Truck Transportation Term Loan Prime plus 2.75% 5/9/2027 63.6  63.6  65.6  0.02  %
NHS, LLC (#,^) 212 N Douglas Ave, Ellsworth, KS 67439 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/9/2027 72.1  72.1  72.1  0.02  %
Benchmark Building, Inc. (#,^) 1439 Stargazer Terrace, Sanford, FL 32771 Construction of Buildings Term Loan Prime plus 2.75% 5/5/2027 18.3  18.3  17.9  0.01  %
Cable Management LLC (#,^) 290 Pratt St., Meriden, CT 06450 Waste Management and Remediation Services Term Loan Prime plus 2.75% 5/3/2027 46.7  46.7  47.9  0.01  %
Fine Arts Center of Easley, Inc. dba Midtown Music (#,^) 117 S. Pendleton St., Easley, SC 29640 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/2/2042 113.5  113.5  131.5  0.04  %
Love and Glory Learning Center, Inc. (#,^) 4911 N. 42nd St., Tampa, FL 33610 Social Assistance Term Loan Prime plus 2.75% 4/28/2042 74.9  74.9  84.5  0.03  %
JMA Inc. dba Primecut and Mezzo; Primecut at Marquee (#,^) 393 Charles St., Providence, RI 02904 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2042 213.2  213.2  246.9  0.08  %
Sneads Ferry Foods, Inc. dba DQ Grill & Chill (#,^) 920 Hwy 210, Sneads Ferry, NC 28460 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2042 611.4  611.4  689.0  0.21  %
Asheville's Fun Depot, LLC (#,^) 7 Roberts Rd, Asheville, NC 28803 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/26/2027 70.7  70.7  74.5  0.02  %
Resident Research, LLC (#,^) 4400 Morris Park Drive Ste M, Charlotte, NC 28277 Other Information Services Term Loan Prime plus 2.75% 4/24/2027 71.8  71.8  70.2  0.02  %
Getting Even LLC dba The Zoo Health Club (#,^) 377 South Willow St., Ste B 2-1, Manchester, NH 03103 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/21/2027 6.1  6.1  6.0  —  %
Ralph's Hair Salon, Inc. (#,^) 175 NW 14th St., Homestead, FL 33030 Personal and Laundry Services Term Loan Prime plus 2.75% 4/21/2042 48.0  48.0  54.8  0.02  %
Condron Brothers LLC DBA Luv 2 Play (#,^) 4790 La Sierra Ave, Riverside, CA 92505 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/19/2027 96.6  96.6  96.9  0.03  %
Butternuts Beer and Ale LLC (#,^) 4021 Hwy 51, Garrattsville, NY 13342 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 4/12/2027 59.6  59.6  62.8  0.02  %
Landmark Ventures USA, Inc. (#,^) 475 Park Ave South 25th Fl, New York, NY 10016 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 3/31/2027 150.5  150.5  146.9  0.05  %
Golden Hen Inc. dba Cafe (#,^) 468 W. Cheltenham Ave, Philadelphia, PA 19126 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/31/2027 52.0  52.0  51.1  0.02  %
Applied Integrated Technologies, Inc. (#,^) 7120 Samuel Morse Drive #150, Columbia, MD 21046 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/31/2027 100.4  100.4  98.0  0.03  %
230
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Bear Trail Lodge LLC (#,^) Mile 1 Bear Trail Rd, King Salmon, AK 99613 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/31/2042 531.0  531.0  613.1  0.19  %
Citizens Lanes, LLC (#,^) 5100 Goodson Connector Rd, Union City, GA 30291 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/31/2042 607.2  607.2  703.3  0.22  %
The Altitude Group, LLC and Core Home Security, LLC (#,^) 949 Clint Moore Rd, Unit 949A, Boca Raton, FL 33487 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/31/2027 35.5  35.5  34.7  0.01  %
Schafer Fisheries Inc. (#,^) 21985 Waller Rd, Fulton, IL 61252 Food Manufacturing Term Loan Prime plus 2.75% 3/30/2042 238.6  238.6  276.4  0.09  %
KWG Industries LLC dba Peterson & Marsh Metal Industries (#,^) 330 Roycefield Rd, Unit B, Hillsborough, NJ 08844 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/30/2027 24.1  24.1  25.2  0.01  %
Sea Smoke Barbeque, Corp and Danwen LLC (#,^) 20 Island Farm Rd, Oak Bluffs, MA 02557 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/30/2042 227.2  227.2  258.5  0.08  %
Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham (#,^) 1221 Kentucky Mills Drive, Louisville, KY 40299 Accommodation Term Loan Prime plus 2.75% 3/29/2042 1,015.1  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 85301 Couriers and Messengers Term Loan Prime plus 2.75% 3/29/2030 84.5  84.5  84.3  0.03  %
Douglas K. Soderblom . dba Loma Linda Optometry (#,^) 25815 Barton Rd, Unit C104, Loma Linda, CA 92354 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2027 80.3  80.3  80.4  0.02  %
Discount Price, LLC dba Robert's Market (#,^) 2 Hill Rd, Franklin, NH 03235 Gasoline Stations Term Loan Prime plus 2.75% 3/29/2042 198.2  198.2  226.4  0.07  %
New England Country Day School, Inc. and Thomas D. Walker (#,^) 27 Kenosia Ave, Danbury, CT 06810 Social Assistance Term Loan Prime plus 2.75% 3/28/2042 362.6  362.6  411.6  0.13  %
Heil & Hornik LLC dba Elysium Tennis (#,^) 7637 C. Commerce Place, Plain City, OH 43064 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/27/2042 893.0  893.0  1,012.2  0.31  %
Pecos Entertainment LLC dba State Theater and Pecos Inn LLC (#,^) 421 S. Oak St., Pecos, TX 79772 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 3/27/2042 394.3  394.3  456.7  0.14  %
Robert Dixon PA dba Law Offices of Robert Dixon (#,^) 4501 NW 2nd Ave, Miami, FL 33127 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/24/2042 409.6  409.6  473.4  0.15  %
Denton Bio Fuels LLC and American Bio Source LLC (#,^) 624 W. University Dr. Ste 359, TX, TX 76201 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2027 45.7  45.7  46.1  0.01  %
Color Graphic Press, Inc. (#,^) 42 Main St., Nyack, NY 10960 Printing and Related Support Activities Term Loan Prime plus 2.75% 3/23/2027 96.3  96.3  101.3  0.03  %
JBK Truck Trailer and Bus Inc. (#,^) 8669 South State Rd 67, Camby, IN 46113 Repair and Maintenance Term Loan Prime plus 2.75% 3/23/2042 85.2  85.2  96.5  0.03  %
Executive Fitness & Nutrition Inc. (#,^) 8610 Roosevelt Ave Ste 2, Jackson Heights, NY 11372 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/23/2027 16.4  16.4  17.2  0.01  %
Baton Rouge Cargo Services Inc. and 6507 Westport, LLC (#,^) 6507 Westport Ave, Shreveport, LA 71129 Truck Transportation Term Loan Prime plus 2.75% 3/22/2042 618.0  618.0  708.6  0.22  %
231
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Vehicle Safety Supply LLC (#,^) 707 Femimore Rd, Mamaroneck, NY 10543 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/21/2027 18.1  18.1  17.6  0.01  %
J Sivilis LLC dba Pet Wants (#,^) 3883 Catalina Dr, Cocoa, FL 32926 Personal and Laundry Services Term Loan Prime plus 2.75% 3/17/2027 3.9  3.9  3.9  —  %
Reservoir International LLC (#,^) 502 Parks McMillan Drive, Raeford, NC 28376 Educational Services Term Loan Prime plus 2.75% 3/16/2027 79.8  79.8  81.1  0.03  %
The Purple Cow House of Pancake Inc (#,^) 6 & 10 Skowhegan Rd, Fairfield, ME 04937 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/16/2042 154.4  154.4  178.6  0.06  %
Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. T.C. (#,^) 5880 US Hwy6, Portage, IN 46368 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/16/2027 241.4  241.4  253.9  0.08  %
1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa (#,^) 6510 North Broadway, Saint Louis, MO 63147 Truck Transportation Term Loan Prime plus 2.75% 3/13/2027 543.7  543.7  529.9  0.16  %
Dwayne Bernard Tate (#,^) 1238 Woodcliff Court SW, Lilburn, GA 30047 Truck Transportation Term Loan Prime plus 2.75% 3/10/2027 8.4  8.4  8.5  —  %
Elegant Occasions, LLC dba E Productions (#,^) 3650 Coral Ridge Drive Units 103-104, Coral Springs, FL 33065 Personal and Laundry Services Term Loan Prime plus 2.75% 3/10/2042 565.7  565.7  641.9  0.20  %
E & P Holdings 1 LLC and Evans & Paul Unlimited Corp. and Evans (#,^) 140 Dupont St., Plainview, NY 11803 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 3/9/2027 100.2  100.2  98.9  0.03  %
Anthony LLC dba Star of Woodward Market (#,^) 5730 Woodward Ave, Detroit, MI 48202 Food and Beverage Stores Term Loan Prime plus 2.75% 3/9/2042 110.9  110.9  128.3  0.04  %
Allegro Assisted Living Of Texas (#,^) 3400 Remington Drive, Plano, TX 75023 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 3/6/2027 77.0  77.0  81.0  0.03  %
Podium Auto Sales Inc and RRS Property, LLC (#,^) 246 S Dixie Hwy, Pompano Beach, FL 33060 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/3/2042 87.2  87.2  98.6  0.03  %
Getting Even LLC dba The Zoo Health Club (#,^) 377 S Willow St. Unit B2-1, Manchester, NH 03103 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2027 76.6  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 92324 Truck Transportation Term Loan Prime plus 2.75% 2/28/2027 182.3  182.3  177.6  0.06  %
Weeping Willow Kennels, Inc and Aileen N Black (#,^) 6041 Hammond School Rd, Salisbury, MD 21804 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2042 134.4  134.4  153.4  0.05  %
Teracore Inc. (#,^) 3300 Holcomb Bridge Rd Ste 226, Norcross, GA 30092 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/27/2027 130.2  130.2  126.9  0.04  %
McNally Enterprises Inc. (#,^) 1010 N. Grove St., Anaheim, CA 92806 Administrative and Support Services Term Loan Prime plus 2.75% 2/27/2027 51.2  51.2  51.0  0.02  %
Total Document Solutions Inc and,TDS Services, LLC (#,^) 2515 North Shiloh Drive, Fayetteville, AR 72704 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 2/27/2030 268.7  268.7  276.3  0.09  %
TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant (#,^) 2235 S. Power Rd Ste 118, Mesa, AZ 85209 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/24/2027 59.8  59.8  62.1  0.02  %
232
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
3W Enterprises LLC (#,^) 2727 Industrial Parkway, Elkhart, IN 46516 Textile Product Mills Term Loan Prime plus 2.75% 2/24/2042 62.8  62.8  72.1  0.02  %
B & J Bicycle Shop Inc. (#,^) 1620 E. Sample Rd, Pompano Beach, FL 33064 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 2/24/2027 5.3  5.3  5.6  —  %
DER Services, LLC dba A.K.A. Sports (#,^) 34904 W. B. Michigan Ave, Wayne, MI 48184 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 2/17/2042 38.4  38.4  44.5  0.01  %
Ameritube, LLC and Ravone Properties, LLC (#,^) 1000 N State Hwy 77, Hillsboro, TX 76645 Primary Metal Manufacturing Term Loan Prime plus 2.75% 2/14/2042 177.8  177.8  205.7  0.06  %
Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC (#,^) 2808 Court St., Port Allen, LA 70767 Truck Transportation Term Loan Prime plus 2.75% 2/10/2042 237.5  237.5  272.3  0.08  %
Maximo Canot dba Wash and Dry Laundrymat (#,^) 34 Morningside Ave, Yonkers, NY 10703 Personal and Laundry Services Term Loan Prime plus 2.75% 2/10/2042 132.1  132.1  151.7  0.05  %
Sushiya Inc. (#,^) 72 S. Main St, Hanover, NH 03755 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/10/2027 14.9  14.9  14.8  —  %
Marvic Enterprises Inc dba Jordan's Liquor (#,^) 199 Taunton Ave, East Providence, RI 02914 Food and Beverage Stores Term Loan Prime plus 2.75% 2/10/2042 210.2  210.2  240.3  0.07  %
Harrison Logging Company LLC (#,^) 255 Ray Crain Rd, Indian Mound, TN 37079 Forestry and Logging Term Loan Prime plus 2.75% 2/9/2027 84.5  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 07081 Repair and Maintenance Term Loan Prime plus 2.75% 2/7/2042 315.7  315.7  355.0  0.11  %
DBMS Consulting, Inc. (#,^) 164 W 83rd St. #CF1 & CF2, New York, NY 10024 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/1/2042 177.5  177.5  199.7  0.06  %
Brandco, LLC (#,^) 2151 Consulate Drive Ste 21, Orlando, FL 32837 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/31/2027 34.5  34.5  33.6  0.01  %
Chidlren's House Learning, Inc and Tarps Investment Group (#,^) 720 Wilbraham Rd, Springfield, MA 01109 Social Assistance Term Loan Prime plus 2.75% 1/31/2042 308.0  308.0  349.3  0.11  %
Fave Realty Inc. (#,^) 1875 Grand Ave, Baldwin, NY 11510 Real Estate Term Loan Prime plus 2.75% 1/30/2042 52.2  52.2  59.5  0.02  %
SRC Publishing LLC (#,^) 8690 Waterford Bend St., Las Vegas, NV 89123 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 1/27/2027 17.7  17.7  17.3  0.01  %
ZMKNY Tires Inc dba Houston International Tires (#,^) 12444 Market ST, Houston, TX 77015 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 1/27/2042 103.2  103.2  119.4  0.04  %
House of Bread & Coffee Corp dba Casa Do Pao (#,^) 22829 State Rd 7, Boca Raton, FL 33428 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/27/2042 167.2  167.2  185.7  0.06  %
Fox Valley Rentals & Investments LLC and Brian M Tomaszewski (#,^) 2906 E. Newberry St., Appleton, WI 54915 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/20/2042 40.7  40.7  46.1  0.01  %
233
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 10018 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/18/2027 8.3  8.3  8.2  —  %
Eickmann Management Group LLC dba Jimmy Johns of Dundee (#,^) 568 Techumseh St., Dundee, MI 48131 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/17/2027 78.5  78.5  82.3  0.03  %
Fullbro Trust dba Menemsha Blues (#,^) 2 Basin Rd, Chilmark, MA 02535 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 1/13/2027 17.8  17.8  18.7  0.01  %
Echelon Enterprises, Inc (#,^) 16701 E. Iliff Ave, Aurora, CO 80013 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 1/10/2027 38.6  38.6  40.6  0.01  %
Fort Smith Wings Inc. dba Wing Stop (#,^) 8624 Rogers Ave, Fort Smith, AR 72903 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/28/2026 15.2  15.2  15.2  —  %
Jacliff Investments Inc. dba International health Technologies (#,^) 2355 South 1070 West, Salt Lake City, UT 84119 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 12/23/2026 97.6  97.6  95.0  0.03  %
Metropolitan Solutions Group Inc. (#,^) 1420 Chestnut St., Portsmouth, VA 23704 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/19/2041 262.8  262.8  292.4  0.09  %
Means Enterprises LLC dba FastFrame Frisco (#,^) 4112-4150 Legacy Dr./5729 Leabanon Rd #412, Frisco, TX 75034 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/16/2026 17.6  17.6  17.2  0.01  %
Soon Im. Chin dba Stan C-Store (#,^) 4014 E Stan Schlueter Loop, Killeen, TX 76542 Gasoline Stations Term Loan Prime plus 2.75% 12/15/2041 203.1  203.1  233.4  0.07  %
Elita 7, LLC (#,^) 16 Marble St., Worcester, MA 01603 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/15/2041 680.9  680.9  777.5  0.24  %
Techni-Pro Institute LLC (#,^) 414 NW 35th St., Boca Raton, FL 33431 Educational Services Term Loan Prime plus 2.75% 12/15/2026 148.3  148.3  146.6  0.05  %
New Chicago Wholesale Bakery, Inc. (#,^) 795 Touhy Ave, Elk Grove Village, IL 60007 Food Manufacturing Term Loan Prime plus 2.75% 12/15/2041 433.2  433.2  487.7  0.15  %
Sempco, Inc. (#,^) 51-55 Lake St. Unit #2-6, Nashua, NH 03060 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/15/2041 40.1  40.1  46.4  0.01  %
HMG Strategy, LLC (#,^) 191 Post Rd West, Westport, CT 06880 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/14/2026 38.6  38.6  37.5  0.01  %
Trison Enterprises Inc.dba Lee's Automotive (#,^) 13281 Aurora Ave N, Seattle, WA 98311 Repair and Maintenance Term Loan Prime plus 2.75% 12/14/2041 389.4  389.4  443.0  0.14  %
AGG Management Team LLC dba Chevron (#,^) 2615 S Dixie Hwy, West Palm Beach, FL 33401 Gasoline Stations Term Loan Prime plus 2.75% 12/14/2041 274.8  274.8  317.4  0.10  %
Wayfarer Bicycle LLC (#,^) 118-120 Ocean Ave, New London, CT 06320 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/13/2041 88.4  88.4  98.9  0.03  %
Success Advertising Inc. dba Success Communivstion (#,^) 26 Eastmans Rd, Parsippany, NJ 07054 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/13/2041 445.8  445.8  512.9  0.16  %
Roast Beef Levittown LLC dba Arby's (#,^) 2080 Hempstead Turnpike, East Meadow, NY 11554 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/13/2026 165.9  165.9  174.1  0.05  %
234
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Myndshft Technologies LLC (#,^) 3440 Gannett Ave, Des Moines, IA 50321 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/9/2026 605.4  605.4  602.3  0.19  %
Recycling Revolution,LLC (#,^) 4190 Collins Rd, Unadilla, GA 31091 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/9/2041 88.7  88.7  100.1  0.03  %
Mack Team Enterprises Inc.dba The UPS Store #6815 (#,^) 38200 Ave of the States, Fort Gordon, GA 30905 Couriers and Messengers Term Loan Prime plus 2.75% 12/9/2026 15.9  15.9  15.9  —  %
Imagine By Carleen Inc. (#,^) 1404 Del Prado Blvd. #100, 105, Cape Coral, FL 33990 Personal and Laundry Services Term Loan Prime plus 2.75% 12/8/2041 50.2  50.2  56.9  0.02  %
Hanson's Greeks LLC (#,^) 8132 N. 87th Place, Ste A, Scottsdale, AZ 85258 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/8/2026 8.8  8.8  9.2  —  %
New Life Hospital LLC (#,^) 17400 Red Oak Drive, Houston, TX 77090 Hospitals Term Loan Prime plus 2.75% 12/8/2041 1,166.4  1,166.4  1,347.6  0.42  %
Yachting Solutions LLC (#,^) 229 Commercial St., Rockport, ME 04856 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/7/2029 60.7  60.7  63.2  0.02  %
Lilo Holdings LLC (#,^) 933 Port Reading Ave, Port Reading, NJ 07064 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/5/2026 12.6  12.6  12.7  —  %
Noso Development LLC (#,^) 4 Walker Way, Albany, NY 12205 Construction of Buildings Term Loan Prime plus 2.75% 12/1/2026 58.6  58.6  57.0  0.02  %
Quick Ship, LLC (#,^) 448 W. 19th St, Houston, TX 77008 Couriers and Messengers Term Loan Prime plus 2.75% 11/30/2026 8.1  8.1  7.9  —  %
Sharaz Shah DBA Thomas Jewelers (#,^) 714 Greenville Blvd, Ste 0043, Greenville, NC 27858 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 11/30/2026 6.3  6.3  6.1  —  %
Studio Find It Georgia, Inc. (#,^) 1415 Constitution Rd SE, Atlanta, GA 30316 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/30/2026 5.8  5.8  5.7  —  %
RD Management, LLC (#,^) 2302 N. Kings Hwy, Myrtle Beach, SC 29572 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2026 165.4  165.4  161.9  0.05  %
Imaginarium Foods LLC, (#,^) 751 N. Cable Rd, Lima, OH 45805 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2042 358.5  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 32164 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 11/30/2041 64.7  64.7  74.8  0.02  %
Usman Jalil, LLC dba Food Mart (#,^) 147 N Washington St., Plainville, CT 06062 Gasoline Stations Term Loan Prime plus 2.75% 11/29/2041 223.9  223.9  250.0  0.08  %
Access Staffing, LLC (#,^) 360 Lexington Ave 8th Fl, New York, NY 10017 Administrative and Support Services Term Loan Prime plus 2.75% 11/29/2026 914.3  914.3  889.1  0.28  %
CRK Mens, LLC dba Spiff for Men (#,^) 750 Third Ave, New York, NY 10017 Personal and Laundry Services Term Loan Prime plus 2.75% 11/23/2026 84.6  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 98002 Administrative and Support Services Term Loan Prime plus 2.75% 11/23/2026 46.4  46.4  45.5  0.01  %
WPN Recycling Company LLC (#,^) 5101 Andard Ave, Baltimore, MD 21226 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/23/2026 17.4  17.4  18.3  0.01  %
235
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Merchant Coterie, Inc. (#,^) 400 East 52nd St. Apt 14F, New York, NY 10022 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/23/2026 96.7  96.7  94.1  0.03  %
Bouquet Restaurant LLC (#,^) 519 Main St., Covington, KY 41011 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/22/2041 92.8  92.8  107.0  0.03  %
JBK Truck Trailer and Bus Inc. (#,^) 8669 S State Rd 67, Camby, IN 46113 Repair and Maintenance Term Loan Prime plus 2.75% 11/22/2041 396.2  396.2  449.0  0.14  %
6E Technologies LLC (#,^) 11001 West 120th Ave, Ste 400, Broomfield, CO 80020 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/22/2026 122.4  122.4  124.5  0.04  %
Broms Asset Management LLC (#,^) 215 East 79th St. Apt 9E, New York, NY 10075 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 11/22/2026 96.6  96.6  93.9  0.03  %
Skaggs RV Outlet LLC (#,^) 301 Commerce Drive, Elizabethtown, KY 42701 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/21/2026 77.4  77.4  81.2  0.03  %
Catherine Christine Morin dba Purr-Fect Pets (#,^) 1915 North Austin Ave, Georgetown, TX 78626 Personal and Laundry Services Term Loan Prime plus 2.75% 11/17/2026 14.5  14.5  14.1  —  %
Stratmar Systems Inc dba Stratmar Retail Services (#,^) 109 Willett Ave, Port Chester, NY 10573 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/16/2026 53.0  53.0  55.6  0.02  %
Hoosier Health Plus, LLC (#,^) 520 East 8th St., Anderson, IN 46012 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/15/2026 91.7  91.7  94.3  0.03  %
J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value (#,^) 640 Dubois St., Du Bois, PA 15801 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/10/2026 170.5  170.5  177.7  0.06  %
J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value (#,^) 640 Dubois St., Dubois, PA 15801 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/10/2041 438.5  438.5  500.8  0.16  %
Panther Ironworks and Rigging Solutions LLC (#,^) 1028 Washburn Switch Rd, Shelby, NC 28150 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/10/2026 123.0  123.0  124.1  0.04  %
Hackensack Steel Corporation and Luzerne Ironworks Inc (#,^) 300 Sly St., Swoyersville, PA 18709 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/10/2026 191.0  191.0  200.4  0.06  %
Big Apple Entertainment Partners LLC (#,^) 1221 Brickell Ave, Ste 2660, Miami, FL 33131 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/9/2026 135.4  135.4  131.7  0.04  %
Dyer Properties, LLC and Bayview Pharmacy, Inc. (#,^) 3844 Post Rd, Warwick, RI 02886 Health and Personal Care Stores Term Loan Prime plus 2.75% 11/9/2041 229.1  229.1  258.0  0.08  %
MIK LLC dba Firehouse Subs (#,^) 17250 Royalton Rd, Strongsville, OH 44136 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/9/2026 168.8  168.8  165.2  0.05  %
Fine Line Interiors, Inc. (#,^) 2530 SW 30th Ave, Hallandale Beach, FL 33009 Repair and Maintenance Term Loan Prime plus 2.75% 11/4/2041 63.5  63.5  73.4  0.02  %
131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero (#,^) 13215 Miles Ave, Cleveland, OH 44105 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/3/2041 120.6  120.6  137.9  0.04  %
Veracruz Shabo, LLC, Waterfalls Quick Lube LLC (#,^) 1325 Broad St., Central Falls, RI 02863 Repair and Maintenance Term Loan Prime plus 2.75% 11/1/2041 115.6  115.6  132.0  0.04  %
236
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Glocecol LLC (#,^) 10302 NW S River Drive, Bay #18, Miami, FL 33178 Administrative and Support Services Term Loan Prime plus 2.75% 11/1/2026 58.0  58.0  60.9  0.02  %
Bloomquist Communications Inc. (#,^) 131 East Trinity Place, Decatur, GA 30030 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2026 46.0  46.0  44.7  0.01  %
Moolchan Enterprises LLC dba Staying Green (#,^) 5370 State Rd 84 Bay 3, Davie, FL 33314 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2026 8.4  8.4  8.8  —  %
Woodstock Enterprises Corp dba True Scent Candle Co (#,^) 191 2nd Ave, Warwick, RI 02888 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 10/31/2041 84.6  84.6  94.7  0.03  %
FibAire Communications, LLC (#,^) 13590 S Sunland Gin Rd, #E, Arizona City, AZ 85123 Telecommunications Term Loan Prime plus 2.75% 10/27/2026 82.6  82.6  83.5  0.03  %
Elite Structures Inc (#,^) 401 Old Quitman Rd, Abel, GA 31620 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/27/2029 191.3  191.3  202.5  0.06  %
Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC (#,^) 200 North Branford Rd, Branford, CT 06405 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 10/24/2026 325.7  325.7  341.8  0.11  %
Worldwide Estate, Inc. dba Washington Heights Manor (#,^) 10620 W. Greenwood Ter, Milwaukee, WI 53224 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 10/21/2041 213.9  213.9  247.1  0.08  %
Gold Wind Logistics LLC (#,^) 2830 Beech Daly Rd, Inkster, MI 48141 Truck Transportation Term Loan Prime plus 2.75% 10/20/2041 167.2  167.2  193.2  0.06  %
Speaker City, Inc. dba Rollin Thunder (#,^) 246 East Belt Boulevard, Richmond, VA 23224 Electronics and Appliance Stores Term Loan Prime plus 2.75% 10/14/2041 119.2  119.2  136.0  0.04  %
Maine Service Corp (#,^) 59-22 55th St., Maspeth, NY 11378 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 10/13/2026 126.1  126.1  130.6  0.04  %
Justin Partlow (#,^) 100 Independence Place, Ste 414, Tyler, TX 75703 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 10/13/2026 14.9  14.9  14.5  —  %
Reliable Recovery Services LLC (#,^) 2401 West Mcdowell Rd, Phoenix, AZ 85009 Support Activities for Transportation Term Loan Prime plus 2.75% 10/7/2026 86.2  86.2  86.8  0.03  %
Wyspen Corporation dba Charlestown Ace (#,^) 5 Austin St., Charlestown, MA 02129 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 10/3/2026 27.6  27.6  26.8  0.01  %
Ailky Corporation (#,^) 352 Beford St., Lakeville, MA 02347 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 10/3/2026 181.6  181.6  179.3  0.06  %
Adelwerth Bus Corp. (#,^) 423 Montauk Hwy, Eastport, NY 11941 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2041 230.3  230.3  259.7  0.08  %
JJA Transportation Management Inc. (#,^) 15 Church St., Upland, PA 19015 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2026 39.8  39.8  38.7  0.01  %
Seaway LLC and Reklaw LLC dba Allure Lounge (#,^) 415 -417 Halsey Drive, Newark, NJ 07102 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2041 130.4  130.4  150.6  0.05  %
Adelwerth Bus Corporation, Transportation Leasing Corp. (#,^) 423 Montauk Hwy, Eastport, NY 11941 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2029 545.1  545.1  574.0  0.18  %
237
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 33127 Printing and Related Support Activities Term Loan Prime plus 2.75% 9/28/2041 821.5  821.5  949.1  0.29  %
Beadon Inc (#,^) 2601 Old Ocean City Rd, Salisbury, MD 21804 Food and Beverage Stores Term Loan Prime plus 2.75% 9/28/2026 17.0  17.0  17.8  0.01  %
CD Game Exchange Inc. (#,^) 3719 N Mississippi, Portland, OR 97227 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/28/2026 17.5  17.5  17.0  0.01  %
Kyle M Walker DDS, PC (#,^) 1402 West Park Ave, Orange, TX 77630 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2026 175.0  175.0  172.6  0.05  %
Reynolds Fence & Guardrail Inc. (#,^) 9320 Machado Drive, Indian Trail, NC 28079 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/27/2026 476.8  476.8  491.8  0.15  %
Luv 2 Play Nor Cal, LLC dba Luv 2 Play (#,^) 82 Clarksville Rd, Folsom, CA 95630 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/27/2026 39.9  39.9  39.7  0.01  %
Sarah S Olelewe MD Inc (#,^) 11704 &11712 Hawthorne Blvd, Hawthorne, CA 90250 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/26/2041 277.5  277.5  314.8  0.10  %
TPFC,LLC dbaThe Picture Frame Company (#,^) 5957 Glenway Ave, Cincinnati, OH 45238 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/26/2041 55.7  55.7  63.3  0.02  %
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch (#,^) 24201 N Hwy 1, Fort Bragg, CA 95437 Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 9/26/2026 6.8  6.8  7.1  —  %
PeopleBest Inc. (#,^) 19442 Mesa Drive, Villa Park, CA 92861 Administrative and Support Services Term Loan Prime plus 2.75% 9/26/2026 11.4  11.4  11.0  —  %
Wrecking Crew Media LLC (#,^) 229 Commercial Ave, Pittsburgh, PA 15212 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/21/2026 37.9  37.9  36.8  0.01  %
Cuppiecakes LLC (#,^) 313 S Main St., McGregor, TX 76557 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/21/2041 21.3  21.3  24.1  0.01  %
Consulting Solutions Inc. and Mark Luciani (#,^) 3000 N Federal Hwy 1-1A, Fort Lauderdale, FL 33306 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2026 17.1  17.1  17.5  0.01  %
Benoit's Towing and Recovery LLC (#,^) 301 Tabor Rd, Swanton, VT 05488 Support Activities for Transportation Term Loan Prime plus 2.75% 9/20/2026 9.1  9.1  8.9  —  %
Atlantic Alarm Systems and Services LLC (#,^) 165 Amboy Rd, Bldg G, Ste 703, Morganville, NJ 07734 Administrative and Support Services Term Loan Prime plus 2.75% 9/14/2026 11.7  11.7  11.6  —  %
Marquis Cattle Company (#,^) 805 US Hwy 87, Belt, MT 59412 Animal Production and Aquaculture Term Loan Prime plus 2.75% 9/13/2026 38.2  38.2  40.1  0.01  %
Metropet Dog Center, Inc (#,^) 2057 West Shore Rd, Warwick, RI 02889 Personal and Laundry Services Term Loan Prime plus 2.75% 9/13/2041 103.6  103.6  118.0  0.04  %
Bingham Enterprises, Inc and Full Belli Deli and Sausage Company (#,^) 209 South Front St., Townsend, MT 59644 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/12/2041 78.2  78.2  87.7  0.03  %
SRA Mechanicial Inc (#,^) 1186 Ocean Ave, Bayshore, NY 11706 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/6/2041 41.3  41.3  47.7  0.01  %
Sandia Enterprises Inc dba Massage Envy Spa (#,^) 9139 W Stockton Blvd Ste 100, Elk Grove, CA 95758 Personal and Laundry Services Term Loan Prime plus 2.75% 9/6/2026 32.2  32.2  31.2  0.01  %
238
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 75050 Administrative and Support Services Term Loan Prime plus 2.75% 8/30/2026 98.7  98.7  97.2  0.03  %
Raem Corporation dba Dryclean Express (#,^) 557 West Whitney Rd, Fairport, NY 14450 Personal and Laundry Services Term Loan Prime plus 2.75% 8/29/2041 68.6  68.6  79.0  0.02  %
Warren Dale Warrington dba Custom Paint and Body (#,^) 705 S Market Ave, Fort Pierce, FL 34982 Repair and Maintenance Term Loan Prime plus 2.75% 8/26/2041 95.8  95.8  109.5  0.03  %
Albert Basse Associates Inc (#,^) 175 Campanelli Parkway, Stoughton, MA 02072 Printing and Related Support Activities Term Loan Prime plus 2.75% 8/25/2026 46.3  46.3  48.5  0.02  %
Avery Management Inc. dba Whetstone Upholstery (#,^) 1122 N Bloulevard, Richmond, VA 23230 Repair and Maintenance Term Loan Prime plus 2.75% 8/25/2026 7.7  7.7  7.4  —  %
Tabadesa Associates Inc. (#,^) 419 W 49th St. Ste 111, Hialeah, FL 33012 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/25/2026 16.9  16.9  16.4  0.01  %
TR Companies LLC dba Liberty Rental 4 U (#,^) 410 N Church Rd, Liberty, MO 64068 Rental and Leasing Services Term Loan Prime plus 2.75% 8/25/2026 67.5  67.5  65.5  0.02  %
Rosmel Pools Inc (#,^) 9300 NW 25th St. Ste 103, Miami, FL 33172 Repair and Maintenance Term Loan Prime plus 2.75% 8/25/2026 16.9  16.9  16.6  0.01  %
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC (#,^) 726-740 South Fleming St., Sebastian, FL 32958 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2041 492.0  492.0  566.5  0.18  %
Luv 2 Play Temecula, LLC (#,^) 26469 Ynez Rd, Temecula, CA 92591 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/15/2026 45.0  45.0  43.7  0.01  %
2 Cool Beans LLC dba Menchies's Frozen Yogurt (#,^) 11331 Thienes Ave, South El Monte, CA 91733 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/11/2026 61.9  61.9  60.0  0.02  %
Grayson O Company (#,^) 6509 Newell Ave, Kannapolis, NC 28082 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 8/10/2041 591.7  591.7  682.2  0.21  %
Paul Belanger dba Paul Belanger Landscaping (#,^) 2595 Military Ave, Los Angeles, CA 90064 Administrative and Support Services Term Loan Prime plus 2.75% 8/9/2026 11.2  11.2  10.9  —  %
The Hungry Rhino LLC (#,^) 47 South Main St., Windsor Locks, CT 06096 Real Estate Term Loan Prime plus 2.75% 7/29/2041 72.1  72.1  81.5  0.03  %
USA General Investment LLC dba Braniff Paint and Body Shop (#,^) 2290 NW 21st Terrace, Miami, FL 33142 Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2026 16.7  16.7  16.5  0.01  %
303 Tower Drive LLC (#,^) 303 Tower Drive, Ste A, Middletown, NY 10941 Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2041 378.2  378.2  433.2  0.13  %
Little Tree Huggers Child Care LLC (#,^) 38620 9 Mile Rd, Farmington Hills, MI 48335 Social Assistance Term Loan Prime plus 2.75% 7/29/2041 132.3  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 33131 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/28/2026 222.8  222.8  216.2  0.07  %
676 Club LP dba The Green Door Tavern/The Drifter (#,^) 676 and 678 North Orleans ST, Chicago, IL 60654 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/28/2041 633.1  633.1  728.1  0.23  %
Intrepid Trinity LLC (#,^) 680 Douglas Ave, Providence, RI 02908 Nonstore Retailers Term Loan Prime plus 2.75% 7/28/2041 59.1  59.1  67.3  0.02  %
239
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 28560 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/28/2041 321.7  321.7  362.4  0.11  %
EPEC Juice LLC dba Jamba Juice (#,^) 810 Ninth St., Ste 128, Durham, NC 27705 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026 62.0  62.0  60.2  0.02  %
Pinco Pizza LLC dba Jet's Pizza (#,^) 10845 N. Tatum Blvd Ste A 100, Phoenix, AZ 85028 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026 54.7  54.7  57.3  0.02  %
JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar (#,^) 1 West Main St., Patchogue, NY 11772 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026 92.8  92.8  90.1  0.03  %
The Grasso Companies, LLC and Grasso Pavement Maintenance, LLC (#,^) 485 Pepper St., Norwalk, CT 06468 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 7/26/2026 67.3  67.3  67.8  0.02  %
My Sainath Inc dba Motel 6 (#,^) 1008 E Crest Drive, Waco, TX 76705 Accommodation Term Loan Prime plus 2.75% 7/22/2041 288.6  288.6  330.9  0.10  %
Robert G Larson State Farm Insurance (#,^) 7922 Jamaica Ave, Woodhaven, NY 11421 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/22/2026 16.7  16.7  16.2  0.01  %
J and D Resources LLC dba Aqua Science (#,^) 1923 E 5th St, Tempe, AZ 85281 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2026 87.6  87.6  85.6  0.03  %
Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Shop (#,^) 1502 Hwy 157, Mansfield, TX 76063 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 7/18/2026 11.7  11.7  11.3  —  %
Franklin Firm LLC dba Luv 2 Play (#,^) 1310 East Stan Schleuter Loop, Killeen, TX 76542 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/15/2041 152.1  152.1  173.2  0.05  %
Jacob Rugs LLC dba Rugs Outlet (#,^) 32879 US Hwy 27, Haines City, FL 33844 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 7/13/2026 48.7  48.7  51.0  0.02  %
RM Hawkins LLC dba Pure Water Tech West (#,^) 5140 Topaz Drive, Colorado Springs, CO 80918 Nonstore Retailers Term Loan Prime plus 2.75% 7/7/2026 37.0  37.0  38.3  0.01  %
Nevey's LLC dba Stark Food III (#,^) 6315 W. Fond Du Lac Ave, Milwaukee, WI 53218 Food and Beverage Stores Term Loan Prime plus 2.75% 6/30/2041 278.2  278.2  326.2  0.10  %
Corning Lumber Company Inc and Frank R Close and Son Inc (#,^) 1314 Sixth St., Orland, CA 95963 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/30/2029 160.2  160.2  173.5  0.05  %
Desert Tacos LLC (#,^) 245 East Bell Rd, Ste A-2, Phoenix, AZ 85022 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2026 74.5  74.5  78.0  0.02  %
VMA Technologies LLC (#,^) 120 S Serenata Dr. #332, Ponte Vedra Beach, FL 32082 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/30/2026 16.5  16.5  16.8  0.01  %
P L H Pharmaco Inc dba Farmacia San Jose (#,^) 149 48th St., Union City, NJ 07087 Health and Personal Care Stores Term Loan Prime plus 2.75% 6/30/2026 124.2  124.2  131.3  0.04  %
Martin Inventory Management LLC (#,^) 304 1/2 Main St., Edgefield, SC 29824 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/30/2026 18.2  18.2  19.2  0.01  %
WGI, LLC dba Williams Grant Inn (#,^) 154 High St., Bristol, RI 02809 Accommodation Term Loan Prime plus 2.75% 6/29/2041 115.8  115.8  135.2  0.04  %
240
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 08028 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/29/2026 102.9  102.9  105.4  0.03  %
KWG Industries, LLC dba Peterson & Marsh Metal Industries (#,^) 330 Roycefield Rd, Unit B, Hillsborough, NJ 08844 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/29/2041 287.4  287.4  336.2  0.10  %
E & P Holdings 1 LLC and Evans & Paul LLC (#,^) 140 Dupont St, Plainview, NY 11803 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 6/28/2026 99.2  99.2  101.7  0.03  %
MaidPro Marin dba MaidPro (#,^) 98 Jewell St., San Rafael, CA 94901 Administrative and Support Services Term Loan Prime plus 2.75% 6/28/2026 12.9  12.9  13.1  —  %
JumboMarkets Inc dba Rines Jumbomarkets (#,^) 15500 SW Trail Drive, Indiantown, FL 34956 Food and Beverage Stores Term Loan Prime plus 2.75% 6/24/2026 36.7  36.7  37.4  0.01  %
Island Time Investments, LLC dba Swantown Inn Bed & Breakfast (#,^) 1431 11th Ave SE, Olympia, WA 98501 Accommodation Term Loan Prime plus 2.75% 6/24/2041 95.5  95.5  112.1  0.03  %
Shooting Sports Academy LLC and Jetaa LLC (#,^) 27 Main St., Monroe, CT 06468 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/23/2041 470.0  470.0  544.0  0.17  %
Long Island Comedy LLC dba Governors and New York Comedy, LLC (#,^) 90 A Division Ave, Levittown, NY 11756 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/23/2041 176.9  176.9  206.0  0.06  %
Visual Advantage LLC dba Signs Now Perryberg (#,^) 23248 Dunbridge Rd, Perrysburg, OH 43443 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/23/2041 86.1  86.1  100.0  0.03  %
Bagelicious, LLC (#,^) 945 S Main St, Cheshire, CT 06410 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/17/2026 40.1  40.1  40.8  0.01  %
Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle (#,^) 377 Boston Post Rd, Milford, CT 06460 Couriers and Messengers Term Loan Prime plus 2.75% 6/16/2026 396.4  396.4  403.1  0.13  %
NKJ Lusby Donuts LLC (#,^) 174 Village Center Drive, Lusby, MD 20657 Food and Beverage Stores Term Loan Prime plus 2.75% 6/16/2026 16.5  16.5  16.8  0.01  %
Winegirl Wines LLC (#,^) 222 E Wapato Way, Manson, WA 98831 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 6/16/2026 8.3  8.3  8.7  —  %
Jai-Alexia Consulting, Inc. (#,^) 14660 Paddock Drive, Wellington, FL 33414 Couriers and Messengers Term Loan Prime plus 2.75% 6/15/2026 8.7  8.7  8.8  —  %
Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares (#,^) 1137 West St., Southington, CT 06489 Social Assistance Term Loan Prime plus 2% 6/15/2041 483.0  483.0  533.5  0.17  %
Refoleen Inc dba Spice and Tea Exchange (#,^) 849 East Commerce St., Ste 121, San Antonio, TX 78205 Food and Beverage Stores Term Loan Prime plus 2.75% 6/10/2026 63.6  63.6  64.7  0.02  %
Luv 2 Play AZ LLC (#,^) 15495 Bell Rd, Surprise, AZ 85374 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/10/2026 45.9  45.9  48.4  0.02  %
ScimTech Industries Inc dba Archer Aerospace (#,^) 1021 Linden Ave, Chester Springs, PA 19425 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 6/6/2026 8.8  8.8  9.0  —  %
Larry H. Patterson and Rainbow Movers, Inc (#,^) 2325 Hollers Ave, Bronx, NY 10475 Truck Transportation Term Loan Prime plus 2.75% 6/6/2026 16.5  16.5  16.8  0.01  %
241
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Solvit Inc and Solvit North Inc (#,^) 65 Farmington Valley Drive, Plainville, CT 06062 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/3/2026 182.8  182.8  188.4  0.06  %
AP5 LLC dba Krauser's Food Store (#,^) 5 Pond Point Rd, Milford, CT 06460 Food and Beverage Stores Term Loan Prime plus 2.75% 6/2/2041 182.8  182.8  214.4  0.07  %
ATI Jet Inc (#,^) 7007 Boeing Drive, El Paso, TX 79925 Air Transportation Term Loan Prime plus 2.75% 5/31/2026 404.9  404.9  416.7  0.13  %
Premier Athletic Center of Ohio, Inc (#,^) 8957 Kingsridge Drive, Centerville, OH 45459 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/27/2026 63.6  63.6  67.1  0.02  %
Angelo Faia dba AVF Construction (#,^) 55 Arbour Lane, Sewell, NJ 08080 Construction of Buildings Term Loan Prime plus 2.75% 5/27/2041 93.8  93.8  109.1  0.03  %
Jack Frost Firewood Inc. and David Dubinsky (#,^) 3168 Holland Rd, Virginia Beach, VA 23453 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/26/2041 194.2  194.2  225.6  0.07  %
Mersada Holdings LLC (#,^) 933 Louise Ave Ste 10122, Charlotte, NC 28204 Nonstore Retailers Term Loan Prime plus 2.75% 5/26/2026 245.5  245.5  259.0  0.08  %
Southwest Division Inc (#,^) 2103 NE 3rd Terrace, Cape Coral, FL 33909 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 5/26/2026 6.0  6.0  6.2  —  %
International Kitchen Supply LLC (#,^) 3466 North Hwy 11, West Union, SC 29696 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/25/2026 135.8  135.8  140.2  0.04  %
Groth Lumber Co. Inc. dba True Value (#,^) 6747 Pacific Ave, Wright, MN 55798 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/25/2026 16.4  16.4  17.3  0.01  %
Island Life Graphics Inc dba FASTSIGNS #576 (#,^) 1925 S 14th St. No. 7, Amelia Island, FL 32034 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 5/24/2026 16.4  16.4  16.7  0.01  %
Powerspec Inc (#,^) 1 Linsley Place, Metuchen, NJ 08840 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/24/2026 63.4  63.4  64.4  0.02  %
Horseshoe Barbecue, LLC (#,^) 6555,6565,6575 N Sandario Rd, Tucson, AZ 85743 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/23/2029 8.7  8.7  9.4  —  %
Pro Auto Repair LLC (#,^) 204 F St. SW, Quincy, WA 98848 Repair and Maintenance Term Loan Prime plus 2.75% 5/20/2026 5.4  5.4  5.7  —  %
National Air Cargo Holdings Inc (#,^) 5955 TG Lee Blvd., Ste 500, Orlando, FL 32822 Air Transportation Term Loan Prime plus 2.75% 5/20/2026 909.2  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 33486 Social Assistance Term Loan Prime plus 2.75% 5/20/2026 9.3  9.3  9.4  —  %
J&A Laundromat Inc. (#,^) 225 East Park Ave, Long Beach, NY 11561 Personal and Laundry Services Term Loan Prime plus 2.75% 5/18/2026 49.1  49.1  50.3  0.02  %
Dedicated Incorporated (#,^) 2916 North 39th St., Phoenix, AZ 85019 Administrative and Support Services Term Loan Prime plus 2.75% 5/18/2041 43.8  43.8  51.1  0.02  %
HBA LLC dba Palmetto Twist-Vista (#,^) 1225-1229 Lincoln St., Columbia, SC 29201 Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2026 14.1  14.1  14.4  —  %
Studio Find It Georgia Inc (#,^) 3399 Peachtree Rd NE, Ste 400, Atlanta, GA 30326 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/13/2026 16.4  16.4  16.8  0.01  %
242
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
FJN Catering Inc (#,^) 106 Main St., Mineola, NY 11951 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/13/2041 247.3  247.3  290.1  0.09  %
Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano (#,^) 11 Kirby Rd, Cromwell, CT 06419 Social Assistance Term Loan Prime plus 2.75% 5/12/2041 124.8  124.8  145.1  0.05  %
Sabir Inc. dba Bear Diner (#,^) 603 Pulaski Hwy, Bear, DE 19701 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/11/2041 116.6  116.6  136.4  0.04  %
Gator D'Lites LLC dba D'Lites Emporium (#,^) 4216 NW 16th Blvd, Gainsville, FL 32605 Food and Beverage Stores Term Loan Prime plus 2.75% 5/5/2026 16.4  16.4  16.6  0.01  %
Keller, Fishback & Jackson LLP (#,^) 28720 Canwood St., Agoura Hills, CA 91301 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/29/2026 91.9  91.9  96.9  0.03  %
Marc S. Rosenberg P.C. dba Mammuth and Rosenberg (#,^) 401 East City Ave Ste 122, Bala Cynwyd, PA 19004 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/29/2026 16.2  16.2  16.5  0.01  %
Hard Exercise Works Winter Park LLC (#,^) 11551 University Blvd #4C Bldg 1, Orlando, FL 32817 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/29/2026 29.3  29.3  29.8  0.01  %
Loriet LLC (#,^) 5001 Vivienda Way, Sarasota, FL 34235 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 4/29/2026 5.4  5.4  5.5  —  %
May-Craft Fiberglass Products Inc (#,^) 96 Hillsboro Rd, Four Oaks, NC 27524 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 4/29/2041 232.8  232.8  273.2  0.08  %
Alpha Omega Trucking LLC (#,^) 14432-52 State Line Rd, Brookings, OR 97415 Truck Transportation Term Loan Prime plus 2.75% 4/29/2041 165.1  165.1  193.7  0.06  %
Warner Home Comfort, LLC dba Smith Piping (#,^) 1571 Canton Rd., NW, Carrollton, OH 44615 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/29/2041 77.5  77.5  90.2  0.03  %
