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NewtekOne, Inc. - Quarter Report: 2015 March (Form 10-Q)

Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________ 
FORM 10-Q
____________________________________________ 
(Mark One)    
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2015

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.)
 
 
 
212 West 35th Street, 2nd Floor New York, New York
 
10001
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (212) 356-9500
 ____________________________________________  

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company (all as defined in Rule 12b-2 of the Exchange Act).
 
Large accelerated filer
 
¨
Accelerated filer
 
¨
 
 
 
 
 
 
Non-accelerated filer
 
x
Smaller reporting company
 
¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x
As of May 11, 2015 there were 10,206,301 shares issued and outstanding of the registrant’s Common Stock, par value $0.02 per share.
 

Table of Contents

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

Table of Contents


NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF NET ASSETS AND LIABILITIES
(In Thousands, except for Per Share Data)
 
March 31, 2015
 
December 31, 2014
ASSETS
(Unaudited)
 
(Note 1)
Investments, at fair value
 
 
 
SBA unguaranteed non-affiliate investments (cost of $138,811 and $131,093, respectively; includes $122,194 and $120,990, respectively, related to securitization trust VIE)
$
128,551

 
$
121,477

Affiliate investments (cost of $17,965 and $18,065, respectively)
84,899

 
77,499

SBA guaranteed non-affiliate investments (cost of $12,993 and $28,057, respectively)
14,724

 
31,486

Investments in money market funds (cost of $6,000 and $3,000, respectively)
6,000

 
3,000

Total investments at fair value
234,174

 
233,462

Cash and cash equivalents
8,593

 
17,813

Restricted cash
17,246

 
15,389

Broker receivable
12,959

 
—

Due from related parties
4,049

 
3,190

Servicing assets, at fair value
10,363

 
9,483

Credits in lieu of cash
1,889

 
2,229

Other assets (includes $2,458 and $2,550, respectively, related to securitization trust VIE)
15,702

 
20,266

Total assets
$
304,975

 
$
301,832

LIABILITIES AND NET ASSETS
 
 
 
Liabilities:
 
 
 
Notes payable
$
42,697

 
$
43,023

Notes payable - Securitization trust VIE
76,945

 
79,520

Dividends payable
3,985

 
—

Due to related parties
2,720

 
2,867

Notes payable in credits in lieu of cash
1,889

 
2,229

Accounts payable, accrued expenses and other liabilities
7,173

 
7,775

Total liabilities
135,409

 
135,414

Commitments and contingencies
 
 
 
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 54,000 shares, 10,206 issued and outstanding at March 31, 2015 and December 31, 2014, respectively, not including 17 shares held in escrow)
205

 
205

Additional paid-in capital
162,662

 
165,532

Distributions in excess of net investment income
(8,984
)
 
(2,523
)
Net unrealized appreciation on investments
7,389

 
2,609

Net realized gains on investments
8,294

 
595

Total net assets
169,566

 
166,418

Total liabilities and net assets
$
304,975

 
$
301,832

Net asset value per common share
$
16.61

 
$
16.31

See accompanying notes to unaudited condensed consolidated financial statements.

1
Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In Thousands, except for Per Share Data)
 
As a Business Development Company
 
Prior to becoming a Business Development Company
 
Three Months Ended March 31, 2015
 
Three Months Ended March 31, 2014
Investment income:
 
 
 
From non-controlled/non-affiliate investments
 
 
 
Interest income
$
2,125

 
$
—

Servicing income
1,043

 
—

Other income
395

 
—

Total investment income from non-controlled/non-affiliate investments
3,563

 
—

From controlled/affiliate investments
 
 
 
Interest income
88

 
—

Dividend income
1,087

 
—

Other income
12

 
—

Total investment income from controlled/affiliate investments
1,187

 
—

Total investment income
4,750

 
—

Operating revenues:
 
 
 
Electronic payment processing
—

 
21,527

Web hosting and design
—

 
3,987

Premium income
—

 
5,137

Interest income
—

 
1,561

Servicing fee income – NSBF portfolio
—

 
832

Servicing fee income – external portfolios
—

 
1,793

Income from tax credits
—

 
13

Insurance commissions
—

 
385

Other income
—

 
852

Total operating revenues
—

 
36,087

Net change in fair value of:
 
 
 
SBA loans
—

 
(1,266
)
Credits in lieu of cash and notes payable in credits in lieu of cash
—

 
1

Total net change in fair value
—

 
(1,265
)
Expenses:
 
 
 
Electronic payment processing costs
—

 
18,362

Salaries and benefits
3,023

 
6,478

Interest
1,356

 
1,636

Depreciation and amortization
85

 
855

Provision for loan losses
—

 
(205
)
Other general and administrative costs
2,762

 
5,480

Total expenses
7,226

 
32,606

Net investment loss
(2,476
)
 
—

Net realized and unrealized gain (loss):
 
 
 
Net realized gain on non-affiliate investments
7,699

 
—

Net unrealized depreciation on SBA guaranteed non-affiliate investments
(1,698
)
 
—


2
Table of Contents

 
As a Business Development Company
 
Prior to becoming a Business Development Company
 
Three Months Ended March 31, 2015
 
Three Months Ended March 31, 2014
Net unrealized depreciation on SBA unguaranteed non-affiliate investments
(666
)
 
—

Net unrealized appreciation on affiliate investments
7,500

 
—

Net unrealized depreciation on servicing assets
(356
)
 
—

Net realized and unrealized gains
12,479

 
—

Income before income taxes
—

 
2,216

Net increase in net assets
$
10,003

 
$
—

Provision for income taxes
—

 
849

Net income
—

 
1,367

Net loss attributable to non-controlling interests
—

 
24

Net income attributable to Newtek Business Services Corp.
$
—

 
$
1,391

Weighted average common shares outstanding:
 
 
 
Basic
—

 
7,086

Diluted
—

 
7,677

Basic income per share
$
—

 
$
0.20

Diluted income per share
$
—

 
$
0.18

Net increase in net assets per share
$
0.98

 
$
—

Net investment loss per share
$
(0.24
)
 
$
—

Dividends and distributions declared per common share
$
0.39

 
$
—

Weighted average shares outstanding
10,206

 
—

See accompanying notes to unaudited condensed consolidated financial statements.

3
Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS
(In Thousands)
 
 
Number of
Shares of
Common
Stock
 
Common
Stock
 
Additional
Paid-in
Capital
 
Distributions in Excess of Net Investment Income
 
Net Unrealized Appreciation
 
Net Realized Gains
Total
Balance at December 31, 2014
10,206

 
$
205

 
$
165,532

 
$
(2,523
)
 
$
2,609

 
$
595

$
166,418

Net increase in net assets from operations
—

 
—

 
—

 
(2,476
)
 
4,780

 
7,699

10,003

Distributions to stockholders
—

 
—

 
—

 
(3,985
)
 
—

 
—

(3,985
)
Reversal of deferred tax asset
—

 
—

 
(2,870
)
 
—

 
—

 
—

(2,870
)
Balance at March 31, 2015
10,206

 
$
205

 
$
162,662

 
$
(8,984
)
 
$
7,389

 
$
8,294

$
169,566



See accompanying notes to unaudited condensed consolidated financial statements.

4
Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
 
 
As a Business Development Company
 
Prior to becoming a Business Development Company
 
Three Months Ended March 31, 2015
 
Three Months Ended March 31, 2014
Cash flows from operating activities:
 
 
 
Net increase in net assets/net income
$
10,003

 
$
1,367

Adjustments to reconcile net increase in net assets/net income to net cash provided by (used in) operating activities:
 
 
 
Net unrealized appreciation on affiliate investments
(7,500
)
 
—

Net unrealized depreciation on non-affiliate investments
2,364

 
—

Net unrealized depreciation on servicing assets
356

 
—

Income from tax credits
(8
)
 
(13
)
Accretion of interest expense
8

 
14

Fair value adjustments on SBA loans
—

 
1,266

Fair value adjustment of credits in lieu of cash and notes payable in credits in lieu of cash
—

 
(1
)
Deferred income taxes
—

 
(319
)
Depreciation and amortization
85

 
855

Funding of affiliate investments
(200
)
 
—

Originations of SBA guaranteed non-affiliate investments
(37,288
)
 
—

Principal payments received on affiliate investments
300

 
—

Proceeds from sale of SBA guaranteed non-affiliate investments
52,349

 
—

Originations of SBA unguaranteed non-affiliate investments
(12,340
)
 
—

Payments received on SBA unguaranteed non-affiliate investments
4,193

 
—

Accretion of discount
49

 
70

Provision for loan losses
—

 
(205
)
Other, net
196

 
643

Changes in operating assets and liabilities:
 
 
 
Net increase in investments in money market funds
(3,000
)
 
—

Originations of SBA loans held for sale
—

 
(34,224
)
Proceeds from sale of SBA loans held for sale
—

 
34,955

Broker receivable
(12,959
)
 
700

Due to/from related parties
(1,006
)
 
—

Accounts receivable
109

 
(263
)
Prepaid expenses, accrued interest receivable and other assets
1,673

 
4,636

Accounts payable, accrued expenses, other liabilities and deferred revenue
(541
)
 
(778
)
Change in restricted cash
(6,039
)
 
—

Capitalized servicing assets
(1,236
)
 
—

Other, net
—

 
(875
)
Net cash provided by (used in) operating activities
(10,432
)
 
7,828

Cash flows from investing activities:
 
 
 

5
Table of Contents

 
As a Business Development Company
 
Prior to becoming a Business Development Company
 
Three Months Ended March 31, 2015
 
Three Months Ended March 31, 2014
Investments in qualified businesses
—

 
(72
)
Purchase of fixed assets and customer accounts
(12
)
 
(588
)
SBA loans originated for investment, net
—

 
(11,385
)
Payments received on SBA loans
—

 
2,159

Net cash used in investing activities
(12
)
 
(9,886
)
Cash flows from financing activities:
 
 
 
Net borrowings/(repayments) on bank lines of credit
91

 
(3,977
)
Payments on bank term note payable
(417
)
 
(104
)
Payments on senior notes
(2,624
)
 
(2,355
)
Change in restricted cash related to securitization
4,182

 
6,323

Additions to deferred financing costs
(4
)
 
(11
)
Other, net
(4
)
 
(92
)
Net cash provided by (used in) financing activities
1,224

 
(216
)
Net decrease in cash and cash equivalents
(9,220
)
 
(2,274
)
Cash and cash equivalents—beginning of period
17,813

 
12,508

Cash and cash equivalents—end of period
$
8,593

 
$
10,234

Supplemental disclosure of cash flow activities:
 
 
 
Non-cash investing and financing activities:
 
 
 
Reduction of credits in lieu of cash and notes payable in credits in lieu of cash balances due to delivery of tax credits to Certified Investors
$
348

 
$
417

Foreclosed real estate acquired by portfolio company
$
409

 
$
—

Dividends declared
$
3,985

 
$
—

Reversal of deferred tax asset
$
2,870

 
$
—

See accompanying notes to unaudited condensed consolidated financial statements.



6
Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) MARCH 31, 2015
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Performing SBA Unguaranteed Investments (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MMS Realty, LLC and Molecular MS Diagnostics, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2040

 
$
160.7

 
$
160.7

 
$
149.2

 
0.09
%
Gurtej Singh and Ranjit Kaur dba Food Fair Market
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/18/2025

 
22.5

 
22.5

 
17.9

 
0.01
%
R & R Security and Investigations Inc. dba Pardners Lake Buchanan
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/19/2040

 
85.4

 
85.4

 
85.7

 
0.05
%
Shelton Incorporated dba Mrs. Winners
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/20/2040

 
112.5

 
112.5

 
111.6

 
0.07
%
CML RW Security, LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
3/20/2025

 
575.0

 
575.0

 
458.3

 
0.27
%
Jaymie Hazard dba Indigo Hair Studio and Day Spa
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/20/2040

 
42.9

 
42.9

 
40.2

 
0.02
%
GPG Enterprises, LLC dba Angel Animal Hospital & Boarding
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/24/2040

 
67.5

 
67.5

 
63.8

 
0.04
%
Loriet, LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/24/2025

 
12.0

 
12.0

 
9.6

 
0.01
%
Zero-In Media Inc.
 
Data Processing, Hosting, and Related Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2025

 
22.5

 
22.5

 
17.9

 
0.01
%
Geo Los Angeles, LLC dba Geo Film Group
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
3/26/2025

 
130.0

 
130.0

 
114.8

 
0.07
%
Joyce Outdoor Advertising NJ, LLC and Joyce Outdoor Advertising, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/26/2040

 
54.0

 
54.0

 
54.2

 
0.03
%
Carpet Exchange of North Texas Inc. and Clyde E. Cumbie Jr.
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
3/26/2040

 
810.0

 
810.0

 
801.0

 
0.47
%
South Florida Air Conditioning and Refrigeration Corp.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/27/2040

 
155.5

 
155.5

 
152.3

 
0.09
%
Shorr Enterprises Inc. dba New Design Furniture Manufacturers
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/27/2025

 
106.5

 
106.5

 
94.8

 
0.06
%
Shellhorn and Hill Inc. dba Total Fleet Service
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/27/2040

 
1,040.3

 
1,040.3

 
925.6

 
0.55
%
Foresite Realty Partners, LLC and Foresite Real Estate Holdings, LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
3/27/2025

 
1,238.3

 
1,238.3

 
987.0

 
0.58
%
Sunset Marine Resort, LLC and GoXpeditions, LLC
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/27/2040

 
301.8

 
301.8

 
302.7

 
0.18
%

7
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Balthazar Management Virgin Islands, LLC dba The Beach Café
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/27/2025

 
123.3

 
123.3

 
121.5

 
0.07
%
Copper Beech Financial Group, LLC
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
3/30/2025

 
125.0

 
125.0

 
109.4

 
0.06
%
Delta Aggrigate, LLC
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
3/30/2025

 
90.0

 
90.0

 
88.8

 
0.05
%
The Merrin Group, LLC dba Havana Central
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/31/2025

 
250.0

 
250.0

 
239.5

 
0.14
%
Advance Case RE Holdings, LLC and Advance Case Parts Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2040

 
758.3

 
624.0

 
559.9

 
0.33
%
T and B Boots Inc. dba Takkens
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
3/31/2025

 
807.8

 
807.8

 
722.3

 
0.43
%
Quest Logic Investments, LLC and Kleiner Investments, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/31/2025

 
22.5

 
22.5

 
22.2

 
0.01
%
Mid-South Lumber Co. of Northwest Florida, Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/31/2040

 
428.8

 
428.8

 
381.5

 
0.22
%
Jatcoia 60056, LLC dba Style Encore
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
3/31/2025

 
22.3

 
22.3

 
20.2

 
0.01
%
Triangle Trash, LLC dba Bin There Dump That
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
2/18/2025

 
74.4

 
74.4

 
64.5

 
0.04
%
Kiddie Steps 4 You Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
2/20/2040

 
61.8

 
61.8

 
56.9

 
0.03
%
Nelson Financial Services, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
2/24/2025

 
12.5

 
12.5

 
9.9

 
0.01
%
Pace Motor Lines, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/26/2025

 
66.2

 
66.2

 
64.3

 
0.04
%
Kingseal, LLC dba Desoto Health and Rehab Center
 
Nursing and Residential Care Facilities
 
Term Loan
 
Prime plus 2.75%
 
2/26/2040

 
1,250.0

 
1,250.0

 
1,253.8

 
0.74
%
J&M Concessions Inc, dba A 1 Liquors
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/27/2025

 
87.5

 
87.4

 
75.2

 
0.04
%
Calhoun Satellite Communications Inc. and Transmission Solutions Group
 
Broadcasting (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
2/27/2025

 
952.8

 
952.8

 
801.0

 
0.47
%
Road to Sedona Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/27/2025

 
56.6

 
56.6

 
46.0

 
0.03
%
Baystate Firearms and Training, LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
2/27/2025

 
63.4

 
63.4

 
51.1

 
0.03
%
Luigi's on Main, LLC and Luigi's Main Street Pizza Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/4/2025

 
11.3

 
11.3

 
11.1

 
0.01
%
Douglas Printy Motorsports, Inc. dba Blackburn Trike
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/10/2040

 
191.8

 
191.8

 
178.0

 
0.10
%
Summit Treatment Services Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/11/2025

 
22.5

 
22.5

 
18.8

 
0.01
%

8
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Firm Foundations Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/13/2025

 
81.3

 
81.3

 
80.1

 
0.05
%
BND Sebastian Limited Liability Company
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/16/2040

 
172.5

 
172.5

 
166.8

 
0.10
%
Royal Crest Motors, LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/16/2040

 
91.3

 
91.3

 
86.6

 
0.05
%
Jung Design Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/20/2022

 
8.4

 
8.3

 
6.6

 
—
%
Palmabak Inc. dba Mami Nora's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/22/2025

 
21.5

 
21.3

 
20.8

 
0.01
%
DocMagnet Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/23/2025

 
22.5

 
22.4

 
18.6

 
0.01
%
Limameno, LLC dba Sal's Italian Ristorante
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/23/2025

 
83.3

 
82.7

 
68.4

 
0.04
%
Dean 1021, LLC dba Pure Pita
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/29/2025

 
80.0

 
47.2

 
39.0

 
0.02
%
DuCharme Realty, LLC and DuCharme Enterprises, LLC
 
Wood Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/2/2040

 
225.1

 
225.1

 
204.8

 
0.12
%
Kostekos Inc. dba New York Style Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/6/2040

 
66.3

 
66.3

 
62.5

 
0.04
%
740 Barry Street Realty, LLC and Wild Edibles Inc.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
2/10/2040

 
492.5

 
492.5

 
494.0

 
0.29
%
Silva Realty Holdings, LLC and MF-Silva Enterprises, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/11/2040

 
171.6

 
171.6

 
158.3

 
0.09
%
B & W Towing, LLC and Boychucks Fuel, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/17/2039

 
164.5

 
164.0

 
151.0

 
0.09
%
MM and M Management Inc. dba Pizza Artista
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/19/2025

 
46.3

 
46.3

 
37.8

 
0.02
%
B.S. Ventures, LLC dba Dink's Market
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/19/2039

 
53.8

 
53.6

 
53.4

 
0.03
%
Will Zac Management, LLC dba Papa John's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/19/2024

 
48.8

 
48.2

 
47.5

 
0.03
%
The Jewelers Inc. dba The Jewelers of Las Vegas
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
12/19/2024

 
1,250.0

 
1,235.2

 
997.1

 
0.59
%
Beale Street Blues Company-West Palm Beach, LLC
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
12/22/2024

 
187.5

 
185.2

 
157.1

 
0.09
%
The Lodin Group, LLC and Lodin Health Imaging Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
530.3

 
528.7

 
472.1

 
0.28
%
401 JJS Corporation and G Randazzo's Trattoria Corporation
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
473.5

 
411.3

 
409.1

 
0.24
%

9
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Thermoplastic Services Inc. and Paragon Plastic Sheet, Inc
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
500.0

 
498.5

 
500.0

 
0.29
%
Winter Ventures Inc. dba Qualitybargainbooks and Qualitybargainmall
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/23/2024

 
156.1

 
154.2

 
131.1

 
0.08
%
Carolina Flicks Inc. dba The Howell Theater
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
12/23/2032

 
163.3

 
162.4

 
149.4

 
0.09
%
Atlantis of Daytona. LLC and Ocean Club Sportswear Inc.
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
240.0

 
239.3

 
240.0

 
0.14
%
Bowlerama, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/24/2039

 
1,202.5

 
1,200.7

 
1,200.4

 
0.71
%
Bear Creek Entertainment, LLC dba The Woods at Bear Creek
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
106.3

 
104.9

 
103.5

 
0.06
%
Evans and Paul, LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
223.8

 
221.0

 
205.7

 
0.12
%
First Prevention and Dialysis Center, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
238.3

 
120.4

 
118.8

 
0.07
%
Grand Blanc Lanes, Inc. and H, H and H, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/31/2039

 
133.0

 
132.6

 
130.3

 
0.08
%
FHJE Ventures, LLC and Eisenreich II Inc. dba Breakneck Tavern
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/31/2039

 
245.5

 
200.8

 
198.0

 
0.12
%
MLM Enterprises, LLC and Demand Printing Solutions Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/18/2024

 
70.5

 
69.2

 
62.3

 
0.04
%
DC Real, LLC and DC Enterprises, LTD dba Lakeview True Value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/20/2039

 
119.4

 
113.9

 
110.4

 
0.07
%
Legacy Estate Planning Inc. dba American Casket Enterprises
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2024

 
42.0

 
41.2

 
32.9

 
0.02
%
J&D Resources, LLC dba Aqua Science
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/21/2024

 
767.9

 
753.8

 
616.4

 
0.36
%
DeRidder Chiropractic, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/25/2024

 
13.2

 
13.0

 
12.3

 
0.01
%
Teamnewman Enterprises, LLC dba Newmans at 988
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/25/2039

 
148.8

 
148.1

 
138.1

 
0.08
%
Stormrider Inc. dba Shirley's Stormrider, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/25/2024

 
150.0

 
147.2

 
117.4

 
0.07
%
Modern Manhattan, LLC
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
11/25/2024

 
220.0

 
215.9

 
175.1

 
0.10
%
Meridian Hotels, LLC dba Best Western Jonesboro
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
11/25/2039

 
228.0

 
228.0

 
228.6

 
0.13
%
Trading Group 3, Inc.
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
11/26/2024

 
22.5

 
22.1

 
17.6

 
0.01
%

10
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
The Red Pill Management Inc. dba UFC Gym Matthews
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
11/26/2024

 
54.3

 
53.8

 
44.6

 
0.03
%
Homegrown For Good, LLC
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/26/2024

 
230.0

 
228.6

 
201.2

 
0.12
%
Kemmer, LLC and Apples Tree Top Liquors, LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/4/2039

 
138.4

 
138.0

 
124.9

 
0.07
%
The Conibear Corporation and Conibear Trucking, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/5/2024

 
12.0

 
11.9

 
10.4

 
0.01
%
All American Games, LLC and Sportslink - The Game, LLC
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
12/10/2024

 
400.0

 
395.0

 
337.8

 
0.20
%
3 F Management, LLC and ATC Port Charlotte, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/17/2024

 
131.3

 
128.0

 
109.1

 
0.06
%
185 Summerfield Inc. and Valcon Contracting Corp.
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
10/24/2039

 
162.3

 
161.3

 
156.7

 
0.09
%
Navdeep B Martins and Busy Bubbles, LLC dba Wishy Washy
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
10/24/2039

 
89.0

 
88.6

 
80.3

 
0.05
%
Seelan Inc. dba Candleridge Market
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
10/27/2039

 
90.5

 
90.0

 
83.8

 
0.05
%
Kantz, LLC and Kantz Auto, LLC dba Kantz's Hometown Auto
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/29/2039

 
68.1

 
67.7

 
64.9

 
0.04
%
Golden Transaction Corporation dba Bleh Sunoco
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
10/30/2039

 
156.7

 
155.8

 
152.2

 
0.09
%
Heartland American Properties, LLC and Skaggs RV Outlet, LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/31/2039

 
479.0

 
476.2

 
458.2

 
0.27
%
Frontier Bulk Solutions, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/31/2024

 
1,250.0

 
1,218.9

 
1,025.3

 
0.60
%
M and C Renovations Inc.
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
10/31/2024

 
20.3

 
19.8

 
15.9

 
0.01
%
Laura L. Smith dba Lisa Smith Studio
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/3/2024

 
15.0

 
14.6

 
11.7

 
0.01
%
Joey O's, LLC and Jennifer Olszewski
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/7/2024

 
13.1

 
12.7

 
10.1

 
0.01
%
JEJE Realty, LLC and La Familia Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/10/2039

 
205.8

 
204.9

 
191.4

 
0.11
%
Ryan Crick and Pamela J. Crick and Crick Enterprises Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/17/2039

 
145.5

 
144.4

 
144.5

 
0.09
%
Modern Leather Goods Repair Shop Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/17/2024

 
58.8

 
56.5

 
44.3

 
0.03
%
Play and Stay, LLC dba Zoom Room Tinton Falls
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/18/2024

 
42.1

 
41.3

 
32.4

 
0.02
%
Utek Corporation dba Arcade Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/22/2039

 
405.5

 
403.2

 
398.6

 
0.24
%

11
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Andrene's, LLC dba Andrene's Caribbean Soul Food Carry Out
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/23/2024

 
37.8

 
36.8

 
29.0

 
0.02
%
R A Johnson Inc. dba Rick Johnson Auto and Tire
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/23/2039

 
301.3

 
299.0

 
299.1

 
0.18
%
North Columbia, LLC and Loop Liquor and Convenience Store, LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/24/2039

 
159.3

 
158.1

 
152.0

 
0.09
%
6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/24/2039

 
452.5

 
449.2

 
390.4

 
0.23
%
Keys Phase One, LLC dba The Grand Guesthouse
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/26/2039

 
736.3

 
730.9

 
704.8

 
0.42
%
Auto Shine Carwash Inc. and AKM R. Hossain and Jessica F. Masud
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/26/2024

 
22.5

 
21.8

 
18.0

 
0.01
%
Gordon E Rogers dba Stonehouse Motor Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/26/2039

 
57.5

 
57.1

 
57.1

 
0.03
%
Colts V, LLC and Nowatzke Service Center, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/26/2039

 
601.8

 
597.3

 
572.8

 
0.34
%
Orange County Insurance Brokerage Inc. dba Beaty Insurance Agency
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
9/29/2039

 
325.1

 
323.7

 
323.8

 
0.19
%
The Woods at Bear Creek, LLC and Bear Creek Entertainment, LLC
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/29/2039

 
513.3

 
510.3

 
510.4

 
0.30
%
Roccos, LLC and Sullo Pantalone Inc. dba Rocco's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/30/2039

 
255.8

 
253.9

 
232.5

 
0.14
%
Keller Holdings, LLC and David H Keller III and Carie C Keller
 
Scenic and Sightseeing Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2039

 
100.0

 
99.3

 
97.9

 
0.06
%
Route 130 SCPI Holdings LLC, (EPC) Route 130 SCPI Operations, LLC (OC)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/30/2039

 
538.8

 
538.8

 
491.1

 
0.29
%
Sumad, LLC dba BrightStar Care of Encinitas
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/2/2024

 
92.5

 
90.8

 
88.6

 
0.05
%
Michael Rey Jr. and Lynn J. Williams (EPC) and GIG Petcare
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
10/3/2039

 
126.9

 
125.9

 
121.4

 
0.07
%
Smith Spinal Care Center P.C. and James C. Smith
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/8/2039

 
60.0

 
59.7

 
56.7

 
0.03
%
Doctors Express Management of Central Texas, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/8/2024

 
105.0

 
90.6

 
83.2

 
0.05
%
Boilermaker Industries, LLC dba PostNet
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/9/2024

 
18.8

 
18.5

 
16.5

 
0.01
%
DNT Storage and Properties, LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
10/10/2039

 
101.8

 
101.2

 
98.6

 
0.06
%
Capitol Waste and Recycling Services, LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
10/10/2024

 
257.8

 
251.3

 
214.5

 
0.13
%
Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/10/2039

 
1,250.0

 
1,249.0

 
1,249.6

 
0.74
%

12
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Sound Manufacturing Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/10/2024

 
187.5

 
183.1

 
152.7

 
0.09
%
One Hour Jewelry Repair Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/14/2024

 
20.6

 
20.0

 
15.7

 
0.01
%
Grey Light Realty, LLC (EPC) NH Precision Metal Fabricators Inc. (OC)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/21/2039

 
1,226.0

 
1,215.2

 
1,191.4

 
0.70
%
Atlas Auto Body Inc. dba Atlas Auto Sales
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/22/2039

 
51.6

 
51.1

 
47.4

 
0.03
%
Qycell Corporation
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/26/2024

 
121.0

 
116.6

 
101.0

 
0.06
%
Orange County Cleaning Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
8/27/2024

 
41.3

 
39.7

 
31.2

 
0.02
%
Lamjam, LLC (EPC) Goldsmith Lambros Inc. (OC)
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
8/27/2024

 
133.8

 
129.0

 
126.8

 
0.07
%
Delta Aggrigate, LLC
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
8/28/2039

 
911.3

 
906.1

 
906.3

 
0.53
%
Alberti and Cardoni, LLC dba Menchie's
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
8/29/2024

 
77.3

 
75.8

 
62.4

 
0.04
%
Feel The World Inc. dba Xero Shoes and Invisible Shoes
 
Leather and Allied Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/5/2024

 
51.9

 
50.3

 
40.9

 
0.02
%
B&P Diners, LLC dba Engine House Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/10/2024

 
80.0

 
77.5

 
60.8

 
0.04
%
Indy East Smiles Youth Dentistry, LLC dba Prime Smile East
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/11/2024

 
630.2

 
610.6

 
482.8

 
0.28
%
KW Zion, LLC and Key West Gallery Inc.
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/12/2039

 
1,250.0

 
1,240.8

 
1,195.4

 
0.70
%
RDT Enterprises, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/15/2027

 
162.8

 
159.2

 
150.0

 
0.09
%
Tavern Properties, LLC and Wildwood Tavern, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/15/2039

 
425.0

 
425.0

 
407.1

 
0.24
%
Animal Intrusion Prevention Systems Holding Company, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/15/2024

 
272.5

 
264.0

 
223.7

 
0.13
%
Miss Cranston Diner II, LLC and Miss Cranston II Realty, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/17/2039

 
109.5

 
97.3

 
93.1

 
0.05
%
Honeyspot Investors, LLP and Pace Motor Lines Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/24/2039

 
150.0

 
148.5

 
146.9

 
0.09
%
L&S Insurance & Financial Services Inc.
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
7/25/2024

 
22.5

 
21.5

 
17.2

 
0.01
%
575 Columbus Avenue Holding Company, LLC and LA-ZE, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/30/2039

 
22.5

 
22.3

 
22.3

 
0.01
%
AGV Enterprises, LLC dba Jet's Pizza #42
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/31/2024

 
54.8

 
52.4

 
42.5

 
0.03
%
iFood, Inc. dba Steak N Shake
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/31/2024

 
379.1

 
376.3

 
324.7

 
0.19
%

13
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Almost Home Property, LLC and Almost Home Daycare, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/7/2039

 
715.8

 
710.5

 
694.9

 
0.41
%
Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
8/8/2039

 
188.4

 
186.7

 
186.8

 
0.11
%
Barber Investments, LLC and Fieldstone Quickstop, LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
8/15/2039

 
150.0

 
148.7

 
126.8

 
0.07
%
Katie Senior Care, LLC dba Home Instead Senior Care
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/15/2024

 
124.3

 
119.6

 
93.8

 
0.06
%
Alpha Preparatory Academy, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/15/2039

 
145.2

 
123.9

 
123.9

 
0.07
%
S&P Holdings of Daytona LLC (EPC) S&P Corporation of Daytona Beach
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
8/15/2039

 
433.5

 
429.6

 
429.8

 
0.25
%
Nirvi Enterprises, LLC dba Howard Johnson / Knights Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/17/2039

 
920.3

 
909.4

 
909.5

 
0.54
%
Hotels of North Georgia, LLC dba Comfort Inn and Suites
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/17/2039

 
837.5

 
827.6

 
823.4

 
0.49
%
510 ROK Realty, LLC dba ROK Health and Fitness
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/19/2024

 
332.0

 
315.8

 
299.5

 
0.18
%
Big Sky Plaza, LLC and Strickland, Incorporated
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/20/2039

 
233.4

 
230.6

 
219.4

 
0.13
%
RDJ Maayaa Inc. dba RDJ Distributors
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/23/2024

 
8.7

 
8.1

 
6.6

 
—
%
Nikobella Properties, LLC and JPO Inc. dba Village Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/25/2039

 
476.3

 
470.6

 
450.4

 
0.27
%
Zinger Hardware and General Merchant Inc.
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/26/2024

 
110.5

 
105.0

 
93.3

 
0.06
%
JPM Investments, LLC and Carolina Family Foot Care P.A.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/26/2039

 
136.1

 
134.7

 
130.0

 
0.08
%
FHJE Ventures, LLC and Eisenreich II Inc. dba Breakneck Tavern
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/27/2039

 
321.8

 
318.1

 
302.4

 
0.18
%
AMG Holding, LLC and Stetson Automotive, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/30/2039

 
208.0

 
205.6

 
205.6

 
0.12
%
Wired, LLC and Moulison North Corporation
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/30/2024

 
500.0

 
474.9

 
411.5

 
0.24
%
Highway Striping Inc.
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
6/30/2024

 
53.1

 
50.4

 
42.3

 
0.02
%
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/30/2024

 
100.0

 
95.0

 
91.1

 
0.05
%
iFood, Inc. dba Steak N Shake
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2039

 
629.8

 
622.4

 
546.9

 
0.32
%

14
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Honeyspot Investors, LLP and Pace Motor Lines Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/30/2039

 
875.3

 
866.2

 
857.0

 
0.51
%
Wired, LLC and Moulison North Corporation
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/3/2024

 
150.1

 
143.5

 
124.3

 
0.07
%
Bay State Funeral Services, LLC (EPC) and Riley Funeral Home Inc.(OC)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/21/2039

 
134.9

 
133.5

 
133.5

 
0.08
%
USI Properties, LLC dba U Store It
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
5/23/2039

 
144.6

 
142.7

 
140.6

 
0.08
%
Jonesboro Health Food Center, LLC
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
5/27/2024

 
60.0

 
56.6

 
44.8

 
0.03
%
EGM Food Services Inc. dba Gold Star Chili
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/29/2024

 
19.2

 
18.1

 
15.1

 
0.01
%
R. A. Johnson, Inc. dba Rick Johnson Auto & Tire
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/29/2039

 
943.8

 
931.5

 
931.6

 
0.55
%
Wilton Dental Care P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/29/2024

 
128.1

 
123.6

 
98.8

 
0.06
%
CJR LLC (EPC) and PowerWash Plus, Inc. (OC)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/30/2024

 
53.0

 
50.0

 
45.8

 
0.03
%
Pocono Coated Products, LLC
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/30/2024

 
22.5

 
21.2

 
19.5

 
0.01
%
Long Island Barber Institute Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/2/2039

 
55.5

 
54.8

 
51.4

 
0.03
%
Sujata Inc. dba Stop N Save Food Mart
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/3/2024

 
22.5

 
21.4

 
17.7

 
0.01
%
Sico & Walsh Insurance Agency Inc. and The AMS Trust
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/6/2039

 
250.0

 
249.2

 
233.1

 
0.14
%
NVR Corporation dba Discount Food Mart
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/11/2039

 
68.3

 
67.0

 
67.0

 
0.04
%
Rainbow Dry Cleaners
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/13/2024

 
122.5

 
116.4

 
98.3

 
0.06
%
GPG Real Estate Holdings, LLC and GPG Enterprises Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/13/2039

 
322.1

 
318.2

 
298.3

 
0.18
%
GPG Real Estate Holdings, LLC (OC) GPG Enterprises Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/13/2039

 
162.5

 
162.4

 
152.0

 
0.09
%
Global Educational Delivery Services, LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/16/2024

 
60.0

 
57.3

 
56.3

 
0.03
%
Wilshire Media Systems Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/17/2024

 
186.3

 
174.5

 
142.6

 
0.08
%
Aiello's Pizzeria, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/18/2024

 
42.8

 
40.1

 
33.3

 
0.02
%
Island Wide Realty, LLC and Long Island Partners, Inc.
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
4/22/2039

 
103.8

 
102.3

 
102.3

 
0.06
%

15
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Gerami Realty, LC (EPC) Sherrill Universal City Corral, LP
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/23/2027

 
78.8

 
75.3

 
72.7

 
0.04
%
Complete Body & Paint, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/23/2039

 
20.8

 
20.5

 
20.5

 
0.01
%
ENI Inc., Event Networks Inc., ENI Worldwide, LLC and Spot Shop Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/25/2024

 
500.0

 
468.5

 
368.9

 
0.22
%
Winter Ventures Inc. and 214 N Franklin LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
4/29/2024

 
62.6

 
58.7

 
52.1

 
0.03
%
AS Boyals, LLC dba Towne Liquors
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
4/29/2039

 
117.5

 
115.8

 
115.8

 
0.07
%
The River Beas, LLC and Punam Singh
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/8/2039

 
90.3

 
89.1

 
84.5

 
0.05
%
Moochie's, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/13/2024

 
100.5

 
96.0

 
77.7

 
0.05
%
Hae M. and Jin S. Park dba Buford Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/15/2039

 
166.5

 
163.6

 
150.5

 
0.09
%
Kinisi, Inc. dba The River North UPS Store
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2024

 
41.3

 
37.0

 
32.8

 
0.02
%
636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co.
 