Empowerschool LLC and Empower Autism Academy, LLC (#,^) 1825 Fort View Rd, Austin, TX 78754 Social Assistance Term Loan Prime plus 2.75% 4/29/2041 142.8  142.8  167.5  0.05  %
Costume World Inc (#,^) 950 S Federal Hwy, Deerfield Beach, FL 33441 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 4/28/2041 1,175.8  1,175.8  1,379.6  0.43  %
Pecos Inn LLC dba Econo Lodge (#,^) 2207 W Third St., Pecos, TX 79772 Accommodation Term Loan Prime plus 2.75% 4/28/2041 634.1  634.1  741.8  0.23  %
Accent Comfort Services, LLC (#,^) 5035-C West W. T. Harris Blvd, Charlotte, NC 28269 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/26/2026 64.8  64.8  65.9  0.02  %
Automotive Core Recycling, LLC and 828 Old Colony Road, LLC (#,^) 27-29 Cooper St., Meriden, CT 06053 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/22/2041 235.0  235.0  271.1  0.08  %
McIntosh Trail Management Services Organization Inc (#,^) 747 South Hill St., Griffin, GA 30224 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/22/2041 399.8  399.8  469.1  0.15  %
AAA Mill Direct, Inc. dba Carpet Mill Outlets (#,^) 1 North Armistead Ave, Hampton, VA 23669 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 4/21/2026 5.7  5.7  6.0  —  %
Sushiya Inc (#,^) 72 South Main St., Hanover, NH 03755 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/12/2026 63.0  63.0  64.8  0.02  %
KNS Early Learning Academy LLC (#,^) 57 Merritt St. SE, Marietta, GA 30060 Social Assistance Term Loan Prime plus 2.75% 4/6/2041 48.0  48.0  55.7  0.02  %
243
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 02863 Repair and Maintenance Term Loan Prime plus 2.75% 4/6/2041 261.6  261.6  305.4  0.09  %
Christian Soderquist dba Soderquist Plumbing and Heating LLC (#,^) 7 Oak Drive, Sandy Hook, CT 06482 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/31/2041 53.2  53.2  62.5  0.02  %
Cameo Carter, MD A Professional Corporation dba The Garden Pediatric (#,^) 101 East Redlands Blvd, Ste 106, Redlands, CA 92373 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/31/2026 53.4  53.4  54.3  0.02  %
Gill Express Inc and Blue Speed LLC (#,^) 2372 Walnut Ave, Livingston, CA 95334 Repair and Maintenance Term Loan Prime plus 2.75% 3/31/2041 485.9  485.9  565.6  0.18  %
Dana A. Farley dba Independent Cabinets (#,^) 5805 NE Minder Rd, Poulsbo, WA 98370 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/31/2041 61.8  61.8  72.6  0.02  %
Vehicle Safety Supply LLC (#,^) 15 East 72nd St., Ste 14-H, New York, NY 10021 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/31/2026 16.0  16.0  16.3  0.01  %
Men of Steel Enterprises LLC and Vogelbacher Properties LLC (#,^) 2039 US Route 130, Burlington, NJ 08016 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/31/2041 369.1  369.1  424.6  0.13  %
Wyldewood Cellars, Inc. (#,^) 951 East 119th St, Mulvane, KS 67120 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 3/30/2041 960.1  960.1  1,108.3  0.34  %
NOSO Development, LLC (#,^) 4 Walker Way, Albany, NY 12205 Construction of Buildings Term Loan Prime plus 2.75% 3/30/2026 133.5  133.5  135.5  0.04  %
MTS Car Service LLC (#,^) 30 Taylor Ave, Norwalk, CT 06850 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 3/30/2026 7.5  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 33410 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 3/30/2026 66.8  66.8  68.2  0.02  %
Tom Sawyer Country Restaurant LLC and AM 3208 LLC (#,^) 3208 Forest Hills Boulevard, Palm Springs, FL 33406 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/30/2041 243.0  243.0  284.5  0.09  %
Gordon Rogers and Heidi Rogers dba Stone House Motor Inn (#,^) 162 Danielson Pike, Foster, RI 02825 Accommodation Term Loan Prime plus 2.75% 3/30/2026 16.2  16.2  17.1  0.01  %
Barrocas Gym LLC dba Snap Fitness (#,^) 260 West Main St., Avon, CT 06001 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/29/2026 13.8  13.8  14.3  —  %
Vinmar Inc. dba Locanda Portofino (#,^) 1110 Montana Ave, Santa Monica, CA 90403 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2026 57.9  57.9  58.7  0.02  %
Marathon Engineering Corporation (#,^) 5615 2nd St. W, Lehigh Acres, FL 33971 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/28/2041 42.2  42.2  49.3  0.02  %
PHCDC1 LLC dba Quarter + Glory and Public House Collective, Corp. (#,^) 2017 14th St. NW, Washington, DC 20009 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2026 35.6  35.6  36.7  0.01  %
Revolution Physical Therapy LLC dba Apex Network Physical Therapy (#,^) 2705 Dougherty Ferry Rd #104, St. Louis, MO 63122 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2026 16.2  16.2  16.6  0.01  %
244
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
International Construction Inc (#,^) 53955 Gratiot Ave, Chesterfield, MI 48051 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 3/24/2041 45.6  45.6  53.0  0.02  %
ActKnowledge, Inc. (#,^) 365 5th Ave, New York, NY 10016 Personal and Laundry Services Term Loan Prime plus 2.75% 3/24/2026 89.0  89.0  93.7  0.03  %
Precious Care LLC and Precious Care Management LLC (#,^) 186-06 Union Turnpike, Fresh Meadows, NY 11364 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/21/2026 396.1  396.1  402.7  0.12  %
Media Capital Partners, Inc (#,^) 809 Cedar Rd, Southport, CT 06890 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 3/21/2026 16.0  16.0  16.2  0.01  %
Kekoa Enterprises Inc dba Signarama Sandy (#,^) 8942 South 700 East, Sandy, UT 84070 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/18/2026 35.2  35.2  35.8  0.01  %
ERT Group Inc and Curt's Tools Inspection Inc (#,^) 5229 142nd Dr. NW, Williston, ND 58801 Support Activities for Mining Term Loan Prime plus 2.75% 3/18/2041 1,186.2  1,186.2  1,377.1  0.43  %
Taylors Zinn Enterprises Inc dba Eons Auto Care Inc (#,^) 330 West Harden St., Graham, NC 27253 Repair and Maintenance Term Loan Prime plus 2.75% 3/18/2041 75.7  75.7  88.7  0.03  %
Brian T Rice dba BD Logging (#,^) 800 3rd St Apt B, St Marys, WV 26170 Forestry and Logging Term Loan Prime plus 2.75% 3/17/2026 1.3  1.3  1.4  —  %
K Soles Corp dba Max Collections (#,^) 3208 Oakcliff Industrial St., Doraville, GA 30340 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/16/2026 16.0  16.0  16.3  0.01  %
R & D Enterprises Inc dba My Pool Man (#,^) 291 North Texas Ave., Orlando, FL 32805 Administrative and Support Services Term Loan Prime plus 2.75% 3/15/2026 35.6  35.6  36.1  0.01  %
HEWZ, LLC dba Hard Exercise Works (#,^) 5684 West Sample Rd, Coral Springs, FL 33071 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/14/2026 16.0  16.0  16.2  0.01  %
Accuair Control Systems LLC dba Accuair Suspension (#,^) 831 Buckley Rd, San Luis Obispo, CA 93401 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 3/11/2026 106.8  106.8  109.1  0.03  %
ABCs & 123s Infant and Child Care Center LP (#,^) 13419 Hwy 290E., Bldg 5, Manor, TX 78653 Social Assistance Term Loan Prime plus 2.75% 3/11/2026 8.0  8.0  8.1  —  %
Dupre Capital LLC dba Fastsigns (#,^) 215 Quartermaster Court, Jeffersonville, IN 47130 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/11/2026 41.6  41.6  42.2  0.01  %
Step Up Academy of the Arts LLC (#,^) 2558 Wigwam Pkwy Ste A, Henderson, NV 89074 Educational Services Term Loan Prime plus 2.75% 3/9/2026 5.7  5.7  5.8  —  %
Faith Summit Supply Inc dba Summit Supply and Summit True Value (#,^) 8584 US Business Hwy 277, Haskell, TX 79521 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/9/2026 16.0  16.0  16.6  0.01  %
Swerve Salon LLC (#,^) 1419 N Wells St., Chicago, IL 60610 Personal and Laundry Services Term Loan Prime plus 2.75% 3/8/2026 56.3  56.3  57.1  0.02  %
J & W Hardwood Flooring Inc (#,^) 14967 Madison St, Brighton, CO 80602 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/7/2026 5.3  5.3  5.4  —  %
Labmates LLC and POV Holdings LLC (#,^) 141 Watertown Rd, Thomaston, CT 06787 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/4/2041 102.5  102.5  120.1  0.04  %
Hueston and Company CPA LLC (#,^) 8792 East State Rd 70, Ste B, Bradenton, FL 34202 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/4/2026 5.8  5.8  5.9  —  %
245
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Almost Home Daycare LLC (#,^) 35 Copps Hill Rd, Ridgefield, CT 06877 Social Assistance Term Loan Prime plus 2.75% 3/3/2026 38.4  38.4  40.4  0.01  %
Miles of Smiles Inc (#,^) 1408 Molalla Ave, Oregon City, OR 97045 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/2/2026 67.8  67.8  69.2  0.02  %
The River Beas, LLC dba Subway and Punam Singh (#,^) 5516 Baltimore Ave, Hyattsville, MD 20781 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2041 127.6  127.6  149.3  0.05  %
Living Essentials HVAC Corp (#,^) 42 West St., Apt 24, Randolph, MA 02368 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2026 10.6  10.6  10.8  —  %
Consulting Solutions, Inc. and Mark Luciani (#,^) 3000 N Federal Hwy Ste 1, Fort Lauderdale, FL 33306 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/28/2026 7.9  7.9  8.3  —  %
Powerpits CS1, LLC dba Pita Pit (#,^) 2008 S Texas Ave, College Station, TX 77840 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2026 13.2  13.2  13.6  —  %
Drug Detection Laboratories, Inc. and Minh Tran (#,^) 9700 Business Park Drive, Sacramento, CA 95827 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/28/2026 13.9  13.9  14.2  —  %
Aaradhya LLC dba Market Square Laundry (#,^) 7727 Crittenden St., Philadelphia, PA 19118 Personal and Laundry Services Term Loan Prime plus 2.75% 2/23/2026 55.4  55.4  56.2  0.02  %
Blackstones Hairdressing LLC (#,^) 2 Ave of the Americas, New York, NY 10013 Personal and Laundry Services Term Loan Prime plus 2.75% 2/23/2026 36.9  36.9  37.5  0.01  %
R & K Contracting Inc (#,^) 3605 NW 31st Ave, Fort Lauderdale, FL 33309 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/18/2026 11.1  11.1  11.7  —  %
Ei3 Corporation (#,^) 136 Summit Ave, Montvale, NJ 07645 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/12/2026 230.2  230.2  242.4  0.08  %
B for Blonde, LLC dba Blo Blow Dry Bar (#,^) 142 East 49th St., New York, NY 10017 Personal and Laundry Services Term Loan Prime plus 2.75% 2/12/2026 44.2  44.2  44.9  0.01  %
Gilmore Heights Dental Holdings, LTD and Chas Rob LLC (#,^) 2250 Warrensville Center Rd, University Heights, OH 44118 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/12/2029 248.0  248.0  262.7  0.08  %
Jersey Shore Marina & Boat Sales, Inc. (#,^) 841 Route 70 East, Brick, NJ 08724 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/12/2041 586.3  586.3  687.0  0.21  %
Base USA, Inc. (#,^) 2215 NW 2nd Ave, Miami, FL 33127 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 2/2/2026 35.3  35.3  37.1  0.01  %
Zouk Ltd dba Palma (#,^) 28 Cornelia St., New York, NY 10014 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/29/2026 15.7  15.7  16.5  0.01  %
SuzyQue's LLC dba SuzyQue's (#,^) 34 South Valley Rd, West Orange, NJ 07052 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/28/2026 15.6  15.6  16.4  0.01  %
Wildflour Bakery & Cafe LLC (#,^) 5137 Clareton Dr., Ste 100, Agoura Hills, CA 91301 Social Assistance Term Loan Prime plus 2.75% 1/28/2026 43.5  43.5  45.8  0.01  %
Tammy Lavertue (#,^) 24 Wakefield St., Rochester, NH 03867 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 1/28/2026 7.8  7.8  8.2  —  %
Gendron Funeral and Cremation Services, Inc. (#,^) 135 North Lime Ave, Sarasota, FL 34237 Personal and Laundry Services Term Loan Prime plus 2.75% 1/11/2041 103.7  103.7  121.5  0.04  %
246
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 02718 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/5/2041 63.3  63.3  74.2  0.02  %
Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt (#,^) 1196 Inverness Lane, Stow, OH 44224 Food and Beverage Stores Term Loan Prime plus 2.75% 12/29/2025 77.5  77.5  79.4  0.02  %
MCF Forte LLC (#,^) 1245 W Baseline Rd Unit 105, Mesa, AZ 85202 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/29/2025 12.9  12.9  13.1  —  %
Panditos LLC dba White Lotus Home (#,^) 431 Raritan Ave, Highland Park, NJ 08904 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/28/2025 11.0  11.0  11.1  —  %
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc (#,^) 24201 North Hwy 1, Fort Bragg, CA 95437 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/23/2040 95.6  95.6  111.2  0.03  %
800 on the Trax LLC and Matrix Z LLC (#,^) 800 SW 21st Terrace, Fort Lauderdale, FL 33312 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 12/23/2040 228.7  228.7  265.6  0.08  %
Premier Athletic Center of Ohio Inc. and Gates Investments and Wade (#,^) 8957 Kingsridge Drive, Centerville, OH 45459 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/22/2028 694.6  694.6  748.0  0.23  %
Joyce Outdoor Advertising Chicago LLC (#,^) 2443 West 16th St., Chicago, IL 60608 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/22/2040 281.7  281.7  326.9  0.10  %
Hattingh Incorporated dba Prosthetic Care Facility (#,^) 4415 Woodridge Pkwy, Ste 180, Leesburg, VA 20176 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2025 12.4  12.4  12.8  —  %
Labmates LLC (#,^) 141 Watertown Rd, Thomaston, CT 06787 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/18/2040 151.5  151.5  177.3  0.06  %
Accent Tag and Label Inc (#,^) 2201 Rittenhouse St, Des Moines, IA 50321 Printing and Related Support Activities Term Loan Prime plus 2.75% 12/18/2040 618.2  618.2  718.8  0.22  %
Abbondanza Market LLC dba Hampton Falls Village Market (#,^) 82 Lafayette Rd, Hampton Falls, NH 03844 Food and Beverage Stores Term Loan Prime plus 2.75% 12/18/2025 41.0  41.0  41.9  0.01  %
Trip Consultants U.S.A. Inc. (#,^) 311 85th St., Brooklyn, NY 11209 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/18/2025 120.6  120.6  122.1  0.04  %
Abitino's JFK LLC dba Abitino's (#,^) Terminal 8 JFK ExpressWay Airport, Jamaica, NY 11430 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2022 64.0  64.0  64.1  0.02  %
JAG Unit 1, LLC (#,^) 1 West Main St., Patchogue, NY 11772 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2025 172.3  172.3  174.4  0.05  %
Swalm Street LLC and New York Home Health Care Equipment LLC (#,^) 30 Hopper St., Westbury, NY 11590 Ambulatory Health Care Services Term Loan 7.5% 12/16/2040 330.9  330.9  315.8  0.10  %
New York Home Health Care Equipment, LLC (#,^) 30 Hopper St., Westbury, NY 11590 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/16/2025 725.1  725.1  761.0  0.24  %
Moments to Remember USA LLC dba Retain Loyalty (#,^) 1250 Sanders Ave SW, Massillon, OH 44646 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/16/2025 56.5  56.5  58.8  0.02  %
Evans & Paul LLC and E&P Holdings I LLC (#,^) 140 Dupont St., Plainview, NY 11803 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 12/15/2025 93.5  93.5  95.5  0.03  %
247
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Basista Family Limited Partnership and UPE, Inc. (#,^) 3401 Brecksville Rd, Richfield, OH 44286 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/14/2040 319.3  319.3  370.9  0.12  %
DC Enterprises Ltd. dba Lakeview True Value (#,^) 318 North F St., Lakeview, OR 97630 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/14/2025 15.5  15.5  16.2  0.01  %
Alexandra Afentoulides dba Vi's Pizza Restaurant (#,^) 1068 Old Colony Rd, Meriden, CT 06450 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/11/2040 43.8  43.8  51.3  0.02  %
AGR Foodmart Inc dba Nashua Road Mobil (#,^) 11 Nashua Rd, Londonderry, NH 03053 Gasoline Stations Term Loan Prime plus 2.75% 12/11/2025 15.5  15.5  16.2  0.01  %
Cares, Inc dba Dumpling Grounds Day Care Center (#,^) 4508 Blakiston St., Philadelphia, PA 19136 Social Assistance Term Loan Prime plus 2.75% 12/10/2025 5.2  5.2  5.4  —  %
Custom Exteriors, Inc. (#,^) 2142 Rheem Drive, Ste E, Pleasanton, CA 94588 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/9/2025 68.9  68.9  70.5  0.02  %
Sushiya, Inc. (#,^) 72-74 South Main St., Hanover, NH 03755 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/8/2025 74.9  74.9  76.7  0.02  %
LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC (#,^) 880 Lowcountry Blvd, Mount Pleasant, SC 29464 Repair and Maintenance Term Loan Prime plus 2.75% 12/4/2040 468.9  468.9  546.5  0.17  %
Japp Business Inc dba Pick and Eat and Japp Drink Corp. (#,^) 4179 Broadway, New York, NY 10033 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2025 85.8  85.8  88.2  0.03  %
DWeb Studio, Inc. (#,^) 10800 E. Bethany Drive, Ste 275, Aurora, CO 80014 Educational Services Term Loan Prime plus 2.75% 11/25/2025 7.7  7.7  7.8  —  %
Play and Learn Child Care and School Inc (#,^) 403 S Dillard St, Winter Garden, FL 34787 Social Assistance Term Loan Prime plus 2.75% 11/23/2025 7.6  7.6  7.9  —  %
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC (#,^) 726-740 S Fleming St., Sebastian, FL 32958 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 11/23/2040 712.8  712.8  679.7  0.21  %
Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy (#,^) 3105 107th Ave, Doral, FL 33178 Health and Personal Care Stores Term Loan Prime plus 2.75% 11/20/2025 62.5  62.5  63.7  0.02  %
S.B.B. Enterprises Inc dba Williamston Hardware (#,^) 139 S Putnam St., Williamston, MI 48895 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/19/2040 101.0  101.0  116.0  0.04  %
Key Pix Productions Inc. dba Air Bud Entertainment (#,^) 22525 Pacific Coast Hwy, Malibu, CA 90265 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 11/18/2040 512.1  512.1  599.2  0.19  %
E.S.F.P. LLC dba Volusia Van and Storage (#,^) 916 South Nova Rd, Ormond Beach, FL 32174 Truck Transportation Term Loan Prime plus 2.75% 11/11/2025 60.9  60.9  62.1  0.02  %
Green Life Lawnscapes LLC dba Green Life Lawn Care (#,^) 1820 NE Jensen Beach Blvd, Jensen Beach, FL 34957 Administrative and Support Services Term Loan Prime plus 2.75% 11/6/2025 97.3  97.3  102.2  0.03  %
JumboMarkets Inc dba Rines Jumbomarkets (#,^) 15500 SW Trail Drive, Indiantown, FL 34956 Food and Beverage Stores Term Loan Prime plus 2.75% 11/4/2025 208.6  208.6  219.1  0.07  %
Financial Network Recovery Inc (#,^) 250 E Easy St. Ste 1, Simi Valley, CA 93065 Administrative and Support Services Term Loan Prime plus 2.75% 10/26/2025 27.0  27.0  27.3  0.01  %
248
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
ADMO Inc dba Mid States Equipment (#,^) 16180 Westwoods Business Park, Ellisville, MO 63021 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 10/8/2025 15.1  15.1  15.4  —  %
Recycling Consultants, Inc. and Prairie State Salvage and Recycling In (#,^) PO Box 468, Wood River, IL 62095 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2027 447.9  447.9  470.7  0.15  %
Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas City (#,^) 7748 Troost Ave, Kansas City, MO 64131 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/30/2028 51.3  51.3  55.0  0.02  %
SCJEN Management Inc dba Bowl of Heaven (#,^) 43958 Pacific Common Blvd, Fremont, CA 94538 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2025 47.9  47.9  48.5  0.02  %
Barub Realty LLC and Barub LLC dba Woodlawn Cabinets (#,^) 1838 Adee Ave, Baychester, NY 10469 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/30/2040 132.4  132.4  154.9  0.05  %
Binky's Vapes LLC (#,^) 10539 Greenbelt Rd, Ste 102, Lanham, MD 20706 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/30/2025 15.0  15.0  15.2  —  %
R.H. Hummer Jr., Inc. (#,^) 2141 P Ave, Williamsburg, IA 52361 Truck Transportation Term Loan Prime plus 2.75% 9/30/2025 260.2  260.2  273.0  0.08  %
Greensward of Marco Inc. (#,^) 54 Marco Lake Drive, Marco Island, FL 34146 Administrative and Support Services Term Loan Prime plus 2.75% 9/28/2040 81.2  81.2  94.3  0.03  %
RIM Investments LLC and RIM Architects LLC (#,^) 645 G St. Ste 400, Anchorage, AK 99501 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/28/2040 369.8  369.8  428.7  0.13  %
The Grasso Companies LLC and Grasso Pavement Maintenance LLC Veranda (#,^) 485 Pepper St., Monroe, CT 06468 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/28/2025 340.4  340.4  356.7  0.11  %
Prestigious LifeCare for Seniors LLC (#,^) 5701 North Pine Island Rd, Tamarac, FL 33321 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/25/2025 6.5  6.5  6.8  —  %
Daniel W. Stark dba Mountain Valley Lodge and RV Park (#,^) 223 Hwy 80, Rodeo, NM 88056 Accommodation Term Loan Prime plus 2.75% 9/25/2040 12.5  12.5  14.6  —  %
Sandlot Ventures LLC and Sandbox Ventures LLC (#,^) 1857A Elmdale Ave, Glenview, IL 60025 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/25/2040 413.4  413.4  477.6  0.15  %
Yachting Solutions LLC (#,^) 229 Commercial St, Rockport, ME 04856 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/25/2040 892.1  892.1  1,030.4  0.32  %
St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn (#,^) 10 West Orvis St., Massena, NY 13662 Accommodation Term Loan Prime plus 2.75% 9/24/2040 579.3  579.3  672.5  0.21  %
Rutledge Enterprises Inc dba BLC Property Management (#,^) 149 S. 400 East, Greenfield, IN 46140 Administrative and Support Services Term Loan Prime plus 2.75% 9/23/2040 57.5  57.5  66.7  0.02  %
Finish Strong Inc dba FASTSIGNS St Peters (#,^) 98 North Hillview Drive, St Peters, MO 63376 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 9/23/2025 33.3  33.3  33.6  0.01  %
Sound Manufacturing Inc (#,^) 51 Donnelley Rd, Old Saybrook, CT 06475 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/21/2025 33.1  33.1  33.9  0.01  %
IIoka Inc dba New Cloud Networks (#,^) 160 Inverness Drive W Ste 150, Englewood, CO 80112 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/21/2025 444.6  444.6  449.1  0.14  %
249
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Vanderhoof LLC dba Soxfords (#,^) 11 Sellecks Walk, Pound Ridge, NY 10576 Apparel Manufacturing Term Loan Prime plus 2.75% 9/18/2025 10.4  10.4  10.5  —  %
MiJoy Inc dba Imo's Pizza (#,^) 215 South Kirkwood Rd, Kirkwood, MO 63122 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/18/2025 5.5  5.5  5.5  —  %
Naeem Khan LTD (#,^) 260 West 36h St., New York, NY 10018 Apparel Manufacturing Term Loan Prime plus 2.75% 9/17/2025 83.2  83.2  84.0  0.03  %
FirstVitals Health and Wellness Inc (#,^) 1288 Ala Moana Blvd Ste 27E, Honolulu, HI 96814 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/15/2025 100.3  100.3  101.3  0.03  %
Almost Home Daycare LLC (#,^) 35 Copps Hill Rd, Ridgefield, CT 06877 Social Assistance Term Loan Prime plus 2.75% 9/11/2025 7.3  7.3  7.6  —  %
Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc (#,^) 170 Main St., North Kingstown, RI 02852 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/8/2040 130.0  130.0  151.9  0.05  %
Empower Autism Academy (#,^) 11316 Wet Season Drive, Austin, TX 78754 Social Assistance Term Loan Prime plus 2.75% 9/4/2040 634.9  634.9  741.7  0.23  %
Higher Grounds Community Coffeehouse, LLC (#,^) 39 Kingstown Rd, Wyoming, RI 02898 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/2/2025 5.5  5.5  5.6  —  %
Elite Institute LLC dba Huntington Learning Center (#,^) 13526 Village Park Drive Ste 214, Orlando, FL 32837 Educational Services Term Loan Prime plus 2.75% 8/28/2025 10.0  10.0  10.1  —  %
God Be Glorified Inc dba GBG Inc (#,^) 40 West. 162nd St, South Holland, IL 60473 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 8/20/2025 34.8  34.8  35.2  0.01  %
3000 CSI Property LLC and Consulting Solutions Inc (#,^) 3000 N Federal Hwy Ste 1, Fort Lauderdale, FL 33306 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/20/2040 127.8  127.8  149.1  0.05  %
GDP Gourmet LLC dba Joe and John's Pizza Restaurant (#,^) 136 New Jersey Ave, Absecon, NJ 08201 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/19/2040 134.8  134.8  156.3  0.05  %
Gold Jet Corp. (#,^) 2472 Broadway, New York, NY 10025 Couriers and Messengers Term Loan Prime plus 2.75% 8/14/2025 47.1  47.1  48.6  0.02  %
SKJ Inc dba Subway (#,^) 401 S Woodlawn Ave, Bloomington, IN 47401 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/13/2025 55.4  55.4  56.2  0.02  %
LP Industries Inc dba Childforms (#,^) 110 Charleston Drive, Mooresville, NC 28117 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 7/29/2025 81.1  81.1  84.5  0.03  %
Beale Street Blues Company-West Palm Beach LLC (#,^) 550 Rosemary Ave, Ste 236, West Palm Beach, FL 33401 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 7/24/2025 43.0  43.0  44.0  0.01  %
Smart Artists Inc. (#,^) 450 West 24th St. Ste 1C, New York, NY 10011 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 7/23/2025 14.6  14.6  14.8  —  %
Free Ion Advisors LLC (#,^) 322 Evandale Rd, Scarsdale, NY 10583 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/21/2025 41.7  41.7  42.1  0.01  %
Murrayville Donuts, Inc dba Dunkin' Donuts (#,^) 2304 N College Rd, Wilmington, NC 28405 Food and Beverage Stores Term Loan Prime plus 2.75% 7/15/2040 330.7  330.7  381.5  0.12  %
Union 2 LLC dba The Standard (#,^) 1520 Broadway, Fort Myers, FL 33901 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/10/2025 69.3  69.3  71.7  0.02  %
250
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 38134 Administrative and Support Services Term Loan Prime plus 2.75% 6/30/2025 48.1  48.1  50.7  0.02  %
Anglin Cultured Stone Products LLC dba Anglin Construction (#) 877 Salem Church Rd, Newark, DE 19702 Specialty Trade Contractors Term Loan 8.25% 6/30/2025 193.3  193.3  187.2  0.06  %
Thrifty Market, Inc. dba Thrifty Foods (#,^) 702 10th St, Wheatland, WY 82201 Food and Beverage Stores Term Loan Prime plus 2.75% 6/30/2030 222.7  222.7  242.3  0.08  %
Myclean Inc. (#,^) 247 West 36th St. 9th Fl, New York, NY 10018 Personal and Laundry Services Term Loan Prime plus 2.75% 6/29/2025 10.2  10.2  10.5  —  %
Summit Beverage Group LLC (#,^) 211 Washington Ave, Marion, VA 24354 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 8/29/2030 235.4  235.4  256.9  0.08  %
SofRep, Inc dba Force 12 Media (#,^) 930 Tahoe Blvd Ste 802-543, Incline Village, NV 89451 Other Information Services Term Loan Prime plus 2.75% 6/26/2025 42.5  42.5  43.9  0.01  %
Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling (#,^) 13886 Campo Rd, Jamul, CA 91935 Gasoline Stations Term Loan Prime plus 2.75% 6/26/2040 350.1  350.1  413.0  0.13  %
TJU-DGT Inc dba The Lorenz Cafe (#,^) 714-718 Lorenz Ave, Pittsburgh, PA 15220 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2029 16.1  16.1  17.5  0.01  %
E & G Enterprises LLC dba Comfort Keepers (#,^) 220 Middle St., Franklin, VA 23851 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2025 14.4  14.4  14.9  —  %
CEM Autobody LLC dba Dawn's Autobody (#,^) 7 Division St, Keyport, NJ 07735 Repair and Maintenance Term Loan Prime plus 2.75% 6/26/2040 124.9  124.9  147.2  0.05  %
Ohs Auto Body, Inc. dba Ohs Body Shop (#,^) 3560 Hwy 93 S, Kalispell, MT 59901 Repair and Maintenance Term Loan 7.65% 6/25/2040 1,123.2  1,123.2  1,066.2  0.33  %
Wolf Enviro Interests, LLC and Enviromax Services Inc (#,^) 18002 Mueschke Rd, Cypress, TX 77433 Administrative and Support Services Term Loan Prime plus 2.75% 6/25/2040 227.8  227.8  266.7  0.08  %
Evinger PA One, Inc. dba Postal Annex, Falcon (#,^) 7661 McLaughlin Rd, Falcon, CO 80831 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/24/2025 14.4  14.4  15.1  —  %
RJI Services, Inc. (#,^) 353 E Angeleno Ste G, Burbank, CA 91502 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/23/2025 14.2  14.2  14.7  —  %
Real Help LLC dba Real Help Decorative Concrete (#,^) 2221 Broadway St., Buffalo, NY 14212 Administrative and Support Services Term Loan Prime plus 2.75% 6/22/2025 34.1  34.1  35.8  0.01  %
KRN Logistics, LLC and Newsome Trucking, Inc (#) 2262 Hwy 53 W, Jasper, GA 30143 Truck Transportation Term Loan Prime plus 2.75% 6/19/2025 343.7  343.7  359.2  0.11  %
PM Cassidy Enterprises, Inc. dba Junk King (#,^) 960 Matley Lane, Ste 20-21, Bldg B, Reno, NV 89502 Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/19/2025 9.5  9.5  9.9  —  %
Inverted Healthcare Staffing of Florida LLC dba Interim Healthcare (#,^) 111 N Pompano Beach Blvd., Pompano Beach, FL 33062 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/18/2025 29.9  29.9  30.9  0.01  %
AM PM Properties, LLC and AM PM Willington, LLC (#,^) 1308 Stafford Rd, Storrs Mansfield, CT 06268 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/17/2040 80.0  80.0  94.5  0.03  %
251
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 85745 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/12/2040 127.8  127.8  149.2  0.05  %
Eldredge Tavern LLC dba Gonyea's Tavern (#,^) 150 Main St., Pascoag, RI 02859 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2040 51.8  51.8  61.3  0.02  %
Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta (#,^) 234 Rock Rd, Glen Rock, NJ 07452 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/5/2025 10.1  10.1  10.4  —  %
ViAr Visual Communications, Inc. dba Fastsigns 281701 (#,^) 4721 University Way NE, Seattle, WA 98105 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/5/2025 39.8  39.8  41.2  0.01  %
Video Vault & Tanning LLC and Mosaic Salon LLC (#) W7003 Parkview Dr, Ste A-B, Greenville, WI 54942 Rental and Leasing Services Term Loan Prime plus 2.75% 6/4/2040 84.8  84.8  100.3  0.03  %
Medworxs LLC (#,^) 10901 W. Toller Drive, Littleton, CO 80127 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/3/2025 80.2  80.2  82.9  0.03  %
XCESSIVE THROTTLE, INC dba Jake's Roadhouse (#,^) 5980 Lamar St., Arvada, CO 80003 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2025 5.2  5.2  5.4  —  %
Villela CPA PL (#,^) 777 Brickell Ave, Ste 500, Miami, FL 33131 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/27/2025 5.7  5.7  5.9  —  %
Douglas Posey and Sally Watkinson dba Audrey's Farmhouse (#,^) 2188 Brunswyck Rd, Wallkill, NY 12589 Accommodation Term Loan Prime plus 2.75% 5/20/2040 160.1  160.1  189.0  0.06  %
15 McArdle LLC and No Other Impressions Inc (#,^) 15 McArdle St., Rochester, NY 14611 Printing and Related Support Activities Term Loan Prime plus 2.75% 5/15/2040 169.4  169.4  199.6  0.06  %
Guard Dogs MFS LLC (#,^) 9460 Mistwater Close, Roswell, GA 30076 Repair and Maintenance Term Loan Prime plus 2.75% 5/8/2025 39.7  39.7  41.1  0.01  %
George S Cochran DDS Inc (#,^) 1066 Chelsea Ave, Napoleon, OH 43545 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/7/2025 90.8  90.8  93.8  0.03  %
South Park Properties LLC and Midlothian Hardware LLC (#,^) 4751 147th St., Midlothian, IL 60445 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/6/2040 44.0  44.0  52.0  0.02  %
Matthew Taylor and Landon Farm LLC (#,^) 6103 N Church St, Greensboro, NC 27455 Personal and Laundry Services Term Loan Prime plus 2.75% 5/4/2040 92.5  92.5  108.0  0.03  %
Cares Inc dba Dumpling Grounds Day Care Center (#,^) 4508 Blakiston St., Philadelphia, PA 19136 Social Assistance Term Loan Prime plus 2.75% 5/1/2040 74.5  74.5  88.1  0.03  %
Orchid Enterprises Inc dba Assisting Hands of Sussex County (#,^) 274 Spring St., Newton, NJ 07860 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/24/2025 9.4  9.4  9.7  —  %
Ragazza Restaurant Group, Inc. dba Bambolina (#,^) 288 Derby St., Salem, MA 01970 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/21/2025 11.3  11.3  11.7  —  %
Diamond Solutions LLC (#,^) 7655 E Gelding Drive, Ste B2, Scottsdale, AZ 85260 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/21/2025 12.1  12.1  12.5  —  %
Giacchino Maritime Consultants Inc (#,^) 5219 Tamiami Court, Cape Coral, FL 33904 Personal and Laundry Services Term Loan Prime plus 2.75% 4/17/2025 14.1  14.1  14.6  —  %
252
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Sound Coaching Inc (#,^) 4749 Main St. Ste 3, Bridgeport, CT 06606 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 4/14/2025 27.8  27.8  28.7  0.01  %
Faramarz Nikourazm dba Car Clinic Center (#,^) 10707 Shady Trail, Dallas, TX 75220 Repair and Maintenance Term Loan Prime plus 2.75% 4/3/2040 67.5  67.5  79.4  0.02  %
Mid-South Lumber Co. of Northwest Florida, Inc. (#,^) 717 W 11th St., Panama City, FL 32402 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/31/2040 392.6  392.6  460.0  0.14  %
Copper Beech Financial Group LLC (#,^) 1223 North Church St., Moorestown, NJ 08057 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 3/30/2025 77.1  77.1  80.5  0.02  %
Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes (#,^) 40 Buzzard Ridge Rd, Sequim, WA 98382 Accommodation Term Loan Prime plus 2.75% 3/27/2040 276.3  276.3  326.7  0.10  %
Shorr Enterprises Inc dba New Design Furniture Manufacturers (#,^) 3033 NW 28 St., Lauderdale Lakes, FL 33311 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/27/2025 65.7  65.7  68.7  0.02  %
Shellhorn and Hill Inc dba Total Fleet Service (#,^) 501 South Market St, Wilmington, DE 19801 Nonstore Retailers Term Loan Prime plus 2.75% 3/27/2040 948.7  948.7  1,111.7  0.35  %
Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC (#,^) 5600 N River Rd #925, Rosemont, IL 60018 Real Estate Term Loan Prime plus 2.75% 3/27/2025 763.9  763.9  787.5  0.24  %
Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC (#,^) 800 James Ave, Scranton, PA 18510 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/26/2040 49.4  49.4  58.3  0.02  %
Zero-In Media Inc (#,^) 1123 Broadway Ste 704, New York, NY 10010 Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 3/25/2025 13.9  13.9  14.3  —  %
Loriet LLC (#,^) 5001 Vivienda Way, Sarasota, FL 34235 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/24/2025 7.4  7.4  7.6  —  %
Jaymie Hazard dba Indigo Hair Studio and Day Spa (#,^) 2016 Warwick Ave, Warwick, RI 02889 Personal and Laundry Services Term Loan Prime plus 2.75% 3/20/2040 39.2  39.2  46.1  0.01  %
Shelton Incorporated dba Mrs. Winners (#,^) 4509 N. Henry Blvd., Stockbridge, GA 30281 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/20/2040 103.0  103.0  121.6  0.04  %
R & R Security and Investigations Inc dba Pardners Lake Buchanan (#,^) 15615 State Route 29, Buchanan Dam, TX 78609 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/19/2040 78.1  78.1  92.2  0.03  %
MMS Realty, LLC and Molecular MS Diagnostics LLC (#,^) 1224 Greenwich Ave, Warwick, RI 02886 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/18/2040 147.2  147.2  172.8  0.05  %
Royal Crest Motors LLC (#,^) 769 Amesbury Rd, Haverhill, MA 01830 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/16/2040 83.5  83.5  98.3  0.03  %
Luigi's on Main LLC and Luigi's Main Street Pizza Inc (#,^) 491 Montauk Hwy, Eastport, NY 11941 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/4/2025 6.9  6.9  7.3  —  %
Baystate Firearms and Training, LLC (#) 215 Newbury St., Peabody, MA 01960 Educational Services Term Loan Prime plus 2.75% 2/27/2025 36.3  36.3  37.5  0.01  %
253
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Pace Motor Lines, Inc. (#,^) 1425 Honeyspot Rd Extension, Stratford, CT 06615 Truck Transportation Term Loan Prime plus 2.75% 2/26/2025 40.0  40.0  41.9  0.01  %
Kingseal LLC dba Desoto Health and Rehab Center (#,^) 475 Nursing Home Drive, Arcadia, FL 34266 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 2/26/2040 1,168.5  1,168.5  1,379.3  0.43  %
Nelson Financial Services LLC (#,^) 20015 N 83rd Place, Scottsdale, AZ 85255 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/24/2025 7.6  7.6  7.8  —  %
Kiddie Steps 4 You Inc. (#,^) 1700 West 63rd St., Chicago, IL 60636 Social Assistance Term Loan Prime plus 2.75% 2/19/2040 56.6  56.6  66.5  0.02  %
Triangle Trash LLC dba Bin There Dump That (#,^) 188 Northbend Drive, Youngsville, NC 27596 Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/18/2025 45.2  45.2  47.1  0.01  %
Dean 1021 LLC dba Pure Pita (#,^) 106 Central Ave, Westfield, NJ 07090 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/29/2025 53.7  53.7  55.7  0.02  %
Limameno LLC dba Sal's Italian Ristorante (#,^) 861 Yamato Rd, Bay #2, Boca Raton, FL 33431 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/23/2025 50.0  50.0  51.8  0.02  %
Palmabak Inc dba Mami Nora's (#,^) 4614 Capital Blvd, Raleigh, NC 27604 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/22/2025 4.6  4.6  4.8  —  %
Jung Design Inc (#,^) 10857 Pine Bluff Drive, Fishers, IN 46037 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/20/2022 3.0  3.0  3.0  —  %
Grand Blanc Lanes, Inc. and H, H and H, LLC (#,^) 5301 S Saginaw Rd, Flint, MI 48507 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/31/2039 121.0  121.0  142.8  0.04  %
Evans and Paul LLC (#,^) 140 Dupont St., Plainview, NY 11803 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/30/2024 145.0  145.0  152.1  0.05  %
First Prevention and Dialysis Center, LLC (#) 17940 NW 27th Ave, Miami Gardens, FL 33056 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/30/2024 176.1  176.1  184.6  0.06  %
Bowlerama Inc (#,^) 3031 New Castle Ave, New Castle, DE 19720 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2039 1,095.8  1,095.8  1,291.5  0.40  %
The Lodin Group LLC and Lodin Health Imaging Inc (#,^) 114-115 Medical Center Ave, Sebring, FL 33870 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/23/2039 482.5  482.5  563.8  0.17  %
Thermoplastic Services Inc and Paragon Plastic Sheet, Inc (#,^) 1700 W 4th St., Dequincy, LA 70633 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 12/23/2039 455.0  455.0  536.2  0.17  %
Beale Street Blues Company-West Palm Beach, LLC (#,^) 550 S Rosemary Ave #236, West Palm Beach, FL 33401 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/22/2024 111.0  111.0  115.1  0.04  %
B.S. Ventures LLC dba Dink's Market (#,^) 48649 Hwy 58, Oakridge, OR 97463 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/19/2039 48.9  48.9  57.6  0.02  %
The Jewelers Inc. dba The Jewelers of Las Vegas (#,^) 2400 Western Ave, Las Vegas, NV 89102 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 12/19/2024 735.5  735.5  757.6  0.24  %
Will Zac Management LLC dba Papa John's (#) 2410 West Jefferson St., Ste B, Joliet, IL 60435 Food Services and Drinking Places Term Loan 6.25% 12/19/2024 88.5  88.5  86.9  0.03  %
MM and M Management Inc dba Pizza Artista (#,^) 5409 Johnston St., Lafayette, LA 70503 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/19/2025 28.7  28.7  29.8  0.01  %
254
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 14870 Repair and Maintenance Term Loan Prime plus 2.75% 12/17/2039 149.7  149.7  175.4  0.05  %
Kemmer LLC and Apples Tree Top Liquors LLC (#) 1300 S Jackson St., Salem, IN 47167 Food and Beverage Stores Term Loan Prime plus 2.75% 12/4/2039 129.0  129.0  150.9  0.05  %
Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman (#,^) 988 Hemlock St., Cannon Beach, OR 97110 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2039 108.2  108.2  127.2  0.04  %
Modern Manhattan LLC (#,^) 250 Park Ave South, New York, NY 10003 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 11/25/2024 128.4  128.4  132.4  0.04  %
Legacy Estate Planning Inc dba American Casket Enterprises (#,^) 2176 Route 119 North, Greensburg, PA 15601 Personal and Laundry Services Term Loan Prime plus 2.75% 11/21/2024 24.5  24.5  25.2  0.01  %
J&D Resources, LLC dba Aqua Science (#,^) 1923 E. 5th St., Tempe, AZ 85281 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/21/2024 440.8  440.8  454.8  0.14  %
DC Real LLC and DC Enterprises LTD dba Lakeview True Value (#,^) 318 North F St., Lakeview, OR 97630 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/20/2039 108.9  108.9  128.1  0.04  %
Heartland American Properties LLC and Skaggs RV Outlet LLC (#,^) 301 Commerce Drive, Elizabethtown, KY 42701 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/31/2039 434.0  434.0  510.4  0.16  %
One Hour Jewelry Repair Inc (#,^) 6544 Springfield Mall, Springfield, VA 22150 Repair and Maintenance Term Loan Prime plus 2.75% 10/14/2024 11.8  11.8  12.2  —  %
DNT Storage and Properties LLC (#,^) 38 Old National Pike, West Alexander, PA 15376 Real Estate Term Loan Prime plus 2.75% 10/10/2039 92.2  92.2  108.6  0.03  %
Sound Manufacturing Inc (#,^) 51 Donnelley Rd, Old Saybrook, CT 06475 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/10/2024 107.0  107.0  110.9  0.03  %
Doctors Express Management of Central Texas LLC (#,^) 3614 SW HK Dodgen Loop, Ste F, Temple, TX 76504 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2024 3.7  3.7  3.9  —  %
Smith Spinal Care Center P.C. and James C. Smith (#,^) 1103 Russell Parkway, Warner Robins, GA 31088 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2039 26.0  26.0  30.7  0.01  %
Michael Rey Jr. and Lynn J. Williams and GIG Petcare dba Hickory (#,^) 900 Alpine Rd, Bridgeville, PA 15017 Personal and Laundry Services Term Loan Prime plus 2.75% 10/3/2039 110.5  110.5  130.1  0.04  %
Sumad LLC dba BrightStar Care of Encinitas (#,^) 680 Fletcher Pkwy, Ste 206, El Cajon, CA 92020 Administrative and Support Services Term Loan Prime plus 2.75% 10/2/2024 30.6  30.6  32.0  0.01  %
Roccos LLC and Sullo Pantalone Inc dba Rocco's (#,^) 79 Beach Rd Unit B13-B14, Vineyard Haven, MA 02568 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2039 231.2  231.2  270.9  0.08  %
Gordon E Rogers dba Stonehouse Motor Inn (#,^) 162 Danielson Pike, Foster, RI 02825 Accommodation Term Loan Prime plus 2.75% 9/26/2039 52.0  52.0  61.3  0.02  %
Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out (#,^) 308 Kennedy St. NW, Washington, DC 20011 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/23/2024 16.0  16.0  16.4  0.01  %
255
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 37743 Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2039 131.9  131.9  155.2  0.05  %
Modern Leather Goods Repair Shop Inc (#,^) 2 West 32nd St., Ste 401, New York, NY 10001 Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2024 32.3  32.3  33.1  0.01  %
Animal Intrusion Prevention Systems Holding Company, LLC (#,^) 3330 N Beach St., Fort Worth, TX 76111 Administrative and Support Services Term Loan Prime plus 2.75% 9/15/2024 166.7  166.7  172.5  0.05  %
Tavern Properties LLC and Wildwood Tavern LLC (#,^) 6480 West Touhy Ave, Niles, IL 60714 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2039 387.5  387.5  455.0  0.14  %
Indy East Smiles Youth Dentistry LLC dba Prime Smile East (#,^) 5430 E. Washington St., Indianapolis, IN 46219 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2024 357.3  357.3  366.9  0.11  %
B&P Diners LLC dba Engine House Restaurant (#,^) 71 Lafayette St., Unit 1, Salem, MA 01970 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/10/2024 45.4  45.4  46.5  0.01  %
Lamjam LLC, Goldsmith Lambros Inc (#) 7137 Little River Turnpike, Annandale, VA 22003 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 8/27/2024 80.4  80.4  84.0  0.03  %
Atlas Auto Body Inc dba Atlas Auto Sales (#,^) 20 Providence St., West Warwick, RI 02893 Repair and Maintenance Term Loan Prime plus 2.75% 8/22/2039 46.5  46.5  54.5  0.02  %
Katie Senior Care LLC dba Home Instead Senior Care (#,^) 222E Eufaula St Ste 220, Norman, OK 73069 Social Assistance Term Loan Prime plus 2.75% 8/15/2024 59.6  59.6  61.2  0.02  %
Alpha Preparatory Academy LLC (#,^) 4462 Mink Livsey Rd, Snellville, GA 30039 Social Assistance Term Loan Prime plus 2.75% 8/15/2039 131.5  131.5  154.8  0.05  %
Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook (#,^) 10463 Hamer Rd, Georgetown, OH 45121 Motor Vehicle and Parts Dealers Term Loan 6% 8/8/2039 128.7  128.7  123.1  0.04  %
Almost Home Property LLC and Almost Home Daycare LLC (#,^) 35 Copps Hill Rd, Ridgefield, CT 06877 Social Assistance Term Loan Prime plus 2.75% 8/7/2039 674.2  674.2  792.5  0.25  %
iFood, Inc. dba Steak N Shake (#,^) 5900 Duraleigh Rd, Raleigh, NC 27612 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2024 216.6  216.6  225.0  0.07  %
575 Columbus Avenue Holding Company, LLC and LA-ZE LLC (#,^) 575 Columbus Ave, New Haven, CT 06519 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2039 18.5  18.5  21.8  0.01  %
Honeyspot Investors LLP and Pace Motor Lines Inc (#,^) 1425 Honeyspot Rd Ext., Stratford, CT 06615 Truck Transportation Term Loan Prime plus 2.75% 7/24/2039 134.9  134.9  158.7  0.05  %
Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC (#,^) 15 Stonebridge, Cranston, RI 02921 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/17/2039 88.2  88.2  103.6  0.03  %
Honeyspot Investors LLP and Pace Motor Lines Inc (#,^) 1425 Honeyspot Rd Ext., Stratford, CT 06615 Truck Transportation Term Loan Prime plus 2.75% 6/30/2039 786.8  786.8  932.7  0.29  %
iFood, Inc. dba Steak N Shake (#,^) 2840 E Millbrook Rd, Raleigh, NC 27604 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2039 566.8  566.8  669.7  0.21  %
256
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 60532 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/30/2024 53.7  53.7  56.3  0.02  %
AMG Holding, LLC and Stetson Automotive, Inc (#,^) 309 Route 9, Waretown, NJ 08758 Repair and Maintenance Term Loan Prime plus 2.75% 6/30/2039 187.0  187.0  221.7  0.07  %
JPM Investments LLC and Carolina Family Foot Care P.A. (#) 122 N. Main St., Fuquay Varina, NC 27526 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2039 128.4  128.4  151.8  0.05  %
Zinger Hardware and General Merchant Inc (#) 4001 N Lamar Blvd Ste 300, Austin, TX 78756 Building Material and Garden Equipment and Supplies Dealers Term Loan 7.25% 6/26/2024 41.1  41.1  40.5  0.01  %
Nikobella Properties LLC and JPO Inc dba Village Car Wash (#) 1372 South US Route 12, Fox Lake, IL 60020 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2039 444.1  444.1  525.1  0.16  %
Big Sky Plaza LLC and Strickland, Incorporated (#,^) 1313 West Park St. #1, Livingston, MT 59047 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/20/2039 209.6  209.6  247.9  0.08  %
Sico & Walsh Insurance Agency Inc and The AMS Trust (#) 106 Concord Ave, Belmont, MA 02478 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 6/6/2039 84.9  84.9  100.5  0.03  %
Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel (#,^) 15637 St Clair Ave, Cleveland, OH 44110 Food and Beverage Stores Term Loan Prime plus 2.75% 6/3/2024 9.0  9.0  9.3  —  %
Long Island Barber Institute Inc (#,^) 266 Greenwich St., Hempstead, NY 11550 Educational Services Term Loan Prime plus 2.75% 6/2/2039 49.8  49.8  58.9  0.02  %
Pocono Coated Products, LLC (#,^) 100 Sweetree St., Cherryville, NC 28021 Printing and Related Support Activities Term Loan Prime plus 2.75% 5/30/2024 12.0  12.0  12.5  —  %
Jonesboro Health Food Center LLC (#,^) 1321 Stone St., Jonesboro, AR 72401 Health and Personal Care Stores Term Loan Prime plus 2.75% 5/27/2024 34.0  34.0  35.3  0.01  %
Hae M. and Jin S. Park dba Buford Car Wash (#,^) 1163 Buford Hwy, Sugar Hill, GA 30518 Repair and Maintenance Term Loan Prime plus 2.75% 5/15/2039 148.4  148.4  175.3  0.05  %
The River Beas LLC and Punam Singh (#,^) 11704 Centurion Way, Potomac, MD 20854 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/8/2039 81.0  81.0  95.8  0.03  %
AS Boyals LLC dba Towne Liquors (#,^) 117 South Broad St., Woodbury City, NJ 08096 Food and Beverage Stores Term Loan Prime plus 2.75% 4/29/2039 97.3  97.3  115.2  0.04  %
Gerami Realty, LC, Sherrill Universal City Corral, LP (#,^) 2301 Pat Booker Rd, Universal City, TX 78148 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/23/2027 53.0  53.0  57.0  0.02  %
Complete Body & Paint, Inc. (#,^) 32220 Michigan Ave, Wayne, MI 48184 Repair and Maintenance Term Loan Prime plus 2.75% 4/23/2039 18.6  18.6  22.0  0.01  %
Island Wide Realty LLC and Long Island Partners, Inc. (#,^) 201-203-205 West Merrick Rd, Valley Stream, NY 11580 Real Estate Term Loan Prime plus 2.75% 4/22/2039 92.8  92.8  109.8  0.03  %
Wilshire Media Systems Inc (#,^) 2649 Townsgate Rd #500, Westlake Village, CA 91361 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2024 96.9  96.9  100.8  0.03  %
257
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 08879 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/9/2039 100.2  100.2  118.6  0.04  %
Dantanna's Tavern LLC (#,^) 6615 Roswell Rd NE #30, Sandy Springs, GA 30328 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2024 87.4  87.4  91.3  0.03  %
Little People's Village II LLC and Iliopoulos Realty LLC (#,^) 6522 Haverford Ave, Philadelphia, PA 19151 Social Assistance Term Loan Prime plus 2.75% 3/31/2039 82.6  82.6  97.5  0.03  %
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC (#,^) 4401 N I-35 #113, Denton, TX 76207 Truck Transportation Term Loan Prime plus 2.75% 3/31/2024 365.0  365.0  381.5  0.12  %
Little People's Village II LLC and Iliopoulos Realty LLC (#,^) 6522 Haverford Ave, Philadelphia, PA 19151 Social Assistance Term Loan Prime plus 2.75% 3/31/2039 91.1  91.1  107.6  0.03  %
Kemmer, LLC and Pitts Package Store, Inc. (#,^) 201 S. Main St., Salem, IN 47167 Food and Beverage Stores Term Loan Prime plus 2.75% 3/31/2039 105.3  105.3  124.2  0.04  %
Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle (#,^) 16701 E. Iliff Ave, Aurora, CO 80013 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 3/31/2039 400.6  400.6  473.9  0.15  %
636 South Center Holdings, LLC and New Mansfield Brass and Aluminum (#) 636 South Center St., New Washington, OH 44854 Primary Metal Manufacturing Term Loan Prime plus 2.75% 3/20/2039 71.8  71.8  84.8  0.03  %
Cormac Enterprises and Wyoming Valley Beverage Incorporated (#,^) 63 S Wyoming Ave, Edwardsville, PA 18704 Food and Beverage Stores Term Loan Prime plus 2.75% 3/20/2039 98.9  98.9  116.8  0.04  %
Kinisi, Inc. dba The River North UPS Store (#,^) 301 West Grand Ave, Chicago, IL 60654 Administrative and Support Services Term Loan Prime plus 2.75% 3/18/2024 5.8  5.8  6.0  —  %
Tortilla King, Inc. (#,^) 249 23rd Ave, Moundridge, KS 67107 Food Manufacturing Term Loan Prime plus 2.75% 3/14/2029 770.6  770.6  840.4  0.26  %
Tortilla King Inc. (#,^) 249 23rd Ave, Moundridge, KS 67107 Food Manufacturing Term Loan Prime plus 2.75% 3/14/2039 41.3  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 08322 Food and Beverage Stores Term Loan Prime plus 2.75% 2/28/2039 371.8  371.8  438.7  0.14  %
Faith Memorial Chapel LLC (#,^) 600 9th Ave North, Bessemer, AL 35020 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039 190.8  190.8  225.0  0.07  %
952 Boston Post Road Realty, LLC and HNA LLC dba Styles International (#,^) 952 Boston Post Rd, Milford, CT 06460 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039 184.2  184.2  217.3  0.07  %
Summit Beverage Group LLC (#,^) 211 Washington Ave, Marion, VA 24354 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 2/28/2024 177.7  177.7  185.2  0.06  %
96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki (#,^) 96 Mill St., Berlin, CT 06037 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/12/2039 126.8  126.8  149.8  0.05  %
258
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
JWB Industries, Inc. dba Carteret Die Casting (#,^) 74 Veronica Ave, Somerset, NJ 08875 Primary Metal Manufacturing Term Loan Prime plus 2.75% 2/11/2024 141.9  141.9  147.3  0.05  %
986 Dixwell Avenue Holding Company, LLC and Mughali Foods, LLC (#,^) 986 Dixwell Ave, Hamden, CT 06510 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/7/2039 88.6  88.6  104.6  0.03  %
Sarah Sibadan dba Sibadan Agency (#,^) 102-05 101st Ave, Ozone Park, NY 11416 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 1/27/2039 114.9  114.9  135.7  0.04  %
Icore Enterprises Inc dba Air Flow Filters Inc (#,^) 151 W 24th St, Hialeah, FL 33010 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 1/15/2024 10.8  10.8  11.3  —  %
Nutmeg North Associates LLC, Steeltech Building Products Inc (#,^) 636 Nutmeg Rd North, South Windsor, CT 06074 Construction of Buildings Term Loan Prime plus 2.75% 12/31/2038 812.1  812.1  957.6  0.30  %
KK International Trading Corporation (#,^) 219 Lafayette Drive, Syosset, NY 11791 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/23/2028 136.4  136.4  148.7  0.05  %
Kurtis Sniezek dba Wolfe's Foreign Auto (#,^) 712 5th St., New Brighton, PA 15066 Repair and Maintenance Term Loan Prime plus 2.75% 12/20/2038 78.7  78.7  92.9  0.03  %
TAK Properties LLC and Kinderland Inc (#,^) 1157 Commerce Ave, Longview, WA 98632 Social Assistance Term Loan Prime plus 2.75% 12/18/2038 359.0  359.0  422.8  0.13  %
TOL LLC dba Wild Birds Unlimited (#,^) 320 W. Main St., Avon, CT 06001 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/13/2023 9.1  9.1  9.4  —  %
920 CHR Realty LLC, V. Garofalo Carting Inc (#,^) 920 Crooked Hill, Brentwood, NY 11717 Waste Management and Remediation Services Term Loan Prime plus 2.75% 12/10/2038 370.3  370.3  436.8  0.14  %
DKB Transport Corp (#,^) 555 Water Works Rd, Old Bridge, NJ 08857 Truck Transportation Term Loan Prime plus 2.75% 12/5/2038 123.0  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 30518 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/3/2038 92.4  92.4  108.6  0.03  %
Spectrum Development LLC and Solvit Inc & Solvit North, Inc (#,^) 65 Farmington Valley Drive, Plainville, CT 06062 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/2/2023 190.0  190.0  196.9  0.06  %
BVIP Limousine Service LTD (#,^) 887 W Liberty, Medina, OH 44256 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 11/27/2038 67.6  67.6  79.7  0.02  %
AcuCall LLC (#,^) 824 U.S Hwy 1, Ste 335, North Palm Beach, FL 33408 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/21/2023 7.4  7.4  7.6  —  %
Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL (#,^) 3039-3043 Hedley, Springfield, IL 62704 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/18/2023 22.3  22.3  23.1  0.01  %
Yousef Khatib dba Y&M Enterprises (#,^) 671 E. Cooley Drive, Unit 114, Colton, CA 92324 Wholesale Electronic Markets and Agents and Brokers Term Loan Prime plus 2.75% 11/15/2023 36.0  36.0  37.3  0.01  %
Howell Gun Works LLC (#,^) 2446 Route 9, Howell, NJ 07731 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 11/14/2023 2.2  2.2  2.3  —  %
259
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Polpo Realty, LLC, Polpo Restaurant, LLC (#,^) 554 Old Post Rd #3, Greenwich, CT 06830 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/6/2038 55.6  55.6  65.6  0.02  %
1 North Restaurant Corp dba 1 North Steakhouse (#,^) 322 W. Montauk Hwy, Hampton Bays, NY 11946 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2038 187.7  187.7  221.4  0.07  %
Master CNC Inc & Master Properties LLC (#,^) 11825 29 Mile Rd, Washington, MI 48095 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2038 526.2  526.2  619.0  0.19  %
Janice B. McShan and The Metropolitan Day School, LLC (#,^) 2817 Lomb Ave, Birmingham, AL 35208 Social Assistance Term Loan Prime plus 2.75% 10/31/2023 20.5  20.5  21.3  0.01  %
Mid-Land Sheet Metal Inc (#,^) 125 E Fesler St., Santa Maria, CA 93454 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/31/2038 121.4  121.4  143.1  0.04  %
Greenbrier Technical Services, Inc (#,^) 407 E. Edgar Ave, Ronceverte, WV 24970 Repair and Maintenance Term Loan Prime plus 2.75% 10/24/2023 97.2  97.2  101.0  0.03  %
Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd (#,^) 77 Mill Rd, Freeport, NY 11520 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/24/2038 130.7  130.7  154.1  0.05  %
First Steps Real Estate Company, LLC and First Steps Preschool (#,^) 104 McCoy St., Milford, DE 19963 Social Assistance Term Loan Prime plus 2.75% 9/30/2038 85.8  85.8  101.0  0.03  %
Cencon Properties LLC and Central Connecticut Warehousing Company (#,^) 37 Commons Court, Waterbury, CT 06704 Warehousing and Storage Term Loan Prime plus 2.75% 9/30/2038 303.4  303.4  357.9  0.11  %
Discount Wheel and Tire of Broken Bow Inc (#,^) 1202 S Park Drive, Broken Bow, OK 74728 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/30/2038 196.7  196.7  231.7  0.07  %
Lenoir Business Partners LLC LP Industries, Inc dba Childforms (#,^) 2040 Norwood, Lenoir, NC 28645 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038 260.1  260.1  306.6  0.10  %
LP Industries, Inc dba Childforms (#,^) 110 Charleston Dr. Ste 105, Morresville, NC 28117 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038 106.0  106.0  125.0  0.04  %
Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC (#,^) 12150 Annapolis Rd, Ste 301, Glenn Dale, MD 20769 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2038 294.6  294.6  347.2  0.11  %
Gabrielle Realty, LLC (#,^) 242 Sheep Davis Rd, Concord, NH 03301 Gasoline Stations Term Loan Prime plus 2.75% 9/27/2038 666.2  666.2  784.2  0.24  %
Eastside Soccer Dome, Inc . (#,^) 11919 S Ave O, Chicago, IL 60617 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2038 407.8  407.8  481.0  0.15  %
Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral (#,^) 17 Pearl St., Mystic, CT 06355 Personal and Laundry Services Term Loan Prime plus 2.75% 9/26/2038 87.9  87.9  103.7  0.03  %
Southeast Chicago Soccer, Inc. (#,^) 10232 S Ave N, Chicago, IL 60617 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2038 45.0  45.0  53.1  0.02  %
Kiddie Steps 4 You Inc. (#,^) 1700 West 63rd St., Chicago, IL 60636 Social Assistance Term Loan Prime plus 2.75% 9/25/2038 80.0  80.0  93.9  0.03  %
Diamond Memorials Incorporated (#,^) 800 Broad St., Clifton, NJ 07013 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/25/2023 2.7  2.7  2.8  —  %
260
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 30022 Educational Services Term Loan Prime plus 2.75% 9/20/2023 21.5  21.5  22.2  0.01  %
Faith Memorial Chapel LLC (#,^) 600 9th Ave N, Bessemer, AL 35020 Personal and Laundry Services Term Loan Prime plus 2.75% 9/20/2038 236.1  236.1  277.5  0.09  %
Maynard Enterprises Inc dba Fastsigns of Texarkana (#,^) 3735 Mall Drive, Texarkana, TX 75501 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/18/2023 7.5  7.5  7.8  —  %
Grafio Inc dba Omega Learning Center-Acworth (#,^) 5330 Brookstone Drive, Ste 320, Acworth, GA 30101 Educational Services Term Loan Prime plus 2.75% 9/13/2023 76.7  76.7  79.3  0.02  %
The Berlerro Group, LLC dba Sky Zone (#,^) 111 Rodeo Drive, Edgewood, NY 11717 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/12/2023 199.3  199.3  206.0  0.06  %
Sound Manufacturing Inc (#,^) 51 Donnelley Rd, Old Saybrook, CT 06475 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/12/2028 38.4  38.4  41.7  0.01  %
Prospect Kids Academy Inc (#,^) 532 St Johns Place, Brooklyn, NY 11238 Educational Services Term Loan Prime plus 2.75% 9/11/2038 109.3  109.3  128.6  0.04  %
Alma J. and William R. Walton and Almas Child Day Care Center (#,^) 2909 W 63rd St., Chicago, IL 60629 Social Assistance Term Loan 8% 9/11/2038 35.1  35.1  33.6  0.01  %
B for Brunette dba Blo (#,^) 50 Glen Cove Rd, Greenvale, NY 11548 Personal and Laundry Services Term Loan Prime plus 2.75% 9/10/2023 25.0  25.0  25.8  0.01  %
Schmaltz Holdings, LLC and Schmaltz Operations, LLC (#,^) 3408 Castle Rock Farm Rd, Pittsboro, NC 27312 Personal and Laundry Services Term Loan Prime plus 2.75% 9/4/2038 195.9  195.9  230.0  0.07  %
IlOKA Inc dba Microtech Tel and NewCloud Networks (#,^) 160 Inverness Dr W Ste 100, Englewood, CO 80112 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/30/2023 294.8  294.8  304.8  0.09  %
ACI Northwest Inc. (#,^) 6600 N Government Way, Coeur D Alene, ID 83815 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 8/30/2023 245.8  245.8  254.9  0.08  %
Gulfport Academy Child Care and Learning Center, Inc. and Jennifer (#,^) 15150 Evans St., Gulfport, MS 39503 Social Assistance Term Loan Prime plus 2.75% 8/30/2023 19.6  19.6  20.3  0.01  %
Ramard Inc and Advanced Health Sciences Inc (#,^) 4561 Ironworks Pike, Ste 161, Lexington, KY 40511 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/28/2023 85.1  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 80909 Nonstore Retailers Term Loan Prime plus 2.75% 8/26/2023 36.4  36.4  37.7  0.01  %
JSIL LLC dba Blackstones Hairdressing (#,^) 19 East 7th St., New York, NY 10003 Personal and Laundry Services Term Loan Prime plus 2.75% 8/16/2023 8.7  8.7  9.0  —  %
Caribbean Concepts, Inc. dba Quick Bleach (#,^) 120 East 56th St., Ste 730, New York, NY 10022 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/12/2023 10.1  10.1  10.5  —  %
Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC (#,^) 38 Carmen Lane, Monroe, CT 06468 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/24/2023 5.3  5.3  5.5  —  %
Angkor Restaurant Inc (#,^) 10 Traverse St., Providence, RI 02903 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/19/2038 81.4  81.4  95.9  0.03  %
261
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Tri County Heating and Cooling Inc. (#,^) 509 East Park St., Livingston, MT 59047 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2023 39.1  39.1  40.5  0.01  %
Harbor Ventilation Inc and Estes Investment, LLC (#,^) 509 East Park St., Livingston, MT 59047 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2038 2.1  2.1  2.4  —  %
Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC (#,^) 1 Poppy Ave, Neptune, NJ 07753 Truck Transportation Term Loan Prime plus 2.75% 7/17/2023 23.9  23.9  24.6  0.01  %
Maxiflex LLC (#,^) 512 Verret St., New Orleans, LA 70114 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/28/2023 19.5  19.5  20.2  0.01  %
GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat (#,^) 411 Sharp St., Millville, NJ 08332 Personal and Laundry Services Term Loan Prime plus 2.75% 6/28/2038 85.0  85.0  100.5  0.03  %
2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc. (#,^) 2141 P Ave, Williamsburg, IA 52361 Truck Transportation Term Loan Prime plus 2.75% 6/19/2026 398.3  398.3  425.4  0.13  %
Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services (#,^) 200 North Branford Rd, Branford, CT 06405 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 6/18/2028 601.8  601.8  654.9  0.20  %
KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc (#,^) 24 Elm St., Montpelier, VT 05602 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/14/2023 149.7  149.7  155.0  0.05  %
Elite Structures Inc (#,^) 401 Old Quitman Rd, Adel, GA 31620 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/12/2038 777.1  777.1  916.8  0.28  %
Absolute Desire LLC and Mark H. Szierer Sophisticated Smile (#,^) 85 Reaville Ave, Flemington, NJ 08822 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/5/2038 164.7  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 23188 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/28/2023 26.7  26.7  27.7  0.01  %
Ryan D. Thornton and Thornton & Associates LLC (#,^) 800 Bethel St., Ste 200, Honolulu, HI 96813 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 5/24/2023 21.3  21.3  22.1  0.01  %
Peanut Butter & Co., Inc. (#,^) 250 West 54th St., New York, NY 10019 Food Manufacturing Term Loan Prime plus 2.75% 4/30/2023 41.5  41.5  42.9  0.01  %
1258 Hartford TPKE, LLC and Phelps and Sons, Inc (#,^) 1258 Hartford Turnpike, Vernon, CT 06066 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/29/2038 108.0  108.0  127.4  0.04  %
A & M Commerce, Inc. dba Cranberry Sunoco (#,^) 398 Baltimore Blvd, Westminster, MD 21157 Gasoline Stations Term Loan Prime plus 2.75% 3/27/2038 286.1  286.1  337.0  0.10  %
Xela Pack, Inc. and Aliseo and Catherine Gentile (#,^) 8300 Boettner Rd, Saline, MI 48176 Paper Manufacturing Term Loan Prime plus 2.75% 3/27/2028 187.9  187.9  204.1  0.06  %
American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center (#,^) 3937 Sherman Ave, Saint Joseph, MO 64506 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2038 465.9  465.9  548.7  0.17  %
Michael A.and HeatherR. Welsch dba Art & FrameEtc. (#,^) 2819 West T C Jester Blvd., Houston, TX 77018 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/22/2038 58.5  58.5  68.9  0.02  %
262
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Truth Technologies Inc dba Truth Technologies Inc. (#,^) 2341 Cheshire Lane, Naples, FL 34109 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/21/2023 35.2  35.2  36.3  0.01  %
Sound Manufacturing, Inc. and Monster Power Equipment Inc. (#,^) 51 Donnelley Rd, Old Saybrook, CT 06475 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/15/2023 199.4  199.4  206.1  0.06  %
Golden Gate Lodging LLC (#,^) 432 Margaret St.,, Plattsburgh, NY 12901 Accommodation Term Loan Prime plus 2.75% 3/12/2038 99.7  99.7  117.5  0.04  %
Bakhtar Group LLC dba Malmaison (#,^) 3401 K St. NW, Washington, DC 20007 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2023 38.2  38.2  39.4  0.01  %
Osceola River Mill, LLC, Ironman Machine, Inc. (#,^) 27 Hungerford St., Pittsfield, MA 01201 Machinery Manufacturing Term Loan Prime plus 2.75% 2/20/2038 74.6  74.6  87.8  0.03  %
Java Warung, LLC (#,^) 1915 N Richmond St., Appleton, WI 54911 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/19/2038 44.2  44.2  52.0  0.02  %
Retain Loyalty LLC (#,^) 1250 Sanders Ave SW, Massillon, OH 44647 Printing and Related Support Activities Term Loan Prime plus 2.75% 2/15/2038 93.7  93.7  110.4  0.03  %
North Country Transport, LLC (#,^) 10 LaCrosse St., Ste 14, Hudson Falls, NY 12839 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 2/6/2023 6.1  6.1  6.3  —  %
Sherill Universal City dba Golden Corral LP (#,^) 2301 Pat Booker Rd, Universal City, TX 78148 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/28/2038 381.4  381.4  449.4  0.14  %
Macho LLC, Madelaine Chocolate Novelties Inc (#,^) 96-03 Beach Channel Drive, Rockaway Beach, NY 11693 Food Manufacturing Term Loan Prime plus 2.75% 12/31/2037 432.4  432.4  509.5  0.16  %
Babie Bunnie Enterprises Inc dba Triangle Mothercare (#,^) 8516 Swarthmore Drive, Raleigh, NC 27615 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/28/2027 27.5  27.5  29.8  0.01  %
Polpo Realty LLC & Polpo Restaurant LLC (#,^) 554 Old Post Rd #3, Greenwich, CT 06830 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2037 450.8  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 90048 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2022 25.1  25.1  25.9  0.01  %
Cheryle A Baptiste and Cheryle Baptiste DDS PLLC (#,^) 4839 Wisconsin Ave NW Ste 2, Washington, DC 20016 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/30/2037 251.6  251.6  295.9  0.09  %
Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC (#,^) 38 Carmen Lane, Monroe, CT 06468 Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 11/28/2037 196.5  196.5  231.1  0.07  %
Richmond Hill Mini Market, LLC (#,^) 101 Richmond Hill Ave, Stamford, CT 06902 Food and Beverage Stores Term Loan Prime plus 2.75% 11/27/2037 158.9  158.9  186.8  0.06  %
D&L Rescources, Inc. dba The UPS Store (#,^) 8930 State Rd # 84, Davie, FL 33324 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/27/2022 3.6  3.6  3.7  —  %
DRV Enterprise, Inc. dba Cici's Pizza # 339 (#,^) 5771 East Fowler Ave, Temple Terrace, FL 33617 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/26/2022 22.5  22.5  23.1  0.01  %
U & A Food and Fuel, Inc. dba Express Gas & Food Mart (#,^) 1345 Wampanoag Trail, East Providence, RI 02915 Gasoline Stations Term Loan Prime plus 2.75% 11/21/2037 82.6  82.6  97.2  0.03  %
263
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Pioneer Windows Manufacturing Corp, Pioneer Windows (#,^) 15 Frederick Place, Hicksville, NY 11801 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 11/21/2022 100.5  100.5  103.5  0.03  %
R & J Petroleum LLC, Manar USA, Inc. (#,^) 305 Quincy Shore Drive, Quincy, MA 02107 Gasoline Stations Term Loan Prime plus 2.75% 11/20/2037 154.4  154.4  181.6  0.06  %
St Judes Physical Therapy P.C. (#,^) 7712 Fourth Ave, Brooklyn, NY 11209 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/19/2022 7.7  7.7  7.9  —  %
Hi-Def Imaging, Inc. dba SpeedPro Imaging (#,^) 3580 Progress Drive, Unit Q, Bensalem, PA 19020 Printing and Related Support Activities Term Loan Prime plus 2.75% 11/9/2022 8.2  8.2  8.5  —  %
Reidville Hydraulics Mfg Inc dba Summit (#,^) 175 Industrial Lane, Torrington, CT 06790 Machinery Manufacturing Term Loan Prime plus 2.75% 11/2/2037 228.3  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 10036 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/26/2022 66.6  66.6  68.6  0.02  %
University Park Retreat, LLC dba Massage Heights (#,^) 5275 University Parkway # 110, Bradenton, FL 34201 Personal and Laundry Services Term Loan Prime plus 2.75% 9/27/2022 26.7  26.7  27.5  0.01  %
O'Rourkes Diner LLC dba O'Rourke's Diner (#,^) 728 Main St., Middletown, CT 06457 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/19/2037 55.9  55.9  65.6  0.02  %
AJK Enterprise LLC dba AJK Enterprise LLC (#) 1901 Naylor Rd, SE, Washington, DC 20020 Truck Transportation Term Loan Prime plus 2.75% 8/27/2022 5.5  5.5  5.6  —  %
Suncoast Aluminum Furniture, Inc (#,^) 6291 Thomas Rd, Fort Myers, FL 33912 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 8/17/2037 306.7  306.7  360.1  0.11  %
Hofgard & Co., Inc. dba HofgardBenefits (#,^) 400 S McCaslin Blvd Ste 201, Louisville, CO 80027 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/27/2022 35.7  35.7  36.6  0.01  %
Georgia Safe Sidewalks LLC (#,^) 1740 Wheatstone Drive, Grayson, GA 30017 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/27/2022 4.9  4.9  5.1  —  %
Central Tire, Inc. dba Cooper Tire & Auto Services (#,^) 1111 S Tillotson Ave, Muncie, IN 47304 Repair and Maintenance Term Loan Prime plus 2.75% 6/29/2037 244.1  244.1  286.9  0.09  %
KIND-ER-ZZ Inc dba Kidville (#,^) 30 Maple St., Summit, NJ 07901 Educational Services Term Loan Prime plus 2.75% 6/15/2022 16.0  16.0  16.4  0.01  %
Graphish Studio, Inc. and Scott Fishoff (#,^) 231 Main St., Stanford, CT 06901 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2022 6.4  6.4  6.6  —  %
ALF, LLC, Mulit-Service Eagle Tires (#,^) 1985 B St., Colorado Springs, CO 80906 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 5/31/2037 53.1  53.1  62.2  0.02  %
Tracey Vita-Morris dba Tracey Vita's School of Dance (#,^) 4181 9th Ave West, Bradenton, FL 34025 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 5/10/2022 7.1  7.1  7.2  —  %
Tanner Optical, Inc. dba Murphy Eye Care (#,^) 305 Shirley Ave, Douglas, GA 31533 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/27/2022 2.4  2.4  2.5  —  %
Access Staffing, LLC (#,^) 360 Lexington Ave, 8th Fl, New York, NY 10017 Administrative and Support Services Term Loan Prime plus 2.75% 3/30/2022 59.1  59.1  60.5  0.02  %
Manuel P. Barrera and Accura Electrical Contractor, Inc. (#,^) 6187 NW 167th St. Unit H3, Miami, FL 33015 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/23/2028 66.7  66.7  72.4  0.02  %
264
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
DC Realty, LLC dba FOGO Data Centers (#) 340 Tom Reeve Drive, Carrolton, GA 30117 Professional, Scientific, and Technical Services Term Loan 6.25% 3/23/2022 449.7  449.7  445.3  0.14  %
DC Realty, LLC dba FOGO Data Centers (#) 340 Tom Reeve Drive, Carrolton, GA 30117 Professional, Scientific, and Technical Services Term Loan 6% 3/23/2037 2,623.4  2,623.4  2,519.4  0.78  %
Shweiki Media, Inc. dba Study Breaks Magazine (#,^) 4954 Space Center Drive, San Antonio, TX 78218 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/22/2027 724.9  724.9  780.1  0.24  %
ATI Jet, Inc. (#) 7007 Boeing Drive, El Paso, TX 79925 Air Transportation Term Loan Prime plus 2.75% 12/28/2026 532.8  532.8  572.0  0.18  %
J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company (#,^) 2900 South 20th St., Philadelphia, PA 19145 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/22/2036 343.8  343.8  401.9  0.12  %
K's Salon, LLC d/b/a K's Salon (#,^) 162 West 84th St., New York, NY 10024 Personal and Laundry Services Term Loan Prime plus 2.75% 12/20/2021 19.5  19.5  19.9  0.01  %
15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs (#,^) 15 Frederick Place, Hicksville, NY 11801 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/16/2021 63.7  63.7  65.0  0.02  %
Taylor Transport, Inc (#,^) 1708 HWY 113 SW, CARTERSVILLE, GA 30120 Truck Transportation Term Loan Prime plus 2.75% 12/8/2021 64.2  64.2  65.6  0.02  %
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc (#) 325 N. Milwaukee Ave, Ste G1, Wheeling, IL 60090 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 10/26/2021 17.1  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 10014 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/25/2021 5.3  5.3  5.4  —  %
39581 Garfield, LLC and Tri County Neurological Associates, P.C. (#,^) 39581 Garfield Rd, Clinton Township, MI 48038 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2036 68.3  68.3  79.8  0.02  %
Robert E. Caves, Sr. and American Plank dba Caves Enterprises (#,^) 40515 Pumpkin Center Rd, Hammond, LA 70403 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2021 69.0  69.0  70.5  0.02  %
39581 Garfield, LLC and Tricounty Neurological Associates, P.C. (#,^) 39581 Garfield Rd, Clinton Township, MI 48038 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2036 23.2  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 10036 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2021 239.7  239.7  244.1  0.08  %
Michael S. Decker & Janet Decker dba The Hen House Cafe (#) 401 Caribou St., Simla, CO 80835 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/30/2036 13.8  13.8  16.2  0.01  %
Trademark Equipment Company Inc and David A. Daniel (#,^) 5690 Pine Lane Circle, Bessemer, AL 35022 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/19/2036 109.9  109.9  128.3  0.04  %
Valiev Ballet Academy, Inc (#,^) 635 - 637 Londonderry Lane, Denton, TX 76205 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 8/12/2036 34.9  34.9  40.7  0.01  %
265
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
LaHoBa, LLC d/b/a Papa John's (#,^) 3001 Pontchartrain Drive, Slidell, LA 70458 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/3/2036 63.3  63.3  73.9  0.02  %
Lavertue Properties LLP dba Lavertue Properties (#,^) 24 Wakefield St., Rochester, NH 13867 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/29/2036 36.7  36.7  42.9  0.01  %
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP (#,^) 4920 Lincoln Ave Rte 53, Lisle, IL 60532 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/29/2036 287.3  287.3  335.4  0.10  %
Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co. (#,^) 1790 Broadway Ste 716, New York, NY 10019 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/3/2021 8.9  8.9  9.0  —  %
Modern on the Mile, LLC dba Ligne Roset (#,^) 162 N. 3rd St., Philadelphia, PA 19106 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 5/25/2021 39.0  39.0  39.7  0.01  %
Profile Performance, Inc. and Eidak Real Estate, L.L.C. (#,^) 44600 Michigan Ave, Canton, MI 48188 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2036 103.5  103.5  120.7  0.04  %
Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store (#,^) 2267 Fernberg Trail, Ely, MN 55731 Nonstore Retailers Term Loan Prime plus 2.75% 4/18/2036 113.8  113.8  132.7  0.04  %
Michael S. Korfe dba North Valley Auto Repair (#,^) 7516 B 2nd St., NW, Albuquerque, NM 87107 Repair and Maintenance Term Loan Prime plus 2.75% 3/24/2036 12.5  12.5  14.6  —  %
Actknowledge,Inc dba Actknowledge (#,^) 365 Fifth Ave, New York, NY 10016 Personal and Laundry Services Term Loan Prime plus 2.75% 3/21/2021 9.9  9.9  10.1  —  %
Stephen Frank, Patricia Frank and Suds Express LLC (#,^) 520 E. 8th St., Anderson, IN 46012 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/25/2023 20.6  20.6  21.3  0.01  %
SuzyQue’s LLC dba Suzy Que’s (#,^) 34 South Valley Rd, West Orange, NJ 07052 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/11/2036 49.4  49.4  57.4  0.02  %
Little People’s Village, LLC dba Little People’s Village (#,^) 904 North 66th St., Philadelphia, PA 19151 Social Assistance Term Loan Prime plus 2.75% 1/31/2036 25.0  25.0  29.1  0.01  %
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc. (#,^) 64-68 North Central Ave, Valley Stream, NY 11580 Support Activities for Transportation Term Loan Prime plus 2.75% 1/28/2036 91.3  91.3  106.2  0.03  %
Shree OM Lodging, LLC dba Royal Inn (#,^) 2030 W Northwest Hwy, Dallas, TX 75220 Accommodation Term Loan Prime plus 2.75% 12/17/2035 22.2  22.2  25.8  0.01  %
Lodin Medical Imaging, LLC dba Watson Imaging Center (#,^) 3915 Watson Rd, St. Louis, MO 63109 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/1/2020 9.2  9.2  9.3  —  %
Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center (#,^) 2879 Limekiln Pike, Glenside, PA 19038 Repair and Maintenance Term Loan Prime plus 2.75% 11/30/2035 27.2  27.2  31.6  0.01  %
Elan Realty, LLC and Albert Basse Asociates, Inc. (#,^) 175 Campanelli Park Way, Stroughton, MA 02072 Printing and Related Support Activities Term Loan Prime plus 2.75% 9/30/2035 180.6  180.6  209.6  0.07  %
K9 Bytes, Inc & Epazz, Inc (#) 325 N. Milwaukee Ave, Ste G1, Wheeling, IL 60090 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 9/30/2020 2.8  2.8  2.8  —  %
266
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Success Express,Inc. dba Success Express (#,^) 550 Eighth Ave, New York, NY 10018 Couriers and Messengers Term Loan Prime plus 2.75% 9/29/2020 8.4  8.4  8.5  —  %
Modern Manhattan, LLC (#,^) 162 N 3rd St., Philadelphia, PA 19106 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/20/2020 22.4  22.4  22.6  0.01  %
Dirk's Trucking, L.L.C. dba Dirk's Trucking (#) 1041 John D Hebert Rd, Breaux Bridge, LA 70517 Truck Transportation Term Loan Prime plus 2.75% 9/17/2020 2.3  2.3  2.4  —  %
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery (#,^) 2320 2nd St., Albuquerque, NM 87107 Repair and Maintenance Term Loan Prime plus 2.75% 9/2/2035 39.8  39.8  46.1  0.01  %
Newsome Trucking Inc and Kevin Newsome (#,^) 2262 HWY 53W, Jasper, GA 30143 Truck Transportation Term Loan Prime plus 2.75% 9/2/2035 197.5  197.5  228.9  0.07  %
Members Only Software, Inc (#,^) 1250 Connecticut Ave NW 200, Washington, DC 20036 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/30/2020 3.6  3.6  3.6  —  %
ActKnowledge,Inc dba ActKnowledge (#,^) 365 Fifth Ave, New York, NY 10016 Personal and Laundry Services Term Loan Prime plus 2.75% 6/30/2020 3.9  3.9  3.9  —  %
I-90 RV & Auto Supercenter (#,^) 4505 South I-90 Service Rd, Rapid City, SD 57703 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/29/2035 58.9  58.9  68.3  0.02  %
Zouk, Ltd. dba Palma (#,^) 28 Cornelia St., New York, NY 10014 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/25/2020 2.4  2.4  2.5  —  %
Tanner Optical Inc. dba Murphy Eye Care (#,^) 305 Shirley Ave, Douglas, GA 31533 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/22/2035 74.7  74.7  86.3  0.03  %
ValleyStar, Inc. dba BrightStar Healthcare (#) 5900 Sepulveda Blvd, Van Nuys, CA 91411 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2020 0.4  0.4  0.4  —  %
New Economic Methods LLC dba Rita's (#) 1014 H St. NE, Washington, DC 20002 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2020 0.2  0.2  0.2  —  %
Lahoba,LLC dba Papa John's Pizza (#,^) 620 W. Judge Perez Drive, Chalmette, LA 70163 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/30/2034 33.0  33.0  38.1  0.01  %
Animal Intrusion Prevention Systems Holding Company, LLC (#,^) 3330 North Beach St., Haltom City, TX 76111 Administrative and Support Services Term Loan Prime plus 2.75% 3/29/2024 20.7  20.7  21.6  0.01  %
KMC RE, LLC & B&B Kennels (#,^) 6004 City Park Rd, Austin, TX 78730 Personal and Laundry Services Term Loan Prime plus 2.75% 11/19/2034 45.0  45.0  51.9  0.02  %
ROVER REPAIRS (#,^) 301 Macdade Blvd, COLLINGDALE, PA 19023 Repair and Maintenance Term Loan Prime plus 2.5% 11/28/2029 45.5  45.5  49.7  0.02  %
The Alba Financial Group, Inc. (#,^) 1420 Spring Hill Rd, McLain, VA 22102 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan 6% 3/10/2021 3.8  3.8  3.8  —  %
D & D's Divine Beauty School of Esther, LLC (#,^) 5524 Germantown Ave, Philadelphia, PA 19144 Educational Services Term Loan 6% 8/1/2031 44.0  44.0  42.6  0.01  %
Bliss Coffee and Wine Bar, LLC (#) 1402-A Handlir Drive, Bel Air, MD 21015 Food Services and Drinking Places Term Loan 6% 11/30/2022 64.1  64.1  63.3  0.02  %
Zog Inc. (#,^) 595 Bethlehem Pike #404, Montgomeryville, PA 18936 Other Information Services Term Loan Prime plus 2.75% 4/30/2020 13.6  13.6  13.7  —  %
267
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Connect Litigation Technology, Inc. (#,^) 1101 Ivy Hill Rd, #4, Philadelphia, PA 19150 Professional, Scientific, and Technical Services Term Loan Prime plus 2% 10/18/2025 20.0  20.0  20.8  0.01  %
1911 East Main Street Holdings, Corp (#,^) 1911 East Main St., Endicott, NY 13760 Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2032 10.9  10.9  12.3  —  %
Water Works Laundromat, LLC (#) 968-970 Bergen St., Newark, NJ 07104 Personal and Laundry Services Term Loan Prime plus 2.25% 9/7/2027 146.4  146.4  155.6  0.05  %
Dave Kris, and MDK Ram Corp. (#,^) 15 Elm Park, Groveland, MA 01930 Food and Beverage Stores Term Loan Prime plus 2.75% 2/5/2026 23.9  23.9  25.5  0.01  %
Gill Express Inc. dba American Eagle Truck Wash (#,^) 12200 N. Holland, Oklahoma City, OK 73131 Repair and Maintenance Term Loan Prime plus 2.75% 1/5/2027 145.6  145.6  156.8  0.05  %
Head To Toe Personalized Pampering, Inc. (#,^) 2331 North State Rd 7, Lauderhill, FL 33313 Personal and Laundry Services Term Loan Prime plus 2.75% 1/27/2031 7.7  7.7  8.6  —  %
Christopher F. Bohon & Pamela D. Bohon (#,^) 11600 County Rd 71, Lexington, AL 35648 Social Assistance Term Loan Prime plus 2.75% 10/28/2026 2.5  2.5  2.7  —  %
Mogas Limited (#,^) 47 Chestnut St., Elmer, NJ 08318 Gasoline Stations Term Loan Prime plus 2.75% 5/31/2030 62.1  62.1  68.9  0.02  %
Shree Om Lodging, LLC dba Royal Inn (#,^) 2030 W. Northwest Hwy, Dallas, TX 75220 Accommodation Term Loan Prime plus 2.75% 5/2/2030 55.1  55.1  61.1  0.02  %
Moonlight Multi Media Production, Inc. (#,^) 2700 W Cypress Creek Rd, Fort Lauderdale, FL 33309 Other Information Services Term Loan 5.3% 2/1/2025 1.6  1.6  1.6  —  %
David M. Goens dba Superior Auto Paint & Body, Inc. (#) 1912 Manhattan Ave, Harvey, LA 70058 Repair and Maintenance Term Loan 6% 8/26/2024 11.9  11.9  11.7  —  %
McCallister Venture Group, LLC and Maw's Vittles, Inc. (#,^) 511 South Broad St., Brooksville, FL 34601 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2029 9.8  9.8  10.8  —  %
Chong Hun Im dba Kim's Market (#,^) 730 East 28th St., Ogden, UT 84403 Food and Beverage Stores Term Loan Prime plus 2.5% 2/27/2024 6.0  6.0  6.2  —  %
Whirlwind Car Wash, Inc. (#) 1370 Le Anne Marie Circle, Columbus, OH 43026 Repair and Maintenance Term Loan Prime plus 2% 4/9/2029 12.9  12.9  13.7  —  %
Shuttle Car Wash, Inc. dba Shuttle Car Wash (#,^) 745 Cheney Hwy, Ttitusville, FL 32780 Repair and Maintenance Term Loan Prime plus 2.25% 11/10/2028 14.1  14.1  15.1  —  %
Min Hui Lin (#,^) 1916 Broad St., Lanett, AL 36863 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2028 14.1  14.1  15.3  —  %
Delta Partners, LLC dba Delta Carwash (#,^) 5640 Indian Crest Lane, Olympia, WA 98516 Repair and Maintenance Term Loan Prime plus 2.5% 4/5/2029 35.2  35.2  38.3  0.01  %
Auto Sales, Inc. (#,^) 1925 State St., Hamden, CT 06417 Motor Vehicle and Parts Dealers Term Loan 6% 8/17/2023 4.8  4.8  4.7  —  %
Taste of Inverness, Inc. dba China Garden (#,^) 1314 US Hwy 41 N, Inverness, FL 34450 Food Services and Drinking Places Term Loan Prime plus 2% 6/29/2025 6.2  6.2  6.4  —  %
Ralph Werner dba Werner Transmission Inc (#,^) 259 East Central Ave, Bangor, PA 18013 Gasoline Stations Term Loan Prime plus 2.75% 12/29/2021 1.0  1.0  1.1  —  %
Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC (#,^) 3118 Bayshore Ave, Brigantine, NJ 08203 Amusement, Gambling, and Recreation Industries Term Loan 6% 9/14/2023 25.5  25.5  25.2  0.01  %
268
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
OrthoQuest, P.C. (#,^) 2336 Wisteria Drive, Ste 430, Snellville, GA 30078 Ambulatory Health Care Services Term Loan Prime plus 2% 3/12/2022 1.6  1.6  1.6  —  %
Track Side Collision & Tire, Inc. (#,^) 98-16 160 Ave, Ozone Park, NY 11414 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 6/16/2025 3.5  3.5  3.7  —  %
Deesha Corporation, Inc. dba Best Inn & Suites (#,^) 9225 Parkway East, Birmingham, AL 35206 Accommodation Term Loan Prime plus 2.25% 2/14/2025 19.0  19.0  19.8  0.01  %
Maruti, Inc (#,^) 1506 280 By-Pass, Phenix City, AL 36867 Accommodation Term Loan Prime plus 2.25% 11/25/2024 14.6  14.6  15.2  —  %
Randall D. & Patricia D. Casaburi dba Pat's Pizzazz (#,^) 386 Winsted Rd, Torrington, CT 06790 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 3/13/2023 4.1  4.1  4.2  —  %
Gain Laxmi, Inc. dba Super 8 Motel (#,^) 14341 US Hwy 431 S, Gunterville, AL 35976 Accommodation Term Loan Prime plus 2.25% 5/31/2023 11.9  11.9  12.2  —  %
Naseeb Corporation (#,^) 1696 North Broad St., Meriden, CT 06450 Accommodation Term Loan Prime plus 2.25% 3/31/2024 19.2  19.2  19.9  0.01  %
Stillwell Ave Prep School (#,^) 1990 Stillwell Ave, Brooklyn, NY 11214 Social Assistance Term Loan Prime plus 2.75% 1/14/2023 3.6  3.6  3.7  —  %
Alyssa Corp dba Knights Inn (#,^) 1105 Columbus Parkway, Opelika, AL 36801 Accommodation Term Loan Prime plus 2.25% 9/30/2023 33.2  33.2  34.3  0.01  %
Bhailal Patel dba New Falls Motel (#,^) 201 Lincoln Hwy, Fairless Hills, PA 19030 Accommodation Term Loan Prime plus 2.75% 3/27/2023 1.6  1.6  1.7  —  %
Pegasus Automotive, Inc. (#,^) 3981 Hylan Blvd., Staten Island, NY 10308 Gasoline Stations Term Loan Prime plus 2.75% 12/23/2022 4.9  4.9  5.1  —  %
P. Agrino, Inc. dba Andover Diner (#,^) 193 Main St., Andover, NJ 07860 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/18/2021 2.4  2.4  2.5  —  %
Total SBA Unguaranteed Accrual Investments $ 370,612.2  $ 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 19601 Food Manufacturing Term Loan 6.25% 5/4/2028 445.6  445.6  352.6  0.11  %
Amboy Group, LLC dba Tommy Moloney's (#) 1 Amboy Ave, Woodbridge, NJ 07095 Food Manufacturing Term Loan 7% 6/24/2025 364.5  364.5  355.2  0.11  %
CLU Amboy, LLC and Amboy Group, LLC dba Tommy Moloney's (#) 1 Amboy Ave, Woodbridge, NJ 07095 Food Manufacturing Term Loan 7% 12/27/2023 455.7  455.7  414.2  0.13  %
Custom Software, Inc. a Colorado Corporation dba M-33 Access (#) 380 E. Borden Rd, Rose City, MI 48654 Professional, Scientific, and Technical Services Term Loan 6.25% 6/17/2021 233.3  233.3  114.4  0.04  %
Event Mecca LLC (#) 141 South Waldron Lane, Wynantskill, NY 12198 Other Information Services Term Loan 6% 4/10/2023 11.0  11.0  1.2  —  %
Hartford Cardiology Group LLC and Ideal Nutrition of Connecticut LLC (#,^) 345 North Main St., West Hartford, CT 06117 Ambulatory Health Care Services Term Loan —% 5/15/2024 452.3  452.3  71.6  0.02  %
269
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 01923 Amusement, Gambling, and Recreation Industries Term Loan 6.75% 9/22/2026 19.6  19.6  7.3  —  %
Matchless Transportation LLC dba First Class Limo (#) 31525 Aurora Rd # 5, Solon, OH 44139 Transit and Ground Passenger Transportation Term Loan 6.25% 5/31/2020 119.6  119.6  12.2  —  %
Morris Glass and Construction Inc (#) 40058 Hwy 30, Astoria, OR 97103 Specialty Trade Contractors Term Loan 15% 10/1/2023 405.2  405.2  222.8  0.07  %
Sourceco Limited Liability Company (#,^) 17 Palmer Ave, West Long Branch, NJ 07764 Merchant Wholesalers, Nondurable Goods Term Loan 6.5% 12/17/2025 37.0  37.0  32.5  0.01  %
TX Superior Communications, LLC (#,^) 6223 Krempen Ave, San Antonio, TX 78233 Specialty Trade Contractors Term Loan 8% 3/19/2028 85.5  85.5  47.4  0.01  %
6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc (*,#) 6 Price Ave, Norwalk, CT 06840 Administrative and Support Services Term Loan 8% 9/24/2039 237.3  237.3  225.1  0.07  %
Pauley Tree and Lawn Care Inc (*,#) 6 Price Ave, Norwalk, CT 06854 Administrative and Support Services Term Loan 8.25% 7/28/2025 46.6  46.6  44.2  0.01  %
Acton Hardware LLC & Mark Allgood & Jamie Allgood (*,#,^) 31814 Crown Valley Rd, Acton, CA 93510 Building Material and Garden Equipment and Supplies Dealers Term Loan 8% 3/24/2041 478.2  478.2  364.9  0.11  %