Primary Metal Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/20/2039

 
497.5

 
489.3

 
489.2

 
0.29
%
Cormac Enterprises and Wyoming Valley Beverage Incorporated
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/20/2039

 
110.8

 
109.1

 
109.1

 
0.06
%
Knowledge First Inc. dba Magic Years of Learning and Kimberly Knox
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/21/2039

 
145.0

 
142.9

 
131.7

 
0.08
%
Hascher Gabelstapler Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/26/2024

 
143.3

 
133.3

 
120.3

 
0.07
%
Sapienzo Properties, LLC (EPC) CNS Self-Storage Inc. (OC)
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
3/27/2039

 
193.8

 
189.7

 
189.7

 
0.11
%
TC Business Enterprises, LLC dba Sky Zone Indoor Trampoline Park
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/27/2024

 
290.1

 
275.1

 
224.3

 
0.13
%
Wilban, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/28/2039

 
427.5

 
420.5

 
402.6

 
0.24
%
Lake Area Autosound, LLC and Ryan H. Whittington
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
7/28/2039

 
125.0

 
124.6

 
116.6

 
0.07
%
Hodges Properties, LLC and Echelon Enterprises Inc. dba Treads Bicycle
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
449.0

 
441.6

 
426.3

 
0.25
%
Dantanna's Tavern, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2024

 
164.3

 
155.1

 
130.7

 
0.08
%
Little People's Village II, LLC (OC) and Iliopoulos Realty, LLC (EPC)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
92.1

 
91.2

 
82.4

 
0.05
%
Little People's Village II, LLC (OC) and Iliopoulos Realty, LLC (EPC)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
101.5

 
100.4

 
90.7

 
0.05
%

16
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
RDT Enterprises, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/31/2028

 
141.2

 
135.5

 
134.2

 
0.08
%
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/31/2024

 
1,250.0

 
697.8

 
678.3

 
0.40
%
Kemmer, LLC (EPC) and Pitts Package Store, Inc.(OC)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
117.5

 
115.8

 
99.3

 
0.06
%
1899 Tavern & Tap, LLC and Ale House Tavern & Tap, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/9/2039

 
137.5

 
134.5

 
130.3

 
0.08
%
R2 Tape Inc. dba Presto Tape
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/10/2024

 
78.8

 
73.8

 
72.5

 
0.04
%
Family Ties Supply Corp. dba Best Cookies & More dba Cookie Factory Out
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/16/2024

 
53.1

 
49.8

 
39.1

 
0.02
%
Pindar Associates, LLC, Pidar Vineyards, LLC, Duck Walk Vineyards Inc.
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/25/2024

 
712.3

 
658.1

 
646.7

 
0.38
%
Choe Trade Group Inc. dba Rapid Printers of Monterey
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
2/28/2024

 
159.3

 
147.2

 
140.8

 
0.08
%
952 Boston Post Road Realty, LLC and HNA, LLC dba Styles International
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2039

 
211.0

 
207.3

 
191.6

 
0.11
%
Faith Memorial Chapel, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2039

 
214.2

 
210.7

 
194.2

 
0.11
%
R & R Boyal, LLC dba Cap N Cat Clam Bar and Little Ease Tavern
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/28/2039

 
417.5

 
410.2

 
384.9

 
0.23
%
Summit Beverage Group, LLC
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/28/2024

 
350.6

 
324.0

 
288.3

 
0.17
%
J&M Concessions, Inc.dba A-1 Liquors
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/3/2039

 
135.6

 
133.4

 
120.3

 
0.07
%
Onofrio's Fresh Cut Inc.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/6/2024

 
75.0

 
69.9

 
64.6

 
0.04
%
Avayaan2, LLC dba Island Cove
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/7/2039

 
157.5

 
154.9

 
148.1

 
0.09
%
Bowl Mor, LLC dba Bowl Mor Lanes and Spare Lounge, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/13/2039

 
223.5

 
219.8

 
219.8

 
0.13
%
SE Properties 39 Old Route 146, LLC (EPC) SmartEarly Clifton Park, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/14/2039

 
408.0

 
402.5

 
399.5

 
0.24
%
Tortilla King, Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/14/2029

 
1,033.1

 
1,011.0

 
903.5

 
0.53
%
Tortilla King Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/14/2039

 
216.9

 
214.3

 
193.4

 
0.11
%
JDR Industries Inc dba CST-The Composites Store
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
1/21/2024

 
140.3

 
128.7

 
110.2

 
0.06
%
3Fmanagement, LLC and ATC Fitness Cape Coral, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
1/24/2024

 
425.0

 
389.9

 
327.5

 
0.19
%

17
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Sarah Sibadan dba Sibadan Agency
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
1/27/2039

 
129.4

 
126.9

 
124.0

 
0.07
%
Atlas Mountain Construction, LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
1/28/2024

 
16.5

 
15.1

 
14.9

 
0.01
%
Robert Star Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/5/2024

 
46.8

 
43.2

 
42.5

 
0.03
%
Sovereign Communications, LLC
 
Broadcasting (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
2/7/2024

 
907.8

 
838.7

 
674.5

 
0.40
%
986 Dixwell Avenue Holding Company, LLC(EPC) and Mughali Foods, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/7/2039

 
99.1

 
97.8

 
93.2

 
0.05
%
Awesome Pets II Inc. dba Mellisa's Pet Depot
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
2/7/2024

 
83.2

 
77.8

 
64.8

 
0.04
%
JWB Industries, Inc. dba Carteret Die Casting
 
Primary Metal Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/11/2024

 
280.0

 
258.7

 
213.1

 
0.13
%
96 Mill Street, LLC, Central Pizza, LLC and Jason Bikakis George Bikaki
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/12/2039

 
141.3

 
138.7

 
138.7

 
0.08
%
TAK Properties, LLC and Kinderland Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
12/18/2038

 
405.0

 
396.6

 
372.4

 
0.22
%
Any Garment Cleaner-East Brunswick, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/18/2023

 
53.8

 
49.0

 
45.2

 
0.03
%
PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/19/2038

 
555.3

 
543.6

 
506.6

 
0.30
%
Lefont Theaters Inc.
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
12/19/2023

 
14.4

 
13.1

 
11.3

 
0.01
%
Kurtis Sniezek dba Wolfe's Foreign Auto
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/20/2038

 
88.9

 
87.0

 
87.0

 
0.05
%
AIP Enterprises, LLC and Spider's Web Inc dba Black Widow Harley-Davidson
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/20/2038

 
962.5

 
942.3

 
934.2

 
0.55
%
Mosley Auto Group, LLC dba America's Automotive
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/20/2038

 
221.5

 
216.9

 
211.6

 
0.12
%
KK International Trading Corporation
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/23/2028

 
190.0

 
180.5

 
168.3

 
0.10
%
Superior Disposal Service, Inc.
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
12/26/2023

 
240.5

 
219.0

 
202.8

 
0.12
%
CLU Amboy, LLC (EPC) and Amboy Group, LLC (OC) dba Tommy Moloney's
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/27/2023

 
656.3

 
607.8

 
597.3

 
0.35
%
Shane M. Howell and Buck Hardware and Garden Center, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/27/2038

 
322.5

 
315.7

 
288.5

 
0.17
%
Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2027

 
712.5

 
683.8

 
669.3

 
0.39
%

18
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
S.Drake, LLC dba Express Employment Professionals of Ann Arbor, Michigan
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/31/2023

 
18.8

 
17.4

 
13.9

 
0.01
%
Nutmeg North Associates, LLC (OC) Steeltech Building Products Inc.
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/31/2038

 
897.8

 
883.1

 
814.9

 
0.48
%
Icore Enterprises Inc. dba Air Flow Filters Inc.
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
1/15/2024

 
21.8

 
20.0

 
19.6

 
0.01
%
Seven Peaks Mining Inc. and Cornerstone Industrial Minerals Corporation
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
11/18/2038

 
1,250.0

 
1,222.0

 
1,059.8

 
0.63
%
Kids in Motion of Springfield, LLC dba The Little Gym of Springfield, IL
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/18/2023

 
45.0

 
41.5

 
33.8

 
0.02
%
AcuCall, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2023

 
15.8

 
14.3

 
11.2

 
0.01
%
Wallace Holdings, LLC (EPC) GFA International Inc. (OC)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.5%
 
11/25/2023

 
125.0

 
112.9

 
90.9

 
0.05
%
TNDV: Television, LLC
 
Broadcasting (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
11/26/2038

 
253.8

 
248.0

 
234.1

 
0.14
%
Veterinary Imaging Specialists of Alaska, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/26/2023

 
162.6

 
151.7

 
141.9

 
0.08
%
Eco-Green Reprocessing, LLC and Denali Medical Concepts, LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/27/2023

 
67.2

 
60.8

 
49.6

 
0.03
%
BVIP Limousine Service, LTD
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/27/2038

 
76.5

 
74.8

 
72.2

 
0.04
%
Spectrum Development, LLC and Solvit Inc & Solvit North, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/2/2023

 
387.3

 
352.7

 
307.2

 
0.18
%
Firm Foundations Inc. David S Gaitan Jr and Christopher K Daigle
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/3/2038

 
104.3

 
102.0

 
89.9

 
0.05
%
Firm Foundations Inc. David S Gaitan Jr and Christopher K Daigle
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/3/2023

 
545.8

 
496.9

 
433.0

 
0.26
%
DKB Transport Corp.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/5/2038

 
138.8

 
135.8

 
135.8

 
0.08
%
920 CHR Realty, LLC (EPC) V. Garofalo Carting Inc (OC)
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
12/10/2038

 
418.1

 
409.3

 
409.2

 
0.24
%
8 Minute Oil Change of Springfield Corporation and John Nino
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/12/2038

 
196.8

 
191.5

 
186.8

 
0.11
%
TOL, LLC dba Wild Birds Unlimited
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
12/13/2023

 
18.0

 
17.0

 
14.5

 
0.01
%
KenBro Enterprises LLC dba Hearing Aids by Zounds-Cherry Hill
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
10/18/2023

 
25.8

 
23.1

 
20.9

 
0.01
%
Kelly Auto Care LLC dba Shoreline Quick Lube and Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/18/2023

 
87.5

 
78.5

 
65.8

 
0.04
%

19
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Greenbrier Technical Services, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/24/2023

 
240.1

 
216.8

 
205.0

 
0.12
%
Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/24/2038

 
246.3

 
240.3

 
220.3

 
0.13
%
Meridian Hotels, LLC dba Best Western Jonesboro
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
10/29/2038

 
664.5

 
647.2

 
642.6

 
0.38
%
New Image Building Services Inc. dba New Image Repair Services
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/29/2023

 
331.3

 
297.3

 
249.0

 
0.15
%
A-1 Quality Services Corporation
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/29/2023

 
8.9

 
7.9

 
6.2

 
—
%
Master CNC Inc. & Master Properties, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
596.6

 
582.2

 
522.2

 
0.31
%
Janice B. McShan and The Metropolitan Day School, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
10/31/2023

 
42.8

 
39.5

 
37.9

 
0.02
%
1 North Restaurant Corp. dba 1 North Steakhouse
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
212.5

 
207.4

 
201.8

 
0.12
%
Twinsburg Hospitality Group, LLC dba Comfort Suites
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
945.0

 
924.3

 
860.1

 
0.51
%
Mid-Land Sheet Metal Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
137.5

 
134.4

 
129.5

 
0.08
%
Polpo Realty, LLC (EPC) Polpo Restaurant, LLC (OC)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/6/2038

 
62.5

 
61.4

 
61.4

 
0.04
%
Armin and Kian Inc. dba The UPS Store 3714
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
11/13/2023

 
56.5

 
51.1

 
40.1

 
0.02
%
Howell Gun Works, LLC
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
11/14/2023

 
8.3

 
7.6

 
5.9

 
—
%
Yousef Khatib dba Y&M Enterprises
 
Wholesale Electronic Markets and Agents and Brokers
 
Term Loan
 
Prime plus 2.75%
 
11/15/2023

 
75.0

 
67.8

 
55.5

 
0.03
%
River Run Personnel, LLC dba Express Employment Professionals
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
11/15/2023

 
20.0

 
1.0

 
0.9

 
—
%
Kup's Auto Spa Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/15/2038

 
396.7

 
387.7

 
381.3

 
0.22
%
Maynard Enterprises Inc. dba Fastsigns of Texarkana
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/18/2023

 
16.1

 
14.5

 
12.9

 
0.01
%
Westville Seafood, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/19/2038

 
112.3

 
109.4

 
105.9

 
0.06
%
Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2023

 
46.3

 
41.4

 
36.6

 
0.02
%
Faith Memorial Chapel, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2038

 
268.4

 
261.9

 
255.9

 
0.15
%
Diamond Memorials Incorporated
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/25/2023

 
14.3

 
12.4

 
10.7

 
0.01
%

20
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Kiddie Steps 4 You Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/25/2038

 
89.3

 
87.8

 
83.8

 
0.05
%
Eastside Soccer Dome, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/26/2038

 
463.8

 
451.7

 
456.8

 
0.27
%
Anthony C Dinoto and Susan S P Dinoto
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2038

 
100.0

 
97.5

 
98.6

 
0.06
%
Southeast Chicago Soccer Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/26/2038

 
51.3

 
49.9

 
50.5

 
0.03
%
HJ & Edward Enterprises, LLC dba Sky Zone
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/26/2023

 
262.5

 
241.4

 
226.8

 
0.13
%
Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman, DDS, PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2038

 
335.1

 
326.4

 
319.0

 
0.19
%
Gabrielle Realty, LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/27/2038

 
757.6

 
737.9

 
711.7

 
0.42
%
Handy 6391, LLC dba The UPS Store #6391
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2023

 
62.5

 
56.7

 
56.2

 
0.03
%
Discount Wheel and Tire
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
223.8

 
218.0

 
210.7

 
0.12
%
Onofrios Enterprises, LLC (EPC) Onofrios Fresh Cut, Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
312.5

 
305.7

 
301.2

 
0.18
%
Cencon Properties, LLC and Central Connecticut Warehousing Company
 
Warehousing and Storage
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
344.5

 
336.1

 
337.5

 
0.20
%
Shepher Distr's and Sales Corp and The Lederer Industries Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/30/2023

 
1,050.0

 
935.6

 
927.9

 
0.55
%
AGS Talcott Partners, Inc.
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
9/30/2023

 
117.8

 
104.9

 
90.0

 
0.05
%
First Steps Real Estate Company, LLC (EPC) and First Steps Preschool
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
97.6

 
95.1

 
90.4

 
0.05
%
Fieldstone Quick Stop, LLC (OC) Barber Investments, LLC (EPC)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
676.3

 
667.1

 
628.8

 
0.37
%
Lenoir Business Partners, LLC (EPC) LP Industries, Inc. dba Childforms
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
322.7

 
316.6

 
310.3

 
0.18
%
Top Properties, LLC and LP Industries, Inc dba Childforms
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
120.0

 
117.3

 
118.7

 
0.07
%
RM Hawkins, LLC dba Pure Water Tech West and Robert M Hawkins
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
8/26/2023

 
85.8

 
72.0

 
71.4

 
0.04
%
Mojo Brands Media, LLC
 
Broadcasting (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
8/28/2023

 
784.0

 
733.7

 
639.8

 
0.38
%
Ramard Inc and Advanced Health Sciences Inc.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/28/2023

 
187.5

 
165.8

 
142.3

 
0.08
%
Gulfport Academy Child Care and Learning Center, Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
43.3

 
38.2

 
36.6

 
0.02
%

21
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
ACI Northwest Inc.
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
906.3

 
662.2

 
613.6

 
0.36
%
Spectrum Radio Fairmont, LLC
 
Broadcasting (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
187.5

 
167.3

 
164.6

 
0.10
%
IlOKA Inc. dba Microtech Tel and NewCloud Networks
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
687.5

 
607.8

 
549.1

 
0.32
%
Excel RP Inc.
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
130.3

 
115.2

 
110.8

 
0.07
%
Schmaltz Holdings, LLC (EPC) and Schmaltz Operations, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/4/2038

 
224.2

 
217.1

 
209.7

 
0.12
%
B for Brunette, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/10/2023

 
53.4

 
48.2

 
41.7

 
0.02
%
Alma J. and William R. Walton (EPC) and Almas Child Day Care Center
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/11/2038

 
39.5

 
38.5

 
38.9

 
0.02
%
Prospect Kids Academy Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/11/2038

 
124.3

 
121.0

 
119.2

 
0.07
%
The Berlerro Group, LLC dba Sky Zone
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/12/2023

 
421.3

 
387.2

 
343.0

 
0.20
%
Sound Manufacturing Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/12/2028

 
54.8

 
51.5

 
48.2

 
0.03
%
Grafio Inc. dba Omega Learning Center-Acworth
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2023

 
156.3

 
139.2

 
124.3

 
0.07
%
Morning Star Trucking. LLC and Morning Star Equipment and Leasing, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/17/2023

 
53.8

 
47.2

 
40.5

 
0.02
%
Angkor Restaurant Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/19/2038

 
93.0

 
90.3

 
89.8

 
0.05
%
Harbor Ventilation Inc. and Estes Investment, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/19/2038

 
92.1

 
89.5

 
87.0

 
0.05
%
Tri County Heating and Cooling Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/19/2023

 
87.8

 
77.0

 
74.1

 
0.04
%
Daniel W. and Erin H. Gordon and Silver Lining Stables CT, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
7/24/2023

 
11.3

 
9.9

 
9.8

 
0.01
%
Majestic Contracting Services, Inc. dba Majestic Electric
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/26/2038

 
190.0

 
184.5

 
177.3

 
0.10
%
209 North 3rd Street, LLC (EPC) Yuster Insurance Group Inc. (OC)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
7/29/2038

 
83.9

 
81.4

 
80.0

 
0.05
%
Blacknorange2, LLC dba Popeyes Louisiana Kitchen
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/31/2023

 
175.0

 
155.6

 
136.3

 
0.08
%
Caribbean Concepts, Inc. dba Quick Bleach
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
8/12/2023

 
22.5

 
20.1

 
17.6

 
0.01
%
Island Nautical Enterprises, Inc. (OC) and Ingwall Holdings, LLC (EPC)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/14/2038

 
445.0

 
339.9

 
323.6

 
0.19
%

22
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Jatcoia, LLC dba Plato's Closet
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
8/15/2023

 
65.0

 
52.3

 
51.7

 
0.03
%
JSIL LLC dba Blackstones Hairdressing
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
8/16/2023

 
19.5

 
17.3

 
15.4

 
0.01
%
CBlakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
6/18/2028

 
875.0

 
811.3

 
804.2

 
0.47
%
2161 Highway 6 Trail, LLC (EPC)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/19/2026

 
1,250.0

 
897.0

 
892.5

 
0.53
%
Contract Packaging Services Inc. dba Superior Pack Group
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/21/2023

 
851.8

 
747.0

 
681.3

 
0.40
%
Emerald Ironworks Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/27/2023

 
72.0

 
63.0

 
55.8

 
0.03
%
JRA Holdings, LLC (EPC) Jasper County Cleaners Inc. dba Superior Cleaner
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2038

 
121.0

 
117.3

 
118.6

 
0.07
%
Maxiflex, LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/28/2023

 
153.5

 
133.8

 
132.6

 
0.08
%
GIA Realty, LLC and VRAJ GIA, LLC dba Lakeview Laundromat
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2038

 
97.5

 
94.6

 
95.6

 
0.06
%
Insurance Problem Solvers, LLC
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
5/20/2023

 
17.1

 
14.8

 
12.7

 
0.01
%
Ryan D. Thornton and Thornton & Associates, LLC
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
5/24/2023

 
68.8

 
55.4

 
47.5

 
0.03
%
Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/28/2023

 
63.5

 
54.9

 
50.4

 
0.03
%
RXSB, Inc. dba Medicine Shoppe
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
5/30/2023

 
186.3

 
161.7

 
138.7

 
0.08
%
Europlast Ltd.
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/31/2023

 
162.0

 
156.0

 
150.4

 
0.09
%
RKP Service dba Rainbow Carwash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/31/2023

 
300.0

 
262.1

 
230.1

 
0.14
%
Maciver Corporation dba Indie Rentals and Division Camera
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
5/31/2023

 
440.8

 
381.2

 
352.2

 
0.21
%
(EPC) Absolute Desire, LLC and Mark H. Szierer (OC) Sophisticated Smile
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/5/2038

 
188.3

 
182.7

 
172.8

 
0.10
%
(EPC) Willowbrook Properties, LLC (OC) Grove Gardens Landscaping Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/5/2038

 
186.3

 
180.6

 
177.9

 
0.10
%
Elite Structures Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/12/2038

 
932.8

 
896.7

 
900.1

 
0.53
%
KDP, LLC and KDP Investment Advisors, Inc. and KDP Asset Management, Inc.
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/14/2023

 
343.8

 
299.3

 
260.8

 
0.15
%

23
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Vernon & Stephanie Scott and Little Stars Day Care Center, Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
4/18/2038

 
151.0

 
145.9

 
147.5

 
0.09
%
SFAM Parsippany LLC dba Cups Frozen Yogurt
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
4/19/2023

 
121.3

 
44.8

 
44.4

 
0.03
%
Kidrose, LLC dba Kidville Riverdale
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
4/22/2023

 
78.8

 
68.3

 
61.5

 
0.04
%
Brothers International Desserts
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/26/2023

 
230.0

 
197.1

 
182.4

 
0.11
%
Peanut Butter & Co., Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/30/2023

 
100.0

 
85.8

 
74.4

 
0.04
%
PowerWash Plus, Inc. and CJR, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/30/2038

 
550.0

 
531.4

 
512.9

 
0.30
%
Atlas Mountain Construction, LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
5/13/2038

 
127.3

 
123.2

 
124.5

 
0.07
%
Hybrid Racing, LLC.
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/15/2023

 
116.3

 
101.1

 
91.6

 
0.05
%
Stellar Environmental, LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2023

 
56.3

 
47.9

 
45.9

 
0.03
%
J. Kinderman & Sons Inc., dba BriteStar Inc.
 
Electrical Equipment, Appliance, and Component Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/20/2023

 
181.3

 
154.1

 
150.5

 
0.09
%
Truth Technologies Inc. dba Truth Technologies Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2023

 
79.5

 
67.6

 
59.3

 
0.03
%
M & H Pine Straw Inc. and Harris L. Maloy
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/21/2023

 
288.8

 
249.3

 
235.3

 
0.14
%
Michael A. and Heather R. Welsch dba Art & Frame Etc.
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/22/2038

 
67.5

 
65.1

 
63.9

 
0.04
%
American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2038

 
537.5

 
518.5

 
498.6

 
0.29
%
Neyra Industries, Inc. and Edward Neyra
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/27/2023

 
217.5

 
184.9

 
181.8

 
0.11
%
A & M Commerce, Inc. dba Cranberry Sunoco
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/27/2038

 
330.3

 
318.4

 
313.9

 
0.19
%
Xela Pack, Inc. and Aliseo and Catherine Gentile
 
Paper Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/27/2028

 
271.8

 
249.0

 
248.6

 
0.15
%
Gator Communications Group, LLC dba Harvard Printing Group
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/27/2023

 
17.3

 
14.8

 
13.6

 
0.01
%
1258 Hartford TPKE, LLC (EPC) and Phelps and Sons, Inc. (OC)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/29/2038

 
124.6

 
120.2

 
114.5

 
0.07
%
Capital Scrap Metal, LLC and Powerline Investment, LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/29/2038

 
500.0

 
461.1

 
466.1

 
0.27
%
MRM Supermarkets Inc. dba Constantins Breads; Dallas Gourmet Breads
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/29/2038

 
336.0

 
324.1

 
304.2

 
0.18
%

24
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Java Warung, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/19/2038

 
51.0

 
49.2

 
48.5

 
0.03
%
Osceola River Mill, LLC(EPC) Ironman Machine, Inc.(OC)
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/20/2038

 
86.3

 
83.1

 
81.5

 
0.05
%
River Club Golf Course Inc. dba The River Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2038

 
475.2

 
457.5

 
446.2

 
0.26
%
Bakhtar Group, LLC dba Malmaison
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2023

 
103.8

 
88.3

 
75.7

 
0.04
%
Aldine Funeral Chapel, LLC dba Aldine Funeral Chapel
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/8/2038

 
73.8

 
35.1

 
35.5

 
0.02
%
Golden Gate Lodging, LLC (OC)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/12/2038

 
115.0

 
110.9

 
109.0

 
0.06
%
N.S and Z, Inc. dba Panos Pastry and Bakery and Jovinar's Chocolates
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/15/2038

 
129.3

 
124.8

 
126.2

 
0.07
%
Sound Manufacturing, Inc. and Monster Power Equipment Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/15/2023

 
523.0

 
445.0

 
411.1

 
0.24
%
Sherill Universal City dba Golden Corral
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/28/2038

 
440.5

 
425.2

 
412.1

 
0.24
%
EZ Towing, Inc.
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
1/31/2023

 
145.0

 
123.5

 
110.5

 
0.07
%
MJD Investments, LLC dba The Community Day School
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/31/2038

 
258.3

 
248.3

 
239.9

 
0.14
%
North Country Transport, LLC
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/6/2023

 
15.0

 
12.7

 
12.5

 
0.01
%
Knits R Us, Inc. dba NYC Sports/Mingle
 
Textile Mills
 
Term Loan
 
Prime plus 2.75%
 
2/11/2038

 
125.0

 
120.4

 
121.7

 
0.07
%
Orient Express, Inc. dba Spracht, Celltek, ODI
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
2/12/2023

 
84.9

 
70.7

 
60.6

 
0.04
%
Nancy & Karl Schmidt (EPC) Moments to Remember USA, LLC
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
2/15/2038

 
106.3

 
102.3

 
100.6

 
0.06
%
The Amendments Group, LLC dba Brightstar
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/17/2022

 
22.5

 
18.7

 
18.5

 
0.01
%
Pioneer Window Holdings, Inc. and Subsidiaries dba Pioneer Windows
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/20/2022

 
225.0

 
189.7

 
173.7

 
0.10
%
Ezzo Properties, LLC and Great Lakes Cleaning, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2027

 
389.6

 
352.5

 
316.2

 
0.19
%
Martin L Hopp, MD PHD, A Medical Corp (OC)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2022

 
66.3

 
54.7

 
49.3

 
0.03
%
Polpo Realty LLC (EPC) & Polpo Restaurant LLC (OC)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/27/2037

 
517.5

 
498.7

 
504.0

 
0.30
%
Trailer One, Inc. and Trailer One Storage, Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/27/2022

 
166.8

 
138.6

 
137.3

 
0.08
%
Babie Bunnie Enterprises Inc. dba Triangle Mothercare
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2022

 
46.3

 
38.4

 
32.9

 
0.02
%

25
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
John Duffy Fuel Co., Inc.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/28/2022

 
513.8

 
426.9

 
420.9

 
0.25
%
Macho LLC (EPC) Madelaine Chocolate Novelties Inc(OC) dba The Madelai
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/31/2037

 
500.0

 
482.1

 
487.2

 
0.29
%
WI130, LLC (EPC) & Lakeland Group, Inc. (OC) dba Lakeland Electrical
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/31/2028

 
271.5

 
248.0

 
225.6

 
0.13
%
Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/31/2022

 
97.5

 
81.0

 
70.0

 
0.04
%
PGH Groceries, LLC DBA The Great American Super
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
11/19/2037

 
68.8

 
66.2

 
65.0

 
0.04
%
St Judes Physical Therapy P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/19/2022

 
21.0

 
17.3

 
17.1

 
0.01
%
R & J Petroleum, LLC (EPC) Manar USA, Inc. (OC)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/20/2037

 
180.0

 
172.4

 
171.2

 
0.10
%
Pioneer Windows Manufacturing Corp, Pioneer Windows
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/21/2022

 
275.0

 
230.0

 
210.3

 
0.12
%
U & A Food and Fuel, Inc. dba Express Gas & Food Mart
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/21/2037

 
96.3

 
92.2

 
93.2

 
0.05
%
Clean Brothers Company Inc. dba ServPro of North Washington County
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/21/2022

 
17.0

 
13.9

 
12.5

 
0.01
%
DRV Enterprise, Inc. dba Cici's Pizza # 339
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/26/2022

 
65.0

 
52.3

 
51.8

 
0.03
%
D&L Rescources, Inc. dba The UPS Store
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
11/27/2022

 
9.8

 
8.0

 
6.9

 
—
%
Richmond Hill Mini Market, LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
11/27/2037

 
185.3

 
177.7

 
174.8

 
0.10
%
Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
11/28/2037

 
223.8

 
214.6

 
215.1

 
0.13
%
214 North Franklin, LLC and Winter Ventures, Inc.
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
11/29/2037

 
153.9

 
147.5

 
141.0

 
0.08
%
Cheryle A Baptiste and Cheryle Baptiste DDS PLLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2037

 
286.5

 
274.6

 
271.1

 
0.16
%
Aegis Creative Communications, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2022

 
387.5

 
300.0

 
257.3

 
0.15
%
Summit Treatment Services, Inc. dba Summit Treatment Services
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/30/2037

 
136.5

 
131.0

 
119.1

 
0.07
%
G.M. Pop's, Inc. & S.D. Food, Inc. dba Popeyes Louisiana Kitchen
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/11/2022

 
127.1

 
105.7

 
93.3

 
0.06
%
Color By Number 123 Designs, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/11/2022

 
42.5

 
35.0

 
34.7

 
0.02
%
Chickamauga Properties, Inc. and MSW Enterprises, LLP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/19/2022

 
59.8

 
48.8

 
48.3

 
0.03
%

26
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Big Apple Entertainment Partners, LLC d/b/a Ripley's Believe It or Not
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/26/2022

 
180.0

 
150.4

 
128.9

 
0.08
%
Reidville Hydraulics & Mfg Inc. dba Summit Farms, LLC
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/2/2037

 
265.9

 
254.8

 
238.1

 
0.14
%
Hi-Def Imaging, Inc. dba SpeedPro Imaging
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/9/2022

 
22.2

 
18.3

 
16.3

 
0.01
%
O'Rourkes Diner, LLC dba O'Rourke's Diner
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/19/2037

 
65.5

 
62.5

 
62.1

 
0.04
%
LaSalle Market and Deli EOK Inc. and Rugen Realty, LLC dba LaSalle Mark
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/21/2037

 
252.3

 
240.8

 
240.5

 
0.14
%
Forno Italiano Di Nonna Randazzo, LLC dba Nonna Randazzo's Bakery
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/26/2037

 
183.8

 
176.8

 
176.1

 
0.10
%
Europlast Ltd.
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/26/2022

 
743.9

 
675.6

 
667.2

 
0.39
%
University Park Retreat, LLC dba Massage Heights
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2022

 
76.0

 
61.4

 
61.4

 
0.04
%
ATC Fitness, LLC dba Around the Clock Fitness
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/28/2022

 
180.0

 
150.0

 
146.0

 
0.09
%
Spire Investment Partners, LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
9/28/2022

 
258.8

 
209.6

 
194.2

 
0.11
%
LA Diner Inc. dba Loukas L A Diner
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/28/2037

 
677.5

 
650.8

 
666.4

 
0.39
%
Suncoast Aluminum Furniture, Inc.
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/17/2037

 
360.0

 
343.1

 
350.6

 
0.21
%
New Image Building Services, Inc. dba New Image Repair Services
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/23/2037

 
285.7

 
272.3

 
266.8

 
0.16
%
AJK Enterprise, LLC dba AJK Enterprise, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/27/2022

 
16.5

 
13.3

 
13.1

 
0.01
%
R2 Tape Inc. dba Presto Tape
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/31/2022

 
155.0

 
124.2

 
124.2

 
0.07
%
R2 Tape, Inc. dba Presto Tape
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/31/2037

 
367.5

 
350.2

 
358.6

 
0.21
%
Vision Network Solutions, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/12/2022

 
19.5

 
15.8

 
14.6

 
0.01
%
AdLarge Media, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2022

 
250.0

 
202.3

 
187.5

 
0.11
%
Scoville Plumbing & Heating Inc. and Thomas P. Scoville
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/25/2022

 
50.0

 
41.9

 
41.7

 
0.02
%

27
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Hofgard & Co., Inc. dba HofgardBenefits
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
7/27/2022

 
107.3

 
85.2

 
83.0

 
0.05
%
Georgia Safe Sidewalks, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/27/2022

 
15.0

 
11.7

 
11.3

 
0.01
%
Matchless Transportation, LLC dba First Class Limo
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/3/2022

 
185.0

 
149.1

 
143.5

 
0.08
%
Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/27/2037

 
69.8

 
66.2

 
66.6

 
0.04
%
Karykion, Corporation dba Karykion Corporation
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2022

 
194.0

 
152.5

 
152.5

 
0.09
%
Central Tire, Inc. dba Cooper Tire & Auto Services
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/29/2037

 
288.5

 
273.7

 
273.5

 
0.16
%
WPI, LLC
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/29/2024

 
129.5

 
108.0

 
103.8

 
0.06
%
Havana Central (NY) 5, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/29/2022

 
1,166.8

 
958.8

 
938.2

 
0.55
%
Christou Real Estate Holdings, LLC dba Tops American Grill
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/17/2037

 
284.0

 
268.8

 
273.3

 
0.16
%
Lefont Theaters, Inc.
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
5/30/2022

 
137.0

 
106.9

 
102.9

 
0.06
%
5091, LLC and TR/AL, LLC d/b/a Cafe Africana
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/31/2037

 
121.3

 
115.2

 
116.4

 
0.07
%
ALF, LLC (EPC) Mulit-Service Eagle Tires (OC)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/31/2037

 
62.9

 
59.6

 
60.1

 
0.04
%
Spectrumit, Inc, (OC) dba LANformation
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/31/2030

 
154.9

 
140.2

 
139.5

 
0.08
%
Craig R Freehauf d/b/a Lincoln Theatre
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
5/31/2022

 
47.9

 
30.9

 
30.9

 
0.02
%
TNDV: Television, LLC
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
6/13/2022

 
127.5

 
100.4

 
97.1

 
0.06
%
Graphish Studio, Inc. and Scott Fishoff
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/14/2022

 
20.3

 
16.0

 
14.8

 
0.01
%
KIND-ER-ZZ Inc. dba Kidville
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/15/2022

 
50.0

 
39.0

 
36.2

 
0.02
%
Gator Communications Group, LLC dba Harvard Printing Group
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
4/25/2022

 
228.8

 
177.8

 
168.9

 
0.10
%
Tanner Optical, Inc. dba Murphy Eye Care
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/27/2022

 
8.3

 
6.4

 
6.2

 
—
%
Custom Software, Inc. a Colorado Corporation dba M-33 Access
 
Broadcasting (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
4/30/2022

 
125.0

 
101.4

 
100.5

 
0.06
%

28
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Fair Deal Food Mart Inc. dba Neighbors Market
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
5/3/2037

 
381.3

 
361.0

 
369.6

 
0.22
%
Bisson Transportation, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/7/2037

 
588.1

 
566.9

 
561.8

 
0.33
%
Bisson Moving & Storage Company Bisson Transportation Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/7/2022

 
528.8

 
428.6

 
418.1

 
0.25
%
STK Ventures Inc. dba JP Dock Service & Supply
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/9/2037

 
131.8

 
125.6

 
125.8

 
0.07
%
Tracey Vita-Morris dba Tracey Vita's School of Dance
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
5/10/2022

 
22.5

 
17.6

 
16.3

 
0.01
%
Shweiki Media, Inc. dba Study Breaks Magazine
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
3/22/2027

 
1,178.8

 
1,023.8

 
994.8

 
0.59
%
Manuel P. Barrera and Accura Electrical Contractor, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
103.7

 
90.7

 
87.1

 
0.05
%
Willow Springs Golf Course, Inc. & JC Lindsey Family Limited Partners
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/29/2037

 
755.4

 
720.4

 
737.2

 
0.43
%
Gator Communications Group, LLC dba Harvard Printing Group
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/30/2022

 
466.3

 
357.5

 
339.7

 
0.20
%
Access Staffing, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/30/2022

 
187.5

 
143.7

 
133.0

 
0.08
%
Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/30/2031

 
231.5

 
210.4

 
213.7

 
0.13
%
Indoor Playgrounds Limited Liability Company dba Kidville
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
4/5/2022

 
19.5

 
12.6

 
12.1

 
0.01
%
Zane Filippone Co Inc. dba Culligan Water Conditioning
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
4/12/2022

 
558.2

 
435.4

 
421.7

 
0.25
%
ATC Fitness, LLC d/b/a Around the C
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2022

 
10.2

 
7.7

 
7.6

 
—
%
BCD Holdings, LLC and H-MA, LLC d/b/a/ Hawaii Mainland Administrators
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
3/2/2022

 
451.3

 
334.3

 
311.8

 
0.18
%
K's Salon 1, LLC d/b/a K's Salon
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2021

 
73.6

 
54.8

 
50.7

 
0.03
%
J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
12/22/2036

 
495.0

 
466.5

 
477.3

 
0.28
%
ATI Jet, Inc.
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/28/2026

 
852.8

 
722.5

 
699.0

 
0.41
%
Scent-Sation, Inc. d/b/a Scent-Sation, Inc.
 
Textile Product Mills
 
Term Loan
 
Prime plus 2.75%
 
11/21/2021

 
337.5

 
276.4

 
276.2

 
0.16
%
City Sign Service, Incorporated
 
Electrical Equipment, Appliance, and Component Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/30/2025

 
165.8

 
139.7

 
138.9

 
0.08
%

29
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Taylor Transport, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/8/2021

 
515.5

 
366.6

 
358.5

 
0.21
%
Maciver Corporation dba Indie Rentals & Division Camera
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
12/15/2021

 
130.8

 
96.9

 
95.4

 
0.06
%
GP Enterprises, LLC and Gibson Performance Corporation
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2036

 
727.5

 
682.6

 
698.4

 
0.41
%
GP Enterprises, LLC and Gibson Performance Corporation
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2036

 
522.5

 
490.3

 
501.7

 
0.30
%
M & H Pinestraw, Inc. and Harris L. Maloy
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/15/2021

 
238.3

 
178.2

 
170.1

 
0.10
%
15 Frederick Place, LLC & Pioneer Windows Holdings Inc. & Subs
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/16/2021

 
250.0

 
187.8

 
187.6

 
0.11
%
28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/25/2021

 
22.5

 
16.4

 
16.4

 
0.01
%
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc.
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
10/26/2021

 
58.8

 
42.9

 
40.1

 
0.02
%
MRM Supermarkets, Inc. dba Constantin's Breads
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/10/2021

 
137.5

 
101.3

 
94.7

 
0.06
%
Thomas P. Scoville dba Scoville Plumbing & Heating, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/16/2021

 
62.5

 
46.1

 
46.0

 
0.03
%
Equity National Capital LLC & Chadbourne Road Capital, LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
9/26/2021

 
62.5

 
45.1

 
44.0

 
0.03
%
Big Apple Entertainment Partners, LLC dba Ripley's Believe it or Not
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/28/2021

 
1,070.0

 
768.0

 
739.9

 
0.44
%
Polymer Sciences, Inc. dba Polymer Sciences, Inc.
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/28/2036

 
422.6

 
394.2

 
405.6

 
0.24
%
PTK, Incorporated dba Night N Day 24 HR Convenience Store
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/30/2036

 
137.5

 
128.3

 
131.6

 
0.08
%
Robert E. Caves, Sr. and American Plank dba Caves Enterprises
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/30/2021

 
302.5

 
215.7

 
215.8

 
0.13
%
39581 Garfield, LLC and Tricounty Neurological Associates, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/30/2036

 
28.5

 
26.5

 
27.3

 
0.02
%
C & G Engines Corp.
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2021

 
1,041.5

 
750.3

 
733.1

 
0.43
%
39581 Garfield, LLC and Tri County Neurological Associates, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/30/2036

 
83.3

 
77.7

 
80.0

 
0.05
%
Qycell Corporation
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/19/2021

 
187.5

 
126.5

 
126.9

 
0.07
%
Trademark Equipment Company Inc. and David A. Daniel
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
8/19/2036

 
133.6

 
124.4

 
127.0

 
0.07
%
Michael S. Decker & Janet Decker dba The Hen House Cafe
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/30/2036

 
16.4

 
15.3

 
15.6

 
0.01
%

30
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Gator Communications Group, LLC dba Harvard Printing Group
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
8/31/2021

 
575.0

 
416.7

 
413.6

 
0.24
%
SBR Technologies d/b/a Color Graphics
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/31/2021

 
806.2

 
568.1

 
565.4

 
0.33
%
Bryan Bantry Inc.
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
9/8/2021

 
400.0

 
197.1

 
189.9

 
0.11
%
Kelly Chon, LLC dba Shi-Golf
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
7/29/2021

 
17.5

 
9.0

 
9.0

 
0.01
%
LaHoBa, LLC d/b/a Papa John's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/3/2036

 
77.5

 
71.7

 
73.8

 
0.04
%
A & A Auto Care, LLC d/b/a A & A Auto Care, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/12/2036

 
101.0

 
94.1

 
96.8

 
0.06
%
Valiev Ballet Academy, Inc.
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
8/12/2036

 
91.5

 
39.4

 
40.6

 
0.02
%
Custom Software, Inc. a Colorado Corporation dba M-33 Access
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/17/2021

 
426.0

 
314.6

 
315.2

 
0.19
%
Spire Investment Partners, LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/22/2021

 
250.0

 
174.9

 
168.4

 
0.10
%
Lavertue Properties, LLP dba Lavertue Properties
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/29/2036

 
44.8

 
41.7

 
42.9

 
0.03
%
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/29/2036

 
338.1

 
325.6

 
335.4

 
0.20
%
MTV Bowl, Inc. dba Legend Lanes
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/30/2036

 
248.5

 
230.6

 
234.3

 
0.14
%
Modern on the Mile, LLC dba Ligne Roset
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
5/25/2021

 
212.5

 
146.3

 
144.2

 
0.09
%
Demand Printing Solutions, Inc. and MLM Enterprises, LLC d/b/a Demand
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/27/2021

 
16.5

 
11.5

 
11.5

 
0.01
%
Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/3/2021

 
65.5

 
44.5

 
42.9

 
0.03
%
J&K Fitness, LLC dba Physiques Womens Fitness Center
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/8/2036

 
449.3

 
418.2

 
427.5

 
0.25
%
Major Queens Body & Fender Corp.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/10/2021

 
28.6

 
20.0

 
20.1

 
0.01
%
Pierce Developments, Inc. dba Southside Granite
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/13/2036

 
256.1

 
237.7

 
238.9

 
0.14
%

31
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Red Star Incorporated dba Pro Import Company
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/15/2036

 
184.8

 
172.0

 
175.8

 
0.10
%
Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
4/18/2036

 
129.5

 
119.7

 
123.3

 
0.07
%
Profile Performance, Inc. and Eidak Real Estate, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/20/2036

 
127.5

 
117.9

 
121.4

 
0.07
%
Music Mountain Water Company, LLC
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/25/2036

 
138.1

 
127.5

 
131.3

 
0.08
%
MSM Healthcare Solutions, Inc. d/b/a BrightStar Care of Tinley Park
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/26/2021

 
46.0

 
31.4

 
30.2

 
0.02
%
Actknowledge, Inc. dba Actknowledge
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2021

 
57.3

 
38.7

 
37.3

 
0.02
%
Michael S. Korfe dba North Valley Auto Repair
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/24/2036

 
15.5

 
14.3

 
14.7

 
0.01
%
Danjam Enterprises, LLC dba Ariel Dental Care
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2023