Advance Case Parts Inc (*,#,^) 12489 NW 44th St., Coral Springs, FL 33065 Repair and Maintenance Term Loan 7.75% 12/22/2027 45.4  45.4  —  —  %
Advance Case Parts RE Holdings LLC and Advance Case Parts Inc (*,#) 12485-12489 NW 44th St., Coral Springs, FL 33071 Repair and Maintenance Term Loan 7.75% 3/31/2040 321.3  321.3  230.5  0.07  %
Alive Design, LLC (*,#) 234 Middle St., Middletown, CT 06457 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/13/2027 15.0  15.0  11.9  —  %
All About Kids and Families Medical Center, Inc. (*,#,^) 12086 FT Caroline Rd #102/3, 401-403, 501/2, Jacksonville, FL 32225 Ambulatory Health Care Services Term Loan 8.25% 1/13/2029 364.9  364.9  256.6  0.08  %
All Printing Solutions, Inc. dba Pryntcomm (*,#,^) 303 E. Sioux Ave., Pierre, SD 57501 Printing and Related Support Activities Term Loan 7.75% 6/27/2041 491.9  491.9  215.9  0.07  %
Allied Welding Inc. (*,#,^) 1820 N. Santa Fe Ave, Chillicothe, IL 61523 Fabricated Metal Product Manufacturing Term Loan 8.25% 12/15/2041 727.3  727.3  560.8  0.17  %
American Pharmaceutical Innovation Company, LLC (*,#,^) 1425 Centre Circle, Downers Grove, IL 60515 Chemical Manufacturing Term Loan Prime plus 2.75% 3/28/2027 6.9  6.9  6.5  —  %
American Reclamation LLC (*,#,^) 3600 Wetzel St., Wheeling, WV 26003 Furniture and Related Product Manufacturing Term Loan 8% 11/1/2027 0.8  0.8  0.7  —  %
Arclay, LLC (*,#,^) 49 Geyser Rd, Ste 100, Saratoga Springs, NY 12866 Nonmetallic Mineral Product Manufacturing Term Loan 8% 5/5/2030 137.1  137.1  39.5  0.01  %
Arrow Freight Inc (*,#,^) 1000 Jorie Blvd Ste 250, Oak Brook, IL 60523 Truck Transportation Term Loan 8.25% 3/30/2028 658.6  658.6  379.4  0.12  %
Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud (*,#) 2646 South Rd, Poughkeepsie, NY 12601 Gasoline Stations Term Loan 7.75% 9/26/2024 15.7  15.7  15.3  —  %
270
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 271346
AWA Fabrication & Construction, L.L.C. (*,#) 811 Country Rd #99, Headland, AL 36345 Fabricated Metal Product Manufacturing Term Loan 6% 4/30/2025 34.4  34.4  1.4  —  %
B and J Catering Inc dba Culinary Solutions (*,#,^) 2201 S Federal Hwy, Boynton Beach, FL 33435 Food Services and Drinking Places Term Loan 7% 8/27/2040 208.9  208.9  139.2  0.04  %
B&B Fitness and Barbell, Inc. dba Elevations Health Club (*,#) Route 611 North, Scotrun, PA 18355 Amusement, Gambling, and Recreation Industries Term Loan 6% 6/22/2035 198.9  198.9  168.2  0.05  %
B4 Fitness LLC dba The Zoo Health Club (*,#,^) 4 Beehive Dr, Epping, NH 03042 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 9/23/2026 70.1  70.1  48.5  0.02  %
B4 Fitness LLC dba The Zoo Health Club (*,#,^) 4 Beehive Dr, Epping, NH 03042 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 11/30/2026 18.5  18.5  —  —  %
Baker Sales, Inc. d/b/a Baker Sales, Inc. (*,#) 60207 Camp Villere Rd, Slidell, LA 70460 Nonstore Retailers Term Loan 6% 3/29/2036 177.4  177.4  59.4  0.02  %
Fieldstone Quick Stop LLC, Barber Investments LLC, Thadius M B (*,#) 190 Route 3, South China, ME 04358 Gasoline Stations Term Loan 6% 9/30/2038 400.4  400.4  36.4  0.01  %
Barber Investments LLC and Fieldstone Quickstop LLC and Maine Dollar (*,#) 190 Rt 3, South China, ME 04358 Gasoline Stations Term Loan 6.25% 8/15/2039 146.3  146.3  —  —  %
Bear Creek Entertainment LLC dba The Woods at Bear Creek (*,#,^) 3510 Bear Creek Rd, Franklinville, NY 14737 Accommodation Term Loan Prime plus 2.75% 8/12/2041 1,608.1  1,670.3  565.6  0.18  %
Bear Creek Entertainment, LLC dba The Woods at Bear Creek (*,#) 3510 Bear Creek Rd, Franklinville, NY 14737 Accommodation Term Loan 7.25% 12/30/2024 85.4  85.4  81.0  0.03  %
Bebos Inc dba Pizza Hut & Sunoco (*,#) 2003 West 5th St., Clifton, TX 76634 Gasoline Stations Term Loan 7.75% 3/28/2028 214.1  214.1  52.6  0.02  %
Bone Bar & Grill LLC (*,#) 3547&3551 Philipsburg Bigler Hwy, West Decatur, PA 16878 Food Services and Drinking Places Term Loan 7% 6/30/2042 73.4  73.4  54.7  0.02  %
Bowl Mor LLC dba Bowl Mor Lanes (*,#,^) 600 West Manlius St., East Syracuse, NY 13057 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 7/31/2027 6.4  6.4  —  —  %
Bowl Mor, LLC dba Bowl Mor Lanes/Spare Lounge, Inc. (*,#) 201 Highland Ave, East Syracuse, NY 13057 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/13/2039 201.2  201.2  154.0  0.05  %
BQRS, Inc. DBA Gresham Meineke Car Care Center (*,#,^) 18081 SE Division St., Portland, OR 97236 Repair and Maintenance Term Loan Prime plus 2.75% 6/30/2027 54.2  54.2  53.5  0.02  %
Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps (*,#) 690 South Creek Rd, West Chester, PA 19382 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 3/30/2031 179.3  179.3  176.9  0.05  %
Cagwin Trucking LLC (*,#,^) 332 35th Ave, Fairbanks, AK 99701 Truck Transportation Term Loan 8.25% 9/29/2042 305.0  305.0  224.9  0.07  %
271
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 33004 Broadcasting (except Internet) Term Loan 6.75% 2/27/2025 724.2  724.2  —  —  %
Calhoun Satellite Communications, Inc. (*,#) 1914 Tigertail Blvd, Dania Beach, FL 33004 Telecommunications Term Loan 7% 12/2/2026 189.1  189.1  30.9  0.01  %
Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC (*,#) 310 25th Ave N. St. Ste 201, Nashville, TN 37203 Ambulatory Health Care Services Term Loan 7.75% 5/15/2025 556.4  556.4  322.9  0.10  %
Cardinal Homes Inc, Alouette Holdings Inc., Bret Berneche & Dorothy (*,#,^) 525 Barnsville Hwy, Wylliesburg, VA 23976 Wood Product Manufacturing Term Loan 8% 12/14/2026 868.8  868.8  824.0  0.26  %
Cardinal Homes Inc. and Bret A Berneche (*,#,^) 525 Barnesville Hwy, Wylliesburg, VA 23976 Wood Product Manufacturing Term Loan 8% 12/14/2041 116.7  116.7  110.7  0.03  %
Cardinal Homes, Inc (*,#,^) 525 Barnsville Hwy, Wylliesburg, VA 23976 Wood Product Manufacturing Term Loan Prime plus 2.75% 10/27/2027 95.7  95.7  90.8  0.03  %
Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation (*,#) 320 Fair St., Kutztown, PA 19530 Transit and Ground Passenger Transportation Term Loan 7.5% 9/30/2027 572.9  572.9  546.8  0.17  %
Central Medical Clinic, PLLC- Clinica Central (*,#) 393 N Dunlap St. #LL26,LL34,LL38, St Paul, MN 55104 Ambulatory Health Care Services Term Loan 8.25% 6/7/2029 307.2  307.2  303.2  0.09  %
Chickamauga Properties, Inc., MSW Enterprises, LLP (*,#) 214 Sutherland Way, Rocky Face, GA 30740 Amusement, Gambling, and Recreation Industries Term Loan 6.25% 12/22/2035 59.0  59.0  56.0  0.02  %
Chickamauga Properties, Inc. & MSW Enterprises, LLP (*,#) 214 Sutherland Way, Rocky Face, GA 30740 Amusement, Gambling, and Recreation Industries Term Loan 6.25% 10/19/2022 43.5  43.5  41.2  0.01  %
Clark Realty LLC (*,#,^) 4 Walker Way, Albany, NY 12205 Real Estate Term Loan 8% 8/29/2041 73.3  73.3  18.9  0.01  %
Clark Realty LLC (*,#,^) 15 Old Loudon Rd, Colonie, NY 12110 Real Estate Term Loan 8% 9/15/2027 58.6  58.6  —  —  %
CNC Precision Machine, Inc. (*,#,^) 18360 Industrial Circle, Burton, OH 44021 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/28/2041 1,226.4  1,226.4  651.8  0.20  %
CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC (*,#,^) 717 Titus Ave, Rochester, NY 14617 Food Services and Drinking Places Term Loan 8.25% 11/20/2040 232.4  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 48189 Repair and Maintenance Term Loan 6.75% 9/26/2039 553.3  553.3  484.0  0.15  %
Conference Services International ETC LLC (*,#,^) 4802 West Van Buren St., Phoenix, AZ 85007 Administrative and Support Services Term Loan 8% 8/14/2028 600.7  600.7  592.9  0.18  %
Custom Software, Inc. a Colorado Corporation dba M-33 Access (*,#) 380 E. Borden Rd, Rose City, MI 48654 Broadcasting (except Internet) Term Loan 6.25% 4/30/2022 94.3  94.3  —  —  %
CZAR Industries, Inc. (*,#,^) 1424 Heath Ave, Ewing, NJ 08638 Machinery Manufacturing Term Loan 8.25% 12/19/2027 219.9  219.9  80.6  0.03  %
272
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 33431 Food Services and Drinking Places Term Loan 6.5% 12/16/2025 45.4  45.4  23.9  0.01  %
Darian L Hampton DDS PA and Darian L. Hampton (*,#) 3610 N Josey Lane Ste 104, Carrollton, TX 75007 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/20/2028 292.6  292.6  24.0  0.01  %
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown (*,#,^) 2685 US Hwy 41, Calhoun, GA 30701 Support Activities for Transportation Term Loan 5.25% 12/28/2035 1,316.8  1,316.8  702.5  0.22  %
Douglas Printy Motorsports, Inc. dba Blackburn Trike (*,#) 1410 Medina Rd, Medina, OH 44256 Motor Vehicle and Parts Dealers Term Loan 8.25% 3/9/2040 155.9  155.9  95.1  0.03  %
Doxa Deo Inc dba Luv 2 Play (*,#,^) 1600 Village Market Blvd, Leesburg, VA 20175 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 2/28/2026 81.3  81.3  80.2  0.02  %
Dr. Richard Rolle JR, PLLC dba Rolle Oral & Facial Surgery PLLC (*,#,^) 1515 Shopton Rd, Charlotte, NC 28217 Ambulatory Health Care Services Term Loan 7.5% 9/29/2042 869.9  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 28031 Ambulatory Health Care Services Term Loan 7.5% 12/18/2027 122.3  122.3  —  —  %
Driven Warehouse/Distribution LLC (*,#) 271 East North Ave, Glendale, IL 60139 Truck Transportation Term Loan 8% 12/22/2027 726.2  726.2  453.1  0.14  %
Driven Warehouse/Distribution LLC (*,#) 271 East North Ave, Glendale, IL 60139 Truck Transportation Term Loan 8% 1/18/2028 129.0  129.0  —  —  %
DTM Parts Supply Inc. (*,#) 31 Sageman St, Mount Vernon, NY 10550 Merchant Wholesalers, Durable Goods Term Loan 7% 6/2/2025 53.4  53.4  38.2  0.01  %
DuCharme Realty LLC and DuCharme Enterprises LLC dba Specialty (*,#) 1717 Hwy 200, Noxon, MT 59853 Wood Product Manufacturing Term Loan 8% 2/2/2040 210.1  210.1  131.2  0.04  %
E & I Holdings, LP & PA Farm Products, LLC (*,#) 1095 Mt Airy Rd, Stevens, PA 17578 Food Manufacturing Term Loan 6% 4/30/2030 4,705.2  4,815.4  2,773.9  0.86  %
Earth First Recycling LLC (*,#,^) 400 Island Park Rd, Easton, PA 18040 Merchant Wholesalers, Durable Goods Term Loan 8% 12/6/2027 72.8  72.8  71.9  0.02  %
Earth First Recycling, LLC and 191 Clark Road, LLC (*,#,^) 400 Island Park Rd, Easton, PA 18040 Merchant Wholesalers, Durable Goods Term Loan 8% 6/5/2027 338.0  338.0  333.6  0.10  %
Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels (*,#,^) 11949 Borden Ave, San Fernando, CA 91340 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/31/2022 43.9  43.9  42.8  0.01  %
Ericon Inc. dba Quik Pik (*,#,^) 740 Davenport Ave, Freemont, NE 68025 Gasoline Stations Term Loan Prime plus 2.75% 3/24/2027 54.2  54.2  —  —  %
Ericon, Inc. (*,#,^) 740 Davenport Ave, Fremont, NE 68025 Gasoline Stations Term Loan 8.25% 12/1/2041 705.6  705.6  658.6  0.20  %
Ericon, Inc. dba Quik Pik (*,#,^) 740 Davenport Ave, Freemont, NE 68025 Gasoline Stations Term Loan 8.25% 12/15/2041 322.8  322.8  —  —  %
Europlast Ltd (*,#) 100 Industrial Lane, Endeavor, WI 53930 Plastics and Rubber Products Manufacturing Term Loan 6% 9/26/2022 312.9  312.9  55.5  0.02  %
273
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 271346
Europlast Ltd (*,#) 100 Industrial Lane, Endeavor, WI 53930 Plastics and Rubber Products Manufacturing Term Loan 6% 5/31/2023 73.4  73.4  —  —  %
Evergreen Pallet LLC and Evergreen Recycle LLC (*,#,^) 302 W 53rd St N., Wichita, KS 67204 Wood Product Manufacturing Term Loan 8.25% 3/16/2026 912.8  912.8  514.6  0.16  %
Evernook Valley Milk LLC (*,#,^) 7448 Emmerson Rd, Everson, WA 98247 Animal Production and Aquaculture Term Loan 7.5% 8/31/2042 637.5  637.5  468.2  0.15  %
Excel RP Inc (*,#,^) 6531 Park Ave, Allen Park, MI 48101 Machinery Manufacturing Term Loan 8.25% 8/30/2023 66.8  66.8  52.8  0.02  %
Excel RP Inc (*,#,^) 6531 Park Ave, Allen Park, MI 48101 Machinery Manufacturing Term Loan 8.25% 3/25/2026 95.2  95.2  —  —  %
Excel RP, Inc./Kevin and Joann Foley (*,#) 6531 Park Ave, Allen Park, MI 48101 Machinery Manufacturing Term Loan 8.25% 7/8/2028 32.4  32.4  31.0  0.01  %
Excel, RP Inc. (*,#,^) 6531 Park Ave, Allen Park, MI 48101 Machinery Manufacturing Term Loan 8.25% 9/20/2027 88.8  88.8  —  —  %
Ezzo Properties, LLC and Great Lakes Cleaning, Inc. (*,#) 1405 Combermere Dr., Troy, MI 48083 Administrative and Support Services Term Loan 7.75% 12/20/2027 286.5  286.5  40.0  0.01  %
New Image Building Services, Inc. dba New Image Repair Services (*,#) 1405 Combermere Dr., Troy, MI 48083 Repair and Maintenance Term Loan 7.75% 8/23/2037 251.5  251.5  162.3  0.05  %
New Image Building Services Inc. dba New Image Repair Services (*,#) 1405 Combermer Dr., Troy, MI 48083 Repair and Maintenance Term Loan 7.75% 10/29/2023 197.1  197.1  —  —  %
New Image Building Services, Inc. dba The Maids serving Oakland (*,#,^) 320 Church St., Mount Clemens, MI 48043 Administrative and Support Services Term Loan 7.75% 1/19/2026 67.8  67.8  —  —  %
New Image Building Services, Inc.dba The Maids Servicing Oakland &Maco (*,#,^) 1405 Combermere Drive, Troy, MI 48083 Administrative and Support Services Term Loan 7.75% 12/21/2026 39.0  39.0  —  —  %
New Image Building Services, Inc. (*,#,^) 1405 Combermere Drive, Troy, MI 48083 Administrative and Support Services Term Loan 7.75% 5/18/2027 138.9  138.9  —  —  %
Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC (*,#) 267 Saw Mill River Rd, Elmsford, NY 10523 Specialty Trade Contractors Term Loan 6.75% 6/17/2025 299.5  299.5  194.8  0.06  %
Flooring Liquidators Inc & Premier Flooring Yonkers Inc & Flooring (*,#,^) 267 Saw Mill River Rd, Elmsford, NY 10523 Specialty Trade Contractors Term Loan 8.25% 3/24/2026 39.1  39.1  —  —  %
Florida Apnea Diagnostics LLC (*,#,^) 2664 Cypress Rdg Blvd Ste 101&102A, Wesley Chapel, FL 33544 Ambulatory Health Care Services Term Loan 8.25% 10/20/2027 145.7  145.7  73.4  0.02  %
Florida Apnea Diagnostics, LLC (*,#,^) 2664 Cypress Ridge Blvd Ste 101&102, Wesley Chapel, FL 33624 Ambulatory Health Care Services Term Loan 8.25% 7/24/2028 20.1  20.1  —  —  %
Galaforo Construction and Companies LLC (*,#,^) 1770 Stumpf Boulevard, Terrytown, LA 70056 Construction of Buildings Term Loan 7.5% 12/15/2042 33.6  33.6  31.9  0.01  %
274
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 70056 Construction of Buildings Term Loan 7.5% 12/15/2027 329.0  329.0  23.6  0.01  %
GEM2K, LLC (*,#,^) 4150 E Magnolia ST., Phoeniz, AZ 85034 Nonmetallic Mineral Product Manufacturing Term Loan 8.25% 12/15/2043 381.3  381.3  366.4  0.11  %
GEM2K, LLC dba Precision Precast Group (*,#,^) 4150 E Magnolia St., Phoenix, AZ 85034 Miscellaneous Manufacturing Term Loan 8.25% 5/19/2027 140.4  140.4  42.6  0.01  %
Grand Manor Realty, Inc. & Kevin LaRoe (*,#) 318 S. Halsted St., Chicago, IL 60661 Real Estate Term Loan 6% 2/20/2023 19.0  19.0  18.0  0.01  %
Green Country Filter Manufacturing LLC (*,#,^) 1415 S. 70th E Ave, Tulsa, OK 74112 Miscellaneous Manufacturing Term Loan 8% 4/27/2026 59.4  59.4  13.7  —  %
Groundworks Unlimited LLC (*,#,^) 50 Telfair Place, Garden City, GA 31415 Specialty Trade Contractors Term Loan 6% 12/17/2023 8.0  8.0  7.8  —  %
H.M.C, Incorporated (*,#,^) 7190 Oakland Mills Rd Ste 10, Columbia, MD 21046 Furniture and Related Product Manufacturing Term Loan 8.25% 7/3/2028 183.8  183.8  181.4  0.06  %
Hagerstown Muffler, Inc. and JMS Muffler, Inc (*,#) 1390 Dual Hwy, Hagerstown, MD 21740 Repair and Maintenance Term Loan 8% 9/24/2040 311.5  311.5  270.8  0.08  %
Harrelson Materials Management,Inc (*,#) 1101 Russell Rd, Shreveport, LA 71107 Waste Management and Remediation Services Term Loan 6% 6/24/2021 465.2  465.2  4.6  —  %
Hascher Gabelstapler Inc (*,#) 80 Cole Ave, Akron, OH 44301 Repair and Maintenance Term Loan 7% 3/26/2024 49.0  49.0  —  —  %
HDD Solutions, LLC (*,#) 6550 Progress Parkway, Cedar Hill, MO 63016 Heavy and Civil Engineering Construction Term Loan 8.25% 12/31/2028 552.8  552.8  339.6  0.11  %
HG Ventures, Inc. (*,#,^) 100 Phoenix Drive, Finleyville, PA 15332 Truck Transportation Term Loan 7.5% 3/9/2028 120.9  120.9  34.5  0.01  %
HG Ventures, Inc. dba Diamond Head Trucking (*,#,^) 100 Phoenix Drive, Finleyville, PA 15332 Truck Transportation Term Loan 7.5% 6/29/2030 882.7  882.7  312.5  0.10  %
Home Again Restaurant LLC (*,#) 9524 Camp Lake Rd, Salem, WI 53168 Food Services and Drinking Places Term Loan 6.25% 6/30/2040 0.4  0.4  0.3  —  %
Hurshell Leon Dutton dba High Jump Party Rentals (*,#,^) 157 East Concho Ave, San Angelo, TX 76903 Rental and Leasing Services Term Loan 8% 11/30/2025 13.6  13.6  13.3  —  %
Insight Vision Care, PC, CRMOD Lubbock, P.C.,Vielm Vision Eyecare Inc (*,#,^) 4899 Griggs Rd, Houston, TX 77021 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/27/2043 1,132.3  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 33016 Merchant Wholesalers, Nondurable Goods Term Loan 7.25% 7/28/2026 29.6  29.6  29.2  0.01  %
J and K Fitness L.L.C. dba Physiques Womens Fitness Center (*,#,^) 2505 Verot School RD, Lafayette, LA 70508 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 2/28/2041 90.1  90.1  —  —  %
J&K Fitness, LLC dba Physiques Womens Fitness Center (*,#) 2505 Verot School Rd, Lafayette, LA 70508 Amusement, Gambling, and Recreation Industries Term Loan 8% 6/8/2036 14.6  14.6  11.0  —  %
275
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 271346
J Harris Trucking LLC (*,#) 2040 5 1/2 Mile Rd, Racine, WI 53402 Truck Transportation Term Loan 7.25% 5/19/2027 18.7  18.7  —  —  %
J Harris Trucking, LLC (*,#,^) 2040 5 1/2 Mile Rd, Racine, WI 53402 Truck Transportation Term Loan 7.25% 5/13/2026 29.6  29.6  4.5  —  %
J Olson Enterprises LLC and Olson Trucking Direct, Inc. (*,#) 311 Ryan St, Holmen, WI 54636 Truck Transportation Term Loan 6% 6/28/2025 628.4  628.4  47.1  0.01  %
Jenny's Wunderland, Inc. (*,#) 3666 East 116th, Cleveland, OH 44105 Social Assistance Term Loan 6% 6/29/2036 98.8  98.8  1.2  —  %
Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto (*,#) 200 West Adams St, Cochranton, PA 16314 Motor Vehicle and Parts Dealers Term Loan 6.25% 10/29/2039 11.1  11.1  5.2  —  %
Kidtastic LLC dba The Little Gym of Audubon (*,#,^) 2850 Audubon Drive, Audubon, PA 19403 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 7/27/2026 44.9  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 33411 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/23/2029 18.1  18.1  11.4  —  %
Knowledge First Inc dba Magic Years of Learning and Kimberly Knox (*,#) 575 North Harris St, Athens, GA 30601 Social Assistance Term Loan 8% 3/21/2039 11.4  11.4  10.7  —  %
Kostekos Inc dba New York Style Pizza (*,#) 10 South King St., Gloucester, NJ 08030 Food Services and Drinking Places Term Loan 8% 2/6/2040 61.9  61.9  14.9  —  %
Krishna of Orangeburg, Inc. (*,#) 826 John C. Calhoun Drive, Orangeburg, SC 29115 Accommodation Term Loan 6% 2/20/2032 10.3  10.3  9.2  —  %
Kup's Auto Spa Inc (*,#) 121 Marktree Rd, Centereach, NY 11720 Repair and Maintenance Term Loan 6.25% 11/15/2038 70.5  70.5  33.3  0.01  %
Kup’s Auto Spa, Inc. (*,#) 121 Marktree Rd, Centereach, NY 11720 Repair and Maintenance Term Loan 6.25% 10/23/2025 54.7  54.7  —  —  %
LA Diner Inc dba Loukas L A Diner (*,#) 3205 Route 22 East, Branchburg, NJ 08876 Food Services and Drinking Places Term Loan 7.25% 9/28/2037 92.8  92.8  90.4  0.03  %
LAN Doctors Inc (*,#) 14 Pierson Court, Mahwah, NJ 07430 Professional, Scientific, and Technical Services Term Loan 8.25% 8/28/2025 59.8  59.8  58.3  0.02  %
LAN Doctors Inc (*,#,^) 14 Pierson Court, Mahwah, NJ 07430 Professional, Scientific, and Technical Services Term Loan 8.25% 3/16/2026 43.4  43.4  42.3  0.01  %
Lan Doctors, Inc. (*,#,^) 14 Pierson Court, Mahwah, NJ 07430 Professional, Scientific, and Technical Services Term Loan 8.25% 12/7/2026 203.3  203.3  197.9  0.06  %
Lowgap Grocery & Grill LLC (*,#,^) 8773 West Pine St., Lowgap, NC 27024 General Merchandise Stores Term Loan 7.25% 3/24/2041 48.0  48.0  26.7  0.01  %
M & H Pine Straw Inc and Harris L. Maloy (*,#) 526 Perry House Rd, Fitzgerald, GA 31750 Merchant Wholesalers, Nondurable Goods Term Loan 7.5% 3/21/2023 197.4  197.4  59.9  0.02  %
M & H Pine Straw, Inc and Harris L. Maloy (*,#) 526 Perry House Rd, Fitzgerald, GA 31750 Support Activities for Agriculture and Forestry Term Loan 6% 4/30/2020 54.2  54.2  53.5  0.02  %
M & H Pine Straw, Inc.and Harris Maloy (*,#) 526 Perry House Rd, Fitzgerald, GA 31750 Support Activities for Agriculture and Forestry Term Loan 7.5% 7/10/2020 27.4  27.4  20.3  0.01  %
276
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 31750 Merchant Wholesalers, Nondurable Goods Term Loan 7.5% 12/15/2021 133.8  133.8  49.9  0.02  %
M and C Renovations Inc (*,#) 3951 Lorna Rd, Birmingham, AL 35244 Construction of Buildings Term Loan 6.25% 10/31/2024 11.5  11.5  9.0  —  %
Magill Truck Line LLC and Jeff J. Ralls (*,#,^) 211 West 53rd St. N., Park City, KS 67204 Truck Transportation Term Loan 8% 3/11/2029 186.2  186.2  85.9  0.03  %
Mariam Diner Inc dba Country Kitchen Restaurant (*,#,^) 17393 Main St., Hesperia, CA 92345 Food Services and Drinking Places Term Loan 8% 3/18/2026 42.8  42.8  18.0  0.01  %
MB Xpress Inc (*,#,^) 159 D'Arcy Parkway, Lathrop, CA 95330 Truck Transportation Term Loan 8.25% 9/19/2028 1,168.6  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 27103 Electrical Equipment, Appliance, and Component Manufacturing Term Loan 7% 11/25/2025 10.5  10.5  1.8  —  %
MIT LLC (*,#,^) 11 North Peach ST., Medford, OR 97504 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/31/2042 84.9  84.9  63.2  0.02  %
Mojo Brands Media, LLC (*,#) 3260 University Blvd., Ste 100, Winter Park, FL 32792 Broadcasting (except Internet) Term Loan 6% 8/28/2023 725.0  725.0  289.7  0.09  %
MTV Bowl, Inc. dba Legend Lanes (*,#) 4190 State Rd, Cuyahoga Falls, OH 44223 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 6/30/2036 197.3  197.3  208.6  0.06  %
Mustafa Inc dba Adiba Grocery (*,#,^) 5712 Wurzbach Rd, San Antonio, TX 78238 Food and Beverage Stores Term Loan Prime plus 2.75% 12/17/2025 78.7  78.7  74.6  0.02  %
Mustafa Inc and Raouf Properties LLC (*,#,^) 3538 Pin Oak Dr, San Antonio, TX 78229 Food and Beverage Stores Term Loan Prime plus 2.75% 3/14/2041 71.3  71.3  67.7  0.02  %
N Transport LLC (*,#,^) 5348 W Brown Ave, Fresno, CA 93722 Truck Transportation Term Loan 8% 11/20/2027 385.5  385.5  86.9  0.03  %
N Transport LLC (*,#,^) 294 N. Fruit Ave, Fresno, CA 93706 Truck Transportation Term Loan 8.25% 11/20/2042 175.3  175.3  147.2  0.05  %
Neville Galvanizing, Inc (*,#) 2983 Grand Ave, Pittsburgh, PA 15225 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/15/2042 625.0  625.0  444.2  0.14  %
Nowatzke Service Center Inc dba Nowatzke Truck & Trailer (*,#,^) 6900 Whitmore Lake Rd, Whitmore Lake, MI 48189 Repair and Maintenance Term Loan 7% 1/29/2026 96.9  96.9  —  —  %
Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC (*,#,^) 2520 Pennsylvania Ave, Ogden, UT 84401 Truck Transportation Term Loan 8.25% 6/20/2028 547.8  547.8  71.3  0.02  %
Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Global (*,#) 412 and 500 Main St., La Marque, TX 77568 Heavy and Civil Engineering Construction Term Loan 7% 9/28/2026 570.7  570.7  27.3  0.01  %
Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field (*,#,^) 412 and 500 Main St., La Marque, TX 77568 Heavy and Civil Engineering Construction Term Loan 7% 9/28/2041 110.1  110.1  77.2  0.02  %
Peter K Lee MD, PC dba Atlanta Primary Care (*,#,^) 211 Roberson Mill Rd, Milledgeville, GA 31061 Ambulatory Health Care Services Term Loan 8.25% 9/13/2043 859.6  859.6  826.1  0.26  %
277
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 31061 Ambulatory Health Care Services Term Loan 8.25% 9/13/2028 381.0  381.0  366.2  0.11  %
PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc. (*,#,^) 2040 Dowdy Ferry, Dallas, TX 75218 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/19/2038 499.0  499.0  367.0  0.11  %
Top Cat Ready Mix, LLC & Ples Investments LLC, Pappy's Sand & Gravel (*,#,^) 2040 Dowdy Ferry Rd, Dallas, TX 75217 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/14/2028 147.5  147.5  —  —  %
Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand (*,#,^) 13851 S State HWY 34, Scurry, TX 75158 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/28/2025 499.1  499.1  212.6  0.07  %
Pooh's Corner Realty LLC and Pooh's Corner Inc (*,#) 40 West Avon Rd, Avon, CT 06001 Social Assistance Term Loan 7% 7/23/2040 11.2  11.2  7.3  —  %
PS Camping Inc. (*,#,^) 43595 US Hwy 50, Canon City, CO 81212 Accommodation Term Loan Prime plus 2.75% 12/1/2027 18.5  18.5  17.7  0.01  %
PS Camping, Inc. dba Prospectors RV Resort (*,#,^) 43659&43595 US Hwy 50, Canon City, CO 81212 Accommodation Term Loan 8.25% 5/19/2042 250.1  250.1  240.4  0.07  %
Ramjay Inc. (*,#,^) 85 S. Bragg St. Ste 303, Alexandria, VA 22312 Transit and Ground Passenger Transportation Term Loan 8.25% 1/13/2027 381.9  381.9  83.6  0.03  %
Randall Miller Company, Inc and Boyz Transportation Services, LLC (*,#,^) 256 Blackley Rd, Bristole, TN 37620 Truck Transportation Term Loan Prime plus 2.75% 7/31/2029 921.9  921.9  611.1  0.19  %
RDT Enterprises LLC (*,#) 2134 Helton Dr, Florence, AL 35630 Specialty Trade Contractors Term Loan 7% 9/15/2027 136.9  136.9  60.8  0.02  %
RDT Enterprises, L.L.C. (*,#) 2134 Helton Drive, Florence, AL 35630 Specialty Trade Contractors Term Loan 7% 11/12/2025 19.5  19.5  —  —  %
RDT Enterprises, LLC (*,#) 2134 Helton Drive, Florence, AL 35630 Specialty Trade Contractors Term Loan 7% 12/31/2028 111.5  111.5  52.7  0.02  %
Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC (*,#,^) 85 SW 5th Ave, Delray Beach, FL 33444 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/28/2028 119.1  119.1  9.4  —  %
Return to Excellence Inc (*,#,^) 176 Country Club Drive, Waynesville, NC 28786 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 1/27/2027 15.6  15.6  14.8  —  %
Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa (*,#) 176 Country Club Drive, Waynesville, NC 28786 Amusement, Gambling, and Recreation Industries Term Loan 8% 10/10/2039 1,154.0  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 95667 Beverage and Tobacco Product Manufacturing Term Loan 8.25% 1/19/2030 230.9  230.9  219.0  0.07  %
Roundhay Partners LLC and Roundhay Farming LLC (*,#,^) 6160 Granite Spring Rd, Somerset, CA 95684 Crop Production Term Loan 8.25% 8/8/2042 902.1  902.1  663.8  0.21  %
Rich's Food Stores LLC dba Hwy 55 of Wallace (*,#,^) 611 East Southerland St., Wallace, NC 28466 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/14/2026 121.8  121.8  25.9  0.01  %
Rich's Food Stores LLC dba Hwy 55 of Wallace (*,#,^) 611 E Southerland St, Wallace, NC 28466 Food Services and Drinking Places Term Loan 8.25% 11/9/2026 37.1  37.1  —  —  %
278
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 08620 Food Services and Drinking Places Term Loan 6.25% 9/30/2039 279.5  279.5  34.5  0.01  %
Sanabi Investment, LLC dba Oscar's Moving and Storage (*,#,^) 11421 N W 107th St., #13, Miami, FL 33178 Truck Transportation Term Loan 7.5% 6/20/2027 106.2  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 02882 Food Services and Drinking Places Term Loan 8.25% 12/27/2041 413.0  413.0  242.1  0.08  %
SDA Holdings LLC and Les Cheveux Salon Inc (*,#,^) 306 McClanahan St., Roanoke, VA 24014 Personal and Laundry Services Term Loan 7.5% 12/15/2040 108.5  108.5  67.0  0.02  %
Sektor Solutions Inc. (*,#,^) 9841 Washingtonian Blvd #200, Gaithersberg, MD 20878 Professional, Scientific, and Technical Services Term Loan 8.25% 11/16/2028 157.8  157.8  153.6  0.05  %
Select Propane & Fuel Inc. and Select Fuel & Convenience LLC (*,#) 3822 State Route 3, Red Bud, IL 62278 Merchant Wholesalers, Nondurable Goods Term Loan 7.5% 2/10/2030 524.2  524.2  26.8  0.01  %
Shaffer Automotive Repair, LLC (*,#) 1485 North McQueen Rd #1, Gilbert, AZ 85233 Repair and Maintenance Term Loan 7% 5/24/2030 132.8  132.8  45.2  0.01  %
Shane M. Howell and Buck Hardware and Garden Center, LLC (*,#) 1007 Lancaster Pike, Quarryville, PA 17566 Building Material and Garden Equipment and Supplies Dealers Term Loan 7.5% 12/27/2038 113.4  113.4  10.5  —  %
Siman Trio Trading (*,#) 2100 Ponce De Leon Blvd #1290, Coral Gables, FL 33134 Merchant Wholesalers, Durable Goods Term Loan 8.25% 12/21/2028 146.4  146.4  22.0  0.01  %
Simkar LLC, Neo Lights Holding Inc, Kalco Lighting, LLC (*,#) 700 Ramona Ave, Philadelphia, PA 19120 Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 12/26/2043 499.6  499.6  493.0  0.15  %
Soregard Inc (*,#,^) 605 Birch Drive, Maquoketa, IA 52060 Furniture and Related Product Manufacturing Term Loan 7.5% 6/30/2041 152.8  152.8  41.9  0.01  %
Sovereign Communications LLC (*,#) 26 E 3 Mile Rd, Sault Sainte Marie, MI 49783 Broadcasting (except Internet) Term Loan 6.75% 2/7/2024 627.4  627.4  132.6  0.04  %
STK Ventures Inc dba JP Dock Service & Supply (*,#) 12548 N State Hwy 7, Climax Springs, MO 65324 Specialty Trade Contractors Term Loan 6% 5/9/2037 31.6  31.6  7.0  —  %
Stormrider Inc dba Shirley's Stormrider Inc (*,#) 1335 N. Gable Rd, St. Hedwig, TX 78152 Truck Transportation Term Loan 7.25% 9/23/2025 53.1  53.1  —  —  %
Stormrider Inc dba Shirley's Stormrider, Inc (*,#) 1335 N Gable Rd, St Hedwig, TX 78152 Truck Transportation Term Loan 7.75% 11/25/2024 102.9  102.9  13.1  —  %
Street Magic Enterprise LLC (*,#,^) 1700 E Bridge St., New Lisbon, WI 93950 Gasoline Stations Term Loan 7.75% 12/21/2027 86.3  86.3  —  —  %
Street Magic Enterprise LLC dba New Lisbon Travel Mart (*,#,^) 1700 East Bridge St., New Lisbon, WI 53950 Gasoline Stations Term Loan 7.5% 11/7/2042 419.0  419.0  239.9  0.07  %
Suncrest Stone Products LLC (*,#,^) 341 County Farm Rd, Ashburn, GA 31714 Nonmetallic Mineral Product Manufacturing Term Loan 7.25% 8/29/2041 620.8  620.8  564.7  0.18  %
Suncrest Stone Products LLC (*,#,^) 341 County Farm Rd, Ashburn, GA 31714 Nonmetallic Mineral Product Manufacturing Term Loan 7.5% 8/29/2026 536.6  536.6  459.9  0.14  %
279
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 93401 Clothing and Clothing Accessories Stores Term Loan 7% 3/31/2025 23.0  23.0  —  —  %
T and B Boots Inc dba Takken's Shoes (*,#,^) 72 South Main St., Templeton, CA 93465 Clothing and Clothing Accessories Stores Term Loan 7.25% 6/17/2026 204.5  204.5  —  —  %
T and B Boots Inc dba Takken's Shoes (*,#) 72 South Main St., Templeton, CA 93465 Clothing and Clothing Accessories Stores Term Loan 7.25% 12/7/2026 95.2  95.2  93.9  0.03  %
Tarver-Henley Inc. and Tar-Hen LLC (*,#,^) 2125 College Ave, Jackson, AL 36545 Building Material and Garden Equipment and Supplies Dealers Term Loan 7.75% 6/21/2042 97.8  97.8  82.5  0.03  %
The Jig, LLC (*,#,^) 3115 Camp Phillips Rd, Wausau, WI 54403 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/24/2042 74.8  74.8  71.0  0.02  %
The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites (*,#,^) 29291 Amerihost Drive, Dowagiac, MI 49047 Accommodation Term Loan 8.25% 12/5/2041 335.1  335.1  322.1  0.10  %
The Woods at Bear Creek LLC and Bear Creek Entertainment LLC (*,#) 3510 Bear Creek Rd, Franklinville, NY 14737 Accommodation Term Loan 7% 9/29/2039 489.6  489.6  464.4  0.14  %
Transmission Solutions Group, Inc. and Calhoun Satellite Communication (*,#) 1007 &1009 Old Route 119, Hunker, PA 15639 Telecommunications Term Loan 7% 12/2/2041 64.7  64.7  —  —  %
Victorian Restaurant and Tavern, LLC (*,#,^) 226 Maple Ave, Cheshire, CT 06410 Food Services and Drinking Places Term Loan 8.25% 2/22/2042 104.4  104.4  88.5  0.03  %
Vision Automotive LLC dba Vision Chrysler Jeep Dodge Ram of Defiance (*,#,^) 20390 County RD 424, Defiance, OH 43512 Motor Vehicle and Parts Dealers Term Loan 7.5% 9/29/2029 289.3  289.3  125.8  0.04  %
Vision Collision Center LLC dba Integrity Auto Body & Vision (*,#) 20502 County Rd 424, Defiance, OH 43512 Repair and Maintenance Term Loan 7.5% 11/21/2027 349.2  349.2  —  —  %
Warner Family Restaurant LLC dba Burgerim (*,#) 250 North Nova Rd, Ormond Beach, FL 32174 Food Services and Drinking Places Term Loan 8% 5/3/2028 20.1  20.1  2.8  —  %
Webb Eye Associates, PA (*,#,^) 1720 S W W White Rd, San Antonio, TX 78220 Ambulatory Health Care Services Term Loan 7.25% 7/19/2027 71.2  71.2  36.1  0.01  %
White Hawk Inc. (*,#,^) 2101 Dr. Martin Luther King Jr. Blvd, Stockton, CA 95205 Truck Transportation Term Loan 8.25% 12/15/2026 937.3  937.3  912.8  0.28  %
Wilban LLC (*,#,^) 454 US Hwy 22, Whitehouse Station, NJ 08889 Food Services and Drinking Places Term Loan 7.5% 3/11/2026 93.2  93.2  90.8  0.03  %
Wilban LLC (*,#) 454 US Hwy 22, Whitehouse Station, NJ 08889 Food Services and Drinking Places Term Loan 7.25% 3/28/2039 402.7  402.7  265.5  0.08  %
Work of Heart Inc dba Little Nest Portraits (*,#) 1000 Merdian Blvd, Ste 112, Franklin, TN 37067 Professional, Scientific, and Technical Services Term Loan 7.5% 1/10/2028 5.2  5.2  5.1  —  %
Work of Heart Inc dba Little Nest Portraits (*,#,^) 1000 Merdian Blvd, Ste 112, Franklin, TN 37067 Professional, Scientific, and Technical Services Term Loan 7.5% 7/28/2027 47.1  47.1  45.9  0.01  %
280
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair 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 90010 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/27/2028 677.3  677.3  607.5  0.19  %
Zahmel Restaurant Suppliers Corp dba Cash & Carry; Zahners Hardware (*,#,^) 33-51 11th St., Astoria, NY 11106 Merchant Wholesalers, Nondurable Goods Term Loan 8.25% 4/28/2027 75.8  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 LLC 800 SW 21st Terrace, Ft Lauderdale, FL 33312 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 6.5% 2/27/2029 12.0  12.0  12.0  —  %
Rello Inc. 8063 Jericho Turnpike, Woodbury, NY 11797 Personal and Laundry Services Term Loan Prime plus 6.5% 4/17/2029 5.8  5.8  5.8  —  %
2Choice2Friends LLC 901 W Braker Lane, Austin, TX 78758 Food Services and Drinking Places Term Loan Prime plus 6.5% 4/17/2029 12.1  12.1  12.1  —  %
Al Russell Moldof's CPA 15105 John J Delaney Dr. #D 170, Charlotte, NC 28277 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 4/25/2029 4.8  4.8  4.8  —  %
Disability Resolution 1619 Malon Bay Drive, Orlando, FL 32828 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 4/30/2029 4.3  4.3  4.3  —  %
NYM Solutions Inc. 1250 NW 7th St. Ste 201, Miami, FL 33125 Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 5/6/2029 12.2  12.2  12.2  —  %
Crystal Cleaning Service 10862 Nichols Blvd, Olive Branch, MS 38654 Administrative and Support Services Term Loan Prime plus 6.5% 5/9/2029 9.9  9.9  9.9  —  %
Clowers Trucking by Faith LLC 705 E Brookwood PL, Valdosta, GA 31601 Truck Transportation Term Loan Prime plus 6.5% 5/23/2029 12.1  12.1  12.1  —  %
MCM Design LLC 5926 Vinings Vintage Way, Mableton, GA 30126 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 5/23/2029 9.8  9.8  9.8  —  %
Still Photography 195 Terrace Place, Apt. 2, Brooklyn, NY 11218 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 6/6/2029 12.2  12.2  12.2  —  %
Archer Cleaners Inc. 1514 W 33rd St., Chicago, IL 60608 Personal and Laundry Services Term Loan Prime plus 6.5% 6/10/2029 12.2  12.2  12.2  —  %
Law Office of Paula Padilla PLLC 2211 E Highland Ave Ste 130, Phoenix, AZ 85016 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 6/13/2029 4.9  4.9  4.9  —  %
Bonadi Inc. 9858 W Sample Rd, Coral Springs, FL 33065 Personal and Laundry Services Term Loan Prime plus 6.5% 6/17/2029 12.2  12.2  12.2  —  %
AA Horseplay, LLC 34565 Ranch Drive, Brownsville, OR 97327 Animal Production and Aquaculture Term Loan Prime plus 6.5% 6/20/2029 12.2  12.2  12.2  —  %
Campuscuts LLC 930 Robtrice Ct, Edmond, OK 73430 Personal and Laundry Services Term Loan Prime plus 6.5% 6/21/2029 7.3  7.3  7.3  —  %
281
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 271,346 
Port Diesel LLC 3212 Alex Trask Drive, Castle Hayne, NC 28429 Repair and Maintenance Term Loan Prime plus 6.5% 6/21/2029 12.3  12.3  12.3  —  %
Menshka Inc. 88 High St., Mountclair, NJ 07042 Ambulatory Health Care Services Term Loan Prime plus 6.5% 7/10/2029 12.3  12.3  12.3  —  %
The Bean Coffee Company, LLC 112 South Main St., Spring Hill, KS 66083 Food Services and Drinking Places Term Loan Prime plus 6.5% 7/17/2029 12.3  12.3  12.3  —  %
Lawrence Adeyemo & Co LLC 209-34 112 Ave, Queens Village, NY 11429 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 7/19/2029 9.8  9.8  9.8  —  %
Gradstreet LLC 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 Nonstore Retailers Term Loan Prime plus 6.5% 7/30/2029 12.3  12.3  12.3  —  %
A&S Services LLC 3888 Lightner Rd, Vandalia, OH 45377 Food Services and Drinking Places Term Loan Prime plus 6.5% 8/7/2029 12.3  12.3  12.3  —  %
Crystal Clear Accounting 34099 Tuscan Creek Way, Temecula, CA 92592 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 8/26/2029 3.2  3.2  3.2  —  %
Doghouse Sport Fishing Charters Inc. 83413 Overseas Hwy, Islamorada, FL 33036 Scenic and Sightseeing Transportation Term Loan Prime plus 6.5% 8/30/2029 12.3  12.3  12.3  —  %
No Push Back LLC 2223 Dungan Ave, Bensalem, PA 19020 Personal and Laundry Services Term Loan Prime plus 6.5% 8/30/2029 12.2  12.2  12.2  —  %
Softcare247 LLC 4191 Naco Perrin Blvd, San Antonio, TX 78217 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 9/11/2029 12.4  12.4  12.4  —  %
Host Marketing LLC 206 Bell Lane Ste B, West Monroe, LA 71291 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 9/18/2029 12.4  12.4  12.4  —  %
Standard Real Estate Services LLC 500 W Silver Spring Dr. #K 200, Glendale, WI 53217 Real Estate Term Loan Prime plus 6.5% 9/19/2029 12.4  12.4  12.4  —  %
Chavero's Auto Mart LLC 1364 E Palma Vista Drive, Palmview, TX 78572 Motor Vehicle and Parts Dealers Term Loan Prime plus 6.5% 10/11/2029 12.5  12.5  12.5  —  %
Bargain Store 107 Tabernacle Church Rd, Candor, NC 27229 General Merchandise Stores Term Loan Prime plus 6.5% 10/11/2029 12.4  12.4  12.4  —  %
Powerlift Dumbwaiters Inc. 2444 Georgia Slide Rd, Georgetown, CA 95634 Machinery Manufacturing Term Loan Prime plus 6.5% 10/16/2029 12.5  12.5  12.5  —  %
Pine Mountain Residential LLC 10240 Cosmopolitan Circle, Parker, CO 80134 Specialty Trade Contractors Term Loan Prime plus 6.5% 10/16/2029 12.4  12.4  12.4  —  %
James Clark and Company Inc. 8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 10/22/2029 12.4  12.4  12.4  —  %
Deer Valley Sport Shop LLC 507 Bamboo Rd, Boone, NC 28607 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 6.5% 11/7/2029 12.5  12.5  12.5  —  %
Sean McNamara 5639 Wood Lane, Allentown, PA 18106 Nonstore Retailers Term Loan Prime plus 6.5% 11/14/2029 12.5  12.5  12.5  —  %
Bucklin Sumner & Associates 650 NE Holladay St. Ste 1600, Portland, OR 97232 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 6.5% 11/14/2029 12.5  12.5  12.5  —  %
282
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 271,346 
The Pinnacle Group 105 Springside Drive, Akron, OH 44333 Social Assistance Term Loan Prime plus 6.5% 11/14/2029 12.5  12.5  12.5  —  %
Pen’s Electric Company, Inc 504 Fairfax Ave, Nashville, TN 37212 Specialty Trade Contractors Term Loan Prime plus 6.5% 11/21/2029 12.5  12.5  12.5  —  %
Standard Capital Corp. 2377 Wessington Drive, Virginia Beach, VA 23456 Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 12/5/2029 12.5  12.5  12.5  —  %
Scott’s Hardware Inc 200 Tuckerton Rd, Medford, NJ 08055 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 6.5% 12/6/2029 12.5  12.5  12.5  —  %
HADD Corp 364 Rugby Rd, Cedarhurst, NY 11516 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 12/17/2029 12.5  12.5  12.5  —  %
La Tradicion Cubana Inc. 1336 SW 8th St., Miami, FL 33135 Miscellaneous Store Retailers Term Loan Prime plus 6.5% 12/20/2029 12.5  12.5  12.5  —  %
Moon Group, Inc. 145 Moon Rd, Chesapeake City, MD 21915 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/27/2029 3,660.2  3,660.2  4,057.4  1.26  %
Beau & HB Inc. dba Beau’s Billard, Bowling & Arcade 100 Village Rd, Port Lavaca, TX 77979 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/16/2029 123.3  123.3  132.7  0.04  %
Hackstaff Restaurants 248 W 1st St. Ste 201, Reno, NV 89501 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2029 442.9  442.9  479.4  0.15  %
MVE, Inc. 1117 L St., Modesto, CA 95354 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/30/2029 3,678.2  3,678.2  4,082.8  1.27  %
American Landscaping Company 6151 A St., Anchorage, AK 99518 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2029 978.8  978.8  1,078.7  0.33  %
Home Décor Liquidators LLC 4187 Pleasant Hill Rd, Duluth, GA 30096 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/30/2029 2,962.5  2,962.5  3,227.1  1.00  %
National Stone Management 804-810 W Shady Grove Rd, Grand Prairie, TX 75050 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 8/31/2044 810.1  810.1  895.2  0.28  %
2820 US Hwy 98N LLC 2820 US Hwy 98 N, Lakeland, FL 33805 Repair and Maintenance Term Loan Prime plus 2.75% 5/23/2029 129.1  129.1  141.5  0.04  %
LuluBelle's Mountain Banana Bread LLC 1063 Carousel Rd, Lake Arrowhead, CA 92352 Food Manufacturing Term Loan Prime plus 2.75% 4/21/2045 230.6  230.6  257.6  0.08  %
Shooter's Gun Club LLC 2429 Iowa St. Ste B-D, Lawrence, KS 66046 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/27/2030 394.7  394.7  434.7  0.13  %
Love Playing LLC 2200 Eastridge Loop, San Jose, CA 95122 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/9/2030 298.8  298.8  329.2  0.10  %
AJN Innocations LLC 6704 Main St., Miami Lakes, FL 33014 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/15/2030 73.9  73.9  81.4  0.03  %
Oak Park Social 14691 W 11 Mile Rd, Oak Park, MI 48237 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/12/2045 290.6  290.6  325.7  0.10  %
Natalie Hart LLC 1702 Fawn Gate St, San Antonio, TX 78248 Personal and Laundry Services Term Loan Prime plus 2.75% 12/18/2029 100.1  100.1  110.4  0.03  %
The Cow Harbor Beer Company 19 Scudder Ave, Northport, NY 11768 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 7/11/2030 272.9  272.9  300.7  0.09  %
283
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 271,346 
IV Purpose Inc. 1489 Fulton St., Brooklyn, NY 11216 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/25/2029 78.2  78.2  86.2  0.03  %
Jbang LLC 125 Westchester Ave, White Plains, NY 10601 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2029 60.0  60.0  66.1  0.02  %
NJ Floats 327 Rte 202/206, Bedminster Township, NJ 07921 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 5/12/2045 78.8  78.8  88.4  0.03  %
Coral Springs Family Wellness LLC 2902 North University Drive, Coral Springs, FL 33065 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/21/2030 177.4  177.4  195.5  0.06  %
Ohanyan LLC 14006 Riverside Dr. #9270, Sherman Oaks, CA 91423 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/6/2029 99.8  99.8  109.9  0.03  %
Kuros LLC dba Alexander Lake Lodge 21221 Baron Lake Drive, Cedaredge, CO 81413 Accommodation Term Loan Prime plus 2.75% 3/19/2045 27.9  27.9  31.4  0.01  %
Richwood Enterprises LLC 2564 Branch St., Middleton, WI 53562 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/24/2029 402.5  402.5  443.4  0.14  %
Icebox Café 219 NE 3rd St., Hallendale Beach, FL 33009 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/26/2030 728.8  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 60515 Chemical Manufacturing Term Loan Prime plus 2.75% 3/28/2027 62.1  62.1  62.1  0.02  %
MIT LLC (*) 11 North Peach ST., Medford, OR 97504 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/31/2042 254.7  254.7  254.7  0.08  %
Neville Galvanizing, Inc (*) 2983 Grand Ave, Pittsburgh, PA 15225 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/15/2042 1,875.0  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 33411 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/23/2029 102.5  102.5  102.5  0.03  %
Simkar LLC, Neo Lights Holding Inc, Kalco Lighting, LLC (*) 700 Ramona Ave, Philadelphia, PA 19120 Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 12/26/2043 4,496.2  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  %

284
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Controlled Investments (5) (22) 271346
Advanced Cyber Security Systems, LLC (*,#) (6) (21) 3880 Veterans Memorial Hwy. Suite 201, Bohemia, NY 11716 Data processing, Hosting, and Related Services 50% Membership Interest —% —  —  —  —  —  %
Term Loan 3% Dec 2014 381.0  381.0  —  —  %
Automated Merchant Services, Inc. (*,#) (7) (21) 12230 Forest Hill Blvd., Wellington, FL 33414 Data processing, Hosting, and Related Services 100% Common Stock —% —  —  —  —  —  %
CDS Business Services, Inc. (*,#) (8) 1985 Marcus Ave., Lake Success, NY 11042 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Common Stock —% —  —  4,428.0  3,000.0  0.93  %
Line of Credit 10% Dec 2020 5,000.0  5,000.0  5,000.0  1.55  %
Term Loan 10% April 2020 —  —  —  —  %
Newtek Technology Solutions, Inc. (*,#) (11) 1904 W. Parkside Lane Phoenix, AZ 85027 Data processing, Hosting, and Related Services 100% Common Stock —% —  —  8,384.0  9,000.0  2.79  %
Line of Credit 10% Nov 2028 10,361.0  10,361.0  10,361.0  3.22  %
Newtek Insurance Agency, LLC (*,#) (13) 1981 Marcus Ave., Lake Success, NY 11042 Insurance Carriers and Related Activities 100% Membership Interest —% —  —  135.0  2,215.0  0.69  %
PMTWorks Payroll, LLC (*,#) (9) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services 100% Membership Interest —% —  —  1,728.1  —  —  %
Term Loan 10% Oct 2021 435.0  435.0  —  —  %
Term Loan 10% May 2020 750.0  750.0  —  —  %
Term Loan 12% May 2020 500.0  500.0  —  —  %
Term Loan 10% July 2020 1,000.0  1,000.0  —  —  %
Small Business Lending, LLC (*,#) (12) (21) 1981 Marcus Ave., Lake Success, NY 11042 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Membership Interest —% —  —  598.0  9,650.4  2.99  %
Term Loan 10% June 2021 400.0  400.0  400.0  0.12  %
ADR Partners, LLC dba banc-serv Partners, LLC (*,#) (12) 8777 Purdue Rd, Indianapolis, IN 46268 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Membership Interest —% —  —  7,085.2  —  —  %
International Professional Marketing, Inc. (#) (16) 151 W. 30th St., New York, NY 10001 Professional, Scientific, and Technical Services 100% Common Stock —% —  —  4,000.0  4,150.0  1.29  %
Line of Credit Prime plus 0.5% April 2021 —  —  —  —  %
285
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Controlled Investments (5) (22) 271346
SIDCO, LLC (#) (16) 151 W. 30th St., New York, NY 10001 Professional, Scientific, and Technical Services 100% Membership Interest —% —  —  7,119.7  6,649.7  2.06  %
Line of Credit Prime plus 0.5% July 2020 100.0  850.0  850.0  0.26  %
Newtek Merchant Solutions, LLC (#) (11) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services 100% Membership Interest —% —  —  16,438.0  121,250.0  37.63  %
Mobil Money, LLC (#) (17) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services 100% 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 Activities 100% Membership Interest —% —  —  18,623.0  22,252.7  6.91  %
Newtek Conventional Lending, LLC (#) (18) (25) (26) 1981 Marcus Ave., Lake Success, NY 11042 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 50% Membership Interest —% —  —  14,270.0  16,122.8  5.00  %
Titanium Asset Management, LLC (*,#) (14) 1981 Marcus Ave., Lake Success, NY 11042 Administrative and Support Services Term Loan 10% March 2021 900.0  900.0  390.4  0.12  %
100% Membership Interest —% —  —  —  —  —  %
Excel WebSolutions, LLC (*,#) (15) 888 East Brighton Ave. Syracuse, NY 13205 Data processing, Hosting, and Related Services Term Loan 10% Sept 2020 159.2  159.2  —  —  %
50% Membership Interest — —  —  —  —  —  %
POS on Cloud, LLC (#) (20) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services Term Loan 10% Sept 2023 775.0  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 02920 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 6.04% Membership Interest —% —  $ —  $ 1,000.0  $ 1,000.0  0.31  %
Total Investments $ 473,631.5  $ 561,342.9  $ 659,043.7  204.53  %