 
93.0

 
69.4

 
69.3

 
0.04
%
Danjam Enterprises, LLC dba Ariel Dental Care
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/30/2021

 
3.8

 
2.6

 
2.6

 
—
%
Maciver Corporation dba Indie Rentals
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
4/4/2021

 
625.0

 
425.8

 
424.8

 
0.25
%
3 A Realty, LLC dba Interior Climate Solutions, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/13/2036

 
170.0

 
156.7

 
158.5

 
0.09
%
Stephen Frank, Patricia Frank and Suds Express, LLC dba Frank Chiropra
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/25/2023

 
63.0

 
44.7

 
45.0

 
0.03
%
Key Products I&II, Inc. dba Dunkin' Donuts/Baskin-Robbins
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/10/2021

 
153.0

 
103.5

 
100.5

 
0.06
%
Stamford Car Wash d/b/a Stamford Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/11/2036

 
19.7

 
18.2

 
18.7

 
0.01
%
Food & Beverage Associates Of N.J. Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/11/2021

 
10.0

 
6.4

 
6.4

 
—
%
Nicholas Dugger dba TNDV: Television LLC. 
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/24/2021

 
100.8

 
68.2

 
65.6

 
0.04
%
Joseph the Worker, Inc. d/b/a BrightStar of Plymouth County
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
1/28/2021

 
12.5

 
8.1

 
7.8

 
—
%
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc.
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
1/28/2036

 
113.4

 
104.0

 
107.1

 
0.06
%
Little People’s Village, LLC dba Little People’s Village
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/31/2036

 
31.1

 
28.5

 
29.3

 
0.02
%
SuzyQue’s, LLC dba Suzy Que’s
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/11/2036

 
61.0

 
56.4

 
57.8

 
0.03
%
Shree OM Lodging, LLC dba Royal Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/17/2035

 
27.7

 
25.4

 
26.0

 
0.02
%

32
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Chickamauga Properties, Inc., MSW Enterprises, LLP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/22/2035

 
74.3

 
68.4

 
70.4

 
0.04
%
Chickamauga Properties, Inc., MSW Enterprises, LLP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/22/2035

 
189.5

 
173.8

 
178.9

 
0.11
%
Patrageous Enterprises, LLC dba Incredibly Edible Delites of Laurel
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/29/2020

 
7.6

 
5.0

 
4.8

 
—
%
Metro Used Cars Inc. dba Metro Auto Center
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
1/14/2027

 
117.6

 
97.1

 
97.6

 
0.06
%
Any Garment Cleaner-East Brunswick, Inc. dba Any Garment Cleaner
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/18/2020

 
42.5

 
22.8

 
22.8

 
0.01
%
Justforfungames, Inc.
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
11/19/2035

 
50.0

 
45.1

 
46.4

 
0.03
%
Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/30/2035

 
34.0

 
31.1

 
32.0

 
0.02
%
Lodin Medical Imaging, LLC dba Watson Imaging Center
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/1/2020

 
66.4

 
42.0

 
42.0

 
0.02
%
Svetavots Corporation dba Brightstar Healthcare of Montgomery County
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/13/2020

 
20.5

 
13.3

 
12.8

 
0.01
%
Lincoln Park Physical Therapy
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/20/2020

 
43.5

 
27.6

 
27.7

 
0.02
%
R2 Tape, Inc. dba Presto Tape
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
10/20/2020

 
224.4

 
142.9

 
142.8

 
0.08
%
West Cobb Enterprises, Inc. and Advanced Eye Associates, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/12/2035

 
148.7

 
136.0

 
138.0

 
0.08
%
Lebenthal Holdings, LLC and Lebenthal & Co., LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
11/16/2020

 
200.0

 
128.5

 
123.6

 
0.07
%
Dirk's Trucking, LLC dba Dirk's Trucking
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/17/2020

 
17.7

 
10.9

 
10.9

 
0.01
%
Modern Manhattan, LLC
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
9/20/2020

 
204.0

 
128.2

 
126.1

 
0.07
%
Adams & Hancock, LLC dba Brightstar Overland Park & Jordon & Pippen, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2020

 
19.8

 
7.7

 
7.8

 
—
%
Success Express, Inc. dba Success Express
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
9/29/2020

 
91.8

 
57.3

 
56.2

 
0.03
%
K9 Bytes, Inc. & Epazz, Inc. dba K9 Bytes, Inc.
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
9/30/2020

 
18.5

 
11.6

 
11.4

 
0.01
%
Elan Realty, LLC and Albert Basse Asociates, Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
9/30/2035

 
228.2

 
207.7

 
214.5

 
0.13
%
Wise Forklift Inc.
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/1/2020

 
296.9

 
182.9

 
183.8

 
0.11
%

33
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Stamford Property Holdings, LLC & Stamford Car Wash, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
10/4/2035

 
122.5

 
112.5

 
116.2

 
0.07
%
Jade Automotive d/b/a Sears Hometown Store
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
10/6/2035

 
146.6

 
134.2

 
138.6

 
0.08
%
Sunmar, Inc. dba Creative Cooking
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/19/2035

 
51.7

 
47.2

 
48.7

 
0.03
%
Planet Verte, LLC d/b/a Audio Unlimited
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2020

 
40.0

 
24.9

 
24.4

 
0.01
%
Kino Oil of Texas, LLC dba Kino Company
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/27/2035

 
12.0

 
10.8

 
11.1

 
0.01
%
Kino Oil of Texas, LLC dba Kino Oil
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/27/2020

 
60.0

 
37.1

 
36.3

 
0.02
%
DDLK Investments, LLC d/b/a Smoothie King
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/30/2020

 
7.5

 
4.2

 
4.2

 
—
%
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/2/2035

 
50.1

 
45.6

 
47.1

 
0.03
%
California College of Communications, Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
11/2/2020

 
172.5

 
109.8

 
107.7

 
0.06
%
Newsome Trucking Inc. and Kevin Newsome
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/2/2035

 
423.1

 
385.4

 
398.0

 
0.23
%
New Life Holdings, LLC and Certified Collision Services, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
7/29/2035

 
76.2

 
68.6

 
70.4

 
0.04
%
Members Only Software
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/30/2020

 
40.3

 
24.8

 
24.6

 
0.01
%
Tanner Optical Inc. dba Murphy Eye Care
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/22/2035

 
94.6

 
85.5

 
87.2

 
0.05
%
B&B Fitness and Barbell, Inc. dba Elevations Health Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/22/2035

 
242.1

 
219.3

 
224.9

 
0.13
%
H.H. Leonards Trust and Potomac Fund, LLC
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
7/23/2020

 
62.0

 
23.1

 
23.2

 
0.01
%
Zouk, Ltd. dba Palma
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/25/2020

 
27.5

 
17.1

 
17.1

 
0.01
%
CJ Park Inc. dba Kidville Midtown West
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/25/2020

 
26.4

 
12.7

 
12.5

 
0.01
%
Emotion in Motion Dance Center Limited Liability Company
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
7/25/2020

 
5.4

 
2.6

 
2.5

 
—
%
WeaverVentures, Inc. dba The UPS Store
 
Postal Service
 
Term Loan
 
Prime plus 2.75%
 
7/28/2020

 
23.8

 
14.5

 
14.2

 
0.01
%
I-90 RV & Auto Supercenter
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/29/2035

 
74.9

 
67.8

 
70.0

 
0.04
%
ActKnowledge, Inc dba ActKnowledge
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2020

 
50.0

 
30.3

 
30.4

 
0.02
%

34
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Quest Logic Investments, LLC dba Dairy Queen
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2035

 
105.0

 
95.1

 
97.5

 
0.06
%
ValleyStar, Inc. dba BrightStar HealthCare
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2020

 
0.6

 
3.7

 
3.6

 
—
%
ValleyStar, Inc. dba BrightStar Healthcare
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2020

 
7.5

 
4.5

 
4.4

 
—
%
Excel RP, Inc./Kevin and Joann Foley
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/8/2028

 
50.0

 
41.6

 
42.4

 
0.03
%
M & H Pine Straw, Inc. and Harris Maloy
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
7/10/2020

 
67.5

 
41.3

 
41.0

 
0.02
%
Diag, LLC dba Kidville
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/21/2020

 
37.5

 
22.2

 
21.8

 
0.01
%
Atlanta Vascular Research Organization, Inc. dba Atlanta Vascular Found
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/6/2020

 
24.3

 
15.0

 
15.1

 
0.01
%
JRJG, Inc. dba BrightStar HealthCare-Naperville/Oak Brook
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/23/2020

 
15.0

 
8.8

 
8.6

 
0.01
%
Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/26/2020

 
6.3

 
3.7

 
3.6

 
—
%
Clearbay Enterprises, Inc. dba First Class Kennels
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/30/2034

 
60.0

 
53.5

 
55.1

 
0.03
%
M & H Pine Straw, Inc. and Harris L. Maloy
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
6%
 
4/30/2020

 
183.3

 
109.6

 
108.6

 
0.06
%
New Economic Methods, LLC dba Rita's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/15/2020

 
24.8

 
1.1

 
1.1

 
—
%
Danjam Enterprises, LLC dba Ariel Dental Care
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/31/2035

 
204.0

 
184.0

 
188.2

 
0.11
%
Vortex Automotive, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/5/2035

 
76.6

 
69.1

 
70.9

 
0.04
%
Caring Hands Pediatrics, P.C. dba Caring Hands Pediatrics
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/9/2020

 
14.5

 
8.5

 
8.3

 
—
%
Animal Intrusion Prevention Systems Holding Company, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2024

 
126.5

 
91.8

 
91.6

 
0.05
%
Music Mountain Water Company, LLC dba Music Mountain Water Co.
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/29/2019

 
185.4

 
103.0

 
103.3

 
0.06
%
Lahoba, LLC dba Papa John's Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/30/2034

 
42.5

 
38.1

 
39.1

 
0.02
%
ATC Fitness, LLC dba Around the Clock Fitness
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2019

 
15.0

 
7.6

 
7.6

 
—
%
Adams and Hancock, LLC dba BrightStar Overland Park
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/31/2020

 
43.6

 
20.7

 
20.4

 
0.01
%
KMC RE, LLC & B&B Kennels
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/19/2034

 
58.3

 
52.1

 
53.4

 
0.03
%

35
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
CMA Consulting dba Construction Management Associates
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/11/2019

 
58.5

 
32.4

 
31.7

 
0.02
%
David A. Nusblatt, D.M.D, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/11/2019

 
9.0

 
5.0

 
5.0

 
—
%
Bonet Kidz Inc. dba Kidville
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
3/16/2020

 
15.5

 
6.1

 
6.1

 
—
%
Planet Verte, LLC dba Audio Unlimited of Oceanside
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
11/28/2019

 
57.0

 
30.8

 
30.2

 
0.02
%
Demand Printing Solutions, Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
12/12/2019

 
10.0

 
5.5

 
5.5

 
—
%
Demand Printing Solutions, Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
10/29/2034

 
147.5

 
131.5

 
135.9

 
0.08
%
Lebenthal Holdings, LLC and Lebenthal & Co., LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/29/2019

 
500.0

 
50.3

 
47.5

 
0.03
%
Supreme Screw Products, Inc. and Misha Migdal
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/17/2019

 
308.2

 
142.4

 
142.6

 
0.08
%
Gray Tree Service, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/18/2018

 
50.0

 
21.8

 
21.9

 
0.01
%
Gourmet to You, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2019

 
12.1

 
5.4

 
5.4

 
—
%
Envy Salon & Spa, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/4/2018

 
20.3

 
8.8

 
8.8

 
0.01
%
Healthcare Interventions, Inc. dba Brightstar HealthCare
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/15/2016

 
8.3

 
1.1

 
0.9

 
—
%
Grapevine Professional Services, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
1/22/2019

 
8.2

 
3.5

 
3.6

 
—
%
Carnagron, LLC dba GearBling
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/1/2018

 
6.9

 
2.9

 
2.9

 
—
%
Peter Thomas Roth Labs, LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/26/2018

 
425.0

 
177.7

 
177.4

 
0.10
%
Cool Air Solutions, Inc. dba Graham Heating & Air Conditioning
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2%
 
12/27/2018

 
411.5

 
179.4

 
176.7

 
0.10
%
Inflate World Corporation
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/30/2018

 
7.5

 
2.5

 
2.5

 
—
%
K & D Family and Associates, Inc. dba Philly Pretzel Factory
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
8/5/2018

 
81.3

 
33.1

 
33.1

 
0.02
%
Dream Envy, Ltd. d/b/a Massage Envy
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/9/2018

 
88.0

 
37.5

 
37.5

 
0.02
%
Seven Stars Enterprises, Inc. dba Atlanta Bread Company
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2018

 
86.3

 
33.7

 
33.7

 
0.02
%
Gilbert Chiropractic Clinic, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/7/2018

 
22.5

 
8.8

 
8.8

 
0.01
%

36
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
CBA D&A Pope, LLC dba Christian Brothers Automotive
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/14/2018

 
144.9

 
57.6

 
57.5

 
0.03
%
D & D's Divine Beauty School of Esther, LLC
 
Educational Services
 
Term Loan
 
6%
 
8/1/2031

 
57.7

 
53.9

 
55.5

 
0.03
%
Beer Table, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/8/2018

 
10.5

 
3.3

 
3.3

 
—
%
Zog Inc.
 
Other Information Services
 
Term Loan
 
6%
 
3/17/2018

 
97.5

 
79.5

 
79.3

 
0.05
%
Bliss Coffee and Wine Bar, LLC
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
3/19/2018

 
87.5

 
72.6

 
72.5

 
0.04
%
Shivsakti, LLC dba Knights Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/20/2032

 
92.5

 
78.5

 
80.9

 
0.05
%
Burks & Sons Development, LLC dba Tropical Smoothie Café
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/22/2018

 
49.8

 
18.2

 
18.2

 
0.01
%
Daniel S. Fitzpatrick dba Danny's Mobile Appearance Reconditioning Service
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/29/2018

 
9.4

 
3.5

 
3.5

 
—
%
Saan M.Saelee dba Saelee's Delivery Service
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/12/2018

 
9.8

 
3.6

 
3.5

 
—
%
Seo's Paradise Cleaners, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/19/2018

 
9.8

 
2.9

 
2.9

 
—
%
All American Printing
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
10/26/2032

 
69.8

 
39.6

 
40.8

 
0.02
%
Enewhere Custom Canvas, LLC
 
Textile Product Mills
 
Term Loan
 
Prime plus 2.75%
 
2/15/2018

 
12.0

 
4.5

 
4.5

 
—
%
A & A Acquisition, Inc. dba A & A International
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/15/2018

 
100.0

 
34.1

 
34.2

 
0.02
%
Timothy S. Strange dba Strange's Mobile Apperance Reconditioning Service
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/17/2017

 
8.5

 
2.3

 
2.3

 
—
%
RCB Enterprises, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/18/2017

 
21.2

 
8.9

 
8.9

 
0.01
%
Ameritocracy, Inc dba Ben and Jerry's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/18/2017

 
168.8

 
55.0

 
55.1

 
0.03
%
Margab, Inc. dba Smoothie King
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/28/2017

 
44.0

 
14.9

 
14.9

 
0.01
%
Signs of Fortune, LLC dba FastSigns
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.5%
 
4/3/2023

 
434.4

 
345.6

 
346.6

 
0.20
%
The Design Shop, LLC
 
Textile Mills
 
Term Loan
 
Prime plus 2.75%
 
11/27/2027

 
247.5

 
189.4

 
193.9

 
0.11
%
Maria C. Sathre and David N. Sathre dba Black Forest Liquor Store
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
11/28/2017

 
18.6

 
6.1

 
6.1

 
—
%
Tammy's Bakery, Inc. dba Tammy's Bakery
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/10/2017

 
71.8

 
24.7

 
24.7

 
0.01
%
Parties By Pat, Inc. and Jose M. Martinez Jr.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/11/2017

 
93.1

 
30.8

 
30.8

 
0.02
%
Quality Engraving Services Inc. and Ian M. Schnaitman
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
10/17/2017

 
15.0

 
4.7

 
4.7

 
—
%

37
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Kings Laundry, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
10/30/2017

 
64.5

 
21.1

 
21.2

 
0.01
%
MJ Mortgage & Tax Services, Inc.
 
Credit Intermediation and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
11/14/2017

 
6.9

 
2.1

 
2.1

 
—
%
Flourishing Fruits, LLC dba Edible Arrangements
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/29/2017

 
21.1

 
4.9

 
4.5

 
—
%
Metano IBC Services, Inc. and Stone Brook Leasing, LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
8/17/2017

 
315.0

 
79.9

 
79.9

 
0.05
%
1911 East Main Street Holdings, Corp.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/18/2032

 
15.8

 
13.2

 
13.6

 
0.01
%
Flint Batteries, LLC dba Batteries Plus of Flint
 
General Merchandise Stores
 
Term Loan
 
Prime plus 2.75%
 
8/29/2017

 
9.0

 
2.3

 
2.3

 
—
%
Louis B. Smith dba LAQ Funeral Coach
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/15/2017

 
12.6

 
3.9

 
3.9

 
—
%
South Dade Restoration Corp. dba Servpro of Kendall/Pinecrest
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
8/10/2016

 
61.8

 
9.2

 
9.2

 
0.01
%
Mala Iyer, MD dba Child and Family Wellness Center
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
8/11/2017

 
50.0

 
15.4

 
15.4

 
0.01
%
Twietmeyer Dentistry PA
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2017

 
148.9

 
43.5

 
43.5

 
0.03
%
L.C.N. Investments, L.L.C. dba Max Muscle Sports Nutrition
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
5/27/2017

 
12.8

 
3.0

 
3.0

 
—
%
Water Works Laundromat, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.25%
 
9/7/2027

 
267.3

 
201.3

 
200.2

 
0.12
%
Lynden Evans Clarke, Jr.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/16/2017

 
10.0

 
2.6

 
2.6

 
—
%
CCIPTA, LLC
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
1/17/2017

 
47.0

 
2.7

 
2.7

 
—
%
Zeroln Media, LLC
 
Data Processing, Hosting, and Related Services
 
Term Loan
 
Prime plus 2.75%
 
4/25/2017

 
7.5

 
2.0

 
2.0

 
—
%
No Thirst Software, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/26/2017

 
6.8

 
1.4

 
1.4

 
—
%
Saul A. Ramirez and Norma L. Trujillo
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/31/2017

 
6.0

 
1.5

 
1.5

 
—
%
Eric R. Wise, D.C. dba Jamacha-Chase Chiropractic
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/30/2017

 
15.6

 
1.1

 
1.1

 
—
%
Dave Kris, and MDK Ram Corp.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/5/2026

 
221.0

 
37.2

 
38.0

 
0.02
%
Misri Liquors, Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/18/2016

 
67.5

 
15.4

 
15.4

 
0.01
%
Jojan, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.25%
 
12/18/2031

 
204.8

 
40.4

 
40.2

 
0.02
%

38
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Nora A. Palma and Julio O Villcas
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/27/2017

 
56.3

 
2.7

 
2.7

 
—
%
Aillaud Enterprises, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/29/2017

 
13.8

 
0.5

 
0.5

 
—
%
Spain Street, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/29/2017

 
63.0

 
4.1

 
4.1

 
—
%
Kyoshi Enterprises, LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
12/29/2016

 
22.5

 
5.2

 
5.2

 
—
%
Gill Express Inc. dba American Eagle Truck Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
1/5/2027

 
286.9

 
210.1

 
214.8

 
0.13
%
Vincent Allen Fleece dba Living Well Accessories and Water Camel
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/1/2016

 
3.8

 
0.7

 
0.7

 
—
%
Contractors Pumping Service, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/3/2016

 
9.9

 
0.8

 
0.8

 
—
%
Smooth Grounds, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
8%
 
10/11/2016

 
64.5

 
38.0

 
38.0

 
0.02
%
Nelson Financial Services, LLC
 
Scenic and Sightseeing Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/2/2016

 
57.0

 
2.6

 
2.6

 
—
%
Flint Batteries, LLC
 
General Merchandise Stores
 
Term Loan
 
Prime plus 2.75%
 
7/21/2016

 
46.9

 
6.6

 
6.6

 
—
%
A + Quality Home Health Care, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
8/1/2016

 
22.5

 
1.5

 
1.5

 
—
%
Tesserah Tile Design, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/29/2016

 
7.1

 
1.0

 
1.0

 
—
%
It's A Buffalo
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/26/2016

 
219.8

 
32.0

 
32.0

 
0.02
%
Cocoa Beach Parasail Corp.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/5/2016

 
8.9

 
1.3

 
1.3

 
—
%
Pro Levin Yoga, Incorporated d.b.a. Bikram's Yoga College
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/12/2016

 
16.4

 
2.6

 
2.6

 
—
%
Maynard Enterprises, Inc.
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/22/2016

 
22.5

 
1.1

 
1.1

 
—
%
Fran-Car Corporation dba Horizon Landscape Management
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/3/2028

 
407.8

 
177.6

 
182.0

 
0.11
%
Head To Toe Personalized Pampering, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/27/2031

 
52.0

 
9.7

 
10.0

 
0.01
%
Maxwell Place, LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
6%
 
12/1/2015

 
1,076.8

 
846.2

 
845.2

 
0.50
%
Spencer Fitness, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/11/2016

 
6.0

 
0.3

 
0.3

 
—
%
Olympia Fields Eyecare, Ltd.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
1/12/2016

 
15.0

 
1.4

 
1.4

 
—
%

39
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Tuan D. Dang, OD, PA
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.25%
 
12/7/2015

 
77.0

 
8.6

 
5.8

 
—
%
Champion Pest Control Systems, Inc.
 
Administrative and Support Services
 
Term Loan
 
6%
 
1/15/2016

 
39.0

 
3.7

 
3.7

 
—
%
Christopher F. Bohon & Pamela D. Bohon
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
10/28/2026

 
14.2

 
3.7

 
3.7

 
—
%
Polaris Press, LLC
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
9/29/2015

 
21.5

 
0.4

 
0.4

 
—
%
Shree Om Lodging, LLC dba Royal Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/2/2030

 
333.3

 
66.7

 
68.7

 
0.04
%
Pedzik's Pets, LLC
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
3/31/2030

 
53.5

 
9.8

 
10.1

 
0.01
%
Jenchad, Inc and Chadjen, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.125%
 
4/7/2025

 
462.5

 
48.0

 
47.5

 
0.03
%
Nancy Carapelluci & A & M Seasonal Corner Inc.
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/1/2025

 
106.9

 
17.1

 
17.5

 
0.01
%
Moonlight Multi Media Production, Inc.
 
Other Information Services
 
Term Loan
 
5%
 
2/1/2025

 
19.7

 
4.4

 
4.4

 
—
%
McCallister Venture Group, LLC and Maw's Vittles, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/30/2029

 
75.0

 
12.6

 
13.0

 
0.01
%
Computer Renaissance dba Dante IT Services, Inc.
 
Electronics and Appliance Stores
 
Term Loan
 
Prime plus 3.75%
 
3/1/2018

 
100.0

 
3.6

 
3.7

 
—
%
Prince Co., Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 1.5%
 
3/18/2029

 
187.5

 
31.2

 
29.7

 
0.02
%
Chong Hun Im dba Kim's Market
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.5%
 
2/27/2024

 
80.0

 
11.2

 
11.0

 
0.01
%
John B. Houston Funeral Home, Inc. dba George E. Cushnie Funeral Home
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/19/2028

 
78.8

 
13.5

 
13.8

 
0.01
%
Center-Mark Car Wash, Ltd
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/18/2024

 
221.3

 
32.8

 
33.4

 
0.02
%
Min Hui Lin
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/30/2028

 
134.3

 
19.3

 
19.8

 
0.01
%
Akshar Group, LLC
 
Accommodation
 
Term Loan
 
6%
 
11/5/2028

 
321.3

 
53.1

 
54.5

 
0.03
%
Shuttle Car Wash, Inc. dba Shuttle Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.25%
 
11/10/2028

 
109.8

 
18.9

 
18.8

 
0.01
%
Delta Partners, LLC dba Delta Carwash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.5%
 
4/5/2029

 
280.9

 
46.5

 
47.0

 
0.03
%
Oz B. Zamir dba Zamir Marble & Granite
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.5%
 
8/6/2028

 
54.0

 
9.1

 
9.2

 
0.01
%
Rama, Inc. dba Staybridge Suites
 
Accommodation
 
Term Loan
 
Prime plus 2%
 
4/18/2026

 
750.0

 
438.6

 
431.3

 
0.25
%
B & J Manufacturing Corporation and Benson Realty Trust
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2%
 
3/30/2021

 
250.0

 
25.4

 
25.1

 
0.01
%

40
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
RAB Services, Inc. & Professional Floor Installations
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.5%
 
1/31/2023

 
62.5

 
8.6

 
8.7

 
0.01
%
M. Krishna, Inc. dba Super 8 Motel
 
Accommodation
 
Term Loan
 
Prime plus 2%
 
3/20/2025

 
250.0

 
10.9

 
10.8

 
0.01
%
Taste of Inverness, Inc. dba China Garden
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2%
 
6/29/2025

 
73.8

 
10.2

 
10.0

 
0.01
%
Ralph Werner dba Werner Transmissions
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/29/2021

 
26.6

 
3.0

 
3.0

 
—
%
OrthoQuest, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2%
 
3/12/2022

 
56.8

 
5.8

 
5.7

 
—
%
CPN Motel, LLC dba American Motor Lodge
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
4/30/2024

 
379.0

 
36.4

 
36.2

 
0.02
%
Duttakrupa, LLC dba Birmingham Motor Court
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
9/8/2023

 
98.8

 
14.2

 
14.1

 
0.01
%
Track Side Collision & Tire, Inc.
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/16/2025

 
44.8

 
5.6

 
5.7

 
—
%
Deesha Corporation, Inc. dba Best Inn & Suites
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
2/14/2025

 
250.0

 
31.9

 
31.8

 
0.02
%
Willington Hills Equestrian Center, LLC
 
Animal Production and Aquaculture
 
Term Loan
 
Prime plus 2.75%
 
10/19/2022

 
85.0

 
13.6

 
13.8

 
0.01
%
Maruti, Inc.
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
11/25/2024

 
220.0

 
29.7

 
29.6

 
0.02
%
LABH, Inc. t/a Ramada Ltd.
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
9/27/2024

 
555.0

 
47.8

 
47.6

 
0.03
%
Gain Laxmi, Inc. dba Super 8 Motel
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
5/31/2023

 
202.5

 
24.3

 
24.3

 
0.01
%
Randall D. & Patricia D. Casaburi dba Pat's Pizzazz
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
3/13/2023

 
68.8

 
8.5

 
8.7

 
0.01
%
Naseeb Corporation
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
3/31/2024

 
402.5

 
35.4

 
35.3

 
0.02
%
La Granja Live Poultry Corp.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/26/2018

 
54.0

 
3.6

 
3.6

 
—
%
Karis, Inc.
 
Accommodation
 
Term Loan
 
Prime plus 2%
 
12/22/2023

 
148.8

 
16.2

 
16.0

 
0.01
%
Stillwell Ave Prep School
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/14/2023

 
72.0

 
7.8

 
7.9

 
—
%
Five Corners, Ltd.
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/11/2019

 
85.0

 
7.1

 
7.2

 
—
%
Alyssa Corp dba Knights Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
9/30/2023

 
350.0

 
45.6

 
45.5

 
0.03
%
Mimoza LLC, dba Tally Ho Inn
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.25%
 
10/7/2023

 
105.0

 
13.2

 
13.2

 
0.01
%
Bhailal Patel dba New Falls Motel
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/27/2023

 
100.0

 
5.2

 
5.2

 
—
%
Pegasus Automotive, Inc.
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/23/2022

 
112.5

 
13.5

 
13.7

 
0.01
%

41
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Delyannis Iron Works
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
6%
 
12/8/2022

 
16.0

 
1.7

 
1.7

 
—
%
P. Agrino, Inc. dba Andover Diner
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/18/2021

 
150.0

 
14.1

 
14.3

 
0.01
%
Golden Elevator Co., Inc.
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
1/31/2022

 
50.0

 
2.4

 
2.4

 
—
%
Mohamed Live Poultry Inc.
 
Animal Production and Aquaculture
 
Term Loan
 
Prime plus 2.75%
 
12/6/2021

 
36.8

 
3.9

 
3.9

 
—
%
RJS Service Corporation
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
8/20/2021

 
79.0

 
8.1

 
8.2

 
—
%
Chez RuRene Bakery
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/20/2017

 
150.0

 
43.9

 
48.8

 
0.03
%
Total SBA Uunguaranteed Performing Investments
 
 
 
 
 
 
 
 
 
$
152,216.2

 
$
129,797.8

 
$
123,336.4

 
72.74
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Performing SBA Unguaranteed Investments (3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lamson and Goodnow Manufacturing Co. and Lamson and Goodnow, LLC
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/28/2037

 
190.7

 
177.2

 
146.6

 
0.09
%
West Experience, Inc./West Mountain Equipment Rental, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6%
 
6/5/2026

 
66.9

 
47.4

 
41.4

 
0.02
%
*DUCO Energy Services, a Limited Liability Company
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/20/2023

 
11.8

 
10.8

 
—

 
—
%
Milliken and Milliken, Inc. dba Milliken Wholesale Distribution
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
6%
 
6/10/2036

 
191.0

 
154.6

 
131.2

 
0.08
%
Stokes Floor Covering Company Inc. and Robert E. Rainey, Jr.
 
Furniture and Home Furnishings Stores
 
Term Loan
 
6%
 
12/29/2035

 
131.0

 
116.6

 
105.7

 
0.06
%
Barnum Printing & Publishing, Co.
 
Printing and Related Support Activities
 
Term Loan
 
6%
 
7/29/2015

 
44.7

 
10.8

 
10.7

 
0.01
%
Whirlwind Car Wash, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2%
 
4/9/2029

 
25.8

 
19.3

 
16.1

 
0.01
%
Almeria Marketing 1, Inc.
 
Personal and Laundry Services
 
Term Loan
 
7.75%
 
10/15/2015

 
10.1

 
4.9

 
2.1

 
—
%
Guzman Group, LLC
 
Rental and Leasing Services
 
Term Loan
 
6%
 
1/30/2016

 
251.7

 
208.9

 
197.1

 
0.12
%
Groundworks Unlimited, LLC
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
12/17/2023

 
116.0

 
96.0

 
84.3

 
0.05
%
Robin C. & Charles E. Taylor & Brigantine Aquatic Center, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6%
 
9/14/2023

 
31.7

 
21.2

 
18.6

 
0.01
%
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown
 
Support Activities for Transportation
 
Term Loan
 
5.25%
 
12/28/2035

 
145.9

 
144.6

 
90.2

 
0.05
%
David M. Goens dba Superior Auto Paint & Body, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/26/2024

 
7.8

 
4.3

 
3.9

 
—
%
Stormwise South Florida dba Stormwise Shutters
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
11/7/2036

 
427.5

 
410.2

 
347.4

 
0.20
%

42
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Stormwise South Florida dba Stormwise Shutters
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
11/7/2036

 
204.0

 
201.6

 
172.7

 
0.10
%
Auto Sales, Inc.
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
6%
 
8/17/2023

 
13.3

 
5.8

 
5.4

 
—
%
Bwms Management, LLC
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
7/7/2027

 
109.1

 
80.7

 
32.4

 
0.02
%
*Integrity Sports Group, LLC
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
6%
 
3/6/2018

 
60.9

 
16.0

 
13.9

 
0.01
%
LJ Parker, LLC. dba Kwik Kopy Business Center 120
 
Administrative and Support Services
 
Term Loan
 
7%
 
9/8/2014

 
61.6

 
31.7

 
30.1

 
0.02
%
The Lucky Coyote, LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
6%
 
5/8/2017

 
44.4

 
13.4

 
6.9

 
—
%
TechPlayZone, Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/27/2016

 
6.0

 
0.5

 
0.5

 
—
%
Gotta Dance Studio, Inc. dba Gotta Dance Studio Academy of Performing
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
11/16/2016

 
10.0

 
3.9

 
0.3

 
—
%
Furniture Company, LLC
 
Furniture and Home Furnishings Stores
 
Term Loan
 
7%
 
10/30/2015

 
6.4

 
1.3

 
0.1

 
—
%
Event Mecca, LLC
 
Other Information Services
 
Term Loan
 
6%
 
4/10/2023

 
14.3

 
13.3

 
5.8

 
—
%
*Anmor Machining Company, LLC dba Anmor Machining Company
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
6%
 
11/18/2026

 
192.5

 
146.2

 
—

 
—
%
*AUM Estates, LLC and Sculpted Figures Plastic Surgery, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/14/2038

 
618.7

 
603.9

 
370.7

 
0.22
%
*AUM Estates, LLC and Sculpted Figures Plastic Surgery, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/12/2023

 
87.5

 
83.7

 
—

 
—
%
*AWA Fabrication & Construction, LLC
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
6%
 
4/30/2025

 
152.2

 
34.8

 
13.2

 
0.01
%
*Baker Sales, Inc. d/b/a Baker Sales, Inc.
 
Nonstore Retailers
 
Term Loan
 
6%
 
3/29/2036

 
490.0

 
182.0

 
133.0

 
0.08
%
*BCD Enterprises, LLC dba Progressive Tool and Nutmeg Tool
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/22/2026

 
505.4

 
414.5

 
143.8

 
0.08
%
*D'Elia Auto Repair Inc. dba D'Elia Auto Body
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/26/2023

 
15.0

 
13.9

 
—

 
—
%
*Dill Street Bar and Grill Inc. and WO Entertainment, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/27/2027

 
122.9

 
112.3

 
40.9

 
0.02
%
*Dr. Francis E. Anders, DVM
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6%
 
8/9/2015

 
4.6

 
1.6

 
1.6

 
—
%
*E & I Holdings, LP & PA Farm Products, LLC
 
Food Manufacturing
 
Term Loan
 
6%
 
4/30/2030

 
1,248.8

 
1,237.1

 
481.1

 
0.28
%
E.W. Ventures, Inc. dba Swift Cleaners & Laundry
 
Personal and Laundry Services
 
Term Loan
 
0%
 
4/18/2017

 
209.1

 
92.4

 
82.8

 
0.05
%
*Elite Treats Enterprises, Inc. dba Rochelle Dairy Queen
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/24/2032

 
141.3

 
131.5

 
92.4

 
0.05
%
*Feinman Mechanical, LLC
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
9/28/2028

 
323.0

 
305.2

 
73.1

 
0.04
%

43
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
*Goetzke Chiropractic, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
6%
 
10/25/2017

 
7.3

 
3.1

 
0.6

 
—
%
*Grand Manor Realty, Inc. & Kevin LaRoe
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
2/20/2023

 
21.8

 
19.0

 
10.5

 
0.01
%
*Hampton's Restaurant Holding Company, LLC/Hampton's Restaurant #1 LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/29/2023

 
398.0

 
255.7

 
20.7

 
0.01
%
*Harrelson Materials Management, Inc.
 
Waste Management and Remediation Services
 
Term Loan
 
6%
 
6/24/2021

 
537.5

 
470.0

 
134.4

 
0.08
%
*Harry B Gould dba Lake Athens Marina Restaurant
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/28/2025

 
132.9

 
116.2

 
3.9

 
—
%
*Hot Buckles, Inc.
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/27/2018

 
57.6

 
26.9

 
—

 
—
%
Houk Enterprises, Inc. d/b/a Max Muscle
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
10/27/2019

 
46.1

 
8.1

 
7.5

 
—
%
J Olson Enterprises, LLC and Olson Trucking Direct, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/28/2025

 
733.1

 
675.7

 
522.1

 
0.31
%
*Jenny's Wunderland, Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
6/29/2036

 
160.5

 
150.1

 
99.6

 
0.06
%
*Krishna of Orangeburg, Inc.
 
Accommodation
 
Term Loan
 
6%
 
2/20/2032

 
41.8

 
10.3

 
5.6

 
—
%
*Las Torres Development, LLC dba Houston Event Centers
 
Real Estate
 
Term Loan
 
6%
 
8/27/2028

 
402.9

 
368.2

 
355.7

 
0.21
%
*LRCSL, LLC dba Daybreak Fruit and Vegetable Company
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/28/2021

 
75.1

 
53.0

 
18.7

 
0.01
%
*Lucil Chhor dba Baja Fresh #159
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/28/2022

 
49.1

 
30.0

 
15.7

 
0.01
%
*Midway Plaza 6, LLC & Adventure World Family Fun Center, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6%
 
12/19/2029

 
200.0

 
43.8

 
8.1

 
—
%
*Momentum Medical Group, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
7.75%
 
9/30/2015

 
244.2

 
159.7

 
—

 
—
%
*Morris Glass and Construction
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
3/7/2021

 
49.8

 
44.8

 
0.8

 
—
%
*Our Two Daughters, LLC dba Washington's Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
6/18/2026

 
225.0

 
170.3

 
12.8

 
0.01
%
*Parth Dev, Ltd. dba Amerihost Inn Hotel-Kenton
 
Accommodation
 
Term Loan
 
5.25%
 
10/3/2028

 
54.9

 
38.3

 
18.7

 
0.01
%
*Professional Systems, LLC and Professional Cleaning
 
Administrative and Support Services
 
Term Loan
 
6%
 
7/30/2020

 
159.4

 
132.1

 
58.4

 
0.03
%
*Pure Water Innovations, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/6/2016

 
3.4

 
1.0

 
1.0

 
—
%
*Pyramid Real Estate Holdings, LLC dba Hoteps
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
10/7/2022

 
12.7

 
8.9

 
7.4

 
—
%
*Shamrock Jewelers, Inc.
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
6%
 
12/14/2016

 
47.6

 
5.1

 
5.0

 
—
%
*Sheikh M Tariq dba Selbyville Foodrite
 
Gasoline Stations
 
Term Loan
 
6%
 
3/13/2023

 
63.1

 
48.4

 
33.5

 
0.02
%

44
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
*Tequila Beaches, LLC dba Fresco Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
9/16/2021

 
21.0

 
15.8

 
12.0

 
0.01
%
*The Alba Financial Group, Inc.
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
11/13/2015

 
15.6

 
7.4

 
4.0

 
—
%
*Top Class, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2016

 
5.0

 
1.3

 
0.1

 
—
%
*United Woodworking, Inc.
 
Wood Product Manufacturing
 
Term Loan
 
6%
 
12/20/2022

 
17.3

 
13.6

 
13.4

 
0.01
%
*DC Realty, LLC dba FOGO Data Centers
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6%
 
3/23/2037

 
777.9

 
741.3

 
716.0

 
0.42
%
*DC Realty, LLC dba FOGO Data Centers
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/23/2022

 
367.2

 
241.3

 
233.0

 
0.14
%
Total SBA Unguaranteed Non-Performing Investments
 
 
 
 
 
 
 
 
 
$
11,220.9

 
$
9,013.5

 
$
5,215.2

 
3.08
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total SBA Unguaranteed Investments
 
 
 
 
 
 
 
 
 
$
163,437.1

 
$
138,811.3

 
$
128,551.6

 
75.81
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performing SBA Guaranteed Investments (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GPG Enterprises, LLC dba Angel Animal Hospital & Boarding
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/24/2040

 
202.5

 
202.5

 
231.8

 
0.14
%
Loriet, LLC
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/24/2025

 
68.0

 
68.0

 
76.5

 
0.05
%
Zero-In Media Inc.
 