286
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.).
287
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.

288
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.

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The accompanying notes to the unaudited condensed consolidated financial statements should be read in conjunction with Newtek’s Annual Report for the year ended December 31, 2019 on Form 10-K. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with U.S. GAAP. In the opinion of management, the condensed consolidated financial statements reflect all adjustments and reclassifications that are necessary for the fair presentation of financial results as of and for the periods presented. The results of operations for an interim period may not give a true indication of the results for the entire year. The December 31, 2019 consolidated statement of assets and liabilities has been derived from the audited financial statements as of that date. All intercompany balances and transactions have been eliminated in consolidation.

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES:
Fair Value

The Company applies fair value accounting to certain of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. 

The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3. 

Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 6.
Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are complete. Actual results could differ from those estimates.

Consolidation 

As provided under ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.

Assets related to transactions that do not meet ASC Topic 860 — Transfers and Servicing (“ASC Topic 860”) requirements for accounting sale treatment are reflected in the Company’s 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.

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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 September 30, 2020, cash deposits in excess of insured amounts totaled $32,874,000. 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 September 30, 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 September 30, 2020, total restricted cash was $40,511,000.

The following table provides a reconciliation of cash and restricted cash as of September 30, 2020 and 2019 and December 31, 2019 and 2018:
September 30, 2020 September 30, 2019 December 31, 2019 December 31, 2018
Cash $ 5,966  3,596  1,762  $ 2,316 
Restricted cash 40,511  24,151  31,445  29,034 
Cash and restricted cash $ 46,477  $ 27,747  $ 33,207  $ 31,350 

Broker Receivable

Broker receivable represents amounts due from third parties for loans which have been traded at period end but have not yet settled.
Income Taxes

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 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
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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 nine months ended September 30, 2020 and 2019, 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 $9,395,000 and $12,405,000 at September 30, 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.

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, 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 PPP closed on August 8, 2020 and as such, the SBA is no longer accepting PPP applications.

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.
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Recently Adopted Accounting Standards

In February 2016, the FASB issued ASU 2016-02, “Leases,” which amends various aspects of existing accounting guidance for leases, including the recognition of a right of use asset and a lease liability for leases with a duration of greater than one year.
The Company adopted ASC 842 on January 1, 2019 using the modified transition method. As part of the transition to ASC 842, the Company elected the package of practical expedients that allowed it to not reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. The Company recognized the cumulative effect of applying ASC 842 as an opening balance sheet adjustment at January 1, 2019. The comparative information has not been retrospectively adjusted and continues to be reported under the accounting standards in effect for those periods.The adoption of ASC 842 did not have a material impact on the Company’s accompanying consolidated statements of assets and liabilities, statements of operations or statements of cash flows. Due to the adoption of ASC 842, the Company recognized operating lease right-of-use assets and lease liabilities for its operating leases with lease terms greater than one year.

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820)”, which is intended to improve fair value and defined benefit disclosure requirements by removing disclosures that are not cost-beneficial, clarifying disclosures' specific requirements, and adding relevant disclosure requirements. The ASU is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The Company elected to early adopt ASU 2018-13 on December 31, 2019. No significant changes to our fair value disclosures were necessary in the notes to the consolidated financial statements in order to comply with ASU 2018-13.

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 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.

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.

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NOTE 3—INVESTMENTS:

Investments, all of which are in portfolio companies in the United States, consisted of the following at:
September 30, 2020 December 31, 2019
Cost Fair Value Cost Fair Value
Non-affiliate debt investments $ 429,409  $ 412,086  $ 453,043  $ 442,227 
Non-control investments:
Equity 1,000  1,000  1,000  1,000 
Debt 15,279  15,279  —  — 
Controlled investments:
Equity 71,478  171,205  71,519  181,917 
Equity interest in NCL (Joint Venture) 16,682  18,125  14,270  16,123 
Debt 23,731  19,921  21,511  17,777 
Total investments $ 557,579  $ 637,616  $ 561,343  $ 659,044 

SBA unguaranteed investments consisted of the following breakdown of accrual and non-accrual loans at:
September 30, 2020 December 31, 2019
Cost Fair Value Cost Fair Value
Accrual $ 356,419  $ 366,131  $ 370,612  $ 382,986 
Non-Accrual 55,358  27,159  59,085  34,237 
Total SBA unguaranteed investments $ 411,777  $ 393,290  $ 429,697  $ 417,223 

SBA guaranteed investments consisted of the following breakdown of accrual and non-accrual loans at:
September 30, 2020 December 31, 2019
Cost Fair Value Cost Fair Value
Accrual $ 16,556  $ 17,720  $ 16,555  $ 18,213 
Non-Accrual 1,076  1,076  6,790  6,791 
Total SBA guaranteed investments $ 17,632  $ 18,796  $ 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 PPP closed on August 8, 2020 and as such, the SBA is no longer accepting PPP applications.

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.
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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 Participant 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 September 30, 2020. To date, 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.

The following table shows the Company’s SBA guaranteed accrual loans by SBA loan type at:
September 30, 2020 December 31, 2019
Cost Fair Value Cost Fair Value
7(a) $ 10,038  $ 11,202  $ 16,555  $ 18,213 
PPP1
6,518  6,518  —  — 
Accrual SBA guaranteed investments $ 16,556  $ 17,720  $ 16,555  $ 18,213 
(1) 10% participation interests in 668 SBA guaranteed loans originated under the PPP by NSBF.
The following table shows the Company’s portfolio investments by industry at:
September 30, 2020 December 31, 2019
Cost Fair Value Cost Fair Value
Data Processing, Hosting, and Related Services $ 45,737  $ 139,710  $ 45,154  $ 146,320 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities 39,234  39,829  37,930  42,079 
Food Services and Drinking Places 37,555  37,630  40,331  40,516 
Professional, Scientific, and Technical Services 37,513  36,470  41,514  41,330 
Amusement, Gambling, and Recreation Industries 24,769  25,058  25,343  26,787 
Truck Transportation 31,545  24,587  30,172  25,920 
Repair and Maintenance 17,633  18,513  20,308  20,451 
Ambulatory Health Care Services 20,210  17,559  22,146  20,409 
Fabricated Metal Product Manufacturing 15,997  16,534  18,230  17,845 
Specialty Trade Contractors 15,621  15,008  16,460  15,650 
Personal and Laundry Services 12,711  13,488  11,856  12,446 
Administrative and Support Services 14,142  13,286  13,733  12,696 
Merchant Wholesalers, Durable Goods 12,099  12,215  10,524  10,713 
Accommodation 11,684  11,709  11,508  11,506 
Merchant Wholesalers, Nondurable Goods 11,678  11,111  12,230  11,900 
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Social Assistance 9,740  10,771  9,849  10,683 
Support Activities for Transportation 11,478  10,616  4,628  3,966 
Food Manufacturing 11,696  10,155  11,063  9,161 
Building Material and Garden Equipment and Supplies Dealers 7,858  8,307  8,352  8,605 
Rental and Leasing Services 8,678  8,069  9,223  8,780 
Gasoline Stations 8,331  7,837  9,387  8,756 
Machinery Manufacturing 7,158  7,026  1,985  1,621 
Motor Vehicle and Parts Dealers 6,689  6,835  7,655  7,783 
Nonstore Retailers 6,824  6,532  6,942  6,725 
NCL (Joint Venture) 16,682  18,125  14,270  16,123 
Other 114,317  110,636  120,550  120,273 
Total $ 557,579  $ 637,616  $ 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 September 30, 2020:
Portfolio Company Industry Type of Investment Interest Rate Maturity Principal Cost
Fair Value1
10 28th Ave SW Associates LLC Fitness and Recreational Sport Centers Term Loan 5 Yr Libor plus 5.50% 4/1/2045 $ 2,278  $ 2,233  $ 2,139 
10 28th Ave SW Associates LLC Fitness and Recreational Sport Centers Term Loan 5 Yr Libor plus 5.50% 4/1/2045 1,283  1,254  1,204 
Cocoa Beach Office LLC Other Activities Related to Credit Intermediation Term Loan 2 Yr Libor plus 5.70% 8/1/2044 430  415  432 
Foxhall Hospitality, LLC Hotels (except Casino Hotels) and Motels Term Loan 5 Yr Libor plus 6.00% 11/1/2044 10,506  10,296  10,881 
Foxhall Hospitality, LLC Hotels (except Casino Hotels) and Motels Term Loan 5 Yr Libor plus 6.00% 11/1/2044 6,145  6,022  6,365 
The Camera Division, LLC Commecial & Industrial Machinery & Equipment Term Loan 5 Yr Libor plus 7.25% 9/1/2029 11,144  10,796  11,144 
The Emerald Green Group, LLC Full-Service Restaurant Term Loan 2 Yr Libor plus 5.65% 8/1/2029 6,245  6,061  6,157 
XL Soccer World Orlando II LLC Fitness and Recreational Sport Centers Term Loan Prime plus 3.25% 11/1/2045 3,995  3,843  3,880 
XL Sports World NJ LLC and XL Soccer World Orlando LLC Fitness and Recreational Sport Centers Term Loan 5 Yr Libor plus 5.50% 8/1/2044 6,208  6,053  6,561 
XL Sports World NJ LLC and XL Soccer World Orlando LLC Fitness and Recreational Sport Centers Term Loan 5 Yr Libor plus 5.50% 8/1/2044 4,773  4,654  4,983 
JW Aviation LLC and 21 Air LLC and AMN Doral LLC Other Nonscheduled Air Transportation Term Loan 2 Yr Libor plus 8.25% 12/1/2044 2,499  2,412  2,952 
Tricare Unlimited LLC and Geron Enterprises LLC Nursing Care Facillities(Skilled Nursing Facilities) Term Loan 2 Yr Treasury plus 6.51% 1/1/2045 5,713  5,556  6,169 
E Entities LLC Exterminating & Pest Control Services Term Loan 5 Yr Treasury plus 7.71% 1/1/2030 5,753  5,610  6,143 
Trinity MCC Realty, LLC Motor Vehicle and Parts Dealers Term Loan 5 Yr Treasury plus 6.58% 2/1/2045 5,258  5,113  5,636 
Jaffe Real Estate LLC Full-Service Restaurant Term Loan 5 Yr Treasury plus 7.93% 4/1/2045 2,260  2,198  2,686 
Berry Ventures Inc Painting & Wall Covering Contractors Term Loan 5 Yr Treasury plus 7.25% 4/1/2045 473  460  518 
Total $ 74,963  $ 72,976  $ 77,850 
(1) Fair value determined using significant unobservable inputs.