Data Processing, Hosting, and Related Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2025

 
127.5

 
127.5

 
142.2

 
0.08
%
Balthazar Management Virgin Islands, LLC dba The Beach Café
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/27/2025

 
369.8

 
369.8

 
416.0

 
0.25
%
Delta Aggrigate, LLC
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
3/30/2025

 
270.0

 
270.0

 
303.7

 
0.18
%
Copper Beech Financial Group, LLC
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
3/30/2025

 
375.0

 
375.0

 
429.4

 
0.25
%
T and B Boots Inc. dba Takkens
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
3/31/2025

 
2,423.3

 
2,423.3

 
2,689.9

 
1.59
%
Tavern Properties, LLC and Wildwood Tavern, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/15/2039

 
1,275.0

 
1,275.0

 
1,459.9

 
0.86
%
Quest Logic Investments, LLC and Kleiner Investments, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/31/2025

 
127.5

 
127.5

 
143.4

 
0.08
%
Mid-South Lumber Co. of Northwest Florida, Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/31/2040

 
1,286.3

 
1,286.3

 
1,473.8

 
0.87
%

45
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Kiddie Steps 4 You Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
2/20/2040

 
185.3

 
185.3

 
212.2

 
0.13
%
Baystate Firearms and Training, LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
2/27/2025

 
190.1

 
190.1

 
213.1

 
0.13
%
The Merrin Group, LLC dba Havana Central
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/31/2025

 
750.0

 
750.0

 
843.8

 
0.50
%
401 JJS Corporation and G Randazzo's Trattoria Corporation
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
1,420.4

 
1,233.7

 
1,409.6

 
0.83
%
Dean 1021, LLC dba Pure Pita
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/29/2025

 
240.0

 
141.7

 
159.1

 
0.09
%
FHJE Ventures, LLC and Eisenreich II Inc. dba Breakneck Tavern
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/31/2039

 
736.5

 
602.5

 
688.3

 
0.41
%
Miss Cranston Diner II, LLC and Miss Cranston II Realty, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/17/2039

 
328.5

 
292.0

 
333.8

 
0.20
%
Alpha Preparatory Academy, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/15/2039

 
435.7

 
371.5

 
424.6

 
0.25
%
First Prevention and Dialysis Center, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
714.8

 
361.3

 
405.5

 
0.24
%
Advance Case RE Holdings, LLC and Advance Case Parts Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2040

 
2,274.8

 
1,872.0

 
2,135.0

 
1.26
%
DC Real, LLC and DC Enterprises, LTD dba Lakeview True Value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/20/2039

 
358.1

 
341.7

 
390.4

 
0.23
%
Jatcoia 60056, LLC dba Style Encore
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
3/31/2025

 
126.4

 
126.4

 
141.8

 
0.08
%
Total SBA Guaranteed Performing Investments
 
 
 
 
 
 
 
 
 
$
14,285.2

 
$
12,993.1

 
$
14,723.8

 
8.68
%
Total SBA Unguaranteed and Guaranteed Investments
 
 
 
 
 
 
 
 
 
$
177,722.3

 
$
151,804.4

 
$
143,275.4

 
84.50
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Affiliate Investments (5)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
—
%
Advanced Cyber Security Systems, LLC (6), (13)                                         
 
Data processing, hosting and related services.
 
50% Membership Interest
 
—
%
 
—

 
—

 
—

 
—

 
—
%
 
 
 
 
Term Loan
 
3
%
 
 December 2014
 
1,120.0

 
381.0

 
—

 
—
%
*Automated Merchant Services, Inc. (7), (13)
 
Data processing, hosting and related services.
 
100% Common Stock
 
—
%
 
—

 
—

 
—

 
—

 
—
%
*Business Connect, LLC (8), (13)
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—
%
 
—

 
—

 
—

 
—

 
—
%
*CCC Real Estate Holdings, LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Membership Interest
 
—
%
 
—

 
—

 
—

 
—

 
—
%

46
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
CDS Business Services, Inc. (9), (13)                                                                                         
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Common Stock
 
—
%
 
—

 
—

 
—

 
496.0

 
0.29
%
 
 
 
 
Term Loan
 
1
%
 
Various maturities through August 2016
 
4,428.0

 
4,428.0

 
1,483.0

 
0.87
%
Crystaltech Web Hosting, Inc.
 
Data processing, hosting and related services.
 
100% Common Stock
 
—
%
 
—

 
—

 
9,256.0

 
21,500.0

 
12.68
%
*OnLAN, LLC (15) (17)
 
Professional, Scientific, and Technical Services
 
49% Membership Interests
 
—
%
 
—

 
—

 
800.0

 
—

 
—
%
*Exponential Business Development Co. Inc. (13)                                                                               
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Common Stock
 
—
%
 
—

 
—

 
—

 
—

 
—
%
*First Bankcard Alliance of Alabama, LLC (10), (13)                                                               
 
Data processing, hosting and related services.
 
95% Membership Interests
 
—
%
 
—

 
—

 
—

 
—

 
—
%
*Fortress Data Management, LLC (13)                                                                                    
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—
%
 
—

 
—

 
—

 
—

 
—
%
Newtek Insurance Agency, LLC (13)                                                                           
 
Insurance Carriers and Related Activities
 
100% Membership Interests
 
—
%
 
—

 
—

 
—

 
2,300.0

 
1.36
%
PMTWorks Payroll, LLC (11), (13)                                                                                    
 
Data processing, hosting and related services.
 
80% Membership Interests
 
—
%
 
—

 
—

 
—

 
920.0

 
0.54
%
 
 
 
 
Term Loan
 
10%-12%

 
Various maturities through September 2016
 
935.0

 
935.0

 
—

 
—
%
Secure CyberGateway Services, LLC (12), (13)                                                                                                                     
 
Data processing, hosting and related services.
 
66.7% Membership Interests
 
—
%
 
—

 
—

 
—

 
—

 
—
%
 
 
 
 
Term Loan
 
7
%
 
 December 2016
 
2,400.0

 
2,100.0

 
2,100.0

 
1.24
%
Small Business Lending, Inc. (13)                                                                       
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Common Stock
 
—
%
 
—

 
—

 
—

 
8,000.0

 
4.72
%
*Summit Systems and Designs, LLC (8), (13)                                                                     
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—
%
 
—

 
—

 
—

 
—

 
—
%
*The Texas Whitestone Group, LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Membership Interest
 
—
%
 
—

 
—

 
65.0

 
—

 
—
%

47
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Universal Processing Services of Wisconsin, LLC (13)                                            
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—
%
 
—

 
—

 
—

 
48,100.0

 
28.37
%
*Where Eagles Fly, LLC (13), (14)                                                                                     
 
Theatrical productions
 
95% Membership Interest
 
—
%
 
—

 
—

 
—

 
—

 
—
%
Total Affiliates Investments
 
 
 
 
 
 
 
 
 
$
8,883.0

 
$
17,965.0

 
$
84,899.0

 
50.07
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments in Money Market Funds
 
 
 
 
 
 
 
 
 
$
—

 
$
6,000.0

 
$
6,000.0

 
3.54
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Investments
 
 
 
 
 
 
 
 
 
$
186,605.3

 
$
175,769.4

 
$
234,174.4

 
138.10
%
See accompanying notes to unaudited condensed consolidated financial statements.

* denotes non-income producing security.
(1) Newtek values each unguaranteed portion of SBA 7(a) performing loans (“Loan”) using a discounted cash flow analysis which projects future cash flows and incorporates projections for Loan pre-payments and Loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on Loan age. The recovery assumption for each Loan is specific to the discounted valuation of the collateral supporting that Loan. Each Loan’s cash flow is discounted at a rate which approximates a market yield. The Loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded Preferred Lender Program (“PLP”) status from the SBA. The portions of these Loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors.
(2) Prime Rate is equal to 3.25% as of March 31, 2015.
(3) Newtek values non-performing SBA 7(a) loans using a discounted cash flow analysis of the underlying collateral which supports the loan. Net recovery of collateral, (fair value less cost to liquidate) is applied to the discounted cash flow analysis based upon a time to liquidate estimate. Modified loans are valued based upon current payment streams and are re-amortized at the end of the modification period.
(4) Newtek values guaranteed performing SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells performing SBA 7(a) loans into this secondary market. Guaranteed portions of SBA 7(a) loans partially funded as of the valuation date are valued using level two inputs as disclosed in Note 6.
(5) Control Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Control Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Control Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. owns more than 25% of the voting securities of such company.
(6) 50% owned by Exponential of New York, LLC, 50% owned by non-affiliate.
(7) 96.11% owned by Wilshire Partners, LLC., 3.89% owned by Newtek Business Services Corp.
(8) 100% owned by Wilshire Texas Partners I, LLC.
(9) 49.385% owned by Wilshire New York Partners IV, LLC, 24.99% owned by Exponential of New York, LLC and 25.926% owned by Newtek Business Services Corp.
(10) 95% owned by Wilshire Alabama Partners, LLC., 5% owned by non-affiliate.
(11) 50% owned by Wilshire New York Partners V, LLC, 30% owned by Wilshire Holdings II, Inc., and 20% owned by non-affiliate.
(12) 66.7% owned by Wilshire Texas Partners I, LLC, 33.3% owned by non-affiliate.
(13) 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.
(14) 95% owned by Wilshire DC Partners, LLC, 5% owned by non-affiliate.
(15) 49% owned by Wilshire Colorado Partners, LLC, 51% owned by non-affiliate
(16) 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.
(17) Denotes a non-controlled entity.

48
Table of Contents


NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2014
(In Thousands)

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Performing SBA Unguaranteed Investments (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MLM Enterprises, LLC and Demand Printing Solutions Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/18/2024

 
$
70.5

 
$
70.5

 
$
63.3

 
0.04
%
DC Real, LLC and DC Enterprises, LTD dba Lakeview True Value
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/20/2039

 
119.4

 
93.9

 
94.0

 
0.06
%
Legacy Estate Planning Inc. dba American Casket Enterprises
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2024

 
42.0

 
42.0

 
33.5

 
0.02
%
J&D Resources, LLC dba Aqua Science
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/21/2024

 
767.9

 
767.9

 
627.3

 
0.38
%
Teamnewman Enterprises, LLC dba Newmans at 988
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/25/2039

 
148.8

 
148.8

 
138.5

 
0.08
%
DeRidder Chiropractic, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/25/2024

 
13.2

 
13.2

 
12.5

 
0.01
%
Stormrider Inc. dba Shirley's Stormrider, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/25/2024

 
150.0

 
150.0

 
119.5

 
0.07
%
Modern Manhattan, LLC
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
11/25/2024

 
220.0

 
220.0

 
178.3

 
0.11
%
Meridian Hotels, LLC dba Best Western Jonesboro
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
11/25/2039

 
228.0

 
228.0

 
228.3

 
0.14
%
Trading Group 3, Inc.
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
11/26/2024

 
22.5

 
22.5

 
17.9

 
0.01
%
The Red Pill Management Inc. dba UFC Gym Matthews
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
11/26/2024

 
54.3

 
28.7

 
24.6

 
0.01
%
Homegrown For Good, LLC
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/26/2024

 
230.0

 
230.0

 
202.1

 
0.12
%
Kemmer, LLC and Apples Tree Top Liquors, LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/4/2039

 
138.4

 
138.4

 
125.1

 
0.08
%
The Conibear Corporation and Conibear Trucking, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/5/2024

 
12.0

 
12.0

 
10.5

 
0.01
%
All American Games, LLC and Sportslink - The Game, LLC
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
12/10/2024

 
400.0

 
400.0

 
341.6

 
0.21
%
B & W Towing, LLC and Boychucks Fuel, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/17/2039

 
164.5

 
164.5

 
151.3

 
0.09
%
MM and M Management Inc. dba Pizza Artista
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/19/2025

 
46.3

 
46.3

 
37.8

 
0.02
%

49
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
B.S. Ventures, LLC dba Dink's Market
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/19/2039

 
53.8

 
53.8

 
53.4

 
0.03
%
Will Zac Management, LLC dba Papa John's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/19/2024

 
48.8

 
48.8

 
47.9

 
0.03
%
The Jewelers Inc. dba The Jewelers of Las Vegas
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
12/19/2024

 
1,250.0

 
1,250.0

 
1,008.4

 
0.61
%
Beale Street Blues Company-West Palm Beach, LLC
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
12/22/2024

 
187.5

 
187.5

 
158.8

 
0.10
%
401 JJS Corporation and G Randazzo's Trattoria Corporation
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
473.5

 
378.8

 
379.2

 
0.23
%
The Lodin Group, LLC and Lodin Health Imaging Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
530.3

 
530.3

 
472.9

 
0.28
%
Thermoplastic Services Inc. and Paragon Plastic Sheet, Inc
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
500.0

 
500.0

 
500.6

 
0.30
%
Winter Ventures Inc. dba Qualitybargainbooks and Qualitybargainmall
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/23/2024

 
156.1

 
156.1

 
132.5

 
0.08
%
Carolina Flicks Inc. dba The Howell Theater
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
12/23/2032

 
163.3

 
163.3

 
149.9

 
0.09
%
Atlantis of Daytona. LLC and Ocean Club Sportswear Inc.
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
240.0

 
240.0

 
240.3

 
0.14
%
Bowlerama, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/24/2039

 
1,202.5

 
1,202.5

 
1,199.9

 
0.72
%
Bear Creek Entertainment, LLC dba The Woods at Bear Creek
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
106.3

 
106.3

 
104.6

 
0.06
%
Evans and Paul, LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
223.8

 
223.8

 
207.6

 
0.12
%
First Prevention and Dialysis Center, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
238.3

 
78.1

 
76.9

 
0.05
%
Grand Blanc Lanes, Inc. and H, H and H, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/31/2039

 
133.0

 
133.0

 
130.5

 
0.08
%
FHJE Ventures, LLC and Eisenreich II Inc. dba Breakneck Tavern
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/31/2039

 
245.5

 
161.6

 
161.8

 
0.10
%
JEJE Realty, LLC and La Familia Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/10/2039

 
205.8

 
205.8

 
191.9

 
0.12
%
Joey O's, LLC and Jennifer Olszewski
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/7/2024

 
13.1

 
13.0

 
10.3

 
0.01
%
Laura L. Smith dba Lisa Smith Studio
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/3/2024

 
15.0

 
14.9

 
11.9

 
0.01
%

50
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Frontier Bulk Solutions, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/31/2024

 
1,250.0

 
1,242.3

 
1,043.3

 
0.63
%
Heartland American Properties, LLC and Skaggs RV Outlet, LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/31/2039

 
479.0

 
478.3

 
459.3

 
0.28
%
M and C Renovations Inc.
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
10/31/2024

 
20.3

 
20.1

 
16.2

 
0.01
%
Golden Transaction Corporation dba Bleh Sunoco
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
10/30/2039

 
156.7

 
156.5

 
152.5

 
0.09
%
Kantz, LLC and Kantz Auto, LLC dba Kantz's Hometown Auto
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/29/2039

 
68.1

 
68.0

 
65.0

 
0.04
%
Seelan Inc. dba Candleridge Market
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
10/27/2039

 
90.5

 
90.4

 
84.0

 
0.05
%
185 Summerfield Inc. and Valcon Contracting Corp.
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
10/24/2039

 
162.3

 
162.0

 
157.1

 
0.09
%
Navdeep B Martins and Busy Bubbles, LLC dba Wishy Washy
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
10/24/2039

 
89.0

 
88.9

 
80.5

 
0.05
%
3 F Management, LLC and ATC Port Charlotte, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/17/2024

 
131.3

 
130.4

 
110.9

 
0.07
%
One Hour Jewelry Repair Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/14/2024

 
20.6

 
20.4

 
16.3

 
0.01
%
Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/10/2039

 
1,250.0

 
1,249.0

 
1,250.5

 
0.75
%
Capitol Waste and Recycling Services, LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
10/10/2024

 
257.8

 
256.2

 
220.3

 
0.13
%
Sound Manufacturing Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/10/2024

 
187.5

 
186.5

 
157.1

 
0.09
%
DNT Storage and Properties, LLC
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
10/10/2039

 
101.8

 
101.6

 
99.2

 
0.06
%
Boilermaker Industries, LLC dba PostNet
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/9/2024

 
18.8

 
18.8

 
16.8

 
0.01
%
Doctors Express Management of Central Texas, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/8/2024

 
105.0

 
92.4

 
85.0

 
0.05
%
Smith Spinal Care Center P.C. and James C. Smith
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/8/2039

 
60.0

 
59.9

 
57.2

 
0.03
%
Michael Rey Jr. and Lynn J. Williams (EPC) and GIG Petcare
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
10/3/2039

 
126.9

 
126.4

 
122.2

 
0.07
%
Sumad, LLC dba BrightStar Care of Encinitas
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/2/2024

 
92.5

 
92.5

 
90.1

 
0.05
%
Route 130 SCPI Holdings LLC, (EPC) Route 130 SCPI Operations, LLC (OC)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/30/2039

 
538.8

 
538.8

 
494.2

 
0.30
%
Roccos, LLC and Sullo Pantalone Inc. dba Rocco's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/30/2039

 
255.8

 
255.0

 
234.8

 
0.14
%

51
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Keller Holdings, LLC and David H Keller III and Carie C Keller
 
Scenic and Sightseeing Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2039

 
100.0

 
99.7

 
98.4

 
0.06
%
The Woods at Bear Creek, LLC and Bear Creek Entertainment, LLC
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/29/2039

 
513.3

 
512.5

 
513.0

 
0.31
%
Orange County Insurance Brokerage Inc. dba Beaty Insurance Agency
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
9/29/2039

 
325.1

 
324.6

 
324.7

 
0.20
%
Keys Phase One, LLC dba The Grand Guesthouse
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/26/2039

 
736.3

 
734.1

 
709.4

 
0.43
%
Colts V, LLC and Nowatzke Service Center, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/26/2039

 
601.8

 
600.0

 
576.8

 
0.35
%
Gordon E Rogers dba Stonehouse Motor Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
9/26/2039

 
57.5

 
57.3

 
57.4

 
0.03
%
Auto Shine Carwash Inc. and AKM R. Hossain and Jessica F. Masud
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/26/2024

 
22.5

 
22.2

 
18.6

 
0.01
%
6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/24/2039

 
452.5

 
451.2

 
395.7

 
0.24
%
North Columbia, LLC and Loop Liquor and Convenience Store, LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/24/2039

 
159.3

 
158.8

 
153.0

 
0.09
%
R A Johnson Inc. dba Rick Johnson Auto and Tire
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/23/2039

 
301.3

 
300.4

 
300.7

 
0.18
%
Andrene's, LLC dba Andrene's Caribbean Soul Food Carry Out
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/23/2024

 
37.8

 
37.6

 
30.1

 
0.02
%
Utek Corporation dba Arcade Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/22/2039

 
405.5

 
405.0

 
400.6

 
0.24
%
Play and Stay, LLC dba Zoom Room Tinton Falls
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/18/2024

 
42.1

 
42.1

 
33.6

 
0.02
%
Ryan Crick and Pamela J. Crick and Crick Enterprises Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/17/2039

 
145.5

 
145.1

 
145.2

 
0.09
%
Modern Leather Goods Repair Shop Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/17/2024

 
58.8

 
57.6

 
45.9

 
0.03
%
Animal Intrusion Prevention Systems Holding Company, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/15/2024

 
272.5

 
269.1

 
230.1

 
0.14
%
Tavern Properties, LLC and Wildwood Tavern, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/15/2039

 
425.0

 
312.0

 
312.3

 
0.19
%
RDT Enterprises, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/15/2027

 
162.8

 
161.4

 
152.3

 
0.09
%
KW Zion, LLC and Key West Gallery Inc.
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/12/2039

 
1,250.0

 
1,246.4

 
1,203.3

 
0.72
%
Indy East Smiles Youth Dentistry, LLC dba Prime Smile East
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/11/2024

 
630.2

 
622.4

 
499.6

 
0.30
%
B&P Diners, LLC dba Engine House Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/10/2024

 
80.0

 
79.0

 
63.0

 
0.04
%
Feel The World Inc. dba Xero Shoes and Invisible Shoes
 
Leather and Allied Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/5/2024

 
51.9

 
51.3

 
42.2

 
0.03
%

52
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Alberti and Cardoni, LLC dba Menchie's
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
8/29/2024

 
77.3

 
77.3

 
64.3

 
0.04
%
Delta Aggrigate, LLC
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
8/28/2039

 
911.3

 
911.3

 
912.1

 
0.55
%
Lamjam, LLC (EPC) Goldsmith Lambros Inc. (OC)
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
8/27/2024

 
133.8

 
131.3

 
129.3

 
0.08
%
Orange County Cleaning Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
8/27/2024

 
41.3

 
40.5

 
32.3

 
0.02
%
Qycell Corporation
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/26/2024

 
121.0

 
118.9

 
103.7

 
0.06
%
Atlas Auto Body Inc. dba Atlas Auto Sales
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/22/2039

 
51.6

 
51.3

 
47.9

 
0.03
%
Grey Light Realty, LLC (EPC) NH Precision Metal Fabricators Inc. (OC)
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/21/2039

 
1,226.0

 
1,220.6

 
1,160.5

 
0.70
%
S&P Holdings of Daytona LLC (EPC) S&P Corporation of Daytona Beach
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
8/15/2039

 
433.5

 
431.6

 
432.0

 
0.26
%
Barber Investments, LLC and Fieldstone Quickstop, LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
8/15/2039

 
150.0

 
149.3

 
128.6

 
0.08
%
Katie Senior Care, LLC dba Home Instead Senior Care
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/15/2024

 
124.3

 
121.9

 
97.2

 
0.06
%
Alpha Preparatory Academy, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/15/2039

 
145.2

 
109.2

 
109.4

 
0.07
%
Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
8/8/2039

 
188.4

 
187.6

 
187.8

 
0.11
%
Almost Home Property, LLC and Almost Home Daycare, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/7/2039

 
715.8

 
713.6

 
698.8

 
0.42
%
iFood, Inc. dba Steak N Shake
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/31/2024

 
379.1

 
290.5

 
259.3

 
0.16
%
AGV Enterprises, LLC dba Jet's Pizza #42
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/31/2024

 
54.8

 
53.5

 
43.9

 
0.03
%
575 Columbus Avenue Holding Company, LLC and LA-ZE, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/30/2039

 
22.5

 
22.4

 
22.4

 
0.01
%
L&S Insurance & Financial Services Inc.
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
7/25/2024

 
22.5

 
21.9

 
17.8

 
0.01
%
Honeyspot Investors, LLP and Pace Motor Lines Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/24/2039

 
150.0

 
149.1

 
147.6

 
0.09
%
Miss Cranston Diner II, LLC and Miss Cranston II Realty, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/17/2039

 
91.3

 
91.3

 
88.4

 
0.05
%
Wired, LLC and Moulison North Corporation
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/3/2024

 
150.1

 
146.4

 
126.6

 
0.08
%
Honeyspot Investors, LLP and Pace Motor Lines Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/30/2039

 
875.3

 
870.1

 
859.1

 
0.52
%
iFood, Inc. dba Steak N Shake
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2039

 
629.8

 
625.2

 
549.0

 
0.33
%

53
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Wired, LLC and Moulison North Corporation
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/30/2024

 
500.0

 
484.4

 
419.1

 
0.25
%
AMG Holding, LLC and Stetson Automotive, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/30/2039

 
208.0

 
206.5

 
206.3

 
0.12
%
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/30/2024

 
100.0

 
96.9

 
92.5

 
0.06
%
Highway Striping Inc.
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
6/30/2024

 
53.1

 
51.5

 
43.1

 
0.03
%
FHJE Ventures, LLC and Eisenreich II Inc. dba Breakneck Tavern
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/27/2039

 
321.8

 
319.6

 
303.4

 
0.18
%
JPM Investments, LLC and Carolina Family Foot Care P.A.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/26/2039

 
136.1

 
135.5

 
130.5

 
0.08
%
Zinger Hardware and General Merchant Inc.
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/26/2024

 
110.5

 
107.1

 
94.9

 
0.06
%
Nikobella Properties, LLC and JPO Inc. dba Village Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/25/2039

 
476.3

 
472.8

 
451.7

 
0.27
%
RDJ Maayaa Inc. dba RDJ Distributors
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/23/2024

 
8.7

 
8.3

 
6.7

 
—
%
Big Sky Plaza, LLC and Strickland, Incorporated
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/20/2039

 
233.4

 
231.7

 
220.0

 
0.13
%
510 ROK Realty, LLC dba ROK Health and Fitness
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/19/2024

 
332.0

 
322.2

 
304.3

 
0.18
%
Nirvi Enterprises, LLC dba Howard Johnson / Knights Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/17/2039

 
920.3

 
913.5

 
912.5

 
0.55
%
Hotels of North Georgia, LLC dba Comfort Inn and Suites
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
6/17/2039

 
837.5

 
831.4

 
825.4

 
0.50
%
Global Educational Delivery Services, LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/16/2024

 
60.0

 
58.3

 
57.3

 
0.03
%
GPG Real Estate Holdings, LLC and GPG Enterprises Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/13/2039

 
322.1

 
319.7

 
299.2

 
0.18
%
Rainbow Dry Cleaners
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/13/2024

 
122.5

 
118.7

 
100.1

 
0.06
%
GPG Real Estate Holdings, LLC (OC) GPG Enterprises Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/13/2039

 
162.5

 
40.4

 
40.4

 
0.02
%
NVR Corporation dba Discount Food Mart
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/11/2039

 
68.3

 
67.5

 
67.4

 
0.04
%
Sico & Walsh Insurance Agency Inc. and The AMS Trust
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/6/2039

 
250.0

 
249.2

 
232.9

 
0.14
%

54
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Sujata Inc. dba Stop N Save Food Mart
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
6/3/2024

 
22.5

 
21.8

 
18.0

 
0.01
%
Long Island Barber Institute Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/2/2039

 
55.5

 
55.1

 
51.5

 
0.03
%
CJR LLC (EPC) and PowerWash Plus, Inc. (OC)
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/30/2024

 
53.0

 
51.0

 
46.6

 
0.03
%
Pocono Coated Products, LLC
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/30/2024

 
22.5

 
21.7

 
19.9

 
0.01
%
R. A. Johnson, Inc. dba Rick Johnson Auto & Tire
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/29/2039

 
943.8

 
935.8

 
934.7

 
0.56
%
Wilton Dental Care P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/29/2024

 
128.1

 
125.6

 
100.4

 
0.06
%
EGM Food Services Inc. dba Gold Star Chili
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/29/2024

 
19.2

 
18.5

 
15.4

 
0.01
%
Jonesboro Health Food Center, LLC
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
5/27/2024

 
60.0

 
57.8

 
45.7

 
0.03
%
USI Properties, LLC dba U Store It
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
5/23/2039

 
144.6

 
143.4

 
141.0

 
0.08
%
Bay State Funeral Services, LLC (EPC) and Riley Funeral Home Inc.(OC)
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
5/21/2039

 
134.9

 
134.1

 
133.9

 
0.08
%
Hae M. and Jin S. Park dba Buford Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/15/2039

 
166.5

 
164.3

 
151.0

 
0.09
%
Moochie's, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/13/2024

 
100.5

 
97.9

 
79.3

 
0.05
%
The River Beas, LLC and Punam Singh
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/8/2039

 
90.3

 
89.5

 
84.8

 
0.05
%
AS Boyals, LLC dba Towne Liquors
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
4/29/2039

 
117.5

 
116.3

 
116.2

 
0.07
%
Winter Ventures Inc. and 214 N Franklin LLC
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
4/29/2024

 
62.6

 
59.9

 
53.0

 
0.03
%
ENI Inc., Event Networks Inc., ENI Worldwide, LLC and Spot Shop Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/25/2024

 
500.0

 
478.1

 
376.8

 
0.23
%
Gerami Realty, LC (EPC) Sherrill Universal City Corral, LP
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/23/2027

 
78.8

 
76.4

 
73.4

 
0.04
%
Complete Body & Paint, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/23/2039

 
20.8

 
20.6

 
20.5

 
0.01
%
Island Wide Realty, LLC and Long Island Partners, Inc.
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
4/22/2039

 
103.8

 
102.7

 
102.6

 
0.06
%
Aiello's Pizzeria, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/18/2024

 
42.8

 
40.9

 
34.0

 
0.02
%
Wilshire Media Systems Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/17/2024

 
186.3

 
178.1

 
145.5

 
0.09
%
Family Ties Supply Corp. dba Best Cookies & More dba Cookie Factory Out
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/16/2024

 
53.1

 
50.8

 
39.8

 
0.02
%

55
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
R2 Tape Inc. dba Presto Tape
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
4/10/2024

 
78.8

 
75.3

 
74.0

 
0.04
%
1899 Tavern & Tap, LLC and Ale House Tavern & Tap, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/9/2039

 
137.5

 
135.2

 
130.7

 
0.08
%
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/31/2024

 
1,250.0

 
712.3

 
689.3

 
0.41
%
Hodges Properties, LLC and Echelon Enterprises Inc. dba Treads Bicycle
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
449.0

 
443.7

 
427.6

 
0.26
%
Dantanna's Tavern, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2024

 
164.3

 
158.2

 
133.2

 
0.08
%
RDT Enterprises, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/31/2028

 
141.2

 
137.1

 
135.6

 
0.08
%
Kemmer, LLC (EPC) and Pitts Package Store, Inc.(OC)
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
117.5

 
116.3

 
99.7

 
0.06
%
Little People's Village II, LLC (OC) and Iliopoulos Realty, LLC (EPC)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
101.5

 
100.9

 
91.1

 
0.05
%
Little People's Village II, LLC (OC) and Iliopoulos Realty, LLC (EPC)
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/31/2039

 
92.1

 
91.5

 
82.6

 
0.05
%
Wilban, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/28/2039

 
427.5

 
422.5

 
403.8

 
0.24
%
Lake Area Autosound, LLC and Ryan H. Whittington
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
7/28/2039

 
125.0

 
125.0

 
116.8

 
0.07
%
TC Business Enterprises, LLC dba Sky Zone Indoor Trampoline Park
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/27/2024

 
290.1

 
280.8

 
229.0

 
0.14
%
Sapienzo Properties, LLC (EPC) CNS Self-Storage Inc. (OC)
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
3/27/2039

 
193.8

 
190.6

 
190.4

 
0.11
%
Hascher Gabelstapler Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/26/2024

 
143.3

 
136.1

 
122.5

 
0.07
%
Knowledge First Inc. dba Magic Years of Learning and Kimberly Knox
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/21/2039

 
145.0

 
143.5

 
132.2

 
0.08
%
636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co.
 
Primary Metal Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/20/2039

 
497.5

 
491.5

 
490.9

 
0.29
%
Cormac Enterprises and Wyoming Valley Beverage Incorporated
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/20/2039

 
110.8

 
109.6

 
109.5

 
0.07
%
Kinisi, Inc. dba The River North UPS Store
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2024

 
41.3

 
38.4

 
33.8

 
0.02
%
Tortilla King, Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/14/2029

 
1,033.1

 
1,011.0

 
903.2

 
0.54
%
SE Properties 39 Old Route 146, LLC (EPC) SmartEarly Clifton Park, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
3/14/2039

 
408.0

 
404.4

 
400.5

 
0.24
%
Tortilla King Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/14/2039

 
216.9

 
214.3

 
193.3

 
0.12
%

56
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Bowl Mor, LLC dba Bowl Mor Lanes and Spare Lounge, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/13/2039

 
223.5

 
220.9

 
220.6

 
0.13
%
Avayaan2, LLC dba Island Cove
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/7/2039

 
157.5

 
155.6

 
148.6

 
0.09
%
Onofrio's Fresh Cut Inc.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/6/2024

 
75.0

 
71.4

 
65.7

 
0.04
%
J&M Concessions, Inc.dba A-1 Liquors
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/3/2039

 
135.6

 
134.0

 
120.8

 
0.07
%
R & R Boyal, LLC dba Cap N Cat Clam Bar and Little Ease Tavern
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/28/2039

 
417.5

 
412.1

 
386.2

 
0.23
%
Summit Beverage Group, LLC
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/28/2024

 
350.6

 
330.8

 
293.6

 
0.18
%
Faith Memorial Chapel, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2039

 
214.2

 
211.4

 
194.6

 
0.12
%
952 Boston Post Road Realty, LLC and HNA, LLC dba Styles International
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
2/28/2039

 
211.0

 
208.3

 
192.3

 
0.12
%
Choe Trade Group Inc. dba Rapid Printers of Monterey
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
2/28/2024

 
159.3

 
150.3

 
143.1

 
0.09
%
Pindar Associates, LLC, Pidar Vineyards, LLC, Duck Walk Vineyards Inc.
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/25/2024

 
712.3

 
672.0

 
659.9

 
0.40
%
96 Mill Street, LLC, Central Pizza, LLC and Jason Bikakis George Bikaki
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/12/2039

 
141.3

 
139.4

 
139.2

 
0.08
%
JWB Industries, Inc. dba Carteret Die Casting
 
Primary Metal Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/11/2024

 
280.0

 
264.1

 
217.5

 
0.13
%
Sovereign Communications, LLC
 
Broadcasting (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
2/7/2024

 
907.8

 
856.3

 
688.8

 
0.41
%
986 Dixwell Avenue Holding Company, LLC(EPC) and Mughali Foods, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/7/2039

 
99.1

 
98.2

 
93.5

 
0.06
%
Awesome Pets II Inc. dba Mellisa's Pet Depot
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
2/7/2024

 
83.2

 
79.5

 
66.1

 
0.04
%
Robert Star Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
2/5/2024

 
46.8

 
44.2

 
43.4

 
0.03
%
Atlas Mountain Construction, LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
1/28/2024

 
16.5

 
15.5

 
15.2

 
0.01
%
Sarah Sibadan dba Sibadan Agency
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
1/27/2039

 
129.4

 
127.5

 
124.3

 
0.07
%
3Fmanagement, LLC and ATC Fitness Cape Coral, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
1/24/2024

 
425.0

 
398.2

 
334.1

 
0.20
%
JDR Industries Inc dba CST-The Composites Store
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
1/21/2024

 
140.3

 
131.4

 
112.4

 
0.07
%
Icore Enterprises Inc. dba Air Flow Filters Inc.
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
1/15/2024

 
21.8

 
20.4

 
20.0

 
0.01
%

57
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Nutmeg North Associates, LLC (OC) Steeltech Building Products Inc.
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/31/2038

 
897.8

 
883.5

 
814.7

 
0.49
%
Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/30/2027

 
712.5

 
692.9

 
675.7

 
0.41
%
S.Drake, LLC dba Express Employment Professionals of Ann Arbor, Michigan
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/31/2023

 
18.8

 
17.8

 
14.2

 
0.01
%
CLU Amboy, LLC (EPC) and Amboy Group, LLC (OC) dba Tommy Moloney's
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/27/2023

 
656.3

 
620.0

 
608.6

 
0.37
%
Shane M. Howell and Buck Hardware and Garden Center, LLC
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/27/2038

 
322.5

 
317.2

 
289.5

 
0.17
%
Superior Disposal Service, Inc.
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
12/26/2023

 
240.5

 
223.8

 
206.3

 
0.12
%
KK International Trading Corporation
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/23/2028

 
190.0

 
182.6

 
169.9

 
0.10
%
AIP Enterprises, LLC and Spider's Web Inc dba Black Widow Harley-Davidson
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
12/20/2038

 
962.5

 
946.7

 
936.7

 
0.56
%
JackRabbit Sports Inc.
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
12/20/2023

 
581.3

 
535.9

 
526.0

 
0.32
%
Mosley Auto Group, LLC dba America's Automotive
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/20/2038

 
221.5

 
217.9

 
212.2

 
0.13
%
Kurtis Sniezek dba Wolfe's Foreign Auto
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/20/2038

 
88.9

 
87.4

 
87.3

 
0.05
%
PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/19/2038

 
555.3

 
546.2

 
508.3

 
0.31
%
Lefont Theaters Inc.
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
12/19/2023

 
14.4

 
13.4

 
11.6

 
0.01
%
TAK Properties, LLC and Kinderland Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
12/18/2038

 
405.0

 
398.4

 
373.6

 
0.22
%
Any Garment Cleaner-East Brunswick, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/18/2023

 
53.8

 
50.0

 
46.0

 
0.03
%
TOL, LLC dba Wild Birds Unlimited
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
12/13/2023

 
18.0

 
17.3

 
14.8

 
0.01
%
8 Minute Oil Change of Springfield Corporation and John Nino
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/12/2038

 
196.8

 
193.1

 
188.5

 
0.11
%
920 CHR Realty, LLC (EPC) V. Garofalo Carting Inc (OC)
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
12/10/2038

 
418.1

 
411.3

 
410.6

 
0.25
%
DKB Transport Corp.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/5/2038

 
138.8

 
136.5

 
136.3

 
0.08
%
Firm Foundations Inc. David S Gaitan Jr and Christopher K Daigle
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/3/2023

 
545.8

 
507.7

 
441.3

 
0.27
%

58
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Firm Foundations Inc. David S Gaitan Jr and Christopher K Daigle
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/3/2038

 
104.3

 
102.5

 
90.3

 
0.05
%
Spectrum Development, LLC and Solvit Inc & Solvit North, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/2/2023

 
387.3

 
360.3

 
313.0

 
0.19
%
BVIP Limousine Service, LTD
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
11/27/2038

 
76.5

 
75.1

 
72.4

 
0.04
%
Eco-Green Reprocessing, LLC and Denali Medical Concepts, LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/27/2023

 
67.2

 
62.1

 
50.6

 
0.03
%
TNDV: Television, LLC
 
Broadcasting (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
11/26/2038

 
253.8

 
249.2

 
234.9

 
0.14
%
Veterinary Imaging Specialists of Alaska, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/26/2023

 
162.6

 
155.0

 
144.4

 
0.09
%
Wallace Holdings, LLC (EPC) GFA International Inc. (OC)
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.5%
 
11/25/2023

 
125.0

 
115.4

 
92.8

 
0.06
%
AcuCall, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/21/2023

 
15.8

 
14.7

 
11.6

 
0.01
%
Seven Peaks Mining Inc. and Cornerstone Industrial Minerals Corporation
 
Mining (except Oil and Gas)
 
Term Loan
 
Prime plus 2.75%
 
11/18/2038

 
1,250.0

 
1,227.8

 
1,064.3

 
0.64
%
Kids in Motion of Springfield, LLC dba The Little Gym of Springfield, IL
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
11/18/2023

 
45.0

 
42.3

 
34.5

 
0.02
%
Kup's Auto Spa Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/15/2038

 
396.7

 
390.0

 
382.7

 
0.23
%
Yousef Khatib dba Y&M Enterprises
 
Wholesale Electronic Markets and Agents and Brokers
 
Term Loan
 
Prime plus 2.75%
 
11/15/2023

 
75.0

 
69.3

 
56.7

 
0.03
%
River Run Personnel, LLC dba Express Employment Professionals
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
11/15/2023

 
20.0

 
1.2

 
1.2

 
—
%
Howell Gun Works, LLC
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
11/14/2023

 
8.3

 
7.7

 
6.1

 
—
%
Armin and Kian Inc. dba The UPS Store 3714
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
11/13/2023

 
56.5

 
52.2

 
41.0

 
0.02
%
Polpo Realty, LLC (EPC) Polpo Restaurant, LLC (OC)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/6/2038

 
62.5

 
61.6

 
61.5

 
0.04
%
Twinsburg Hospitality Group, LLC dba Comfort Suites
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
945.0

 
928.1

 
862.6

 
0.52
%
Master CNC Inc. & Master Properties, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
596.6

 
585.0

 
524.2

 
0.31
%
1 North Restaurant Corp. dba 1 North Steakhouse
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
212.5

 
208.4

 
202.4

 
0.12
%
Mid-Land Sheet Metal Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/31/2038

 
137.5

 
135.0

 
129.9

 
0.08
%

59
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Logistics Business Solutions Inc. dba The UPS Store
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/31/2023

 
50.0

 
46.5

 
41.8

 
0.03
%
Janice B. McShan and The Metropolitan Day School, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
10/31/2023

 
42.8

 
40.4

 
38.5

 
0.02
%
Meridian Hotels, LLC dba Best Western Jonesboro
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
10/29/2038

 
664.5

 
650.4

 
644.4

 
0.39
%
New Image Building Services Inc. dba New Image Repair Services
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/29/2023

 
331.3

 
303.9

 
254.1

 
0.15
%
A-1 Quality Services Corporation
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
10/29/2023

 
8.9

 
8.1

 
6.4

 
—
%
Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
10/24/2038

 
246.3

 
241.5

 
221.1

 
0.13
%
Greenbrier Technical Services, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/24/2023