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The following table shows NCL’s individual investments as of December 31, 2019:
Portfolio Company Industry Type of
Investment 		Interest Rate Maturity Principal Cost
Fair Value1
10 28th Ave SW Associates LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 3.0% 4/1/2045 $ 2,295  $ 2,249  $ 2,488 
10 28th Ave SW Associates LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 3.0% 4/1/2045 1,292  1,263  1,401 
Cocoa Beach Office LLC Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan 2 Yr Libor plus 5.70% 8/1/2044 435  420  443 
XL Sports World NJ LLC and XL Soccer World Orlando LLC Amusement, Gambling, and Recreation Industries Term Loan 5 Yr Libor plus 5.50% 8/1/2044 6,246  6,090  6,703 
XL Sports World NJ LLC and XL Soccer World Orlando LLC Amusement, Gambling, and Recreation Industries Term Loan 5 Yr Libor plus 5.50% 8/1/2044 4,803  4,683  5,093 
The Emerald Green Group, LLC Food Services and Drinking Places Term Loan 2 Yr Libor plus 5.65% 8/1/2029 6,503  6,309  6,462 
The Camera Division, LLC Electronics and Appliance Stores Term Loan 5 Yr Libor plus 7.25% 9/1/2029 11,318  10,952  11,514 
XL Soccer World Orlando II LLC and XL Soccer World Orlando LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 3.25% 11/1/2045 770  616  845 
Foxhall Hospitality, LLC Hotels (except Casino Hotels) and Motels Term Loan 5 Yr Libor plus 6.00% 11/1/2044 10,586  10,374  11,121 
Foxhall Hospitality, LLC Hotels (except Casino Hotels) and Motels Term Loan 5 Yr Libor plus 6.00% 11/1/2044 6,192  6,068  6,505 
JW Aviation LLC and 21 Air LLC and AMN Doral LLC Other Nonscheduled Air Transportation Term Loan 2 Yr Libor plus 8.25% 12/1/2044 2,520  2,432  3,036 
Tricare Unlimited LLC and Geron Enterprises LLC Nursing Care Facillities(Skilled Nursing Facilities) Term Loan 2 Yr Treasury plus 6.51% 1/1/2045 5,760  5,602  6,316 
E Entities LLC Exterminating & Pest Control Services Term Loan 5 Yr Treasury plus 7.71% 1/1/2030 6,000  5,850  6,499 
Total $ 64,720  $ 62,908  $ 68,426 
(1) Fair value determined using significant unobservable inputs.

The following tables show certain summarized financial information for NCL:
Selected Statement of Assets and Liabilities Information September 30, 2020 December 31, 2019
(Unaudited)
Cash $ 1,156  $ 1,299 
Investments in loans, at fair value (amortized cost of $72,976,000 and $62,908,301, respectively) 77,850  68,426 
Other assets 1,264  1,094 
Total assets $ 80,270  $ 70,819 
Bank notes payable $ 42,960  $ 36,938 
Other liabilities 1,060  1,635 
Total liabilities 44,020  38,573 
Net assets 36,250  32,246 
Total liabilities and net assets $ 80,270  $ 70,819 
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Selected Statements of Operations Information
Interest and other income $ 1,554  $ 1,396  $ 4,568  $ 1,396 
Total expenses 855  540  2,654  540 
Net investment (loss) income 699  856  1,914  856 
Net unrealized appreciation (depreciation) on investments (516) 1,841  (645) 1,841 
Net increase in net assets resulting from operations $ 183  $ 2,697  $ 1,269  $ 2,697 
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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 September 30, 2020. 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 nine months ended September 30, 2020 were as follows:
Portfolio Company Fair Value at December 31, 2019 Purchases (Cost) Principal Received Net Realized Gains/(Losses) Net Unrealized Gains/(Losses) Fair Value at September 30, 2020 Interest and Other Income Dividend Income
Controlled Investments
Newtek Merchant Solutions, LLC (NMS) $ 121,250  $ —  $ —  $ —  $ (6,250) $ 115,000  $ —  $ 7,100 
Mobil Money, LLC 3,750  —  —  —  (1,250) 2,500  —  — 
Newtek Technology Solutions, Inc. (NTS) 19,361  460  —  —  500  20,321  816  — 
International Professional Marketing, Inc. 4,150  750  —  —  —  4,900  13  275 
SIDCO, LLC 7,500  —  (625) —  —  6,875  14  675 
CDS Business Services, Inc. 8,000  1,560  —  —  (750) 8,810  484  — 
Small Business Lending, LLC 10,050  —  —  —  (2,802) 7,248  31  — 
Newtek Insurance Agency, LLC 2,215  —  —  —  —  2,215  —  — 
PMTWorks Payroll, LLC —  120  —  —  (120) —  —  — 
Titanium Asset Management LLC 390  —  —  —  (75) 315  —  — 
POS on Cloud, LLC 775  75  —  —  —  850  65  — 
Excel WebSolutions, LLC —  —  —  —  —  —  —  — 
Newtek Conventional Lending, LLC 16,123  2,637  (225) —  (410) 18,125  —  834 
Newtek Business Lending, LLC 22,253  15,835  (15,996) —  —  22,092  —  — 
Total Controlled Investments $ 215,817  $ 21,437  $ (16,846) $ —  $ (11,157) $ 209,251  $ 1,423  $ 8,884 
Non-Control Investments
EMCAP Loan Holdings, LLC $ 1,000  $ —  $ —  $ —  $ —  $ 1,000  $ —  $ 71 
Total Affiliate Investments $ 216,817  $ 21,437  $ (16,846) $ —  $ (11,157) $ 210,251  $ 1,423  $ 8,955 

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 September 30, 2020, the Related Party RLOC interest rate was 2.66%. The Related Party RLOC has a maturity date of November 8, 2023. Outstanding borrowings from NMS at September 30, 2020 under the Related Party RLOC were $11,550,000.
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For the three months ended September 30, 2020 and 2019, interest expense was $7,000 and $269,000 respectively. For the nine months ended September 30, 2020 and 2019, interest expense was $298,000 and $742,000, 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.
Three Months Ended Nine Months Ended
September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Managed technology services $ 461  $ 296  $ 1,285  $ 710 
Origination and loan processing 2,710  2,083  8,464  6,742 
Payroll processing fees 8  8  25  27 
Total $ 3,179  $ 2,387  $ 9,774  $ 7,479 

The Company also sub-leases portions of its office space in Lake Success, New York to certain portfolio companies. Amounts charged were as follows:
Three Months Ended Nine Months Ended
Portfolio Company September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Newtek Merchant Solutions, LLC $ 52  $ 54  $ 169  $ 172 
Newtek Technology Solutions, Inc. 3  3  8  8 
Small Business Lending, LLC 74  71  221  164 
Newtek Insurance Agency, LLC 13  13  43  49 
CDS Business Services, Inc. 21  17  59  52 
PMTWorks Payroll, LLC 7  10  23  33 
Newtek Business Lending, LLC 1  3  4  7 
Total $ 171  $ 171  $ 527  $ 485 

Amounts due from related parties were $6,397,000 and $2,972,000 at September 30, 2020 and December 31, 2019, respectively. Amounts due to related parties were $1,142,000 and $131,000 at September 30, 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. Amounts are charged based on estimates of time and effort spent by certain employees providing managerial services for certain controlled portfolio companies. Fees are recorded on a quarterly basis, are recurring in nature and are charged at an arm’s length basis. The table below summarizes amounts charged to each controlled portfolio company, and are recorded as a credit to salaries and benefits in the consolidated statements of operations.
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Three Months Ended Nine Months Ended
Portfolio Company September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Newtek Merchant Solutions, LLC $ 107  $ 84  $ 292  $ 287 
Newtek Technology Solutions, Inc. 125  119  379  351 
PMTWorks Payroll, LLC 22  56  83  135 
Newtek Insurance Agency, LLC 32  53  95  148 
banc-serv Partners, LLC —  6  —  87 
CDS Business Services, Inc. 30  24  89  59 
International Professional Marketing, Inc. 24  24  68  70 
SIDCO, LLC 23  24  73  88 
Mobil Money, LLC 25  43  96  99 
Newtek Business Lending, LLC 34  22  101  64 
Small Business Lending, LLC 126  117  381  333 
Total $ 548  $ 572  $ 1,657  $ 1,721 

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 September 30, 2020 and December 31, 2019:
September 30, 2020 December 31, 2019
Fair Value $ 24,557  $ 24,411 
Discount factor1
13.38  % 13.38  %
Cumulative prepayment rate 8.00  % 26.00  %
Average cumulative default rate 30.00  % 22.00  %
(1) Determined based on risk spreads and observable secondary market transactions.

Servicing fee income earned for the three months ended September 30, 2020 and 2019 was $2,875,000 and $2,542,000, respectively. Servicing fee income earned for the nine months ended September 30, 2020 and 2019 was $8,367,000 and $7,473,000, 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.
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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 nine months ended September 30, 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.

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 September 30, 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 September 30, 2020 and December 31, 2019:
  Fair Value Measurements at September 30, 2020
Total Level 1 Level 2 Level 3
Assets:
SBA unguaranteed non-affiliate investments $ 393,290  $ —  $ —  $ 393,290 
SBA guaranteed non-affiliate investments 18,796  —  18,796  — 
Controlled investments 191,126  —  —  191,126 
Other real estate owned1
1,962  —  1,962  — 
Non-control investments 16,279  —  —  16,279 
Servicing assets 24,557  —  —  24,557 
Controlled investments measured at NAV2
18,125  —  —  — 
Total assets $ 664,135  $ —  $ 20,758  $ 625,252 
(1) Included in Other Assets on the Condensed 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.

The change in unrealized appreciation (depreciation) included in the condensed consolidated statements of operations attributable to Level 3 investments held at September 30, 2020 includes $6,012,000 in unrealized depreciation on SBA unguaranteed non-affiliate investments, $10,747,000 in unrealized appreciation on controlled investments and $1,299,000 in unrealized depreciation on servicing assets.
  Fair Value Measurements at December 31, 2019
Total Level 1 Level 2 Level 3
Assets:
SBA unguaranteed non-affiliate investments $ 417,223  $ —  $ —  $ 417,223 
SBA guaranteed non-affiliate investments 25,004  —  25,004  — 
Controlled investments 199,694  —  —  199,694 
Other real estate owned1
2,539  —  2,539  — 
Non-control investments 1,000  —  —  1,000 
Servicing assets 24,411  —  —  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
(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 nine months ended September 30, 2020 and 2019:
Nine Months Ended September 30, 2020
SBA Unguaranteed Investments Controlled Investments Servicing Assets Non-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) (6,012) (10,747) (1,299) —  — 
Realized loss (5,712) —  —  —  — 
SBA unguaranteed non-affiliate investments, funded 20,619  —  —  —  — 
Foreclosed real estate acquired (646) —  —  —  — 
Purchase of investments —  18,800  —  15,296  — 
Purchase of loans from SBA 5,522  —  —  —  — 
Change in fair value of contingent consideration liabilities —  —  —  —  54 
Payment of contingent consideration —  —  —  —  (675)
Net accretion of premium/discount (7) —  —  —  — 
Return of investment —  (15,996) —  —  — 
Principal payments received on debt investments (37,698) (625) —  (17) — 
Additions to servicing assets —  —  1,445  —  — 
Fair value, September 30, 2020 $ 393,290  $ 191,126  $ 24,557  $ 16,279  $ — 
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(1) Included in Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities
Nine Months Ended September 30, 2019
SBA Unguaranteed Investments Controlled Investments Servicing Assets Non-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) (1,957) 2,954  (3,469) —  — 
Realized gain (loss) (2,211) —  —  —  — 
SBA unguaranteed non-affiliate investments, funded 84,741  —  —  —  — 
Foreclosed real estate acquired (1,892) —  —  —  — 
Purchase of investments —  15,364  —  —  — 
Return of investment —  (2,700) —  —  — 
Net accretion of premium/discount (6) —  —  —  — 
Change in fair value of contingent consideration liabilities —  —  —  —  64 
Payment of contingent consideration —  —  —  —  (1,154)
Principal payments received on debt investments (38,472) (1,885) —  —  — 
Additions to servicing assets —  —  5,407  —  — 
Fair value, September 30, 2019 $ 389,605  $ 185,318  $ 23,297  $ 1,000  $ 643 
(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 September 30, 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 September 30, 2020 and December 31, 2019.
Range
Fair Value as of September 30, 2020 Unobservable Input
Weighted Average (A)
Minimum Maximum
Assets:
SBA unguaranteed non-affiliate investments - accrual loans $ 366,131  Market yields 4.50  % 4.50  % 4.50  %
SBA unguaranteed non-affiliate investments - non-accrual loans $ 27,159  Market yields 5.77  % 5.77  % 5.77  %
Controlled equity investments1
$ 171,205 
EBITDA multiples2
8.10x 4.50x 9.00x
Revenue multiples2
1.08x 0.15x 2.30x
Weighted average cost of capital2
12.70  % 11.20  % 19.20  %
Controlled debt investments $ 19,921  Market yields 9.69  % 3.80  % 10.00  %
Non-control equity investments $ 1,000  Asset value N/A N/A N/A
Non-control debt investments $ 15,279  Recent transaction N/A N/A N/A
Servicing assets $ 24,557  Market yields 13.38  % 13.38  % 13.38  %
(1) Weighted by relative fair value.
(2) The Company valued $137,515,000 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 $33,690,000 of investments using only discounted cash flows.
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Range
Fair Value as of December 31, 2019 Unobservable Input
Weighted Average (A)
Minimum Maximum
Assets:
SBA unguaranteed non-affiliate investments - accrual loans $ 382,986  Market yields 5.20  % 5.20  % 5.20  %
SBA unguaranteed non-affiliate investments - non-accrual loans $ 34,237  Market yields 5.33  % 5.33  % 5.33  %
Controlled equity investments1
$ 181,917 
EBITDA multiples2
8.20x 4.50x 9.00x
Revenue multiples2
1.07x 0.15x 2.30x
Weighted average cost of capital2
11.92  % 10.70  % 18.50  %
Controlled debt investments $ 17,777  Market yields 9.03  % 5.25  % 10.00  %
Non-control equity investments $ 1,000  Asset value N/A N/A N/A
Servicing assets $ 24,411  Market yields 13.38  % 13.38  % 13.38  %
Liabilities:
Contingent consideration liabilities $ 621  Projected EBITDA and probability of achievement N/A N/A N/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—BORROWINGS:

At September 30, 2020 and December 31, 2019, the Company had borrowings comprised of the following:
September 30, 2020 December 31, 2019
Commitments Borrowings Outstanding Weighted Average Interest Rate Commitments Borrowings Outstanding Weighted Average Interest Rate
Capital One line of credit - guaranteed1
$ 150,000  $ 5,000  2.50  % $ 150,000  $ 30,000  4.00  %
Capital One line of credit - unguaranteed1
—  20,183  3.50  % —  —  5.00  %
Notes due 2023 57,500  56,387  6.25  % 57,500  56,035  6.25  %
Notes due 2024 63,250  61,668  5.75  % 63,250  61,354  5.75  %
Notes payable - related parties 50,000  11,550  2.66  % 50,000  12,163  4.71  %
Notes payable - Securitization Trusts 235,675  232,045  2.43  % 276,637  272,376  3.97  %
Total $ 556,425  $ 386,833  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 September 30, 2020 and $150,000,000 at December 31, 2019.

As of September 30, 2020, our asset coverage was 183%.

Outstanding borrowings under the 2023 Notes, 2024 Notes and Notes payable - Securitization Trusts consisted of the following:
September 30, 2020 December 31, 2019
Notes Due 2023 Notes Due 2024 Notes Payable- Securitization Trusts Notes Due 2023 Notes Due 2024 Notes Payable- Securitization Trusts
Principal balance $ 57,500  $ 63,250  $ 235,675  $ 57,500  $ 63,250  $ 276,637 
Unamortized deferred financing costs (1,113) (1,582) (3,630) (1,465) (1,896) (4,261)
Net carrying amount $ 56,387  $ 61,668  $ 232,045  $ 56,035  $ 61,354  $ 272,376 

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At September 30, 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 September 30, 2020, the closing price of the 2023 Notes was $25.25 per note, or $58,075,000. On December 31, 2019, the closing price of the 2023 Notes was $25.68 per note, or $59,064,000. On September 30, 2020, the closing price of the 2024 Notes was $25.15 per note, or $63,630,000. 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.
Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the nine months ended September 30, 2020 and 2019 was $13,727,000 and $14,916,000, respectively. Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the three months ended September 30, 2020 and 2019 was $3,940,000 and $5,476,000, respectively.

NOTE 8—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 September 30, 2020 for future minimum cash payments required under operating lease and employment agreements:
Year Operating Leases
Employment Agreements1
Total
2020 $ 432  $ 403  $ 835 
2021 1,604  335  1,939 
2022 1,576  —  1,576 
2023 1,619  —  1,619 
2024 1,663  —  1,663 
Thereafter 3,670  —  3,670 
Total $ 10,564  $ 738  $ 11,302 
(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. 

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 September 30, 2020, total principal owed by NBC was $22,470,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At September 30, 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 July 2021. At September 30,
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2020, total principal owed by NBL was $22,966,000. At September 30, 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 September 30, 2020, total principal outstanding was $37,250,000. At September 30, 2020, the Company determined that it is not probable that payments would be required to be made under the guarantee.

Unfunded Commitments

At September 30, 2020, the Company had $3,981,000 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 September 30, 2020, NCL had $1,140,000 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 9—FINANCIAL HIGHLIGHTS:

The financial highlights for the Company are as follows:
Nine Months Ended September 30,
2020 2019
Per share data¹
Net asset value at beginning of period $ 15.70  $ 15.19 
Net investment income (loss) 1.49  (0.14)
Net realized gain on investments 0.12  1.77 
Net unrealized appreciation (depreciation) on investments (0.84) 0.08 
Net unrealized depreciation on servicing assets (0.06) (0.18)
Change in deferred taxes 0.14  (0.04)
Net increase in net assets resulting from operations 0.85  1.49 
Distributions to common stockholders (1.58) (1.44)
Stock-based compensation expense 0.01  0.02 
Accretive effect of stock offerings (issuing shares above NAV per share) 0.17  0.14 
Accretive effect of shares issued in connection with DRIP (issuing shares above NAV per share) —  0.01 
Dilutive effect of restricted stock awards —  (0.01)
Other⁴
(0.02) 0.01 
Net asset value at end of period $ 15.13  $ 15.41 
Per share market value at end of period $ 18.57  $ 22.58 
Total return based on market value² ⁶ (9.86) % 38.47  %
Total return based on change in NAV³ ⁶ 6.43  % 10.93  %
Shares outstanding at end of period (in thousands) 21,435  19,447 
Ratios/Supplemental Data:
Net assets at end of period $ 324,391 $ 299,752
Ratio of expenses to average net assets⁷ 19.22  % 21.13  %
Ratio of net investment income (loss) to average net assets⁷ 12.93  % (1.18) %
Portfolio turnover8
196.04  % 45.40  %
Average debt outstanding $ 393,023 $ 368,043
Average debt outstanding per share $ 18.34  $ 18.93 
Asset coverage ratio⁵ 183  % 175  %
Senior securities outstanding $ 393,158 $ 398,586
(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.
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(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. Prior periods have been recalculated to conform to the current period methodology prescribed by Regulation S-X.
(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) Not annualized.
(7) Annualized for the nine months ended September 30, 2020.
(8) 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 the second quarter of 2020. Exclusive of PPP loan originations and sales, portfolio turnover for the nine months ended September 30, 2020 was 14.35%. Prior periods have been recalculated to conform to the current period methodology prescribed by Regulation S-X.

NOTE 10—STOCK BASED COMPENSATION:

Stock Plan

The Company accounts for its stock-based compensation plan using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards, the Company measured the grant date fair value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as stock-based compensation expense over the requisite service period, which is generally the vesting term.
        
The Board approves the issuance of shares of restricted stock to employees and directors pursuant to the Equity Incentive Plan. These shares generally vest over a one to three year period from the grant date. The fair value is expensed over the service period, starting on the grant date. The following table summarizes the restricted stock issuances under the Equity Incentive Plan, net of shares forfeited, if any, and the remaining shares of restricted stock available for issuance as of September 30, 2020.
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)
Nine months ended September 30, 2020 2,639 
Restricted stock available for issuance as of September 30, 2020 1,276,846 
(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 September 30, 2020, there was $271,000 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 6 months as of September 30, 2020.

For the three months ended September 30, 2020 and 2019 the Company recognized total stock-based compensation expense of $129,000 and $184,000, respectively.

For the nine months ended September 30, 2020 and 2019 the Company recognized total stock-based compensation expense of $439,000 and $462,000, respectively.

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NOTE 11—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, 2019 Year 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 nine months ended September 30, 2020.

The following table summarizes the total shares sold and net proceeds received under the 2019 ATM Equity Distribution Agreement:
Nine Months Ended September 30, 2020 Year Ended December 31, 2019
Shares sold 359,819  1,356,698 
Net weighted average price per share $ 20.40  $ 22.27 
Net proceeds $ 7,342  $ 30,212 

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 $187,000 in compensation during the nine months ended September 30, 2020. As of September 30, 2020, there were 2,499,943 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:
Nine Months Ended September 30, 2020 Year Ended December 31, 2019
Shares sold 500,057  — 
Net weighted average price per share $ 18.35  $ — 
Net proceeds $ 9,176  $ — 

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The Company used the net proceeds for funding investments in debt and equity securities in accordance with its investment objective and strategies.

NOTE 12—EARNINGS PER SHARE:

The following table summarizes the calculations for the net increase in net assets resulting from operations per common share for the three and nine months ended September 30, 2020 and 2019:
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Net increase in net assets resulting from operations $ (453) $ 10,637  $ 17,761  $ 28,398 
Weighted average shares outstanding 21,192  19,228  20,942  19,115 
Net increase (decrease) in net assets resulting from operations per common share $ (0.02) $ 0.55  $ 0.85  $ 1.49 

NOTE 13—LEASES:

Under ASC 842, operating lease expense is generally recognized on a straight-line basis over the term of the lease. The Company has entered into operating lease agreements for office space with remaining contractual terms up to 7 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.

The following table summarizes supplemental cash flow and other information related to our operating leases:
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 407  $ 416  $ 1,646  $ 1,192 
Weighted-average remaining lease term - operating leases 6.35 years 7.25 years 6.35 years 7.25 years
Weighted-average discount rate - operating leases 4.76  % 4.76  % 4.76  % 4.76  %
Total lease costs (included in other general and administrative costs on the consolidated statements of operations) $ 222  156 $ 637  $ 534 

The following table represents the maturity of the Company’s operating lease liabilities as of September 30, 2020:
Maturity of Lease Liabilities
2020 408 
2021 1,555 
2022 1,576 
2023 1,619 
2024 1,663 
Thereafter 3,670 
Total future minimum lease payments $ 10,491 
Less: Imputed interest $ (1,492)
Present value of future minimum lease payments $ 8,999 

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NOTE 14—DIVIDENDS AND DISTRIBUTIONS:

The Company’s dividends and distributions are recorded on the declaration date. The following table summarizes the Company’s dividend declarations and distributions during the nine months ended September 30, 2020 and 2019.
Date Declared Record Date Payment Date Amount Per Share Cash Distribution DRIP Shares Issued DRIP
Shares Value
Nine months ended September 30, 2020
February 5, 2020 March 18, 2020 March 31, 2020 $ 0.44  $ 8,882  18  $ 224 
June 12, 2020 July 15, 2020 July 31, 2020 $ 0.56  $ 11,450  13  $ 235 
July 20, 2020 September 21, 2020 September 30, 2020 $ 0.58  $ 12,107  13  $ 231 
Nine months ended September 30, 2019
February 15, 2019 March 15, 2019 March 29, 2019 $ 0.40  $ 7,355  12  $ 220 
May 1, 2019 June 14, 2019 June 28, 2019 $ 0.46  $ 8,482  12  $ 260 
August 21, 2019 September 20, 2019 September 30, 2019 $ 0.58  $ 10,899  14  $ 300 

During the nine months ended September 30, 2020 and 2019, an additional 9,600 and 8,600 shares valued at $173,000 and $185,000, respectively, were issued related to dividends on unvested restricted stock awards.

NOTE 15—SUPPLEMENTAL FINANCIAL DATA:

Summarized Financial Information of Our Unconsolidated Subsidiaries

The Company holds a controlling interest as defined by the 1940 Act in portfolio companies that are not consolidated in the Company’s condensed consolidated financial statements. Below is a brief description of a portfolio company that is required to have supplemental disclosure incorporated in our financial statements in accordance with Regulation S-X section 4-08(g), along with summarized financial information.

Newtek Merchant Solutions, LLC

NMS markets and sells credit and debit card processing services, check approval services and ancillary processing equipment and software to merchants who accept credit cards, debit cards, checks and other non-cash forms of payment.

The summarized financial information of our unconsolidated subsidiary is as follows:
Balance Sheets - Newtek Merchant Solutions, LLC As of September 30, 2020 As of December 31, 2019
Current assets $ 17,862  $ 14,707 
Noncurrent assets 27,979  29,709 
Total assets $ 45,841  $ 44,416 
Current liabilities 6,401  9,487 
Noncurrent liabilities 33,292  28,304 
Total liabilities $ 39,693  $ 37,791 
Total member’s equity $ 6,148  $ 6,625 
Three Months Ended September 30, Nine Months Ended September 30,
Statements of Income - Newtek Merchant Solutions, LLC 2020 2019 2020 2019
Revenue $ 8,914  $ 10,566  $ 25,132  $ 27,621 
Expenses 5,769  7,589  17,306  17,427 
Income from operations $ 3,145  $ 2,977  $ 7,826  $ 10,194 
Interest (expense) income, net (151) (169) (600) (661)
Income before tax $ 2,994  $ 2,808  $ 7,226  $ 9,533 

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The Company recorded the following related to its investment in NMS:
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Dividend income $ 1,700  $ 3,600  $ 7,100  $ 8,975 
Distribution in excess of basis (realized gain) $ —  $ 1,600  $ —  $ 1,600 
Unrealized appreciation (depreciation) $ —  $ —  $ (6,250) $ 5,000 

NOTE 16—SUBSEQUENT EVENTS:

Common Stock

From October 1, 2020 through November 11, 2020 the Company sold 350,774 shares of its common stock at a weighted average price of $17.27 per share under the 2020 ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $6,060,000. As of November 11, 2020, there were 2,149,169 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement.
NBL Facility

On November 4, 2020, the NBL Facility was amended to, among other things, extend the date on which the lenders’ commitments terminate until November 4, 2022, with all amounts due under the Credit Facility maturing on November 4, 2023. The Company remains a guarantor on the NBL Facility.

Dividends

On November 11, 2020, the Company declared a fourth quarter 2020 cash dividend of $0.47 per share, which is payable on December 30, 2020 to shareholders of record as of December 18, 2020.
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Newtek Business Services Corp. and Subsidiaries
Schedule of Investments In and Advances to Affiliates
Nine Months Ended September 30, 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 September 30, 2020
Advanced Cyber Security Systems, LLC
50% Membership Interest2
$ —  $ —  $ —  $ —  $ —  $ —  $ — 
Term Loan (3%)2
—  —  —  —  —  —  — 
Automated Merchant Services, Inc.
100% Common Stock2
—  —  —  —  —  —  — 
CDS Business Services, Inc.
100% Common Stock2
—  (750) —  3,000  —  (750) 2,250 
Line of Credit (10%) —  —  484  5,000  1,560  —  6,560 
Newtek Technology Solutions, Inc.
100% Common Stock2
—  500  —  9,000  500  —  9,500 
Line of Credit (10%) —  —  816  10,361  460  —  10,821 
Newtek Insurance Agency, LLC
100% Membership Interest2
—  —  —  2,215  —  —  2,215 
PMTWorks Payroll, LLC
100% Membership Interest2
—  (120) —  —  120  (120) — 
Term Loans (10%-12%)2
—  —  —  —  —  —  — 
Small Business Lending, LLC
100% Membership Interest2
—  (2,802) —  9,650  (2,802) 6,848 
Term Loan (10%) —  —  31  400  —  —  400 
banc-serv Partners, LLC
100% Membership Interest2
—  —  —  —  —  —  — 
International Professional Marketing, Inc. 100% Common Stock —  —  275  4,150  —  —  4,150 
Line of Credit (Prime + 0.5%)6
—  —  13  —  750  —  750 
SIDCO, LLC 100% Membership Interest —  —  675  6,650  —  —  6,650 
Line of Credit (Prime + 0.5%)6
—  —  14  850  —  (625) 225 
Newtek Merchant Solutions, LLC 100% Membership Interest —  (6,250) 7,100  121,250  —  (6,250) 115,000 
Titanium Asset Management, LLC
100% Membership Interest2
—  —  —  —  —  —  — 
Term Loan (10%)2
—  (75) —  390  —  (75) 315 
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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 September 30, 2020
Newtek Business Lending, LLC
100% Membership Interest2
—  —  —  22,253  15,835  (15,996) 22,092 
Newtek Conventional Lending, LLC 50% Membership Interest —  (410) 834  16,123  2,387  (385) 18,125 
Mobil Money, LLC 100% Membership Interest —  (1,250) —  3,750  —  (1,250) 2,500 
POS on Cloud, LLC
50.1% Membership Interest2
—  —  —  —  —  —  — 
Term Loan (10%) —  —  65  775  75  —  850 
Excel WebSolutions LLC
Term Loans (10%)2
—  —  —  —  —  —  — 
100% Membership Interest2
—  —  —  —  —  —  — 
Total Controlled Investments $ —  $ (11,157) $ 10,307  $ 215,817  $ 21,687  $ (28,253) $ 209,251 
Non-Control Investments
EMCAP Loan Holdings, LLC 6.04% Membership Interest —  —  71  1,000  —  —  1,000 
Total Affiliate Investments $ —  $ (11,157) $ 10,378  $ 216,817  $ 21,687  $ (28,253) $ 210,251 

This schedule should be read in connection with the Company’s Condensed Consolidated Financial Statements, including the Consolidated Schedule of Investments and Notes to the Condensed Consolidated Financial Statements.

(1) The principal amount and ownership detail as shown in the Company’s Consolidated Schedule of Investments.
(2) Represents non-income producing security.
(3) Represents the total amount of interest, fees or dividends credited to income for the period.
(4) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in unrealized depreciation.
(5) Gross reductions include decreases in the cost basis of investments resulting from principal payments or sales and exchanges of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation.
(6) Index based floating rate debt investments bear interest at rate of Prime plus a contractual spread which typically resets monthly. At September 30, 2020, the Prime rate in effect was 3.25%.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Forward-Looking Statements

The matters discussed in this report, as well as in future oral and written statements by management of Newtek Business Services Corp., that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Important assumptions include our ability to originate new investments, achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, including the impact of the COVID-19 pandemic, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans or objectives will be achieved. The forward-looking statements contained in this report include statements as to:
•our future operating results;
•our business prospects and the prospects of our prospective portfolio companies, including our and their ability to achieve our respective objectives as a result of the current COVID-19 pandemic;
•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;
•our regulatory structure and tax status;
•our ability to operate as a BDC and a RIC;
•NSBF’s ability to maintain its license and PLP status under the SBA 7(a) program;
•NSBF’s ability to sell the guaranteed portions of SBA 7(a) loans at premiums;
•the adequacy of our cash resources and working capital;
•the timing of cash flows, if any, from the operations of our portfolio companies;
•the timing, form and amount of any dividend distributions;
•the impact of fluctuations in interest rates on our business including as a result of the decommissioning of LIBOR;
•the valuation of any investments in portfolio companies, particularly those having no liquid trading market; and
•our ability to recover unrealized losses;
•NSBF’s ability to issue SBA 7(a) guaranteed loans;
•the future authorization or reauthorization of the PPP, and our ability to participate in any such program;
•our ability to comply with the laws, rules, and guidance regarding the current or any reauthorized PPP; and
•the ability of our SBA 7(a) borrowers to pay principal and interest, including after any deferment period granted by NSBF; and
•the ability to enter into joint ventures or other financing arrangements.

The following discussion should be read in conjunction with our condensed consolidated financial statements and related notes and other financial information appearing elsewhere in this report. In addition to historical information, the following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by such forward-looking information due to the factors discussed under Item 1A-“Risk Factors” of Part II of this quarterly report on Form 10-Q, Item 1A-“Risk Factors” of our annual report on Form 10-K filed with the SEC on March 16, 2020 and under “Forward-Looking Statements” of this Item 2.

Executive Overview

We are a leading national non-bank lender and own and control certain portfolio companies under the Newtek® brand (our “controlled portfolio companies,” as defined below) that provide a wide range of business and financial solutions to SMBs. Newtek's and its portfolio companies’ business and financial solutions include: Business Lending, including origination of SBA 7(a), SBA 504, 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
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a strong and diversified client base across every state in the U.S. and across a variety of different industries. In addition, we have developed a financial and technology based business model that enables us and our controlled portfolio companies to acquire and process our SMB clients in a very cost effective manner. This capability is supported in large part by NewTracker®, our patented prospect management technology software, which is similar to, but we believe better 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.
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 2.75% which enables us to generate rapid sales of guaranteed portions of SBA
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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.

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. 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. On July 4, 2020, a bill was passed to re-open the application window for the PPP until August 8, 2020. The PPP closed on August 8, 2020 and as such, the SBA is no longer accepting PPP applications. Should the government provide a new economic government stimulus package during the fourth quarter of 2020, such as a renewed PPP or similar program, the Company intends to participate and offer loans to business owners in need of additional financing through such a program. On June 29, 2020, NSBF restarted its SBA 7(a) loan program and began accepting SBA 7(a) loan applications. The Company is currently operating with no assumption of a future economic stimulus package and expects that SBA 7(a) loan originations will increase in the fourth quarter of 2020 in the absence of a PPP renewal.

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
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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 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. Additionally, as of late September 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. The absence of viable treatment options or a vaccine 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 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) 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.

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-Q 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
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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 PPP closed on August 8, 2020 and as such, the SBA is no longer accepting PPP applications.
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 September 30, 2020, total principal owed by NBC was $22,470,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At September 30, 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 July 2021. At September 30, 2020, total principal owed by NBL was $22,966,000. At September 30, 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 September 30, 2020, total principal outstanding was $37,250,000. At September 30, 2020, the Company determined that it is not probable that payments would be required to be made under the guarantee.

Unfunded Commitments

At September 30, 2020, the Company had $3,981,000 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 September 30, 2020, NCL had $1,140,000 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 September 30, 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 September 30, 2020 and December 31, 2019 is $15,387,000 and $11,307,000, respectively.
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Distribution by Business Type
As of September 30, 2020
Business Type # of Loans  Balance Average Balance % of Balance
Existing Business 1,795  $ 332,524  $ 185  80.8  %
Business Acquisition 273  57,688  207  14.0  %
Start-Up Business 226  21,563  96  5.2  %
Total 2,294  $ 411,775  $ 180  100.0  %
As of December 31, 2019
Business Type # of Loans Balance Average Balance % of Balance
Existing Business 1,892  $ 349,320  $ 185  81.3  %
Business Acquisition 273  58,155  207  13.5  %
Start-Up Business 230  22,221  96  5.2  %
Total 2,395  $ 429,696  $ 179  100.0  %
Distribution by Borrower Credit Score
September 30, 2020
Credit Score # of Loans  Balance Average Balance % of Balance
500 to 550 20  $ 4,236  $ 212  1.0  %
551 to 600 62  17,272  279  4.2  %
601 to 650 323  66,220  205  16.1  %
651 to 700 710  119,981  169  29.2  %
701 to 750 679  119,579  176  29.0  %
751 to 800 431  75,299  175  18.3  %
801 to 850 66  9,078  138  2.2  %
Not available 3  112  37  —  %
Total 2,294  $ 411,775  $ 180  100.0  %
December 31, 2019
Credit Score # of Loans Balance Average Balance % of Balance
500 to 550 20  $ 4,315  $ 216  1.0  %
551 to 600 66  18,296  277  4.3  %
601 to 650 344  69,265  201  16.1  %
651 to 700 749  126,797  169  29.5  %
701 to 750 709  124,725  176  29.0  %
751 to 800 439  77,646  177  18.1  %
801 to 850 65  8,528  131  2.0  %
Not available 3  124  41  —  %
Total 2,395  $ 429,696  $ 179  100.0  %
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Distribution by Primary Collateral Type
September 30, 2020
Collateral Type # of Loans  Balance Average Balance % of Balance
Commercial Real Estate 932  $ 219,177  $ 235  53.3  %
Machinery and Equipment 400  75,879  190  18.4  %
Residential Real Estate 473  37,865  80  9.2  %
Accounts Receivable and Inventory 245  37,933  155  9.2  %
Other 94  32,115  342  7.8  %
Unsecured 110  5,331  48  1.3  %
Furniture and Fixtures 26  1,750  67  0.4  %
Liquid Assets 14  1,726  123  0.4  %
Total 2,294  $ 411,775  $ 180  100.0  %
December 31, 2019
Collateral Type # of Loans Balance Average Balance % of Balance
Commercial Real Estate 962  $ 225,434  $ 234  52.5  %
Machinery and Equipment 420  82,725  197  19.3  %
Residential Real Estate 507  41,713  82  9.7  %
Accounts Receivable and Inventory 255  39,380  154  9.2  %
Other 105  32,380  308  7.5  %
Unsecured 104  4,362  42  1.0  %
Furniture and Fixtures 28  2,674  96  0.6  %
Liquid Assets 14  1,026  73  0.2  %
Total 2,395  $ 429,696  $ 179  100.0  %
Distribution by Days Delinquent
September 30, 2020
Delinquency Status # of Loans  Balance Average Balance % of Balance
Accrual
     Current 2,105  $ 351,151  $ 167  85.3  %
     31 to 60 days 19  5,237  276  1.3  %
     61 to 90 days —  —  —  —  %
     91 days or greater 1  29  29  —  %
Non-accrual 169  55,358  328  13.4  %
Total 2,294  $ 411,775  $ 180  100.0  %
December 31, 2019
Delinquency Status # of Loans Balance Average Balance % of Balance
Accrual
     Current 2,086  $ 338,919  $ 162  78.8  %
     31 to 60 days 48  14,459  301  3.4  %
     61 to 90 days —  —  —  —  %
     91 days or greater 48  17,233  359  4.0  %
Non-accrual 213  59,085  277  13.8  %
Total 2,395  $ 429,696  $ 179  100.0  %

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Consolidated Results of Operations

As a BDC and a RIC, we are subject to certain constraints on our operations, including limitations imposed by the 1940 Act and the Code.
Comparison of the three months ended September 30, 2020 and 2019
Investment Income
(in thousands) Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Change
Investment income:
Interest income - PPP loans $ 3,085  $ —  $ 3,085 
Interest income - SBA 7(a) loans 6,357  7,691  (1,334)
Interest income - non-control investments 107  —  107 
Dividend income 2,265  4,555  (2,290)
Servicing income 2,875  2,542  333 
Other income 240  1,233  (993)
Total investment income $ 14,929  $ 16,021  $ (1,092)

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 three months ended September 30, 2020, NSBF originated $1.19 billion of PPP loans resulting in $3,085,000 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 PPP closed on August 8, 2020 and as such, the SBA is no longer accepting PPP applications.
The decrease in interest income on SBA 7(a) loans was attributable to the decrease in the average Prime Rate in effect on our portfolio from 5.50% to 3.25% over the twelve month period. The decrease was partially offset by an increase in the average outstanding performing portfolio of SBA non-affiliate investments to $359,052,000 from $346,037,000 for the three months ended September 30, 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.
Dividend Income

Dividend income was earned from the following portfolio companies for the three months ended September 30, 2020 and 2019:

(in thousands) Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Change
Newtek Merchant Solutions, LLC (NMS) $ 1,700  $ 3,600  $ (1,900)
International Professional Marketing, Inc. 125  150  (25)
SIDCO, LLC 175  250  (75)
Mobil Money, LLC —  100  (100)
Newtek Conventional Lending, LLC 234  428  (194)
EMCAP Loan Holdings, LLC 31  27  4 
Total dividend income $ 2,265  $ 4,555  $ (2,290)
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Dividend income is dependent on portfolio company earnings. Current quarter dividend income may not be indicative of future period dividend income, particularly in light of the COVID-19 pandemic. See “COVID-19 Developments.”
Dividend income related to our payment processing portfolio company, NMS, decreased $1,900,000 period over period due to pandemic-related lower processing volumes.
NSBF Servicing Portfolio and Related Servicing Income
The following table represents the NSBF originated servicing portfolio and servicing income earned for the three months ended September 30, 2020 and 2019:
(in thousands): Three Months Ended September 30, 2020 Three Months Ended September 30, 2019  Change
Total NSBF originated servicing portfolio $ 1,675,217  $ 1,670,172  $ 5,045 
Total average NSBF originated portfolio earning servicing income
$ 1,109,271  $ 1,040,429  $ 68,842 
Total servicing income earned $ 2,875  $ 2,542  $ 333 
The increase in servicing income was due to the $68,842,000 increase in total portfolio investments for which we earn servicing income period over period, as well as government payments made during the second and third quarters of 2020. The increase in the portfolio 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 a decrease in legal, prepayment and packaging fees earned as a result of the lower volume of SBA 7(a) loans originated of $12,958,000 compared to $114,342,000 for the three months ended September 30, 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 the PPP.

Expenses:
(in thousands) Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Change
Salaries and benefits $ 3,669  $ 3,587  $ 82 
Interest 3,939  5,476  (1,537)
Depreciation and amortization 93  125  (32)
Professional fees 651  1,215  (564)
Origination and loan processing 1,120  2,134  (1,014)
Origination and loan processing - related party 2,705  2,060  645 
Change in fair value of contingent consideration liabilities —  9  (9)
Other general and administrative costs 1,082  1,697  (615)
Total expenses $ 13,259  $ 16,554  $ (3,295)
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Interest Expense
The following is a summary of interest expense by facility for the three months ended September 30, 2020 and 2019:
(in thousands) Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Change
Notes payable - Securitization Trusts $ 1,579  $ 2,497  $ (919)
Bank notes payable 322  931  (608)
Notes due 2022 —  66  (66)
Notes due 2023 1,016  1,017  (1)
Notes due 2024 1,015  696  319 
Notes payable - related parties 7  269  (261)
Total interest expense $ 3,939  $ 5,476  $ (1,537)

The decrease in interest expense period over period is primarily from Notes payable - Securitization Trusts and Bank notes payable, which relate to a decrease in the average outstanding balance and interest rates period over period. The decrease from Notes Payable - Securitization Trusts was the result of the termination of securitization transaction in July 2019. During the three months ended September 30, 2020, we recognized a full period of interest expense on the $63,250,000 of 2024 Notes, which resulted in $319,000 of additional interest expense, offset by a reduction of interest expense related to our redemption of the 2022 Notes.

Professional Fees

The decrease in professional fees was driven by an expense in the third quarter of 2019 related to previously deferred offering costs related to our prior registration statement.

Origination and Loan Processing

The decrease in Origination and Loan Processing expenses was attributed to a decrease in SBA 7(a) loan fundings.

Origination and Loan Processing - Related Party

The increase in origination and loan processing expenses was attributed to an increase in headcount and compensation of SBL employees performing origination and loan processing functions. As a result, costs related to these employees increased Origination and Loan Processing - Related Party expense.

Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains (losses) from SBA non-affiliate investments for the three months ended September 30, 2020 and 2019 were a net realized loss of $722,000 and net realized gain of $10,865,000, respectively. This included realized losses of $2,369,000 and $838,000, respectively.

Net Realized Gains on SBA 7(a) Non-Affiliate Investments
  Three Months Ended
  September 30, 2020 September 30, 2019
# of Debt Investments $ Amount
(in thousands) 		# of Debt Investments $ Amount
(in thousands)
SBA non-affiliate investments originated during the quarter 9  $ 12,958  148  $ 114,342 
SBA guaranteed non-affiliate investments sold during the quarter 16  $ 11,826  147  $ 89,060 
Realized gains recognized on sale of SBA guaranteed non-affiliate investments —  $ 1,647  —  $ 11,703 
Average sale price as a percent of principal balance1
—  111.79  % —  111.49  %
(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.

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Net Unrealized Appreciation (Depreciation) on Investments
(in thousands) Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Change
Net unrealized depreciation on SBA guaranteed non-affiliate investments $ (111) $ (209) $ 98 
Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments 132  (14) 146 
Net unrealized (depreciation) appreciation on controlled investments (285) 957  (1,242)
Change in deferred taxes 70  (27) 97 
Total net unrealized (depreciation) appreciation on investments $ (194) $ 707  $ (901)

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 (depreciation) 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.

The net unrealized depreciation on SBA unguaranteed non-affiliate investments was driven primarily by a decrease in the fair value of the portfolio from December 31, 2019. The primary driver of the portfolio’s unrealized depreciation was due to current market conditions and decrease in the prime rate. See “COVID-19 Developments” for additional information.

Net Unrealized Appreciation (Depreciation) on Controlled Investments

Unrealized appreciation (depreciation) was derived from the following portfolio companies for the three months ended September 30, 2020 and 2019:
(in thousands) Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Change
International Professional Marketing, Inc. —  250  (250)
SIDCO, LLC —  (250) 250 
PMTWorks Payroll, LLC (35) (155) 120 
Small Business Lending, LLC —  252  (252)
Newtek Conventional Lending, LLC (250) 860  (1,110)
Total net unrealized (depreciation) appreciation on controlled investments $ (285) $ 957  $ (1,242)

Provision for Deferred Taxes on Unrealized Appreciation of Investments

Certain consolidated subsidiaries of ours are subject to U.S. federal and state income taxes. These taxable subsidiaries are not consolidated with the Company for income tax purposes, but are consolidated for GAAP purposes, and may generate income tax liabilities or assets from temporary differences in the recognition of items for financial reporting and income tax purposes at the subsidiaries. During the three months ended September 30, 2020 and 2019, we recognized a provision for deferred taxes of $70,000 and $27,000, respectively, related to the net unrealized appreciation and depreciation of controlled portfolio company investments.

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Comparison of the nine months ended September 30, 2020 and 2019
Investment Income
(in thousands) Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Change
Investment income:
Interest income - PPP loans $ 37,742  $ —  $ 37,742 
Interest income - SBA 7(a) loans 20,805  22,178  (1,373)
Interest income - non-control investments 107  —  107 
Dividend income 8,955  10,564  (1,609)
Servicing income 8,367  7,473  894 
Other income 1,449  3,720  (2,271)
Total investment income $ 77,425  $ 43,935  $ 33,490 
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 nine months ended September 30, 2020, NSBF originated $1.19 billion of PPP loans resulting in $37,742,000 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 PPP closed on August 8, 2020 and as such, the SBA is no longer accepting PPP applications.
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 5.50% to 3.75% 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 $367,025,000 from $332,476,000 for the nine months ended September 30, 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.
Dividend Income

Dividend income was earned from the following portfolio companies for the nine months ended September 30, 2020 and 2019:
(in thousands) Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Change
Newtek Merchant Solutions, LLC (NMS) $ 7,100  $ 8,975  $ (1,875)
International Professional Marketing, Inc. 275  150  125 
SIDCO, LLC 675  650  25 
Mobil Money, LLC —  275  (275)
Newtek Conventional Lending, LLC 834  428  406 
EMCAP Loan Holdings, LLC 71  86  (15)
Total dividend income $ 8,955  $ 10,564  $ (1,609)
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.”
Dividend income related to our payment processing portfolio company, NMS, decreased $1,875,000 period over period due to pandemic-related lower processing volumes.
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NSBF Servicing Portfolio and Related Servicing Income
The following table represents the NSBF originated servicing portfolio and servicing income earned for the nine months ended September 30, 2020 and 2019:
(in thousands): Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019  Change
Total NSBF originated servicing portfolio $ 1,675,217  $ 1,670,172  $ 5,045 
Total average NSBF originated portfolio earning servicing income
$ 1,119,159  $ 1,031,260  $ 87,899 
Total servicing income earned $ 8,367  $ 7,473  $ 894 
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 $87,899,000 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 $83,149,000 compared to $334,722,000 for the nine months ended September 30, 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 the PPP.
Expenses:
(in thousands) Nine Months Ended
September 30, 2020 		Nine Months Ended
September 30, 2019 		Change
Salaries and benefits $ 10,856  $ 10,659  $ 197 
Interest 13,727  14,923  (1,196)
Depreciation and amortization 312  378  (66)
Professional fees 2,822  2,842  (20)
Origination and loan processing 5,666  5,915  (249)
Origination and loan processing - related party 8,438  6,719  1,719 
Change in fair value of contingent consideration liabilities 54  64  (10)
Other general and administrative costs 4,415  4,782  (367)
Total expenses $ 46,290  $ 46,532  $ (243)

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Interest Expense
The following is a summary of interest expense by facility for the nine months ended September 30, 2020 and 2019:
(in thousands) Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Change
Notes payable - Securitization Trusts $ 6,299  $ 8,172  $ (1,873)
Bank notes payable 1,041  1,839  (798)
Notes due 2022 —  419  (419)
Notes due 2023 3,047  3,048  (1)
Notes due 2024 3,042  696  2,346 
Notes payable - related parties 298  742  (444)
Other —  6  (6)
Total interest expense $ 13,727  $ 14,922  $ (1,195)

The decrease in interest expense period over period is primarily related to the decrease from Notes payable - Securitization Trusts, Bank notes payable, and total senior notes outstanding. 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 $2,346,000 of interest from the issuance of $63,250,000 of 2024 Notes.

Origination and Loan Processing

The decrease in Origination and Loan Processing expenses was attributed to a shift to Origination and loan processing - related party.

Origination and Loan Processing - Related Party

The increase in origination and loan processing expenses was attributed to an increase in headcount and compensation of SBL employees performing origination and loan processing functions. As a result, costs related to these employees increased Origination and Loan Processing - Related Party expense.
Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains from SBA non-affiliate investments for the nine months ended September 30, 2020 and 2019 were $2,577,000 and $32,260,000, respectively, which included realized losses of $5,712,000 and $2,211,000, respectively.

Net Realized Gains on SBA Non-Affiliate Investments
  Nine Months Ended
  September 30, 2020 September 30, 2019
# of Debt Investments $ Amount
(in thousands) 		# of Debt Investments $ Amount
(in thousands)
SBA non-affiliate investments originated 96  $ 83,149  444  $ 334,722 
SBA guaranteed non-affiliate investments sold 101  $ 68,601  434  $ 259,122 
Realized gains recognized on sale of SBA guaranteed non-affiliate investments —  $ 8,289  —  $ 34,471 
Average sale price as a percent of principal balance1
—  109.98  % —  111.38  %
(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.

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Net Unrealized Appreciation (Depreciation) on Investments
(in thousands) Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Change
Net unrealized depreciation on SBA guaranteed non-affiliate investments $ (494) $ (521) $ 27 
Net unrealized depreciation on SBA unguaranteed non-affiliate investments (6,012) (1,957) (4,055)
Net unrealized (depreciation) appreciation on controlled investments (11,156) 3,874  (15,030)
Change in deferred taxes 3,010  (792) 3,802 
Total net unrealized (depreciation) appreciation on investments $ (14,652) $ 604  $ (15,256)

Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments relates to guaranteed portions of SBA debt investments made which the Company sells into a secondary market. Unrealized appreciation of SBA guaranteed investments represents the fair value adjustment of guaranteed portions of loans which have not yet been sold. Unrealized depreciation represents the reversal of unrealized appreciation when the SBA 7(a) loans are sold.

Net Unrealized Appreciation (Depreciation) on Controlled Investments

Unrealized appreciation (depreciation) was derived from the following portfolio companies for the nine months ended September 30, 2020 and 2019:
(in thousands) Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Change
Newtek Merchant Solutions, LLC (NMS) $ (6,250) $ 5,000  $ (11,250)
Newtek Technology Solutions, Inc. (NTS) 500  (1,500) 2,000 
CDS Business Services, Inc. (750) —  (750)
International Professional Marketing, Inc. —  850  (850)
SIDCO, LLC —  (1,170) 1,170 
PMTWorks Payroll, LLC (120) (492) 372 
banc-serv Partners, LLC (BSP) —  (286) 286 
Small Business Lending, LLC (2,802) 552  (3,354)
Newtek Conventional Lending, LLC (410) 920  (1,330)
Titanium Asset Management LLC (75) —  (75)
Mobil Money, LLC (1,250) —  (1,250)
Total net unrealized (depreciation) appreciation on controlled investments $ (11,157) $ 3,874  $ (15,031)

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 nine months ended September 30, 2020 and 2019, we recognized a provision for deferred taxes of $3,010,000 and $792,000 related to the net unrealized appreciation of controlled portfolio company investments, respectively.

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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 September 30, 2020, our asset coverage was 183% based on $393,158,000 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.

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 September 30, 2020, we sold 500,057 shares of our common stock at a weighted average price of $18.35 per share. Proceeds, net of offering costs and expenses were $9,176,000. The company paid the placement agents $187,000 in compensation during the nine months ended September 30, 2020. As of September 30, 2020, there were 2,499,943 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement.

Debt Offerings

In July 2019, the Company and the Trustee entered into the Fourth Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $55,000,000 aggregate principal amount of 5.75% Notes due 2024. 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
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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 September 30, 2020, the Company was in compliance with all covenants related to the 2024 Notes.

In February 2018, the Company and the Trustee entered into the Third Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $50,000,000 aggregate principal amount of 6.25% Notes due 2023. The Company granted an overallotment option of up to $7,500,000 in aggregate principal amount of the 2023 Notes. The sale of the Notes generated proceeds of approximately $47,901,000, net of underwriter's fees and expenses. In February 2018, the underwriters exercised their option to purchase $7,500,000 in aggregate principal amount of notes for an additional $7,275,000 in net proceeds. The 2023 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2023 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.

The 2023 Notes will mature on March 1, 2023 and may be redeemed in whole or in part at the Company’s option at any time or from time to time on or after March 1, 2020, at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. The 2023 Notes bear interest at a rate of 6.25% per year payable quarterly on March 1, June 1, September 1, and December 1 of each year, commencing on June 1, 2018, and trade on the Nasdaq Global Market under the trading symbol “NEWTI.”

The Base Indenture, as supplemented by the Third Supplemental Indenture, contains certain covenants including covenants requiring the Company to comply with (regardless of whether it is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a) of the 1940 Act (or any successor provisions), to comply with (regardless of whether it is subject to) the restrictions on dividends, distributions and purchase of capital stock set forth in Section 18(a)(1)(B) of the 1940 Act as modified by Section 61(a) of the 1940 Act and to provide financial information to the holders of the 2023 Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Base Indenture, as supplemented by the 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 2023 Notes may declare such 2023 Notes immediately due and payable upon the occurrence of any event of default after expiration of any applicable grace period. At September 30, 2020, the Company was in compliance with all covenants related to the 2023 Notes.

In April 2016, the Company and the Trustee, entered into the Second Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $35,000,000 aggregate principal amount of 7.0% Notes due 2021. The Company granted an overallotment option of up to $5,250,000 in aggregate principal amount of the 2021 Notes. The sale of the Notes generated proceeds of approximately $33,750,000, net of underwriter's fees and expenses. In May 2016, the underwriters exercised their option to purchase $5,250,000 in aggregate principal amount of notes for an additional $5,066,000 in net proceeds. The 2021 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2021 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.

On March 22, 2018, the Company redeemed all $40,250,000 in aggregate principal amount of the 2021 Notes at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from December 31, 2017, through, but excluding, the redemption date.

In September 2015, the Company and the Trustee entered into the Base Indenture and the First Supplemental Indenture relating to the Company's issuance, offer, and sale of $8,324,000, including the underwriter's partial exercise of their over-allotment option, in aggregate principal amount of the 7.5% Notes due 2022. The 2022 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2022 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the
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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.

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. 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 September 30, 2020, there was $20,183,000 and $5,000,000 outstanding under the unguaranteed and guaranteed lines of credit, respectively. At September 30, 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 September 30, 2020, the Related Party RLOC interest rate was 2.66%. The Related Party RLOC has a maturity date of November 8, 2023. Outstanding borrowings due to NMS at September 30, 2020 were $11,550,000.

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.

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
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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.

PPP Loan Participations

Beginning in April 2020, NSBF engaged in the origination of PPP loans. The PPP closed on August 8, 2020 and as such, the SBA is no longer accepting PPP applications. During the duration of the PPP, 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 Participant 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 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 September 30, 2020. In total, 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
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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.

Cash Flows and Liquidity
As of September 30, 2020, the Company’s unused sources of liquidity consisted of $26,549,000 available through the Capital One facility; $17,322,000 available through notes payable with related parties; and $5,966,000 in unrestricted cash.

Restricted cash of $40,511,000 as of September 30, 2020 is primarily held by NSBF. The majority, or $39,758,000 of restricted cash includes reserves in the event payments are insufficient to cover interest and/or principal with respect to securitizations and loan principal and interest collected which are due to loan participants.

The Company generated and used cash as follows:
(in thousands) Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019
Net cash provided by (used in) operating activities $ 76,292  $ (45,673)
Net cash used in investing activities (10) (127)
Net cash provided by (used in) financing activities (63,012) 42,197 
Net increase (decrease) in cash and restricted cash 13,270  (3,603)
Cash and restricted cash, beginning of period 33,207  31,350 
Cash and restricted cash, end of period $ 46,477  $ 27,747 
During the nine months ended September 30, 2020, operating activities provided cash of $76,292,000, consisting primarily of (i) $1,263,371,000 of proceeds from the sale of SBA 7(a) guaranteed loan investments, (ii) $43,857,000 of principal payments received from SBA non-affiliate investments (iii) $16,221,000 in return of investment from controlled investments and (iv) a $42,527,000 decrease in broker receivables. Broker receivables arise when guaranteed portions of SBA 7(a) loans are traded in one period but settle during the subsequent period when the cash is received from the purchasing broker; the amount varies depending on loan origination volume and timing of sales at quarter end.
These increases were offset by (i) $1,276,148,000 of SBA 7(a) and PPP loan investments funded and (ii) $21,437,000 of investments in controlled portfolio companies, including $2,637,000 in NCL and $15,835,000 in NBL.
Net cash used in financing activities was $63,012,000 consisting primarily of (i) $40,962,000 of principal payments related to securitization notes payable, (ii) $32,439,000 of dividend payments, (iii) $4,817,000 of net paydowns under our bank notes payable, and (iv) net paydowns under the Related Party RLOC of $613,000.
These uses were offset by $16,451,000 of net proceeds from the sale of common shares under the 2019 ATM Equity Distribution Agreement and 2020 ATM Equity Distribution Agreement.
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Contractual Obligations
The following table represents the Company’s obligations and commitments as of September 30, 2020:
(in thousands) Payments due by period
Contractual Obligations Total 2020 2021 2022 2023 2024 Thereafter
Bank notes payable $ 25,183  $ —  $ —  $ —  $ 25,183  $ —  $ — 
Securitization notes payable1
276,637  —  —  —  —  —  276,637 
Notes due 20231
57,500  —  —  —  57,500  —  — 
Notes due 20241
63,250  —  —  —  —  63,250  — 
Notes payable - related parties 11,550  —  —  —  11,550  —  — 
Employment agreements 738  403  335  —  —  —  — 
Operating leases 10,564  432  1,604  1,576  1,619  1,663  3,670 
Totals $ 445,422  $ 835  $ 1,939  $ 1,576  $ 95,852  $ 64,913  $ 280,307 
(1) Amounts represent principal only and are not shown net of unamortized debt issuance costs. See NOTE 7—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.
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:
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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.

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.

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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 September 30, 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.

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 PPP closed on August 8, 2020 and as such, the SBA is no longer accepting PPP applications.

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

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

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

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

The Company has elected to be treated as a RIC under the Code beginning with the 2015 tax year and operates in a manner so as to continue to qualify for the tax treatment applicable to RICs. The RIC tax return includes Newtek Business Services Corp. and NSBF, a single member LLC disregarded for tax purposes. None of the Company’s other subsidiaries are included in the RIC tax return. The Company will evaluate and record any deferred tax assets and liabilities of the subsidiaries that are not included in the RIC tax return. In order to maintain its RIC tax treatment, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least 90% of investment company taxable income, as defined by the Code, for each tax year. The Company intends to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to any income that is distributed to its stockholders as dividends.
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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 nine months ended September 30, 2020 and 2019, 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 $9,395,000 and $12,405,000 at September 30, 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.

Recently Adopted Accounting Standards

In February 2016, the FASB issued ASU 2016-02, “Leases,” which amends various aspects of existing accounting guidance for leases, including the recognition of a right of use asset and a lease liability for leases with a duration of greater than one year.
The Company adopted ASC 842 on January 1, 2019 using the modified transition method. As part of the transition to ASC 842, the Company elected the package of practical expedients that allowed it to not reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. The Company recognized the cumulative effect of applying ASC 842 as an opening balance sheet adjustment at January 1, 2019. The comparative information has not been retrospectively adjusted and continues to be reported under the accounting standards in effect for those periods.The adoption of ASC 842 did not have a material impact on the Company’s accompanying consolidated statements of assets and liabilities, statements of operations or statements of cash flows. Due to the adoption of ASC 842, the Company recognized operating lease right-of-use assets and lease liabilities for its operating leases with lease terms greater than one year.

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820)”, which is intended to improve fair value and defined benefit disclosure requirements by removing disclosures that are not cost-beneficial, clarifying disclosures' specific requirements, and adding relevant disclosure requirements. The ASU is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The Company elected to early adopt ASU 2018-13 on December 31, 2019. No significant changes to our fair value disclosures were necessary in the notes to the consolidated financial statements in order to comply with ASU 2018-13.

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 amendments will be effective January 1, 2021; however, voluntary compliance with the final amendments will be permitted in advance of the effective date. The Company elected to early adopt the amendment as of June 30, 2020. No significant changes to our significant subsidiaries were noted.

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 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
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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 is permitted. The Company does not expect the adoption of ASU 2019-12 to have a material impact on its consolidated financial statements.

Off Balance Sheet Arrangements
There were no off balance sheet arrangements as of September 30, 2020.
Recent Developments

Common Stock

From October 1, 2020 through November 11, 2020 the Company sold 350,774 shares of its common stock at a weighted average price of $17.27 per share under the 2020 ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $6,060,000. As of November 11, 2020, there were 2,149,169 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement.

NBL Facility

On November 4, 2020, the NBL Facility was amended to, among other things, extend the date on which the lenders’ commitments terminate until November 4, 2022, with all amounts due under the Credit Facility maturing on November 4, 2023. The Company remains a guarantor on the NBL Facility.

Dividends

On November 11, 2020, the Company declared a fourth quarter 2020 cash dividend of $0.47 per share, which is payable on December 30, 2020 to shareholders of record as of December 18, 2020.
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ITEM 3. 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 $46,477,000 at September 30, 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 September 30, 2020, cash deposits in excess of insured amounts totaled approximately $32,874,000.

ITEM 4. CONTROLS AND PROCEDURES.

As of September 30, 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 1934 Act). Based on that evaluation, our management, including our Chief Executive Officer and Chief Accounting Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Accounting Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

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PART II

ITEM 1. LEGAL PROCEEDINGS.

In the ordinary course of business, the Company and its wholly-owned portfolio companies may from time to time be party to lawsuits and claims. The Company evaluates such matters on a case by case basis and its policy is to contest vigorously any claims it believes are without compelling merit. The Company is not currently involved in any litigation matters that are expected to have a material impact on the Company’s financial condition. For legal proceedings involving controlled portfolio companies, refer to Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2019.

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 1A. RISK FACTORS.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties that are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. In addition to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2019, the following are additional risk factors that we believe are relevant to our business.

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

Although the program has been in existence since 1953, there can be no assurance that the federal government will maintain the SBA 7(a) loan 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 are 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.

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 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.

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
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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.

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.

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 United States 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.
Due to the COVID-19 pandemic or other disruptions in the economy, we may not be able to increase our dividends and may reduce or defer our dividends and choose to incur US federal excise tax in order preserve cash and maintain flexibility.

As a BDC, we are not required to make any distributions to shareholders other than in connection with our election to be taxed as a RIC under subchapter M of the Code. In order to maintain our tax treatment as a RIC, we must distribute to shareholders for each taxable year at least 90% of our investment company taxable income (i.e., net ordinary income plus realized net short-term capital gains in excess of realized net longterm capital losses). If we qualify for taxation as a RIC, we generally will not be subject to corporate-level US federal income tax on our investment company taxable income and net capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) that we timely distribute to shareholders. We will be subject to a 4% US federal excise tax on undistributed earnings of a RIC unless we distribute each calendar year at least the sum of (i) 98.0% of our ordinary income for the calendar year, (ii) 98.2% of our capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year, and (iii) any ordinary income and net capital gains for preceding years that were not distributed during such years and on which we paid no federal income tax.

Under the Code, we may satisfy certain of our RIC distributions with dividends paid after the end of the current year. In particular, if we pay a distribution in January of the following year that was declared in October, November, or December of the current year and is payable to shareholders of record in the current year, the dividend will be treated for all US federal tax purposes as if it were paid on December 31 of the current year. In addition, under the Code, we may pay dividends, referred to as “spillover dividends,” that are paid during the following taxable year that will allow us to maintain our qualification for taxation as a RIC and eliminate our liability for corporate-level U.S. federal income tax. Under these spillover dividend procedures, we may defer distribution of income earned during the current year until December of the following year. For example, we may defer distributions of income earned during 2020 until as late as December 31, 2021. If we choose to pay a spillover dividend, we will incur the 4% U.S. federal excise tax on some or all of the distribution.

Due to the COVID-19 pandemic or other disruptions in the economy, we may take certain actions with respect to the timing and amounts of our distributions in order to preserve cash and maintain flexibility. For example, we may not be able to increase our
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dividends. In addition, we may reduce our dividends and/or defer our dividends to later in the year or the following taxable year. If we defer our dividends, we may choose to utilize the spillover dividend rules discussed above and incur the 4% U.S. federal excise tax on such amounts. To further preserve cash, we may combine these reductions or deferrals of dividends with one or more distributions that are payable partially in our stock as discussed in "Item 1A. Risk Factors" in our most recent Annual Report on Form 10-K under “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.”

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.

The COVID-19 pandemic 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. With respect to the U.S. credit markets (in particular for middle market loans), 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 public health restrictions 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
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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.

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. Additionally, as of late September 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. The absence of viable treatment options or a vaccine 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 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 of the date of this 10-Q, 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.

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 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 (more commonly known as the Coronavirus) 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. Many manufacturers of goods around the world have seen a downturn in production due to the suspension of business and temporary closure of factories in an attempt to curb the spread of the illness. 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 negotiation 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 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, our 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,
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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 U.S. Small Business Administration 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.
 
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 (more commonly known as the Coronavirus), 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.

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
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condition and results of operations. In May 2020, the Company became aware of the putative class action styled American Video Duplicating, Inc. et al v. Citigroup Inc. et al. (C.D. Cal. 20-cv-03815) (the “Action”), which asserts claims under the California Unfair Business Practices Law in connection with the alleged failure of lenders to pay agent fees under the PPP. While the Action failed to assert any specific allegations of wrongdoing by the Company or NSBF, the Action named “Newtek Business Services, Inc.” [sic] as one of the 4,990 PPP lender defendants in the Action. On June 15, 2020, the Company was dismissed from the Action. The Company is not currently involved in any additional litigation matters that are expected to have a material impact on the Company’s financial condition.

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.

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.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

During the three and nine months ended September 30, 2020, we issued 13,100 and 44,100 shares of common stock valued at $689,000 and $231,000, respectively, to shareholders in connection with the dividend reinvestment plan. During the three and nine months September 30, 2020, we issued an additional 3,600 and 9,600 shares valued at $118,000 and $173,000, respectively, related to dividends on unvested restricted stock awards. These issuances are not subject to the registration requirements of the Securities Act.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. OTHER INFORMATION.

None.

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Table of Contents
ITEM 6. EXHIBITS.
Number Description
3.1
3.2
* Filed herewith
** Furnished herewith
346

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: November 12, 2020 By:
/S/    BARRY SLOANE        
Barry Sloane
Chief Executive Officer, President and Chairman of the Board
(Principal Executive Officer)
Date: November 12, 2020 By:
/S/    CHRISTOPHER TOWERS       
Christopher Towers
Chief Accounting Officer
(Principal Financial Officer and Principal Accounting Officer)


347

Exhibit 31.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Barry Sloane, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Newtek Business Services Corp. (the “registrant”).
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
Date: November 12, 2020 /S/    BARRY SLOANE        
Barry Sloane
Principal Executive Officer



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, Christopher Towers, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Newtek Business Services Corp. (the “registrant”).
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this 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: November 12, 2020 /S/    CHRISTOPHER TOWERS        
Christopher Towers
Principal Financial Officer




Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the period ended September 30, 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: November 12, 2020 /S/    BARRY SLOANE        
Barry Sloane,
Principal Executive Officer



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 Quarterly Report on Form 10-Q for the period ended September 30, 2020 (the “Report”) of Newtek Business Services Corp. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof, I, Christopher Towers, 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: November 12, 2020 /S/    CHRISTOPHER TOWERS        
Christopher Towers,
Principal Financial Officer