 
240.1

 
221.6

 
208.6

 
0.13
%
Kelly Auto Care LLC dba Shoreline Quick Lube and Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
10/18/2023

 
87.5

 
80.3

 
67.2

 
0.04
%
KenBro Enterprises LLC dba Hearing Aids by Zounds-Cherry Hill
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
10/18/2023

 
25.8

 
23.6

 
21.3

 
0.01
%
Shepher Distr's and Sales Corp and The Lederer Industries Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/30/2023

 
1,050.0

 
956.4

 
938.7

 
0.56
%
Fieldstone Quick Stop, LLC (OC) Barber Investments, LLC (EPC)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
676.3

 
667.1

 
598.7

 
0.36
%
Cencon Properties, LLC and Central Connecticut Warehousing Company
 
Warehousing and Storage
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
344.5

 
337.8

 
333.3

 
0.20
%
Lenoir Business Partners, LLC (EPC) LP Industries, Inc. dba Childforms
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
322.7

 
317.7

 
302.4

 
0.18
%
Onofrios Enterprises, LLC (EPC) Onofrios Fresh Cut, Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
312.5

 
306.8

 
294.3

 
0.18
%
Discount Wheel and Tire
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
223.8

 
219.0

 
204.2

 
0.12
%
Top Properties, LLC and LP Industries, Inc dba Childforms
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
120.0

 
117.9

 
117.7

 
0.07
%
AGS Talcott Partners, Inc.
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
9/30/2023

 
117.8

 
107.3

 
84.2

 
0.05
%
First Steps Real Estate Company, LLC (EPC) and First Steps Preschool
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/30/2038

 
97.6

 
95.6

 
86.8

 
0.05
%
Gabrielle Realty, LLC
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
9/27/2038

 
757.6

 
741.6

 
688.8

 
0.41
%
Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman, DDS, PC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2038

 
335.1

 
328.0

 
310.9

 
0.19
%
Handy 6391, LLC dba The UPS Store #6391
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2023

 
62.5

 
58.3

 
57.3

 
0.03
%
Eastside Soccer Dome, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/26/2038

 
463.8

 
453.9

 
453.1

 
0.27
%

60
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
HJ & Edward Enterprises, LLC dba Sky Zone
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/26/2023

 
262.5

 
246.8

 
222.6

 
0.13
%
Anthony C Dinoto and Susan S P Dinoto
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/26/2038

 
100.0

 
98.0

 
97.8

 
0.06
%
Southeast Chicago Soccer Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/26/2038

 
51.3

 
50.2

 
50.1

 
0.03
%
Kiddie Steps 4 You Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/25/2038

 
89.3

 
83.9

 
78.4

 
0.05
%
Diamond Memorials Incorporated
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/25/2023

 
14.3

 
12.8

 
10.0

 
0.01
%
Faith Memorial Chapel, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2038

 
268.4

 
262.7

 
249.0

 
0.15
%
Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2023

 
46.3

 
42.3

 
34.8

 
0.02
%
Westville Seafood, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/19/2038

 
112.3

 
109.9

 
102.7

 
0.06
%
Maynard Enterprises Inc. dba Fastsigns of Texarkana
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
9/18/2023

 
16.1

 
14.8

 
12.3

 
0.01
%
Grafio Inc. dba Omega Learning Center-Acworth
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2023

 
156.3

 
142.3

 
118.8

 
0.07
%
The Berlerro Group, LLC dba Sky Zone
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/12/2023

 
421.3

 
395.8

 
326.4

 
0.20
%
Sound Manufacturing Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/12/2028

 
54.8

 
52.1

 
46.6

 
0.03
%
Prospect Kids Academy Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
9/11/2038

 
124.3

 
121.6

 
116.6

 
0.07
%
Alma J. and William R. Walton (EPC) and Almas Child Day Care Center
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/11/2038

 
39.5

 
38.7

 
38.6

 
0.02
%
B for Brunette, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/10/2023

 
53.4

 
49.3

 
39.1

 
0.02
%
Schmaltz Holdings, LLC (EPC) and Schmaltz Operations, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/4/2038

 
224.2

 
217.8

 
202.8

 
0.12
%
ACI Northwest Inc.
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
906.3

 
680.0

 
613.9

 
0.37
%
IlOKA Inc. dba Microtech Tel and NewCloud Networks
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
687.5

 
621.5

 
528.2

 
0.32
%
Spectrum Radio Fairmont, LLC
 
Broadcasting (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
187.5

 
169.5

 
163.9

 
0.10
%
Excel RP Inc.
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
130.3

 
117.8

 
110.1

 
0.07
%
Gulfport Academy Child Care and Learning Center, Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/30/2023

 
43.3

 
39.1

 
36.3

 
0.02
%

61
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Mojo Brands Media, LLC
 
Broadcasting (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
8/28/2023

 
784.0

 
750.1

 
603.7

 
0.36
%
Ramard Inc and Advanced Health Sciences Inc.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/28/2023

 
187.5

 
169.5

 
133.0

 
0.08
%
RM Hawkins, LLC dba Pure Water Tech West and Robert M Hawkins
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
8/26/2023

 
85.8

 
73.6

 
72.3

 
0.04
%
JSIL LLC dba Blackstones Hairdressing
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
8/16/2023

 
19.5

 
17.7

 
14.8

 
0.01
%
Jatcoia, LLC dba Plato's Closet
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
8/15/2023

 
65.0

 
52.3

 
51.0

 
0.03
%
Island Nautical Enterprises, Inc. (OC) and Ingwall Holdings, LLC (EPC)
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/14/2038

 
445.0

 
343.0

 
312.3

 
0.19
%
Caribbean Concepts, Inc. dba Quick Bleach
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
8/12/2023

 
22.5

 
20.5

 
16.7

 
0.01
%
VesperGroup, LLC dba The Wine Cellar
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/5/2023

 
45.0

 
40.7

 
33.9

 
0.02
%
Blacknorange2, LLC dba Popeyes Louisiana Kitchen
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/31/2023

 
175.0

 
159.1

 
128.9

 
0.08
%
209 North 3rd Street, LLC (EPC) Yuster Insurance Group Inc. (OC)
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
7/29/2038

 
83.9

 
81.8

 
78.2

 
0.05
%
Majestic Contracting Services, Inc. dba Majestic Electric
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/26/2038

 
190.0

 
185.4

 
171.3

 
0.10
%
Daniel W. and Erin H. Gordon and Silver Lining Stables CT, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
7/24/2023

 
11.3

 
10.1

 
9.9

 
0.01
%
Angkor Restaurant Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/19/2038

 
93.0

 
90.8

 
88.3

 
0.05
%
Harbor Ventilation Inc. and Estes Investment, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/19/2038

 
92.1

 
90.0

 
84.5

 
0.05
%
Tri County Heating and Cooling Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/19/2023

 
87.8

 
78.8

 
73.7

 
0.04
%
Morning Star Trucking. LLC and Morning Star Equipment and Leasing, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
7/17/2023

 
53.8

 
48.2

 
37.9

 
0.02
%
Maxiflex, LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/28/2023

 
153.5

 
136.9

 
135.5

 
0.08
%
JRA Holdings, LLC (EPC) Jasper County Cleaners Inc. dba Superior Cleaner
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2038

 
121.0

 
117.9

 
118.9

 
0.07
%
GIA Realty, LLC and VRAJ GIA, LLC dba Lakeview Laundromat
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2038

 
97.5

 
95.0

 
95.8

 
0.06
%
Emerald Ironworks Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/27/2023

 
72.0

 
64.4

 
56.4

 
0.03
%
Contract Packaging Services Inc. dba Superior Pack Group
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/21/2023

 
851.8

 
764.3

 
690.4

 
0.41
%

62
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
2161 Highway 6 Trail, LLC (EPC)
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/19/2026

 
1,250.0

 
912.6

 
903.4

 
0.54
%
CBlakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services
 
Heavy and Civil Engineering Construction
 
Term Loan
 
Prime plus 2.75%
 
6/18/2028

 
875.0

 
821.3

 
819.1

 
0.49
%
KDP, LLC and KDP Investment Advisors, Inc. and KDP Asset Management, Inc.
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/14/2023

 
343.8

 
306.2

 
263.6

 
0.16
%
Elite Structures Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/12/2038

 
932.8

 
901.3

 
901.2

 
0.54
%
(EPC) Absolute Desire, LLC and Mark H. Szierer (OC) Sophisticated Smile
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/5/2038

 
188.3

 
183.7

 
172.4

 
0.10
%
(EPC) Willowbrook Properties, LLC (OC) Grove Gardens Landscaping Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
6/5/2038

 
186.3

 
181.5

 
177.9

 
0.11
%
Maciver Corporation dba Indie Rentals and Division Camera
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
5/31/2023

 
440.8

 
390.3

 
363.0

 
0.22
%
RKP Service dba Rainbow Carwash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/31/2023

 
300.0

 
268.2

 
232.8

 
0.14
%
Europlast Ltd.
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/31/2023

 
162.0

 
157.4

 
151.0

 
0.09
%
RXSB, Inc. dba Medicine Shoppe
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
5/30/2023

 
186.3

 
165.5

 
140.1

 
0.08
%
Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
5/28/2023

 
63.5

 
56.2

 
51.2

 
0.03
%
Ryan D. Thornton and Thornton & Associates, LLC
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
5/24/2023

 
68.8

 
58.7

 
49.7

 
0.03
%
Insurance Problem Solvers, LLC
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
5/20/2023

 
17.1

 
15.1

 
12.8

 
0.01
%
Hybrid Racing, LLC.
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
5/15/2023

 
116.3

 
103.4

 
92.8

 
0.06
%
Atlas Mountain Construction, LLC
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
5/13/2038

 
127.3

 
123.8

 
124.8

 
0.07
%
PowerWash Plus, Inc. and CJR, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/30/2038

 
550.0

 
534.1

 
512.2

 
0.31
%
Peanut Butter & Co., Inc.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/30/2023

 
100.0

 
87.7

 
75.1

 
0.05
%
Brothers International Desserts
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/26/2023

 
230.0

 
201.8

 
185.1

 
0.11
%
Kidrose, LLC dba Kidville Riverdale
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
4/22/2023

 
78.8

 
69.9

 
62.3

 
0.04
%
SFAM Parsippany LLC dba Cups Frozen Yogurt
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
4/19/2023

 
121.3

 
46.3

 
45.8

 
0.03
%
Vernon & Stephanie Scott and Little Stars Day Care Center, Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
4/18/2038

 
151.0

 
146.7

 
147.9

 
0.09
%

63
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Capital Scrap Metal, LLC and Powerline Investment, LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/29/2038

 
500.0

 
463.9

 
467.5

 
0.28
%
MRM Supermarkets Inc. dba Constantins Breads; Dallas Gourmet Breads
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/29/2038

 
336.0

 
325.8

 
303.2

 
0.18
%
1258 Hartford TPKE, LLC (EPC) and Phelps and Sons, Inc. (OC)
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/29/2038

 
124.6

 
120.8

 
114.3

 
0.07
%
A & M Commerce, Inc. dba Cranberry Sunoco
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/27/2038

 
330.3

 
320.0

 
313.9

 
0.19
%
Xela Pack, Inc. and Aliseo and Catherine Gentile
 
Paper Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/27/2028

 
271.8

 
252.1

 
250.6

 
0.15
%
Neyra Industries, Inc. and Edward Neyra
 
Nonmetallic Mineral Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/27/2023

 
217.5

 
189.4

 
185.0

 
0.11
%
Gator Communications Group, LLC dba Harvard Printing Group
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/27/2023

 
17.3

 
15.5

 
14.2

 
0.01
%
American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/25/2038

 
537.5

 
521.1

 
497.8

 
0.30
%
Michael A. and Heather R. Welsch dba Art & Frame Etc.
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
3/22/2038

 
67.5

 
65.4

 
63.9

 
0.04
%
M & H Pine Straw Inc. and Harris L. Maloy
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
3/21/2023

 
288.8

 
251.6

 
235.9

 
0.14
%
Truth Technologies Inc. dba Truth Technologies Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2023

 
79.5

 
69.2

 
60.1

 
0.04
%
J. Kinderman & Sons Inc., dba BriteStar Inc.
 
Electrical Equipment, Appliance, and Component Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/20/2023

 
181.3

 
157.8

 
156.0

 
0.09
%
Stellar Environmental, LLC
 
Waste Management and Remediation Services
 
Term Loan
 
Prime plus 2.75%
 
3/18/2023

 
56.3

 
49.0

 
46.7

 
0.03
%
Sound Manufacturing, Inc. and Monster Power Equipment Inc.
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/15/2023

 
523.0

 
455.9

 
417.3

 
0.25
%
N.S and Z, Inc. dba Panos Pastry and Bakery and Jovinar's Chocolates
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/15/2038

 
129.3

 
125.5

 
126.5

 
0.08
%
Golden Gate Lodging, LLC (OC)
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/12/2038

 
115.0

 
111.5

 
108.9

 
0.07
%
Aldine Funeral Chapel, LLC dba Aldine Funeral Chapel
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/8/2038

 
73.8

 
35.5

 
35.8

 
0.02
%
River Club Golf Course Inc. dba The River Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2038

 
475.2

 
459.9

 
445.9

 
0.27
%
Bakhtar Group, LLC dba Malmaison
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2023

 
103.8

 
90.4

 
76.6

 
0.05
%
Osceola River Mill, LLC(EPC) Ironman Machine, Inc.(OC)
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/20/2038

 
86.3

 
83.5

 
81.5

 
0.05
%
Grand Manor Realty, Inc. & Kevin LaRoe
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
2/20/2023

 
21.8

 
19.0

 
16.1

 
0.01
%

64
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Java Warung, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/19/2038

 
51.0

 
49.5

 
48.5

 
0.03
%
Pacheco Investments, LLC (EPC) Pacheco Brothers Gardening Inc. (OC)
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
2/15/2038

 
425.0

 
410.0

 
403.5

 
0.24
%
Nancy & Karl Schmidt (EPC) Moments to Remember USA, LLC
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
2/15/2038

 
106.3

 
102.9

 
100.6

 
0.06
%
Orient Express, Inc. dba Spracht, Celltek, ODI
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
2/12/2023

 
84.9

 
72.4

 
61.3

 
0.04
%
Knits R Us, Inc. dba NYC Sports/Mingle
 
Textile Mills
 
Term Loan
 
Prime plus 2.75%
 
2/11/2038

 
125.0

 
121.0

 
122.0

 
0.07
%
North Country Transport, LLC
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
2/6/2023

 
15.0

 
13.0

 
12.8

 
0.01
%
MJD Investments, LLC dba The Community Day School
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/31/2038

 
258.3

 
249.6

 
239.6

 
0.14
%
EZ Towing, Inc.
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
1/31/2023

 
145.0

 
124.5

 
110.3

 
0.07
%
Sherill Universal City dba Golden Corral
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/28/2038

 
440.5

 
427.4

 
411.7

 
0.25
%
Macho LLC (EPC) Madelaine Chocolate Novelties Inc(OC) dba The Madelai
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/31/2037

 
500.0

 
484.6

 
488.3

 
0.29
%
WI130, LLC (EPC) & Lakeland Group, Inc. (OC) dba Lakeland Electrical
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/31/2028

 
271.5

 
250.9

 
226.0

 
0.14
%
Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
12/31/2022

 
97.5

 
83.0

 
70.8

 
0.04
%
John Duffy Fuel Co., Inc.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/28/2022

 
513.8

 
437.5

 
428.7

 
0.26
%
Babie Bunnie Enterprises Inc. dba Triangle Mothercare
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/28/2022

 
46.3

 
39.3

 
33.3

 
0.02
%
Polpo Realty LLC (EPC) & Polpo Restaurant LLC (OC)
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/27/2037

 
517.5

 
500.9

 
504.8

 
0.30
%
Trailer One, Inc. and Trailer One Storage, Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/27/2022

 
166.8

 
142.0

 
140.3

 
0.08
%
Martin L Hopp, MD PHD, A Medical Corp (OC)
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/21/2022

 
66.3

 
56.2

 
50.0

 
0.03
%
Ezzo Properties, LLC and Great Lakes Cleaning, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2027

 
389.6

 
357.0

 
317.0

 
0.19
%
Pioneer Window Holdings, Inc. and Subsidiaries dba Pioneer Windows
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/20/2022

 
225.0

 
195.2

 
176.8

 
0.11
%
The Amendments Group, LLC dba Brightstar
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/17/2022

 
22.5

 
19.1

 
18.9

 
0.01
%
G.M. Pop's, Inc. & S.D. Food, Inc. dba Popeyes Louisiana Kitchen
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/11/2022

 
127.1

 
108.2

 
94.4

 
0.06
%

65
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Color By Number 123 Designs, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
12/11/2022

 
42.5

 
35.9

 
35.4

 
0.02
%
Aegis Creative Communications, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2022

 
387.5

 
302.5

 
256.0

 
0.15
%
Cheryle A Baptiste and Cheryle Baptiste DDS PLLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/30/2037

 
286.5

 
277.1

 
272.1

 
0.16
%
Summit Treatment Services, Inc. dba Summit Treatment Services
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
11/30/2037

 
136.5

 
131.9

 
118.7

 
0.07
%
214 North Franklin, LLC and Winter Ventures, Inc.
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
11/29/2037

 
153.9

 
148.2

 
140.7

 
0.08
%
Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
11/28/2037

 
223.8

 
215.7

 
215.4

 
0.13
%
Richmond Hill Mini Market, LLC
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
11/27/2037

 
185.3

 
178.6

 
174.8

 
0.11
%
D&L Rescources, Inc. dba The UPS Store
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
11/27/2022

 
9.8

 
8.2

 
7.0

 
—
%
DRV Enterprise, Inc. dba Cici's Pizza # 339
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
11/26/2022

 
65.0

 
53.6

 
53.0

 
0.03
%
Pioneer Windows Manufacturing Corp, Pioneer Windows
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/21/2022

 
275.0

 
236.7

 
214.2

 
0.13
%
U & A Food and Fuel, Inc. dba Express Gas & Food Mart
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/21/2037

 
96.3

 
92.7

 
93.4

 
0.06
%
Clean Brothers Company Inc. dba ServPro of North Washington County
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/21/2022

 
17.0

 
14.3

 
12.7

 
0.01
%
R & J Petroleum, LLC (EPC) Manar USA, Inc. (OC)
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
11/20/2037

 
180.0

 
173.3

 
171.3

 
0.10
%
PGH Groceries, LLC DBA The Great American Super
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
11/19/2037

 
68.8

 
66.3

 
64.9

 
0.04
%
St Judes Physical Therapy P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/19/2022

 
21.0

 
17.7

 
17.5

 
0.01
%
Hi-Def Imaging, Inc. dba SpeedPro Imaging
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
11/9/2022

 
22.2

 
18.7

 
16.5

 
0.01
%
Reidville Hydraulics & Mfg Inc. dba Summit Farms, LLC
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/2/2037

 
265.9

 
256.2

 
237.4

 
0.14
%
Big Apple Entertainment Partners, LLC d/b/a Ripley's Believe It or Not
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/26/2022

 
180.0

 
154.2

 
130.5

 
0.08
%
Chickamauga Properties, Inc. and MSW Enterprises, LLP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
10/19/2022

 
59.8

 
50.0

 
49.4

 
0.03
%
LA Diner Inc. dba Loukas L A Diner
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/28/2037

 
677.5

 
652.1

 
657.0

 
0.39
%

66
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Spire Investment Partners, LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
9/28/2022

 
258.8

 
215.0

 
181.9

 
0.11
%
ATC Fitness, LLC dba Around the Clock Fitness
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/28/2022

 
180.0

 
154.0

 
143.8

 
0.09
%
University Park Retreat, LLC dba Massage Heights
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2022

 
76.0

 
63.0

 
62.3

 
0.04
%
Europlast Ltd.
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/26/2022

 
743.9

 
680.4

 
655.1

 
0.39
%
Forno Italiano Di Nonna Randazzo, LLC dba Nonna Randazzo's Bakery
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/26/2037

 
183.8

 
177.7

 
171.1

 
0.10
%
LaSalle Market and Deli EOK Inc. and Rugen Realty, LLC dba LaSalle Mark
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/21/2037

 
252.3

 
242.1

 
232.1

 
0.14
%
O'Rourkes Diner, LLC dba O'Rourke's Diner
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/19/2037

 
65.5

 
62.9

 
59.7

 
0.04
%
AdLarge Media, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/13/2022

 
250.0

 
207.7

 
175.7

 
0.11
%
Vision Network Solutions, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/12/2022

 
19.5

 
16.2

 
13.7

 
0.01
%
R2 Tape, Inc. dba Presto Tape
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/31/2037

 
367.5

 
352.1

 
354.7

 
0.21
%
R2 Tape Inc. dba Presto Tape
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/31/2022

 
155.0

 
127.5

 
125.9

 
0.08
%
AJK Enterprise, LLC dba AJK Enterprise, LLC
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/27/2022

 
16.5

 
13.6

 
13.1

 
0.01
%
New Image Building Services, Inc. dba New Image Repair Services
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/23/2037

 
285.7

 
273.7

 
252.7

 
0.15
%
Suncoast Aluminum Furniture, Inc.
 
Furniture and Related Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/17/2037

 
360.0

 
344.9

 
345.7

 
0.21
%
Matchless Transportation, LLC dba First Class Limo
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
8/3/2022

 
185.0

 
153.1

 
139.8

 
0.08
%
Hofgard & Co., Inc. dba HofgardBenefits
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
7/27/2022

 
107.3

 
87.4

 
81.8

 
0.05
%
Georgia Safe Sidewalks, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/27/2022

 
15.0

 
12.1

 
11.1

 
0.01
%
Scoville Plumbing & Heating Inc. and Thomas P. Scoville
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/25/2022

 
50.0

 
42.9

 
41.9

 
0.03
%
Havana Central (NY) 5, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/29/2022

 
1,166.8

 
984.7

 
956.2

 
0.57
%

67
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Central Tire, Inc. dba Cooper Tire & Auto Services
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/29/2037

 
288.5

 
275.2

 
272.9

 
0.16
%
WPI, LLC
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/29/2024

 
129.5

 
110.1

 
104.7

 
0.06
%
Karykion, Corporation dba Karykion Corporation
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2022

 
194.0

 
157.3

 
156.9

 
0.09
%
Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/27/2037

 
69.8

 
66.5

 
66.9

 
0.04
%
KIND-ER-ZZ Inc. dba Kidville
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/15/2022

 
50.0

 
40.1

 
36.6

 
0.02
%
Graphish Studio, Inc. and Scott Fishoff
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/14/2022

 
20.3

 
16.4

 
14.9

 
0.01
%
TNDV: Television, LLC
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
6/13/2022

 
127.5

 
103.2

 
98.8

 
0.06
%
Spectrumit, Inc, (OC) dba LANformation
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
5/31/2030

 
154.9

 
141.7

 
140.0

 
0.08
%
5091, LLC and TR/AL, LLC d/b/a Cafe Africana
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/31/2037

 
121.3

 
115.8

 
116.4

 
0.07
%
ALF, LLC (EPC) Mulit-Service Eagle Tires (OC)
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
5/31/2037

 
62.9

 
59.9

 
59.9

 
0.04
%
Craig R Freehauf d/b/a Lincoln Theatre
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
5/31/2022

 
47.9

 
31.8

 
31.7

 
0.02
%
Lefont Theaters, Inc.
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
5/30/2022

 
137.0

 
109.9

 
104.7

 
0.06
%
Christou Real Estate Holdings, LLC dba Tops American Grill
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/17/2037

 
284.0

 
270.3

 
273.5

 
0.16
%
Tracey Vita-Morris dba Tracey Vita's School of Dance
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
5/10/2022

 
22.5

 
18.1

 
16.5

 
0.01
%
STK Ventures Inc. dba JP Dock Service & Supply
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/9/2037

 
131.8

 
126.1

 
125.3

 
0.08
%
Bisson Transportation, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/7/2037

 
588.1

 
570.2

 
560.0

 
0.34
%
Bisson Moving & Storage Company Bisson Transportation Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
5/7/2022

 
528.8

 
440.8

 
426.5

 
0.26
%
Fair Deal Food Mart Inc. dba Neighbors Market
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
5/3/2037

 
381.3

 
363.0

 
370.4

 
0.22
%
Custom Software, Inc. a Colorado Corporation dba M-33 Access
 
Broadcasting (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
4/30/2022

 
125.0

 
103.1

 
101.7

 
0.06
%
Tanner Optical, Inc. dba Murphy Eye Care
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/27/2022

 
8.3

 
6.6

 
6.4

 
—
%

68
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Gator Communications Group, LLC dba Harvard Printing Group
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
4/25/2022

 
228.8

 
187.7

 
176.1

 
0.11
%
Zane Filippone Co Inc. dba Culligan Water Conditioning
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
4/12/2022

 
558.2

 
447.7

 
429.7

 
0.26
%
Indoor Playgrounds Limited Liability Company dba Kidville
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
4/5/2022

 
19.5

 
12.9

 
12.4

 
0.01
%
Gator Communications Group, LLC dba Harvard Printing Group
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
3/30/2022

 
466.3

 
378.5

 
355.0

 
0.21
%
Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/30/2031

 
231.5

 
212.5

 
215.1

 
0.13
%
Access Staffing, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/30/2022

 
187.5

 
147.7

 
134.6

 
0.08
%
Willow Springs Golf Course, Inc. & JC Lindsey Family Limited Partners
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/29/2037

 
755.4

 
721.9

 
736.3

 
0.44
%
Manuel P. Barrera and Accura Electrical Contractor, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
3/23/2028

 
103.7

 
92.4

 
87.6

 
0.05
%
Shweiki Media, Inc. dba Study Breaks Magazine
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
3/22/2027

 
1,178.8

 
1,036.8

 
997.5

 
0.60
%
BCD Holdings, LLC and H-MA, LLC d/b/a/ Hawaii Mainland Administrators
 
Insurance Carriers and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
3/2/2022

 
451.3

 
343.7

 
315.9

 
0.19
%
ATC Fitness, LLC d/b/a Around the C
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2022

 
10.2

 
8.0

 
7.7

 
—
%
ATI Jet, Inc.
 
Air Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/28/2026

 
852.8

 
738.5

 
717.5

 
0.43
%
J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
12/22/2036

 
495.0

 
469.1

 
478.4

 
0.29
%
K's Salon 1, LLC d/b/a K's Salon
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/20/2021

 
73.6

 
56.4

 
51.4

 
0.03
%
15 Frederick Place, LLC & Pioneer Windows Holdings Inc. & Subs
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/16/2021

 
250.0

 
194.1

 
193.3

 
0.12
%
GP Enterprises, LLC and Gibson Performance Corporation
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2036

 
727.5

 
686.5

 
700.0

 
0.42
%
GP Enterprises, LLC and Gibson Performance Corporation
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/15/2036

 
522.5

 
493.1

 
502.8

 
0.30
%
M & H Pinestraw, Inc. and Harris L. Maloy
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/15/2021

 
238.3

 
183.0

 
172.7

 
0.10
%
Maciver Corporation dba Indie Rentals & Division Camera
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
12/15/2021

 
130.8

 
99.9

 
97.5

 
0.06
%
Taylor Transport, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/8/2021

 
515.5

 
387.6

 
375.2

 
0.23
%

69
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
City Sign Service, Incorporated
 
Electrical Equipment, Appliance, and Component Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/30/2025

 
165.8

 
142.0

 
140.3

 
0.08
%
Scent-Sation, Inc. d/b/a Scent-Sation, Inc.
 
Textile Product Mills
 
Term Loan
 
Prime plus 2.75%
 
11/21/2021

 
337.5

 
285.2

 
284.0

 
0.17
%
Thomas P. Scoville dba Scoville Plumbing & Heating, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/16/2021

 
62.5

 
47.4

 
47.2

 
0.03
%
MRM Supermarkets, Inc. dba Constantin's Breads
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/10/2021

 
137.5

 
104.4

 
96.1

 
0.06
%
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc.
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
10/26/2021

 
58.8

 
44.2

 
40.7

 
0.02
%
Keans Korner, LLC d/b/a MobiMart
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
10/25/2036

 
938.3

 
881.9

 
888.7

 
0.53
%
28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/25/2021

 
22.5

 
16.9

 
16.8

 
0.01
%
C & G Engines Corp.
 
Transportation Equipment Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/30/2021

 
1,041.5

 
773.8

 
726.5

 
0.44
%
Robert E. Caves, Sr. and American Plank dba Caves Enterprises
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/30/2021

 
302.5

 
224.8

 
221.6

 
0.13
%
PTK, Incorporated dba Night N Day 24 HR Convenience Store
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
9/30/2036

 
137.5

 
129.0

 
130.2

 
0.08
%
39581 Garfield, LLC and Tri County Neurological Associates, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/30/2036

 
83.3

 
78.1

 
79.5

 
0.05
%
39581 Garfield, LLC and Tricounty Neurological Associates, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/30/2036

 
28.5

 
26.6

 
27.1

 
0.02
%
Big Apple Entertainment Partners, LLC dba Ripley's Believe it or Not
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/28/2021

 
1,070.0

 
792.3

 
721.8

 
0.43
%
Polymer Sciences, Inc. dba Polymer Sciences, Inc.
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
9/28/2036

 
422.6

 
396.8

 
403.0

 
0.24
%
Equity National Capital LLC & Chadbourne Road Capital, LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
9/26/2021

 
62.5

 
46.5

 
43.4

 
0.03
%
Bryan Bantry Inc.
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
9/8/2021

 
400.0

 
203.3

 
185.3

 
0.11
%
SBR Technologies d/b/a Color Graphics
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/31/2021

 
806.2

 
586.2

 
572.0

 
0.34
%
Gator Communications Group, LLC dba Harvard Printing Group
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
8/31/2021

 
575.0

 
437.3

 
423.9

 
0.25
%
Michael S. Decker & Janet Decker dba The Hen House Cafe
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/30/2036

 
16.4

 
15.4

 
15.4

 
0.01
%
Qycell Corporation
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/19/2021

 
187.5

 
130.4

 
129.9

 
0.08
%

70
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Trademark Equipment Company Inc. and David A. Daniel
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
8/19/2036

 
133.6

 
125.1

 
125.1

 
0.08
%
A & A Auto Care, LLC d/b/a A & A Auto Care, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/12/2036

 
101.0

 
94.8

 
96.2

 
0.06
%
Valiev Ballet Academy, Inc.
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
8/12/2036

 
91.5

 
85.7

 
85.2

 
0.05
%
LaHoBa, LLC d/b/a Papa John's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/3/2036

 
77.5

 
72.1

 
73.5

 
0.04
%
Kelly Chon, LLC dba Shi-Golf
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
7/29/2021

 
17.5

 
9.4

 
9.4

 
0.01
%
MTV Bowl, Inc. dba Legend Lanes
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/30/2036

 
248.5

 
232.3

 
234.7

 
0.14
%
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/29/2036

 
338.1

 
326.7

 
335.6

 
0.20
%
Jenny's Wunderland, Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
6/29/2036

 
160.5

 
150.4

 
151.2

 
0.09
%
Lavertue Properties, LLP dba Lavertue Properties
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/29/2036

 
44.8

 
42.0

 
43.1

 
0.03
%
Spire Investment Partners, LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/22/2021

 
250.0

 
180.6

 
172.4

 
0.10
%
Custom Software, Inc. a Colorado Corporation dba M-33 Access
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/17/2021

 
426.0

 
320.4

 
320.1

 
0.19
%
Red Star Incorporated dba Pro Import Company
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/15/2036

 
184.8

 
172.8

 
175.9

 
0.11
%
Pierce Developments, Inc. dba Southside Granite
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/13/2036

 
256.1

 
239.1

 
240.4

 
0.14
%
Major Queens Body & Fender Corp.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/10/2021

 
28.6

 
20.9

 
20.9

 
0.01
%
J&K Fitness, LLC dba Physiques Womens Fitness Center
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/8/2036

 
449.3

 
421.0

 
428.6

 
0.26
%
Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co.
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
6/3/2021

 
65.5

 
45.8

 
43.8

 
0.03
%
Fleming Marketing, LLC dba Instant Imprints of Longmont
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/31/2021

 
7.5

 
5.4

 
5.3

 
—
%
Demand Printing Solutions, Inc. and MLM Enterprises, LLC d/b/a Demand
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
5/27/2021

 
16.5

 
11.8

 
11.9

 
0.01
%

71
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Modern on the Mile, LLC dba Ligne Roset
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
5/25/2021

 
212.5

 
151.2

 
148.2

 
0.09
%
MSM Healthcare Solutions, Inc. d/b/a BrightStar Care of Tinley Park
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/26/2021

 
46.0

 
32.5

 
31.0

 
0.02
%
Music Mountain Water Company, LLC
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/25/2036

 
138.1

 
128.2

 
131.7

 
0.08
%
Profile Performance, Inc. and Eidak Real Estate, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
4/20/2036

 
127.5

 
118.6

 
121.8

 
0.07
%
Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
4/18/2036

 
129.5

 
120.4

 
123.7

 
0.07
%
3 A Realty, LLC dba Interior Climate Solutions, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
4/13/2036

 
170.0

 
157.6

 
158.6

 
0.10
%
Maciver Corporation dba Indie Rentals
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
4/4/2021

 
625.0

 
440.3

 
437.5

 
0.26
%
Danjam Enterprises, LLC dba Ariel Dental Care
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/30/2021

 
3.8

 
2.7

 
2.7

 
—
%
Danjam Enterprises, LLC dba Ariel Dental Care
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2023

 
93.0

 
71.0

 
70.6

 
0.04
%
Michael S. Korfe dba North Valley Auto Repair
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/24/2036

 
15.5

 
14.4

 
14.8

 
0.01
%
Actknowledge, Inc. dba Actknowledge
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
3/21/2021

 
57.3

 
40.1

 
38.2

 
0.02
%
Stamford Car Wash d/b/a Stamford Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/11/2036

 
19.7

 
18.3

 
18.8

 
0.01
%
Food & Beverage Associates Of N.J. Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/11/2021

 
10.0

 
6.8

 
6.8

 
—
%
Key Products I&II, Inc. dba Dunkin' Donuts/Baskin-Robbins
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
3/10/2021

 
153.0

 
107.0

 
103.1

 
0.06
%
Stephen Frank, Patricia Frank and Suds Express, LLC dba Frank Chiropra
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
2/25/2023

 
63.0

 
45.9

 
46.1

 
0.03
%
SuzyQue’s, LLC dba Suzy Que’s
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/11/2036

 
61.0

 
56.7

 
58.0

 
0.03
%
Little People’s Village, LLC dba Little People’s Village
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/31/2036

 
31.1

 
28.7

 
29.5

 
0.02
%
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc.
 
Support Activities for Transportation
 
Term Loan
 
Prime plus 2.75%
 
1/28/2036

 
113.4

 
104.7

 
107.5

 
0.06
%
Joseph the Worker, Inc. d/b/a BrightStar of Plymouth County
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
1/28/2021

 
12.5

 
8.6

 
8.2

 
—
%
Nicholas Dugger dba TNDV: Television LLC. 
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
1/24/2021

 
100.8

 
70.5

 
67.3

 
0.04
%
Metro Used Cars Inc. dba Metro Auto Center
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
1/14/2027

 
117.6

 
98.5

 
98.6

 
0.06
%
Patrageous Enterprises, LLC dba Incredibly Edible Delites of Laurel
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/29/2020

 
7.6

 
5.1

 
4.8

 
—
%

72
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Chickamauga Properties, Inc., MSW Enterprises, LLP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/22/2035

 
189.5

 
174.9

 
179.6

 
0.11
%
Chickamauga Properties, Inc., MSW Enterprises, LLP
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/22/2035

 
74.3

 
68.9

 
70.7

 
0.04
%
Marine Container Services, Inc. & Management Consulting Brokerage, Inc
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
12/21/2020

 
50.3

 
33.8

 
33.8

 
0.02
%
Shree OM Lodging, LLC dba Royal Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/17/2035

 
27.7

 
25.5

 
26.0

 
0.02
%
Svetavots Corporation dba Brightstar Healthcare of Montgomery County
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/13/2020

 
20.5

 
13.8

 
13.1

 
0.01
%
Lodin Medical Imaging, LLC dba Watson Imaging Center
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/1/2020

 
66.4

 
43.5

 
43.4

 
0.03
%
Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
11/30/2035

 
34.0

 
31.3

 
32.1

 
0.02
%
Justforfungames, Inc.
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
11/19/2035

 
50.0

 
45.3

 
46.4

 
0.03
%
Any Garment Cleaner-East Brunswick, Inc. dba Any Garment Cleaner
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/18/2020

 
42.5

 
23.7

 
23.7

 
0.01
%
Lebenthal Holdings, LLC and Lebenthal & Co., LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
11/16/2020

 
200.0

 
133.4

 
127.2

 
0.08
%
West Cobb Enterprises, Inc. and Advanced Eye Associates, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
11/12/2035

 
148.7

 
136.9

 
138.2

 
0.08
%
R2 Tape, Inc. dba Presto Tape
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
10/20/2020

 
224.4

 
148.2

 
147.4

 
0.09
%
Lincoln Park Physical Therapy
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
10/20/2020

 
43.5

 
28.6

 
28.6

 
0.02
%
Jade Automotive d/b/a Sears Hometown Store
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
10/6/2035

 
146.6

 
135.0

 
138.6

 
0.08
%
Stamford Property Holdings, LLC & Stamford Car Wash, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
10/4/2035

 
122.5

 
113.2

 
116.2

 
0.07
%
Wise Forklift Inc.
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
10/1/2020

 
296.9

 
190.2

 
190.2

 
0.11
%
Elan Realty, LLC and Albert Basse Asociates, Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
9/30/2035

 
228.2

 
209.1

 
214.5

 
0.13
%
K9 Bytes, Inc. & Epazz, Inc. dba K9 Bytes, Inc.
 
Publishing Industries (except Internet)
 
Term Loan
 
Prime plus 2.75%
 
9/30/2020

 
18.5

 
12.0

 
11.5

 
0.01
%
Success Express, Inc. dba Success Express
 
Couriers and Messengers
 
Term Loan
 
Prime plus 2.75%
 
9/29/2020

 
91.8

 
59.6

 
56.8

 
0.03
%
Adams & Hancock, LLC dba Brightstar Overland Park & Jordon & Pippen, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/27/2020

 
19.8

 
8.0

 
8.0

 
—
%

73
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Modern Manhattan, LLC
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
9/20/2020

 
204.0

 
133.1

 
127.6

 
0.08
%
Dirk's Trucking, LLC dba Dirk's Trucking
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/17/2020

 
17.7

 
11.4

 
11.1

 
0.01
%
Newsome Trucking Inc. and Kevin Newsome
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/2/2035

 
423.1

 
387.7

 
397.9

 
0.24
%
California College of Communications, Inc.
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
11/2/2020

 
172.5

 
113.9

 
108.6

 
0.07
%
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/2/2035

 
50.1

 
45.9

 
47.1

 
0.03
%
DDLK Investments, LLC d/b/a Smoothie King
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/30/2020

 
7.5

 
4.5

 
4.5

 
—
%
Kino Oil of Texas, LLC dba Kino Oil
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/27/2020

 
60.0

 
38.5

 
36.7

 
0.02
%
Kino Oil of Texas, LLC dba Kino Company
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
8/27/2035

 
12.0

 
10.8

 
11.1

 
0.01
%
Planet Verte, LLC d/b/a Audio Unlimited
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
9/20/2020

 
40.0

 
25.8

 
24.7

 
0.01
%
Sunmar, Inc. dba Creative Cooking
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/19/2035

 
51.7

 
47.4

 
48.6

 
0.03
%
Members Only Software
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/30/2020

 
40.3

 
25.7

 
25.1

 
0.02
%
New Life Holdings, LLC and Certified Collision Services, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
7/29/2035

 
76.2

 
68.7

 
69.8

 
0.04
%
Quest Logic Investments, LLC dba Dairy Queen
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2035

 
105.0

 
95.8

 
98.6

 
0.06
%
ActKnowledge, Inc dba ActKnowledge
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2020

 
50.0

 
31.4

 
31.5

 
0.02
%
I-90 RV & Auto Supercenter
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
6/29/2035

 
74.9

 
68.2

 
70.3

 
0.04
%
WeaverVentures, Inc. dba The UPS Store
 
Postal Service
 
Term Loan
 
Prime plus 2.75%
 
7/28/2020

 
23.8

 
15.1

 
14.7

 
0.01
%
Zouk, Ltd. dba Palma
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
8/25/2020

 
27.5

 
17.7

 
17.7

 
0.01
%
CJ Park Inc. dba Kidville Midtown West
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/25/2020

 
26.4

 
13.3

 
12.9

 
0.01
%
Emotion in Motion Dance Center Limited Liability Company
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
7/25/2020

 
5.4

 
2.7

 
2.7

 
—
%
H.H. Leonards Trust and Potomac Fund, LLC
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
7/23/2020

 
62.0

 
24.0

 
24.0

 
0.01
%
B&B Fitness and Barbell, Inc. dba Elevations Health Club
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
6/22/2035

 
242.1

 
221.5

 
226.4

 
0.14
%

74
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Tanner Optical Inc. dba Murphy Eye Care
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/22/2035

 
94.6

 
86.6

 
88.0

 
0.05
%
M & H Pine Straw, Inc. and Harris Maloy
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
7/10/2020

 
67.5

 
42.8

 
42.3

 
0.03
%
Excel RP, Inc./Kevin and Joann Foley
 
Machinery Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
7/8/2028

 
50.0

 
42.1

 
42.8

 
0.03
%
ValleyStar, Inc. dba BrightStar Healthcare
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2020

 
7.5

 
4.7

 
4.6

 
—
%
ValleyStar, Inc. dba BrightStar HealthCare
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2020

 
0.6

 
3.8

 
3.7

 
—
%
Atlanta Vascular Research Organization, Inc. dba Atlanta Vascular Found
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
8/6/2020

 
24.3

 
15.6

 
15.6

 
0.01
%
Diag, LLC dba Kidville
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
6/21/2020

 
37.5

 
23.1

 
22.5

 
0.01
%
Danjam Enterprises, LLC dba Ariel Dental Care
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/31/2035

 
204.0

 
185.2

 
188.7

 
0.11
%
M & H Pine Straw, Inc. and Harris L. Maloy
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
6%
 
4/30/2020

 
183.3

 
111.8

 
110.5

 
0.07
%
Clearbay Enterprises, Inc. dba First Class Kennels
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
4/30/2034

 
60.0

 
53.9

 
55.4

 
0.03
%
New Economic Methods, LLC dba Rita's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/15/2020

 
24.8

 
1.1

 
1.1

 
—
%
Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
4/26/2020

 
6.3

 
3.8

 
3.7

 
—
%
Marine Container Services, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
4/25/2020

 
142.6

 
76.4

 
76.4

 
0.05
%
JRJG, Inc. dba BrightStar HealthCare-Naperville/Oak Brook
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/23/2020

 
15.0

 
9.1

 
8.9

 
0.01
%
Caring Hands Pediatrics, P.C. dba Caring Hands Pediatrics
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/9/2020

 
14.5

 
8.9

 
8.6

 
0.01
%
Vortex Automotive, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/5/2035

 
76.6

 
69.4

 
71.0

 
0.04
%
Adams and Hancock, LLC dba BrightStar Overland Park
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/31/2020

 
43.6

 
21.6

 
21.1

 
0.01
%
ATC Fitness, LLC dba Around the Clock Fitness
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
2/28/2019

 
15.0

 
8.0

 
8.0

 
—
%
Lahoba, LLC dba Papa John's Pizza
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/30/2034

 
42.5

 
38.4

 
39.2

 
0.02
%
Music Mountain Water Company, LLC dba Music Mountain Water Co.
 
Beverage and Tobacco Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/29/2019

 
185.4

 
107.6

 
107.7

 
0.06
%
Animal Intrusion Prevention Systems Holding Company, LLC
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/29/2024

 
126.5

 
94.9

 
94.4

 
0.06
%

75
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Bonet Kidz Inc. dba Kidville
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
3/16/2020

 
15.5

 
6.4

 
6.3

 
—
%
CMA Consulting dba Construction Management Associates
 
Construction of Buildings
 
Term Loan
 
Prime plus 2.75%
 
12/11/2019

 
58.5

 
32.9

 
32.0

 
0.02
%
David A. Nusblatt, D.M.D, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/11/2019

 
9.0

 
5.2

 
5.2

 
—
%
KMC RE, LLC & B&B Kennels
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/19/2034

 
58.3

 
52.4

 
53.5

 
0.03
%
Demand Printing Solutions, Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
12/12/2019

 
10.0

 
5.7

 
5.7

 
—
%
Planet Verte, LLC dba Audio Unlimited of Oceanside
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
11/28/2019

 
57.0

 
32.2

 
31.4

 
0.02
%
Demand Printing Solutions, Inc.
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
10/29/2034

 
147.5

 
132.4

 
136.1

 
0.08
%
Lebenthal Holdings, LLC and Lebenthal & Co., LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
6/29/2019

 
500.0

 
53.0

 
52.5

 
0.03
%
Supreme Screw Products, Inc. and Misha Migdal
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
4/17/2019

 
308.2

 
152.5

 
152.5

 
0.09
%
Gray Tree Service, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/18/2018

 
50.0

 
23.7

 
23.7

 
0.01
%
Healthcare Interventions, Inc. dba Brightstar HealthCare
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/15/2016

 
8.3

 
1.4

 
1.4

 
—
%
Envy Salon & Spa, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/4/2018

 
20.3

 
9.4

 
9.3

 
0.01
%
Gourmet to You, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
2/28/2019

 
12.1

 
5.7

 
5.7

 
—
%
Carnagron, LLC dba GearBling
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/1/2018

 
6.9

 
3.1

 
3.1

 
—
%
Grapevine Professional Services, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
1/22/2019

 
8.2

 
3.8

 
3.7

 
—
%
Inflate World Corporation
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
9/30/2018

 
7.5

 
2.6

 
2.6

 
—
%
Cool Air Solutions, Inc. dba Graham Heating & Air Conditioning
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2%
 
12/27/2018

 
411.5

 
190.3

 
187.0

 
0.11
%
Peter Thomas Roth Labs, LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
9/26/2018

 
425.0

 
189.0

 
188.5

 
0.11
%
Dream Envy, Ltd. d/b/a Massage Envy
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
11/9/2018

 
88.0

 
39.8

 
39.7

 
0.02
%
K & D Family and Associates, Inc. dba Philly Pretzel Factory
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
8/5/2018

 
81.3

 
35.2

 
35.2

 
0.02
%
Seven Stars Enterprises, Inc. dba Atlanta Bread Company
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/30/2018

 
86.3

 
36.0

 
36.0

 
0.02
%

76
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
CBA D&A Pope, LLC dba Christian Brothers Automotive
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
6/14/2018

 
144.9

 
61.5

 
61.3

 
0.04
%
Gilbert Chiropractic Clinic, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/7/2018

 
22.5

 
9.1

 
9.1

 
0.01
%
Beer Table, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/8/2018

 
10.5

 
3.7

 
3.7

 
—
%
D & D's Divine Beauty School of Esther, LLC
 
Educational Services
 
Term Loan
 
6%
 
8/1/2031

 
57.7

 
53.9

 
55.4

 
0.03
%
Daniel S. Fitzpatrick dba Danny's Mobile Appearance Reconditioning Service
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
3/29/2018

 
9.4

 
3.7

 
3.7

 
—
%
Burks & Sons Development, LLC dba Tropical Smoothie Café
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/22/2018

 
49.8

 
19.6

 
19.7

 
0.01
%
Shivsakti, LLC dba Knights Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/20/2032

 
92.5

 
78.9

 
81.2

 
0.05
%
Bliss Coffee and Wine Bar, LLC
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
3/19/2018

 
87.5

 
73.0

 
72.8

 
0.04
%
Zog Inc.
 
Other Information Services
 
Term Loan
 
6%
 
3/17/2018

 
97.5

 
81.9

 
81.6

 
0.05
%
Saan M.Saelee dba Saelee's Delivery Service
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
3/12/2018

 
9.8

 
3.9

 
3.9

 
—
%
A & A Acquisition, Inc. dba A & A International
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
2/15/2018

 
100.0

 
37.7

 
37.7

 
0.02
%
Enewhere Custom Canvas, LLC
 
Textile Product Mills
 
Term Loan
 
Prime plus 2.75%
 
2/15/2018

 
12.0

 
4.7

 
4.7

 
—
%
All American Printing
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
10/26/2032

 
69.8

 
40.1

 
41.3

 
0.02
%
Seo's Paradise Cleaners, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/19/2018

 
9.8

 
3.2

 
3.2

 
—
%
Signs of Fortune, LLC dba FastSigns
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.5%
 
4/3/2023

 
434.4

 
349.6

 
348.7

 
0.21
%
Margab, Inc. dba Smoothie King
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/28/2017

 
44.0

 
16.2

 
16.1

 
0.01
%
Ameritocracy, Inc dba Ben and Jerry's
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/18/2017

 
168.8

 
59.7

 
59.7

 
0.04
%
RCB Enterprises, Inc.
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
12/18/2017

 
21.2

 
9.6

 
9.5

 
0.01
%
Timothy S. Strange dba Strange's Mobile Apperance Reconditioning Service
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/17/2017

 
8.5

 
2.4

 
2.4

 
—
%
Parties By Pat, Inc. and Jose M. Martinez Jr.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/11/2017

 
93.1

 
33.4

 
33.2

 
0.02
%
Tammy's Bakery, Inc. dba Tammy's Bakery
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/10/2017

 
71.8

 
26.7

 
26.5

 
0.02
%
Maria C. Sathre and David N. Sathre dba Black Forest Liquor Store
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
11/28/2017

 
18.6

 
6.6

 
6.6

 
—
%
The Design Shop, LLC
 
Textile Mills
 
Term Loan
 
Prime plus 2.75%
 
11/27/2027

 
247.5

 
191.9

 
196.0

 
0.12
%

77
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
MJ Mortgage & Tax Services, Inc.
 
Credit Intermediation and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
11/14/2017

 
6.9

 
2.3

 
2.3

 
—
%
Kings Laundry, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
10/30/2017

 
64.5

 
23.0

 
23.0

 
0.01
%
Quality Engraving Services Inc. and Ian M. Schnaitman
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
10/17/2017

 
15.0

 
5.3

 
5.3

 
—
%
Flourishing Fruits, LLC dba Edible Arrangements
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/29/2017

 
21.1

 
5.6

 
5.6

 
—
%
Louis B. Smith dba LAQ Funeral Coach
 
Transit and Ground Passenger Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/15/2017

 
12.6

 
4.3

 
4.3

 
—
%
Flint Batteries, LLC dba Batteries Plus of Flint
 
General Merchandise Stores
 
Term Loan
 
Prime plus 2.75%
 
8/29/2017

 
9.0

 
2.6

 
2.6

 
—
%
1911 East Main Street Holdings, Corp.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
5/18/2032

 
15.8

 
13.3

 
13.7

 
0.01
%
Metano IBC Services, Inc. and Stone Brook Leasing, LLC
 
Rental and Leasing Services
 
Term Loan
 
Prime plus 2.75%
 
8/17/2017

 
315.0

 
87.2

 
87.3

 
0.05
%
Mala Iyer, MD dba Child and Family Wellness Center
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
8/11/2017

 
50.0

 
16.8

 
16.8

 
0.01
%
South Dade Restoration Corp. dba Servpro of Kendall/Pinecrest
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
8/10/2016

 
61.8

 
11.5

 
11.5

 
0.01
%
Twietmeyer Dentistry PA
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
6/30/2017

 
148.9

 
47.1

 
47.1

 
0.03
%
Lynden Evans Clarke, Jr.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
3/16/2017

 
10.0

 
2.9

 
2.9

 
—
%
Water Works Laundromat, LLC
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.25%
 
9/7/2027

 
267.3

 
204.5

 
203.0

 
0.12
%
L.C.N. Investments, L.L.C. dba Max Muscle Sports Nutrition
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
5/27/2017

 
12.8

 
3.3

 
3.3

 
—
%
Dave Kris, and MDK Ram Corp.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/5/2026

 
221.0

 
37.6

 
38.3

 
0.02
%
Saul A. Ramirez and Norma L. Trujillo
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/31/2017

 
6.0

 
1.6

 
1.6

 
—
%
Eric R. Wise, D.C. dba Jamacha-Chase Chiropractic
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
4/30/2017

 
15.6

 
1.2

 
1.2

 
—
%
No Thirst Software, LLC
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
4/26/2017

 
6.8

 
1.5

 
1.5

 
—
%
Zeroln Media, LLC
 
Data Processing, Hosting, and Related Services
 
Term Loan
 
Prime plus 2.75%
 
4/25/2017

 
7.5

 
2.2

 
2.2

 
—
%
CCIPTA, LLC
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
1/17/2017

 
47.0

 
3.0

 
3.0

 
—
%
Gill Express Inc. dba American Eagle Truck Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
1/5/2027

 
286.9

 
213.1

 
217.6

 
0.13
%

78
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Kyoshi Enterprises, LLC
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
12/29/2016

 
22.5

 
5.8

 
5.8

 
—
%
Spain Street, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/29/2017

 
63.0

 
4.5

 
4.5

 
—
%
Aillaud Enterprises, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
3/29/2017

 
13.8

 
0.9

 
0.9

 
—
%
Nora A. Palma and Julio O Villcas
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/27/2017

 
56.3

 
3.1

 
3.1

 
—
%
Jojan, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.25%
 
12/18/2031

 
204.8

 
41.0

 
40.7

 
0.02
%
Misri Liquors, Inc.
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
12/18/2016

 
67.5

 
16.7

 
16.7

 
0.01
%
Contractors Pumping Service, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
11/3/2016

 
9.9

 
0.9

 
0.9

 
—
%
Vincent Allen Fleece dba Living Well Accessories and Water Camel
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/1/2016

 
3.8

 
0.8

 
0.8

 
—
%
Houk Enterprises, Inc. d/b/a Max Muscle
 
Health and Personal Care Stores
 
Term Loan
 
Prime plus 2.75%
 
10/27/2019

 
46.3

 
8.1

 
8.2

 
—
%
Smooth Grounds, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
8%
 
10/11/2016

 
64.5

 
39.3

 
39.3

 
0.02
%
Barr-None Coating Applicators, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
9/20/2016

 
113.8

 
5.3

 
5.3

 
—
%
Nelson Financial Services, LLC
 
Scenic and Sightseeing Transportation
 
Term Loan
 
Prime plus 2.75%
 
9/2/2016

 
57.0

 
3.0

 
3.0

 
—
%
A + Quality Home Health Care, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
8/1/2016

 
22.5

 
1.7

 
1.7

 
—
%
Flint Batteries, LLC
 
General Merchandise Stores
 
Term Loan
 
Prime plus 2.75%
 
7/21/2016

 
46.9

 
7.9

 
7.9

 
—
%
Tesserah Tile Design, Inc.
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
6/29/2016

 
7.1

 
1.1

 
1.1

 
—
%
It's A Buffalo
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/26/2016

 
219.8

 
39.6

 
39.6

 
0.02
%
Pro Levin Yoga, Incorporated d.b.a. Bikram's Yoga College
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
5/12/2016

 
16.4

 
3.1

 
3.1

 
—
%
Cocoa Beach Parasail Corp.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
5/5/2016

 
8.9

 
1.6

 
1.6

 
—
%
Maynard Enterprises, Inc.
 
Miscellaneous Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
3/22/2016

 
22.5

 
1.4

 
1.4

 
—
%
Fran-Car Corporation dba Horizon Landscape Management
 
Administrative and Support Services
 
Term Loan
 
Prime plus 2.75%
 
3/3/2028

 
407.8

 
179.8

 
184.0

 
0.11
%
Head To Toe Personalized Pampering, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/27/2031

 
52.0

 
9.8

 
10.0

 
0.01
%

79
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Olympia Fields Eyecare, Ltd.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
1/12/2016

 
15.0

 
1.9

 
1.9

 
—
%
Spencer Fitness, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
1/11/2016

 
6.0

 
0.3

 
0.3

 
—
%
Maxwell Place, LLC
 
Nursing and Residential Care Facilities
 
Term Loan
 
6%
 
12/1/2015

 
1,076.8

 
861.1

 
860.1

 
0.52
%
Hillside Fence Company, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.25%
 
2/1/2020

 
206.5

 
61.5

 
61.2

 
0.04
%
The K Dreyer Company
 
General Merchandise Stores
 
Term Loan
 
Prime plus 2.75%
 
12/20/2015

 
62.5

 
2.0

 
2.0

 
—
%
Tuan D. Dang, OD, PA
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.25%
 
12/7/2015

 
77.0

 
11.4

 
11.4

 
0.01
%
Christopher F. Bohon & Pamela D. Bohon
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
10/28/2026

 
14.2

 
3.7

 
3.8

 
—
%
Champion Pest Control Systems, Inc.
 
Administrative and Support Services
 
Term Loan
 
6%
 
10/20/2015

 
39.0

 
4.0

 
4.0

 
—
%
JackRabbit Sports, Inc.
 
Sporting Goods, Hobby, Musical Instrument, and Book Stores
 
Term Loan
 
Prime plus 2.75%
 
10/13/2015

 
125.0

 
14.1

 
14.0

 
0.01
%
Polaris Press, LLC
 
Printing and Related Support Activities
 
Term Loan
 
Prime plus 2.75%
 
9/29/2015

 
21.5

 
0.7

 
0.7

 
—
%
Shree Om Lodging, LLC dba Royal Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
5/2/2030

 
333.3

 
67.1

 
68.9

 
0.04
%
Jenchad, Inc and Chadjen, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.125%
 
4/7/2025

 
462.5

 
55.9

 
55.2

 
0.03
%
Pedzik's Pets, LLC
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
3/31/2030

 
53.5

 
9.9

 
10.1

 
0.01
%
Nancy Carapelluci & A & M Seasonal Corner Inc.
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
3/1/2025

 
106.9

 
17.1

 
17.4

 
0.01
%
Saralar Corporated dba The UPS Store #5232
 
Miscellaneous Store Retailers
 
Term Loan
 
Prime plus 2.75%
 
1/21/2015

 
40.3

 
0.1

 
0.1

 
—
%
Major Queens Body & Fender Corp.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 3.75%
 
12/17/2014

 
71.1

 
0.1

 
—

 
—
%
Moonlight Multi Media Production, Inc.
 
Other Information Services
 
Term Loan
 
5%
 
2/1/2025

 
19.7

 
4.5

 
4.6

 
—
%
McCallister Venture Group, LLC and Maw's Vittles, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/30/2029

 
75.0

 
12.8

 
13.1

 
0.01
%
Computer Renaissance dba Dante IT Services, Inc.
 
Electronics and Appliance Stores
 
Term Loan
 
Prime plus 3.75%
 
3/1/2018

 
100.0

 
3.8

 
3.9

 
—
%
Prince Co., Inc.
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 1.5%
 
3/18/2029

 
187.5

 
31.7

 
30.0

 
0.02
%
Chong Hun Im dba Kim's Market
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.5%
 
2/27/2024

 
80.0

 
11.4

 
11.5

 
0.01
%

80
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
H & G Investments, L.C. dba Kwick Kar Josey Lane
 
Repair and Maintenance
 
Term Loan
 
5%
 
12/22/2028

 
317.5

 
92.1

 
88.7

 
0.05
%
John B. Houston Funeral Home, Inc. dba George E. Cushnie Funeral Home
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/19/2028

 
78.8

 
13.7

 
14.0

 
0.01
%
Center-Mark Car Wash, Ltd
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
5/18/2024

 
221.3

 
33.5

 
34.0

 
0.02
%
Shuttle Car Wash, Inc. dba Shuttle Car Wash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.25%
 
11/10/2028

 
109.8

 
19.1

 
19.0

 
0.01
%
Akshar Group, LLC
 
Accommodation
 
Term Loan
 
6%
 
11/5/2028

 
321.3

 
54.2

 
55.6

 
0.03
%
Min Hui Lin
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/30/2028

 
134.3

 
19.5

 
20.0

 
0.01
%
Delta Partners, LLC dba Delta Carwash
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.5%
 
4/5/2029

 
280.9

 
47.1

 
47.5

 
0.03
%
Oz B. Zamir dba Zamir Marble & Granite
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.5%
 
8/6/2028

 
54.0

 
9.2

 
9.3

 
0.01
%
D & M Seafood, LLC d/b/a Rick's Seafood
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
10/10/2015

 
400.0

 
1.5

 
1.5

 
—
%
Rama, Inc. dba Staybridge Suites
 
Accommodation
 
Term Loan
 
Prime plus 2%
 
4/18/2026

 
750.0

 
445.9

 
437.4

 
0.26
%
B & J Manufacturing Corporation and Benson Realty Trust
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2%
 
3/30/2021

 
250.0

 
26.2

 
25.9

 
0.02
%
RAB Services, Inc. & Professional Floor Installations
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.5%
 
1/31/2023

 
62.5

 
8.8

 
8.9

 
0.01
%
Taste of Inverness, Inc. dba China Garden
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2%
 
6/29/2025

 
73.8

 
10.4

 
10.2

 
0.01
%
Ralph Werner dba Werner Transmissions
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/29/2021

 
26.6

 
3.1

 
3.1

 
—
%
M. Krishna, Inc. dba Super 8 Motel
 
Accommodation
 
Term Loan
 
Prime plus 2%
 
3/20/2025

 
250.0

 
11.1

 
11.0

 
0.01
%
OrthoQuest, P.C.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2%
 
3/12/2022

 
56.8

 
6.0

 
5.9

 
—
%
CPN Motel, LLC dba American Motor Lodge
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
4/30/2024

 
379.0

 
37.1

 
36.9

 
0.02
%
Track Side Collision & Tire, Inc.
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/16/2025

 
44.8

 
5.7

 
5.8

 
—
%
Duttakrupa, LLC dba Birmingham Motor Court
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
9/8/2023

 
98.8

 
14.4

 
14.3

 
0.01
%
Deesha Corporation, Inc. dba Best Inn & Suites
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
2/14/2025

 
250.0

 
32.5

 
32.3

 
0.02
%
Maruti, Inc.
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
11/25/2024

 
220.0

 
30.3

 
30.1

 
0.02
%
Willington Hills Equestrian Center, LLC
 
Animal Production and Aquaculture
 
Term Loan
 
Prime plus 2.75%
 
10/19/2022

 
85.0

 
13.7

 
13.8

 
0.01
%
LABH, Inc. t/a Ramada Ltd.
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
9/27/2024

 
555.0

 
48.8

 
48.5

 
0.03
%

81
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Randall D. & Patricia D. Casaburi dba Pat's Pizzazz
 
Furniture and Home Furnishings Stores
 
Term Loan
 
Prime plus 2.75%
 
3/13/2023

 
68.8

 
8.7

 
8.9

 
0.01
%
Gain Laxmi, Inc. dba Super 8 Motel
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
5/31/2023

 
202.5

 
24.9

 
24.8

 
0.01
%
Naseeb Corporation
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
3/31/2024

 
402.5

 
36.2

 
36.0

 
0.02
%
La Granja Live Poultry Corp.
 
Food Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
8/26/2018

 
54.0

 
3.8

 
3.8

 
—
%
Stillwell Ave Prep School
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/14/2023

 
72.0

 
8.0

 
8.1

 
—
%
Karis, Inc.
 
Accommodation
 
Term Loan
 
Prime plus 2%
 
12/22/2023

 
148.8

 
16.6

 
16.3

 
0.01
%
Five Corners, Ltd.
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/11/2019

 
85.0

 
7.4

 
7.5

 
—
%
Mimoza LLC, dba Tally Ho Inn
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.25%
 
10/7/2023

 
105.0

 
13.4

 
13.3

 
0.01
%
Alyssa Corp dba Knights Inn
 
Accommodation
 
Term Loan
 
Prime plus 2.25%
 
9/30/2023

 
350.0

 
46.1

 
45.8

 
0.03
%
Bhailal Patel dba New Falls Motel
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
3/27/2023

 
100.0

 
5.4

 
5.4

 
—
%
Pegasus Automotive, Inc.
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
12/23/2022

 
112.5

 
13.8

 
14.0

 
0.01
%
Delyannis Iron Works
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
6%
 
12/8/2022

 
16.0

 
1.8

 
1.8

 
—
%
P. Agrino, Inc. dba Andover Diner
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/18/2021

 
150.0

 
14.6

 
14.8

 
0.01
%
Golden Elevator Co., Inc.
 
Support Activities for Agriculture and Forestry
 
Term Loan
 
Prime plus 2.75%
 
1/31/2022

 
50.0

 
2.6

 
2.7

 
—
%
Mohamed Live Poultry Inc.
 
Animal Production and Aquaculture
 
Term Loan
 
Prime plus 2.75%
 
12/6/2021

 
36.8

 
4.0

 
4.0

 
—
%
RJS Service Corporation
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
8/20/2021

 
79.0

 
8.4

 
8.5

 
0.01
%
Chez RuRene Bakery
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/20/2017

 
150.0

 
49.4

 
51.0

 
0.03
%
Total SBA Uunguaranteed Performing Investments
 
 
 
 
 
 
 
 
 
$
144,082.5

 
$
121,505.9

 
$
115,175.0

 
69.21
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SBA Unguaranteed Non-Performing Investments (3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United Woodworking, Inc.
 
Wood Product Manufacturing
 
Term Loan
 
6%
 
12/20/2022

 
17.3

 
13.6

 
13.2

 
0.01
%
Top Class, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
12/29/2020

 
4.7

 
3.3

 
—

 
—
%
Top Class, Inc.
 
Personal and Laundry Services
 
Term Loan
 
Prime plus 2.75%
 
6/28/2016

 
5.0

 
1.3

 
0.4

 
—
%

82
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Tequila Beaches, LLC dba Fresco Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
9/16/2021

 
21.0

 
15.8

 
11.8

 
0.01
%
* Stormwise South Florida dba Stormwise Shutters
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
11/7/2036

 
427.5

 
412.0

 
347.8

 
0.21
%
* Stormwise South Florida dba Stormwise Shutters
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
11/7/2036

 
204.0

 
201.6

 
172.2

 
0.10
%
Sheikh M Tariq dba Selbyville Foodrite
 
Gasoline Stations
 
Term Loan
 
Prime plus 2.75%
 
3/13/2023

 
63.1

 
48.4

 
36.3

 
0.02
%
Shamrock Jewelers, Inc.
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
6%
 
12/14/2016

 
90.5

 
23.6

 
22.8

 
0.01
%
Pyramid Real Estate Holdings, LLC dba Hoteps
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
10/7/2022

 
12.7

 
8.9

 
8.8

 
0.01
%
Pure Water Innovations, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
9/6/2016

 
3.4

 
1.0

 
1.0

 
—
%
Professional Systems, LLC and Professional Cleaning
 
Administrative and Support Services
 
Term Loan
 
6%
 
7/30/2020

 
159.4

 
132.1

 
58.4

 
0.04
%
Parth Dev, Ltd dba Amerihost Inn Hotel-Kenton
 
Accommodation
 
Term Loan
 
5%
 
10/3/2028

 
54.9

 
38.3

 
18.7

 
0.01
%
Our Two Daughters LLC dba Washington's Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
6/18/2026

 
225.0

 
170.3

 
13.8

 
0.01
%
Morris Glass and Construction
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
3/7/2021

 
49.8

 
44.8

 
0.8

 
—
%
Momentum Medical Group, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
8%
 
9/30/2015

 
244.2

 
159.7

 
5.0

 
—
%
Midway Plaza 6, LLC & Adventure World Family Fun Center, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6%
 
12/19/2029

 
200.0

 
167.6

 
134.0

 
0.08
%
Lucil Chhor dba Baja Fresh #159
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/28/2022

 
49.1

 
30.0

 
15.4

 
0.01
%
Las Torres Development, LLC dba Houston Event Centers
 
Real Estate
 
Term Loan
 
Prime plus 2.75%
 
8/27/2028

 
405.8

 
391.6

 
378.2

 
0.23
%
Lamson and Goodnow Manufacturing Co. and Lamson and Goodnow, LLC
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/28/2037

 
197.1

 
187.0

 
116.1

 
0.07
%
Krishna of Orangeburg, Inc.
 
Accommodation
 
Term Loan
 
6%
 
2/20/2032

 
41.8

 
10.3

 
10.0

 
0.01
%
J Olson Enterprises LLC and Olson Trucking Direct, Inc.
 
Truck Transportation
 
Term Loan
 
Prime plus 2.75%
 
6/28/2025

 
737.6

 
704.5

 
692.4

 
0.42
%
Hot Buckles, Inc.
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/27/2018

 
57.6

 
26.9

 
25.9

 
0.02
%
Harrelson Materials Management, Inc.
 
Waste Management and Remediation Services
 
Term Loan
 
6%
 
6/24/2021

 
537.5

 
470.0

 
108.1

 
0.06
%
Hampton's Restaurant Holding Company, LLC/Hampton's Restaurant #1, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
5/29/2023

 
398.0

 
255.7

 
20.4

 
0.01
%
Goetzke Chiropractic, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
6%
 
10/25/2017

 
7.3

 
3.1

 
0.6

 
—
%
Franvest, Inc. dba Texas Hydro-Equipment Co.
 
Chemical Manufacturing
 
Term Loan
 
6%
 
8/23/2018

 
125.0

 
119.3

 
99.5

 
0.06
%
Feinman Mechanical, LLC
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
9/28/2028

 
323.0

 
305.2

 
70.6

 
0.04
%

83
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
E & I Holdings, LP & PA Farm Products, LLC
 
Food Manufacturing
 
Term Loan
 
6%
 
4/30/2030

 
1,248.8

 
1,238.0

 
481.4

 
0.29
%
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown
 
Support Activities for Transportation
 
Term Loan
 
5%
 
12/28/2035

 
145.9

 
144.6

 
53.1

 
0.03
%
Dill Street Bar and Grill, Inc. and WO Entertainment, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/27/2027

 
122.9

 
112.3

 
41.7

 
0.03
%
Design Video Communciations, Inc.
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6%
 
2/18/2036

 
92.4

 
19.0

 
6.8

 
—
%
D'Elia Auto Repair Inc. dba D'Elia Auto Body
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
9/26/2023

 
15.0

 
13.9

 
2.2

 
—
%
DC Realty, LLC dba FOGO Data Centers
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6%
 
3/23/2037

 
778.0

 
757.0

 
718.6

 
0.43
%
DC Realty, LLC dba FOGO Data Centers
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
3/23/2022

 
376.0

 
258.5

 
245.4

 
0.15
%
Crystal K. Bruens dba Howards Restaurant
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
10/20/2020

 
6.2

 
2.8

 
2.8

 
—
%
Bamboo Palace, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
11/20/2022

 
56.7

 
40.2

 
38.9

 
0.02
%
Baker Sales, Inc. d/b/a Baker Sales, Inc.
 
Nonstore Retailers
 
Term Loan
 
6%
 
3/29/2036

 
490.0

 
467.0

 
406.5

 
0.24
%
AWA Fabrication & Construction, LLC
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
6%
 
4/30/2025

 
152.2

 
34.8

 
7.2

 
—
%
AUM Estates, LLC and Sculpted Figures Plastic Surgery, Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/12/2023

 
87.5

 
83.7

 
—

 
—
%
AUM Estates, LLC and Sculpted Figures Plastic Surgery Inc.
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
3/14/2038

 
618.7

 
603.9

 
355.2

 
0.21
%
Dr. Francis E. Anders, DVM
 
Professional, Scientific, and Technical Services
 
Term Loan
 
6%
 
8/9/2015

 
4.6

 
1.6

 
1.6

 
—
%
Elite Treats Enterprises, Inc. dba Rochelle Dairy Queen
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
1/24/2032

 
141.3

 
131.5

 
122.7

 
0.07
%
LRCSL, LLC dba Daybreak Fruit and Vegetable Company
 
Food and Beverage Stores
 
Term Loan
 
Prime plus 2.75%
 
2/28/2021

 
75.1

 
53.0

 
32.6

 
0.02
%
Harry B Gould dba Lake Athens Marina and Bait Shop
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/28/2025

 
132.9

 
116.2

 
112.3

 
0.07
%
* The Alba Financial Group, Inc.
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
Term Loan
 
Prime plus 2.75%
 
11/13/2015

 
16.2

 
8.0

 
7.7

 
—
%
* Milliken and Milliken, Inc. dba Milliken Wholesale Distribution
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
6%
 
6/10/2036

 
191.0

 
157.1

 
135.3

 
0.08
%
* Almeria Marketing 1, Inc.
 
Personal and Laundry Services
 
Term Loan
 
8%
 
10/15/2015

 
10.2

 
5.0

 
4.8

 
—
%
* Whirlwind Car Wash, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2%
 
4/9/2029

 
31.5

 
24.0

 
20.0

 
0.01
%

84
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
* West Experience, Inc., West Mountain Equipment Rental, Inc., Ski West Lodge
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6%
 
6/5/2026

 
68.9

 
50.2

 
43.8

 
0.03
%
* The Lucky Coyote, LLC
 
Miscellaneous Manufacturing
 
Term Loan
 
6%
 
5/8/2017

 
44.9

 
14.4

 
11.8

 
0.01
%
* TechPlayZone, Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
1/27/2016

 
7.6

 
1.0

 
0.9

 
—
%
* Stokes Floor Covering Company Inc. and Robert E. Rainey, Jr.
 
Furniture and Home Furnishings Stores
 
Term Loan
 
6%
 
12/29/2035

 
122.0

 
110.4

 
94.1

 
0.06
%
* Robin C. & Charles E. Taylor & Brigantine Aquatic Center, LLC
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
6%
 
9/14/2023

 
33.1

 
22.8

 
20.1

 
0.01
%
* LJ Parker, LLC dba Kwik Kopy Business Center 120
 
Administrative and Support Services
 
Term Loan
 
7%
 
9/8/2014

 
61.8

 
33.2

 
26.6

 
0.02
%
* Integrity Sports Group, LLC
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
6%
 
3/6/2018

 
62.1

 
17.3

 
13.4

 
0.01
%
* Guzman Group, LLC
 
Rental and Leasing Services
 
Term Loan
 
6%
 
1/30/2016

 
251.7

 
211.7

 
195.1

 
0.12
%
* Groundworks Unlimited, LLC
 
Specialty Trade Contractors
 
Term Loan
 
6%
 
12/17/2023

 
116.1

 
97.1

 
85.0

 
0.05
%
* Gotta Dance Studio, Inc. dba Gotta Dance Studio Academy of Performing
 
Educational Services
 
Term Loan
 
Prime plus 2.75%
 
11/16/2016

 
10.3

 
4.0

 
3.5

 
—
%
* Furniture Company, LLC
 
Furniture and Home Furnishings Stores
 
Term Loan
 
7%
 
10/30/2015

 
6.4

 
1.4

 
1.3

 
—
%
* Event Mecca, LLC
 
Other Information Services
 
Term Loan
 
6%
 
4/10/2023

 
14.3

 
13.3

 
8.9

 
0.01
%
* E.W. Ventures, Inc. dba Swift Cleaners & Laundry
 
Personal and Laundry Services
 
Term Loan
 
—%
 
4/18/2017

 
209.1

 
92.7

 
76.0

 
0.05
%
* DUCO Energy Services, a Limited Liability Company
 
Professional, Scientific, and Technical Services
 
Term Loan
 
Prime plus 2.75%
 
6/20/2023

 
11.8

 
10.8

 
7.3

 
—
%
* David M. Goens dba Superior Auto Paint & Body, Inc.
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
8/26/2024

 
11.5

 
6.6

 
6.0

 
—
%
* CCS, Services, Inc.
 
Administrative and Support Services
 
Term Loan
 
6%
 
2/28/2015

 
2.3

 
0.1

 
0.1

 
—
%
* Camilles of Washington Inc.
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
10/28/2015

 
16.4

 
1.5

 
1.5

 
—
%
* Bwms Management, LLC
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
7/7/2027

 
109.1

 
82.5

 
66.4

 
0.04
%
* BCD Enterprises, LLC dba Progressive Tool and Nutmeg Tool
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
6/22/2026

 
506.9

 
418.3

 
333.1

 
0.20
%
* Barnum Printing & Publishing, Co.
 
Printing and Related Support Activities
 
Term Loan
 
6%
 
7/29/2015

 
44.7

 
11.9

 
11.7

 
0.01
%
* Auto Sales, Inc.
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
6%
 
8/17/2023

 
13.9

 
6.7

 
6.2

 
—
%
* Anmor Machining Company, LLC dba Anmor Machining Company
 
Fabricated Metal Product Manufacturing
 
Term Loan
 
6%
 
11/18/2026

 
192.5

 
146.5

 
110.5

 
0.07
%

85
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
KroBro Inc. d/b/a Village Coffee
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
3/12/2020

 
200.0

 
10.0

 
—

 
—
%
Konversashens Coffee LLC
 
Food Services and Drinking Places
 
Term Loan
 
6%
 
6/28/2016

 
64.4

 
4.9

 
—

 
—
%
Total SBA Unguaranteed Non-Performing Investments
 
 
 
 
 
 
 
 
 
$
11,637.2

 
$
9,587.3

 
$
6,302.3

 
3.79
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total SBA Unguaranteed Investments
 
 
 
 
 
 
 
 
 
$
155,719.7

 
$
131,093.2

 
$
121,477.3

 
73.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SBA Guaranteed Performing Investments (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BS Ventures, LLC dba Dink's Market
 
Merchant Wholesalers, Nondurable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/19/2039

 
161.3

 
161.3

 
182.9

 
0.11
%
M & MM Management
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
4/19/2025

 
138.8

 
138.8

 
155.0

 
0.09
%
The Jeweler's Inc.
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
12/19/2024

 
3,750.0

 
3,750.0

 
4,157.8

 
2.50
%
Will Zak Management, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/19/2024

 
146.3

 
146.3

 
163.3

 
0.10
%
Winter Ventures, Inc.
 
Nonstore Retailers
 
Term Loan
 
Prime plus 2.75%
 
12/23/2024

 
1,404.9

 
1,404.9

 
1,564.7

 
0.94
%
Atlantis of Daytona, LLC
 
Clothing and Clothing Accessories Stores
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
720.0

 
720.0

 
816.3

 
0.49
%
Thermoplastic Services, Inc.
 
Plastics and Rubber Products Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
4,500.0

 
4,500.0

 
5,060.5

 
3.04
%
The Lodin Group, LLC and Lodin Health
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
1,590.8

 
1,590.8

 
1,797.6

 
1.08
%
Bowlerama Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/24/2039

 
3,607.5

 
3,607.5

 
4,058.4

 
2.44
%
Beale Street Blues Company
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
12/22/2024

 
562.5

 
562.5

 
628.2

 
0.38
%
Bear Creek Entertainment, LLC dba The Woods at Bear Creek
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
318.8

 
318.8

 
361.6

 
0.22
%
Evans & Paul, LLC
 
Merchant Wholesalers, Durable Goods
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
671.3

 
671.3

 
749.6

 
0.45
%
B & W Towing, LLC & Boychuck's Fuel, LLC
 
Repair and Maintenance
 
Term Loan
 
Prime plus 2.75%
 
12/17/2039

 
493.5

 
493.5

 
559.9

 
0.34
%
Grand Blanc Lanes, Inc.
 
Amusement, Gambling, and Recreation Industries
 
Term Loan
 
Prime plus 2.75%
 
12/31/2039

 
399.0

 
399.0

 
452.7

 
0.27
%
Homegrown for Good, LLC
 
Apparel Manufacturing
 
Term Loan
 
Prime plus 2.75%
 
11/26/2024

 
2,070.0

 
2,070.0

 
2,297.1

 
1.38
%

86
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Lake Area Autosound, LLC
 
Motor Vehicle and Parts Dealers
 
Term Loan
 
Prime plus 2.75%
 
7/28/2039

 
375.0

 
375.0

 
425.4

 
0.26
%
FHJE Ventures, LLC and Eisenreich II, Inc. dba Breakneck Tavern
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
6/27/2039

 
962.3

 
965.3

 
1,084.6

 
0.65
%
Meridian Hotels, LLC
 
Accommodation
 
Term Loan
 
Prime plus 2.75%
 
11/25/2039

 
684.0

 
684.0

 
776.0

 
0.47
%
Carolina Flicks dba The Howell Theatre
 
Motion Picture and Sound Recording Industries
 
Term Loan
 
Prime plus 2.75%
 
12/23/2032

 
489.8

 
489.8

 
538.7

 
0.32
%
Kiddie Steps for You, Inc.
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
9/25/2038

 
267.8

 
254.8

 
286.7

 
0.17
%
401 JJS Corp. and G Randazzo Trattoria Corp.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/23/2039

 
1,136.3

 
1,136.3

 
1,285.4

 
0.77
%
FHJE Ventures, LLC and Eisenreich II, Inc. dba Breakneck Tavern
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
12/31/2039

 
736.5

 
484.8

 
545.7

 
0.33
%
Miss Cranston Diner II, LLC
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/17/2039

 
273.8

 
273.8

 
308.8

 
0.19
%
Wildwood Tavern dba Tavern Properties
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
9/15/2039

 
1,275.0

 
936.0

 
1,058.9

 
0.64
%
iFood, Inc.
 
Food Services and Drinking Places
 
Term Loan
 
Prime plus 2.75%
 
7/31/2024

 
1,137.3

 
871.6

 
973.4

 
0.58
%
Alpha Prepatory Academy, LLC
 
Social Assistance
 
Term Loan
 
Prime plus 2.75%
 
8/15/2039

 
435.7

 
327.7

 
371.8

 
0.22
%
GPG Real Estate Holdings, LLC
 
Specialty Trade Contractors
 
Term Loan
 
Prime plus 2.75%
 
7/3/2024

 
487.5

 
121.6

 
137.9

 
0.08
%
First Prevention & Dialysis Center, LLC
 
Ambulatory Health Care Services
 
Term Loan
 
Prime plus 2.75%
 
12/30/2024

 
714.8

 
234.2

 
261.5

 
0.16
%
The Red Pill Management, Inc.
 
Performing Arts, Spectator Sports, and Related Industries
 
Term Loan
 
Prime plus 2.75%
 
11/26/2024

 
162.8

 
86.1

 
96.2

 
0.06
%
DC Real, LLC and DC Enterprises LTD
 
Building Material and Garden Equipment and Supplies Dealers
 
Term Loan
 
Prime plus 2.75%
 
11/20/2039

 
358.1

 
281.7

 
329.5

 
0.20
%
Total SBA Guaranteed Performing Investments
 
 
 
 
 
 
 
 
 
$
30,031.4

 
$
28,057.4

 
$
31,486.1

 
18.92
%
Total SBA Unguaranteed and Guaranteed Investments
 
 
 
 
 
 
 
 
 
$
185,751.1

 
$
159,150.6

 
$
152,963.4

 
91.92
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
Affiliate Investments (5)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Advanced Cyber Security Systems, LLC (6) (13)                                        
 
Data processing, hosting and related services.
 
50% Membership Interest
 
—
%
 
—

 
—

 
—

 
—

 
—
%
 
 
 
 
Term Loan
 
3
%
 
 December 2014
 
1,120.0

 
381.0

 
—

 
—
%
* Automated Merchant Services, Inc. (7) (13)
 
Data processing, hosting and related services.
 
100% Common Stock
 
—
%
 
—

 
—

 
—

 
—

 
—
%

87
Table of Contents

Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
* Business Connect, LLC (8) (13)
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—
%
 
—

 
—

 
—

 
—

 
—
%
 
 
 
 
Term Loan
 
10
%
 
 December 2015
 
—

 
—

 
—

 
—
%
* CCC Real Estate Holdings Co., LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Membership Interest
 
—
%
 
—

 
—

 
—

 
—

 
—
%
CDS Business Services, Inc. (9) (13)                                                                                         
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Common Stock
 
—
%
 
—

 
—

 
—

 
496.0

 
0.30
%
 
 
 
 
Term Loan
 
1
%
 
Various maturities through August 2016
 
4,228.0

 
4,228.0

 
1,483.0

 
0.89
%
Crystaltech Web Hosting, Inc.
 
Data processing, hosting and related services.
 
100% Common Stock
 
—
%
 
—

 
—

 
9,256.0

 
21,500.0

 
12.92
%
* OnLAN, LLC (15) (17)
 
Professional, Scientific, and Technical Services
 
49% Membership Interests
 
—
%
 
—

 
—

 
800.0

 
—

 
—
%
* Exponential Business Development Co. Inc. (13)                                                                                
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Common Stock
 
—
%
 
—

 
—

 
—

 
—

 
—
%
* Bankcard Alliance of Alabama, LLC (10) (13)                                                                
 
Data processing, hosting and related services.
 
95% Membership Interests
 
—
%
 
—

 
—

 
—

 
—

 
—
%
* Fortress Data Management, LLC (13)                                                                                    
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—
%
 
—

 
—

 
—

 
—

 
—
%
Newtek Insurance Agency, LLC (13)                                                                            
 
Insurance Carriers and Related Activities
 
100% Membership Interests
 
—
%
 
—

 
—

 
—

 
2,300.0

 
1.38
%
PMTWorks Payroll, LLC (11) (13)                                                                                     
 
Data processing, hosting and related services.
 
80% Membership Interests
 
—
%
 
—

 
—

 
—

 
920.0

 
0.55
%
 
 
 
 
Term Loan
 
12
%
 
 August 2015
 
935.0

 
935.0

 
—

 
—
%
Secure CyberGateway Services, LLC (12) (13)                                                                                                                      
 
Data processing, hosting and related services.
 
66.7% Membership Interests
 
—
%
 
—

 
—

 
—

 
—

 
—
%
 
 
 
 
Term Loan
 
7
%
 
 December 2016
 
2,400.0

 
2,400.0

 
2,400.0

 
1.44
%
Small Business Lending, Inc. (13)                                                                            
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Common Stock
 
—
%
 
—

 
—

 
—

 
2,900.0

 
1.74
%
* Summit Systems and Designs, LLC (8) (13)                                                                       
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—
%
 
—

 
—

 
—

 
—

 
—
%
 
 
 
 
Term Loan
 
10
%
 
 December 2007
 
—

 
—

 
—

 
—
%

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Portfolio Company
 
Industry
 
Type of Investment
 
Interest Rate (2)
 
Maturity
 
Principal
 
Cost
 
Fair Value
 
% of Net Assets
* Texas Whitestone Group, LLC
 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
100% Membership Interest
 
—
%
 
—

 
—

 
65.0

 
—

 
—
%
Universal Processing Services of Wisconsin, LLC (13)                                           
 
Data processing, hosting and related services.
 
100% Membership Interest
 
—
%
 
—

 
—

 
—

 
45,500.0

 
27.34
%
* Where Eagles Fly, LLC (13) (14)                                                                                    
 
Theatrical productions
 
95% Membership Interest
 
—
%
 
—

 
—

 
—

 
—

 
—
%
Total Affiliates Investments
 
 
 
 
 
 
 
 
 
$
8,683.0

 
$
18,065.0

 
$
77,499.0

 
46.57
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment in Money Market Fund
 
 
 
 
 
 
 
 
 
$
—

 
$
3,000.0

 
$
3,000.0

 
1.80
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Investments
 
 
 
 
 
 
 
 
 
$
194,434.1

 
$
180,215.6

 
$
233,462.4

 
140.29
%


* denotes non-income producing security.
(1) Newtek values each SBA 7(a) performing unguaranteed loan using a discounted cash flow analysis which projects future cash flows and incorporates projections for loan pre-payments and loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on loan age. The recovery assumption for each loan is specific to the discounted valuation of the collateral supporting that loan. Each loan's cash flow is discounted at a rate which approximates a market yield. The loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded Preferred Lender Program (“PLP”) status from the SBA. The loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors.
(2) Prime Rate is equal to 3.25% as of December 31, 2014.
(3) Newtek values SBA 7(a) non-performing loans using a discounted cash flow analysis of the underlying collateral which supports the loan. Net recovery of collateral, (fair value less cost to liquidate) is applied to the discounted cash flow analysis based upon a time to liquidate estimate. Modified loans are valued based upon current payment streams and are re-amortized at the end of the modification period.
(4) Newtek values guaranteed SBA 7(a) performing loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells into this secondary market. Guaranteed portions, partially funded as of the valuation date are valued using level two inputs as disclosed in Note 6.
(5) Control Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Control Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Control Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. owns more than 25% of the voting securities of such company.
(6) 100% wholly-owned by Exponential of New York, LLC.
(7) 95% owned by Wilshire Partners, LLC., 5% owned by non-affiliate.
(8) 100% owned by Wilshire Texas Partners I, LLC.
(9) 49.482% owned by Wilshire New York Partners IV, LLC, 24.611% owned by Exponential of New York, LLC and 25.907% owned by Newtek Business Services Corp.
(10) 95% owned by Wilshire Alabama Partners, LLC., 5% owned by non-affiliate.
(11) 80% owned by Wilshire New York Partners IV, LLC, 20% owned by non-affiliate.
(12) 66.7% owned by Wilshire Texas Partners I, LLC, 33.3% owned by non-affiliate.
(13) 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.
(14) 95% owned by Wilshire DC Partners, LLC, 5% owned by non-affiliate.
(15) 49% owned by Wilshire Colorado Partners, LLC, 51% owned by non-affiliate
(16) 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.
(17) Denotes a non-controlled entity.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1—DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION:

On November 12, 2014, Newtek Business Services, Inc. merged with and into Newtek Business Services Corp. ("NBS”), a newly-formed Maryland corporation, for the purpose of reincorporating in Maryland (the “Merger”), and thereafter filed an election to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended ("1940 Act"). This transaction is referred to as the “Conversion” or “BDC Conversion”. All subsidiaries and controlled portfolio companies became the property of Newtek Business Services Corp. as part of the Merger. Except as otherwise noted, the terms “we,” “us,” “our,” “Company” and “Newtek” refer to Newtek Business Services, Inc. prior to the Conversion and its successor, Newtek Business Services Corp. following the Conversion.
Description of Business and Basis of Presentation for the Three Months Ended March 31, 2014 (Prior to BDC Conversion)
Prior to the Conversion, Newtek Business Services, Inc. was a holding company for several wholly- and majority-owned subsidiaries, including twelve certified capital companies which are referred to as Capcos, and several portfolio companies in which the Capcos own non-controlling or minority interests. The Company provides a “one-stop-shop” for business services to the small- and medium-sized business market and uses state of the art web-based proprietary technology to be a low cost acquirer and provider of products and services. The Company partners with companies, credit unions, and associations to offer its services.
The Company’s principal business segments were:
Electronic Payment Processing: Marketing third party credit card processing and check approval services to the small- and medium-sized business market under the name of Newtek Merchant Solutions.
Managed Technology Solutions: CrystalTech Web Hosting, Inc., d/b/a Newtek Technology Services (“NTS”), offers shared and dedicated web hosting, data storage and backup services, cloud computing plans and related services to the small- and medium-sized business market.
Small Business Finance: The segment is comprised of Small Business Lending Inc., (“SBL”) a lender service provider for third-parties that primarily services government guaranteed U.S. Small Business Administration (“SBA”) loans and non-SBA loans; Newtek Small Business Finance, LLC. (“NSBF”), a nationally licensed, SBA lender that originates, sells and services loans to qualifying small businesses, which are partially guaranteed by the SBA, and CDS Business Services, Inc. d/b/a Newtek Business Credit (“NBC”) which provides receivable financing and management services.
All Other: Businesses formed from investments made through Capco programs and others which cannot be aggregated with other operating segments, including insurance and payroll processing.
Corporate Activities: Corporate implements business strategy, directs marketing, provides technology oversight and guidance, coordinates and integrates activities of the segments, contracts with alliance partners, acquires customer opportunities, and owns our proprietary NewTracker® referral system. This segment includes revenue and expenses not allocated to other segments, including interest income, Capco management fee income and corporate operations expenses.
Capco: Twelve certified capital companies which invest in small- and medium-sized businesses. They generate non-cash income from tax credits and non-cash interest expense and insurance expenses in addition to cash management fees.
The condensed consolidated financial statements of Newtek Business Services Corp., its Subsidiaries and consolidated entities have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include all wholly- and majority-owned subsidiaries, and several portfolio companies in which the Capcos own non-controlling interest, or those variable interest entities of which Newtek is considered to be the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Non-controlling interests are reported below net income (loss) under the heading “Net loss attributable to non-controlling interests” in the unaudited condensed consolidated statements of income prior to the BDC Conversion.
Description of Business and Basis of Presentation for the Three Months Ended March 31, 2015 (Post BDC Conversion)

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Newtek Business Services Corp. is a Maryland corporation which was formed in August 2013 and is an internally managed, closed-end 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 accompanying notes to the unaudited condensed consolidated financial statements should be read in conjunction with Newtek’s 2014 Annual Report 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, 2014 consolidated balance sheet has been derived from the audited financial statements as of that date. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation.
All financial information included in the tables in the following footnotes is stated in thousands, except per share data.
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES:
Fair Value

The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“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 Company’s board of directors (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 GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are complete. Actual results could differ from those estimates.

Consolidation 

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

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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 net assets and liabilities as investments. Those assets are owned by the securitization trusts, and are consolidated 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.
 
Cash and Cash Equivalents
The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Invested cash is held almost exclusively at financial institutions of high credit quality. The Company invests cash not held in interest free checking accounts or bank money market accounts mainly in U.S. Treasury only money market instruments or funds and other investment-grade securities. As of March 31, 2015, cash deposits in excess of FDIC deposit insurance and Securities Investor Protection Corporation (“SIPC”) insurance totaled approximately $14,791,000.
Restricted Cash
Restricted cash includes cash collateral relating to a letter of credit; monies due on SBA loan-related remittances due to third parties; and cash reserves associated with securitization transactions.

Broker Receivable

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

The Company will elect to be treated as a regulated investment company (“RIC”) beginning with the 2015 tax year under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) and will operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify as a RIC, among other things, the Company will be 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 all income distributed to its stockholders.

As a result of the Company’s conversion to a BDC and its intention to elect RIC status when it files its 2015 tax return, the Company reversed the balance of its deferred tax asset as of December 31, 2014, through additional paid in capital on January 1, 2015.
 
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 three months ended March 31, 2015, no U.S. federal excise taxes were accrued.
 
Dividends and Distributions

Dividends and distributions to the Company's common stockholders are recorded on the record date. The timing and amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although the Company may decide to retain such capital gains for investment.

Investment Income

Interest on loan investments is accrued and included in income based on contractual rates applied to principal amounts outstanding. Interest income is determined using a method that results in a level rate of return on principal amounts outstanding. When a loan becomes 90 days or more past due, or if we otherwise do not expect to receive interest and principal repayments, the loan is placed on non-accrual status and the recognition of interest income is discontinued. Interest payments received on loans that are on non-accrual status are treated as reductions of principal until the principal is repaid. Dividend

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income is recorded at the time dividends are declared. Distributions of earnings from portfolio companies are evaluated to determine if the distribution is income or return of capital.

We receive a variety of fees from borrowers in the ordinary course of conducting our business, including packaging, late payment and prepayment fees. All other income is recorded into income when earned.

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.
New Accounting Standards

In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This update requires that debt issuance costs be presented in the balance sheet as a direct deduction from the debt liability. This ASU is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of this update to its consolidated financial statements and disclosures.

Segments

As a BDC, the Company has determined that it has a single reporting segment and operating unit structure. The Company lends to and makes 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 loan and investment relationships has 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 year presentation.
NOTE 3—INVESTMENTS:

Investments, all of which are with portfolio companies in the United States, consisted of the following at:
 
 
March 31, 2015
 
December 31, 2014
 
 
Cost
 
Fair Value
 
Cost
 
Fair Value
Money market funds
 
$
6,000

 
$
6,000

 
$
3,000

 
$
3,000

Non-affiliate debt investments
 
151,804

 
143,275

 
159,151

 
152,963

Affiliate investments
 
 
 
 
 
 
 
 
Equity
 
11,056

 
81,316

 
10,120

 
73,616

Debt
 
6,909

 
3,583

 
7,944

 
3,883

Total investments
 
$
175,769

 
$
234,174

 
$
180,215

 
$
233,462

The following table shows the Company's portfolio investments by industry at March 31, 2015 and December 31, 2014:

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Table of Contents

 
 
March 31, 2015
 
December 31, 2014
 
 
Cost
 
Fair Value
 
Cost
 
Fair Value
Data processing, hosting and related services.
 
$
12,672

 
$
72,620

 
$
13,772

 
$
70,322

Food Services and Drinking Establishments
 
16,775

 
16,361

 
15,816

 
15,442

Amusement, Gambling, and Recreation Industries
 
9,437

 
9,162

 
13,495

 
13,621

Securities, Commodity Contracts, and Other Financial Investments and Related Activities
 
5,450

 
10,864

 
5,278

 
5,771

Plastics and Rubber Products Manufacturing
 
3,154

 
3,067

 
7,690

 
8,120

Accommodation
 
6,500

 
6,261

 
7,240

 
7,240

Repair and Maintenance
 
9,087

 
9,028

 
7,250

 
7,023

Clothing and Clothing Accessories Stores
 
5,046

 
5,001

 
6,709

 
6,958

Ambulatory Health Care Services
 
5,301

 
4,586

 
6,777

 
6,225

Truck Transportation
 
5,469

 
5,229

 
5,621

 
5,494

Specialty Trade Contractors
 
6,261

 
5,393

 
6,298

 
5,414

Fabricated Metal Product Manufacturing
 
5,548

 
4,982

 
5,627

 
5,258

Professional, Scientific, and Technical Services
 
6,755

 
5,553

 
5,438

 
4,939

Food Manufacturing
 
4,724

 
3,778

 
4,757

 
3,793

Motor Vehicle and Parts Dealers
 
3,643

 
3,584

 
3,759

 
3,755

Merchant Wholesalers, Durable Goods
 
4,744

 
4,791

 
3,763

 
3,729

Gasoline Stations
 
3,000

 
2,883

 
3,895

 
3,727

Insurance Carriers and Related Activities
 
1,897

 
4,162

 
1,417

 
3,622

Social Assistance
 
3,597

 
3,489

 
3,537

 
3,474

Nonstore Retailers
 
2,210

 
1,999

 
2,878

 
2,923

Personal and Laundry Services
 
2,768

 
2,651

 
2,759

 
2,609

Apparel Manufacturing
 
258

 
204

 
2,330

 
2,528

Merchant Wholesalers, Nondurable Goods
 
2,910

 
2,845

 
2,541

 
2,459

Administrative and Support Services
 
2,170

 
2,037

 
2,663

 
2,400

Other
 
40,393

 
37,644

 
35,905

 
33,616

Total
 
$
169,769

 
$
228,174

 
$
177,215

 
$
230,462


NOTE 4—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 affiliates for the three months ended March 31, 2015 were as follows:

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Portfolio Company
 
Fair Value at December 31, 2014
 
Purchases (cost)
 
Principal received (cost)
 
Net realized gains/(losses)
 
Net unrealized gains/(losses)
 
Fair Value at March 31, 2015
 
Interest and other income
 
Dividend income
Controlled Affiliates
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Small Business Lending, Inc.
 
$
2,900

 
$
—

 
$
—

 
$
—

 
$
5,100

 
$
8,000

 
$
—

 
$
74

PMTWorks Payroll, LLC
 
920

 
—

 
—

 
—

 
—

 
920

 
26

 
—

Universal Processing Services of Wisconsin, LLC
 
45,500

 
—

 
—

 
—

 
2,600

 
48,100

 
4

 
800

Crystaltech Web Hosting, Inc
 
21,500

 
—

 
—

 
—

 
—

 
21,500

 
—

 
200

CDS Business Services, Inc.
 
1,979

 
200

 
—

 
—

 
(200
)
 
1,979

 
11

 
—

Advanced Cyber Security Systems, LLC
 
—

 
—

 
—

 
—

 
—

 
—

 
14

 
—

First Bankcard Alliance of Alabama, LLC
 
—

 
—

 
—

 
—

 
—

 
—

 
4

 
—

Secure CyberGateway Services, LLC
 
2,400

 
—

 
(300
)
 
—

 
—

 
2,100

 
40

 
13

Business Connect, LLC
 
—

 
—

 
—

 
—

 
—

 
—

 
1

 
—

Total Controlled Affiliates
 
$
75,199

 
$
200

 
$
(300
)
 
$
—

 
$
7,500

 
$
82,599

 
$
100

 
$
1,087


The table above includes only those controlled affiliates for which the Company had transactions for the three months ended March 31, 2015.

In addition to the transactions above, the Company incurs expenses from certain of its controlled portfolio companies. For the three months ended March 31, 2015, the Company incurred $145,000 in managed technology services, $124,000 in loan processing and closing expenses, and $5,000 in payroll processing fees from certain of its controlled portfolio companies.

NOTE 5—SERVICING ASSETS:
For the three months ended March 31, 2015 and 2014, servicing fees received on the Company’s SBA non-affiliate investments totaled $1,043,000 and $832,000, respectively. The total servicing fee income recognized for loans serviced for others for the three months ended March 31, 2014 was $1,793,000. As a result of the BDC Conversion, no servicing fee income was recognized for loans serviced for others for the three months ended March 31, 2015. This revenue, which was previously included in consolidated results, is recognized and earned by one of the Company's controlled portfolio companies. The estimated fair values of capitalized servicing assets were $10,363,000 and $9,483,000 at March 31, 2015 and December 31, 2014, respectively. Inherent risks related to the fair value of servicing assets include prepayment and default risks. An increase in either of these factors could have a negative impact to the fair value of servicing assets on the consolidated statement of net assets and liabilities. Additionally, a decrease in servicing spread would also have a negative impact to the fair value of servicing assets.
The estimated fair value of servicing assets at March 31, 2015 was determined using a discount factor that is a blended approach of the weighted average cost of capital and the weighted average servicing spread of 11.57%, prepayment speed of 19%, and an average cumulative default rate of 25%. The estimated fair value of servicing assets at December 31, 2014 was determined using a discount factor that is a blended approach of the weighted average cost of capital and the weighted average servicing spread of 11.58%, prepayment speed of 19%, and an average cumulative default rate of 25%. Changes in the fair value of servicing assets are included on the statement of operations under the caption "net unrealized depreciation on servicing assets.
NOTE 6—FAIR VALUE MEASUREMENTS:


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In accordance with GAAP, 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 Board. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The levels of the fair value hierarchy are as follows:
 
 
 
Level 1
  
Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury, other U.S. Government and agency mortgage-backed debt securities that are highly liquid and are actively traded in over-the-counter markets.
 
 
Level 2
  
Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. Government and agency mortgage-backed debt securities, corporate debt securities, derivative contracts and residential mortgage loans held-for-sale.
 
 
Level 3
  
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain private equity investments, retained residual interests in securitizations, residential mortgage servicing rights, and highly structured or long-term derivative contracts.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three months ended March 31, 2015 and 2014. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of certain portfolio investments without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process.
 
When determining fair value of Level 3 debt and equity investments, the Company may take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments 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 method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“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

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basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value.
 
In addition, for certain debt investments, the Company may base its valuation on quotes provided by an independent third party broker.
 
Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company may realize significantly less than the value at which such investment had previously been recorded.
 
The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

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 value as of March 31, 2015 and December 31, 2014:
 
Fair Value Measurements at March 31, 2015 Using:
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total Gains
and (Losses)
Assets
 
 
 
 
 
 
 
 
 
Investments in money markets funds
$
6,000

 
$
6,000

 
$
—

 
$
—

 
$
—

Credits in lieu of cash
1,889

 
—

 
1,889

 
—

 
—

SBA unguaranteed loans
128,551

 
—

 
—

 
128,551

 
(10,271
)
SBA guaranteed loans
14,724

 
—

 
14,724

 
—

 
1,731

Affiliate investments
84,899

 
—

 
—

 
84,899

 
7,500

Servicing assets
10,363

 
—

 
—

 
10,363

 
484

Total assets
$
246,426

 
$
6,000

 
$
16,613

 
$
223,813

 
$
(556
)
Liabilities
 
 
 
 
 
 
 
 
 
Notes payable in credits in lieu of cash
$
1,889

 
$
—

 
$
1,889

 
$
—

 
$
—


 
Fair Value Measurements at December 31, 2014 Using:
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total Gains
and (Losses)
Assets
 
 
 
 
 
 
 
 
 
Investments in money markets funds
$
3,000

 
$
3,000

 
$
—

 
$
—

 
$
—

Credits in lieu of cash
2,229

 
—

 
2,229

 
—

 
(13
)
SBA unguaranteed loans
121,477

 
—

 
—

 
121,477

 
(9,605
)
SBA guaranteed loans
31,486

 
—

 
31,486

 
—

 
3,429

Affiliate investments
77,499

 
—

 
—

 
77,499

 
—

Servicing assets
9,483

 
—

 
—

 
9,483

 
(120
)
Total assets
$
245,174

 
$
3,000

 
$
33,715

 
$
208,459

 
$
(6,309
)
Liabilities
 
 
 
 
 
 
 
 
 
Notes payable in credits in lieu of cash
$
2,229

 
$
—

 
$
2,229

 
$
—

 
$
5



The following table presents the changes in investments and other assets measured at fair value using Level 3 inputs for the three months ended March 31, 2015:


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Three months ended March 31, 2015
 
SBA Unguaranteed Investments
 
Affiliate Investments
 
Servicing Assets
Fair value, beginning of period
$
121,477

 
$
77,499

 
$
9,483

Net change in unrealized appreciation (depreciation)
(666
)
 
7,500

 
(356
)
Realized loss
(47
)
 
—

 
—

SBA unguaranteed non-affiliate investments, originated
12,340

 
—

 
—

Foreclosed real estate acquired by portfolio company
(409
)
 
—

 
—

Funding of affiliate investments
—

 
200

 
—

Proceeds from principal payments
(4,144
)
 
(300
)
 
—

Additions to servicing assets
—

 
—

 
1,236

Fair value, end of period
$
128,551

 
$
84,899

 
$
10,363


The following table presents changes in SBA Unguaranteed Investments measured at fair value using Level 3 inputs for the three months ended March 31, 2014:
 
Three months ended March 31, 2014
Fair value, beginning of period
$
78,951

Realized loss
(1,479
)
SBA unguaranteed investments, originated
11,385

Proceeds from principal payments
(1,187
)
Fair value, end of period
$
87,670


Prior to the Company's conversion to a BDC, the Company did not account for its affiliate investments and servicing assets at fair value.

The following tables provide a summary of quantitative information about the Company’s Level 3 fair value measurements as of March 31, 2015 and December 31, 2014. In addition to the techniques and inputs noted in the table below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to the Company’s fair value measurements at March 31, 2015 and December 31, 2014.


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Range
 
 
Fair Value as of March 31, 2015
 
Valuation Techniques
 
Unobservable Input
 
Weighted Average
 
Minimum
 
Maximum
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Performing SBA Unguaranteed Investments
 
$
123,336

 
Discounted cash flow
 
Market yields
 
5.38
%
 
5.38
%
 
5.38
%
Non-Performing SBA Unguaranteed Investments
 
$
5,215

 
Discounted cash flow
 
Market yields
 
7.00
%
 
7.00
%
 
7.00
%
Affiliate Investments (A)
 
$
84,899

 
Market comparable companies
 
EBITDA multiples
 
5.5x

 
3.00x

 
9.00x

 
 
 
 
Market comparable companies
 
Revenue multiples
 
0.80x

 
0.40x

 
3.00x

 
 
 
 
Discounted cash flow
 
Weighted average cost of capital
 
12.70
%
 
10.70
%
 
16.00
%
Servicing Assets
 
$
10,363

 
Discounted cash flow
 
Market yields
 
11.57
%
 
11.57
%
 
11.57
%

(A) In determining the fair value of the Company's equity investments as of March 31, 2015, the proportion of the market comparable companies and discounted cash flow valuation techniques were 45.2% and 54.8%, respectively, on a weighted average basis.

 
 
 
 
 
 
 
 
 
 
Range
 
 
Fair Value as of December 31, 2014
 
Valuation Techniques
 
Unobservable Input
 
Weighted Average
 
Minimum
 
Maximum
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Performing SBA Unguaranteed Investments
 
$
115,175

 
Discounted cash flow
 
Market yields
 
5.38
%
 
5.38
%
 
5.38
%
Non-Performing SBA Unguaranteed Investments
 
$
6,302

 
Discounted cash flow
 
Market yields
 
7.00
%
 
7.00
%
 
7.00
%
Affiliate Investments (A)
 
$
77,499

 
Market comparable companies
 
EBITDA multiples
 
5.5x

 
3.00x

 
9.00x

 
 
 
 
Market comparable companies
 
Revenue multiples
 
0.80x

 
0.40x

 
3.00x

 
 
 
 
Discounted cash flow
 
Weighted average cost of capital
 
12.60
%
 
10.70
%
 
16.00
%
Servicing Assets
 
$
9,483

 
Discounted cash flow
 
Market yields
 
11.58
%
 
11.58
%
 
11.58
%

(A) In determining the fair value of the Company's equity investments as of December 31, 2014, the proportion of the market comparable companies and discounted cash flow valuation techniques were 48.1% and 51.9%, respectively, on a weighted average basis.
NOTE 7—NOTES PAYABLE:

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At March 31, 2015 and December 31, 2014, the Company had notes payable comprised of the following :
 
March 31, 2015
 
December 31, 2014
Notes payable:
 
 
 
Capital One lines of credit (NSBF)
 
 
 
Guaranteed line
$
28,747

 
$
28,722

Unguaranteed line
5,200

 
5,134

Capital One line of credit and term loan (NBS)
 
 
 
Revolving line of credit
—

 
—

Term loan
8,750

 
9,167

Total notes payable
42,697

 
43,023

Note payable – Securitization trust VIE
76,945

 
79,520

Total notes payable
$
119,642

 
$
122,543

Total interest expense for the three months ended March 31, 2015 and 2014 was $1,356,000 and $1,636,000, respectively.
NOTE 8—COMMITMENTS AND CONTINGENCIES:
Legal Matters

In the ordinary course of business, the Company 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 currently involved in various litigation matters. 

On January 21, 2014, NCMIC Finance Corporation (“NCMIC”) filed a complaint against Universal Processing Services of Wisconsin, LLC (“UPS”), the Company’s merchant processing portfolio company, in the United States District Court for the Southern District of Iowa. The complaint asserts claims against UPS for breach of the UPS and NCMIC agreement for the processing of credit card transactions, and seeks monetary relief. The Company believes that the claims asserted in the complaint are wholly without merit and intends to vigorously defend the action.

As previously disclosed, during the quarter ended June 30, 2013, the Federal Trade Commission (the “FTC”) amended an existing complaint in the matter Federal Trade Commission v. WV Universal Management, LLC et al., pending in the United States District Court for the Middle District of Florida (the “Court”), to add UPS as an additional defendant on one count of providing substantial assistance in violation of the Telemarketing Sales Rule. On November 18, 2014, the Court issued an Order granting the FTC’s motion for summary judgment against UPS on the single count. Subsequently, the FTC filed motions for a permanent injunction and equitable monetary belief against UPS and the other remaining defendants. Prior to the Court hearing on the motions, UPS and the FTC reached a settlement on the FTC’s motion for a permanent injunction, subject to final approval of the FTC. On February 11, 2015, the Court granted the FTC’s motion for equitable relief against UPS and the other remaining defendants, ordering that the remaining defendants pay $1,735,000 in equitable monetary relief. UPS has recorded a reserve for the full amount of the potential loss as of March 31, 2015.

The FTC has submitted a proposed equitable monetary judgment that has not yet been entered by the Court. UPS intends to appeal the judgment.

Management has reviewed all other legal claims against the Company with counsel and has taken into consideration the views of such counsel, as to the outcome of the claims. In management’s opinion, final disposition of all such claims will not have a material adverse effect on the results of operations, cash flows or financial position of the Company.
Management has determined that, in the aggregate, all pending legal actions should not have a material adverse effect on our consolidated results of operations, cash flows or financial condition. In addition, we believe that any amount that could be reasonably estimated of potential loss or range of potential loss is not material.
Guarantees

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The Company is a guarantor on a bank line of credit at NBC, a controlled portfolio company. Maximum borrowings under the line of credit are $10,000,000 with a maturity date of February 2016. At March 31, 2015, total principal and accrued interest owed by NBC was $4,706,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At March 31, 2015, the Company determined that it is not probable that payments would be required to be made under the guarantee.
NOTE 9—FINANCIAL HIGHLIGHTS:

The financial highlights for the Company are as follows:

 
 
Three months ended March 31, 2015
Per share data (2)
 
Net asset value at beginning of period
 
$
16.31

Dividends declared
 
(0.39
)
Net investment loss
 
(0.24
)
Net realized gain on investments
 
0.75

Net unrealized appreciation on investments
 
0.50

Net unrealized loss on servicing assets
 
(0.03
)
Reversal of deferred tax asset
 
(0.29
)
Net asset value at end of period
 
$
16.61

 
 
 
Per share market value at end of period
 
$
16.53

Total return based on market value (4)
 
14.63
 %
Total return based on average net asset value (3)
 
7.36
 %
Share outstanding at end of period
 
10,206

 
 
 
Ratios/Supplemental Data:
 
 
Ratio of expenses to average net assets (3)
 
17.21
 %
Ratio of net investment loss to average net assets
 
(1.47
)%
Net assets at end of period
 
$
169,566

Average debt outstanding
 
$
121,093

Average debt outstanding per share
 
$
11.86

Asset coverage ratio
 
225
 %
Portfolio turnover
 
29.34
 %

(1) Years prior to becoming a business development company are not presented in the financial highlights as the information would not be meaningful.
(2) 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.
(3) Annualized.
(4) Assumes dividends are reinvested.
NOTE 10—EARNINGS PER SHARE:

The following table summarizes the calculations for the net increase in net assets per common share for the three months ended March 31, 2015 and income per share for the three months ended March 31, 2014:

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Three months ended March 31, 2015
Net increase in net assets
 
$
10,003

Weighted average shares outstanding
 
10,206

Net increase in net assets per common share
 
$
0.98


 
 
Three months ended March 31, 2014
Numerator for basic and diluted EPS - income available to common stockholders
 
$
1,391

Denominator for basic EPS - weighted average shares
 
7,086

Effect of dilutive securities
 
591

Denominator for diluted EPS - weighted average shares
 
7,677

Basic earnings per share
 
$
0.20

Diluted earnings per share
 
$
0.18

The amount of anti-dilutive shares/units excluded from above is as follows:
 
 
Contingently issuable shares
 
17

NOTE 11—DIVIDENDS AND DISTRIBUTIONS:

The Company's dividends and distributions are recorded on the record date. The following table summarizes the Company's dividend declarations and distributions during the three months ended March 31, 2015. There were no dividend declarations or distributions for the three months ended March 31, 2014.

Date Declared
 
Record Date
 
Payment Date
 
Amount Per Share
 
Total Amount
March 19, 2015
 
March 30, 2015
 
April 13, 2015
 
$
0.39

 
$
3,985

NOTE 12—STOCK OPTIONS AND RESTRICTED STOCK:

The Company had one and three share-based compensation plans as of March 31, 2015 and 2014, respectively. For the three months ended March 31, 2014, share-based compensation expense was $158,000 of which $115,000 is included in salaries and benefits, and $43,000 is included in other general and administrative costs. During the three months ended March 31, 2014, approximately 13,900 shares awarded under the plans were forfeited due to early termination or resignation by certain employees. The total forfeiture credit recognized for the three months ended March 31, 2014 was approximately $66,000 and is included in share-based compensation expense. There were no share-based awards outstanding as of March 31, 2015 therefore no share-based compensation expense was recorded for the three months ended March 31, 2015 .
NOTE 13—SEGMENT REPORTING:
Operating segments are organized internally primarily by the type of services provided. Prior to converting to a BDC, the Company aggregated similar operating segments into six reportable segments: Electronic payment processing, Managed technology solutions, Small business finance, All other, Corporate and Capcos.
The Electronic payment processing segment is a processor of credit card transactions, as well as a marketer of credit card and check approval services to the small- and medium-sized business market. Expenses include direct costs (included in a separate line captioned electronic payment processing costs), professional fees, salaries and benefits, and other general and administrative costs, all of which are included in the respective caption on the consolidated statements of operations.
The Small business finance segment consists of Small Business Lending, Inc., a lender service provider for third-parties that primarily services government guaranteed SBA loans and non-SBA loans; Texas Whitestone Group which manages the

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Company’s Texas Capco; Newtek Small Business Finance, LLC, a nationally licensed, SBA lender that originates, sells and services loans to qualifying small businesses; and Newtek Business Credit which provides accounts receivable financing, billing and accounts receivable maintenance services to businesses. NSBF generates revenues from sales of loans, servicing income for those loans retained and interest income earned on the loans themselves. The lender generates expenses for interest, professional fees, salaries and benefits, depreciation and amortization, and provision for loan losses, all of which are included in the respective caption on the consolidated statements of operations. NSBF also has expenses such as loan recovery expenses, loan processing costs, and other expenses that are all included in the other general and administrative costs caption on the consolidated statements of operations.
The Managed technology solutions segment consists of NTS, acquired in July 2004. NTS’s revenues are derived primarily from web hosting services and consist of web hosting and set up fees. NTS generates expenses such as professional fees, payroll and benefits, and depreciation and amortization, which are included in the respective caption on the accompanying consolidated statements of operations, as well as licenses and fees, rent, and general office expenses, all of which are included in other general and administrative costs in the respective caption on the consolidated statements of operations.
The All other segment includes revenues and expenses primarily from qualified businesses that received investments made through the Company’s Capcos which cannot be aggregated with other operating segments. The three largest entities in the segment are Newtek Insurance Agency, LLC, an insurance sales operation, PMTWorks Payroll, LLC, a provider of payroll processing services and Business Connect, LLC, a provider of sales and processing services.
Corporate activities represent revenue and expenses not allocated to our segments. Revenue includes interest income and management fees earned from Capcos (and included in expenses in the Capco segment). Expenses primarily include corporate operations related to broad-based sales and marketing, legal, finance, information technology, corporate development and additional costs associated with administering the Capcos.
The Capco segment, which consists of the twelve Capcos, generates non-cash income from tax credits, interest income and gains from investments in qualified businesses which are included in other income. Expenses primarily include non-cash interest and insurance expense, management fees paid to Newtek (and included in the Corporate activities revenues), legal, and auditing fees and losses from investments in qualified businesses.
Management had considered the following characteristics when making its determination of its operating and reportable segments:
•
the nature of the product and services;
•
the type or class of customer for their products and services;
•
the methods used to distribute their products or provide their services; and
•
the nature of the regulatory environment (for example, banking, insurance, or public utilities).
The accounting policies of the segments are the same as those described in the summary of significant accounting policies.
The Company no longer has six reportable segments after November 11, 2014 as a result of the conversion to a business development company. The segment information presented below represents results for the three months ended March 31, 2014. For the three months ended March 31, 2015, there is only one reportable segment.
The following table presents the Company’s segment information for the three months ended March 31, 2014, (in thousands):
 

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For the three months ended March 31, 2014
Third Party Revenue
 
Electronic payment processing
$
21,528

Small business finance
10,038

Managed technology solutions
4,056

All Other
576

Corporate activities
199

Capcos
104

Total reportable segments
36,501

Eliminations
(414
)
Consolidated Total
$
36,087

Inter Segment Revenue
 
Electronic payment processing
$
907

Small business finance
155

Managed technology solutions
145

All Other
428

Corporate activities
1,001

Capco
190

Total reportable segments
2,826

Eliminations
(2,826
)
Consolidated Total
$
—

Income (loss) before income taxes
 
Electronic payment processing
$
1,718

Small business finance
2,691

Managed technology solutions
751

All Other
(399
)
Corporate activities
(2,187
)
Capco
(271
)
Total reportable segments
2,303

Eliminations
(87
)
Totals
$
2,216

Depreciation and Amortization
 
Electronic payment processing
$
61

Small business finance
369

Managed technology solutions
337

All Other
51

Corporate activities
37

Capco
—

Totals
$
855


NOTE 14—SUPPLEMENTAL FINANCIAL DATA:
Summarized Financial Information of Our Unconsolidated Subsidiaries

The Company holds a controlling interest, as defined by the 1940 Act, as amended, in portfolio companies that are not consolidated in the Company's 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 as of March 31, 2015.

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Universal Processing Services of Wisconsin, LLC

Universal Processing Services of Wisconsin, LLC ("UPS") markets credit and debit card processing services, check approval services and ancillary processing equipment and software to merchants who accept credit cards, debit cards, checks and other non-cash forms of payment. The Company generated $800,000 in dividend income from UPS and had $2,600,000 in unrealized appreciation on investment for the three months ended March 31, 2015.

The summarized financial information of our unconsolidated subsidiary was as follows:
Balance Sheets - Universal Processing Services of Wisconsin, LLC
 
As of March 31, 2015
 
As of December 31, 2014
Current assets
 
$
8,642

 
$
7,330

Noncurrent assets
 
2,652

 
2,636

Total assets
 
$
11,294

 
$
9,966

Current liabilities
 
5,951

 
5,424

Noncurrent liabilities
 
1,188

 
1,005

Total liabilities
 
$
7,139

 
$
6,429

Total equity
 
$
4,155

 
$
3,537

 
 
 
 
 
Statements of Income - Universal Processing Services of Wisconsin, LLC
 
Three Months Ended March 31, 2015
 
Three Months Ended March 31, 2014
Revenue
 
$
23,087

 
$
21,263

Expenses
 
21,671

 
19,812

Income from operations
 
$
1,416

 
$
1,451

Interest income
 
2

 
730

Net income
 
$
1,418

 
$
2,181



NOTE 15—SUBSEQUENT EVENTS:

The Company adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who have not “opted out” of the DRIP will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash dividend. The Company may use newly issued shares under the guidelines of the DRIP (if the Company’s shares are trading at a premium to net asset value), or the Company may purchase shares in the open market in connection with the obligations under the plan.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Overview

We are an internally-managed, closed-end, investment company that has elected to be regulated as a business development company under the the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986 as amended, or the Code. As a business development company (“BDC”) and a regulated invested company (“RIC”), we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code. We converted to a business development company in November 2014. As a result, previously consolidated subsidiaries are now recorded as investments in controlled portfolio companies, at fair value. Newtek Small Business Finance, LLC is a consolidated subsidiary and originates loans under the SBA's 7(a) program.
 
Our shares are currently listed on The NASDAQ Capital Market under the symbol “NEWT”.

We target our debt investments, which are principally made through our small business finance platform under the SBA 7(a) program, to produce a coupon rate of prime plus 2.75% which enables us to generate rapid sales of loans in the secondary market, producing gains with a yield on investment in excess of 30%. We typically structure our debt investments with the maximum seniority and collateral along with personal guarantees from portfolio company owners, in many cases collateralized by other assets including real estate. In most cases, our debt investment will be collateralized by a first lien on the assets of the portfolio company and a first or second lien on assets of guarantors, in both cases primarily real estate. All SBA loans are made with personal guarantees from any owner(s) of 20% or more of the portfolio company’s equity.

We typically structure our debt investments to include non-financial covenants that seek to minimize our risk of capital loss such as lien protection and prohibitions against change of control. Our debt investments have strong protections, including default penalties, information rights and, in some cases, board observation rights and affirmative, negative and financial covenants. Debt investments in portfolio companies, including the controlled portfolio companies, have historically and are expected to continue to comprise in excess of 95% 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 businesses or, to a lesser degree, under the Capco programs. For investments in our controlled portfolio companies, we focus more on tailoring them to the long term growth needs of the companies than to immediate return. Our objectives with these companies is to foster the development of the businesses as a part of the integrated operational business of serving the SMB market, so we may reduce the burden on these companies to enable them to grow faster than they would otherwise as another means of supporting their development and that of the integrated whole.

In Capco investments, we often make debt investments in conjunction with being granted equity in the company in the same class of security as the business owner receives upon funding. We generally seek to structure our equity investments to provide us with minority rights provisions and event-driven put rights. We also seek to obtain limited registration rights in connection with these investments, which may include “piggyback” registration rights.

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 a term of 10 to 25 years and bear interest at prime plus a margin. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. In addition, we may generate revenue in the form of packaging, prepayment and late fees. We record prepayment fees on loans as other income. Dividend income is 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 on common equity securities is recorded as dividend income on the record date for private portfolio companies.

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 in the consolidated statements of operations.
Expenses
Our primary operating expenses are salaries and benefits, interest expense and other general and administrative fees, such as professional fees, marketing, loan related costs and rent. Since we are an internally-managed BDC with no outside advisor or management company, the BDC incurs all the related costs to operate the Company.

Loan Portfolio Asset Quality and Composition
The following tables set forth distribution by business type of the Company’s SBA 7(a) loan portfolio at March 31, 2015 and December 31, 2014, respectively (in thousands):
As of March 31, 2015
Distribution by Business Type
 
 
 
 
 
 
 
 
Business Type
 
# of Loans
 
 Balance
 
Average Balance
 
% of Balance
Existing Business
 
554

 
$
109,469

 
$
198

 
78.9
%
Business Acquisition
 
118

 
20,881

 
177

 
15.0
%
Start-Up Business
 
124

 
8,461

 
68

 
6.1
%
Total
 
796

 
$
138,811

 
$
174

 
100.00
%
As of December 31, 2014

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Distribution by Business Type
 
 
 
 
 
 
 
 
Business Type
 
# of Loans
 
Balance
 
Average Balance
 
% of Balance
Existing Business
 
529

 
$
104,673

 
$
198

 
79.8
%
Business Acquisition
 
112

 
17,969

 
160

 
13.7
%
Start-Up Business
 
130

 
8,448

 
65

 
6.5
%
Total
 
771

 
$
131,090

 
$
170

 
100.00
%
The following tables set forth distribution by borrower’s credit score of the Company’s SBA 7(a) loan portfolio at March 31, 2015 and December 31, 2014, respectively (in thousands):
As of March 31, 2015
Distribution by Borrower Credit Score
 
 
 
 
 
 
 
 
Credit Score
 
# of Loans
 
 Balance
 
Average Balance
 
% of Balance
500 to 550
 
12

 
$
1,452

 
$
121

 
1.0
%
551 to 600
 
27

 
3,338

 
124

 
2.4
%
601 to 650
 
96

 
21,251

 
221

 
15.3
%
651 to 700
 
208

 
35,843

 
172

 
25.8
%
701 to 750
 
245

 
45,201

 
184

 
32.6
%
751 to 800
 
174

 
27,125

 
156

 
19.5
%
801 to 850
 
29

 
3,571

 
123

 
2.6
%
Not available
 
5

 
1,030

 
206

 
0.7
%
Total
 
796

 
$
138,811

 
$
174

 
100.0
%
As of December 31, 2014
Distribution by Borrower Credit Score
 
 
 
 
 
 
 
 
Credit Score
 
# of Loans
 
 Balance
 
Average Balance
 
% of Balance
500 to 550
 
11

 
$
1,454

 
$
132

 
1.1
%
551 to 600
 
27

 
3,336

 
124

 
2.5
%
601 to 650
 
96

 
21,186

 
221

 
16.2
%
651 to 700
 
202

 
34,389

 
170

 
26.2
%
701 to 750
 
231

 
40,952

 
177

 
31.2
%
751 to 800
 
169

 
25,003

 
148

 
19.1
%
801 to 850
 
29

 
3,676

 
127

 
2.8
%
Not available
 
6

 
1,094

 
182

 
0.8
%
Total
 
771

 
$
131,090

 
$
170

 
100.0
%

The following tables set forth distribution by primary collateral type of the Company’s SBA 7(a) loan portfolio at March 31, 2015 and December 31, 2014, respectively (in thousands):
As of March 31, 2015

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Distribution by Primary Collateral Type
 
 
 
 
 
 
 
 
Collateral Type
 
# of Loans
 
 Balance
 
Average Balance
 
% of Balance
Commercial Real Estate
 
389

 
$
80,899

 
$
208

 
58.3
%
Machinery and Equipment
 
138

 
25,587

 
185

 
18.4
%
Residential Real Estate
 
171

 
13,691

 
80

 
9.9
%
Other
 
37

 
10,429

 
282

 
7.5
%
Accounts Receivable and Inventory
 
46

 
7,714

 
168

 
5.6
%
Liquid Assets
 
8

 
284

 
36

 
0.2
%
Furniture and Fixtures
 
7

 
207

 
30

 
0.1
%
Total
 
796

 
$
138,811

 
$
174

 
100.0
%
As of December 31, 2014
Distribution by Primary Collateral Type
 
 
 
 
 
 
 
 
Collateral Type
 
# of Loans
 
 Balance
 
Average Balance
 
% of Balance
Commercial Real Estate
 
370

 
$
76,796

 
$
208

 
58.6
%
Machinery and Equipment
 
136

 
25,446

 
187

 
19.4
%
Residential Real Estate
 
175

 
13,648

 
78

 
10.4
%
Other
 
34

 
8,458

 
249

 
6.5
%
Accounts Receivable and Inventory
 
38

 
5,691

 
150

 
4.3
%
Liquid Assets
 
11

 
838

 
76

 
0.6
%
Furniture and Fixtures
 
7

 
213

 
30

 
0.2
%
Total
 
771

 
$
131,090

 
$
170

 
100.0
%
The following tables set forth distribution by days delinquent of the Company’s SBA 7(a) loan portfolio at March 31, 2015 and December 31, 2014, respectively (in thousands):
As of March 31, 2015
Distribution by Days Delinquent
 
 
 
 
 
 
 
 
Delinquency Status
 
# of Loans
 
 Balance
 
Average Balance
 
% of Balance
Current
 
713

 
$
125,483

 
$
176

 
90.4
%
1 to 30 days
 
20

 
3,420

 
171

 
2.5
%
31 to 60 days
 
11

 
1,808

 
164

 
1.3
%
61 to 90 days
 
2

 
228

 
114

 
0.2
%
91 days or greater
 
50

 
7,872

 
157

 
5.7
%
Total
 
796

 
$
138,811

 
$
174

 
100.0
%

As of December 31, 2014

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Table of Contents

Distribution by Days Delinquent
 
 
 
 
 
 
 
 
Delinquency Status
 
# of Loans
 
 Balance
 
Average Balance
 
% of Balance
Current
 
676

 
$
117,517

 
$
174

 
89.6
%
1 to 30 days
 
24

 
3,002

 
125

 
2.3
%
31 to 60 days
 
15

 
2,127

 
142

 
1.6
%
61 to 90 days
 
2

 
58

 
29

 
—
%
91 days or greater
 
54

 
8,386

 
155

 
6.4
%
Total
 
771

 
$
131,090

 
$
170

 
100.0
%
Consolidated Results of Operations

The consolidated results below show the Company's results as a business development company for the three months ended March 31, 2015 and as an operating company for the three months ended March 31, 2014. The consolidated results for 2014 include the operations of subsidiaries which are reflected as investments in controlled portfolio companies in 2015. As such, their results of operations are not included in the consolidated results of operations for the three months ended March 31, 2015.

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. The consolidated results of operations described below may not be indicative of the results we report in future periods.

The condensed consolidated results of operations for the three months ended March 31, 2015 and 2014 were as follows:

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Table of Contents

 
As a Business Development Company
 
Prior to becoming a Business Development Company
 
Three Months Ended March 31, 2015
 
Three Months Ended March 31, 2014
Interest income
$
2,213

 
$
—

Dividend income
1,087

 
—

Servicing income
1,043

 
—

Other income
407

 
—

Electronic payment processing
—

 
21,527

Web hosting and design
—

 
3,987

Premium income
—

 
5,137

Interest income
—

 
1,561

Servicing fee income – NSBF portfolio
—

 
832

Servicing fee income – external portfolios
—

 
1,793

Income from tax credits
—

 
13

Insurance commissions
—

 
385

Other income
—

 
852

Total investment income/operating revenues
4,750

 
36,087

Net change in fair value of:
 
 
 
SBA loans
—

 
(1,266
)
Credits in lieu of cash and notes payable in credits in lieu of cash
—

 
1

Total net change in fair value
—

 
(1,265
)
Electronic payment processing costs
—

 
18,362

Salaries and benefits
3,023

 
6,478

Interest
1,356

 
1,636

Depreciation and amortization
85

 
855

Provision for loan losses
—

 
(205
)
Other general and administrative costs
2,762

 
5,480

Total expenses
7,226

 
32,606

Net investment loss
(2,476
)
 
—

Net realized gains on non-affiliate investments
7,699

 
—

Net unrealized depreciation on SBA guaranteed non-affiliate investments
(1,698
)
 
—

Net unrealized depreciation on SBA unguaranteed non-affiliate investments
(666
)
 
—

Net unrealized appreciation on affiliate investments
7,500

 
—

Net unrealized depreciation on servicing assets
(356
)
 
—

Net realized and unrealized gains
12,479

 
—

Income before income taxes
—

 
2,216

Net increase in net assets resulting from operations
$
10,003

 
$
—

Provision for income taxes
—

 
849

Net income
—

 
1,367

Net loss attributable to non-controlling interests
—

 
24

Net income attributable to Newtek Business Services Corp.
$
—

 
$
1,391

Average debt outstanding
$
121,093

 
$
98,186



Investment Income

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Table of Contents

Investment income for the three months ended March 31, 2015 was $4,750,000 compared with total operating revenues of $36,087,000 for the three months ended March 31, 2014. As a result of the BDC Conversion, no electronic payment processing revenue, web hosting and design revenue, servicing fee income from external portfolios, insurance commission revenue, and other income related to our payroll processing and accounts receivable financing and billing services is included in results for the three months ended March 31, 2015.
Substantially all interest income for the three months ended March 31, 2015 and 2014 was derived from SBA non-affiliate investments/loans. Interest income derived from SBA non-affiliate investments/loans was $2,125,000 and $1,537,000 for the three months ended March 31, 2015 and 2014, respectively. The increase is attributed to the average outstanding performing portfolio of SBA non-affiliate investments/loans increasing from $94,241,000 to $124,994,000 for the three months ended March 31, 2014 and 2015, respectively. The increase in the average outstanding performing portfolio resulted from the origination of new SBA non-affiliate investments period over period.
Servicing fee income from NSBF originated portfolio investments increased $211,000 for the three months ended March 31, 2015 compared to 2014. The increase was attributed to the increase in total portfolio investments for which we earn servicing income. The portfolio increased from $383,021,000 to $483,619,000 for the three months ended March 31, 2014 and 2015, respectively. The increase was a direct result of increased investments in SBA non-affiliate investments from 2014 to 2015.
Dividend income was $1,087,000 for the three months ended March 31, 2015 and represents $800,000, $200,000, and $74,000 in dividends from controlled portfolio companies, Universal Processing Services of Wisconsin, LLC, Crystaltech Web Hosting, Inc., and Small Business Lending, Inc., respectively.
Adjusted Net Investment Income

We utilize adjusted net investment income as one way to measure our current and future financial performance. Adjusted net investment income is a non-GAAP financial measure and is not intended as an alternative measure of investment income as determined in accordance with GAAP. In addition, our calculation of adjusted net investment income is not necessarily comparable to similar measures as calculated by other companies that do not use the same definition or implementation guidelines. The table below reconciles investment loss to adjusted net investment income.
 
Three months ended March 31, 2015
Net investment loss
$
(2,476
)
Net realized gain on investments
7,699

Adjusted net investment income
$
5,223


For the three months ended March 31, 2014, the Company did not operate as a business development company and therefore did not have net investment or adjusted net investment income. We believe this is a useful measure as it depicts the current income generated from our investment activities during the period.
Expenses
Total expenses decreased from $32,606,000 to $7,226,000 for the three months ended March 31, 2014 to 2015 as a result of the conversion to a business development company. Electronic payment processing costs, salaries and benefits, depreciation and amortization, and other general and administrative expenses related to certain subsidiaries in 2014 are not included in 2015 results. As previously discussed, certain consolidated subsidiaries in 2014 are now reflected as investments in controlled portfolio companies and their results of operations are not included in 2015.
Interest expense decreased by $280,000 for the three months ended March 31, 2015 compared to 2014. The following table highlights the components of interest expense for each period:

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Table of Contents

 
Three months ended
 
 
 
March 31, 2015
 
March 31, 2014
 
Variance
Securitization Trust VIE (NSBF)
$
890

 
$
756

 
$
134

Summit Partners Credit Advisors, L.P. (NBS)
—

 
522

 
(522
)
Capital One Lines of Credit (NSBF)
270

 
213

 
57

Capital One Term Loan (NBS)
162

 
—

 
162

Sterling Line of Credit (NBC)
—

 
94

 
(94
)
Capco
22

 
24

 
(2
)
Other
12

 
27

 
(15
)
Total
$
1,356

 
$
1,636

 
$
(280
)
Interest expense related to securitizations increased as a result of an additional securitization transaction completed in December 2014. In June 2014,  the Company entered into a four year $20,000,000 credit agreement with Capital One, N.A. ("Capital One") consisting of a $10,000,000 term loan and a revolving line of credit of up to $10,000,000. The term loan was obtained to pay off the Summit Partners debt which carried a higher interest rate. The net reduction in interest expense was $360,000. For the three months ended March 31, 2015, the Company did not incur interest expense related to the Sterling line of credit as it relates to Newtek Business Credit, a controlled portfolio company. Prior to the BDC Conversion Newtek Business Credit was a consolidated subsidiary.
Net Realized Gains and Net Unrealized Appreciation and Depreciation

Realized gains or losses on investments are measured by the difference between the net proceeds from the repayment or sale and the cost basis of our investments without regard to unrealized appreciation or depreciation previously recognized and includes investments charged off during the period, net of recoveries. The net change in unrealized appreciation or depreciation on investments primarily reflects the change in portfolio investment fair values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Net realized gains for the three months ended March 31, 2015 were $7,699,000 compared to no realized gains for the three months ended March 31, 2014. Net realized gains in 2015 are comparable to premium income in 2014. Premium income of $5,137,000 in 2014 relates to premium income earned from the sale of SBA loans sold. As a result of the BDC Conversion, the income related to these sales are recorded as realized gains in 2015. The increase is attributed to the increase in loans sold from 43 in 2014 to 58 in 2015. The increase is also attributed to the increase in average sale premium from 112.24% in 2014 compared to 112.44% in 2015.

Unrealized appreciation on SBA guaranteed non-affiliate investments for the three months ended March 31, 2015 was $1,731,000. This appreciation relates to guaranteed portions of SBA investments made for which the Company sells into a secondary market. The appreciation is based on broker quotes obtained for these investments. Unrealized depreciation of SBA guaranteed investments was $3,429,000 which represents the reversal of the unrealized appreciation of SBA guaranteed non-affiliate investments sold during the quarter. Net unrealized depreciation on SBA unguaranteed non-affiliate investments resulted from fair value adjustments on new investments.

Net unrealized appreciation on affiliate investments was $7,500,000 for the three months ended March 31, 2015. This consisted primarily of $5,100,000 of unrealized appreciation on the Company's investment in Small Business Lending, Inc. ("SBL") and $2,600,000 of unrealized appreciation on the Company's investment in Universal Processing Services of Wisconsin, LLC ("UPS"). The primary driver for the increase in SBL was the addition of a new third-party servicing contract which was approved by the SBA and provides a longer-term stable revenue stream. The primary driver of the increase in UPS was better than projected financial performance.

The unrealized loss on servicing assets was $356,000 for the three months ended March 31, 2015. In 2014, servicing assets were recorded using the amortization method. As a result of the BDC Conversion, servicing assets are recorded at fair value at March 31, 2015. Amortization expense related to servicing assets was $347,000 for the three months ended March 31, 2014 and is included in depreciation and amortization expense in the condensed unaudited consolidated statements of operations.

Liquidity and Capital Resources

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Table of Contents

Overview
Cash requirements and liquidity needs over the next twelve months are anticipated to be funded primarily through operating results, available cash and cash equivalents, existing credit lines, proposed new credit lines, additional securitizations of the Company’s SBA lender’s unguaranteed loan portions and additional issuances of common stock.
In November 2014, the Company closed an underwritten offering of 2,530,000 shares of its common stock at a public offering price of $12.50 per share for total gross proceeds of $31,625,000. The Company is using the proceeds to expand its financing activities and to primarily increase its activity in SBA 7(a) lending and make direct investments in portfolio companies in accordance with its investment objectives and strategies.
As more fully described below, the Company’s SBA lender (“NSBF”) will require additional funding sources to maintain current SBA loan originations under anticipated conditions; although the failure to find these sources may require the reduction in the Company’s SBA lending and related operations, it will not impair the Company’s overall ability to operate.
NSBF depends on the availability of licensed SBA lenders to purchase SBA loans held for sale transferred to the secondary markets and the premium earned therein to support its lending operations. At this time the secondary market for the SBA loans held for sale is robust.
NSBF has historically financed the operations of its lending business through loans or credit facilities from various lenders and will need to continue to do so in the future, as well as raise capital through the issuance of the Company’s common stock. Such lenders invariably require a security interest in the SBA loans as collateral which, under the applicable law, requires the prior approval of the SBA. If the Company should ever be unable to obtain the approval for its financing arrangements from the SBA, or if it were otherwise unable to raise capital, it would likely be unable to continue to make loans.
As an alternative to holding indefinitely the portions of SBA loans remaining after sale of the guaranteed portions in the SBA supervised secondary market, NSBF has undertaken to securitize these unguaranteed portions. In December 2010, the first such securitization trust established by NSBF issued notes to one investor in the amount of $16,000,000 which received an S&P rating of AA. A second securitization, an amendment to the original transaction, was completed in December 2011, and resulted in an additional $14,900,000 of notes issued to the same investor. NSBF used the cash generated from the first transaction to retire its outstanding term loan from Capital One and to fund a $3,000,000 account which during the first quarter of 2011 purchased unguaranteed portions originated subsequent to the securitization transaction. Similarly, the proceeds from the second securitization in 2011 were used to pay down its outstanding term loan with Capital One and to fund a $5,000,000 account used to fund additional originations in the first quarter of 2012. Additional securitizations were completed in March 2013 and December 2013 resulting in the issuance of notes in the amount of $20,909,000 and $24,434,000, respectively. Similarly, the proceeds of both transactions were used to pay down the outstanding term loan with Capital One, and a combined total of $12,945,000 was used to fund an account used to purchase unguaranteed portions of loans throughout 2013, and during the first quarter of 2014. While this securitization process can provide a long-term funding source for the SBA lender, there is no certainty that it can be conducted on an economic basis. In addition, the securitization mechanism itself does not provide liquidity in the short term for funding SBA loans. In December 2014, NSBF completed an additional securitization transaction which resulted in the transfer of $36,000,000 of unguaranteed portions of SBA loans and an additional $7,500,000 in loans which were issued subsequent to the transaction.  The Newtek Small Business Loan Trust 2014-1in turn issued securitization notes for the par amount of $31,700,000 against the assets in a private placement. The notes received an “A” rating by S&P, and the final maturity date of the notes is July 2039. The proceeds of the transaction have been and will be used to repay debt and originate new loans.

In June 2014, the Company entered into a four year $20,000,000 credit agreement with Capital One consisting of a $10,000,000 term loan and a revolving line of credit of up to $10,000,000. Principal and interest on the term loan are payable quarterly in arrears and the interest rate is Prime plus 250 basis points. The term loan is being amortized over a six year period with a final payment due on the maturity date. The interest rate on the revolving line of credit is also Prime plus 250 basis points and is payable monthly in arrears with the principal due at maturity. In addition, the revolving line accrues interest of 0.375% on the unused portion of the line which is payable quarterly in arrears.

The purpose of the new facilities was to refinance the Company's existing debt from Summit Partners Credit Advisors, L.P., payoff the current portion of the NTS loan, and for general working capital purposes. The new Capital One facilities require the adherence to certain financial covenants including minimum EBITDA, fixed charge coverage ratios, funded debt to EBITDA ratios, as well as minimum cash balance requirements. The Company received a waiver from Capital One to allow it to declare and pay dividends for the first quarter of 2015. As of March 31, 2015, the Company was in compliance with all financial covenants.


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Table of Contents

In July 2013 the SBA lender, received an extension on the maturity of its warehouse lines of credit, totaling $27,000,000 with Capital One from September 30, 2013 to May 31, 2015, at which time the outstanding balance would be converted into a three-year term loan. The extension also enhanced the terms of the credit facilities by removing the $15,000,000 funding sublimit for the non-guaranteed portions of the SBA 7(a) loans NSBF originates, and increasing the advance rate to 55% from 50% for the non-guaranteed portions of the SBA 7(a) loans.  As of March 31, 2015 and December 31, 2014, NSBF had $33,947,000 and $33,856,000 outstanding under the line of credit. The interest rate on the portion of the facility, collateralized by the government guaranteed portion of SBA 7(a) loans, is set at Prime plus 100 basis points, and there is a quarterly facility fee equal to 25 basis points on the unused portion of the revolving credit calculated as of the end of each calendar quarter. The interest rate on the portion of the facility, collateralized by the non-guaranteed portion of SBA 7(a) loans, is set at Prime plus 187.5 basis points, and there is a quarterly facility fee equal to 25 basis points on the unused portion of the revolving credit calculated as of the end of each calendar quarter. On October 29, 2014, NSBF, closed an additional $23,000,000 in financing with Capital One which increased the existing revolving credit facility from $27,000,000 to $50,000,000. The amendment also extended the term of the facility from May 31, 2015 to May 16, 2018. During the first quarter of 2015, NSBF negotiated amendments to the existing facility including the elimination of the fixed charge coverage ratio in exchange for a debt service ratio, new EBITDA minimums, the elimination of restrictions on the Company’s ability to pay dividends to its stockholders, as well as the release of the guarantees of the Company’s former subsidiaries (now treated as portfolio companies); the amendments are pending SBA approval. At March 31, 2015, the Company was in full compliance with applicable loan covenants.
As of March 31, 2015, the Company’s unused sources of liquidity consisted of $11,979,000 available through the combined Capital One facilities, $8,593,000 in unrestricted cash, and $6,000,000 in money market funds.

Restricted cash of $17,246,000 as of March 31, 2015 is primarily held in NSBF. The majority, or $16,125,000 of restricted cash, is related to NSBF, and includes amounts held in a prefunding account to be used to originate new loans, reserves in the event payments are insufficient to cover interest and/or principal with respect to the securitization, payments collected which are due to participants and amounts owed to the SBA.

In summary, Newtek generated and used cash as follows:
 
Three Months Ended March 31, 2015
 
Three Months Ended March 31, 2014
Net cash (used in) provided by operating activities
$
(10,432
)
 
$
7,828

Net cash used in investing activities
(12
)
 
(9,886
)
Net cash provided by (used in) financing activities
1,224

 
(216
)
Net decrease in cash and cash equivalents
(9,220
)
 
(2,274
)
Cash and cash equivalents, beginning of year
17,813

 
12,508

Cash and cash equivalents, end of year
$
8,593

 
$
10,234

The summary presented above is not comparable due to cash flow presentation changes required as a result of the conversion to a BDC. The most significant change relates to the presentation of cash flows related to SBA investments/loans which are included in investing activities for the three months ended March 31, 2014 and operating activities for the three months ended March 31, 2015.
Net cash flows from operating activities decreased $18,260,000 to $10,432,000 of cash used for the three months ended March 31, 2015 compared to $7,828,000 of cash provided during the three months ended March 31, 2014. The decrease was attributed to an increase in broker receivables in 2015 of $12,959,000 compared to a decrease of $700,000 in 2014. The Company did not have any broker receivables at December 31, 2014 which caused the decrease in first quarter of 2015. Broker receivables arise from loans traded but not settled before period end and represent the amount of cash due from the purchasing broker; the amount varies depending on loan origination volume and timing of sales at year end. The decrease was also attributed to a $3,000,000 increase in investments in money market funds and a $6,039,000 increase in restricted cash. The decreases were primarily offset by originations of SBA guaranteed and unguaranteed investments (net of repayments) of $45,435,000 offset by proceeds from the sale of SBA guaranteed investments of $52,349,000. As discussed below, originations and repayments were included in investing activities during the three months ended March 31, 2014 but are included in operating activities during the three months ended March 31, 2015.
Net cash used in investing activities primarily includes the originations and repayments of the unguaranteed portions of SBA loans for the three months ended March 31, 2014. As a result of the BDC Conversion, originations and repayments of the unguaranteed portions of SBA loans are included in operating activities for the three months ended March 31, 2015. Net cash

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used also includes the purchase of fixed assets. Net cash used in investing activities decreased by $9,874,000 to cash used of $12,000 for the three months ended March 31, 2015 compared to cash used of $9,886,000 for the three months ended March 31, 2014. The decrease was due primarily to originations and repayments of SBA loans originated being included in operating activities subsequent to the conversion to a BDC. SBA loan originations, net of repayments were $9,226,000 for the three months ended March 31, 2014.
Net cash provided by financing activities primarily includes the net borrowings and (repayments) on bank lines of credit and notes payable as well as securitization activities. Net cash provided by financing activities increased by $1,440,000 to cash provided of $1,224,000 for the three months ended March 31, 2015, from cash used of $216,000 for the three months ended March 31, 2014. The increase in the current year is primarily attributed to a decrease in net repayments on the NSBF warehouse line quarter over quarter. Net repayments for the three months ended March 31, 2014 were $4,198,000 compared to net borrowings of $91,000 for the three months ended March 31, 2015.
Contractual Obligations
The following chart represents Newtek’s significant obligations and commitments as of March 31, 2015, (in thousands):
 
Payments due by period
 
Contractual Obligations
Total
 
Less than 1 year
 
1-3 years
 
3-5 years
 
More than 5 years
 
Bank Notes Payable (a)
$
42,697

 
$
29,997

(b) 
$
7,500

(c) 
$
—

 
$
5,200

(c) 
Securitization Notes Payable (d)
76,945

 
—

  
—

  
—

 
76,945

 
Totals
$
119,642

 
$
29,997

  
$
7,500

  
$
—

 
$
82,145

 
(a)
Payable to Capital One: Interest rates range from 4.25% to 5.75%.
(b)
Includes:
The amount outstanding on the NSBF Capital One guaranteed line included in the "Less than 1 year" column was $28,747,000. The amount payable upon sale of the guaranteed portions of loans which generally occurs within 0-60 days. Also included in the "Less than 1 year" column is the Capital One term loan payments payable in 2015 of $1,250,000. The term loan is being amortized over a six year term with the balance due June 25, 2018.
(c)
Includes:
•$5,200,000 outstanding on the NSBF Capital One unguaranteed line, which converts to a three year term loan on May 31, 2018.
•$8,750,000 was outstanding on the Capital One term loan due June 25, 2018.
(d)
Includes:
$76,945,000 net of discount, of securitization notes with legal maturity of 30 years bearing interest at rates between London Interbank Offered Rate ("LIBOR") plus 3.45% to prime plus 0.75%; actual principal payments will be paid by cash flow in excess of that needed to pay various fees related to the operation of the Trust and interest on the debt.
Critical Accounting Policies
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could 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 of directors 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.

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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 of directors 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) and 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 credits in lieu of cash, notes payable in credits in lieu of cash, and 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 significant input to its valuation. The levels of the fair value hierarchy are as follows
Level 1        
  
Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury, other U.S. Government and agency mortgage-backed debt securities that are highly liquid and are actively traded in over-the-counter markets.
 
 
 
Level 2
  
Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. Government and agency mortgage-backed debt securities, corporate debt securities, derivative contracts and residential mortgage loans held-for-sale.
 
 
 
Level 3
  
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain private equity investments, retained residual interests in securitizations, residential mortgage servicing rights, and highly structured or long-term derivative contracts.
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 investment 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

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generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”) or revenue. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value.

In addition, for certain debt investments, the Company may base its valuation on quotes provided by an independent third party broker.
 
Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company may realize significantly less than the value at which such investment had previously been recorded.
 
The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

Income Recognition

Interest on loan investments is accrued and included in income based on contractual rates applied to principal amounts outstanding. Interest income is determined using a method that results in a level rate of return on principal amounts outstanding. When a loan becomes 90 days or more past due, or if we otherwise do not expect to receive interest and principal repayments, the loan is placed on non-accrual status and the recognition of interest income is discontinued. Interest payments received on loans that are on non-accrual status are treated as reductions of principal until the principal is repaid.

We receive a variety of fees from borrowers in the ordinary course of conducting our business, including packaging fees, late fees and prepayment fees. All other income is recorded into income 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 or return of capital.

Income Taxes
 
We will elect to be treated as a RIC under Subchapter M of the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify as a RIC, we are required to meet certain source of income and asset diversification requirements, and timely distribute to our stockholders at least 90% of investment company taxable income, as defined by the Code, for each tax year. We have made and intend to continue to make the requisite distributions to our stockholders, which will generally relieve us from U.S. federal income taxes.
 
Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year distributions into the next tax year in an amount less than what would trigger payments of federal income tax under Subchapter M of the Code. We would then pay a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year annual taxable income may exceed estimated current year distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned.
 
Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified within capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.

New Accounting Standards


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In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs". This update requires that debt issuance costs be presented in the balance sheet as a direct deduction from the debt liability. This ASU is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of this update to the consolidated financial statements.

Off Balance Sheet Arrangements
There were no off balance sheet arrangements as of March 31, 2015 .

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
We consider the principal types of risk in our investing activities to be fluctuations in interest rates and loan portfolio valuations and the availability of the secondary market for our SBA loans. Risk management systems and procedures are designed to identify and analyze our risks, to set appropriate policies and limits and to continually monitor these risks and limits by means of reliable administrative and information systems and other policies and programs.
NSBF primarily lends at an interest rate of prime, which resets on a quarterly basis, plus a fixed margin. The Capital One term loan and revolver lines as well as the securitization notes are on a prime plus a fixed factor basis. 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 made; 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 interest income will decline more quickly than interest expense resulting in a net reduction of benefit to investment income.
NSBF depends on the availability of secondary market purchasers for the guaranteed portions of SBA loans and the premium received on such sales to support its lending operations. At this time the secondary market for the guaranteed portions of SBA loans is robust but during the 2008 and 2009 financial crisis the Company had difficulty selling it loans for a premium; although not expected at this time, if such conditions did recur NSBF would most likely cease making new loans and could experience a substantial reduction in profitability.
We do not have significant exposure to changing interest rates on invested cash (includes cash and cash equivalents, restricted cash and money market funds) which was approximately $31,839,000 at March 31, 2015. We do not purchase or hold derivative financial instruments for trading purposes. All of our transactions are conducted in U.S. dollars and we do not have any foreign currency or foreign exchange risk. We do not trade commodities or have any commodity price risk.
We believe that we have placed our demand deposits, cash investments and their equivalents with high credit-quality financial institutions. Invested cash is held almost exclusively at financial institutions of high credit quality. The Company invests cash not held in interest free checking accounts or bank money market accounts mainly in U.S. Treasury only money market instruments or funds and other investment-grade securities. As of March 31, 2015, cash deposits in excess of FDIC and SIPC insurance totaled approximately $14,791,000.
ITEM 4. CONTROLS AND PROCEDURES.

As 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) under the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on our evaluation, our management, including the chief executive officer and chief accounting officer, concluded that our disclosure controls and procedures were effective in timely alerting management, including the chief executive officer and chief accounting officer, of material information about us required to be included in our periodic SEC filings. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, are based upon certain assumptions about the likelihood of future events and 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 - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.

In the ordinary course of business, the Company 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 currently involved in various litigation matters. 

On January 21, 2014, NCMIC Finance Corporation (“NCMIC”) filed a complaint against Universal Processing Services of Wisconsin, LLC (“UPS”), the Company’s merchant processing portfolio company, in the United States District Court for the Southern District of Iowa. The complaint asserts claims against UPS for breach of the UPS and NCMIC agreement for the processing of credit card transactions, and seeks monetary relief. The Company believes that the claims asserted in the complaint are wholly without merit and intends to vigorously defend the action.

As previously disclosed, during the quarter ended June 30, 2013, the Federal Trade Commission (the “FTC”) amended an existing complaint in the matter Federal Trade Commission v. WV Universal Management, LLC et al., pending in the United States District Court for the Middle District of Florida (the “Court”), to add UPS as an additional defendant on one count of providing substantial assistance in violation of the Telemarketing Sales Rule. On November 18, 2014, the Court issued an Order granting the FTC’s motion for summary judgment against UPS on the single count. Subsequently, the FTC filed motions for a permanent injunction and equitable monetary belief against UPS and the other remaining defendants. Prior to the Court hearing on the motions, UPS and the FTC reached a settlement on the FTC’s motion for a permanent injunction, subject to final approval of the FTC. On February 11, 2015, the Court granted the FTC’s motion for equitable relief against UPS and the other remaining defendants, ordering that the remaining defendants pay $1,735,000 in equitable monetary relief. UPS has recorded a reserve for the full amount of the potential loss as of March 31, 2015.

The FTC has submitted a proposed equitable monetary judgment that has not yet been entered by the Court. UPS intends to appeal the judgment.

Management has reviewed all other legal claims against the Company with counsel and has taken into consideration the views of such counsel, as to the outcome of the claims. In management’s opinion, final disposition of all such claims will not have a material adverse effect on the results of operations, cash flows or financial position of the Company.

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, 2014, 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 are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. There have been no material changes from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2014.

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, 2014, 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 are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. There have been no material changes from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2014.

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

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. OTHER INFORMATION.


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None.

ITEM 6. EXHIBITS.
Number
 
Description
10.1
 
Employment Agreement with Craig J. Brunet, dated March 31, 2015 (Incorporated by reference to Exhibit 10.1 to Newtek Business Services Corp.'s Current Report on Form 8-K (File No. 814-01035) filed April 16, 2015).
 
 
 
10.2
 
Employment Agreement with Jennifer C. Eddelson, dated March 31, 2015 (Incorporated by reference to Exhibit 10.2 to Newtek Business Services Corp.'s Current Report on Form 8-K (File No. 814-01035) filed April 16, 2015).
 
 
 
10.3
 
Employment Agreement with Michael A. Schwartz, dated March 31, 2015 (Incorporated by reference to Exhibit 10.3 to Newtek Business Services Corp.'s Current Report on Form 8-K (File No. 814-01035) filed April 16, 2015).
 
 
 
10.4
 
Employment Agreement with Matthew G. Ash, dated March 31, 2015 (Incorporated by reference to Exhibit 10.4 to Newtek Business Services Corp.'s Current Report on Form 8-K (File No. 814-01035) filed April 16, 2015).
 
 
 
10.5
 
Employment Agreement with Barry Sloane, dated March 31, 2015 (Incorporated by reference to Exhibit 10.5 to Newtek Business Services Corp.'s Current Report on Form 8-K (File No. 814-01035) filed April 16, 2015).
 
 
 
31.1
 
Certification by Principal Executive Officer required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, filed herewith.
 
 
 
31.2
 
Certification by Principal Financial Officer required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, filed herewith.
 
 
 
32.1
 
Certification by Principal Executive and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
NEWTEK BUSINESS SERVICES CORP.
 
 
 
Date: May 13, 2015
By:
/S/    BARRY SLOANE        
 
 
Barry Sloane
 
 
Chairman and Chief Executive Officer
(Principal Executive Officer)
 
 
 
Date: May 13, 2015
By:
/S/    JENNIFER EDDELSON        
 
 
Jennifer Eddelson
 
 
Chief Accounting Officer
(Principal Financial Officer and Principal Accounting Officer)



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